rcorpus

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  were  bags of  kilos making a cumulative total for the season of  mln against  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  mln bags and sales standing at almost  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  to  cruzados per arroba of  kilos     Bean shippers were reluctant to offer nearby shipment and only limited sales were booked for March shipment at  to  dlrs per tonne to ports to be named     New crop sales were also light and all to open ports with JuneJuly going at  and  dlrs and at  and  dlrs under New York july AugSept at   and  dlrs per tonne FOB     Routine sales of butter were made MarchApril sold at   and  dlrs     AprilMay butter went at  times New York May JuneJuly at  and  dlrs AugSept at  to  dlrs and at  and  times New York Sept and OctDec at  dlrs and  times New York Dec Comissaria Smith said     Destinations were the US Covertible currency areas Uruguay and open ports     Cake sales were registered at  to  dlrs for MarchApril  dlrs for May  dlrs for Aug and  times New York Dec for OctDec     Buyers were the US Argentina Uruguay and convertible currency areas     Liquor sales were limited with MarchApril selling at  and  dlrs JuneJuly at  dlrs and at  times New York July AugSept at  dlrs and at  times New York Sept and OctDec at  times New York Dec Comissaria Smith said     Total Bahia sales are currently estimated at  mln bags against the  crop and  mln bags against the  crop     Final figures for the period to February  are expected to be published by the Brazilian Cocoa Trade Commission after carnival which ends midday on February   Reuter 
Standard Oil Co and BP North America Inc said they plan to form a venture to manage the money market borrowing and investment activities of both companies     BP North America is a subsidiary of British Petroleum Co Plc ltBP which also owns a  pct interest in Standard Oil     The venture will be called BPStandard Financial Trading and will be operated by Standard Oil under the oversight of a joint management committee   Reuter 
Texas Commerce Bancshares Incs Texas Commerce BankHouston said it filed an application with the Comptroller of the Currency in an effort to create the largest banking network in Harris County     The bank said the network would link  banks having  billion dlrs in assets and  billion dlrs in deposits          Reuter 
BankAmerica Corp is not under pressure to act quickly on its proposed equity offering and would do well to delay it because of the stocks recent poor performance banking analysts said     Some analysts said they have recommended BankAmerica delay its up to onebilliondlr equity offering which has yet to be approved by the Securities and Exchange Commission     BankAmerica stock fell this week along with other banking issues on the news that Brazil has suspended interest payments on a large portion of its foreign debt     The stock traded around  down  this afternoon after falling to  earlier this week on the news     Banking analysts said that with the immediate threat of the First Interstate Bancorp ltI takeover bid gone BankAmerica is under no pressure to sell the securities into a market that will be nervous on bank stocks in the near term     BankAmerica filed the offer on January  It was seen as one of the major factors leading the First Interstate withdrawing its takeover bid on February      A BankAmerica spokesman said SEC approval is taking longer than expected and market conditions must now be reevaluated     The circumstances at the time will determine what we do said Arthur Miller BankAmericas Vice President for Financial Communications when asked if BankAmerica would proceed with the offer immediately after it receives SEC approval     Id put it off as long as they conceivably could said Lawrence Cohn analyst with Merrill Lynch Pierce Fenner and Smith     Cohn said the longer BankAmerica waits the longer they have to show the market an improved financial outlook     Although BankAmerica has yet to specify the types of equities it would offer most analysts believed a convertible preferred stock would encompass at least part of it     Such an offering at a depressed stock price would mean a lower conversion price and more dilution to BankAmerica stock holders noted Daniel Williams analyst with Sutro Group     Several analysts said that while they believe the Brazilian debt problem will continue to hang over the banking industry through the quarter the initial shock reaction is likely to ease over the coming weeks     Nevertheless BankAmerica which holds about  billion dlrs in Brazilian loans stands to lose  mln dlrs if the interest rate is reduced on the debt and as much as  mln dlrs if Brazil pays no interest for a year said Joseph Arsenio analyst with Birr Wilson and Co     He noted however that any potential losses would not show up in the current quarter     With other major banks standing to lose even more than BankAmerica if Brazil fails to service its debt the analysts said they expect the debt will be restructured similar to way Mexicos debt was minimizing losses to the creditor banks  Reuter 
The US Agriculture Department reported the farmerowned reserve national fiveday average price through February  as follows DlrsBuSorghum Cwt           Natl   Loan           Release   Call          Avge   RateX  Level    Price  Price  Wheat             IV                                       V                                      VI            Corn              IV                                     V            X   Rates            Natl   Loan          Release   Call           Avge   RateX  Level   Price  Price  Oats                V           Barley   na          IV                                     V           Sorghum     Y     IV                                     V              Reserves I II and III have matured Level IV reflects grain entered after Oct   for feedgrain and after July   for wheat Level V wheatbarley after  cornsorghum after  Level VI covers wheat entered after January    X rates Ydlrs per CWT  lbs nanot available  Reuter 
Argentine grain board figures show crop registrations of grains oilseeds and their products to February  in thousands of tonnes showing those for futurE shipments month  total and  total to February   in brackets     Bread wheat prev  Feb  March  total       Maize Mar  total  nil     Sorghum nil nil     Oilseed export registrations were     Sunflowerseed total       Soybean May  total  nil     The board also detailed export registrations for subproducts as follows     SUBPRODUCTS     Wheat prev  Feb  March  Apr  total        Linseed prev  Feb  Mar  Apr  total       Soybean prev  Feb  MAr nil Apr nil May  total       Sunflowerseed prev  Feb  Mar  Apr  total       Vegetable oil registrations were               Sunoil prev  Feb  Mar  Apr  May nil Jun  total                         Linoil prev  Feb  Mar  Apr  total                                Soybean oil prev  Feb  Mar nil Apr  May  Jun  Jul  total          REUTER 
Red Lion Inns Limited Partnership said it filed a registration statement with the Securities and Exchange Commission covering a proposed offering of  units of limited partnership interests     The company said it expects the offering to be priced at  dlrs per unit     It said proceeds from the offering along with a  mln dlr mortgage loan will be used to finance its planned acquisition of  Red Lion hotels  Reuter 
Moodys 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     Moodys said Marathon Oil Cos recent establishment of up to one billion dlrs in production payment facilities on its prolific Yates Field has significant negative implications for USXs unsecured creditors     The company appears to have positioned its steel segment for a return to profit by late  Moodys added     Ratings lowered include those on USXs senior debt to BA from BAA  Reuter 
Champion Products Inc said its board of directors approved a twoforone stock split of its common shares for shareholders of record as of April       The company also said its board voted to recommend to shareholders at the annual meeting April  an increase in the authorized capital stock from five mln to  mln shares  Reuter 
Computer Terminal Systems Inc said it has completed the sale of  shares of its common stock and warrants to acquire an additional one mln shares to ltSedio NV of Lugano Switzerland for  dlrs     The company said the warrants are exercisable for five years at a purchase price of  dlrs per share     Computer Terminal said Sedio also has the right to buy additional shares and increase its total holdings up to  pct of the Computer Terminals outstanding common stock under certain circumstances involving change of control at the company     The company said if the conditions occur the warrants would be exercisable at a price equal to  pct of its common stocks market price at the time not to exceed  dlrs per share     Computer Terminal also said it sold the technolgy rights to its Dot Matrix impact technology including any future improvements to ltWoodco Inc of Houston Tex for  dlrs But it said it would continue to be the exclusive worldwide licensee of the technology for Woodco     The company said the moves were part of its reorganization plan and would help pay current operation costs and ensure product delivery     Computer Terminal makes computer generated labels forms tags and ticket printers and terminals  Reuter 
Shr  cts vs  dlrs     Net  vs      Assets  mln vs  mln     Deposits  mln vs  mln     Loans  mln vs  mln     Note th qtr not available Year includes  extraordinary gain from tax carry forward of  dlrs or five cts per shr  Reuter 
Ohio Mattress Co said its first quarter ending February  profits may be below the  mln dlrs or  cts a share earned in the first quarter of fiscal      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  pct of the outstanding capital stock of Sealy     Because of these acquisitions it said first quarter sales will be substantially higher than last years  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 
Oper shr loss two cts vs profit seven cts     Oper shr profit  vs profit      Revs  mln vs  mln     Avg shrs  mln vs  mln     Six mths     Oper shr profit nil vs profit  cts     Oper net profit  vs profit      Revs  mln vs  mln     Avg shrs  mln vs  mln     NOTE Per shr calculated after payment of preferred dividends     Results exclude credits of  or four cts and  or nine cts for  qtr and six mths vs  or six cts and  or  cts for prior periods from operating loss carryforwards  Reuter 
Shr one dlr vs  cts     Net  mln vs  mln     Revs  mln vs  mln     Nine mths     Shr  dlrs vs  dlrs     Net  mln vs  mln     Revs  billion vs  mln  Reuter 
National Intergroup Inc said it plans to file a registration statement with the securities and exchange commission for an offering of cumulative convertible preferred partnership units in Permian Partners LP     The Permian Partners LP was recently formed by National Intergroup to continue to business of Permian Corp acquired by the company in      The company said Permian will continue to manage the business as a general partner retaining a  pct stake in the partnership in the form of common and general partnership units     It did not say how many units would be offered or what the price would be  Reuter 
BankAmerica Corp is not under pressure to act quickly on its proposed equity offering and would do well to delay it because of the stocks recent poor performance banking analysts said     Some analysts said they have recommended BankAmerica delay its up to onebilliondlr equity offering which has yet to be approved by the Securities and Exchange Commission     BankAmerica stock fell this week along with other banking issues on the news that Brazil has suspended interest payments on a large portion of its foreign debt     The stock traded around  down  this afternoon after falling to  earlier this week on the news     Banking analysts said that with the immediate threat of the First Interstate Bancorp ltI takeover bid gone BankAmerica is under no pressure to sell the securities into a market that will be nervous on bank stocks in the near term     BankAmerica filed the offer on January  It was seen as one of the major factors leading the First Interstate withdrawing its takeover bid on February      A BankAmerica spokesman said SEC approval is taking longer than expected and market conditions must now be reevaluated     The circumstances at the time will determine what we do said Arthur Miller BankAmericas Vice President for Financial Communications when asked if BankAmerica would proceed with the offer immediately after it receives SEC approval     Id put it off as long as they conceivably could said Lawrence Cohn analyst with Merrill Lynch Pierce Fenner and Smith     Cohn said the longer BankAmerica waits the longer they have to show the market an improved financial outlook     Although BankAmerica has yet to specify the types of equities it would offer most analysts believed a convertible preferred stock would encompass at least part of it     Such an offering at a depressed stock price would mean a lower conversion price and more dilution to BankAmerica stock holders noted Daniel Williams analyst with Sutro Group     Several analysts said that while they believe the Brazilian debt problem will continue to hang over the banking industry through the quarter the initial shock reaction is likely to ease over the coming weeks     Nevertheless BankAmerica which holds about  billion dlrs in Brazilian loans stands to lose  mln dlrs if the interest rate is reduced on the debt and as much as  mln dlrs if Brazil pays no interest for a year said Joseph Arsenio analyst with Birr Wilson and Co     He noted however that any potential losses would not show up in the current quarter     With other major banks standing to lose even more than BankAmerica if Brazil fails to service its debt the analysts said they expect the debt will be restructured similar to way Mexicos debt was minimizing losses to the creditor banks  Reuter 
National Health Enhancement Systems Inc said it is offering a new health evaluation system to its line of fitness assessment programs     The company said the program called The Health Test will be available in  days     Customers who use the program will receive a computergenerated report and recommendations for implementing a program to improve their physical condition  Reuter 
Dean Foods Co expects earnings for the fourth quarter ending May  to exceed those of the same yearago period Chairman Kenneth Douglas told analysts     In the fiscal  fourth quarter the food processor reported earnings of  cts a share     Douglas also said the years sales should exceed  billion dlrs up from  billion dlrs the prior year     He repeated an earlier projection that thirdquarter earnings will probably be off slightly from last years  cts a share falling in the range of  cts to  cts a share     Douglas said it was too early to project whether the anticipated fourth quarter performance would be enough for us to exceed the prior years overall earnings of  dlrs a share     In  Douglas said Dean should experience a  pct improvement in our bottom line from effects of the tax reform act alone     President Howard Dean said in fiscal  the company will derive  benefits of various dairy and frozen vegetable acquisitions from Ryan Milk to the Larsen Co     Dean also said the company will benefit from its acquisition in late December of Elgin Blenders Inc West Chicago     He said the company is a major shareholder of EBI Foods Ltd a United Kingdom blender and has licensing arrangements in Australia Canada Brazil and Japan     It provides ann entry to McDonalds Corp ltMCD weve been after for years Douglas told analysts  Reuter 
The Commodity Credit Corporation CCC has accepted an export bonus offer to cover the sale of  long tons of wheat flour to North Yemen the US Agriculture Department said     The wheat four is for shipment MarchMay and the bonus awarded was  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  it said  Reuter 
Legislation to require disclosure of credit card fees and interest rates before the cards are issued have been introduced in the Senate and House     Sen Chris Dodd DConn a cosponsor of the bill said many banks and financial institutions do not disclose all the information about terms of their cards in promotional material sent to prospective customers     By requiring card issuers to disclose the terms and conditions of their cards at the time of solicitation the legislation is intended to arm consumers with enough information to shop around for the best deal Dodd said in a statement  Reuter 
HughesConserdyne Corp a unit of ltHughes Capital Corp said it made Bear Stearns and Co Inc ltBSC its exclusive investment banker to develop and market financing for the design and installation of its microutility systems for municipalities     The company said these systems are selfcontained electrical generating facilities using alternate power sources such as photovoltaic cells to replace public utility power sources  Reuter 
Magma Copper Co a subsidiary of Newmont Mining Corp said it is cutting its copper cathode price by  cent to  cents a lb effective immediately  Reuter 
BrownForman Inc said its board has approved a threefortwo stock split and a  pct increase in the company cash dividend     The company cited its improved earnings outlook and continued strong cash flow as reasons for raising the dividend     BrownForman said the split of its Class A and Class B common shares would be effective March      The company said directors declared a quarterly cash dividend on each new share of both classes of  cts payable April one to holders of record March  Prior to the split the company had paid  cts quarterly     BrownForman today reported a  pct increase in third  quarter profits to  mln dlrs or  dlr a share on a seven pct increase in sales to a record  mln dlrs     BrownForman said nine month profits declined a bit to  mln dlrs or  dlrs a share from  mln dlrs or  dlrs a share a year earlier due to a second quarter charge of  cts a share for restructuring its beverage operations     The company said lower corporate tax rates and the restructuring are expected to substantially improve BrownFormans earnings and cash flow in fiscal   Reuter 
Shr profit  cts vs profit four cts     Annual div  cts vs  cts prior yr     Net profit  vs profit      Revs  vs       mths     Shr profit  cts vs loss  cts     Net profit  vs loss      Revs  mln vs      NOTE annual dividend payable April   to stockholders of record on March    Reuter 
Shearson Lehman Brothers a unit of American Express Co ltAXP said Robert Stearns has joined the company as managing director of its merger and acquisition department     Shearson said Stearns formerly was part of Merrill Lynch Pierce Fenner and Smith Incs ltMER merger and acquisitions department  Reuter 
Venezuela and its bank advisory committee have agreed in principle on revisions to the terms of a  billion dlr debtrescheduling 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  pct over Eurodollar rates but Venezuela requested easier terms because of a  pct drop in oil income last year     It also asked for a reduction in the repayments it was due to make in   and   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  billion dlr debt rescheduling pact between Chile and its bank advisory panel     And last night Citibank said Mexicos financing package including a  billion dlr loan will be signed on March      While the sudden progress is to some extent coincidental bankers acknowledge a desire to chalk up some quick successes after the shock of Brazils unilateral interest suspension last Friday By striking swift deals banks hope to reduce the incentive for other debtors to emulate Brazil  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     Year     Shr  dlrs vs  dlrs     Net  vs      Revs  mln vs  mln     NOTE Results include adjustment of  dlrs or  cts shr for  year and both  periods from improvement in results of its universal life business than first estimated  Reuter 
The Tower Commission report which says President Reagan was ignorant about much of the Iran arms deal just about ends his prospects of regaining political dominance in Washington political analysts said     This is certification of incompetence private political analyst Stephen Hess told Reuters in commenting on the Tower report made public today     Its as if he went before a professional licensing board and was denied credentials     In one of the most direct criticisms board chairman John Tower a longtime Reagan supporter and former Republican senator from Texas told a press conference The president clearly did not understand the nature of this operation     The report which lent credence to widespread opinion in Washington that Reagan is not in full command of the government was particularly damaging because it was prepared by a board of the Republican presidents own choosing     The threemember panel made up of Tower former National Security Adviser Brent Scowcroft and former Secretary of State Edmund Muskie does not carry the partisan taint of criticism from a Congress controlled by the Democratic party     Were falling by our own hand said one Republican political strategist What can we say except were sorry we wont do it again     The strategist who works for one of his partys top  presidential contenders and asked not to be identified said the report was like an anvil falling on us     Hess with the Brookings Institution public policy study group said the report is the final blow to Reagans hopes of regaining the upper hand he once had in dealings with Congress the press and the Washington bureaucracy     The report may also undermine the standing of Defense Secretary Caspar Weinberger and Secretary of State George Shultz who the report suggests were more interested in keeping their own skirts clean than supporting the president     They protected the record as to their own positions on this issue They were not energetic in attempting to protect the president from the consequences it said     White House chief of staff Donald Regan and former Central Intelligence Agency Director William Casey also received strong criticism but the blows were expected in their cases     Regan expected to resign or be fired shortly was savaged for allegedly failing both to help Reagan conduct the Iran initiative and to avoid chaos in the disclosure process     Casey who underwent surgery for removal of a cancerous brain tumor in December had already resigned for health reasons last month     This is a story about people who came up somewhat short of being heroes Tower told reporters     While Reagan retains considerable constitutional powers including command of the armed forces and the right to veto legislation analysts say it will be difficult for him to retake control of the countrys policy agenda  particularly with Congress controlled by the Democrats     The crucial remaining question they said is whether the man in the street will forsake Reagan over the affair     Although his job approval rating has fallen as much as twenty percentage points in some opinion polls since the arms deal with Iran became public last November his personal popularity is still relatively high     A Los Angeles Times poll released earlier this week showed that just  pct of those surveyed thought Reagan was in control of the government but  pct still thought he was doing a good job as president     American Enterprise Institute analyst William Schneider a Democrat says Reagans loss of support among Washington power brokers could be offset by continued backing of the public     In the past he has been able to go around the power elite by appealing directly to the public Schneider said     Reagan will again plead his case that way in a televised address next week     But one top Republican strategist warned against expecting a dramatic turnaround     The White House has to avoid building expectations that cannot be met said the strategist who requested anonymity They have to recognize there is no quick fix     Analysts also point out that Reagans personal popularity has not always translated into public backing for his policies     They note he was dramatically rebuffed in last Novembers elections when voters rejected his appeals and restored control of the Senate to the Democrats  Reuter 
Sales of previously owned homes dropped  pct in January to a seasonally adjusted annual rate of  mln units the National Association of Realtors NAR said     But the December rate of  mln units had been the highest since the record  mln unit sales rate set in November  the group said     The drop in January is not surprising considering that a significant portion of Decembers nearrecord pace was made up of sellers seeking to get favorable capital gains treatment under the old tax laws said the NARs John Tuccillo  Reuter 
Sens Alan Cranston DCal and Daniel Evans RWash said they introduced export licensing reform legislation that could save US companies hundreds of thousands of dollars annually     Our emphasis is twofold Decontrol and delicense items where such actions will not endanger our national security and eliminate the Department of Defenses de facto veto authority over the licensing process Cranston said     Our reforms should reduce licensing requirements by   to  pct he told reporters I am convinced that a more rationallicensing process will boost exports     US export controls are intended to deny Eastern bloc countries access to technology that could further their military capabilities     By refocusing our control resources on higher levels of technology technology that is truly critical we will do a better job of preventing diversion of critical technology to our adversaries while promoting more exports Cranston said     We cannot expect to continue to play a leading role in new technology development in the future if we unduly restrict the activities of US firms in the world marketplace Evans told reporters  Reuter 
Excelan Inc said it is making an initial public offering of  shares of common stock at  dlrs per share     Excelan said  mln of the shares are being sold by the company and  shares are being sold by stockholders     Excelan designs and manufactures computerrelated products  Reuter 
CCX Network Inc said it was offering  shares of stock at  dlrs a share though underwriters Stephens Inc and Cazenove Inc     The company said it was selling the stock on behalf of some shareholders including those who recently received shares in the company in exchange for their businesses     The company said  it was receiving no proceeds from the offering  Reuter 
First Union Corp said it has filed with the Securities and Exchange Commission for a proposed offering of  mln dlrs of fixed rate subordinated notes due      The notes will be sold nationwide through underwriters managed by Shearson Lehman Brothers Inc  Reuter 
Qtly div eights cts vs  cts prior     Pay March      Record March   Reuter 
Shr loss  cts vs loss  cts     Net loss  vs loss      Revs  mln vs  mln     Qtly div three cts vs three cts prior     Year     Shr profit two cts vs profit  cts     Net profit  vs profit      Revs  mln vs  mln     NOTE Dividend payable April one to shareholders of record March   Reuter 
Shr  cts vs  cts     Net  mln vs      Sales  mln vs  mln     Avg shrs  vs      Year     Shr  dlrs vs  dlrs     Net  mln vs  mln     Sales  mln vs  mln     Avg shrs  vs   Reuter 
The Du Pont Co said it has devloped a new generation of highstrength aramid fibers which is stiffer and less absorbant than previous generations     Du Pont said the new product Kevlar  is up to  pct stiffer than first generation aramids and absorbs less than half the moister of other similar aramid fibers     Kevlar was invented by Du Pont in the late s and is five times stronger than steel and  times stronger than aluminum on an equal wieght basis and is used to replace metals in a variety of products according to the company  Reuter 
Standard Trustco said it expects earnings in  to increase at least  to  pct from the  dlrs or  dlrs per share recorded in      Stable interest rates and a growing economy are expected to provide favorable conditions for further growth in  president Brian OMalley told shareholders at the annual meeting     Standard Trustco previously reported assets of  billion dlrs in  up from  billion dlrs in  Return on common shareholders equity was  pct last year up from  pct in   Reuter 
Shr loss  cts vs loss three cts     Net loss  vs loss      Rev  mln vs  mln      months     Shr loss  cts vs profit  cts     Net loss  vs profit      Rev  mln vs  mln     NOTE Net loss for th qtr  includes charge for restructuring of  mln dlrs after tax or  cts a share      net loss includes after tax special charge of  mln dlrs or  cts a share      Reuter 
International Coffee Organization ICO producing countries will present a proposal for reintroducing export quotas for  months from April  with a firm undertaking to try to negotiate up to September  any future quota distribution on a new basis ICO delegates said     Distribution from April  would be on an unchanged basis as in an earlier producer proposal which includes shortfall redistributions totalling  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 
Secretary of State George Shultz acknowledged failings in the Iran arms affair but declared he would not resign     His role in the scandal that has scarred the Reagan administration attracted harsh criticism from the Tower commission in its report on the affair published today     Shultz travelling to China for a weeklong visit refused to comment directly on the report published after he had left Washington But he repeated  as he has done since the crisis broke last November  that he was not going to resign     You can wipe that off your slate he said  Reuter 
McLean Industries Incs 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 ltCrowley Mariotime Corps American Transport Lines Inc subsidiary     US 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 US Bankruptcy Court  Reuter 
ChemLawn Corp ltCHEM could attract a higher bid than the  dlrs per share offered by Waste Management Inc ltWNX Wall Street arbitrageurs said     Shares of ChemLawn shot up  to  in overthecounter trading with  mln of the companys  mln shares changing hands by late afternoon     This company could go for  times cash flow or  dlrs maybe  dollars depending on whether there is a competing bidder an arbitrageur said Waste Managements tender offer announced before the opening today expires March      This is totally by surprise said Debra Strohmaier a ChemLawn spokeswoman The companys 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 doesnt 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 LP ltSVM or Rollins Inc ltROL were examples of companies that could be interested     ChemLawn with about two mln customers is the largest US company involved in application of fertilizers pesticides and herbicides on lawns Waste Management is involved in removal of wastes     Schlang said ChemLawns 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 ChemLawns share price into the mids in  but the stock languished as the rate of growth slowed     Schlang said the companys profits are concentrated in the fourth quarter In  ChemLawn earned  dlrs per share for the full year and  dlrs in the fourth quarter     Morbelli noted ChemLawn competes with thousands of individual entrepreuers who offer lawn and garden care sevice  Reuter 
Sugar imports subject to the US sugar import quota during the week ended January  the initial week of the  sugar quota year totaled  short tons versus  tons the previous week the Agriculture Department said     The sugar import quota for the  quota year JanuaryDecember has been set at  short tons compared with  tons in the  quota year which was extended three months to December      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 
inflation plan initially hailed at home and abroad as the saviour of the economy is limping towards its first anniversary amid soaring prices widespread shortages and a foreign payments crisis     Announced last February  the plan froze prices fixed the value of the new Cruzado currency and ended widespread indexation of the economy in a bid to halt the countrys  pct inflation rate     But within a year the plan has all but collapsed     The situation now is worse than it was Although there was inflation at least the economy worked a leading bank economist said     The crumbling of the plan has been accompanied by a dramatic reversal in the foreign trade account In  and  Brazils annual trade surpluses had been sufficient to cover the  billion dlrs needed to service its  billion dlr foreign debt     For the first nine months of  all seemed to be on target for a repeat with monthly surpluses averaging one billion dlrs But as exports were diverted and imports increased to avoid further domestic shortages the trade surplus plunged to  mln dlrs in October and since then has averaged under  mln  Reuter 
New Zealands official foreign reserves fell to  billion NZ Dlrs in January from  billion dlrs in December and compared with  billion a year ago period the Reserve Bank said in its weekly statistical bulletin  Reuter 
The Panama Canal Commission a US government agency said in its daily operations report that there was a backlog of  ships waiting to enter the canal early today Over the next two days it expects                                                       Due            Scheduled to Transit                 EndDay Backlog          Average waiting time tomorrow           Super Tankers  Regular Vessels  North End   hrs       hrs  South End    hrs       hrs  Reuter 
ltAmerica First Federally Guaranteed Mortgage Fund Two said it is making a special distribution of  cts per exchangeable unit which includes  cts from return on capital and  cts from income gains  Reuter 
A group of Republican governors and members of Congress said they intended to explore expanding the conservation reserve program by up to  mln acres     Under current law between  and  mln acres of erodible land must be enrolled in the program by the end of fiscal      The Republican Task Force on Farm and Rural America headed by Senate Majority Leader Robert Dole Kan said they would consider drafting legislation to increase the reserve by between  and  mln acres     Sen Charles Grassley RIowa told Reuters he would offer a bill to expand the reserve to  mln acres  Reuter 
Arvin Industries Inc said LK Evans has been elected president succeeding James Baker who remains chairman  Evans had been executive vice president  Reuter 
Qtly div  cts vs  cts prior     Payable March      Record March nine   Reuter 
A surprise  pct drop in US January durable goods orders points to a slowdown in capital spending that could presage lackluster real growth in the US economy in the first quarter of  economists said     With total orders excluding the volatile defense sector falling a record  pct economists agreed that the report painted a bleak picture for the US economy     But they stressed that the  tax reform laws may be a primary factor behind the drop in orders for business capital investment     Its a rather gloomy outlook for the economy said David Wyss of Data Resources Inc Im particularly impressed by the  pct drop in nondefense capital goods orders because it may be a sign that businesses are reacting more adversely to tax reform than we thought     The Commerce Department pointed out that a record  pct decline in new orders for machinery was led by declines in office and computing equipment orders     Economists said the drop in computer orders may have been a response to the lengthening of depreciation schedules and the end of the investment tax credit under the new tax laws     Its more expensive to invest than it used to be so people just arent doing it as much Wyss said      Increases in durable goods orders at years end reinforced the view that businesses anticipated the changing tax laws economists said     November durable goods orders rose  pct and Decembers increased  pct revised upwards from a previously reported  pct     But most acknowledged that the huge January drop was caused by more than tax reform     The washout that took place in January was far greater than the actual gains that took place in November and December said Bill Sullivan of Dean Witter Reynolds Inc The economy has a weakening bent to it early in the year     The report definitely points to very sluggish capital spending over the next couple of quarters said Donald Maude of Midland Montagu Capital Markets Inc     Maude pointed to a continuing decline in order backlogs as evidence that the outlook for new orders is not improving In November order backlogs rose  pct but in December they fell  pct and in January  pct he said     It suggests orders in the pipeline are depleting which may quickly translate to a drop in production Midland Montagus Maude said     Wyss cautioned that too much should not be made of Januarys report given that other reports have reflected strength     But he acknowledged that the decline occurred despite a  pct rise in defense orders compared with a  pct decline in December     He also noted that there was a  pct drop in January shipments compared with a  pct rise in December     Given these numbers theres no reason for the Fed to tighten Data Resources Wyss said     But theres no reason to ease unless we see more numbers like this The Fed will wait and see he added     Sullivan predicted the Fed will ease by Easter People arent talking recession or Fed easing now but the Fed will have to ease to ensure global growth  Reuter 
Sens Alan Cranston DCal and Daniel Evans RWash said they introduced export licensing reform legislation that could save US companies hundreds of thousands of dollars annually     Our emphasis is twofold Decontrol and delicense items where such actions will not endanger our national security and eliminate the Department of Defenses de facto veto authority over the licensing process Cranston said     Our reforms should reduce licensing requirements by   to  pct he told reporters I am convinced that a more rationallicensing process will boost exports     US export controls are intended to deny Eastern bloc countries access to technology that could further their military capabilities     By refocusing our control resources on higher levels of technology technology that is truly critical we will do a better job of preventing diversion of critical technology to our adversaries while promoting more exports Cranston said     We cannot expect to continue to play a leading role in new technology development in the future if we unduly restrict the activities of US firms in the world marketplace Evans told reporters  Reuter 
AM International Inc reporting an operating loss for the January  second quarter said prospects for the balance of the fiscal year remain good     It said orders at its Harris Graphics subsidiary acquired in June  continue to run at a strong pace For the six months orders rose  pct over the corresponding prioryear period or on an annualized basis are running at about  mln dlrs     The backlog at Harris is up  pct from the beginning of the fiscal year AM said     AM International said its old division are expected to benefit from recent new product introductions and the decline in the value of the dollar     Research development and engineering expenditures in fiscal  will be in the  mln dlr range and the company said it has allocated another  mln dlrs for capital expenditures     Earlier AM reported a fourth quarter operating loss of two cts a share compared to profits of seven cts a share a year ago Revenues rose to  mln dlrs from  mln dlrs  Reuter 
The Commodity Credit Corporation CCC announced  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 US Agriculture Department said     The department said the action reduces coverage for sales of dry edible beans to  dlrs and creates the new line of  mln dlrs for sales of white corn     All sales under the credit guarantee line must be registered  and shipped by September   it said  Reuter 
Assets of money market mutual funds increased  mln dlrs in the week ended yesterday to  billion dlrs the Investment Company Institute said     Assets of  institutional funds rose  mln dlrs to  billion dlrs  general purpose funds rose  mln dlrs to  billion dlrs and  brokerdealer funds rose  mln dlrs to  billion dlrs  Reuter 
Gulf barge freight rates firmed again on the outlook for steady vessel loadings at the Gulf increasing the demand for barges to supply those ships dealers said     No barges traded today on the St Louis Merchants Exchange call session versus  yesterday     Quotes included    Delivery this week on the Illinois River Joliet  pct of tariff bid offered with next week same river ex Chicago quoted the same  both up  percentage points   Next week Mississippi River St Louis  pct bid offered  up five points   Next week Ohio River Owensborosouth  pct bid offered  up  points   On station Illinois River south Chicago  pct bid offered  no comparison   March Illinois ex Chicago  pct bid offered  up  points   March Ohio River bid at yesterdays traded level of  pct offered at    March lower Mississippi River MemphisCairo  pct bid offered  no comparison   May Illinois River ex Chicago  pct bid offered  no comparison   SeptNov Lower Mississippi River MemphisCairo  pct bid offered with SeptDec same section  pct bid offered  no comparison  Reuter 
Argentina could suspend payments on its foreign debt if creditor banks reject a  billion dlr loan request to meet  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 Argentinas negotiations in New York with the steering committee for its  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 todays 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  billion dlr foreign debt     Argentinas prime objective in renegotiating the debt was to maintain growth which has been targeted at four pct in  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 
The chairmen and senior Republican members of the House and Senate tax writing committees proposed legislation to curb estate tax deduction on sales of stock to an employee stock ownership plan     The proposal would raise federal revenues of  billion dlrs over the fiscal year period  to      If adopted by Congress it would effect all transactions after Sept       The plan was proposed by House Ways and Means Committee Chairman Dan Rostenkowski DIll Rep John Duncan RTenn Senate Finance Committee Chairman Lloyd Bentsen DTex and Sen Bob Packwood ROre     In a statement Rostenkowski said the estate tax deduction enacted last year as part of the tax reform bill was too broad and would have cost the governmet seven billion dlrs over four years The narrower deduction would cost the government less than  mln dlrs for the same years     He said it was designed to avoid sham transactions which allowed estates to avoid taxes by transferring stock to ESOPs     Senate Finance Committee chairman Lloyd Bentsen said in a statement The Tax Reform Act contains a provision that allows many wealthy individuals to avoid the federal estate tax entirely when they die     He added The provision was intended to encourage estates to sell stock to employee stock ownership plans as a way of promoting worker ownership however the provision was not meant to be broad enough to reduce federal revenues as much as is currently estimated     He added The bill I have introduced today calls for the modification of the provision in accordance with its intended purpose  Reuter 
Treasury balances at the Federal Reserve rose on Feb  to  billion dlrs from  billion dlrs the previous business day the Treasury said in its latest budget statement     Balances in tax and loan note accounts fell to  billion dlrs from  billion dlrs on the same respective days     The Treasurys operating cash balance totaled  billion dlrs on Feb  compared with  billion dlrs on Feb   Reuter 
Canadian Finance Minister Michael Wilson said he will use temporary authority under the Financial Administration act to borrow an additional  mln dlrs in next Thursdays 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 governments needs     Ottawa announced previously it was seeking Parliamentary approval for the additional authority to cover the financing of an increase in the governments foreign reserves  Reuter 
Gulf Applied Technologies Inc said it sold its pipeline and terminal operations units for  mln dlrs and will record a gain of  mln dlrs in the first quarter     It added that any federal taxes owed on the transaction will be offset by operating loss carryovers  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     Year     Shr  dlrs vs  dlrs     Net  vs      Revs  billion vs  mln     Avg shrs  vs   Reuter 
Shr  cts vs  cts     Net  vs      Revs  vs      Avg shrs  mln vs  mln      mths     Shr  dlrs vs  dlrs     Net  vs      Revs  billion vs  billion     Avg shr  mln vs  mln         NOTE latest  mths net includes gain  cts per share for sale of Virginia service territory to Dominion Resources Inc ltD  Reuter 
Springboard Software INc said it signed a contract under which International Technology Development Corp will provide software designers programmers project supervisors and technical support personnel to Springboard     International Technology based in San Francisco and Shanghai China employs Chinese computer specialists  Reuter 
CoFAB Inc said it acquired ltGulfex Inc a Houstonbased fabricator of custom highpressure 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 
Reporting members of the National Soybean Processors Association NSPA crushed  bushels of soybeans in the week ended Feb  compared with  bushels in the previous week and  in the yearago week the association said     It said total crushing capacity for members was  bushels vs  last week and  bushels last year     NSPA also said US soybean meal exports in the week were  tonnes vs  tonnes a week ago and compared with  tonnes in the yearago week     NSPA said the figures include only NSPA member firms  Reuter 
The underwriters said the initial offering of  Schult Homes Corp units is being made at five dlrs per unit     The underwriters managed by Janney Montgomey Scott Inc and Woolcott and Co Inc said each unit consits of one common share and one warrant to purchase onehalf a common share at  dlrs per share until September one  and thereafter at  dlrs per share until March  The underwriters were granted an overallotment option of  units     They said the company will use its proceeds to pay a portion of its subordinated note payable to Inland Steel Urban Development Corp issued in connection with the acquisition of Schult from Inland Based in Elkhart Ind Schult is the countrys oldest manufactured home producer  Reuter 
Qtly div eights cts vs eight cts prior     Pay April one     Record March   Reuter 
Burlington Menswear of New York City a division of Burlington Industries Inc has received a  mln dlr defense contract for  mln yards of tropical cloth the Defense Logistics Agency said  reuter 
Rockwell International Corp has received a  mln dlr contract for work on the BB bomber in the current fiscal year the Air Force said  reuter 
Shr  cts vs  dlrs     Net  vs  mln     Revs  mln vs  mln     Year     Shr  cts vs  dlrs     Net  vs  mln     Revs  mln vs  mln     NOTE  th qtr and yr amounts include acquisition of  pct of common of Atico formerly Peninsula Federal Savings and Loan Association on January        th qtr and yr net include net gain of  mln dlrs or  dlrs per share on exchange of common of Pan America Banks Inc for common of NCNB Corp purusant to a merger of the companies  Reuter 
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 eightmember producer splinter group and will affect the proposed quota distribution for  months from April one they said     The proposed shareout would still include shortfall declarations they said  Reuter 
Quebecor Inc one of Canadas largest publishing and printing companies is likely to launch a new daily newspaper in Montreal probably this fall president Pierre Peladeau told Reuters in an interview     The company which last week won a bid to buy the Quebec governments  pct interest in pulp and paper company ltDonohue Inc will also likely go ahead with plans to build a new paper mill in Matane Quebec Peladeau said     I would say we will move ahead with the daily This is not definite but i think we will he said adding that he plans to announce a decision early next week     Quebecor which had revenues of  mln Canadian dlrs last year and profit of  mln dlrs already publishes three daily newspapers including the tabloid Le Journal de Montreal the secondlargest circulation paper in Canada     A new daily would give Montreal its second English language paper and its sixth daily newspaper making the city the most crowded metropolitan newspaper market in North America analysts have said     Peladeau said market studies have indicated a new English language tabloid would have circulation of  within six months He said he is waiting to determine whether the new venture would have the support of major advertisers     Peladeau who together with family members owns about  pct of Quebecor said he has recieved offers from the heads of two major Canadian companies who are interested in the project but has not decided whether he would take partners in the newspaper venture     He said he would consider launching the newspaper with one of the companies as a prelude to other joint ventures     It would be the possibility of doing something else in the short term Peladeau said     Peladeau said the joint acquisition of Donohue with Robert Maxwells British Printing and Communications Corp plc ltBPCLL does not mean Quebecor will have to hold off on other projects     Peladeau and Maxwells companies teamed up to buy the stake in Donohue which resulted in Quebecor buying  pct of the govvernments stake for about  mln Canadian dlrs and British printing acquiring the other  pct     In  or  there was a tremendous shortage of newsprint There were days when we didnt have enough paper to print the paper Peladeau said When I lived that I said to myselfnext time well be ready     Peladeau said most of Donohues current total newsprint capacity however is already committed to other buyers     Quebecor uses about  metric tons of newsprint a year and Maxwells company which publishes Britains Daily Mirror newspaper uses about  tonnes     Peladeau said even with a new  mln dlr paper machine  pct owned by the New York Times NYTA adding to Donohues  metric tonne capacity this fall the companies will have to install another paper machine at Amos Quebec or build another mill to meet their demands      He said a new mill which would produce either newsprint or other types of paper would cost  mln dlrs and could be on stream in two years He said a mill in Matane a depressed area with high unemployment would be heavily subsidized by the government     Peladeau said he is interested in further joint ventures with Maxwells company either in the newspaper market in France or in the US where the company owns two large printing plants and is looking to expand its newspaper empire     He said Maxwells sons who are French citizens would provide an entree into the French market where foreigners are prevented from buying newspapers Peladeau said he would consider either buying into or starting daily newspapers in France or the US     Quebecor is also in the process of expanding its chain of about  weekly newspapers with the possible acquisition of two groups of weekly newspapers in the US and is negotiating the acquisition of two weekly newspaper chains in Canada Peladeau said     He said the company may consider starting daily newspapers in two small Quebec cities and buying radio stations in the province     Peladeau said Quebecor may also consider trading in its listing on the American stock exchange for a New York Stock Exchange listing  Reuter 
Commercial and industrial loans on the books of the  major New York banks excluding acceptances fell  mln dlrs to  billion in the week ended February  the Federal Reserve Bank of New York said     Including acceptances loans declined  mln dlrs to  billion     Commercial paper outstanding nationally dropped  mln dlrs to  billion     National business loan data are scheduled to be released on Friday  Reuter 
The eight major New York City banks had  mln dlrs in average borrowings from the Federal Reserve in the week to Wednesday February  a Fed spokesman said     The week marked the second half of the twoweek 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  EST  GMT   Reuter 
Shr primary  pesos vs  pesos     Shr diluted  pesos vs  pesos     Qtly div  pesos vs  pesos     Net  billion vs  mln     Revs  billion vs  billion     NOTE Full name Philippine Long Distance Telephone Co     Figures quoted in Philippine Pesos     Dividend payable April  to holders or record March  Exchange rate on day of dividend declaration was  pesos per dollar  Reuter 
Qtly div five cts vs NA     Payable April two     Record March      NOTE dividend includes special two cts per share for the period beginning with the funds commencement of operations on Novebmer three through December    Reuter 
The Columbia Gas Systems Inc said it will redeem  mln dlrs principal amount of its  pct debentures series due May   and five mln dlrs principal amount of its  pct debentures series due May       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   the  mln dlrs principal amount of the  debentures and  mln dlrs of the  pct debentures  Reuter 
Qtly div  cts vs  cts prior     Pay April      Record April   Reuter 
Qtly div two cts vs  cts     Pay March      Record March   Reuter 
Annual div Class A  cts vs  cts prior     Annual div Class B  cts vs  cts prior     Payable April one     Record March      NOTE full name is BDM International Inc  Reuter 
Sorg Inc said a group composed of onethird of the stockholders in Sorg agreed not to sell their holdings without the consent of the entire group     Sorg said the group also agreed to vote as a body on any proposed merger or election of directors     The company further said it retained the First Boston Corp to act as its financial advisor     The company was not immediately available to provide further details on the group or its aims  Reuter 
Qtly div three cts vs three cts prior     Pay March      Record February   Reuter 
Texas Instruments Inc said it has developed the first bit computer chip designed specifically for artificial intelligence applications     The company said the new microprocessor measuring onecentimeter square and containing  transistors is the densest chip ever made     The chip was designed Texas Instruments said for use with the Lisp langugage which is used widely by software programmers in the artificial intelligence field     The company added that it is working on a production version of the chip  Reuter 
Consolidated Natural Gas Systems Consolidated Gas Transmission Corp said it is in compliance with all federal regulations regarding the disposal of polychlorinated biphenyls or PCBs     The company said it successfully cleaned up the only earthen pit at which PCBs were reported to be above Environmental Protection Agency standards      Reuter 
Shr  dlrs vs  dlrs     Net  vs      Revs  billion vs  billion     Note  results include extraordinary gain of  dlrs or six cts a share from secondary share offering of Canron unit  Reuter 
A group of affiliated New York investment firms said they lowered their stake in Cyclops Corp to  shares or  pct of the total outstanding common stock from  shares or  pct     In a filing with the Securities and Exchange Commission the group led by Mutual Shares Corp said it sold  Cyclops common shares on Feb  and  for  mln dlrs  Reuter 
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 US dollars Sorghum is priced per CWT corn yellow grade only      WHEAT     HRW   HRS    SRW   SWW   DURUM  Chicago                      Ill Track                     Toledo                     Memphis                        Peoria                         Denver                      Evansville                    Cincinnati                    Minneapolis                 Baltimore  NorfPhil                 Kansas City                 St Louis                   Amarillo  Lubbock                                     HRW   HRS   SRW   SWW   DURUM  Lou Gulf                     Portland  Seattle                   Stockton                      LA                          Duluth                      Tex Gulf                                CORN  BRLY  OATS  RYE   SOYB  SORG  Chicago                       Ill Track                  Toledo                    Memphis                   Peoria                       Denver                        Evnsvlle                Cinci                   Mpls                    BaltNor  Phil                        KC                        St Lo                       Amarlo  Lubbck                      Lou Gulf                      Port  Seattle                     Stockton                    LA                            Duluth                  Tex Gulf                  Reuter 
Shr profit three cts vs loss three cts     Net profit  vs loss      Revs  vs      Year     Shr profit one cent vs loss  cts     Net profit  vs loss      Revs  mln vs  mln     Avg shrs  vs   Reuter 
New Zealands trading bank seasonally adjusted deposit growth rose  pct in January compared with a rise of  pct in December the Reserve Bank said     Yearonyear total deposits rose  pct compared with a  pct increase in the December year and  pct rise a year ago period it said in its weekly statistical release     Total deposits rose to  billion NZ Dlrs in January compared with  billion in December and  billion in January   Reuter 
The US Agriculture Department announced the prevailing world market price adjusted to US quality and location for Strict Low Middling  inch upland cotton at  cts per lb to be in effect through midnight March      The adjusted world price is at average US 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  the adjusted world price for upland cotton is determined as follows in cts per lb   Northern European Price                      Adjustments   Average US spot mkt location    SLM  inch cotton             Average US location             Sum of adjustments                Adjusted world price              Reuter 
The US Agriculture Department said cumulative sugar imports from individual countries during the  quota year which began January   and ends December   were as follows with quota allocations for the quota year in short tons raw value              CUMULATIVE     QUOTA                IMPORTS     ALLOCATIONS  ARGENTINA        nil            AUSTRALIA        nil            BARBADOS         nil             BELIZE           nil            BOLIVIA          nil             BRAZIL           nil           CANADA           nil                                      QUOTA                IMPORTS     ALLOCATIONS  COLOMBIA                     CONGO            nil             COSTA RICA       nil            IVORY COAST      nil             DOM REP                   ECUADOR          nil            EL SALVADOR      nil            FIJI             nil            GABON            nil                                       QUOTA                IMPORTS     ALLOCATIONS  GUATEMALA        nil            GUYANA           nil            HAITI            nil             HONDURAS         nil            INDIA            nil             JAMAICA          nil            MADAGASCAR       nil             MALAWI           nil                                       QUOTA                 IMPORTS    ALLOCATIONS  MAURITIUS         nil           MEXICO                         MOZAMBIQUE        nil           PANAMA            nil           PAPUA NEW GUINEA  nil            PARAGUAY          nil            PERU              nil           PHILIPPINES       nil          STCHRISTOPHER  NEVIS             nil                                     QUOTA                  IMPORTS  ALLOCATIONS  SWAZILAND          nil           TAIWAN             nil           THAILAND           nil           TRINIDADTOBAGO    nil            URUGUAY            nil            ZIMBABWE           nil            Reuter 
There were seven grain ships loading and six ships were waiting to load at Portland according to the Portland Merchants Exchange  Reuter 
Iran announced tonight that its major offensive against Iraq in the Gulf war had ended after dealing savage blows against the Baghdad government     The Iranian news agency IRNA in a report received in London said the operation codenamed Karbala launched into Iraq on January  was now over     It quoted a joint statewment by the Iranian Army and Revolutionary Guards Corps as saying that their forces had dealt one of the severest blows on the Iraqi war machine in the history of the Iraqimposed war     The statement by the Iranian High Command appeared to herald the close of an assault on the port city of Basra in southern Iraq     The operation was launched at a time when the Baghdad government was spreading extensive propaganda on the resistance power of its army said the statement quoted by IRNA     It claimed massive victories in the sevenweek offensive and called on supporters of Baghdad to come to their senses and discontinue support for what it called the tottering regime in Iraq     Iran said its forces had liberated  square kilometers of enemyoccupied territory during the  offensive and taken over islands townships rivers and part of a road leading into Basra     The Iranian forces are in full control of these areas the statement said     It said  Iraqi brigades and battalions were totally destroyed along with  tanks and  other vehicles The victory list also included  warplanes downed  anti aircraft guns and  pieces of military hardware destroyed and the seizure of  tanks and armoured personnel carriers  Reuter 
Qtly div  cts vs  cts prior     Pay April one     Record March   Reuter 
US bank discount window borrowings less extended credits averaged  mln dlrs in the week to Wednesday February  the Federal Reserve said     The Fed said that overall borrowings in the week fell  mln dlrs to  mln dlrs with extended credits up  mln dlrs at  mln dlrs The week was the second half of a twoweek statement period Net borrowings in the prior week averaged  mln dlrs     Commenting on the twoweek statement period ended February  the Fed said that banks had average net free reserves of  mln dlrs a day down from  billion two weeks earlier     A Federal Reserve spokesman told a press briefing that there were no large single day net misses in the Feds 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  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 Thursdays high float but he said that about  mln dlrs of Wednesdays 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  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  or  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  pct of net discount window borrowings were made by the smallest banks with  pct by the  large money center banks and  pct by large regional institutions     On Wednesday  pct of the borrowing was accounted for by the money center banks with  pct by the large regionals and  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 twoweek period he said there were relatively high excess reserves on a daily avearge almost all of which were at the smallest banks  Reuter 
American Express Co remained silent on market rumors it would spinoff all or part of its Shearson Lehman Brothers Inc but some analysts said the company may be considering such a move because it is unhappy with the market value of its stock     American Express stock got a lift from the rumor as the market calculated a partially public Shearson may command a good market value thereby boosting the total value of American Express The rumor also was accompanied by talk the financial services firm would split its stock and boost its dividend     American Express closed on the New York Stock Exchange at  up  on heavy volume     American Express would not comment on the rumors or its stock activity     Analysts said comments by the company at an analysts meeting Tuesday helped fuel the rumors as did an announcement yesterday of management changes     At the meeting company officials said American Express stock is undervalued and does not fully reflect the performance of Shearson according to analysts     Yesterday Shearson said it was elevating its chief operating officer Jeffery Lane to the added position of president which had been vacant It also created four new positions for chairmen of its operating divisions     Analysts speculated a partial spinoff would make most sense contrary to one variation on market rumors of a total spinoff     Some analysts however disagreed that any spinoff of Shearson would be good since it is a strong profit center for American Express contributing about  pct of earnings last year     I think it is highly unlikely that American Express is going to sell shearson said Perrin Long of Lipper Analytical He questioned what would be a better investment than a very profitable securities firm     Several analysts said American Express is not in need of cash which might be the only reason to sell a part of a strong asset     But others believe the company could very well of considered the option of spinning out part of Shearson and one rumor suggests selling about  pct of it in the market     Larry Eckenfelder of PrudentialBache 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 Shearsons book value is in the  mln dlr range Shearson in the market place would probably be worth three to  bilion dlrs in terms of market capitalization said Eckenfelder     Some analysts said American Express could use capital since it plans to expand globally     They have enormous internal growth plans that takes capital You want your stock to reflect realistic valuations to enhance your ability to make all kinds of endeavors down the road said EF Hutton Group analyst Michael Lewis     Theyve outlined the fact that theyre investing heavily in the future which goes heavily into the international arena said Lewis That does not preclude acquisitions and divestitures along the way he said     Lewis said if American Express reduced its exposure to the brokerage business by selling part of shearson its stock might better reflect other assets such as the travel related services business     It could find its true water mark with a lesser exposure to brokerage The value of the other components could command a higher multiple because they constitute a higher percentage of the total operating earnings of the company he said      Lewis said Shearson contributed  mln in aftertax operating earnings up from about  mln dlrs in       Reuter 
US M money supply rose  billion dlrs to a seasonally adjusted  billion dlrs in the February  week the Federal Reserve said     The previous weeks M level was revised to  billion dlrs from  billion dlrs while the fourweek moving average of M rose to  billion dlrs from  billion     Economists polled by Reuters said that M should be anywhere from down four billion dlrs to up  billion dlrs The average forecast called for a  mln dlr M rise  Reuter 
General Binding Corp said it reached a marketing agreement with Varitronic Systems Inc a manufacturer and marketer of electronic lettering systems     Under terms of the agreement General Binding will carry Varitronics Merlin Express Presentation Lettering System a portable batteryoperated lettering system which produces type on adhesivebacked tape  Reuter 
Liberty AllStar Equity Fund said it declared an initial dividend of five cts per share payable April two to shareholders of record March      It said the dividend includes a quarterly dividend of three cts a share and a special payout of two cts a share which covers the period from November three  when the fund began operations to December       The fund said its quarterly dividend rate may fluctuate in the future  Reuter 
CocaCola Cos Entertainment Business Sector Inc unit said it formed a joint venture with an affiliate of World Film Services to acquire produce and distribute television programming around the world     World Film Services was formed by chairman John Heyman in  to produce films      Reuter 
Ford Motor Co said its Ford Motor Credit Co on April One will redeem  mln dlrs of its  pct debentures due April       It said the debentures are redeemable at a price of  pct of the principal Because April   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 
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 
Schult Homes Corp announced an initial public offering of  units at five dlrs per unit said Janney Montgomery Scott Inc and Woolcott and Co managing underwriters of the offering     They said each unit consists of one common share and one warrant to buy onehalf share of common     The warrant will entitle holders to buy onehalf common share at  dlrs per full share from March one  to September one  and thereafter at  dlrs per full share until March  they said  Reuter 
Fluor Corp said its Fluor Daniel unit received a contract from Union Carbide Corp ltUK covering design procurement and construction of a  megawatt combined cycle cogeneration facility in Seadrift Texas     The value of the contract was not disclosed  Reuter 
Suffield Financial Corp said   Jon Googel and Benjamin Sisti of Colonial Realty West Hartford Conn purchased  shares of its stock for      The company said the purchase equals  pct of its outstanding shares  Reuter 
ltHigh 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  mln dlrs in common no later than March one     It said the offering will be underwritten by Ryan Beck and Co West Orange NJ  Reuter 
High feed prices will cause the Chinese to reduce hog herd growth and pork production this year the US Agriculture Department said     In its World Production and Trade Report the department said hog numbers at the start of  were estimated at  mln head up slightly from  and  mln head above earlier projections for      Pork production in  was up  pct to  mln tonnes slightly below earlier estimates it said     For  production is projected to fall to  mln tonnes     Feed prices at the end of January were reported  to  pct above yearago levels the department said  Reuter 
Landmark Bancshares Corp said it expects its stock to begin trading on March  on the New York Stock Exchange     The company whose stock has traded on the American Stock Exchange since November  said it will retain its symbol LBC when trading begins on the Big Board  Reuter 
Ivaco Inc said price pressure on steel products particularly in the US and the recent increase in the value of the Canadian dollar is expected to result in minimal first quarter earnings     It said subsequent quarters should show substantial improvement from first quarter levels but  earnings will not reach  levels as long as those conditions continue      Ivaco earlier reported  profit rose to  mln dlrs after a one mln dlr extraordinary gain from  mln dlrs the previous year It said demand for the companys products are continuing at high levels and sales are expected to show further growth Revenues last year rose to  billion dlrs from  billion dlrs in          Reuter 
US grain carloadings totaled  cars in the week ended February  down  pct from the previous week but  pct above the corresponding week a year ago the Association of American Railroads reported     Grain mill product loadings in the week totalled  cars down  pct from the previous week but  pct above the same week a year earlier the association said  Reuter 
Industrial Equity Pacific Ltd a Hong Kong investment firm said it raised its stake in Wrather Corp to  shares or  pct of the total outstanding common stock from  shares or  pct     In a filing with the Securities and Exchange Commission Industrial Equity which is principally owned by Brierley Investments Ltd a publicly held New Zealand company said it bought  Wrather common shares between Feb  and  for  mln dlrs     When it first disclosed its stake in Wrather earlier this month it said it bought the stock for investment purposes  Reuter 
Shr loss  DLS VS PROFIT  CTS     Net loss  mln vs profit  mln     Revs  mln vs  mln     Year     Shr loss  dlrs vs profit  dlrs     net loss  mln vs profit  mln     Revs  mln vs  mln  Reuter 
Diamond Shamrock Corp said that effective today it had cut its contract prices for crude oil by  dlrs a barrel     The reduction brings its posted price for West Texas Intermediate to  dlrs a barrel the copany said     The price reduction today was made in the light of falling oil product prices and a weak crude oil market a company spokeswoman said     Diamond is the latest in a line of US oil companies that have cut its contract or posted prices over the last two days citing weak oil markets  Reuter 
Liebert Corp said its shareholders approved the merger of a whollyowned subsidiary of Emerson Electric Co ltEMR     Under the terms of the merger each Liebert shareholder will receive  shares of Emerson stock for each Liebert share  Reuter 
Coleco Industries Inc said it expects to return to profitability in      Earlier Coleco reported a net loss of  mln dlrs for the year ended December  compared to a profit of  mln dlrs in the year earlier     In a prepared statement the company said the dramatic swing in operating results was due primarily to the steep decline in sales of Cabbage Patch Kids products from  mln dlrs to  mln dlrs     Coleco said it changed from a single product company to a more diversified organization through four major acquisitions last year     Products from the new acquisitions and other new product introductions are expected to enable it to return to profitability it said     At the annual Toy Fair earlier this month vice president Morton Handel said analysts  projected earnings of  cts a share on sales of  mln dlrs are reasonable      Reuter 
Olin Corp said its board will elect in April John Johnstone Jr as its chief executive officer     The company said he will succeed John M Henske who is also chairman It said Johnstone  is now president and chief operating officer     Henske  has served as CEO since  and chairman since  He will continue as chairman until his retirement in June   Reuter 
Gulf Applied Technologies Inc said it sold its subsidiaries engaged in pipeline and terminal operations for  mln dlrs     The company said the sale is subject to certain post closing adjustments which it did not explain  Reuter 
A group of affiliated Miamibased investment firms led by Fundamental Management Corp said it raised its stake in Robeson Industries Corp to  shares or  pct of the total from  or  pct     In a filing with the Securities and Exchange Commission the group said it bought  Robeson common shares between Jan  and Feb  for  dlrs     The group said it may buy more shares and plans to study Robesons 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 
A study on grain certificates due out shortly from the Government Accounting Office GAO could show that certificates cost the government  to  pct more than cash outlays administration and industry sources said     Analysis that the GAO has obtained from the Agriculture Department and the Office of Management and Budget suggests that certificates cost more than cash payments a GAO official told Reuters     GAO is preparing the certificate study at the specific request of Sen Jesse Helms RNC 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 programs 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 
venezuela is seeking a constructive and flexible attitude from its creditor banks in current talks to reschedule  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 venezuelas bank advisory committee except to say they are progressing     Azpurua said venezuela has shown solidarity with brazils decision to suspend payments but each country must negotiate according to its own interest     Asked to comment on chiles 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 februarys  pct rescheduling accord and the  pct Venezuela wants     Azpurua said four basic elements are being negotiated with the banks now spread reduction deferral of principal payments due in  and  lenghtening the  year repayment schedule and debt capitalization schemes     Azpurua said the governent plans to pay  billion dlrs in public and private debt principal this year It was due to amortize  billion dlrs under the rescheduling and pay  mln dlrs in nonrestructured principal both public sector     He said venezuelas 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  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 
Shr profit  cts vs loss seven cts     Net profit  vs loss      Revs  mln vs      Year     Shr profit five cts vs profit  cts     Net profit  vs profit      Revs  mln vs  mln     Avg shrs  mln vs  mln     NOTE  year includes  weeks  Reuter 
Shr  cts vs  cts     Pay April      Record March   Reuter 
Shr loss  dlrs vs loss  dlrs     Net loss  mln vs loss  mln     Revs  mln vs  mln     Note  net includes nine mln dlr extraordinary loss for oil and gas writedowns and unrealized foreign exchange losses vs yrago loss of  mln dlrs  Reuter 
Thomson McKinnon Mortgage Assets Corp a unit of Thomson McKinnon Inc is offering  mln dlrs of collateralized mortgage obligations in three tranches that include floating rate and inverse floating rate CMOS     The floating rate class amounts to  mln dlrs It has an average life of  years and matures  The CMOs have an initial coupon of  pct which will be reset  basis points above LIBOR said sole manager Thomson McKinnon     The inverse floater totals  mln dlrs It has an average life of  years and matures  These CMOs were given an initial coupon of  pct and priced at      Subsequent rates on the inverse floater will equal  pct minus the product of three times LIBOR minus  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 fixedrate tranche totals  mln dlrs It has an average life of  years and matures  The CMOs were assigned a  pct coupon and par pricing     The issue is rated AAA by Standard and Poors and secured by Federal Home Loan Mortgage Corp Freddie Mac certificates  Reuter 
Period ended December      Shr  cts vs  cts     Net  vs      Revs  vs   Reuter 
Qtly div ten cts vs ten cts     Pay April      Record March   Reuter 
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     OPECs 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 markets earlier optimism about OPEC and its ability to keep production under control have given way to a pessimistic outlook that the organization must address soon if it wishes to regain the initiative in oil prices     But some other analysts were uncertain that even an emergency meeting would address the problem of OPEC production above the  mln bpd quota set last December     OPEC has to learn that in a buyers market you cannot have deemed quotas fixed prices and set differentials said the regional manager for one of the major oil companies who spoke on condition that he not be named The market is now trying to teach them that lesson again he added     David T Mizrahi editor of Mideast reports expects OPEC to meet before June although not immediately However he is not optimistic that OPEC can address its principal problems     They will not meet now as they try to take advantage of the winter demand to sell their oil but in late March and April when demand slackens Mizrahi said     But Mizrahi said that OPEC is unlikely to do anything more than reiterate its agreement to keep output at  mln bpd     Analysts said that the next two months will be critical for OPECs 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 MoussavarRahmani of Harvard Universitys Energy and Environment Policy Center said that the demand for OPEC oil has been rising through the first quarter and this may have prompted excesses in its production     Demand for their OPEC oil is clearly above  mln bpd and is probably closer to  mln bpd or higher now so what we are seeing characterized as cheating is OPEC meeting this demand through current production he told Reuters in a telephone interview  Reuter 
Cenergy Corp reported fourth quarter net income of  dlrs or seven cts per share on revenues of  mln dlrs     For the year it reported a net loss of  mln dlrs or  cts per share as a result of writedowns in the book value of its oil and gas properties in the first two quarters Revenues were  mln dlrs     Following the companys fiscal year ended March   it changed to a calender year end     For the nine months ended Dec   it reported a loss of  mln dlrs or  dlrs per share on revenues of  mln dlrs which it said was a result of noncash writedowns of oil and gas properties     For the year ended March   Cenergy reported net income of  dlrs or  cts per share on revenues of  mln dlrs     The company said its reserves during the year fell to five mln barrels from  mln barrels of oil and to  bilion cubic feet of gas from  BCF It said these reserves did not disappear but are available to produce as prices recover  Reuter 
Twoforone stock split     Pay May      Note split is subject to approval of shareholders at April  annual meeting     Company also said it will increase dividend on postsplit shares to six cts from five cts  Reuter 
Torchmark Corp said its board authorized the purchase from time to time of a significant portion of its  pct convertible subordinated debentures As of February  it said there were outstanding  mln dlrs of the principal amount of debenures     The company also said it plans to redeem the debentures on June eight     It also declared a regular quarterly dividend of  cts per share on its common payable May one to shareholders of record April   Reuter 
Painewebber Group Inc said it will redeem all its outstanding  pct convertible subordinated debentures due      It said it will redeem all the debentures for  dlrs plus accrued interest to the redemption date of March  The notes can be converted into common stock at a price of  dlrs per share  Reuter 
RP Scherer Inc said it registered with the Securities and Exchange Commission a proposed public offering of  mln shares of convertible exchangeable preferred stock at  dlrs a share     In addition the company said it is offering  preferred shares to Richard Manoogian a Scherer director at  dlrs a share Manoogian said he will buy the  shares     Proceeds from the offering will be used to repay debt and to fund research and development it said     Underwriters are led by Goldman Sachs and Co  Reuter 
ltParlux Fragrances Inc said it completed the offering of  unis at  dlrs each through underwriters RC Stamm and Co and Rosenkrantz Lyon and Ross Inc     Each unit consists of two shares of common stock and one redeemable warrant which entitles the holder to buy an additional common share for six dlrs between Feb   and Feb       The company creates and markets fragrances and beauty products including the Anne Klein line through department and specialty stores  Reuter 
Shr loss six cts vs not available     Net loss  vs profit      Revs  vs      Year     Shr loss  cts vs loss nine cts     Net loss  vs loss      Revs  mln vs  mln      Reuter 
Qtly div three cts vs three cts prior     Pay April three     Record March   Reuter 
A senior official of Drexel Burnham Lambert Inc and his father told the Securities and Exchange Commission they have acquired  shares of Epsilon Data Management Inc or  pct of the total outstanding     Kenneth Thomas senior vice presidentinvestments at Drexels Los Angeles office and his father retired university professor CA Thomas said they bought the stake for  mln dlrs primarily for investment purposes     They said they may buy more stock or sell some or all of their stake depending on market conditions but have no plans to seek control of the company  Reuter 
The following proposed securities offerings were filed recently with the Securities and Exchange Commission     BioTechnology General Corp ltBTGC  Offering of  mln dlrs of convertible senior subordinated notes due March  through Drexel Burnham Lambert Inc  Reuter 
Varian Associates Inc and ltSiemens AG said they signed a letter of intent to form and jointly operate a nuclear magnetic resonance imaging spectroscopy business in Fremont Calif     The systems are smaller than magnetic resonance imaging equipment currently used in clinical examinations the companies said     They also said the products resulting from the venture are intended for use in small animal research certain limited medical research and materials testing  Reuter 
Du Pont Co said the US District Court for Delaware ruled that Phillips Petroleum Co had infringed on its patent covering certain meltprocessable ethylene copolymer resins and polyethylene pipe systems     It also said the court ruled that Phillips infringed on various claims of its patent and enjoined Phillips from making selling or using any products covered by the patents     It said the court ordrered an accounting to determine damages due for past infringement by Phillips  Reuter 
Nova the Canadian company that owns  pct of Husky Oil Ltd said it received government approval for a transaction under which ltUnion Faith Canada Holding Ltd would buy a  pct stake in Husky     Nova said the Minister of Regional and Industrial Expansion Michel Cote ruled that Union Faiths purchase of the Husky stake would not result in Husky ceding control to a nonCanadian company It said this ruling was a key condition in completing the deal     Union Faith is equally owned by ltHutchison Whampoa Ltd and ltHong Kong Electric Holdings Ltd     Under the agreement with Union Faith Husky will become a private company with Union Faith and Nova each holding  pct of its stock     Nine pct of Husky would be owned by relatives of Li KaShing chairman of Hutchison and five pct by the Canadian Imperial Bank of Commerice  Reuter 
Presidential Airways Inc said its joint marketing and services agreement with Texas Air Corps ltTXN Continental Airlines unit was approved by the US Department of Justice     According to the agreement Presidential Airways will operate scheduled service under the name Continental Express The company however will remain independent      Reuter 
The Army said it will renegotiate a  mln dlr contract with ITT Corp for jamproof field radios after recent tests indicated the radios will work properly     Full production of  of the Single Channel Ground and Airborne Radio System SINCGARS sets has been delayed since the contract was let in  The radios did not meet specifications of operating for  hours before failing     The Army said recent tests have indicated better reliability and that the contract will be renegotiated  REUTERS 
Oper shr  cts vs  cts     Oper net  mln vs  mln     Revs  mln vs  mln      mths     Oper shr  dlrs vs  dlrs     Oper net  mln vs  mln     Revs  billion vs  billion     NOTE   mths oper net excludes extraordinary gain of  mln dlrs or  cts per share from sale of Virginia service territory to Virginia Power  Reuter 
Torchmark Corp is raising  mln dlrs through an offering of sinking fund debentures due  yielding  pct said lead manager First Boston Corp     The debentures have an  pct coupon and were priced at  to yield  basis points over the offtherun  pct Treasury bonds of      Nonrefundable for  years the issue is rated A by Moodys and AA by Standard and Poors     A sinking fund starts in  to retire  pct of the debentures by maturity giving them an estimated maximum life of  years Merrill Lynch comanaged the deal  Reuter 
Suffield Financial Corp said the Federal Reserve Board approved its application to acquire Coastal Bancorp ltCSBK Portland Me     Suffield said it still needs the approval of the superintendent of Maines banking department  Reuter 
Qtly div four cts vs four cts     Pay April      Record March   Reuter 
Oper shr  dlrs vs  dlrs     Oper net  vs      Revs  mln vs  mln     Note  net excludes extraordinary gain of  mln dlrs or  dlrs shr from sale of ltCamco Inc shares vs yrago loss of  mln dlrs or  dlrs shr  Reuter 
Qtly div  cts vs  cts     Pay April      Record March      Santa Anita Realty Enterprises Inc  Reuter 
Qtly div  cts vs  cts     Pay March      Record March   Reuter 
Oper shr five cts vs  cts     Oper net  vs      Revs  mln vs  mln     Note former name Marshall Drummond McCall Inc     Results include extraordinary gains of  dlrs or  cts per share in  and  dlrs or  cts in  from income tax reduction                Reuter 
Marshall Steel Ltd formerly Marshall Drummond McCall Inc said it will report a  mln dlr net gain before taxes this year from the sale of its Drummond McCall division which was sold effective January one                      Reuter 
Oper shr  cts vs  cts     Oper net  vs      Revs  vs      Avg shrs  vs       mths     Oper shr  cts vs  cts     Oper net  vs      Revs  mln vs  mln     Avg shrs  vs      Note Excludes tax gain of  dlrs for qtr and year  Reuter 
BanPonce Corp said it privately placed  mln dlrs of its  pct senior notes due  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   Reuter 
The Federal Deposit Insurance Corp FDIC said three troubled banks in Texas and Louisiana were merged with healthy financial institutions     The FDIC said it subsidized the merger of Central Bank and Trust Co Glenmora La with the healthy Peoples Bank and Trust Co Natchitoches La after state regulators notified it that Central was in danger of failing     Central had assets of  mln dlrs     The FDIC said the deposits of the failed Farmers State Bank Hart Tex were assumed by Hale County State Bank Plainview Tex     Farmers with  mln dlrs in assets was closed by Texas bank regulators     The deposits of the failed First National Bank of Crosby Crosby Tex with total assets of  mln dlrs were assumed by Central Bancshares of the South Inc Birmingham Ala after First National was closed by federal bank regulators the FDIC said     The number of federally insured banks to fail so far this year now totals  the FDIC said  Reuter 
Olin Corp said John W Johnstone Jr  president and chief operating officer will succeed John M Henske as chief executive officer on April      Henske  will continue as chairman until he retires in June  Olin said  Reuter 
Daewoo Motor Corp the Koreabased joint venture between Daewoo Group and General Motors Corp ltGM said it will boost its  imports of US goods to  mln dlrs from  mln dlrs in      The company said US imports will account for about  pct of its total planned imports of  mln dlrs in  Last year US goods accounted for about  pct of the companys imports up from  pct in      The products slated for import include automobile and machinery parts catalytic converters fuel injection systems and electronic emission testing systems it said  Reuter 
Brazils bank advisory committee expressed grave concern to chief debt negotiator Antonio Padua de Seixas over the countrys 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 Brazils unilateral move last Friday and its subsequent freeze on some  billion dlrs of shortterm trade and interbank lines     Seixas director of the Brazilian central banks 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 vicechairmen 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 shortterm 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 Brazils actions to US 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 Brazils hard line would have on Argentina with an initial presentation from Argentine Treasury Secretary Mario Brodersohn on his countrys request for  billion dlrs in new loans and a multiyear rescheduling agreement Argentina has threatened to emulate Brazils payments moratorium if the banks do not grant its request  Reuter 
Liquefied natural gas imports from Algeria are unlikely to happen in  even though its economically feasible US industry analysts sources said     Youcef Yousfi directorgeneral 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 US government and the time required to restart mothballed terminals will delay the import until  Daniel Tulis a natural gas analyst with Shearson Lehman Bros said     Sonatrach is currently negotiating with two of its former customers Panhandle Eastern ltPEL and Distrigas a subsidiary of Cabot Corp ltCBT to resume LNG export company officials told Reuters A third El Paso Gas a subsidiary of Burlington Northern ltBNI 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 US prices which are currently soft but expected to trend higher by the end of      A decline in gas drilling and the time lag to bring Gulf of Mexico productions onstream will tighten gas supplies and firm prices Shearsons Tulis said    In this context Algerian LNG import would be a source of supplemental supply to US 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 US spot market values  Reuter 
The chairman of the Senate Agriculture subcommittee on credit said the panel will consider a farm credit rescue package by Easter even if the system and its regulator do not ask for help by then     Were going to have a bill to markup I guarantee you before the Easter recess Sen David Boren DOkla said     Senate Majority leader Robert Byrd DWVa wants recommendations on farm credit presented by April  when Congress is scheduled to break for Easter Boren said     Boren urged the Farm Credit Administration FCA the systems regulator to quickly make a formal request for aid     Under the  Farm credit law passed by Congress the FCA as regulator is to certify when the system has exhausted all its capital and needs federal government help     However FCA chairman Frank Naylor said because much of the systems remaining capital is tiedup in legal action he could not technically certify a rescue is needed this year and perhaps not even in  The other Republican member of the threeman FCA board Marvin Duncan agreed     But Boren urged that even if FCA cannot technically certify aid is needed it should request help informally     We all know we need a capital infusion Boren said     Boren and the FCA officials spoke at a hearing on the plight of the farm credit system Also at the hearing Brent Beesely chief executive of the Farm Credit Council representing the system said that at the end of  the system had only  billion dlrs in working capital remaining after losses of  billion dlrs over the last two years     While he did not ask for government aid Beesley indicated the situation is serious in some of the  system districts     A significant number of banks and associations in the most economically depressed areas have and will continue to suffer extraordinary losses Beesley said     Jim Billington Democratic member of the FCA board said the troubles of the system have encouraged the flight of some one billion dlrs per month from the system as borrowers repay loans     The systems total portfolio shrank to  billion dlrs by the end of last year from  billion the previous year     FCA board members said both borrowers and holders of bonds in the system need to be assured their money is safe Naylor suggested the need for a federal assurance to bondholders     The bondholders have no worry at this time Billington said     Naylor said several proposals for revamping the farm credit system are circulating The proposals range from consolidation of the system into a centralized national lender to decentralizing into semiindependent institutions     But He and the system spokesman Beesley were cautious about proposals for a secondary market on farm loans Those proposals would package farm loans for resale to investors     Naylor and Beesley said a secondary market setup outside the farm credit system would hurt the system But Beesley said a secondary market with the farm credit system as its agent could be developed without Congressional legislation  Reuter 
The Tower Commissions scathing    comments on President Reagans embattled chief of staff Donald Regan could signal the death knell to his White House tenure but the impact of its strong criticism on two other top officials was less clear     Regan has come in for tough criticism for his handling of Reagans worst political crisis since details of the covert arms sales to Iran and diversion of profits to Nicaraguan rebels first emerged last November     But criticism of the roles of Secretary of State George Shultz and Defense Secretary Caspar Weinberger who said they opposed the Iran arms initiative yet failed to end it had been muted until the release of the Tower Commission report     Their obligation was to give the president their full support and continued advice with respect to the program or if they could not in conscience do that to so inform the president the report said after a threemonth probe     Instead they simply distanced themselves from the program They protected the record as to their own positions on this issue They were not energetic in attempting to protect the president from the consequences of his personal commitment to freeing the hostages     The report saved some of its most scathing language for Regan a gruff former Wall Street executive and close personal friend of Reagan whose autocratic rule in the White House angered some top Reagan officials and perhaps more importantly Reagans wife Nancy     More than almost any chief of staff of recent memory he asserted personal control over the White House staff and sought to extend this control to the national security adviser said the report     Washington analysts said Regans departure now appeared to be only a matter of timing Many expected the president to announce it when he addresses the nation on the Tower Commissions findings next week     With Regans departure apparently imminent and Poindexter and other key figures in the scandal already out of office the reports tough criticism of Shultz and Weinberger could turn the spotlight on their future     Senate Republican leader Robert Dole a key Reagan ally told reporters the report disclosed colossal blunders and said people who had not served the president well should step aside but he did not specify who should go     It would seem to me that if you dont protect the president you dont serve the president well then you should move on the Kansas Republican a likely presidential candidate next year said     One Republican strategist said he believed Regan would not be the only White House official to leave in the near future      Reuter 
Switzerlands 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 pickup in inflation this year but said these gave no cause for concern     The study forecast a decline in Gross Domestic Product growth to  pct this year from an estimated two pct in  and a small rise in consumer price inflation to  pct after last years sharp fall to  pct from  pct in      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 industrial nation OECD area     Assuming an average exchange rate of  Swiss francs to the dollar this year against  in the second half of  the report forecast a  pct rise in exports and a  pct rise in imports this year after rises of  pct and  pct respectively in      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 Switzerlands large external surplus there should be no concern if domestic demand grows faster than GDPWhich 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  pct growth rate after several years of relative weakness it noted     In  private consumption was expected to slow somewhat to a  pct growth rate but should still outstrip overall GDP it added     The outlook for investment in plant and machinery remained bright into  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      But the report raised a questionmark over the prospects for tourism and the banking industry two major service sector earners of foreign exchange     The longterm 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 
The US 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 isnt 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 US 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 dont 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 Lyngs aide said that during a daylong visit to Capitol Hill yesterday House members did not press the secretary on the subsidy question a single time     The administrations interagency trade policy review group comprised of subcabinetlevel officials has not been asked to clear a request to offer Moscow wheat under the EEP officials at the US Trade Representatives Office said     In their talks this week the two sides discussed the administrations 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 
The US Treasury said it was willing to participate with several other industrial countries in providing a  mlndlr shortterm 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  billion dlrs in new loans and other financing     Our willingness to participate in this multilateral shortterm financing indicates our support for Argentinas economic program to achieve sustainable growth and a viable balance of payments position the Treassury statement said     In announcing a fourmonth 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 US share of bridge financing for Argentina would come from its Exchange Stabilization Fund     The onepage statement noted the International Monetary Fund expressed confidence in Argentinas economic policies and prospects by approving a new standby financing arrangement for it on February      Argentina is expected to qualify for IMF balanceofpayments 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  billion dlrs in foreign debt and elimination of foreign banks control over how some of the money is loaned in Argentina  Reuter 
EH Industries Canada Inc said it plans to bid its EH helicopter to replace Canadas fleet of Sea King aircraft It said it is joining with Bell Textron of Canada Canadian Marconi Co CMW IMP Group and Paramax Electronics Inc and is supported by Augusta SPA Sikorsky Aircraft and Westland Group in the bid     The Eh aimed at detecting and engaging submarines was designed for use by the British and Italian navies and is due to enter service in  EH said             Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln      mths     Shr  dlrs vs  dlrs     Net  vs      Revs  mln vs  mln  Reuter 
American Travellers Corp said its American Travellers Life Insurance Co unit has expanded its operations     The company said the unit has begun marketing in Maryland Idaho and the District of Columbia  Reuter 
ltVersatile Corp said it agreed in principle to sell its Albertabased Versatile Noble Cultivators Co division to Vicon Inc of Ontario for undisclosed terms     The division manufactures tillage and spraying equipment  Reuter 
Groupe Videotron Ltd said it agreed to buy  pct of Groupe Promexpo Inc a company which specializes in product exhibits for three mln dlrs                Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     Note results include extraordinary gains of  dlrs or  cts a share in  and  dlrs or  cts a share in   Reuter 
Rohr Industries Inc said it has agreed on a threeyear labor contract with the International Association of Machinists and Aerospace Workders ending a strike that began ten days ago     Under the pact  union members at Rohrs Chula Vista and Riverside plants will receive lump sum payments of ten pct six pct and six pct annually with the first payment going out in April     Rohr will also increase the pension benefit to  dlrs per month for each eligible year of service  Reuter 
Brazils bank advisory committee expressed grave concern to chief debt negotiator Antonio Padua de Seixas over the countrys 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 Brazils unilateral move last Friday and its subsequent freeze on some  billion dlrs of shortterm trade and interbank lines     Seixas director of the Brazilian central banks 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 vicechairmen 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 shortterm 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 Brazils actions to US 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 Brazils hard line would have on Argentina with an initial presentation from Argentine Treasury Secretary Mario Brodersohn on his countrys request for  billion dlrs in new loans and a multiyear rescheduling agreement Argentina has threatened to follow Brazil in declaring a payments moratorium if the banks do not grant its request  Reuter 
Texaco Canada said it lowered the contract price it will pay for crude oil  Canadian cts a barrel effective today     The decrease brings the companys posted price for the benchmark grade EdmontonSwann Hills Light Sweet to  Canadian dlrs a bbl     Texaco Canada last changed its crude oil postings on Feb   Reuter 
Dow Chemical Cos ltDOW Merrell Dow Pharmaceuticals Inc unit said a jury found that Bendectin did not cause the birth defects of a sevenyear old boy whose mother took the drug during pregnancy     The antinausea drug has been used to treat morning  sickness and was discontinued in  amid allegations that the drug caused birth defects     Merrell said that to date there have been  other trials involving the drug  in the US and two in West Germany     It said verdicts or judgements in favor of the company were obtained in eight of the trials one of which included about  plaintiffs     In two trials Merrell said verdicts were in favor of the plaintiffs In one it said the trial judge overruled the jurys verdict and issued a judgement in favor of the company and a three judge panel of the Court of Appeals overturned the trial judges ruling Merrell is now awaiting a rehearing of this case by the full Court of Appeals     Of the remaining two trials one ended in a mistrial and in the other the jury was unable to reach a verdict     At one point about  lawsuits had been filed alleging the drug caused birth defects said a company spokesman He said about  lawsuits are pending     Bendectin was first introduced in the early s and the Merrell spokesman said a valid application to make and market the drug is with the Food and Drug Administration should the company decide it wants to reintroduce it   Reuter 
The US 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 RIowa 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  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 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 
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 Marathons posted price for both West Texas Intermediate and West Texas Sour to  dlrs a bbl The South Louisiana Sweet grade of crude was reduced to  dlrs a bbl     The company last changed its crude postings on Jan   Reuter 
The Nuclear Regulatory Commission NRC proposed to ease evacuation standards for nuclear plants which could lead the way to the licensing of controversial plants in New York and New Hampshire     The NRC voted  to offer the rule for  days of public comment before it reconsidered it and set emergency evacuation standards of its own     Local authorites at the plants at Shoreham Long Island NY and Seabrook NH had refused to take part in evacuation planning as required under existing NRC rules     They had claimed the region was too populated for any safe evacuation plan holding up the NRCs authority to issue full power licenses of the two multibillon dollar plants     A group of prominent politicians led by New York Governor Mario Cuomo charged at a public meeting on the proposed plan on Tuesday that NRC members were more interested in protecting the utiltiesinvestments than protecting public safety     An NRC spokesman said after the meeting that the agency had not yet scheduled a meeting to vote on the proposed plan     In a statement today announcing its vote the commission said the proposed rule change would enable the NRC to act in cases where local authorities refused to take part in emergency evacuation planning  Reuter 
Shr  dlrs vs  dlrs     Net  mln vs  mln     Revs  billion vs  billion  Reuter 
US 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 Lyngs aide said  Reuter 
New Zealands broadly defined seasonally adjusted M money supply grew an estimated  pct in December after rising a revised  pct in November and  pct in December last year the Reserve Bank said in a statement     It said unadjusted M increased to an estimated  billion NZ Dlrs from a revised  billion in November and  billion in December      Yearonyear M rose  pct from a revised  pct in November and  pct in December      Narrowly defined yearonyear M growth was  pct against a revised  pct in November and  pct a year earlier     M grew to an estimated  billion dlrs against a revised  billion in November and  billion in December      Yearonyear private sector credit grew  pct in December against a revised  pct in November and  pct in December  Private sector credit grew to  billion dlrs from a revised  billion in November and  billion in December   Reuter 
Circuit Systems Inc said it has bought all of the stock of Ionic Industries Inc in exchange for  shares of its common     Following the exchange there will be  shares of Circuit Systems stock outstanding Ionic holders will own about  pct of the outstanding stock of Circuit Systems it said     Ionic a maker of circuit boards had revenues of  mln dlrs and pretax profits of  dlrs in  up from revenues of  mln and pretax profits of  dlrs in  Circuit Systems said  Reuter 
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 US soybean crush rate was reported by the National Soybean Processors Association this afternoon at  mln bushels down from the  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 pickup 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     US 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  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 theyve 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 s earlier this month to  cents per bushel today dropping over five cents in just the last two days     The May crush ended today just over  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  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 downtime so far But processors will start halting production in the next few weeks it they continue to face unprofitable margins they added  Reuter 
Shr  cts vs  cts     Net  vs      Revs  vs      Avg shrs  vs      Nine mths     Shr  cts vs  cts     Net  vs      Revs  vs   Reuter 
Shr loss  cts vs loss seven cts     Net loss  vs loss      Revs  mln vs  mln     Year     Shr profit  cts vs profit  cts     Net profit  vs profit      Revs  mln vs  mln     Avg shrs  vs      Note Per shr adjusted for for stock split July  and for split May   Reuter 
Latest Federal Reserve data suggest that the central bank voted to maintain the existing degree of pressure on banking reserves at its regular policymaking 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 Feds policy has been unchanged up to today     Although Volckers 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 todays data which covered the twoweek bank statement period ended yesterday     This need for additional reassurance was made all the more acute by the Feds decision yesterday to drain reserves from the banking system by arranging overnight matched salepurchase agreements for the first time since April of last year economists added     Todays data showed that the draining action was for a fairly large  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 couldnt have waited until the start of the new statement period today If it had it would have missed its reserve projections added Security Pacifics Bannon     A Fed spokesman told reporters that there were no large singleday net miss in reserve projections in the latest week     Economists similarly shrugged off slightly higherthan expected adjusted bank borrowings from the Feds discount window which averaged  mln dlrs a day in the latest week compared with many economists forecasts of about  mln     For the twoweek bank statement period as a whole the daily borrowing average more than doubled to  mln dlrs from  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 JS Winningham and Co The Wednesday average rose to  mln dlrs from  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  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 Chicagos Johnson Banks excess reserves averaged  billion dlrs a day in the latest statement period down from  billion in the previous one     After the Fed declined to assign a  target growth range to the wayward M money supply measure last week little attention was paid to a steeperthananticipated  billion dlr jump in the week ended February      Looking ahead economists said the Fed will have to tread a fine line between the dollars progress in the international currency markets and the development of the domestic economy     The market has perhaps exaggerated the dollars effect on Fed policy said First Chicagos Johnson Of course it will take the dollar into account in future policy decisions but if the economy is weak it wont pull back from easing  Reuter 
ltFederal Industries Ltd said it launched a  mln Canadian dlr Eurobond issue for five years bearing a coupon of  pct     Issue price is  Lead manager is Union Bank of Switzerland     Proceeds will be used to reduce shortterm debt  Reuter 
The New York Stock Exchange said it will begin a review of regulation in the securities industry to determine what changes may be needed to maintain the integrity of the market and protect investors in coming years     The Exchange said the study is needed because of the rapid changes taking place in the securities industry Among the factors it cited were the increase in trading volume the proliferation of new trading instruments and the rise of computerized trading techniques     The Exchange did not mention however the insider trading scandal that has caught several top Wall Street executives     The NYSE said its study will be chaired by Richard R Shinn executive vice chairman of the Exchange and former chairman and chief executive officer of ltMetropolitan Life Insurance Co     Other members of the study committee include Charles F Barbar former chairman of Arsarco Inc ltAR Roger Birk chairman emeritus of Merrill Lynch and Co ltMER and Irwin Guttag chairman of the NYSE special surveillance committee     The committees report should be completed by the end of the year the Exchange said  Reuter 
McDonnell Douglas Corp said Korean Air signed formal orders for four MD jets with options to buy four more     The company said if the options are exercised the purchase will total about one billion dlrs     McDonnell Douglas said on December  that Korean Air was among the initial  customers that placed orders and options for  aircraft valued at about nine billion dlrs     Delivery of the first MD is scheduled for the summer of          Korean Airlines currently operates four McDonnell Douglas DC jets In  it ordered six MDs valued at about  mln dlrs Four of these are in service and two will be delivered this year  Reuter 
An unmanned Delta rocket carrying a  mln dlr hurricanetracking satellite blasted off here today in NASAs first successful launch of the year     The foot meter Delta  a reliable workhorse of the US rocket fleet  lifted off at  EST from Cape Canaveral Air Force Station in a crucial test of the space agencys ability to recover from the Challenger disaster and a string of other failures     The launch came after two delays in two days The first postponement was caused by fuel leak and the second by highspeed crosswinds that NASA officials say could have torn the rocket apart during fiery ascent  Reuter 
Japan has pledged to try to increase its purchase of US car parts and also to exchange data to monitor the purchases the Commerce Department said     US negotiators opened talks last August with Japanese officials to try to force open the Japanese market to Americanmade parts in an effort to redress an estimated five billion dlr deficit in car parts trade     Japan had agreed to try to increase purchases of USmade parts by Japanese car makers and to begin long term contracts for parts purchases a Commerce department official said     He added that the agreement also said Japan agreed to try to devise a way to collect purchasing information in order to monitor progress in stepping up Japanese orders     The Commerce Department said in a statement last year that statistics support the perception in the United States that American auto parts suppliers are not welcome in the inner circles of Japans auto companies and their traditional suppliers     It estimated that while Japans car firms sold almost five billion dlrs worth of parts in the United States in  US firms sold only one per cent of Japans  billion dlr market  reuter 
Frances right wing government is facing growing pressure to modify its economic policies after revising down its  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  inflation estimate a half percentage point to  per cent and cut its economic growth estimate to between two and  per cent from a  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 budgetcutting 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      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 governments policy of wage moderation will be maintained he added     The government has set public sector wage rises at aboout  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 governments 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 Communistled CGT the largest of Frances unions declared the defence of its members earnings its top priority     But with unemployment nearing  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 recentlyprivatised 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  or  per cent this year against last years  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  per cent surge in January living costs     But they claimed it was a onceoff phenomenon that should have no knockon 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  per cent in the first three months of  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 
Oper shr profit six cts vs loss two cts     Oper net profit  vs loss      Revs  vs      Year     Oper shr profit  cts vs loss two cts     Oper net profit  vs loss      Revs  mln vs  mln     Note data does not include from discontinued operations th qtr  gain of  dlrs or  cts per shr th qtr  loss of  dlrs or seven cts per shr  year loss of  dlrs or  dlrs per shr and  year loss of  dlrs or  cts per shr  Reuter 
Houston Oil Trust said that independent petroleum engineers completed an annual study that estimates the trusts future net revenues from total proved reserves at  mln dlrs and its discounted present value of the reserves at  mln dlrs     Based on the estimate the trust said there may be no money available for cash distributions to unitholders for the remainder of the year     It said the estimates reflect a decrease of about  pct in net reserve revenues and  pct in discounted present value compared with the study made in   Reuter 
Shr loss  dlrs vs loss eight cts     Net loss  vs loss      Revs  mln vs  mln     Year     Shr loss  dlrs vs profit four cts     Net loss  vs profit      Revs  mln vs  mln     Note includes nonrecurring charges of  dlrs in the th qtr and  dlrs in the year for reserve for underperforming restaurants  Reuter 
Japans unadjusted consumer price index base  fell  pct to  in January from the previous month the governments Management and Coodination Agency said     The fall compares with a decline of  pct in December     The January index compared with a year earlier was down  pct the first drop larger than  pct since it fell  pct in September      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  was down  pct in midFebruary from a month earlier at  reflecting lower prices for food clothing and footwear Compared with a year earlier the index was down  pct due to lower vegetable fuel oil and utility costs  REUTER 
Avery said its board authorizerd a two for one stock split an increased in the quarterly dividend and plans to offer four mln shares of common stock     The company said the stock split is effective March  with a distribution of one additional share to each shareholder of record March      It said the quarterly cash dividend of  cts per share on the split shares a  pct increase from the  cts per share before the split     Avery said it will register with the Securities and Exchange Commission shrortly to offer four mln additional common shares It will use the proceeds to repay debt finance recent acquisitions and for other corporate purposes  Reuter 
Microsoft Corp said it obtained a federal court order to seize a shipment of over  unauthorized copies of its MSDOS operating system labeled Falcon MSDOS     Federal marshals made the seizure in San Francisco on Feb      Microsoft said the US District Court for the Northern District of California also granted it a temporary restraning order against Wetex International Quadrant Corp and other persons prohibiting copyright infringement by reproducing Microsoft software  Reuter 
The Finance Ministry has proposed informally to its bond underwriting syndicate that the coupon on the January year government bond remain unchanged from February at five pct underwriting sources said     They said the ministry wants a  yen raise in issue price from February to  to yield a record low  pct     The  pct February bond issue yield was itself a record low The proposed issue volume is  billion yen against the  billion in February     The underwriting syndicate is likely to accept the proposed terms immediately the sources said  REUTER 
An unmanned Delta rocket carrying a  mln dlr weather observation satellite blasted off here today in the first US Space launch of the year     The foot rocket lifted off at  local time  GMT and placed in orbit a  pound Geostationary Operational Environmental Satellite GOES to replace an identical one that was destroyed last May when a Delta rocket exploded after liftoff     Weather forecasters have had only a single satellite to cover the entire US Since another GOES failed in orbit in August      Well have both our weather eyes open again said Thomas Pyke a spokesman for the National Oceanic and Atmospheric Administration which owns and operates the satellite     The smooth launching came after two delays in as many days The first was caused by a fuel leak and the second by powerful crosswinds     The Delta was the first of six rockets scheduled for launch by the National Aeronautics and Space Administration this year The launch marked the third straight success for the space program which was battered by a series of failures in  including the loss of the Challenger shuttle  REUTER 
Leaders of Italys five coalition parties have agreed to meet today to try to settle their differences which are mainly between Prime Minister Bettino Craxis Socialist Party and the majority Christian Democrats     Sources close to Deputy Prime Minister Arnaldo Forlani said Craxi told him he would announce his resignation next week allowing negotiations on a new government leader     The conservative Christian Democrats demanded the meeting after Craxi said a pact agreed during a government crisis last August under which he was to hand over the prime ministers job next month was unlikely to be fulfilled     Political sources said the Christian Democrats are likely to leave the coalition which also includes Republicans Social Democrats and Liberals unless they get the prime ministers job They said Craxis plans to resign show he has decided to stick to the pact but talks on a leader a government program and sharing of ministries will not be easy     They said there is dissent among the partners and that Forlani has been trying to mediate to avoid a crisis They said the five are likely to begin talks tomorrow on whether formation of a new government is feasible or early elections are inevitable Elections are not due until   REUTER 
Monetary and credit growth rates in New Zealand are not expected to continue at current levels following the Reserve Banks 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 interinstitutional 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 figures released today showed growth of  pct in the year ended December compared with  pct in the year ended September     Annual growth of private sector credit in calendar  was  pct compared with  pct in the September year     Available evidence suggests that corporate customers including nonbank financial institutions have been exploiting differences between interest rates on overdrafts with trading banks and rates in the call market Russell said  REUTER 
Average interest rates on yen certificates of deposit CD fell to  pct in the week ended February  from  pct the previous week the Bank of Japan said     New rates previous in brackets were      Average CD rates all banks  pct      Money Market Certificate MMC ceiling rates for the week starting from March            pct      Average CD rates of city trust and longterm banks     Less than  days           pct       days                  pct      Average CD rates of city trust and longterm banks      days              pct       days             pct       days            unquoted unquoted      days             pct unquoted     Over  days            pct unquoted     Average yen bankers acceptance rates of city trust and longterm banks      to less than  days unquoted       days              unquoted unquoted      days             unquoted unquoted  REUTER 
Britains centrist LiberalSocial Democratic Alliance won a surprise victory in a parliamentary byelection in the London borough of Greenwich a seat held by the main opposition Labour party for the past  years     Rosie Barnes a Social Democratic member of the Alliance won with  votes or  pct and a majority of  seats over her nearest rival Labour candidate Deirdre Wood     The Conservatives came third with  votes     The result is expected to play a key role in determining when Prime Minister Margaret Thatcher leader of the ruling Conservatives might call a general election  REUTER 
Japanese life insurers trust banks and corporations largely responsible for vitalising the US Bond market in recent years are now eyeing stockmarkets in the US Britain France and Hong Kong fund managers said     After concentrating on US Treasury bonds for years Japanese institutions now see a risk in relying too much on similar types of investments they said     Japans net buying in overseas stockmarkets this year may double or triple to  billion dlrs from seven billion in  Shigeki Matsumoto of Nikko Securities Co Ltd said     Matsumoto who manages Nikkos investment research and strategy said there is evidence Japanese investors began poking around in foreign stockmarkets around July last year but few made firm commitments until December when net purchases suddenly grew to  billion dlrs from around  mln in each of the previous five months     Net buying in  totalled only  mln dlrs he added     This sudden penchent for overseas stocks is likely to draw the widest smiles from Wall Street because about  to  pct of funds will be invested in the US Markets Matsumoto said     The trend has been to head toward the US Market first because of its size and next because it has been successful over the last couple of years said Eugene Atkinson managing director of Goldman Sachs International Corp     Wall Streets massive turnover offers good liquidity enabling institutions to easily move large volumes of money in and out of shares with the minimum of risk he added     However few see holdings in US Treasuries dwindling They will remain a Japanese mainstay fund managers said     Institutions particularly life insurance companies which concentrate on income rather than capital gains to cover payouts to policy holders are unlikely to sell their US Treasuries but will put in less money said Shinichi Kobuse manager of Yamaichi Securities Co Ltds international fixed income activities     There has been some selling of US Bonds by shortterm investors but the selling is unlikely to amount to a significant chunk of Japanese bond holdings because the liquidity of the US Bond market remains attractive he added     Kobuse said investment managers are bullish on the US Equity markets despite predictions by economists the US Economy will remain sluggish over the next couple of months     Interest in Wall Street has been spurred by recent reports of significant growth in earnings by major US Corporations he added     Yutaka Hashimoto general manager of Nippon Life Insurance Co told an economic conference that insurance companies which are responsible for  pct of Japanese funds in foreign securities hold a lopsided proportion of US Treasuries and intend to diversify into other instruments and currencies     Insurance companies have put the dominant portion of their funds into the US But will now invest in Britain West Germany France and other countries Hashimoto said     Lower interest rates worldwide make the returns on stocks relatively high in comparison with bonds and in light of the strength in the yen the growth in stock values is expected to offset currency risks he added     One trust bank official said his bank aims for a  pct annual return on overseas investments but the recent decline in US year bond yields has caused a rethink in pension fund investment stategies     The bank is looking more at US Equities and European bonds he said     Japanese investments in British equities have already turned active and the pace is likely to increase said Andrew Sheaf general manager of international equity activities at County Securities Japan     Last week was the busiest week we had he said     Investments are being spurred by the growth in profits of British companies and the recent deregulation of government controlled firms fund managers said     Deregulation in France is also attracting Japanese interest but stock investments there will be inhibited by worries about the French franc they said     Investments in Hong Kong will be mostly shortterm and speculative due to uncertainty about the colonys longterm political stability they added     Japanese investors are cautious about West Germany particularly as German firms like their Japanese counterparts are concerned about the recent dollar fall     Australia also poses some risks due to currency values they added  REUTER 
The combined assets of Taiwans offshore banking units obu rose to  billion US Dlrs at end January from  billion in December and  billion in January  the central bank said     A bank official told Reuters the increase came mainly from increased local obu borrowings from their Asian counterparts     He said the assets held by  foreign and local banks were mainly in US Dollars with the remainder in certificates of deposit and bonds About  pct of the assets came from Asia and the rest from North America and Europe he added  REUTER 
Japan is expected to cut the base lending rate for state financial institutions to  pct from  as part of the recent pact by major industrial nations in Paris Finance Ministry sources said     They said the cut is based on a revision of the Trust Fund Bureau Law which should be approved by parliament on March  abolishing the  pct minimum interest rate on deposits with the bureau     The bureau channels funds to government financial institutions for public works and other official uses they said     The base lending rate for state bodies such as the Japan Development Bank Peoples Finance Corp and the finance corporations of local public enterprises usually moves in tandem with longterm prime rates the sources said     However it was impossible for them to follow the last cut to  pct from  pct on January  because the Trust Fund Bureau rate was legally set at  pct     The ministry will abolish the minimum rate and introduce a marketrelated one to resolve the problem and stimulate the domestic economy they said     On Tuesday the ministry allowed longterm bankers to cut their prime to a record low of  pct effective February  The move suggested it had reached agreement with depositors using the bureau the postal savings system of the Posts and Telecommunications Ministry and the Japan welfare annuity of the Ministry of Health and Welfare the sources said     These ministries are trying to determine which market rates should be considered when setting the bureaus deposit rate the ministry sources said     Coupon rates on new year government bonds minus  percentage points is the likeliest choice they added  REUTER 
Japans ruling and opposition parties agreed to reopen talks on the budget for the fiscal year ending March   when the Lower House Budget Committee meets next Tuesday a parliamentary official said     He said officials of the ruling Liberal Democratic Party and the opposition parties agreed at a meeting of the committees board of directors     Strong opposition objection to government tax reform proposals including a controversial sales tax has delayed deliberation by the Lower House Budget Committee  REUTER 
Domestic demand is now expected to make no contribution to Australian economic growth in fiscal  ending June  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  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  percentage points to nonfarm gdp growth of  pct while net exports would account for  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  of  billion  our present expectation is that the result will be somewhat lower around  billion he said     Partial indicators released since the last meeting of EPAC in December indicate that the  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  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  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  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  he said  REUTER 
Thailand exported  tonnes of rice in the week ended February  up from  the previous week the Commerce Ministry said     It said government and private exporters shipped  and  tonnes respectively     Private exporters concluded advance weekly sales for  tonnes against  the previous week     Thailand exported  tonnes of rice between the beginning of January and February  up from  tonnes during the same period last year It has commitments to export another  tonnes this year  REUTER 
The Tokyo Grain Exchange said it will raise the margin requirement on the spot and nearby month for US And Chinese soybeans and red beans effective March      Spot April US Soybean contracts will increase to  yen per  tonne lot from  now Other months will stay unchanged at  except the new distant February requirement which will be set at  from March      Chinese spot March will be set at  yen per  tonne lot from  The exchange said it raised spot March requirement to  yen on contracts outstanding at March  Chinese nearby April rises to  yen from      Other months will remain unchanged at  yen except new distant August which will be set at  from March      The new margin for red bean spot March rises to  yen per  tonne lot from  and to  for outstanding contracts as of March      The nearby April requirement for red beans will rise to  yen from  effective March      The margin money for other red bean months will remain unchanged at  yen except new distant August for which the requirement will also be set at  from March   REUTER 
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 countrys 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 zerocoupon 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 debtequity program     Ongpin said Manila is sticking to its demand of a spread of  percentage points over London Interbank Offered Rates LIBOR for restructuring  billion dlrs of debt repayments     The proposal will give the banks a choice of ths 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 US Treasury to brief them in advance on this alternative and it has generally been positively received     We dont 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 
A majority of Americans disapprove of the way Ronald Reagan has handled the presidency and onethird believe he should resign a new poll said     The poll conducted by Newsweek magazine said  pct of the respondents gave Reagan a negative performance rating nearly double his disapproval rating before the IranContra scandal     The magazine said however that Reagan remained personally popular By better than a threetoone ratio a majority of those polled said they liked Reagan on a personal level     And Newsweek said  per cent of those questioned believed the administrations accomplishments outweighed its failures  REUTER 
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 Brazils output by nearly two thirds     Brazil is the worlds 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 isnt fair minority producer spokesman Luis Escalante of Costa Rica said     The majority producer group has proposed resuming quotas April  using the previous ad hoc method of carving up quota shares with a promise to try to negotiate basic quotas before September  delegates said     Their plan would perpetuate the status quo allowing Brazil to retain almost all of its current  pct share of the export market Colombia  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  REUTER 
The Italian treasury said annual coupon rates payable March  on two issues of longterm treasury certificates CCTs would be cut by about four percentage points compared with rates this March     Coupon rates on year certificates maturing March  will fall to  pct from  pct and rates on year issues maturing in March  would fall to  pct from  pct     The Treasury also cut by  point sixmonthly coupons payable this September on six issues maturing between September  and September      The issues carry terms of between five and seven years and will have coupon rates of between  and  pct in September compared with  and  pct this March  REUTER 
Britains ruling Conservatives have enlarged their lead over the opposition Labour Party according to results of two opinion polls released on Saturday     A Market amp Opinion Research International MORI poll conducted for The Sunday Times showed the Conservatives with a six point lead while a poll by Telephone Surveys Limited for The Sunday Express found them to be four points ahead     The Sunday Express poll is the first conducted since the Social Democratic Party scored an upset victory on Thursday in a parliamentary byelection in the former Labour stronghold of Greenwich near London     The MORI poll conducted in the six days leading up to the byelection showed the Conservatives with  pct of the vote Labour with  pct and the Alliance of Social Democrats and Liberals with  pct     The Sunday Express said its poll conducted on Friday found the Conservatives ahead with  pct of the vote Labour with  pct and the Alliance with  pct     A Harris poll published in The Observer newspaper last Sunday gave the Conservatives only a twopoint lead over Labour In that survey the Conservatives had the support of  pct of the voters Labour  pct and the Alliance  pct  REUTER 
Indonesias agriculture sector will grow by just  pct in calendar  against an estimated  pct in  as the production of some commodities stagnates or declines the US Embassy said in a report     Production of Indonesias staple food rice is forecast to fall to around  mln tonnes from an embassy estimate of  mln tonnes in  according to the annual report on Indonesias agricultural performance     The government officially estimates  rice production at  mln tonnes with a forecast  mln tonnes output in      The report says wheat imports are likely to fall to  mln tonnes in calendar  from  mln tonnes in  because of a drawdown on stocks     Growth prospects for agriculture in  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  which largely offset gains in yields     The outbreak has forced the government to ban the use of  insecticides on rice because it was believed the wereng are now resistant to these varieties and to use loweryielding 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  pct in  to  mln tonnes from  mln with exports rising to an estimated  tonnes from  tonnes in  the report says     But while production of soybeans in  OctSept will rise to  mln tonnes from  in  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 Septembers  pct devaluation of the rupiah because of a rise in domestic demand     The report said that Indonesias overall economic performance in calendar  was about zero or even a slight negative growth rate the lowest rate of growth since the mids It compares with  pct growth in  and  pct in      The dramatic fall in oil prices last year was responsible for the slump  REUTER 
Kuwaits 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 alKhalifa alSabah was quoted by the local daily alQabas as saying None of the OPEC members has asked for such a meeting     He denied Kuwait was pumping above its quota of  barrels of crude daily bpd set under selfimposed production limits of the nation organisation     Traders and analysts in international oil markets estimate OPEC is producing up to one mln bpd above a ceiling of  mln bpd agreed in Geneva last December     They named Kuwait and the United Arab Emirates along with the much smaller producer Ecuador among those producing above quota Kuwait they said was pumping  mln bpd     This rumour is baseless It is based on reports which said Kuwait has the ability to exceed its share They suppose that because Kuwait has the ability it will do so the minister said     Sheikh Ali has said before that Kuwait had the ability to produce up to  mln bpd     If we can sell more than our quota at official prices while some countries are suffering difficulties marketing their share it means we in Kuwait are unusually clever he said     He was referring apparently to the Gulf state of qatar which industry sources said was selling less than  bpd of its  bpd quota because buyers were resisting official prices restored by OPEC last month pegged to a marker of  dlrs per barrel     Prices in New York last week dropped to their lowest levels this year and almost three dollars below a threemonth high of  dollars a barrel     Sheikh Ali also delivered a challenge to any international oil company that declared Kuwait sold below official prices     Because it was charging its official price of  dlrs a barrel it had lost custom he said but did not elaborate     However Kuwait had guaranteed markets for its oil because of its local and international refining facilities and its own distribution network abroad he added     He reaffirmed that the planned meeting March  of OPECs differentials committee has been postponed until the start of April at the request of certain of the bodys members     Ecuadors deputy energy minister Fernando Santos Alvite said last Wednesday his debtburdened country wanted OPEC to assign a lower official price for its crude and was to seek this at talks this month of opecs pricing committee     Referring to pressure by oil companies on OPEC members in apparent reference to difficulties faced by Qatar he said We expected such pressure It will continue through March and April But he expected the situation would later improve  REUTER 
Indonesia appears to be nearing a political crossroads over measures to deregulate its protected economy the US 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 years fall in world oil prices which forced it to devalue its currency by  pct in September     But the US Embassy report says President Suhartos 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 Indonesias agricultural sector but also reviews the countrys 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     Indonesias 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 Indonesias economic growth in calendar  was probably about zero and the economy may even have contracted a bit This is the lowest rate of growth since the mids the report notes     Indonesia the largest country in SouthEast Asia with a population of  million is facing general elections in April     But the report hold out little hope for swift improvement in the economic outlook For  early indications point to a slightly positive growth rate not exceeding one pct Economic activity continues to suffer due to the sharp fall in export earnings from the petroleum industry     Growth in the nonoil sector is low because of weak domestic demand coupled with excessive plant capacity real declines in construction and trade and a reduced level of growth in agriculture the report states     Bankers say continuation of present economic reforms is crucial for the government to get the international lending its needs     A new World Bank loan of  mln dlrs last month in balance of payments support was given partly to help the government maintain the momentum of reform the Bank said  REUTER 
Opposition politicians businessmen and newspapers criticised Indias newly unveiled  budget and large projected deficit of around  billion rupees     They said the budget failed to provide incentives for economic growth and merely tinkered with tax reform     But few politicians were prepared to criticise a sharp rise in defence expenditure in the Hindumajority nation where playing on fear of aggression by Moslem Pakistan has proved a vote winner The Indian Express the countrys biggest selling paper said The defence cow has never been holier     The Sunday Mail newspaper branded the budget shamelessly political It said in a front page commentary the budget is bad for growth bad for prices bad for the stock market and neutral in respect of everything else     Businessmen polled by Reuters said the budget had done little for them     Gandhi announced small increases in poverty alleviation and education outlays but he ordered a holddown on current expenditure in an attempt to rein in the budget deficit He told ministries to curb spending and promised a review of moneylosing public sector industries     Gandhi lowered import tariffs on some computer parts but otherwise did little to extended the economic liberalisation policy launched two years ago     Reaction in Bombay Indias business capital was generally unfavourable     Businessmen and economists said the budget had no proposals for closing the  budget deficit It also failed to boost industrial investment and productivity needed to lift real economic growth above the five pct a year envisaged by the  development plan     Nalin Vissanji President of the Indian Merchants Chambers of Commerce said the budget gave no incentives to the capital market and had not fulfilled a government pledge to remove surtax on corporate income     Shares on The Bombay Stock Exchange Indias biggest fell in a postbudget session yesterday but brokers welcomed Gandhis proposal to set up a regulatory board for the securities industry     The exchange was shaken last year by several scandals and trading was suspended several times     Brokers said trading volume may increase with the change in capital gains tax on stock sales     Stockholders can now sell shares after one year instead of three years without incurring capital gains tax     Stock Exchange President Ramdas Dalal said yesterday the fall in share prices after the budget came as profits were taken and he expected to the market to firm in days to come  REUTER 
China will receive loans totalling  mln dlrs from Japan and the World Bank for investment in new highways and port facilities     The Japan Overseas Economic Cooperation Fund is to provide  mln dlrs towards Chinas plans to improve its road network the official New China News Agency reported     A  mln dlr World Bank loan will be used to build  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  REUTER 
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 countrys 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 zerocoupon 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 debtequity program     Ongpin said Manila is sticking to its demand of a spread of  percentage points over London Interbank Offered Rates LIBOR for restructuring  billion dlrs of debt repayments     The proposal will give the banks a choice of ths 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 US Treasury to brief them in advance on this alternative and it has generally been positively received     We dont 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 
Chinas wheat crop this year is seriously threatened by plant pests and diseases the New China News Agency said     More than  mln hectares of wheatproducing 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     Chinas 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  REUTER 
Saudi riyal interbank deposits were steady at yesterdays higher levels in a quiet market     Traders said they were reluctant to take out new positions amidst uncertainty over whether OPEC will succeed in halting the current decline in oil prices     Oil industry sources said yesterday several Gulf Arab producers had had difficulty selling oil at official OPEC prices but Kuwait has said there are no plans for an emergency meeting of the member organisation     A traditional Sunday lull in trading due to the European weekend also contributed to the lack of market activity     Spotnext and oneweek rates were put at   pct after quotes ranging between seven six yesterday     One three and sixmonth deposits were quoted unchanged at     and   pct respectively     The spot riyal was quietly firmer at  to the dollar after quotes of  yesterday  REUTER 
Iran said its forces had captured one of Iraqs strongest fortifications east of Basra on the Gulf War southern front in a major battle overnight     The Iranian National News Agency received here said Iranian forces smashed four Iraqi brigades killed or wounded  Iraqi soldiers and destroyed  enemy tanks and personnel carriers     IRNA said the Iranian troops seized one of the strongest Iraqi fortifications and breached Iraqi defence lines southwest of Fish Lake  kilometres six miles east of Iraqs second largest city of Basra  REUTER 
Bangladesh police mounted a crosscountry hunt for defaulters on bank loans arresting four industrialists and issuing arrest warrants against  others for failure to repay overdue obligations No names were given     Metropolitan police told reporters the four arrested put under six month pretrial detention owed nearly  mln taka  the equivalent of about  mln dlrs  to Bangladesh Shilpa Industrial Bank     President Hossain Mohammad Ershad has said nonpayers are crippling the industrial sector But the Chamber of Commerce and industry said the crackdown would scare away entrepreneurs  REUTER 
Iraq said its troops repelled an overnight attack by three divisions of Iranian Revolutionary Guards near Basra in southern Iraq     A military communique said the Iranians in a perfidious attack rushed forward positions last night and this morning     A military spokesman later said the Iraqi Third Army Corps whose troops fought off the Iranians had a new commander revealing for the first time that the previous general had been replaced He said Lieutenant General Dhiyauldin Jamal former commander of the Fifth Army Corps also positioned in the Basra area had replaced Major General Tala Khalil alDouri  REUTER 
The Gulf oil state of Qatar recovering slightly from last years decline in world oil prices announced its first budget since early  and projected a deficit of  billion riyals     The deficit compared with a shortfall of  billion riyals in the last published budget for      In a statement outlining the budget for the fiscal year  beginning today Finance and Petroleum Minister Sheikh AbdulAziz bin Khalifa alThani said the government expected to spend  billion riyals in the period     Projected expenditure in the  budget had been  billion riyals     Sheikh AbdulAziz said government revenue would be about  billion riyals down by about  pct on the  projected revenue of  billion     The government failed to publish a  budget due to uncertainty surrounding oil revenues     Sheikh AbdulAziz said that during that year the government decided to limit recurrent expenditure each month to onetwelfth of the previous fiscal years allocations minus  pct     He urged heads of government departments and public institutions to help the government rationalise expenditure He did not say how the  budget shortfall would be covered     Sheikh AbdulAziz said plans to limit expenditure in  had been taken in order to relieve the burden placed on the countrys foreign reserves     He added in  some  billion riyals had been allocated for major projects including housing and public buildings social services health education transport and communications electricity and water industry and agriculture     No figure was revealed for expenditure on defence and security There was also no projection for oil revenue     Qatar an OPEC member has an output ceiling of  barrels per day     Sheikh AbdulAziz said Our expectations of positive signs regarding oil price trends foremost among them OPECs determination to shoulder its responsibilites and protect its wealth have helped us make reasonable estimates for the coming years revenue on the basis of our assigned quota  REUTER 
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 ltGulf International Bank BSC GIB said     The banks 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 shortterm money market instruments and banks in the region had floated various euronotes and underwriting facilities     Nevertheless bond and stock markets remain to a large extent fragmented and lagging behind he said     Most debt in the region is still raised by syndicated loans and bank facilities and very few companies had made use of stock or bond issues Only Kuwait has an official stock exchange while other Gulf nations have yet to establish exchanges     But with dwindling financial surpluses in the Gulf governments are actively pursuing ways to develop capital markets and set up domestic stock exchanges Azzam said     He said recession stemming from sliding oil prices had clearly had a negative impact on the development of capital markets in the region     In addition family firms are reluctant to go public financial awareness among investors is still lacking and investment analysis and corporate reporting standards lack depth A sharp fall in share prices in the early s prompted investors to hold on to shares hoping for an eventual recovery     Azzam said the absence of proper commercial law in some Gulf countries and authorities apparent reluctance to adopt financial innovations had also hampered capital markets     He called for clearly defined laws governing incorporation of joint stock companies and the flotation of debt instruments     Azzam said capital market instruments should be made available to all citizens and institutions of Gulf Cooperation Council GCC states  Bahrain Kuwait Qatar Oman Saudi Arabia and the United Arab Emirates UAE Some moves had been taken in this direction with Bahrain allowing GCC nationals to own up to  pct of locally incorporated companies     Azzam said Gulf money markets had received greater depth from the introduction of treasury bill offerings in Bahrain and the expansion of securities repurchase regulations in Saudi Arabia     But he added there is no bond market to speak of in Saudi Arabia Qatar Oman or the UAE with the last Saudi riyal denominated bond issued in      While Bahrain plans an official stock exchange and trading in Saudi Arabia has picked up establishment of formal exchanges in Qatar Oman and the UAE does not appear imminent Azzam said  REUTER 
Saudi Arabian Oil Minister Hisham Nazer reiterated the kingdoms commitment to last Decembers OPEC accord to boost world oil prices and stabilise the market the official Saudi Press Agency SPA said     Asked by the agency about the recent fall in free market oil prices Nazer said Saudi Arabia is fully adhering by the  Accord and it will never sell its oil at prices below the pronounced prices under any circumstance     Nazer quoted by SPA said recent pressure on free market prices may be because of the end of the northern hemisphere winter season and the glut in the market     Saudi Arabia was a main architect of the December accord under which OPEC agreed to lower its total output ceiling by  pct to  mln barrels per day bpd and return to fixed prices of around  dlrs a barrel     The agreement followed a year of turmoil on oil markets which saw prices slump briefly to under  dlrs a barrel in mid from about  dlrs in late  Free market prices are currently just over  dlrs     Nazer was quoted by the SPA as saying Saudi Arabias 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     Kuwaits Oil Minister Sheikh Ali alKhalifa alSabah said in remarks published in the emirates daily AlQabas there were no plans for an emergency OPEC meeting to review prices     Traders and analysts in international oil markets estimate OPEC is producing up to one mln bpd above the  mln ceiling     They named Kuwait and the United Arab Emirates along with the much smaller producer Ecuador among those producing above quota Sheikh Ali denied that Kuwait was overproducing  REUTER 
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 Brazils crop by nearly twothirds Brazil is the worlds largest coffee producer and exporter  REUTER 
The Reserve Bank said it cancelled the regular weekly treasury bill tender scheduled for March      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  mln NZ Dlrs  REUTER 
Trading in the shares of three of the Cheung Kong group of companies will be suspended for two days at the request of the companies the Stock Exchange of Hong Kong said     The three are Cheung Kong Holdings Ltd ltCKGHHK Hongkong Electric Holdings Ltd ltHKEHHK and Hutchison Whampoa Ltd ltHWHHHK     They will announce their  results later today with market speculation of a major reorganisation within the group Cheung Kong rose  cents to  dlrs on Friday Hk Electric  to  and Hutchison  dlrs to   REUTER 
The US Economy continued to expand in February but at a slower pace than in January which saw a spurt of activity the National Association of Purchasing Management NAPM said in a report     The Associations composite survey index dropped to  pct in February from  pct in January the NAPM said It was the seventh consecutive month in which this leading indicator was over  pct     A reading above  pct generally indicates that the economy is in an expanding phase One below  pct implies a declining economy     The  NAPM report based on a survey of purchasing managers at  US Industrial companies also found that the growth rate in new orders and production slowed in February     But production remained vigorous with more than three times as many members reporting it better rather than worse     Vendor deliveries improved slightly last month but members reported that steel supplies were tight as USX Corp gradually resumed production     The same number of members reported inventories were higher as reported them lower The NAPM said that had not happened since August      For a sixth straight month more purchasers reported paying higher rather than lower prices this time by a ratio of nine to one     Robert Bretz chairman of the NAPMs business survey committee said The economy continued to expand in February but at a more subdued rate than in January The slowing of new orders should not be significant enough to dampen prospects for a respectable first quarter     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  REUTER 
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 fiveyear protocol signed in  Cairo agreed to purchase  tonnes of Canadian wheat a year  REUTER 
Indonesias wheat imports are expected to fall to  mln tonnes in calendar  from  mln in  the US Embassys annual agriculture report said     It said the drop was expected because there will be a drawdown on stocks built up near the end of      It said wheat stocks at the end of  were  tonnes up from  at end It forecast end stocks at around  tonnes     The main suppliers in  were Australia  pct the US  pct Canada  pct Argentina  pct and Saudi Arabia  pct  REUTER 
US Secretary of State George Shultz is likely to visit Moscow soon for talks following new Soviet arms control proposals US Officials said     The officials told Reuters no decision had been reached on when the trip might take place but it was likely to be within a month     Kremlin leader Mikhail Gorbachev proposed on Saturday that talks on medium range missiles be separated from other arms issues     Schultz is currently visiting Peking  REUTER 
Zambia will retain its foreignexchange auction system despite the suspension of weekly auctions since January  President Kenneth Kaunda said     We have not run away from the auction It hasnt 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 governments shortage of foreign exchange to meet demand     It was suspended when the kwachas rapid devaluation and strong fluctuations made economic planning almost impossible for the government and the private sector he said     Weekly foreignexchange auctions began in October  The kwacha fell from  to the dollar to about  in  months In January  the government was more than two months in arrears in paying foreign currency to successful bidders and the auction was suspended and replaced with a fixed exchange rate of nine kwacha to the dollar  REUTER 
Polands talks in Washington with the World Bank and the International Monetary Fund IMF on the countrys  billion dlr foreign debt were concrete open and frank a senior Polish banker was quoted as saying     Wladyslaw Baka head of Polands 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 Polands difficult economic position PAP quoted Baka as saying     Baka said he stressed Poland would meet its financial obligations to the US 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 year absence IMF and World Bank teams have visited Warsaw on factfinding 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  REUTER 
The volume of contracts traded on the New Zealand Futures Exchange NZFE reached a record  contracts in February the International Commodities Clearing House ICCH said     The previous high was  contracts in December      The ICCH said the value of the contracts traded in February was  billion NZ Dlrs     The seven contracts currently traded on the NZFE are fiveyear government bonds the share price index day bank bills day prime commercial paper the US Dollar crossbred wool and wheat  REUTER 
Indonesias raw sugar output is likely to be  mln tonnes in calendar  unchanged from  and below the governments  forecast of  mln the US Embassy said in its agricultural outlook for      Indonesia bought  tonnes of raw sugar on world markets in late  the report said     The embassy estimated Indonesias calendar  raw sugar production at  mln tonnes against a government estimate of  mln     It said that Indonesias move into sugar selfsufficiency in  may have been shortlived     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  REUTER 
Toshin Steel Co Ltd ltTOSST and ltAzuma Steel Co Ltd affiliates of Nippon Kokan KK ltNKKTT are considering a merger company spokesmen said     Toshin Steel owned  pct by Nippon Kokan and Azuma Steel owned  pct by Nippon Kokan are expected to decide by the end of March they said Both firms have been struggling with losses caused by the recession in the steel industry and the yens appreciation     Azuma Steels current losses are estimated at  billion yen in the year ending March  against a  billion loss a year earlier a spokesman said The firm employs  workers     Toshin Steel with  workers has given no forecast for the year ending March      But industry sources said they expected the company to show current losses of about five billion yen or more in  compared with a  billion loss in   REUTER 
Representatives of nine African countries will meet here on March  to discuss the African debt crisis the Chad political situation and other issues Egypts Minister of State for Foreign Affairs Boutros Boutros Ghali said     He told reporters on his return from Ethiopia and Djibouti that the meeting and venue had been agreed by the Organisation of African Unity OAU He said Egypt Zambia Djibouti Zaire Uganda Sierra Leone Congo Algeria and Mali would be represented Foreign Ministry sources said Congo President Denis SassouNguesso would chair the meeting  REUTER 
European Community EC agriculture ministers meet later today to consider a package of deep cuts in prices and subsidies after a week marked by strong protests by European farmers Community officials said     The common target for the farmers wrath is the ECs Brussels Commission which for the fourth year running has called for radical changes in the price support system     EC Agriculture Commissioner Frans Andriessen says huge food surpluses which have alienated international trade partners and pushed the Community to the edge of bankruptcy demand such action     With Community warehouses stocked with some  mln tonnes of unwanted cereals over one mln tonnes of butter and huge stocks of wine and olive oil Andriessen says bluntly the days of openended price guarantees must end     EC agriculture ministers try to fix the guaranteed prices paid to Community farmers before an April  deadline for the new marketing year an increasingly difficult task as EC members cut funds and demand greater budget discipline     Andriessen has proposed a freeze for most prices coupled with reductions in other support mechanisms which could lead to price cuts of as much as eight pct for some products     A producers right to sell into EC warehouses at a fixed guaranteed price when he finds no real market outlet is to be scaled back so it applies only in exceptional cases     The latest proposals are designed to keep expenditure on agriculture virtually stable EC farm policies now swallow twothirds of an annual budget of about  billion European currency units Ecu and are mainly responsible for an expected shortfall this year of about five billion Ecus     The most contentious aspects of the package are a new oils and fats tax and a change in the green exchange rate system which translates EC farm prices into national currencies     The tax of up to  Ecus per tonne would be levied on imported and domestically produced oilseeds but could trigger a fresh trade dispute with the United States which provides the EC with the bulk of its soybeans     It would increase the cost of margarines and lowfat products in an attempt to increase both olive oil and butter consumption     West Germany has flatly rejected green rate changes which would cause a fall in prices for producers as countries with weak and strong currencies were brought more into line  REUTER 
ltQantas Airways Ltd has placed a firm order with Boeing Co ltBA for four  aircraft at a cost of  mln Australian dlrs each chairman Jim Leslie said     The first is due for delivery in April  with the others arriving in May June and September of that year he said in a statement     The  series is the latest model of the Boeing  family he said     The purchase will take governmentowned Qantass  fleet to  he said     Leslie said Qantas is talking to three engine makers who are all offering engines for the Boeing  and it will announce a decision on engine purchases later this year     He said they are United Technologies Corp ltUTX unit ltPrattM and Whitney General Electric Co ltGE and Britains ltRollsRoyceM  Ltd     He said the  which incorporates new technology such as extended wings with sixfeet high winglets and enhanced electronics should have its first flight next February The  series has a designed range of  kms  kms further than the current Qantas s he said     The aircraft will be financed by foreign borrowings and foreign exchange earnings and Qantas believes they will pay for themselves in four to five years Leslie said     The  has a takeoff weight of  pounds up from  for the  series and offers an eight pct fuel saving he said     The higher range and payload means they will first be used on the route to Britain and Europe via Asia     They will also be used on nonstop flights between Sydney and Los Angeles  REUTER 
Australian investment group ltIndustrial Equity Ltd IEL said it will raise  mln US Dlrs by the issue of medium term notes and commercial paper in the US Domestic market     IEL has mandated ltMerrill 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 ltIEL Finance Ltd unit     Merrill Lynch will be the note and paper dealer and ltSumitomo 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 fiveyear 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  basis points plus a utilisation fee of  basis points it added  REUTER 
American Express Co ltAXP rumoured to be considering a spinoff of part of ltShearson Lehman Brothers Inc said it is studying ways to improve Shearsons access to capital and help it meet stiffer international competition     In a joint statement American Express and the brokerage unit said the actions under consideration are an integral part of American Expresss worldwide financial services strategy The statement also said American Express and Shearson have been having both internal and external discussions on the matter but no final decision has been reached     American Express said in its statement it would not comment on the rumours circulating on Wall Street last week     Analysts said there was speculation that American Express would sell a stake of Shearson to a Japanese firm and also that  pct of the profitable brokerage would be sold to the public Shearson contributed  mln dlrs of American Expresss  billion dlrs net in      American Express remained silent last Thursday and Friday as rumours drove its stock up a total of  dlrs in two days It closed Friday at   REUTER 
Indonesia is unlikely to import copra from the Philippines in  after importing  tonnes in  the US Embassys annual agriculture report said     The report said the  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     Indonesias copra production is forecast at  mln tonnes in calendar  up from  mln tonnes in   REUTER 
Sri Lankas Central Bank offered  mln rupees worth of threemonth treasury bills at its weekly tender closing on March  a Bank spokesman said  REUTER 
An earthquake measuring  on the Richter scale caused widespread damage in northern New Zealand and a civil defence emergency was declared in some areas officials and seismologists said     There were no immediate reports of casualties The quake jolted the Bay of Plenty and Waikato areas     The town of Whakatane was said by officials to be virtually isolated     A civil defence emergency was declared in Whakatane which has about  people Officials said many roads and bridges in the area had been damaged     No deaths were reported but one man was admitted to hospital in serious condition after his car was buried in a mud slip     Seismologists said Whakatane was hit by three earthquakes the strongest measuring  on the Richter scale They were followed by a series of aftershocks     The quakes were felt across the Bay of Plenty and Waikato regions in the northeast of the North Island     Smaller tremors had been felt in the Bay of Plenty for more than a week     Police said many districts lost power supplies and telephone links     Energy Ministry officials ordered the release of water behind the Matahina hydroelectric dam  kilometres above Whakatane on the Rangitaiki river The quake cracked the roadway and concrete abutment along the top of Matahina the largest earth dam in the North Island  REUTER 
Philippine Finance Secretary Jaime Ongpin starts negotiations with the countrys 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  billion dlrs and faces debt repayments of  billion dlrs due between January  and December  Manila also hopes to tack on another  billion dlrs rescheduled in a  accord to any new agreement the officials said     Chiles  year rescheduling accord at one percentage point over London Interbank Offered Rates LIBOR and Venezualas  billion dlr package at  point over LIBOR portend well for the Philippines despite Brazils repayment suspension last week the officials said     Manila which has not made any principal repayments since  wants terms better than the year repayments at  percentage point over LIBOR offered in October to Mexico in a  billion dlr rescue     Ongpin wants  point over the benchmark rate which is currently hovering around  pct     The banks are said to be firm on the  points offered when the last round of negotiations collapsed on November      Ongpin said every  point over LIBOR meant an additional  mln dlrs in annual interest payments     One banker said banks were wary of repeating a Mexicotype accord which some  small creditor banks are still refusing to endorse five months after it was signed     In Manilas case about  pct of the  billion dlrs outstanding to commercial banks is owed to the  large banks on the advisory committee while about  smaller banks have average exposures of  mln dlrs each  REUTER 
Japans customscleared trade surplus in the first  days of February jumped to  billion dlrs from  billion a year earlier the Finance Ministry said     The February interim surplus was sharply up from a  mln dlr surplus in the same January period     FOB exports rose  pct from a year earlier in the first  days of February to  billion while CIF imports fell  pct to  billion     The average dollaryen rates were  for exports and  for imports against  for exports and  for imports a year earlier  REUTER 
Nippon Light Metal Co Ltd ltNLGTT which has annual capacity of  tonnes will continue primary aluminium production at a rate of  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  tonnes a year at which it was working until late  will become Japans only smelter     ltRyoka Light Metal Industries Ltd will stop smelting in April owing to high power costs and low prices and ltMitsui Aluminium Co Ltd has said it stopped smelting in February  REUTER 
Saudi crude oil output last month fell to an average of  mln barrels per day bpd from  mln bpd in January Gulf oil sources said     They said exports from the Ras Tanurah and Juaymah terminals in the Gulf fell to an average  mln bpd last month from  mln in January because of lower liftings by some customers     But the drop was much smaller than expected after Gulf exports rallied in the fourth week of February to  mln bpd from  mln in the third week the sources said     The production figures include neutral zone output but not sales from floating storage which are generally considered part of a countrys output for Opec purposes     Saudi Arabia has an Opec quota of  mln bpd under a production restraint scheme approved by the nation group last December to back new official oil prices averaging  dlrs a barrel     The sources said the twofold jump in exports last week appeared to be the result of buyers rushing to lift February entitlements before the monthend     Last weeks high export levels appeared to show continued support for official Opec prices from Saudi Arabias main crude customers the four expartners of Aramco the sources said     The four  Exxon Corp ltXON Mobil Corp ltMOB Texaco Inc ltTX and Chevron Corp ltCHV  signed a longterm agreement last month to buy Saudi crude for  dlrs a barrel     However the sources said the real test of Saudi Arabias 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 kingdoms commitment to the December OPEC accord and said it would never sell below official prices     The sources said total Saudi refinery throughput fell slightly in February to an average  mln bpd from  mln in January because of cuts at the Yanbu and Jubail export refineries     They put crude oil exports through Yanbu at  bpd last month compared to zero in January while throughput at Bahrains refinery and neutral zone production remained steady at around  bpd each  REUTER 
Indonesias palm oil output is expected to rise and exports to increase the US Embassy said in its annual report on Indonesias agriculture sector     The Indonesian government said crude palm oil CPO output is expected to rise to  mln tonnes in  and  mln in  up from a projected  mln tonnes in  and  mln in      The  projection of  mln tonnes is up from a provisional figure of  mln tonnes     A US Embassy assessment puts  output at  mln tonnes against  mln in  and  mln in      More realistic estimates indicate that  production will be between  and  mln tonnes the report said     The report said the abolition of the five pct CPO export tax the devaluation of the rupiah in September  and higher international palm oil prices should lead to a modest increase in exports this year     Exports are forecast to rise to  tonnes against  tonnes in  the report added  REUTER 
Indonesias exports of tea and cocoa will continue to rise in calendar  but coffee exports are forecast to dip slightly in  AprilMarch as the government tries to improve quality the US Embassy said     The embassys annual report on Indonesian agriculture forecast coffee output in  would be  mln bags of  kilograms each That is slightly less than the  mln bags produced in      In  coffee production is forecast to rise again to  mln bags but exports to dip to  mln from around  mln in  Exports in  were  mln bags     The embassy report says coffee stocks will rise to  mln tonnes in  from  mln in  It bases this on a fall in exports as a result of the probable reintroduction 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  tonnes in calendar  from  tonnes in  It is projected by the government to rise to more than  tonnes by      Production in  is estimated by the embassy at  tonnes as against  tonnes in      The report forecasts cocoa exports to rise to  tonnes this year from  tonnes in  and  in      The Netherlands is at present the biggest importer of Indonesian cocoa beans     The report forecasts that in calendar  Indonesias 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  tonnes in calendar  from  tonnes in      Exports of these teas are likely to rise to  tonnes in  from  in  and around  in      The embassy noted the ministry of trade tightened quality controls on tea in October  in an effort to become more competititve in the world market  REUTER 
The Stock Exchange of Singapore SES plans to introduce electronic trading of shares listed on the National Association of Securities Dealers Automated Quotation System NASDAQ in the US And on Londons Stock Exchange Automated Quotation System banking sources said     The SES is discussing the idea with the London and New York authorities Gordon Macklin president of the National Association of Securities Dealers in Washington said he was very optimistic about an early agreement possibly by the end of this month     Monetary Authority of Singapore MAS sources told Reuters they supported the proposed linking of computer trading systems on the three exchanges and the banking sources said local financial support for the plan existed     Macklin said if an agreement were reached it would move the three exchanges towards hour trading with Singapore filling a gap when no trading takes place     A small group of selected stocks would be used at the start of threecentre trading to determine investor interest     The Singapore London and New York authorities have agreed in principle on how the three exchanges would trade and transfer information among the different time zones but some details still have to be worked out a senior Singapore bank director said     Questions remain concerning investor willingness to deploy sufficient capital in Singapore to ensure adequate market liquidity and communication links to the other three centres     But if agreement is reached Singapore will have a head start over the other Asian financial centres in Hong Kong Toyko and Australia he said     On February  the SES created the Stock Exchange of Singapore Dealing and Automated Quotation System SESDAQ modelled on NASDAQ     At present SESDAQ is trading the shares of only one company the governmentowned Singapore National Printers Ltd SNP but its turnover has been fairly active and other small firms have said they plan to seek listings soon     Market sources expect the next few companies listed will also be governmentowned entities which would have no problem meeting the listing conditions Approval for a listing of TransIsland Bus Service Pte Ltd is expected soon they said     SNP previously whollyowned by the governments Temasek Holdings Pte Ltd issued seven mln cent shares at one dlr each last month in a public offering oversubscribed  times     In SESDAQ trading SNP shares have advanced from an initial  dlrs to a Friday close of  after a  high So far more than  shares have traded  REUTER 
The total value of Indonesias exports fell in calendar  to  billion dlrs from  billion in calendar  according to the central banks latest report     The value of crude oil exports fell to  billion dlrs in  from  billion in  while liquefied natural gas exports dropped to  billion dlrs from  billion in      The value of Indonesias nonoil exports also fell in calendar  to  billion dlrs from  billion in   REUTER 
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 Bundesbanks twoweek bond calendar beginning today     We want to have a weeks pause one manager said     Last week borrowings totalled  billion marks including a  mln mark private placement for Deutsche Bank Issues for all of February rose to nearly five billion marks from  billion in January     The heavy volume also meant most borrowers except the very best addresses were having to accept higher coupons     I think the Dmark 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 Danskes   bond was quoted at midday on Friday at  compared with its par price and Icelands  pct  bond traded at  against a  issue price     A  mln mark  pct  issue for Nippon Telegraph and Telephone was also depressed but traded Friday within fees at   from its par price     Some shorter maturities did better In contrast to the year NTT and Iceland issues a fiveyear six pct bond for Hoogovens traded at  from its  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 Bundesbanks 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 twoweek 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 dont think the Bundesbank would give that up one banking analyst said     I wouldnt 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 
ltNippon Telegraph and Telephone Corp NTT expects its profits to fall to  billion yen in the year ending March   from a projected  billion this year the company said     Total sales for the same period are expected to rise to  billion yen from a projected  billion this year NTT said in a business operations plan submitted to the Post and Telecommunications Ministry     NTT said it plans to make capital investments of  billion yen in  including  billion for research and development as against a total of  billion this year     An NTT spokesman said increased competition from new entrants to the telecommunications field and the effect of a sales tax scheduled to be introduced next January were the major factors behind the projected decrease in profits     The Japanese telecommunications industry was deregulated in   REUTER 
ltEcolab Co of the United States signed a contract with North China Industrial Co to set up the first SinoUS Joint venture in China to make rinsing agents the New China News Agency said      It said total investment in the new venture ltEcolab Chemical Industrial Co is  mln dlrs It said the venture will be based in Shanghai and produce agents for use in hotels and industries     It gave no further details  REUTER 
China has signed a  mln dlr loan agreement with the World Bank to partly finance  new berths with an annual capacity of  mln tonnes at the  mln tonne a year capacity Tianjin port the New China News Agency said     China will provide  mln yuan for the project and a Chinese company won a bid against  other firms from seven countries to do the foundation work it said     It said  of the new berths will be able to handle ships of more than  tonnes three will handle containers and the expansion will enable the port to handle coke nonmetal mineral ores and mining equipment for the first time  REUTER 
Thai Airways International plans to expand its fleet to  from  aircraft by  company officials said     Thamnoon Wanglee vicepresident for finance told a weekend marketing conference Thai would finance the expansion by borrowing but he did not give details     He said the airline planned to reduce its yen borrowing to  pct of overall debt by September  It is currently  pct of overall debt     He said dollar borrowing should rise to  pct of overall debt in the same period compared to  pct now     Other company officials said the stateowned airline had no plans to go private They said the airline is studying a government proposal for it to merge with Thai Airways Company the stateowned domestic carrier     A report presented to the conference showed the airline expects passenger sales revenue to be  pct higher in  than in  This follows a  pct jump in passenger sales revenue in the past four months     Executive vice president Chatrachai Bunyaananta said the current expansion of Bangkok airport would be completed this year  REUTER 
Japans external reserves rose to a record  billion dlrs at the end of February from the previous record of  billion at endJanuary the Finance Ministry said     EndFebruary reserves last year were  billion dlrs     In January the nations foreign reserves showed the largestever monthly increase at  billion dlrs due to massive Bank of Japan dollar buying intervention during the month as the dollar fell briefly to an alltime low of  yen on January  foreign exchange dealers said  REUTER 
Trading volume on the Singapore International Monetary Exchange Simex hit a record  contracts in February surpassing the previous record of  in September last year the exchange said in a statement     Volume in the Eurodollar contract hit a peak of  contracts against the previous record of  also set last September     Open interest in the Nikkei Stock Average contract passed  contracts for the first time to hit a record high  on February   REUTER 
A senior Soviet official said a visit to Moscow by US Secretary of State George Shultz for arms discussions was under consideration     Deputy Foreign Minister Alexander Bessmertnykh told a news conference such a visit would be part of continuing contacts between the two powers in the framework of security questions     Earlier US Officials with Shultz in Peking said he was likely to go to Moscow soon following Kremlin leader Mikhail Gorbachevs weekend proposal for a separate agreement on withdrawing Soviet and American mediumrange missiles from Europe 
ltAutorama Inc a distributor for Ford Motor Co ltF in Japan is considering importing cars made by ltMazda Motor Manufacturing USA Corp MMUC a wholly owned US Subsidiary of Mazda Motor Corp ltMAZTT an Autorama spokesman said     Mazda owned  pct by Ford is due to begin production of the ccengine cars at the Michigan plant in September at an annual rate of  of which between  and  pct will go to Ford and the rest to Mazdas own US Sales network  REUTER 
Iraq has secured agreement to defer outstanding payments on a  mln dlr syndicated euroloan following five months of negotiations with creditor banks     Banking sources said the rescheduling is part of Iraqs 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  banks in the loan syndicate last September it could not meet the remaining four principal repayments totalling  mln dlrs and missed the first of these for  mln due on September      The  mln dlr credit under the lead management of Parisbased Union de Banques Arabes et Francaises UBAF has a fiveyear 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  mln dlrs be paid and not deferred     One quarter or  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  September  and March   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 Iraqs rescheduling request has been one of resignation with many bankers seeing little alternative for Baghdads economic planners Iraq is estimated to have foreign debt of about  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  mln dlr credit is in the name of the stateowned Rafidain Bank The only other major eurocredit a  mln dlr deal under the agency of Gulf International Bank was signed in October  and is still in a two year grace period     The bulk of Iraqs 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 threeyear deferrment of obligations due on letters of credit  REUTER 
The Central Bank issued  billion Taiwan dlrs of certificates of deposit CD bringing the total so far this year to  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  pct to  pct     The issues are aimed at curbing the growth of MB money supply which is the result of large foreign exchange reserves the official said  REUTER 
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  hours ICO officials said     An  member contact group will meet at midday to examine new ideas and the full council is to convene at gmt 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 
Caisse dAide a lEquipement des Collectives Locales CAECL is issuing a  billion yen eurobond due March   paying  pct and priced at  pct lead manager Mitsubishi Trust International Ltd said     The noncallable bond is available in denominations of one mln yen and will be listed in Luxembourg The selling concession is  pct while management and underwriting combined pays  pct     The payment date is March   REUTER 
Chinas 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 
Indias sugar output to January  in the  season OctoberSeptember rose to  mln tonnes from  mln in the same  period the Indian Sugar Mills Association said     Total offtake in the first four months of the current year was  mln tonnes including  tonnes imported for domestic use and  tonnes for export against  mln tonnes including  imported for domestic use and  tonnes for export in the corresponding period of      Factory stocks at endJanuary were  mln tonnes  imported against  mln  imported a year earlier  REUTER 
ltInternational Leisure Group Plc said its ltAir Europe subsidiary was in advanced negotiations with manufacturers and banks for the lease of  ltBoeing Co and  ltRollsRoyce Ltd engines     The deal would be for the lease with purchase options of five Boeing  planes and five s The RollsRoyce RBE engines would be fitted to the Boeing s     Delivery would be in  and   REUTER 
Japanese securities houses will issue new corporate bonds more quickly accept issue requests throughout the month instead of at monthend and introduce a competitive underwriting method from April  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  days after a corporate declaration of intent instead of  days as now the securities managers said     Underwriters are expected to abolish the lumpsum issuance system in which all corporate bonds are issued at monthend 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 ltNippon Telegraph and Telephone Corp     The socalled proposal method abolishes the practice of taking leadmanagership and enables more marketoriented 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 wideranging 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 noncollateral straight and convertible bonds from March  securities managers said     The cut will more than double the number of corporations able to make noncollateral issues from around  for straight bonds and  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  the sources said  REUTER 
The Dutch Central Bank said it has accepted bids totalling  billion guilders at tender for new sevenday special advances at  pct covering the period March  to  aimed at relieving money market tightness     Subscriptions to  mln guilders were met in full amounts above  mln at  pct     The new facility replaces old fiveday advances worth  billion guilders at the same rate     Dealers expect this weeks money market shortage to be around  billion guilders  Reuter 
Japanese importers bought some  tonnes of Chinese soybeans late last month for May to September shipment under the semiannual trade accords trade sources said     The FOB premium rose to  dlrs per tonne up  dlrs from the premium for the November to April shipment but down from  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  to  tonnes of the  crop for November to April  shipment down from some  tonnes the previous year the sources said     Domestic demand for edibleuse soybeans is expected to remain stable at about  to  tonnes a year the sources said     In recent years Japanese importers have overbought Chinese edibleuse soybeans and sold the surplus to domestic crushers but low  US Crop prices have discouraged the purchase of Chinese origin beans for crushing they said  REUTER 
Shr  HK Dlrs vs      Final div  cents vs  making  cents vs      Net  billion dlrs vs  mln     Note  Earnings excluded extraordinary gains of  mln dlrs vs  mln Bonus issue oneforfour vs nil Share split fourforone Dividend payable June  books close May   REUTER 
The start of trading on the new Singapore Government Securities Market has been postponed until late March or early April because legislative amendments still need parliamentary approval banking sources said     The new bill market intended to establish a base for a wider capital market and to encourage private bond issues in Singapore was supposed to be launched today     William KK Wong managing director of Indosuez Asia Singapore Ltd said there is no real obstacle to prevent the new market from taking off Most dealers are optimistic it will provide more liquidity for operators to trade he said     Lawrence Yeo director of Citicorp Investment Bank Singapore Ltd said the markets success depends on domestic participation     The five primary dealers and the three registered dealers will all be local companies     The primary dealers are ltCommercial Discount Co Ltd ltNational Discount Co Ltd OverseaChinese Banking Corp Ltd ltOCBMSI ltOverseas Union Bank Ltd and United Overseas Bank Ltd ltUOBMSI They will underwrite the Monetary Authority of Singapore MAS auctions maintain market liquidity and channel openmarket operations MAS said     ltCiticorp Investment Bank Singapore Ltd ltIndosuez Asia Singapore Ltd and ltCredit Suisse First Boston Asia Ltd will be recognised as registered dealers They will act as market makers but will not bid directly at auctions     MAS plans to launch trading by issuing taxable instruments grossing seven billion dlrs in the first year and a gross  billion dlrs of paper over the first five years     Noncompetitive bids from primary dealers prepared to accept average yield will be allocated first to a maximum  dlrs for notes and bonds and to an unlimited amount for treasury bills     The remaining amount will be awarded to competitive bidders from the lowest yield upwards     In the secondary market the standard lot traded between dealers will be one mln dlrs worth of treasury bills and  dlrs worth of government notes and bonds  REUTER 
Merrill Lynch and Co is issuing a  mln Ecu eurobond due March   paying  pct and priced at  pct lead manager Banque Paribas Capital Markets said     Merrill Lynch Capital Markets is colead manager     The issue is available in denominations of  and  Ecus and will be listed in Luxembourg The payment date is March       The selling concession is  pct while management and underwriting combined pays  pct  REUTER 
Swedens Wallenberg group fought back a bid by the Londonbased Swedish financier Erik Penser to secure a large stake in Swedish Match ltSMBS 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  pct of the voting rights in Swedish Match     Thre Wallenbergs paid Nobel Industrier ltNOBL ST in which Penser group has a  pct stake about  pct over the market price for the Swedish Match option the statement said     Swedish Matchs B shares open to foreign buyers closed at  crowns on Friday The A shares  with increased voting rights  closed at  crowns for the restricted and  for the free shares     The statement said the deal increased Investors stake to  pct of the voting rights and  pct of the share capital while Providentia is left holding  pct of the voting rights and  pct of the share capital in Swedish Match     The Wallenbergs stake in Swedish Match had previously amounted to  pct of the voting rights in the company     The Swedish Match deal will cost the Wallenbergs about  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 farflung interests from outside predators     The Wallenbergs originally sold Nobel Industrier an arms and chemicals group to Penser in  to pay for buying Volvo ltVOLV ST out of two other key group companies Atlas Copco ltASTS ST and Stora Koppabergs ltSKPS ST     Since then the Wallenbergs were ousted as the largest shareholders in SKF SKFR ST by Skanska AB ltSKBS ST and Frederik Lundberg wrested control of Incentive AB from them     Lundberg a Zurichbased Swedish property tycoon also managed to acquire a  pct stake in another Wallenberg company the diary equipment firm Alfa Laval AB ltALFS ST     During  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 ltASEA ST is also too small at  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 
Soybean imports are forecast to rise to  tonnes in  OctoberSeptember from an estimated  in  and  in  the US Embassy said in its annual report on Indonesias agriculture     It said Indonesia did not achieve its goal of selfsufficiency in soybean output in calendar  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  tonnes in  from  tonnes in  and  tonnes in      Domestic soybean production is forecast to rise steadily to  mln tonnes in  from  in the current year and  in  the report said     Imports are forecast to fall in the current year but to rise in  because of a new soybean crushing plant due to come on stream in early      China is the main supplier with a  pct share while the US Provides the rest it said     This pattern will likely continue during  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  pct in both  and      Yield increases continue to be hampered by an insufficient supply of quality seeds along with pest and disease problems the report said  REUTER 
ltSHV United Kingdom Holding Co Ltd said it was making a tender offer for up to  mln ordinary shares in Imperial Continental Gas AssociationltICGSL     It said in a statement the offer was on the basis of p for each IC Gas ordinary and p for every one stg nominal of IC Gas loan stock     SHV already holds  mln IC Gas ordinary stock units representing around  pct of the current issued share capital     Successful completion of the offer would increase SHVs stake in IC Gas to  mln shares representing around  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  mln IC Gas ordinary It is making the tender offer through NM 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 
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  mln franc year bond with a  pct coupon in  franc denominations to which existing shareholders will have subscription rights in the ratio of one bond for every  shares held with a nominal  franc value     The bonds will each carry eight warrants each giving the right to subscribe to one franc Nobel share at  francs between June   and May   Payment date is April      In a second stage of the operation the company will issue  mln new franc nominal shares at a price of  francs in the ratio of three new shares for  existing franc nominal shares     This will take the companys capital to  mln francs from the present  mln     In a separate operation Financiere Robur is issuing a  mln French franc eightyear bond with a six pct coupon denominated in  franc units and priced at par     Payment date will be April  and existing shareholders will have a preferential right to subscribe to the issue in the ratio of one bond for every  shares held between March  and March       Each bond will carry two warrants each giving the right to subscribe between January   and March   to one Financiere Robur share at a price of  francs  REUTER 
Japanese banks are expected to give Nigerian debt negotiators a cool response when they arrive here tomorrow for talks banking sources said     Were not very enthusiastic about Nigerias 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 Nigerias  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  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 clearcut picture of the nations 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  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  mln dlrs in fresh private bank money and rescheduling of some  to  billion dlrs in existing loans due in  and  Japanese banks want Nigeria to make clear its debt repayment scheme as well as its economic reconstruction plans during the twoday meeting here the sources added     Otherwise our response will be very negative the senior official said     Banking sources said some  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 ltBCSL has the most exposure to Nigerias debt and is chairing a bank steering committee looking at the problem the banking sources said BankAmerica Corp ltBACN is coordinating private bank creditors in the Far East and representing them on the committee they added  REUTER 
The Bank of England said it forecast a shortage of around  mln stg in the money market today     Among the main factors affecting liquidity bills maturing in official hands and the takeup of treasury bills will drain some  billion stg     Partly offsetting this outflow exchequer transactions and a fall in note circulation will add around  mln stg and  mln stg respectively In addition bankers balances above target will add some  mln stg to the system today  REUTER 
Prime Minister Yasuhiro Nakasone is likely to leave office this summer amid opposition to his controversial taxreform package political analysts said     They said Nakasones reputation as a skilled politician has suffered irreparable damage from his support of a five pct sales tax planned for January      Nakasone is trying to carry out a drastic tax reform at the end of his administration which is not only impossible but also is very irresponsible as a politican Rei Shiratori professor of politics at Dokkyo University told Reuters     Nakasone will almost certainly step down as soon as parliament approves the sales tax probably in the summer Shiratori said     Some ruling Liberal Democratic Party LDP members of parliament have spoken against the tax which Nakasone says is needed to balance planned cuts in income and corporate taxes     Nakasone today called for disciplinary action against LDP members who oppose the tax There are some who are objecting because of their constituencies he told a meeting of government and party leaders If the party discipline is broken I would like to see punishment considered     A proposed sales tax has become a political issue partly because Nakasone breached his election pledge against introducing it Shiratori said     Moreover the tax is being introduced when the public feels uncertainty about the sluggish economy stemming from the yens appreciation and about the future when the Japanese society is rapidly aging he said     Political analysts said the controversial tax could affect the more than  local elections scheduled for April involving governors mayors town and village heads and assemblies at all levels     But the situation is complicated since opposition parties excluding the communists sometimes put up joint candidates with the LDP the political analysts added     Shiratori said In the worst case implementation of the sales tax now scheduled for next January may be put off for some time before the government makes a final decision     Another alternative is to modify the planned five pct to perhaps three pct     A third alternative for the government is to ram through the bills only with the attendance of LDP MPs he said     Seizaburo Sato professor of politics at Tokyo University thought the last possibility most likely I think the LDP alone will take a vote on the tax bills he said     The LDP now holds  seats in the seat Lower House and  in the seat Upper House     To lure opposition parties back to parliament after the LDP pushes through the tax bills the Nakasone cabinet will have to resign Sato said     Boycotting opposition members will be more willing to return to parliament if a new cabinet has been formed he said  REUTER 
Thousands of black mineworkers roared support for a union proposal to seize control of South Africas gold uranium platinum and coal mines if the owners refuse to improve conditions for migrant black workers     About  miners attended a rally here to endorse moves proposed by last weeks annual meeting of the  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 antiapartheid 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 
Thailands Commerce Ministry announced a new tapioca export quota of  tonnes for the European Community against  tonnes for the previous allocation     The ministry said the fresh allocation for the February July  shipment period is the third under a maximum  mln tonne overall quota that Thailand obtained from the EC for calendar      It said the quota allocation was based on a national tapioca pellet stock of  mln tonnes surveyed last week up from  mln in midJanuary  REUTER 
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  tonnes in the year started March  according to views polled by Reuter correspondents     The plan to curb exports agreed in January is aimed at cutting the world surplus to  tonnes from  now and boosting prices to about  ringgit a kilo from just over      Members of the sevenmember Kuala Lumpurbased ATPC account for some  pct of the worlds tin output     Under the ATPC plan Malaysia has been allocated an export quota of  tonnes Indonesia  Thailand  Bolivia  Zaire  and Nigeria      Australia has said it is not setting any export quota However the tonnage allocated to it  tonnes is roughly equal to its expected output this year     Comment from officials in Zaire was unavailable     Mine officials in Malaysia the worlds leading producer said only  mines will be allowed to operate to ensure that output is limited to around  tonnes in the year started March      Chief Inspector of Mines Redzuan Sumun told Reuters that excess output of some  tonnes after exports of  in the oneyear 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  applications for licences are pending     Redzuan said the Mines Department would approve new mining licences only if a sixmonth review of production trends showed that local mines were not overproducing     ATPC chairman and Indonesias Mining and Energy Minister Subroto has pledged his countrys support for the export curb     A spokesman for the stateowned tin mining company PT Tambang Timah told Reuters it would be easy for Indonesia to stick to an export quota of  tonnes because this was close to exports in calendar  of      In Bangkok Thai Industry Minister Pramual Sabhavasu said Thailand would keep to its  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  ringgit a kilo Thai miners would press for the opening of more new mines     Thailand exported  tonnes in  up from  in  Pramual said     Bolivia said it expects to export less tin this year than its allocated  tonne quota     Mining Minister Jaimie Villalobos told Reuters in La Paz that Bolivia expected to export about  tonnes of tin in calendar      He said this was due to the sacking after the tin crisis of October  of about  of the  workers at the state mining company Comibol which produces more than  pct of Bolivias 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  tonnes because its metals output had declined due to poor demand and high production costs     Industry sources told Reuters that Nigerias output was less than  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 yearlong 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 ATPCs discretion     The ATPC would have produced and exported an estimated  tonnes of tin in  without the plan     Nonmembers Brazil and China have pledged to cooperate with the ATPC and limit their exports to  and  tonnes respectively during the quota period  REUTER 
South Korea plans to take steps to keep its  current account surplus below five billion dlrs Economic Planning Board Minister Kim Mahnje 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 Koreas current account surplus was  billion dlrs It widened to  mln dlrs in January from  mln in December and compared with a deficit of  mln in January  Bank of Korea figures show  REUTER 
and oilbearing raw materials fats and oils rose to  mln tonnes on a fatoil basis in  from  mln tonnes in  the Commodity Board for Margarine Fats and Oils said     Exports of the same commodities fell to  mln tonnes from  mln on a fatoil basis     Fat and oilbearing raw materials imports rose to  from  tonnes on a fatoil basis and to  mln tonnes actual weight from  mln     Soyabeans were the main component with imports rising to  mln tonnes actual weight from  mln Sunflowerseed imports fell to  from  tonnes while rapeseed imports rose to  from  tonnes     Exports of fat and oilbearing raw materials rose to  tonnes from  on a fatoil basis and to  from  tonnes actual weight     Soyabean exports rose to  tonnes actual weight from  tonnes     Imports of vegetable fats including palm oil rose to  tonnes from  and exports to  from      Vegetable oil imports fell to  tonnes in  from  in  and exports to  from  tonnes     Soyabean oil imports were   sunflower oil   rape oil   and groundnut oil   Exports of soybean oil were   sun oil   rape oil   and groundnut oil       Animal fat imports rose to  from  tonnes and exports to  tonnes from  Fishoil imports fell to  from  and exports to  from  tonnes  reuter 
Gold output in the northeast China province of Heilongjiang rose  pct in  from s level the New China News Agency said It gave no figures     It said the province Chinas second largest gold producer after Shandong plans to double gold output by  from the  level China does not publish gold production figures     However industry sources estimate output at about  tonnes a year with exports put between  and  tonnes     China is selling more gold abroad to offset large trade deficits in recent years western diplomats said  REUTER 
ltSale Tilney Plc said it has purchased  pct of the ordinary share capital of ltB and R International Inc a US Insurance broker for  mln dlrs     Sale is paying  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  dlrs in the year to Dec   when it had net tangible assets of  dlrs  REUTER 
Disagreement over management of ltSan Miguel Corp SMC may follow the Philippine governments appointment of a wellknown banker to the SMC board investment analysts said     They told Reuters the presence of ltUnited Coconut Planters Bank UCPB president Ramon Sy to the board of SMC may mean changes in SMC management which for decades was controlled by the family of its president Andres Soriano     Sy was appointed by a government commission that controls  pct of San Miguels stock after another nominee resigned     The Presidential Commission on Good Government PCGG holds six seats on the member SMC board which represent  mln sequestered shares     The stocks were seized on suspicion that they were owned by Eduardo Cojuangco then chairman of UCPB and San Miguel He was a close associate of deposed president Ferdinand Marcos and he left the country after Marcoss fall     Before the seizure Soriano led a  billion peso bid for the shares paying UCPB a  mln peso deposit     The bid valued the shares at about  pesos They traded at  pesos today down from  at Fridays close     Finance Secretary Jaime Ongpin told reporters on Saturday that Sy would definitely sit on the SMC board despite the objections of some directors associated with Soriano     I dont think there is a conflict of interest as such he said     I was potentially concerned with seeing a situation where you have a contentious atmosphere on the board But Sy has assured the government that he does not intend to behave in a contentious manner Ongpin added     The Soriano group cited conflict of interest in opposing Sys directorship Its lawyer said in a letter to the PCGG that a pending suit seeking forfeiture of SMCs  mln peso deposit and major undisclosed damages against the brewery represented a clear conflict     UCPB however sought board representation before Sys appointment petitioning the PCGG so that the interests of the owners of the  mln shares would be adequately protected     Investment analysts polled by Reuters said the UCPB had a right to a slot on the SMC board as trustee for coconut farmers who claim ownership of the disputed shares     The analysts said Sy backed by the government would probably suggest replacements for PCGG nominees expected to resign soon in keeping with a new law prohibiting government officials from working for private companies SMCs annual election is scheduled for May     A UCPB spokesman declined to comment saying it was up to the PCGG to decide whom to appoint     One analyst said objections were understandable from the family that founded the company  years ago     It is a natural instinct of selfpreservation for Soriano he said     SMC posted a net income of  mln pesos in  on net sales of  billion pesos against  mln in  on sales of  billion  REUTER 
The combined profits of Japans major corporations excluding financial institutions are forecast to fall  pct in the  year ending March  compared to the  pct decline projected in late November Wako Research Institute of Economics said     The private research body also said in a statement that  of the  firms listed on the first section of the Tokyo Stock Exchange foresee an  pct fall in sales in the year against an  pct fall estimated last November     Current profits are projected to fall  pct in  on sales seen increasing by  pct it said     Rationalisation measures taken by manufacturing industries to cope with the yens 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 nonmanufacturing 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  yen to the dollar in  and  yen in   REUTER 
Lebanese President Amin Gemayel has agreed to three key points in a new Syrianbrokered plan aimed at ending civil war in Lebanon official sources said     They said the Maronite Christian leader has agreed to give up Cabinet voting rights to ensure that the Prime Minister is elected by parliament and to the abolition in principle of Lebanons current powersharing system     Gemayel had agreed to the proposals in two months of indirect negotiations with Syrian leaders the sources said REUTER 
Prime Minister Rajiv Gandhis fiscal  budget has sparked speculation that a large deficit will push up Indias moderate inflation rate and that the countrys stock markets will experience prolonged uncertainty economists politicians and stockbrokers told Reuters     The projected deficit for fiscal  ending March is  billion rupees down from an upwardly revised estimate of a record  billion in fiscal      The projected inflation rate for fiscal  based on wholesale prices is  pct against  pct in      Economists pointed out that the government itself had expressed concern about inflation in its most recent  economic survey report published last week     Presenting the budget to parliament on Saturday Prime Minister Gandhi said a cabinet committee would be appointed to trim large nondevelopment expenditures The deficit for  will not be allowed to exceed the budgeted figure he said     But few analysts have taken Gandhis assurance seriously They say the deficit more than doubled in  from an initial estimate of  billion rupees     Lal Krishna Advani president of the opposition Bharatiya Janata party said Gandhis failure to mention specific measures to cut nondevelopment expenses will push up prices     Economists said increased liquidity in the economy as reflected by expansion of the M aggregate money supply may cause prices to rise The survey report showed the M rose by  pct or  billion rupees in the first nine months of  against  pct or  billion in the same  period     Economists also said uncertain monsoon rain prospects after bad weather last year may strain prices further     Economists said the deficit would also cause the government to rely increasingly on internal borrowing Market loans and bonds were projected at  billion rupees for  up from the  estimate of  billion     No reduction has been proposed in personal income taxes which will discourage savings economists said     Avinash Purulkar chief manager of the stateowned Union Bank of India said the annual inflation rate may double to around  pct in  as the government prints more currency notes to cover the deficit     Brokers said stock market investors have started selling longterm portfolios to take advantage of a proposal in the budget that reduces the holding period required to claim exemption from the capital gains tax to one year from three     Delhi stockbroker B D Aggarwal said There is uncertainty in the market There is going to be growing selling pressure     But Bombay broker Dinesh Walji said the present hectic selling of shares will slow when more buyers appear on the scene Just now there is acute nervousness in the market he said     Brokers said proposals to set up a mutual fund to help small investors buy equity shares and relaxations in the capital gains tax will inject further buoyancy into the market on a longterm basis     New equity and debenture issues both convertible and nonconvertible rose to an officially estimated  billion rupees in AprilJanuary  from an estimated  billion in all  and  billion in all   REUTER 
The Indian State Trading Corporation purchased  tonnes of vegetable oils at its import tender on Friday market sources said     The business was for April shipments and comprised  tonnes of European rapeseed oil at  dlrs  tonnes of soyoil believed South American origin at  and  tonnes of Malaysian rbd palm olein at  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  dlrs under Malaysian refiner and dealer selling April shipments traded down to  dlrs per tonne fob  REUTER 
Beecham Group Plc ltBHAML said its subsidiary ltBeecham Pharmaceuticals launched a new onceaday prescription only medicine for the reduction of pain and inflammation caused by rheumatoid and osteoarthritis The launch took place simultaneously in the UK And West Germany     The drug which has the approved name Nabumetone will be introduced to doctors in the UK Under the brand name of Relifex and will be known as Arthaxan in West Germany  REUTER 
The Bank of Japan decided at a policy board meeting to promote further interest rate liberalisation by lowering the minimum denomination of regulationfree 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  the bank said     Under the guideline the minimum denomination of regulationfree large deposits will be lowered to  mln yen from  mln     The interest rate ceiling of MMCs with maturities of between one year and two years will be set at  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  percentage point below the CD rates     The minimum denomination of MMCs will be lowered to  mln yen from  mln     The bank also said time deposit rates will be lowered by  point effective March  in line with the halfpoint cut in the official discount rate on February      New interest rates on twoyear and oneyear deposits at banks for example will be  pct and  pct per annum respectively     Demand deposit rates however will remain the same  REUTER 
Stateowned Taiwan Power co will boost its domestic borrowings to further cut its foreign debt in line with a government policy to trim the islands huge foreign exchange reserves a company official said     The companys foreign debt mainly from the Japanese and US Banks was cut nearly by half to  billion taiwan dlrs equivalent in calendar  from  billion in  he said     Its domestic borrowings however rose to  billion taiwan dlrs from  billion in the same period he added     Taiwans foreign exchange reserves now stood at  billion US Dlrs due to its  record trade surplus of  billion  REUTER 
The nine creditor banks of international coffee trader ltTeck Hock and Co Pte Ltd met today to discuss ways of letting it fulfil profitable contracts which would help it balance earlier losses a creditor bank official said     No statement was made after the meeting and officials declined to comment on any decisions made     An unidentified foreign commodities company is pursuing its offer to buy the company and a subsidiary ltCoffee Industries Singapore banking sources said     The nine creditor banks have the buyers detailed proposals covering the injection of new capital and payment of some outstanding debt to the creditor banks and are now discussing individual bank counterproposals to increase debt repayments     Teck Hock owes over  mln Singapore dlrs and the nine banks have been extending debt repayments since December      They are OverseaChinese Banking Corp Ltd ltOCBMS United Overseas Bank Ltd ltUOBMS ltBanque Paribas ltBangkok Bank Ltd ltCitibank NA ltStandard Chartered Bank Ltd Algemene Bank Nederland NV ltABNNA Banque Nationale De Paris ltBNPPP and ltChase Manhattan Bank NA  REUTER 
Tesco Plc ltTSCOL is issuing a  mln stg convertible eurobond due February   paying an indicated coupon of four to  pct and priced at par lead manager Credit Suisse First Boston Ltd said     The issue is callable after  days at  pct declining by one pct per annum to par thereafter It is not callable until  unless the share price exceeds  pct of the conversion price Final terms will be set on or before March      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  to nine pct     The selling concession is  pct while management and underwriting each pay  pct The payment date is March  and there will be a short first coupon period     The issue is available in denominations of  and  stg and will be listed in London  REUTER 
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      The issue will be coled by Banque Nationale de Paris Caisse Nationale de Credit Agricole and the Societe Marseillaise de Credit  REUTER 
Dutch animal feed usage in the first half of the current season from July through December  fell  pct to  mln tonnes from  mln in the same period of  figures in the latest newsletter from the cooperative CebecoHandelsraad show     Tapioca usage fell  pct to  mln tonnes from  mln in the first half of the  season     Grain usage fell  pct to  mln tonnes from  mln while soymeal usage fell  pct to  tonnes from  mln     Cornglutenfeed usage fell  pct to  tonnes from  but cornfeedmeal usage nearly doubled to  tonnes from      Citruspulp usage dropped  pct to  tonnes from  tonnes while rapeseed and meal usage rose  pct to  tonnes from  and sunmeal rose  pct to  tonnes from  tonnes     During the whole of the season from July  to June  Dutch soymeal usage fell  pct to  mln tonnes from  mln the previous season while sunmeal usage rose  pct to  tonnes from      Rapeseed and meal usage during the season also rose  pct to  tonnes from  but citruspulp fell  pct to  tonnes from      Meanwhile the value of exports of agricultural products from the Netherlands in calendar  fell  pct to  billion guilders from  billion in calendar  figures from the Ministry of Agriculture show     During the same period imports of agricultural products dropped  pct to  billion guilders from  billion  REUTER 
Reuters Holdings Plc ltRTRSL said it would display an English language financial news service provided by the Japanese Jiji Press from the second quarter of      The service which will be provided through the Reuter Monitor and Composite Information Service CIS will offer hour reports on Japanese economic and political developments as well as specialised news on money markets and rates securities and technology     Another Jiji service offering information on Japanese equity bond and money markets is also available on CIS  REUTER 
Fiat Finance and Trade Ltd is issuing a  mln dlr eurobond due April   at  pct and  pct lead manager Morgan Stanley International said     The issue is guaranteed by Internazionale Fiat Holding SA and is accompanied by a  currency warrant package     The bond is available in denominations of  dlrs and will be listed in Luxembourg Payment date for bond and warrants is April   The selling concession is  pct while management and underwriting combined pays  pct     The warrants indicated at  dlrs entitle the holder to buy a minimum of  dlrs at a rate of  marks per dlr     The warrants are exercisable from the April  payment date until March   A minimum of  warrants must be exercised They will also be listed in Luxembourg  REUTER 
The Bank of England said the broad measure of UK Money supply Sterling M rose a seasonally adjusted  pct in January after a  pct rise in December     The unadjusted yearonyear rise was  pct after  pct in the year to December     The narrow measure of money supply M fell by a seasonally adjusted  pct in January and rose by a nonadjusted  pct yearonyear the Bank said     The figures confirm provisional data issued by the Bank two weks ago     In December M grew by a seasonally adjusted  pct and by a nonseasonally adjusted  pct yearonyear     The Bank said sterling bank lending grew by a nonseasonally adjusted  billion stg in January This also confirmed provisional figures issued in February     The measure of private sector liquidity PSL fell  pct in January but after seasonal adjustment rose  pct the Bank said     The Bank said the public sector contribution to the growth in Sterling M was contractionary by about  billion stg     Within this the Public Sector Borrowing Requirement PSBR showed a repayment of  billion stg while the nonbank private sectors holdings of government debt fell by about  billion stg     There was a fall of  mln stg in notes and coin in January a fall of  billion stg in noninterest bearing sight deposits and a rise of  billion stg in interest bearing sight deposits the Bank said  REUTER 
ltExco International Plc a subsidiary of British and Commonwealth Shipping Co Plc ltBCOML said it had agreed in principle to buy an  pct stake in ltRMJ Holdings Corp for about  mln dlrs     Exco Chairman Richard Lacy told Reuters the acquisition was being made from Bank of New York Co Inc ltBKN which currently holds a  pct and from RMJ partners who hold the remainder     Bank of New York and the partners will retain about  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 US Government securities brokers     It is also involved in broking notes obligations and other instruments sponsored by US Federal agencies     Lacy said Exco had been considering buying a US Government securities broker for the past four years and had made an offer for RMJ when it was sold by Security Pacific Corp ltSPCN in  RMJ was then valued at about  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  mln dlrs     The companys earnings had not been hit by the halving of brokerage fees some  months ago as volumes had since doubled     Lacy said that RMJ employed some  people with  in the brokerage business and about  in its ltSMS unit which provided computer software for the financial services community     RMJ Securities had offices in New York where total market turnover of US Government securities was  billion dlrs a day and in London where it has  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  pct of B and Cs share earnings in  on a proforma basis  REUTER 
Pakistan will hold an import tender tomorrow for  tonnes of refined bleached deodorised palm oil for second half March shipments traders said  REUTER 
Hoechst AG ltHFAGF ltKerdix Inc Boulder Colorado and ltNakamichi Corp Tokyo have agreed to pool their research and development on magnetooptical memory discs Hoechst said in a statement     Research will be carried out at each company and Hoechst will start to produce the discs by mid and distribute them worldwide under the brand name Ozadisc     A Hoechst spokesman said an eventual joint venture was likely but could give no details  REUTER 
ltColoroll Group Plc said it has entered into a conditional agreement to acquire the business and assets of ltWallco Inc and related companies for  mln dlrs     Miamibased Wallco manufactures and distributes wallcoverings and showed a pretax profit of  mln dlrs on turnover of  mln in the year ending June  The total US Market was estimated to be worth  mln dlrs in  having grown by  pct in the previous five years Coloroll said     The combined sales and profit of the enlarged Coloroll US Business would be  mln and four mln dlrs respectively  REUTER 
Hungary is to embark on a new series of austerity measures to tackle a budget deficit which tripled last year after quadrupling in      The target deficit in the  budget approved by Parliament last December was  billion forints     But Zoltan Boesze chief of the Finance Ministrys budget financing division told Reuters the government now saw this as too high and had decided quite severe measures were needed     All the organizations of economic management have been charged with elaborating further savings measures he said     Asked if these measures were being taken under pressure from the International Monetary Fund IMF Boesze said The Fund suggested it would be good to improve monetary results and of course the Fund would support these efforts     IMF teams spent several weeks in Budapest late last year     Boesze said preliminary figures showed that Hungarys state budget deficit rose to a preliminary  billion forints last year from  billion in  and  billion in      The economy overshot a target deficit of  billion forints because of poor performance by state firms which needed subsidies and tax incentives to export and earn hard currency     The exact extent and nature of savings are still under discussion but subsidies to state enterprises  the largest budget item  must definitely fall Boesze said     Subsidies to state firms including grants to maintain low consumer prices exceeded the plan by nine billion to reach  billion forints in  up from  billion in  Parliament approved  subsidies of  billion forints     I think that in  it is quite impossible to keep up the former situation and we will be obliged to reduce subsidies Boesze said The central administration must be hard  If we are not hard then we will not be successful     Boesze said the budget could also make savings from reserve provisions of two billion forints for central expenditure and  mln forints for transfers to local authorities I believe these reserves should not be used at all he said     Wage growth last year outstripped that of gross domestic product which expanded one pct instead of a planned  pct     The authorities had already signalled a small fall in real wages for  but Boesze said firms will suffer severe tax penalties if they award nominal rises of over one or two pct     This would mean a severe cut in living standards as retail price inflation is forecast at seven pct after  pct in      A fourmonth basic wage freeze expires on April      About  pct of the  subsidies to state enterprises and  pct in  were made to maintain low consumer prices     Boesze said pure economic policy would dictate significant cuts in price subsidies but that social considerations made this difficult     But he added I think ultimately we will be able to make curtailments in subsidies in this area as well     He said Hungary plans to introduce price reform at the beginning of  at the same time as personal taxation and value added tax The IMF supports these aims     Hungary introduced a bankrupcty law last September in an attempt to shake out surplus labour from inefficient firms     Between  and  workers are expected to be unemployed at least temporarily by  Labour discipline is being tightened and firms may fire workers more easily     Boesze said the per capita employment tax paid to the state by firms was being raised this year to encourage enterprises to shed labour He gave no exact figures     Istvan Nagy a senior Finance Ministry official responsible for drafting the bankrupcy law told Reuters last year he hoped the law would cut state subsidies to enterprises by  pct     After subsidies to state enterprises the largest single budget items are social insurance  billion forints approved for  and transfers to local councils  billion     Interest payments on international debt are set to rise to more than  billion forints in  from between six and seven billion in  Boesze said     Hungarys net hard currency debt leapt by  pct last year to  billion dlrs according to provisional figures while trade with Western countries plunged into a deficit of more than  mln dlrs from a  billion dlr surplus just two years earlier     Boesze said last years budget deficit was financed  pct by credits from the National Bank mostly from abroad and  pct by the issue of domestic state bonds     Deputy Prime Minister Frigyes Berecz told Hungarian economists in a speech this month that the countrys economy was in a very difficult situation but not in crisis     There would have to be a turnround with tangible results this year however and borrowing must be used more effectively     Any rise in our present loans may prove to be dangerous Berecz said  REUTER 
The Bank of England said it revised its forecast of the shortage in the money market down to around  mln stg from its original estimate of  mln  REUTER 
Alaska Housing Finance Corp a local US Government agency has become the first municipal entity to tap the syndicated loan market receiving a  mln dlr sevenyear revolving loan said Merrill Lynch Capital Markets as arranger     Merrill said the loan is a backup to a proposed eurocommercial paper program     The syndicated loan which is unsecured carries a commitment fee of  pct per year Advances will be priced at  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  and has so far acquired  billion dlrs of mortgages originated in Alaska  REUTER 
Swedens 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 Swedens traditional policy of only adopting sanctions with the backing of the UN Security Council     The government will decide later what form the trade boycott will take and when it will come into force  REUTER 
Japanese consumers hesitated about buying the controversial digital audio tape player DAT as it went on sale in Tokyo today but said the DAT players nearperfect sound will make it a success once it becomes cheaper     The sound is great but Ill wait until more machines hit the market and prices fall to about  yen before buying one said Terumi Fujitsuka  a steel firm employee     Aiwa Sharp and Matsushita displayed their DAT players today although delivery will take about two weeks retailers said Aiwas machine the cheapest is listed at  yen     Machines by Sony Hitachi Toshiba and others will appear as early as the end of March industry sources said     DAT players can play back and record with fidelity superior to even a compact disc They use a cassette half the size of the standard audio cassette and unlike conventional analogue machines they can make copies an infinite number of times with almost no loss of sound quality     This aroused fears in the music industry of widespread tape piracy and loss of royalties In negotiations that delayed the DAT players debut the industry demanded antipiracy circuitry be built into the machines     Machines sold in Japan are fitted with a computer chip to prevent copying through a digital signal But copies can still be made if the signal is routed through a regular amplifier Nobody can tell the difference one salesman said     DAT players have been kept off Western markets and some countries are considering banning them or imposing heavy duties unless tougher antipiracy circuitry is added But Japanese hardware makers hard pressed for profits in the era of the high yen and growing competition are eager to carve out a profitable niche     Prices of DAT players will probably fall quickly possibly to around  yen by next year as other makers put their products on the market industry analysts said     They said by  sales could reach six mln units per year     Philips of the Netherlands has said it will launch its DAT player on the world market later this year  REUTER 
Italys strong economic revival has led some observers to talk of miracles and created euphoria in some quarters about future growth prospects but many Italian experts warn that the current wave of optimism is excessive     I think all this foreign interest in the socalled Italian miracle is really exaggeratedForeign observers always oscillate in the case of Italy between complete pessimism and unwarranted optimism says Luigi Spaventa one of Italys leading economists and a professor at Rome University     According to Spaventa these violent swings of mood have been occurring for the last  years with Italy one minute seen as the bad boy of Europe and unable to raise a dollar and the next a worker of miracles and basking in admiration     I think theres a lot of exaggerationOnce it used to be the underground economy and all the correspondents of foreign newspapers flocked to Italy to study this That was another story about nothing  like writing about a black cat in a dark room     Spaventa in tune with other economists and industrialists here stress Italys recent achievements particularly the dramatic and solid recovery in the fortunes of industrial enterprises but warns that the economy is still vulnerable      Profits of private sector firms such as Fiat SPA ltFIATM and ltING C Olivetti and C SPA are booming the major state industries are back in the black after years of losses inflation has nosedived and the trade and balance of payments deficits have been slashed Expectations by some experts that Italy is poised to replace Britain as the worlds fifth largest economy have also boosted optimism     Italy itself has made it clear it is not happy with what it feels to be its secondrate status among the major industrialised countries     Only this week it angrily demanded clarification of this status after being excluded from a meeting of finance ministers from the Group of Five G  comprising the United States Japan West Germany France and Britain     Italy said its exclusion from the meeting violated an agreement reached in Tokyo last year to let Italy and Canada attend meetings held by the five whenever discussions concerned managing the international monetary system     But Italy needs first to tackle some fundamental problems still facing its economy economists and industrialists say     We must not forget that ours is still a vulnerable economy warns Fiat managing director Cesare Romiti     He says that while Italys recent achievements are indeed cause for satisfaction and optimism the focus now should be on the problems still remaining rather than those already solved     The countrys huge state sector deficit high unemployment and a heavy dependence on imported oil are among the most worrying problems experts say     The size of the state spending deficit  estimated at  billion lire in  and targetted at  billion lire this year  means there is a risk inflation could spiral again says Carlo Scognamiglio head of the private Luiss university in Rome     Inflation fell into single digits for the first time in a decade in September  and by January this year was running at  pct but it is still not low enough to guarantee international competiveness economists and industrialists say     And unemployment was running at  pct nationally last October according to the latest official data     Recent official data showed that of a total  million people seeking work in October  almost  pct were aged between  and  Unemployment in the south was running at  pct more than double that in the industrial north     The Organisation for Economic Cooperation and Development OECD recently forecast that Italian gross domestic product GDP would rise rise three pct in  after expanding  pct in  But it warned that growth was unlikely to be enough to check rising unemployment     Another problem is Italys reliance on imported raw materials The country imports around  pct of its fuel needs     This factor actually worked sharply in Italys favour last year when lower energy costs helped slash the countrys trade deficit to  billion lire  by year end from  billion lire in      But economists say the improvement owes little to any structural change in the Italian economy and that any reversal of the trend in costs could have serious consequences     If Italy truly wants to be counted among the worlds top industrialised nations it also needs to tighten up stockmarket operating procedures and encourage firms to supply more quality information about their activities economists say     Italy has no controls on insider trading     The country also needs to shed its rigid capital movements controls  a European Community directive calls for these to be dismantled by   but this too will require a less blinkered attitude and a change in traditional operating procedures economists say     Even today if I wanted to invest in the Tokyo bourse I doubt Id find the expertise in a brokerage firm or in banks which would allow me to do that says Spaventa  REUTER 
The Bank of England said it had provided the money market with  mln stg assistance in the morning session This compares with the Banks downward revised estimate of the shortfall in the system today of around  mln stg     The central bank purchased bank bills outright comprising four mln stg in band one at  pct and  mln stg in band two at  pct  REUTER 
Japan and the US Kick off toplevel trade talks tomorrow amid signs officials from both sides are growing increasingly irritated with each other     The talks held annually at subcabinet level to review the whole gamut of USJapan economic relations will pave the way for American Secretary of State George Schultzs one day stopover here at endweek on his way home from China     Faced with growing Congressional protectionist pressure the US Administration is pressing Japan for speedy action to reduce its still huge trade surplus US Officials said     We appreciate their frustration a senior Japanese government official said But we are also frustrated     The official said the  pct rise of the yen over the last  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 dollarbased statistics on trade but it will he said     He said the US 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 US Official replied     The talks begin tomorrow with highlevel discussions on the economic structures of both countries and how they affect the bilateral trade imbalance which last year amounted to  billion dlrs in Japans 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 freewheeling discussions among senior officials Tomorrows 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 tightfisted fiscal policy and stimulate the sagging economy by spending more     Some US 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 US Budget deficit as one of the main culprits for the trade imbalance That budget deficit has meant that the US 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 wellthoughtout bill introduced by Democratic Senator Lloyd Bentsen he said     Japan is also not totally happy with the administrations trade bill particularly its proposal to establish reciprocal access to foreign markets as one criteria for retaliatory trade action by the US 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 US Complaints about its trade practices in a variety of fields including super computers     The US 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  REUTER 
India will hold a buying tender on Wednesday March  for two to three cargoes of white sugar for MarchApril shipment traders said  REUTER 
ltQantas Airways Ltd has placed a firm order with Boeing Co ltBA for four  aircraft at a cost of  mln Australian dlrs each chairman Jim Leslie said     The first is due for delivery in April  with the others arriving in May June and September of that year he said in a statement     The  series is the latest model of the Boeing  family he said     The purchase will take governmentowned Qantass  fleet to  he said     Leslie said Qantas is talking to three engine makers who are all offering engines for the Boeing  and it will announce a decision on engine purchases later this year     He said they are ltPratt and Whitney and General Electric Co ltGE a unit of United Technologies Corp ltUTX and Britains ltRollsRoyce Ltd     He said the  which incorporates new technology such as extended wings with sixfeet high winglets and enhanced electronics should have its first flight next February The  series has a designed range of  kms  kms further than the current Qantas s he said     The aircraft will be financed by foreign borrowings and foreign exchange earnings and Qantas believes they will pay for themselves in four to five years Leslie said     The  has a takeoff weight of  pounds up from  for the  series and offers an eight pct fuel saving he said     The higher range and payload means they will first be used on the route to Britain and Europe via Asia     They will also be used on nonstop flights between Sydney and Los Angeles  REUTER 
ltCarlton 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 MP Green told the annual meeting he looked forward to  with optimism     The issue of  mln shares in ADR form had now been successfully completed he added     Carlton intended to increase its presence in the US Which represented  pct of the world television market Conditions worldwide in the television industry continued to look buoyant the Chairman noted  REUTER 
The European Community Commission said it has opened an enquiry into allegations that the Soviet Union is dumping mercury on the European market at belowcost prices     The Commission said its decision follows a complaint from EC nonferrous 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  tonnes between August and October last year and threaten to capture  pct of the EC market if they continue at the same pace     The industry said the mercury was being sold at more than  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 socalled antidumping procedure opened by the Commission will allow all interested parties to state their cases to the authority  REUTER 
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 countrys 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 zerocoupon 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 debtequity program Ongpin said Manila is sticking to its demand of a spread of  percentage points over London interbank offered Rates LIBOR for restructuring  billion dlrs of debt repayments     The proposal will give the banks a choice of ths 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 US Treasury to brief them in advance on this alternative and it has generally been positively received     We dont 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 
Argentinas chief debt negotiator said he was confident of a prompt accord with international creditor banks for rescheduling the countrys foreign debt     Im quite optimistic about carrying out a serious and quick negotiation Treasury Secretary Mario Brodersohn said on return from talks in New York with leading US 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  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  billion dlrs credit to meet the targets adding that the banks attitude had improved following Brazils decision     The United States and a group of other industrial nations on Thursday granted Argentina a  mln dlr bridge loan     Brodersohn held talks in New York with US Treasury Secretary James Baker Federal Reserve chief Paul Volcker and International Monetary Fund IMF head Michel Camdessus  Reuter 
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 Sundays 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  Reuter 
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 Manilas creditor banks pledging to fund half of a projected  financing gap of seven billion dlrs     He Ongpin wants to finish the negotiations as fast as possible Im saying thats very shortsighted Monsod said     Monsod said any pricing agreement on rescheduling  billion dlrs of the Philippines total foreign debt of  billion dlrs would ignore a looming  billion dlr net resource transfer in the same period     Manila is seeking a spread of  percentage points over the London Interbank Offered Rates LIBOR     Monsod said  Right now we are saying to the banks lets share the financing burden     Ongpin said last month the countrys 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 Monsods 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 dont necessarily agree     Monsod said a firm commitment from the banks on bridging the financing gap would have aided the governments pumppriming program and  mediumterm 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  pct over the next six years     If you dont get those seven billion dlrs there is no plan How can there be a program if there is no finance she said adding Ongpins stand was not good for the economy     It Ongpins 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 governments chief economic planner stressed Manilas policy was growth before debt     She said if the banks refused to lend the new money the Philippines should copy Brazils 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 dont send it abroad You do a Brazil  REUTER 
Japan appears resolved to encourage domestic demand for its goods instead of relying on exports to support its economy JeanClaude Paye Director General of the Organization for Economic Cooperation and Development OECD told a news conference     Paye has been in Japan exchanging views on problems confronting the world economy and the role of the OECD     He met with Prime Minister Yasuhiro Nakasone Foreign Minister Tadashi Kuranari Bank of Japan Governor Satoshi Sumita and other highranking Japanese officials  Reuter 
Saudi Arabian Oil Minister Hisham Nazer reiterated the kingdoms commitment to last Decembers 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  pct and return to fixed prices of around  dollars a barrel  Reuter 
Kuwaits 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 alKhalifa alSabah was quoted by the local daily alQabas 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  barrels of crude daily bpd     Crude oil prices fell sharply last week as international oil traders and analysts estimated the nation OPEC was pumping up to one million bpd over its selfimposed limits  Reuter 
Taiwan plans another round of deep tariff cuts this year to help narrow its trade surplus with the US A senior economic planner said     Wang ChaoMing vicechairman of the council for economic planning and development told Reuters Taiwan would further reduce import tariffs on  products sometime in the second half of this year     Cuts of up to  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 Taiwans main trading partner has said the islands import tariffs still ranging from a high of almost  pct were unacceptable It has criticised the cuts as too selective      Taiwans trade surplus with the United States hit  billion dlrs last year The surplus has boosted foreign exchange reserves to  billion dlrs which Wang said made Taiwan a target for US Protectionism     Wang said the trade surplus and the reserves weakened Taiwans position in talks with Washington over export quotas particularly for shoes textiles and machine tools which are among the islands main exportearners     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 Taiwans textile export growth was limited to  pct each year until  Taipei has said it is losing markets to South Korea and Hong Kong which were given more generous terms  REUTER 
French stateowned chemicals group RhonePoulenc ltRHONPA said it will increase its capital with a  billion franc issue of preferential investment certificates on March      Company chairman JeanRene Fourtou said  mln francs of the issue will be placed in the US Details of the issue will be announced by Finance Minister Edouard Balladur on March      The group due to be privatised at an unspecified date said in January it was planning a capital increase to pursue its development strategy and make further acquisitions     RhonePoulenc shares were suspended from trading on the Paris Bourse last Thursday ahead of the capital increase The groups capital currently stands at  billion francs     Fourtou speaking at a news conference did not give details of acquisitions the company planned for      He said acquisitions in  would complement an industrial investment program of around five billion francs and research spending of about  billion francs RhonePoulenc spent  billion francs on acquisitions last year     Chemistry is on the move and we face opportunities that must be seized Fourtou said  REUTER 
Hutchison Whampoa Ltd ltHWHHHK expects satisfactory profits in  and will pay a higher dividend for the year chairman Li Kashing said     He did not make any specific projections for the companys earnings this year but he said the firm will pay a dividend of not less than  cents per share after a proposed fourforone stock split and a oneforfour bonus issue     It paid total dividends of  dlrs per share last year equal to  cents per share adjusting for the bonus and share split     Hutchison which has operations ranging from trading to property and container terminals earlier reported aftertax profits of  billion dlrs against  billion dlrs in      The  total excluded extraordinary gains of  mln dlrs partly from the sale of some of its stake in the South China Morning Post the leading English language newspaper compared with  mln dlrs the previous year It said it expects another  mln dlr gain in  from the sale of the remaining shares     Li said Hong Kongs property market remains strong while its economy is performing better than forecast with its largely exportled growth     Gross domestic product grew by nearly nine pct last year against an initial government projection of  pct     But he said Hong Kongs large trade deficit with the US May result in protectionist measures that will adversely affect the British colony     He said all of the companys major operations showed improved results in      Hutchison said earlier it will sell its entire  pct interest in Hongkong Electric Holdings Ltd ltHKEHHK to ltCavendish International Holdings Ltd itself a spinoff from Hongkong Electric     Under a reorganisation announced separately Hongkong Electric will spin off all its nonelectricity 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  mln Hongkong Electric shares from Hutchison by issuing  mln new shares     The spinoff and the sale of Hongkong Electric shares will give Hutchison a  pct stake in Cavendish     Li said the decision to spinoff 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 spinoff     He said Cavendish will have seven billion dlrs of assets and will be almost debt free with  mln dlrs of liabilites Its major assets are the Hong Kong Hilton Hotel property development and interests in Husky Oil Ltd ltHYOTO of Canada and Pearson Plc ltPSONL of Britain  REUTER 
The French inflation rate is expected to show a substantial improvement in February after Januarys very high  pct monthly rate Finance Minister Edouard Balladur said     He told a French television interviewer that half of the high January rise which took year on year inflation that month to three pct was due to higher oil prices     Now taking account of this inflation index our forecast for price rises this year is two and a half pct he said     Balladur said the upward revision of the inflation target which the government had initially set at two pct for this year should not affect wage expectations for this year     There is no reason to envisage a change in our wage policy he said referring to the governments aim of holding public sector wage increases to three pct this year     Price inflation last year fell to  pct from  pct in   REUTER 
The US economy continued to expand in February but at a slower pace than in January which saw a spurt of activity the National Association of Purchasing Management NAPM said in a report     The Associations composite survey index declined to  pct in February from  pct in January the NAPM said It was the seventh consecutive month in which this leading indicator was over  pct     A reading above  pct generally indicates that the economy is in an expanding phase One below  pct implies a declining economy     The report based on questions asked of purchasing managers at  US industrial companies also found that the growth rate in new orders and production slowed in February     However production remained vigorous as more than three times as many members reported it better rather than worse     Vendor deliveries improved slightly last month but members reported that steel supplies were tight as US Steel ltX gradually resumed production     An equal number of members reported inventories were higher and lower The NAPM said that had not happened since August      For a sixth month more purchasers reported paying higher rather than lower prices this time by a ratio of nine to one     Robert Bretz chairman of the NAPMs business survey committee and director of materials management at Pitney Bowes Inc ltPBI said the economy continued to expand in February but at a more subdued rate than in January The slowing of new orders should not be significant enough to dampen prospects for a respectable first quarter     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  Reuter 
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  mln dlrs last year and said Brazils problems could not be solved by IMF intervention     Its a question of why the official lending agencies dont 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  billion dlrs stunned the banking community last week by suspending payments on some  billion dlrs owed to private banks     Funaro said Brazil had paid  billion dollars to the World Bank and other lending agencies and commercial banks in the past four years and got only  billion dlrs in loans     He said the net transfer was hurting the countrys 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 worlds thirdlargest trade surplus and estimated the  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 US officials understand his position but they dont like it Later he left Washington for a tour of Europe and debt discussions with officials in Britain West Germany France Switzerland and Italy     Brazils central cank President Francisco Gros said he sent a telex to creditor banks Friday to clarify confusion over Brazils request that banks expedite procedures for renewal of shortterm interbank credit and trade credit lines      Reuter 
American Motors Corp said that it broke off talks aimed at extending the life of its only US car assembly plant after the union rejected its final proposal for wage concessions     Negotiations which continued past a midnight Friday deadline ended Saturday after United Auto Workers negotiators voted to reject the unspecified concessions an AMC spokesman said by telephone from Milwaukee site of the talks     Without a new agreement containing lower labor costs AMC said it would phase out vehicle production at the complex in Kenosha Wisconsin by   Reuter 
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  mln shares of its own common stock The stock closed at  dlrs bid on Friday     Supermac a privately held firm based in Mountain View California as is Scientific Micro reported a net profit of  dlrs on revenue of  mln dlrs in fiscal  It expects its revenue to approximately double in    Reuter 
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 Shearons 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  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  dlrs in two days to bring it to a Friday close at       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 whollyowned brokerage which improved its aftertax earnings by about  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  mln dlrs of American Express  billion dlr net in      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  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 PrudentialBache 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 Shearsons 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 weeks 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 Shearsons takeover offer to the EF 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 
Spanish farmers demanding a better deal from the European Community blocked roads and staged protest rallies this weekend before their leaders announced a truce to negotiate with the government     Spain joined the community at the start of last year and farmers say they have suffered competition from EC imports without sufficient compensation     Leaders of three of the farmers organisations announced at a press conference in Madrid yesterday they were suspending protests to allow time for negotiations with the government on their grievances  Reuter 
Switzerland recorded last year its first overall surplus in government finances since  ending with a net gain worth  mln Swiss francs the Finance Ministry said     The surplus including cash transactions and longterm investments contrasted with the  shortfall of  billion francs and the  mln franc deficit proposed in the  budget     All categories of revenues were higher than forecast and expenditures were  mln francs under forecast     The Finance Ministry said expenditures totalled  billion francs against  billion in  and the  billion proposed in the original  budget     Tax receipts at  billion were well above the  figure of  billion and the forecast for  of  billion This left a surplus on cash transactions totalling  billion francs against a forecast  mln and the  deficit of  mln     Income and wealth taxes ended  mln francs above forecast  mln of which came from higher than expected receipts on the stamp duty on financial market transactions     Taxes on comsumption brought in  mln francs more than planned and other taxes  mln francs more the ministry said     The ministry said the improvement in the overall account reflected years of efforts by the government and parliament to introduce saving and the acceptance by people of necessary tax increases But economic factors including the low rate of inflation the weak dollar falling interest rates and low oil prices were also important factors     A spokesman for the ministry said the government had used its improved cash position to retire about one billion francs of government debt which accounted for the difference between the  billion surplus on cash transactions and the  mln franc overall surplus  REUTER 
The Federal Home Loan Bank Board FHLBB announced savings and loan association failures in Kansas and Colorado raising the US  total to      The FHLBB said it closed the First Federal Savings and Loan Association of Beloit Kansas and transferred its desposits and some other assets to Home Savings Association It said First Federal with  mln dlrs in assets was closed because he was insolvent     The FHLBB said that due to insolvency it put Key S and L of Englewood Colo into receivorship and replaced it with a new Key Savings and Loan Association with new management  Reuter 
Ropak Corp said it received and accepted about  common shares and  Series A convertible preferred shares of Buckhorn Inc at four dlrs and  dlrs each respectively in response to its tender offer that expired Friday and it now owns  pct of Buckhorn voting power     The company had owned  common and  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 Buckhorns board will reevaluate its position and enter into meaningful negotiations  Reuter 
Apple Computer Inc today will announce the addition of two new machines to its profitable Macintosh line of personal computers both aimed at the business market     The Macintosh was first introduced in January  and has been upgraded several times since then Both of the new machines the Macintosh SE and the Macintosh II will be faster and more versatile but considerably more expensive than earlier models     The Mac SE SE stands for system expansion which Apple says will operate  pct faster than its current Mac Plus goes on sale today It carries a suggested retail price ranging from  to  dlrs depending on its features     The Mac II designed to run about four times faster than the Mac Plus is to be ready for shipping in May and priced between  and  dlrs     Mac Plus which went on the market one year ago sells for about  dlrs     Both new computers are to be unveiled at the AppleWorld Conference in Los Angeles     Company officials expressed high hopes for both computers at a press briefing on Friday especially the highperformance Mac II which is designed to give Apple an entree to the expanding market for science and engineering workstations     John Sculley Apple chairman and chief executive officer declined to estimate anticipated sales but he said the Mac SE should contribute significantly to Apples bottom line this year He said it would appeal to the mainstream of PC users     I believe the Mac SE will be the product of choice for most people he said My sense is that it will be a real power product for revenue     Bruce Lupatkin senior technology analyst with Hambrecht amp Quist in San Francisco said he had not seen the new computers but expected the new products to do well     Apple has recognized the need for a convergence of computer functions into one general allpurpose workstation he told Reuters The graphics interface on the Mac products is significantly better than anything IBM has to date     International Business Machines is expected to announce updated personal computers this spring     The Mac II uses the new Motorola  microprocessor an open architecture that allows for the addition of numerous peripheral devices a builtin hard disk and one megabyte of memory expandable to eight megabytes It can be equipped with a inch monochrome or a inch color monitor     In a demonstration of its speed and power company executives said they thought the Mac II would push the development of software for Apple computers in new directions that could include sophisticated video editing electronic mail systems and sound reproduction suitable for studio use     The Mac II can be upgraded so that its monitor displays  colors or shades of gray     The Mac SE is built around the  microprocessor and will be shipped with one megabyte RAM expandable to four megabytes and a nineinch monochrome screen     Both new computers have two optional keyboards a new feature in the Apple line of products            Reuter 
The port of Philadelphia was closed when a Cypriot oil tanker Seapride II ran aground after hitting a 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 
Penril Corp said it is seeking to sell its Triplett Electrical Instrument Corp subsidiary in Bluffton Ohio and Tripletts 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  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 
LL and E Royalty Trust said Louisiana Land and Exploration Co ltLLX the working interest owner for its oil and natural gas properties is entitled to start placing all or part of the revenues that would otherwise accrue to the trust     LL and E said Louisiana Land has not yet escrowed any amounts and will monitor the siutuation to determine the necessity of doing so  The trust said If the working interest owner does begin to escrow funds the effect on the royalties paid to the trust would be significant  Royalties from the properties are the trusts only source of income     The trust said independent petroleum engineers preliminary annual estimates of future net revenues and the discounted present value of future net revenues from proved oil and natural gas reserves attributable to properties in which the trust has an interest are off  pct and  pct respectively from those estimated in  due to the drop in oil and natural gas prices     It said however that oil and natural gas reserves have actually increased in physical amount  The cost estimates reflect prices and costs only through September      The trust said using the September figures the engineers determined estimated future net revenues to the trust from total proved reserves of about  mln dlrs  Usingprices received in January  however it said the estimate would have been about  mln dlrs  LL and E noted that there has been some weakening in prices since January     The trust said the most significant portion of the drop in estimated future revenues cale from the Jay Field in Alabama and Florida a fall to seven mln dlrs from  mln dlrs in  as prices recieved from Jay in September were near production costs after expenses of nitrogen injection  Reuter 
Dale Burdett Inc said it faces damages claims totalling about  dlrs from the former owners of Burdett Publications Inc     The company said on February   its predecessor Nolex Development Inc acquired Burdett Publications Inc in an exchange of  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   with the damages measured by the difference in values of shares exchanged plus interest from February    Reuter 
New Jerseybased overnight messenger Purolator Courier Corp said it has agreed to be acquired for about  mln dlrs by a company formed by EF Hutton LBO Inc and certain managers of Purolators US 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 EF Hutton Group Inc will be majority owner of the company     Hutton said the acquiring company PC Acquisition Inc is paying  dlrs cash per share for  pct of Purolators 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 Purolators US courier operations     If all the shares of Purolator are tendered shareholders would receive for each share  dlrs cash six dlrs in debentures and a warrant to buy shares in a subsidiary of PC Acquisition containing the US courier operations     Hutton said in the merger shareholders would get  mln dlrs aggregate amount of guaranteed debentures due  of PC Acquisition and warrants to buy  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     Purolators stock price closed at  dlrs on Friday While some analysts estimated the company was worth in the mid s at least one said it would be worth  to  dlrs     This follows sales of two other Purolator units It agreed recently to sell its Canadian Courier unit to Onex Capital for  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     Purolators courier business has been lagging that of its US rivals because of the high price it paid in the past several years to add air delivery to its ground fleet     EF Hutton will provide  mln dlrs of its funds to complete the transaction This socalled bridge financing will be replaced later with longterm 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  mln dlrs over the last two years largely due to US 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 US 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  business days after commencement unless extended  Reuter 
ltWillemijn Holding BV of Rotterdam said it has licensed NCR Corp to produce and sell products and services using token ring technology  Reuter 
Pakistan cotton production during the current crop season SeptMarch reached  mln bales of  pounds each up  from last season Shafi Niaz Chairman of the Agricultural Prices Commission said     Official sources said Pakistan was likely to use  mln bales of cotton during the current financial year ending June after  mln in  and  mln in      They said consumption would increase due to a rise in demand for cotton yarn in domestic markets and abroad Pakistan produced  mln kilos of yarn in fiscal year  and exported  mln     The Stateowned cotton export corporation was likely to export  mln bales of cotton during the current fiscal year compared with  mln last year cotton traders said     The traders said there would be  mln bales of cotton carryover this fiscal year compared with just over a mln bales last year  Reuter 
Imperial Chemical Industries PLC said it is forming a new US pharmaceuticals unit called ICI Pharma     Combined sales of Imperials existing Stuart Pharmaceuticals unit and the new ICI Pharma are projected to be  billion dlrs in  the company said  Stuart had  sales of  mln dlrs     Imperial said it plans to introduce several new drugs including diprivan an anaesthetic and zestril a heart drug over the next three years ICI Pharma and Stuart will operate as separate units of ICI Pharmaceuticals Group it said     Stuart Pharmaceuticals and ICI Pharma will have  sales of approximately  mln dlrs about  mln dlrs from the new ICI Pharma and  mln dlrs from Stuart officials said     The combined sales force of about  sales people split about equally between the two units will be slightly larger than the existing sales force at Stuart     Regulatory approval for the annesthetic diprivan is expected in late  while zestril a hypertension and heart drug should be approved in mid or late  company officials said     Approval for oth new drugs including statil a treatment for diabetic complications is not expected until  and  the officials said  Reuter 
Financial Corp of Santa Barbara said it has signed a definitive agreement to purchase Stanwell Financial the lending operations unit of mortgage banking company ltStanwell Mortgage for undisclosed terms  Reuter 
ltAlcan Aluminiumwerke GmbH a subsidiary of Alcan Aluminium Ltd ltALN 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  tonnes and  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 plants 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 
Parent Company net profit  mln Swiss francs vs  mln     Orders received  billion francs vs  billion     Sales  billion francs vs  billion     Group sales  billion francs vs  billion     Group orders  billion francs vs  billion  REUTE 
ltFour Seasons Hotels said it and ltVMS 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  mln dlrs in improvements on the room property  Reuter 
DH Technology Inc said it has repurchased  of its shares from cofounder Helmut Falk at  dlrs each and Falks has sold another  shares to venture capital firm TA Associates at the same price     The company said Falk has resigned as chairman of DHL and now owns  shares  It said TA now owns  shares     The company said Falk who will remain on the board has agreed to sell no more than  of his remaining shares in the next year without company consent  It said president and chief executive officer William H Gibb has assumed the added post of chairman  Reuter 
BBC AG Brown Boveri und Cie ltBBCZZ said it will omit dividend in  for the second consecutive year     It said it planned to invite shareholders and nonvoting stockholders to subscribe to a warrant bond issue of around  mln Swiss francs to be made after the June  annual meeting     The value of the stock subscription rights should correspond roughly to the dividend of  francs per share paid in  The company also plans to issue participation certificates with a par value of  mln Swiss francs from which existing shareholders are excluded  Reuter 
The US assetbacked debt securities market which grew explosively last year is broadening and investment bankers say  could see a variety of issuers     It is interesting to note that the first two assetbacked deals of the year were done by commercial banks said Anthony Dub who heads First Boston Corps assetbacked group     BankAmerica Corps ltBAC Bank of America unit last week issued  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  issue of  mln dlrs of similar debt by RepublicBank Corps ltRPT RepublicBank Delaware unit Goldman Sachs and Co ran the books on that deal with First Boston acting as comanager     However Dub said the Bank of America securities were more closely related to the socalled 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 assetbacked 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  years and matures in  First Boston gave the issue a  pct coupon and priced it at  to yield  pct or  basis points over comparable Treasury securities Noncallable for life the deal was rated AAA by both Moodys and Standard and Poors     Underwriters away from the syndicate said they believed the Bank of America deal was priced too aggressively AAArated auto paper was trading about  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 deals topflight rating by both agencies unlike many of last years cars deals which were rated by S and P alone     Investors receive interest only payments for the first  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 US analysts said     Last weeks deal was Bank of Americas second foray into the young assetbacked securities market analysts noted     In midDecember  Bank of America sold via California Cars Grantor Trust A  mln dlrs of certificates backed by automobile receivables through Salomon Brothers Inc     Upcoming assetbacked issues include  mln dlrs of notes backed by the car leases of Volvo  Lease Finance Corp a unit of Volvo Finance North America Inc via First Boston and  mln dlrs of notes secured by sales contracts of Mack Trucks Receivables Corp a unit of Mack Trucks Inc ltMACK via Shearson Lehmand Brothers Inc     The asset backed market which began in March  totals an estimated  billion dlrs  Reuter 
ILC Technology Inc said Raymond Montoya vice president of finance has been removed as an officer and terminated as an employee of the company and ILC has filed a civil action against him to recover alleged improprer disbursements of company funds     The company said Montoya has been arrested by police in Hawthorne Calif and charged with grand theft and embezzlement     It said the extent of the disbursements has not yet been determined  In independent auditor is helping assess the alleged irregularities the company said  Reuter 
Apple Computer Inc said it has introduced two new models of its Macintosh personal computer the Macintosh II and SE offering users the ability to flexibly configure systems to suit their needs or expand the systems as their needs grow     Apple said the Macintosh II features highperformance open architecture designed for advanced applications     The Macintosh II which is priced from  dlrs to  dlrs also has six internal printed circuit card slots for adding multiple functions including an optional color display network connections and MSDOS compatibility the company said     Apple said the Macintosh SE priced from  dlrs to  dlrs has internal storage capacity and an additional slot for added functions  Reuter 
After a week that left his presidency shaken and his popularity at a new low Ronald Reagan and his new chief of staff today begin trying to revive an administration tattered by the Irancontra arms scandal     Reagan and former Senate Republican leader Howard Baker whose appointment as White House chief of staff won bipartisan praise will begin mapping strategy to deal with scathing criticism by a report on his failed bid to trade US arms with Iran for help in freeing Ameican hostages in Lebanon     Among the chores facing Reagans new inner circle is assessing the damage the page Tower commission report has done to the nomination of Robert Gates to succeed William Casey as the new head of the Central Intelligence Agency     White House officials are checking to see how much support Gates a year old career spy agency bureaucrat would have if his nomination is submitted to the full Senate for a vote Senate Republican leader Robert Dole said     Appearing on the NBC News program Meet the Press the Kansas senator said the Gates nomination could be in some difficulty     Aides said that Gates future would be given high priority by Baker     Even though he was not deeply implicated in the arms sale scandal lawmakers said Senate confirmation of the Gates nomination is not assured and even if won would come only after months of congressional probes into the affair     He has the smell of Iran on him said former Nevada Sen and Reagan confidant Paul Laxalt He is a victim     Laxalt appearing on the ABC News program This Week With David Brinkley bluntly admitted the Gates nomination is in trouble Senate Armed Services Committee Chairman Sam Nunn said the odds are now slightly against confirmation of Gates     When asked on the syndicated television program John McLaughlin One on One if he thought Gates would be confirmed the Georgia Democrat shot back I wouldnt bet any money on it     I think this report hurts that Nunn said It indicates that the National Security Council had policytype influence over intelligencetype activities and were going to go into that with Mr Gates     Only a day after it was issued last week the Tower report prompted the abrupt exit of Donald Regan as White House chief of staff     Regan the former Wall Street executive and Treasury secretary who has been the presidents top aide for the past two years was assigned the lions share of the blame for the botched handling of the Iran arms sale     The report blamed Regan for the chaos that descended on the White House since it was first revealed last November that profits from the Iran arms sales had been diverted to contra rebels fighting the leftist Nicaraguan government     The two other victims of the scandal are former National Security Adviser Vice Adm John Poindexter who resigned and Marine Lt Col Oliver North who was fired after it was disclosed last November  that profits from the Iran arms sale were diverted to the contras The two pictured by the Tower commission as the key operators of the Iran arms deal have refused to testify     Reagan who freely admits disliking details is portrayed in the Tower report as a befuddled chief executive whose inattention let his aides run away with his foreign policy     That perception has wrecked Reagans popularity and threatened to condemn him to lame duck status until he leaves office in January  A recent Newsweek magazine poll found that just  pct of Americans approved of Reagans leadership a record low and a third believed he should consider resignation     After meeting with aides over the weekend and poring over the meaty report of the commission headed by former Texas Sen John Tower Reagan is now preparing for a nationwide television address this week to respond to the criticisms of his presidency  Reuter 
Investor David F La Roche of North Kingstown RI said he is offering to purchase  common shares of NECO Enterprises Inc at  dlrs each     He said the successful completion of the offer plus shares he already owns would give him  pct of NECOs  common shares     La Roche said he may buy more and possible all NECO shares He said the offer and withdrawal rights will expire at  EST gmt March    Reuter 
Period ended December       Oper shr loss  dlrs vs loss  cts     Oper loss  vs loss      Revs  vs      Note Current shr and net exclude extraordinary gain of  dlrs or five cts shr versus extraordinary gain of  dlrs or four cts shr  Reuter 
ltSenior Engineering Group Plc said it reached agreement with ltCronus Industries Inc to acquire the whole share capital of ltSouth Western Engineering Co for  mln dlrs cash This sum is being financed by a term loan     South Western is one of the USs leading manufacturers of heat transfer equipment with a turnover of  mln dlrs and pretax profits of  mln in      Completion of the deal is conditional on approval under US HartScottRodino regulations which is expected within  days Some  dlrs is payable immediately  mln dlrs payable on completion with the balance due by June    Reuter 
Cheung Kong Holdings Ltd ltCKGHHK is expecting strong results this year after reporting better than expected profits in  chairman Li Kashing said     He did not give a specific earnings projection but he told reporters the firm will pay total dividends of not less than  cents a share this year after a oneforfour bonus issue and a fourforone stock split     The company earlier declared total dividends equal to  cents a share for  adjusting for the stock split and bonus issue     Cheung Kongs earnings rose to  billion HK Dlrs in  well above market expectations of  mln to one billion dlrs They compared with profits of  mln dlrs in      Cheung Kong also reported extraordinary gains of  mln dlrs mainly from the firms sale of the Hong Kong Hilton Hotel to Hongkong Electric Holdings Ltd ltHKEHHK for one billion dlrs It had gains of  mln dlrs in      Li attributed the surge in  earnings to a buoyant local property market and substantial increases in contributions from associated companies     Looking ahead  should be another year of stability for the property market Li said The growth in Hong Kongs 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 
Occidental Petroleum Corp said its MidCon Corp subsidiary will redeem on March  all  dlrs of its outstanding  pct convertible subordinated debentures due  at  pct of par     It said interest payable March  will be paid in the usual manner to holders of record on March   The debentures convert to common stock at  dlrs per share or  shares per  dlrs principal amount through March  Holders converting through March  will be entitled to receive Occidentals regular quarterly dividend of  cts per share on common stock that is payable April      The company said any holders surrendering debentures for conversion after March  other than those surrendering for conversion on March  will be required to pay to the conversion agent an amount equal to the interest paytable on the debentures on March   Reuter 
Viacom International Inc said it received revised merger offers from ltNational Amusements Inc and ltMCV 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  pct of Viacoms stock     The cash value of the offer was raised to  dlrs from the  dlrs a Viacom share offered February  while the value of the fraction of a share of exchangeable preferred being offered was increased to  dlrs a share from six dlrs The interest rate to be used to increase the cash value of the merger if delayed beyond April  was raised to nine pct from eight pct and  pct after May      A Viacom spokesman said the Arsenal Holdingss offer continues to include a  pct interest in Arsenal for present Viacom shareholders     Viacom said MCV Holdings a group which includes the companys 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  dlrs from  dlrs a share and raising the ownership in the new company to be held by present Viacom shareholders to  pct from  pct MCV called its previous offer made February  the final proposed revision of its agreement with Viacom  Reuter 
Dow Chemical Co said it will issue  mln Swiss francdenominated bonds worth about  mln dlrs US at current exchange rates     The year bonds will carry a coupon of  pct and will be sold primarily to European investors for  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 
The French Cereals Intervention Board ONIC left its estimate of French  JulyJune soft wheat deliveries unchanged from its last forecast at  mln tonnes     This compared with deliveries of  mln tonnes in  AugustJuly     Estimated  maize deliveries were also left unchanged from ONICs previous forecast at the beginning of February at  mln tonnes against  mln the previous season     Barley deliveries were also unchanged at  mln tonnes against  mln in   Reuter 
The Writers Guild of America said its members have struck the news staffs of CBS Inc ltCBS and Capital CitiesABC Inc ltCCB this morning after negotiations for a new contract broke down     The guild said there had been extensions prior to the strike deadline this morning but said the strike was called after the companies refused to negotiate     The guild said the companies failed to put a final offer on the table made no money offer at all and did not deviate substantially from their original proposals which the guild said would have gutted the union contract     The guild said the networks demanded the right to terminate employees at will and lay them off without the  arbitration and the hiring of temporary employees to replace staffer employees     The guild represents newswriters editors desk assistants researchers production assistants promotion writers and graphic artists     The strike affects unions in New York Chicago Washington and Los Angeles Picketing will commence at corporate headquarters in New York and other locations the guild said  Reuter 
Shr  dlrs vs  dlrs     Net  vs      Revs  mln vs  mln     Avg shrs  vs      Year     Shr  dlrs vs  dlrs     Net  vs      Sales  mln vs  mln     Avg shrs  vs   Reuter 
ltMiller Tabak Hirsch and Co said it has received an accepted  common shares of Penn Traffic Co in response to its  dlr per share tender offer that expired Friday and together with the  shares it already owned it now has about  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 ltSB  Reuter 
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  member contact group was examining a Colombian proposal to resume quotas April  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 
ltFederal Industries Ltd said it introduced a commercial paper program with an authorization of  mln dlrs through agents ltBank of Montreal ltDominion 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 
Waste Management Corp said its board voted a twoforone stock split payable April  record March      In other action Waste Management directors approved an increase in the quarterly dividend to  cts from  cts payable April three record March   Reuter 
Porex Technologies Corp said its board declared an initial annual dividend of  cts per share its first payout payable March  to holders of record March   Reuter 
Davis Water and Waste Industries Inc said its board declared a  pct stock dividend payable March  to holders of record March   Reuter 
Medco Containment Services Inc said its board declared an initial annual dividend of  cts per share its first payout payable March  to holders of record March   Reuter 
Pittston Co said it has tentatively agreed to acquire WTC International NV in a taxfree exchange of stock     Pittston said it agreed to exchange  common share for each of the about  WTC common shares outstanding     Pittston said WTCs three principal shareholders who own  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  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  mln dlrs in the year ended November  and for the quarter ended on that date it earned  mln dlrs on revenues of  mln dlrs     Pittston said its Burlington Air Express subsidiary generates about twothirds of its  mln dlrs in annual revenes with its domestic air freight services  Reuter 
ltSDC 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 nonstrategic products and services     The companys operating loss for the nine months ended December   increased to  mln dlrs from a loss of  mln dlrs in the prior year it said earlier     Revenues increased by  pct to  mln dlrs from yearearlier  mln dlrs  Reuter 
Shr loss  cts     Loss      Revs      Note initial public listing December   Reuter 
The Bank of England said it had offered borrowing facilities to those discount houses wishing to use them at  GMT     The Bank also said it provided the money market  mln stg assistance in the afternoon session bringing its total help so far today to  mln stg This compares with its forecast of a shortage in the system today of around  mln stg     The central bank purchased bank bills outright comprising  mln stg in band one at  pct  mln stg in band two at  pct and  mln stg in band three at  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 UK 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 
Electronic Mail Corp of America said its efforts to secure additional financing for expansion have fallen through     The company said that there are no immediate prospects for financing through other sources though efforts will continue The company said operations wil continue while further efforts are made     Negotiations with an undisclosed company had been onging for four months the company said  Reuter 
Bangladesh will receive a grant equivalent to  mln US Dlrs from the Netherlands during  under an agreement signed here Saturday officials said     This raised the amount of Dutch grants to Bangladesh to  mln dlrs since  used mainly for commodity imports and implementing development projects they said  Reuter 
Caisse Centrale Desjardins du Quebec is issuing a  billion yen stepup eurobond maturing on March   and priced at  pct jointbookrunner Warburg Securities said     The issues pays a coupon of one pct in years one and two and then pays a coupon of  pct in years three four and five The selling concession is  pct while management and underwriting combined pays  pct     The payment date is March  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 
Dow Chemical Co has launched a  mln Swiss franc year bond with a  pct coupon priced at  pct lead manager Union Bank of Switzerland said     The issue carries a call option from  at  pct declining thereafter by  percentage point per year     Subscriptions close March  and payment date is April   REUTER 
Sight deposits by commercial banks at the Swiss National Bank rose by  billion Swiss francs to  billion in the last  days of February the National Bank said     Foreign exchange reserves fell  billion francs to  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  mln francs to  billion while other deposits on call  mainly government funds  fell  billion francs to  billion  REUTER 
Brazil is not happy with the existing structure of the bank advisory committee which coordinates its commercial bank debt Finance Minister Dilson Funaro said     US Banks have  pct representation on the committee while holding only  pct of Brazils debt to banks he said adding This is not fair with the European and Japanese banks The committee had played a useful role in  and  however     Noting the often different reactions of US 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 casebycase basis Perhaps the same principle should apply to creditors central bank president Francisco Gros said     Brazil on February  suspended indefinitely interest payments on  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  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 LeighPemberton     Bankers have estimated that Brazil owes UK Banks around  billion dlrs in long and medium term loans giving the UK The third largest exposure after the US And Japan     The crisis began when Brazils 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 countrysate of inflation  Reserves were reported to have dropped below four billion dlrs     Funaro envisaged that any eventual solution to problems with Brazils  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 Ive got some solution from the governments I cant take the burden only to the banks He was not sure how long it would take to reach a solution    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  You must open these mechanisms he said     He said that while the US Officials had been disturbed by Brazils 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 cant stay as we were the last few years     Im 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      Banking sources noted that Brazils monthly surplus had declined to some  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 Brazils debts to foreign governments as opposed to commercial banks now benefit from a sounder structure following last months rescheduling by the Paris Club of creditor nations of  billion dlrs of official debt  REUTER 
Oper shr  cts vs  cts     Qtly div  cts vs  cts prior     Oper net  vs      Sales  mln vs  mln     NOTE Prior year net excludes loss from discontinued operations of  dlrs     Company said common shares outstanding down significantly to  reflecting retirement of about  shares since start of restructurining in August      Dividend pay April  record April   Reuter 
Caisse Centrale Desjardins du Quebec is issuing a  billion yen stepup eurobond maturing on March   and priced at  pct jointbookrunner Warburg Securities said     The issues pays a coupon of one pct in years one and two and then pays a coupon of  pct in years three four and five The selling concession is  pct while management and underwriting combined pays  pct     The payment date is March  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 
Oper shr  dlrs vs  dlrs     Oper net  mln vs  mln     Sales  billion vs  mln     Avg shrs  mln vs  mln     Year     Oper shr  dlrs vs  dlrs     Oper net  mln vs  mln     Sales  billion vs  billion     Avg shrs  mln vs  mln     NOTES Operating net excludes losses of  mln dlrs or  cts a share vs  dlrs or two cts a share in quarter and  mln dlrs or  cts a share vs  mln dlrs or  cts a share from discontinued operations This includes provision in latest quarter of  mln dlrs for closing of Almys Department Store Co     Operating net in latest quarter and year includes  dlrs charge for restructuring announced in early January  Reuter 
Qtly div  cts vs  cts in prior qtr     Payable April one     Record March   Reuter 
Diagnostic Retrieval Systems Inc said it has made an offer to acquire through a wholly owned unit all outstanding shares of Rospatch Corps common stock for  dlrs a share cash or about  mln dlrs     DRS a warfare systems producer said it would make the transaction through a cash tender offer for all but not less than  pct of Rospatchs 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    Reuter 
The volume of contracts traded on the New Zealand Futures Exchange NZFE reached a record  contracts in February the International Commodities Clearing House ICCH said     The previous high was  contracts in December      The ICCH said the value of the contracts traded in February was  billion NZ Dlrs     The seven contracts currently traded on the NZFE are fiveyear government bonds the share price index day bank bills day prime commercial paper the US Dollar crossbred wool and wheat  Reuter 
AAR Corp said that the US Air force exercised an option valued at about eight mln dlrs with its Brooks and Perkins Cadillac manufacturing subsidiary in Michigan for cargo pallet maintenence and overhaul  Reuter 
Dow Chemical Co has launched a  mln Swiss franc year bond with a  pct coupon priced at  pct lead manager Union Bank of Switzerland said     The issue carries a call option from  at  pct declining thereafter by  percentage point per year     Subscriptions close March  and payment date is April   Reuter 
Tanzanias ruling Chama cha Mapinduzi CCM party has endorsed the governments economic reform programme but said it did not think more changes such as a further devaluation of the shilling would be needed     Tanzania has devalued the shilling more than  pct in less than a year and has started to overhaul inefficient government firms in line with a package agreed with the IMF     The CCMs national executive committee said it was satisfied with government efforts to implement IMF conditions Measures taken so far are satisfactory and there is no need to take other ones  the devaluation of the shilling included it said     The committees statement was in response to a government report on the IMF package submitted last Thursday  Reuter 
A Taiwan mission will leave next week for Washington to renegotiate an agreement severely limiting the growth of the islands textile exports a Board of Foreign Trade official said     Under the agreement signed last July Taiwans textile export growth was limited to  pct each year until  based on the value of  exports     The official said the pact was unfair because the United States had signed more favourable agreements with Hong Kong and South Korea They were each given about one pct growth until      He said Taiwan now found it difficult to compete with its two main rivals and the problem had been made worse because of the surging value of the Taiwan dollar  Reuter 
Productivity in the nonfarm business sector fell at a seasonally adjusted revised annual rate of  pct in the fourth quarter last year the Labor department said     Previously the department said productivity fell  pct in the fourth quarter     The decline followed a  pct drop in the third quarter     For all of  productivity increased  pct from  reflecting rises of  pct in the first quarter and  pct in the second quarter     Nonfarm productivity in  increased  pct the department said     For the fourth quarter output rose  pct while hours of all persons increased  pct     Hourly compensation rose  pct but effectively was zero when the increase in CPIU is taken into account Unit labor costs rose  pct     The implicit price deflator for nonfarm business fell  pct following a  pct increase in the third quarter     Manufacturng productivity declined  pct after a  pct increase in the third quarter     Manufacturing output rose  pct in the fourth quarter and as hours gained  pct and compensation per hour  pct the department said     Real compensation per hour in manufacturing fell  pct in the fourth quarter when inflation was taken into account     Business productivity including farms fell  pct in the fourth quarter after a  pct thirdquarter decline but was  pct higher overall in  than in      Hourly compensation increased three pct overall in  in the nonfarm business sector the smal pcte since      In  hourly compensation rose  pct     The implicit price deflator for nonfarm business rose  pct in  after a  pct rise a year earlier and was the smallest increase since      Unit labor costs were up  pct in  after rising  pct in      Productivity in manufacturing rose  pct last year after a  rise of  pct the department said  Reuter 
US construction spending rose  billion dlrs or  pct in January to a seasonally adjusted rate of  billion dlrs the Commerce Department said     Spending in December fell a revised  billion dlrs or  pct to  billion dlrs the department said     Previously it said spending fell  pct in December     The department said the value of all new construction in  was  billion dlrs or six pct more than the  billion dlrs of building put in place in      The department said January construction spending was  billion dlrs or  pct above the January  total of  billion dlrs     Residential construction spending rose in January to an annual rate of  billion dlrs from  billion dlrs in December     Public construction outlays rose for a third successive month to  billion dlrs in January from  billion dlrs in December and were  billion dlrs or  pct higher than the January  estimate of  billion dlrs the department said     The department said a big increase in public spending occurred on highway construction where outlays rose in January to  billion dlrs from  billion dlrs in December     In constant dlrs January construction outlays rose  billion dlrs or  pct from December levels the department said  Reuter 
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 m it completed the divestiture of its health maintenance organization operations to Travelers Corp ltTIC  sold its Whittar Steel Strip operations to ltDofascoxInc and sold its equity investment in BertramTrojan Inc to an affiliate of ltInvestcorp     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  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  dlrs from  dlrs a year before The yearearlier figure excluded a  dlr loss from discontinued operations  Reuter 
The Japan Fund Inc said it has received an unsolicited offer from ltSterling 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 
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  dlrs in taxfree industrial revenue bonds and  dlrs in conventional bonds     It said it expects to produce saleable ore from the mine before yearend     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  dlrs of engineering work is completed  It said it does not expect more than  warrants to be converted over the next  months  Reuter 
Div  won vs  won     Net profit  billion won vs  billion     Sales  billion vs  billion     Note  Company has set  sales target of  billion won  Reuter 
Div  won vs  won     Net profit  billion won vs  billion     Sales  billion won vs  bilion     Note  company has set  sales target of  billion  REUTER 
Bank of New York Co said it and the management of RMJ Securities Corp have agreed to sell  pct of their interests in RMJ Holding Corp to ltBritish 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 US 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  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 
Corning Glass Works said the exchange ratio for its previously announced acquisition of Hazleton Laboratories Corp has been established at  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  Hazleton shareholders will vote on the proposed merger at a special meeting on March   Reuter 
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  mln dlrs is needed over two years to vaccinate the entire susceptible cattle population in Bangladesh and Pakistan and highrisk areas of the other three countries In India some  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 
Turkish retail prices rose  pct in February after  pct in January and  pct in February  the State Statistics Institute said     Prices in the year to February rose  pct compared with  pct in the year to January and  pct in the  months to February      The index base  covering  towns and five regions was  in February  in January and  in February   REUTER 
Xerox Corp said it has added a system that can handle more than  calls per hour and store up to  hours of messages to its Voice Message Exchange product line     Available with  to  ports the new System V is designed to serve  to  users the company said It is compatible with the companys entire voice message exchange line it added     Xerox said the system may be rented annually with an option to purchase starting at  dlrs per month or purchased for  dlrs   Reuter 
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  mln dlrs in cash and stock and the assumption of a  mln dlrs mortgage  Reuter 
ltConsolidated TVX Mining Corp said it agreed to issue  mln treasury shares to acquire interests in three gold mining companies in Brazil and an option to increase the companys 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  pct of CMP a public gold mining company in which TVX already holds a  pct interest making TVX the largest single shareholder     The company also agreed to acquire a  pct stake in Novo Astro a private company and a  pct interest in Teles Pires Mining increasing the TVXs ownership to  pct     In addition Consolidated TVX said it will acquire the right to add a  pct interest to a platinum property in which it already owns a  pct stake     CMP earned  mln Canadian dlrs in  and expects to produce  ounces of gold in  at a cost of  US dlrs an ounce Consolidated TVX said     Novo Astro operates Brazils richest gold mine located in Amapa State with an average grade of  ounces of gold a ton in a hardrock quartz vein Consolidated TVX said Mining of eluvial surface material produced  ounces in  and is expected to produce  ounces in      It also said Teles Pires Mining controls rights to a  kilometer section of the Teles Pires River where one dredge is expected to produce  ounces of gold in   Reuter 
Oper shr  cts vs  cts     Oper net  vs      Revs  mln vs      Avg shrs  vs      Year     Oper shr  cts vs  cts     Oper net  vs      Revs  mln vs  mln     Avg shrs  vs      NOTE Net excludes investment gains  dlrs vs  dlrs in quarter and  dlrs vs  dlrs in year      year net excludes  dlr tax credit     Share adjusted for onefortwo reverse split in November   Reuter 
Canadas industrial product price index rose  pct in January after falling  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  pct in January the largest yearly decline on record  Reuter 
Olivers Stores Inc said it has decided to reorganize under Chapter  of the federal bankruptcy laws and will file a petition by the end of this week     The company said it has failed to reach agreement with primary lenders Manufacturers Hanover Corp ltMHC and Midlantic Corp ltMIDL on a debt restructuring     It said Manufacturers has declared the company in default and demanded repayment of about six mln dlrs in debt  Reuter 
Howen Owners Federal Savings and Loan Association said its stockholders have approved an amendment to its charter increasing the number of authorized common to  mln shares from eight mln and the number of authorized preferred shares to eight mln from two mln  Reuter 
Commerzbank Overseas Finance NV is issuing a  mln stg eurobond due March   paying  pct and priced at  pct jointlead manager Samuel Montagu and Co Ltd said Commerzbank AG is the other jointlead     The noncallable bond is available in denominations of  and  stg and will be listed in London The selling concession is  pct while management and underwriting combined pays  pct     The payment date is March   REUTER 
Nuclear Data Inc said its bank lenders agreed to extend its secured loan agreement through June       The agreement which covers about  mln dlrs in short term debt had been scheduled to expire February      Terms of the extension require Nuclear Data to obtain replacement financing from outside sources before June  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  year ended November   Nuclear Data reported a loss of almost nine mln dlrs or  dlrs a share on revenues of  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  mln dlrs reserve to cover the revaluation of certain domestic medical inventory and the redirection of its US medical sales efforts     The reserve was taken to offset a decline in the US dollar against the Danish Kroner and other factors adversely affecting sales of its Danish manufactured medical products in the US market Nuclear Data said  Reuter 
Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     Avg shrs  vs five mln     Year     Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     Avg shrs  vs five mln  Reuter 
Dow Chemical Co said a judge on the New Jersey Superior Court for Monmouth County granted its Merrell Dow Pharmaceuticals Inc unit a motion for a directed verdict in its favor in a case alleging its morning sickness drug Bendectin caused a childs birth defects     Merrell Dow said after plaintiffs had completed their presentation of evidence Judge Marshall Selikoff granted the companys motion and discharged the jury on grounds tha plaintiffs did not present evidence showing the drug caused the child problems  Reuter 
UK Chancellor of the Exchequer Nigel Lawson has told Brazils Finance Minister Dilson Funaro that negotiations on Brazils 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 countrys creditors He added an accord with the International Monetary Fund IMF could be a very helpful support     Brazil on February  suspended interest payments on  billion dlrs of its debts to commercial banks     Lawsons 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 Brazils 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 Its a political discussion from our point of view     Funaro said on Friday that his talks with US Officials had resulted in no new financial arrangement to help resolve Brazils debt crisis describing the meeting as an initial contact     He had earlier met Federal Reserve Board Chairman Paul Volcker and US Treasury Secretary James Baker     The Treasury spokesman pointed out that todays talks had been at Funaros 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 
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      The issue is part paid with  stg pct payable on issue and the  stg pct balance due on April  First dealings will take place this Wednesday March      The initial reaction among dealers was to mark prices around  point easier The market had been untapped prior to this announcement  REUTER 
Qtly div three cts vs three cts prior     Pay April six     Record March   Reuter 
The National Union of Mineworkers NUM said it will demand a  pct annual wage increase in upcoming negotiations with South Africas mining companies     The union representing some  black workers at about  mines last year sought a  pct boost in salaries and settled for  pct     NUM General Secretary Cyril Ramaphosa told a news conference the miners were very angry at low wagesAnd are prepared to press their struggle for as long as it takes to get their demands met     Salaries for black miners currently range from a low of  rand or  dlrs a month to  rand or  dlrs with an average monthly wage of  rand or  dlrs Ramaphosa said     He also said the union has asked the mining companies to begin new contract talks on April one instead of the usual May one starting time The current oneyear contract expires at the end of June  REUTER 
Prime Computer Inc said it has introduced the Prime Medusapc software a two dimensional version of its Prime Medusa computeraideddesign software     Prime said Prime Medusapc is for use on an International Business Machines Corp ltIBM PCAT operating within a Prime  Series minicomputer environment     The company said the software is available immediately to customers who have or are currently ordering a Prime Medusa license on one of Primes  series systems     Prime added the software costs  dlrs per license with monthly maintenance of  dlrs     Prime said it also unveiled the Prime Medusa Revision  system with a new feature for developing applications that alows users to associate nongraphic information with graphic elements on a drawing sheet     The Prime Medusa Revision  is available immediately Prime said  Reuter 
Qtly div from income  cts vs  dlrs in prior qtr including capital gains of  dlrs     Payable March      Record February   Reuter 
Federal Industries Ltds earlier announced commercial paper issue of up to  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  mln dlrs the spokesman said  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     YEAR     Shr  dlrs vs  cts     Net  vs      Revs  mln vs  mln  Reuter 
American Nursery Products Inc said it purchased Miamibased Heinls Nursery Inc for undisclosed terms     Heinls Nursery has sales of about  mln dlrs and owns  acres of which  are in shade houses and about  square feet cover greenhouses shipping and office facilities  Reuter 
Jutland Telephone Co plans to issue a  mln Swiss franc  pct bond with a par price and a maximum year maturity lead manager Union Bank of Switzerland said     The bond may be retired between  and  if the secondary price does not exceed par     It may be called starting in  at  with declining premiums thereafter or for tax reasons beginning in  at  with declining premiums thereafter  REUTER 
Regency Cruises Inc said its board elected William Schanz as its chairman and chief executive officer He replaces Anastasios Kyriakides who resigned in December     Schantz has served as president treasurer and a director since its inception in      The company also elected three directors They are Paul Hermann John Clive Bayley and Costas Galetakis The company said they replace Paul Wells and Douglas MacGarvey who also resigned in December One new directors post has been added Regency said  Reuter 
Semiannual div from income of  cts vs  cent in prior period     Payable March      Record February   Reuter 
Unocal Corp said it plans to introduce truck lube centers at most of the  Unocal  AutoTruckStops along the nations interstate highways     The company said the centers will be the first national program to offer overtheroad trucks a convenient and complete lubeandoilchange service The centers will offer a point lubrication and oil change at a suggested price of  dlrs for most trucks     Unocal said the price will be the same or lower than commercial grages and truckstops now charge in most areas  Reuter 
Genzyme Corp said it and Howmedica a Rutherford NJbased company owned by Pfizer Inc have agreed to an initial joint research and development program     The company said the venture will focus on using Genzymes proprietary technologies to procued hyaluronic acidbased products for use in orthopedic surgery     Hyaluronic acid is a natural water retaining and lubricating component in the bodys soft tissue and a key part of certain body fluids  Reuter 
ltMultiStep Products Inc earlier reporting an initial six month loss said it agreed to sell wholly owned MultiStep Manufacturing Inc for  dlrs cash subject to shareholder and regulatory approval     MultiStep also said it will pay  dlrs to cancel  of its own shares which will be acquired from Michael Penhale and his benficiaries Penhale will control and manage MultiStep Manufacturing following the transactions     MultiStep had a  dlr loss for the six months ended December  The company received its initial public listing in December     The company said its laddermaking unit has been losing  dlrs quarterly     The sale expected to close in April also calls for retirement of the units  dlr bank debt MultiStep said The unit also has agreed to pay a debt of  dlrs to Tarxien Company Ltd which is  pct owned by MultiStep     MultiStep previously said it agreed to acquire the remaining  pct of Tarxien it does not already own  Reuter 
Esselte Business Systems Incs Esselte Meto division said it has acquired the Antonson America Co a subsidiary of ltAntonson 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 US     It said the acquisition will enble Esselte to increase its distribution base in its effort to grow in the US  Reuter 
The Federal Reserve is expected to enter the US 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  pct on Friday opened at  pct and traded between there and  pct Funds are under upward pressure from settlement of recently sold twoyear notes and from a Treasury tax and loan call on banks  Reuter 
Reuters Holdings Plc ltRTRSL said it had its first subscriber installation in China of its foreign exchange dealing service     The subscriber is the banking department of the China International Trust and Investment Corps CITIC head office in Beijing     The service is also due to be connected soon at the Bank of Chinas new headquarters in Beijing Reuters said  REUTER 
Cambridge Medical Technology corp said it has signed a letter of intent with Panbaxy Laboratories to jointly make a new AIDS test     The company said it will have the exclusive right to market the product worldwide  The new test will be used to detect specific viral antigens in serum and whole blood samples     It said it hopes to design a simplified test for home use  Reuter 
ltFour 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  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  mln US dlrs to enhance the Biltmores position as one of the finest resort hotels in North America Chicagobased VMS Realty is a real estate and development firm  Reuter 
Quaker Oats Co said it filed a shelf registration with the Securities and Exchange Commission covering up to  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 
Stone Container Corp said it is splitting its common stock for and increasing its dividend  pct     The dividend of  cts a share an increase of five cts over the prior  cts a share on presplit shares is payable June  to holders of record May      The stock split also is payable June  to holders of record May   Reuter 
Shares of Temple Inland Inc ltTIN and International Paper Co ltIP rose sharply this morning following a recommendation by Prudential Bache Securities traders said     Temple Inland jumped  to  and International Paper   to      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  dlrs a share in  and nine dlrs a share in  The company earned  dlrs a share in      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  dlrs a share in  and  dlrs a share in  Last year the company earned  dlrs a share  Reuter 
Presidential Airways Inc said it will serve  cities when it starts operating Continental Express under a joint marketing agreement with Texas Air Corps ltTEX Continental Airlines on March      From its base at Dulles Airport in Washington Presidential will serve Albany NY Birmingham and Huntsville in Alabama Columbus Ohio Daytona Beach Melbourne and Sarasota all in Florida Indianapolis New Yorks Kennedy Airport Philadelphia Portland Me and Savannah Ga     Under the agreement Presidential will continue as a separate company but its mileage plan and other services will be combined with those of Continental Airlines  Reuter 
Shr  cts vs  cts     Net  vs      Rev  mln vs  mln     Six months     Shr  cts vs  cts     Net  vs      Rev  mln vs  mln  Reuter 
Shr loss  cts vs profit  cts     Net loss  vs profit      Revs  mln vs  mln     NOTE Prior year net includes gain on sale of property of  dlrs  Reuter 
The coupon on the  mln dlr equity warrant eurobond for Best Denki Co Ltd has been set at three pct compared with the indicated  pct lead manager Nikko Securities Co Europe Ltd said     The exercise price was set  yen per share representing a premium of  pct over todays closing price of  yen The foreign exchange rate was set at  yen to the US Dollar     The fiveyear deal is priced at par  REUTER 
Talks due today between management and unions to try to end the strike at Cargill UK Ltds Seaforth oilseed crushing plant have been rescheduled for Thursday a company spokesman said     Oilseed processing at the plant has been halted since December  when mill workers walked out in protest at new contract manning levels  Reuter 
Lotus Development Corp said it has unveiled a new software product named Galaxy to complement the newly introduced Apple Computer Inc ltAAPL Macintosh II and Macintosh SE     Lotus said Galaxy will be formally introduced over the summer     Lotus said Galaxy will include Command language and dynamically linked modules unlike any other software product currently available for the Macintosh product family which enables the user to execute a series of commands with a single learned keystroke                   Reuter 
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  short tons of ore grading  ounce of gold and  ounce of silver per ton that is treatable by conventional milling techniques     AMAX said additional reserves amenable to heap leaching are estimated at  mln tons averaging  ounce gold and  ounce silver per ton  Further drilling is being conducted it said  Reuter 
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     US policy now is to raise the strategic reserve to  mln barrels from its present  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  dlrs a barrel for several years and then rise to the mid s with imports at about  pct of US 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 
Oper shr profit  cts vs loss  dlrs     Oper net profit  vs loss      Revs  mln vs      Year     Oper shr profit  cts vs loss  dlrs     Oper net profit  vs loss      Revs  mln vs  mln     NOTE Net includes pretax unusual gain  dlrs vs loss  dlrs in quarter and losses  dlrs vs  dlrs in year   items include settlement of patent suit and provision for investment writeoff and  item provision for loss on sale of scale business      net both periods excludes  dlr tax credit  Reuter 
Ford Motor Co has increased its US production schedule for the second quarter by  cars and  trucks from previous plans the trade paper Wards Automotive Reports said     The paper which tracks industry production said Ford plans to build  cars in the AprilJune period compared with  a year ago     Fords new production schedule represents a  pct increase from previous production plans for cars and  pct for trucks Wards said  Reuter 
The Federal National Mortgage Association said it arranged a swap of  mln dlrs in stripped mortgagebacked securities with Shearson Lehman Brothers Inc     The exact amount of the swap will be determined later it said Fannie Mae said the swap includes year mortgages for Fannie Mae stripped mortgageback 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 
MCI Communications Corp said it has received a contract to provide telecommunications services to JC Penney Co Inc to accomodate much of Penneys nationwide vboice and information transfer requirements via a privatge satellite network     It said video teleconferencing will be provided at five locations data will be transmitted among seven locations and voice service will be provided to  locations  The company said Penneys use of the services is expected top exceed four mln call minutes per month of voice traffic     Value was not disclosed  Reuter 
Shr  dlrs vs  dlrs     Net  vs      Rev  mln vs  mln     NOTE  net gain from property investments  dlrs or  cts per share vs  dlrs or  cts per share  Reuter 
Ford Motor Co has increased its US production schedule for the second quarter by  cars and  trucks from previous plans the trade paper Wards Automotive Reports said     The paper which tracks industry production said Ford plans to build  cars in the AprilJune period compared with  a year ago     Fords new production schedule represents a  pct increase from previous production plans for cars and  pct for trucks Wards said  Reuter 
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  dlrs a share cash and  dlrs in securities     In a filing with the Securities and Exchange Commission Redstone who controls Dedham Massbased National Amusements Inc a theater chain operator offered to raise the cash portion of its Viacom offer to  dlrs a share from  dlrs     Redstone also raised the face value of the preferred stock he is offering to  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 onefifth 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  pct stake in Viacom and the management group which has a  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 Viacoms financial records provided they keep the information secret     In his SEC filing Redstone who estimated his cost of completing the takeover at  billion dlrs said Bank of America is confident it can raise  billion dlrs     Besides the financing it would raise through a bank syndicate Bank of America has also agreed to provide a separate  mln dlr for the limited purpose of partial financing and has committed to provide another  mln dlrs Redstone said     Merrill Lynch Pierce Fenner and Smith Inc has increased its underwriting commitment to  mln dlrs of subordinated financing debt for the Viacom takeover from the  mln dlrs it agreed to underwrite earlier Redstone said     Redstone said his group would contribute more than  mln dlrs in equity toward the takeover     The Redstone equity contribution to the takeover would consist of all of his groups  Viacom common shares and at least  mln dlrs cash he said     The new offer the second sweetened deal Redstone has proposed in his monthlong 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  mln dlrs and consisting of  dlrs a share cash preferred stock valued at eight dlrs a share and equity in the new company Redstones previous offer had been valued at  billion dlrs  Reuter 
Montedison Spa ltMONIMI said it has concluded its negotiations with Spanish pharmaceuticals company ltAntibioticos 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  billion lire  REUTER 
UtiliCorp United Inc said it completed the acquisition of West Virginia Power from Dominion Resources for about  mln dlrs     The sale was approved by the West Virginia Public Service Commission in January and became effective March one West Virginias management will continue to be responsible for operating the utility it said  Reuter 
Armco Inc said its former European Steel Mill Merchandising department has become a unit of the parents specialty steels division based in Butler     The unit newly named Specialty SteelsEurope is based in Cologne West Germany It will market and sell in Europe the divisions USmade products and specialty products made in Europe  Reuter 
The Federal Aviation Administration fined Delta Air Lines Inc  dlrs for alleged violations of federal air safety rules FAA officials said     The FAA had reviewed Delta safety and maintenance operations early last year as part of a series of special inspections of US air carriers     The Delta fine is the smallest to come out of the special inspections the officials said     As a result of the inspections Eastern Air Lines was fined a record  mln dlrs American Airlines was penalized  mln dlrs and Pan American World Airways  million dlrs  Reuter 
French operators last Friday requested licences to export  tonnes of free market maize  tonnes of free market barley and  of soft wheat flour to nonEC 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  Ecus a tonne against a previous  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  tonnes of French maize to nonEC countries in compensation for concessions to the US 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  tonnes     The Commission last Thursday granted weekly rebates for the sale of  tonnes of free market maize to nonEC countries     Requests for barley were for export to Switzerland Austria and Lichtenstein Ceuta and Melilla at an unchanged prefixed restitution of  Ecus a tonne while requests for soft wheat flour were for export to various nonEC countries at an unchanged  Ecus a tonne  Reuter 
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     US policy now is to raise the strategic reserve to  mln barrels from its present  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  dlrs a barrel for several years and then rise to the mid s with imports at about  pct of US consumption     The study cited two basic policy paths for the nation to protect the US 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 
NCR Corps Personal Computer division said it signed an agreement to distrubute its personal computer products to  ltComputerland Corp stores in the US     The company said the agreement covers its entire PC line which will be sold by Computerland franchises Computerland Stores Inc and for major corporate bids through the Computerland National Accounts Program     Computerland said it is planning a direct mail campaign and other publicity on its private satellite network to promote the NCR line     The primary products to be sold by Computerland stores include the PC ATcompatible unit the PC dualspeed model and the PC Retail Management System according to NCR  Reuter 
Union Carbide Corp is looking to acquisitions and joint ventures to aid its chemicals and plastics growth according the HW Lichtenberger president of Chemicals and Plastics     Describing this as a major departure in the companys 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 weve identified     Not very long ago Union Carbide had the attitude that if we couldnt do it ourselves it wasnt 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 
Bank of America NT and SAs ltBACN West German branch said it is negotiating the sale of Bankhaus Centrale Credit AG a small local West German bank it acquired in  and of its West German Visa credit card operation     Michael Seibel Bank of America vicepresident and regional manager said the negotiations were proceeding well He declined to give further details     Bank of Americas West German branch lost some  mln marks in  The result includes profit and loss transfers from Bankhaus Centrale Credit and the Visa organisation The sale of the units is part of the banks worldwide restructuring plan  REUTER 
Semi div  cts vs  cts prior     Pay March      Record March Two  Reuter 
Columbia Gas System Inc said it has formed Columbia Erie Pipeline Corp as a subsidiary to participate with Coastal Corps ltCGP ANR Pipeline Co in construction and operation of the Erie Pipeline System     As previously announced Columbia Gas and ANR Pipeline signed a letter of intent to form a partnership to construct and operate the Erie system which will run from ANRs facilities in Defiance County Ohio to Clinton County Pa     Columbia said specific terms of participation are to be spelled out in a partnership agreement to be negotiated within the next  days  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March Two  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March Two  Reuter 
RJ Reynolds Tobacco Co a unit of RJR Nabisco Inc ltRJR said it has formed an executive management committee to oversee the companys worldwide tobacco operations     Reynolds Tobacco said the committees members will be senior managers of Reynolds Tobacco Co RJ Reynolds Tobacco USA and RJ Reynolds International Inc     RJR Nabisco is reportedly attempting to form a master limited partnership out of its tobacco unit part of which will be sold to the public  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March Two  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March Two  Reuter 
Mthly div six cts vs six cts prior     Pay March      Record March Two  Reuter 
General Motors Corps GMAC Financial Services said it plans to offer  billion dlrs in preapproved credit to more than two mln preferred customers in a nationwide direct mail campaign     The GM unit said the program is the largest automotive credit offer of its kind in history     GMAC Financial Services said the mailing will be completed by early March Selected current GMAC customers will receive offers of preapproved credit equal to the cash selling price of the vehicles they are currently financing rounded up to the next  dlrs     Within this group Buick owners will also receive a special discount of  dlrs that would be provided by GMs Buick motor division if they accept GMACs offer to finance or lease a new Buick  Reuter 
The Canadian government is expected to announce later this week its final ruling whether US corn exports to Canada have injured Ontario corn growers US government and farm group representatives said     The deadline for a final determination is March      US 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 US corn exports represent only about five pct of the Canadian market     Canada slapped a  dlrs per bushel duty on US corn imports in November  but reduced the duty to  cts last month because the Canadian government said US subsidies to  corn producers were less than Canada earlier estimated  Reuter 
Qtly div six cts vs six cts prior     Pay April      Record March   Reuter 
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 Rotterdams 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  in protest at planned redundancies of  from the sectors  workforce starting with  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  mln guilder annual labour subsidy to the sector     No comment was immediately available from the employers organization  Reuter 
The New York Stock Exchange said Airgas Inc declined to comment on its stock activity after a request for an explanation by the exchange     The companys stock was up  points to  dlrs  Reuter 
Qtly div  cts vs  cts prior     Pay April One     Record March   Reuter 
The Federal Reserve entered the US Government securities market to arrange  billion dlrs of customer repurchase agreements a Fed spokesman said     Dealers said Federal funds were trading at  pct when the Fed began its temporary and indirect supply of reserves to the banking system  Reuter 
Sony UK Ltd said it would be doubling capacity at its Bridgend Wales television and components factory over the next three years in a  mln stg expansion     The expansion backed by Welsh office grants would make Bridgend Sonys biggest tv manufacturing plant in Europe with output of about  tv sets per year a spokesman said     The move will add  jobs at Bridgend bringing the total workforce to  at the end of the threeyear period     The expansion is part of a wider move by Sony Corp ltSNET to locate more production capacity nearer its markets a spokesman said  Reuter 
ltNippon Telegraph and Telephone Corp NTT expects its profits to fall to  billion yen in the year ending March   from a projected  billion this year the company said     Total sales for the same period are expected to rise to  billion yen from a projected  billion this year NTT said in a business operations plan submitted to the Post and Telecommunications Ministry     NTT said it plans to make capital investments of  billion yen in  including  billion for research and development as against a total of  billion this year  Reuter 
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 slimmingdown operation to adjust capacity to lower demand     Industry Commissioner KarlHeinz Narjes has proposed the ending of the quota system by December      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  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 ECs major steel producing countries are likely to shy away from Narjes proposals and could back the industrys 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      Eurofer said in a statement consultants working for it identified scope for closing plants on a voluntary basis to reduce capacity by  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  jobs this decade while reducing annual capacity by  mln tonnes  Reuter 
The London Stock Exchange said its ruling council has decided to close the trading floor for government bonds gilts and equities in due course because most of the business is now done between brokers offices     A trading floor for traded options will be retained     Dwindling activity on the exchange floor reflects the introduction of the new dealing system known as SEAQ which was part of the Big Bang restructuring of the market last October Since then brokers and marketmakers have been dealing on the basis of competing share quotes displayed on screens  REUTER 
Eagle Telephonics Inc said it signed a twoyear agreement under which Pacific Telesis Groups ltPAC Pacific Bell unit will buy its Eagle line of electronic key telephone systems for internal use     Terms of the contract were not disclosed  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln  mln     Six mths     Shr  cts vs  cts     Net  vs      Revs  mln vs  mln  Reuter 
Qtly div  cts vs  cts prior     Pay March      Record March Two  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     Avg shrs  mln vs  mln     Six Mths     Shr  cts vs  cs     Net  vs      Revs  mln vs  mln     Avg shrs  mln vs  mln     NOTE Fiscal  second quarter and first half earnings include a gain of  mln dlrs and exclude preferred dividend requirements of five mln dlrs in the quarter and  mln dlrs in the first half     Fiscal  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 
Qtly div  cts vs  cts prior     Pay April      Record March      NOTE Interchange Financial Services Corp  Reuter 
Kapok Corp said it is in techical default of its loans from Southeast Banking Corp ltSTB 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  dlrs or one mln dlrs after the payment of expenses  Reuter 
Shr  cts vs  cts     Net  vs      Sales  mln vs      Six Mths     Shr  cts vs  cts     Net  vs      Sales  mln vs  mln  Reuter 
Shr loss  cts vs loss  cts     Net loss  vs loss      Revs  vs      Avg shrs  vs   Reuter 
Shr six cts vs four cts     Net  vs      Revs  vs       mths     Shr  cts vs  cts     Net  vs      Revs  vs   Reuter 
Qtly div  cts vs  cts prior     Pay April      Record March   Reuter 
Neutrogena Corp said it may purchase up to  shares of its outstanding common stock from time to time in the open market to reduce dilution from the future issue of employee stock options     The company said it currently has  mln shares outstanding     It said the shares that may be purchased and those currently outstanding will be adjusted to reflect a threefortwo stock split effective March two    Reuter 
Oper Shr loss  cts vs loss  cts     Oper net loss  vs loss      Revs  mln vs  mln      mths     Oper shr loss  cts vs loss  cts     Oper net loss  vs loss      Revs  mln vs  mln     NOTE Excludes income from discontinued operations of  vs  for qtr and  mln vs  for year     Excludes extraordinary charge of  for current qtr and  for year  Reuter 
Shr loss four cts vs loss one ct     Net loss  vs loss      Revs  vs   Reuter 
Directors of the Chicago Mercantile Exchange will meet Wednesday to consider a membership petition asking the exchange to tighten rules covering trading activities in the widelypopular Standard and Poors  Stock Index futures pit an exchange executive said     The petition calls for elimination of dual trading a legal practice where traders execute customer orders as well as trade for their own account     But exchange officials noted this practice also provides an opportunity for a trader to engage in what is called frontrunning where traders enter orders for their own account before executing orders for their customers     Leo Melamed CME special counsel said directors will rule on the petition on Wednesday but added that a special S and P Advisory Committee has been studying S and P  futures trading conditions for the last six months and is expected to submit a complete list of recommendations within  days     In addition to a recommendation on dual trading Melamed said the special committee will also make suggestions about a possible automatic order entry and execution system for S and P  futures and futuresoptions and rule changes that would alleviate congested conditions in the trading pit     Melamed said directors are likely to approve the recommendations of the special committee because most actions of the board are in line with committee recommendations     CME senior vice president Gerald Beyer said if the board accepts the members petition this week a rule change will be submitted to the Commodity Futures Trading Commission for approval     If the board does nothing or rejects the petition request a rule change must then be submitted to the exchange membership for a vote within  days Beyer said     Melamed also added that if the petition must be ruled on before the recommendations from the special committee are made it will confuse the issue     Not all traders agree on the need to eliminiate or restrict dual trading     Although Jonathan Wolff senior vice president at Donaldson Lufkin and Jenrette noted dual trading is evident on most exchanges     Its a question of the integrity of the person you do business with Wolff said     Futures traders who act as brokers however maintain that trading for their own accounts is necessary in order to make up for errors they inevitably make when filling customer orders in chaotic futures trading pits     To have an absolute ban on dual trading makes it difficult for a broker to function because of his errors said John Michael vice president at First Options of Chicago     What it comes down to is the ethics of the people involved he said     Furthermore the competitive nature of futures brokerage makes frontrunning risky to a brokers livelihood he said     If I ever discovered a broker doing it frontrunning or even suspected him of doing it I would cut him off Michael said     An average broker in the Treasury bond futures pit for instance will fill orders for  to  contracts a day at  dlrs per contract floor sources said  Even figuring what is considered a typical  pct loss for errors such brokerage can be lucrative     Frontrunning by brokers not only runs the market risk of an adverse price move but also the risk of losing the brokerage business Michael said  Reuter 
Net income  mln pesos vs  mln     Operating revenues  billion vs  billion     Operating profit  mln vs  mln     Earnings per share  vs      NOTE Company statement said gold operations contributed  pct of consolidated earnings  Reuter 
Pogo Producing Co said it has consolidated its onshore and offshore Gulf Coast divisions into a Southern Division responsible for its onshore and offshore oil and gas exploration and development activities in the Gulf Coast and Gulf of Mexico areas  Reuter 
Unocal Corps Union Oil Co said it lowered its posted prices for crude oil one to  dlrs a barrel in the eastern region of the US effective Feb      Union said a  dlrs cut brings its posted price for the US benchmark grade West Texas Intermediate to  dlrs Louisiana Sweet also was lowered  dlrs to  dlrs the company said     No changes were made in Unions posted prices for West Coast grades of crude oil the company said  Reuter 
Panhandle Eastern Corps 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  dlrs per mln Btu from  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 
WEDGE Group Inc a Houston investment firm with a  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  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  dlrs a share in cash and securties or  billion dlrs based on AMIs total outstanding from an allcash  dlr a share bid which the company rejected  Reuter 
Qtly div four cts vs four cts prior     Pay March      Record March   Reuter 
Banner Industries Inc said  mln of the outstanding  mln shares in Rexnord Inc were tendered pursuant to its  dlr a share offer that closed at midnight EST Feb      Together with the five mln Rexnard shares it already owns the company said it now holds a  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  days  Reuter 
Qtly div  cts vs  cts prior     Pay April one     Record March   Reuter 
Mobil Corps Mobil Chemical Cos subsidiary the worlds largest producer of disposable plastic products said it will enter the food packaging market     Mobil said it will begin making clear container food packaging for supermarkets and institutions in March and will sharply raise production in the fall to an annual rate of more than  mln pounds of finished products     It said industry demand for the products is projected to rise  pct annually over the next five years and it is prepared to boost production substantially with future plant additions     Mobils Chemicals Plastic Packaging Division which will make and sell the new product line operates nine plants in the US and one in Canada     It also said the clear containers seen in packaging for cookies candy and bakery trays grocery sald bar items and other items will be made from oriented polystyrene at the companys Canandiagua NY plant  Reuter 
Bank of America NT and SAs ltBACN West German branch said it is negotiating the sale of Bankhaus Centrale Credit AG a small local West German bank it acquired in  and of its West German Visa credit card operation     Michael Seibel Bank of America vicepresident and regional manager said the negotiations were proceeding well He declined to give further details     Bank of Americas West German branch lost some  mln marks in  The result includes profit and loss transfers from Bankhaus Centrale Credit and the Visa organisation The sale of the units is part of the banks worldwide restructuring plan  corrects year of loss in third paragraph in item which originally ran February   Reuter 
OSR Corp said it has agreed to acquire the properties and assets of Telcom International Group for  mln common shares which would give former Telcom owners an  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  pct interest in Standard Knickerbocker Ltd which makes jeans in Canada     OSR said it expects to net about  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 
Mercury Entertainment Corp said it expects improved results in      The company today reported a loss for the year ended November  of  dlrs on revenues of  dlrs compared with a loss of  dlrs on revenues of  dlrs a year before  Reuter 
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 
Qtly div  cts vs  cts prior     Pay May Seven     Record April Seven  Reuter 
Jacobson Stores Inc said its board voted a threefortwo stock split payble March  record March      In other action Jacobsons directors approved an increase in its quarterly dividend to  cts on a post split basis payable April  record March      The new dividend rate represents a  pct increase over the  cts paid quarterly on a presplit basis  Reuter 
AW Computer Systems Inc said it signed an  dlr agreement with TEC America Inc ltTCK to develop and supply intelligent cash register controllers     Under terms of the agreement AW Computer said it will design and manufacture intelligent controllers for resale by TEC worldwide     The company said the controller will allow TECs new FT pointofsale terminal system to communicate with IBM PCAT personal computers and compatibles     The controller will be ready for shipment by October the company said  Reuter 
Oper shr  cts vs  cts     Oper net  vs      Revs  mln vs  mln     Avg shrs  vs      Year     Oper shr  cts vs  cts     Oper net  vs      Revs  mln vs  mln     Avg shrs  vs      NOTE Results exclude onetime gains of  or four cts and  or  cts for  qtr and year vs gains of  or  dlrs and  or  dlrs for prior periods      Reuter 
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  dlrs per common share  Reuter 
Americus Trust for American Home Products Shares said it extended its deadline for accepting tendered shares until November  an extension of nine months     The trust which will accept up to  mln shares of American Home Products ltAHP said it has already received tenders for about four mln shares     The trust is managed by Alex Brown and Sons Inc ltABSB and was formed November    Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln      mths     Shr  dlrs vs  dlrs     Net  vs      Revs  mln vs   Reuter 
Benetton Group Spa ltBTOMMI said it reached agreement with textiles concern GFTGruppo Finanziario Tessile Spa for a joint venture in the financial services sector    A Benetton spokeswoman said details of the accord would be outlined at a news conference on Thursday in Milan The Italian clothing group has targeted financial services as a sector in which to expand its activities    In January Benetton acquired a large minority stake in the Italian unit of the UK Financial services group Prudential Corp PLC [PRULL]  Reuter 
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  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 Brazils unwillingness to concede any of its traditional  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  hours for a progress report delegates said  Reuter 
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  default on  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  and No  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 staffs recommendations     The SEC as a matter of policy never comments on its enforcement activities     The SECs WPPSS investigation began in late  and the agencys 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 SECs budget and operations     Of the five nuclear plants originally envisioned by WPPSS one has been completed two remain under construction and two othersthose for which the defaulted bonds were sold have been terminated  Reuter 
ltPacific Western Airlines Corp said it integrated the senior management of Pacific Western and recently acquired Canadian Pacific Air Lines Ltd in preparation for the companies merger this summer     Pacific Western said it appointed president and chief executive Rhys Eaton as chairman and chief executive in the new management structure and Murray Sigler as president Sigler was previously president of Pacific Westerns airline unit Pacific Western Airlines Ltd     Pacific Western acquired Canadian Pacific Air Lines for  mln dlrs last December from Canadian Pacific Ltd ltCP     Canadian Pacific Air Lines said president and chief executive Donald Carty and four senior vicepresidents resigned last week Carty said in a company memorandum that he accepted another senior post in commercial aviation and that some of the vicepresidents were taking early retirment and others were resigning for personal reasons     Pacific Western said the new management structure will facilitate our objective of proceeding quickly to successfully position ourselves in the marketplace as a single airline network beginning this summer  Reuter 
Amgen Inc said it signed a letter of intent for an estimated  mln dlr research and development limited partnership to fund the clinical investigation of certain pharmaceutical products currently under development     Neither terms of the arrangement nor the products covered by the partnership were disclosed but Amgen said the limited partnership units will include warrants to purchase Amgen common stock  Reuter 
Benetton Group Spa [BTOMMI] said it reached agreement with textiles concern [GFTGruppo Finanziario Tessile Spa] for a joint venture in the financial services sector     A Benetton spokeswoman said details of the accord would be outlined at a news conference on Thursday in Milan The Italian clothing group has targeted financial services as a sector in which to expand its activities     In January Benetton acquired a large minority stake in the Italian unit of the UK Financial services group Prudential Corp PLC [PRULL]  Reuter 
The Association of International Bond Dealers AIBD said it will cooperate with major clearing agencies Cedel and Euroclear on a eurobond trade confirmation and matching system to come into force by September this year     The system designed to give market participants a fast and reliable way of checking whether transactions are matched will initially cover reporting of confirmed and mismatched trades     It will include recording additional trade data checking comparison and matching any new elements but will only apply initially to delivery against payment transactions AIBD said     The AIBD said in a statement it would be responsible for developing suitable rules to back up the two clearing systems when they introduce their new matching matching facilities and confirmation systems by September this year     Euroclear and Cedel intend to bring a trade dateplusone matching capacity reporting on a given day on trades entered by  London time designed to work with a planned AIBD rule requiring the entry of previous days trades by that time     The confirmation system covering critical trade data is designed to aid the trader and the settlements department and also reduce trading risks in volatile markets AIBD said  REUTER 
Zapata Corp said it does not intend to pay the interest due March  on its  pct subordinated debentures due  or the interest due May One on its  pct subordinated debentures due      Zapata said the results of continuing discussions with its bank lenders and the companys future financial position will determine Zapatas ability to meet its obligations to holders of the subordinated debentures     The company said deferrals of payment obligations and covenant waivers provided by all of its bank lenders which were scheduled to expire February  have been extended through April      Zapata stopped paying interest on the debentures in April   Reuter 
Shr  cts vs  dlrs     Net  mln vs  mln     Revs  mln vs  mln     Avg shrs  mln vs  mln     NOTE  net includes tax credits equal to  cts      net includes tax credits of  cts and a gain of  dlrs from a change in accounting for pensions     Periods end January   and  respectively  Reuter 
Bryson Oil and Gas Plc a Belfast Northern Ireland oil company said it has acquired an  pct stake in Cynergy Corp and took steps to help it consider the possibility of seeking control or influencing the company     In a filing with the Securities and Exchange Commission in which it disclosed its stake Bryson said it also asked Cynergy for a list shareholder list in case it decided to communicate with the holders     Shareholder information would be vital to anyone planning a tender offer and is commonly requested by individuals or groups mulling takeover attempts     Bryson told the SEC it may review the feasibility of trying to influence the management policies of Cynergy or of trying to gain control of the company through representation on its board of directors     A shareholder list would also be necessary for a group trying to mount a campaign for the election of directors     Bryson which said it has retained DF King and Co Inc to work on its Cynergy dealings said it bought  Cynergy common shares for  mln dlrs to gain an equity position in the company Last week Texas developer James Sowell told the SEC he sold his entire share stake in the company  Reuter 
Shr  cts vs  cts     Net  mln vs  mln     Sales  billion vs  billion     Year     Shr  dlrs vs  dlrs     Net  mln vs  mln     Sales  billion vs  billion  Reuter 
Qtly div six cts vs five cts     Net  vs      Sales  mln vs  mln     Avg shrs  vs      Year     Shr  cts vs  dlrs     Net  vs      Sales  mln vs  mln     Avg shrs  vs      NOTE  year net includes gain  dlrs frol life insurance on deceased director      quarter net includes  dlr tax credit  Reuter 
Franklin Resources Inc said it formed three mutual funds that free Pennsylvania residents of taxes levied by the states counties on stocks bonds and mutual fund shares     The funds include the Franklin Pennsylvania Investors US Government Securities Fund which invests in Ginnie Mae securities and the Franklin Pennsylvania Investors High Income Fund investing in highyield corporate bonds Both funds pay monthly dividends     The Franklin Pennsylvania Investors Equity Fund invests in stocks of US companies and pays semiannual dividends   Reuter 
Qtly div  cts vs  cts prior     Pay May One     Record April One  Reuter 
Cincinnati Bell Inc said its board declared a twoforone stock split subject to two thirds approval at the annual meeting on April  of an increase in authorized common shares to  mln from  mln     It said the split would be payable May  to holders of record May Five  Reuter 
BRT Realty Trust said it raised its quarterly dividend to  cts a share from the  cts paid in the previous quarter     It said the dividend is payable March  to shareholders of record March      BRT also said it filed a registration statement with the Securities and Exchange Commission for the public offering of  mln shares of common stock     BRT which has about  mln common shares currently outstanding said Merrill Lynch Capital Markets will be the sole manager of the offering  Reuter 
Universal Health Realty Income Trust which recently went public said its board has declared an initial quarterly dividednd of  cts per share payable MArch  to holders of record March   Reuter 
Shr six cts vs  cts     Net  vs      Revs  vs      st half     Shr nine cts vs  cts     Net  vsd      Revs  vs   Reuter 
Shr  cts vs  cts     Net  vs      Revs  vs   Reuter 
Oper shr one ct vs one ct     Oper net  vs      Revs  mln vs  mln     Year     Oper shr five cts vs  cts     Oper net  vs      Revs  mln vs  mln     NOTE  net excludes tax credits of  dlrs in quarter and  dlrs in year     Results reflect acceleration of depreciation on certain classes of mining equipment that resulted in the assets being fully depreciated in   Reuter 
The Association of International Bond Dealers AIBD said it will cooperate with major clearing agencies Cedel and Euroclear on a eurobond trade confirmation and matching system to come into force by September this year     The system designed to give market participants a fast and reliable way of checking whether transactions are matched will initially cover reporting of confirmed and mismatched trades     It will include recording additional trade data checking comparison and matching any new elements but will only apply initially to delivery against payment transactions AIBD said     The AIBD said in a statement it would be responsible for developing suitable rules to back up the two clearing systems when they introduce their new matching matching facilities and confirmation systems by September this year     Euroclear and Cedel intend to bring a trade dateplusone matching capacity reporting on a given day on trades entered by  London time designed to work with a planned AIBD rule requiring the entry of previous days trades by that time     The confirmation system covering critical trade data is designed to aid the trader and the settlements department and also reduce trading risks in volatile markets AIBD said  Reuter 
Western Digital Corp said it signed a licensing agreement under which it will sell an electronic mail software package from ltConsumers Software Gilroy Calif     Western Digital said the software package named Network Courier allows computer users operating on a local area network to exchange messages and files without having to exit their current applications     Western Digital said the agreement marks its intention to widen the market for local area network products by selling specific applications rather than components  Reuter 
Midway Airlines Inc said will begin to serve several new cities in the United States this year starting April five with new flights to Atlanta from Chicago     The carrier will fly three daily Atlanta flights out of Chicagos Midway Airport using two new airplanes and aircraft acquired from KLM  Reuter 
Foothill Group Inc said its Foothill Capital Corp unit arranged the private placement of  mln dlrs in senior debt and  mln in senior subordinated debt     The senior and senior subordinated debt was purchased by institutional lenders and will bear interest at  pct and  pct respectively Foothill said     It said completion of the transaction will increase the companys capital funds to  mln dlrs  Reuter 
Shr eight cts vs one ct     Net  vs      Sales  vs      Six Mths     Shr  cts vs one ct     Net  vs      Sales  mln vs  mln  Reuter 
Western Union said John Pope Jr has been elected president of the telegraph company and executive vice president of the corporation     Western Union said Pope formerly the executive vice president of the company succeeds Robert Leventhal     The company said Leventhal will remain chairman and chief executive officer of the corporation and company the prinipal subsidiary of Western Union Corp  Reuter 
Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     NOTE Results restated for change to FIFO inventory accounting from LIFO which reduced  net  dlrs or five cts a share  Reuter 
ltChurchill Communications Corp said it signed an agreement under which it will sell and service Western Union Corps telex electronic mail and long distance services to customers not directly assigned to Western Union representatives     Churchill a privately held firm that processes electronic mail services said the agreement extends for two years with options for renewal  Reuter 
Combustion Engineering Inc said it won a contract worth more than  mln dlrs for parts and services for a  megawatt coalfired power plant run by the China National Technical Import Corp     It said it will supply plant engineering steam generator components and air quality control systems Initial delivery is set for early   Reuter 
Alcan Aluminium Ltd said its board declared a threefortwo stock split subject to shareholder approval at the April  annual meeting     The company said the split would be payable to shareholders of record on May Five and the split would take effect at the close of business on that date New certificates will be issued around June Five  Reuter 
Shr  cts vs nine cts     Net  vs      Sales  mln vs  mln     Avg shrs  vs      Year     Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     Avg shrs  vs   Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln      mths     Shr  dlrs vs  cts     Net  mln vs  mln     Revs  mln vs  mln  Reuter 
Commercial Credit Co said it has completed the sale of its domestic vehicle leasing unit McCullagh Leasing Inc the New England Merchants Leasing Corp for an aftertax gain of  mln dlrs     Commercial Credit said it received  mln dlrs and the repayment of  mln dlrs in debt for McCullagh  It said its Canadian vehicle leasing unit Commercial Credit Corp Ltd will also be sold to New England Merchants with closing expected in March subject to Canadian regulatory approval  Reuter 
Shr  cts vs five cts     Net  vs      Revs  mln vs  mln     Year     Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     NOTE Net includes tax credits of  dlrs vs  dlrs in quarter and  dlrs vs  dlrs in year     Year net includes gains on sale of assets of  cts shr vs  cts shr  Reuter 
OPEC president Rilwanu Lukman accused oil market manipulators of drawing down their own stocks and spreading rumours to give the impression OPEC was breaking its  mln barrels per day output ceiling set last December     Lukman told reporters the aim was to pull prices below the  dlrs per barrel reference level set by OPEC     People are playing a waiting game to test the will of OPEC by drawing down more on their stock than normal and this is having the effect of giving an apparent excess supply on the market which we know is not real Lukman said     Lukman Nigerias oil minister said that despite probable minor deviations by one or two member countries basically OPEC is producing around what it said it would produce     After OPECs price and production accord last December the market firmed steadily but spot prices fell in the last week to around  dlrs Industry reports estimated the organization was producing up to one mln bpd above its ceiling during February     But Lukman was confident OPEC would maintain its discipline in view of past experience We have the experience of what happened in  behind us when violations of agreements led to the collapse of the market he said     Lukman was in Kingston as a guest of the stateowned Petroleum Corp of Jamaica  REUTER 
Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     Six mths     Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     Avg shrs  vs   Reuter 
Epitope Inc said its board of directors has authorized a threeforone common stock split for which shareholder approval is expected in the next two weeks     The company announced a twoforone split last week but said the board reconvened and agreed to change it to a threeforone split     Epitope is involved in the production of monoclonal antibodies for diagnostic and therapeutic use in AIDS and other immunological diseases  Reuter 
Shr  cts vs  cts     Net  vs      Revs  vs       mths     Shr  cts vs  cts     Net  vs      Revs  mln vs  mln  Reuter 
The following proposed securities offerings were filed recently with the Securities and Exchange Commission     Rockwell International Corp ltROK  Shelf offering of up to  mln dlrs of debt securities on terms to be determined at the time of the sale in addition to another  mln dlrs of debt securities already registered with the SEC but unsold     Pennsylvania Power and Light Co ltPPL  Shelf offering of up to  shares of series preferred stock on terms yet to be determined through an underwriting group led by First Boston Corp     Rollins Environmental Service Inc ltREN  Offering of  shares of common stock through Merrill Lynch Capital Markets     Quaker Oats Co ltOAT  Shelf offering of up to  mln dlrs of debt securities on terms to be set at the time of the sale through Goldman Sachs and Co and Salomon Brothers Inc     Paine Webber Group Inc ltPWJ  Offering of  mln shares of convertible exchangeable preferred stock through and underwriting group led by its PaineWebbber Inc subsdiary  Reuter 
Oper shr profit six cts vs loss  cts     Oper net profit  vs loss      Sales  mln vs  mln     Year     Oper shr profit  cts vs profit three cts     Oper net profit  vs profit      Sales  mln vs  mln     NOTE Operating net excludes loss of  dlrs vs profit  dlrs in quarter and profit  dlrs or two cts a share vs profit  dlrs or one cent a share in year from net operating loss carryforwards  Reuter 
Southern New England Telecommunications Inc said it completed the installation of a multimillion dlr telecommunications system for United Technologies Corps Pratt and Whitney unit     The company said the system is built around the American Telephone and Telegraph Co ltT ESS switch which has the capacity to provide telephone service to a medium sized city  Reuter 
Shr loss eight cts vs loss three cts     Net loss  vs loss      Revs  vs      Year     Shr loss  cts vs loss  cts     Net loss  vs loss      Revs  vs                  Reuter 
Shr nine cts vs nine cts     Net  vs      Sales  vs      st half     Shr  cts vs  cts     Net  vs      Sales  vs   Reuter 
Interface Flooring Systems Inc said it has filed for an offering of  Class A common shares through underwriters led by RobinsonHumphrey Co Inc and PaineWebber Group Inc ltPWJ     The company said as previously announced it will use proceeds to finance a tender offer to acquire the  pct of Debron Investments PLC it does not already own and to repay debt  It said if it acquires all of Debron it will repurchase  Class A shares now owned by Debron and hold them in its treasury  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     Year     Shr  dlrs vs  dlrs     Net  vs      Revs  mln vs  mln  Reuter 
Scottys Inc said sales for the four weeks ended February  rose five pct to  mln dlrs from  mln dlrs for the corresponding period last year     Scottys said sales for the  weeks ended February  totaled  mln dlrs up six pct over sales of  mln dlrs for the same period in      The company which operates  stores said sales were up in both the consumer doityourself and professional builders markets  Reuter 
Standard Oil Co said it will issue at par  mln Swiss francs of noncallable year notes with an annual coupon of  pct and detachable currency warrants     Credit Suisse will lead manage the issue Payment date is March      Each  Swiss franc note will carry a warrant entitling the holder to sell  francs for dollars at an exchange rate of  per dollar The warrants are exercisable weekly from March   until March   The dollar was trading today between  and  francs  Reuter 
Shr loss  cts vs  dlrs     Net loss  vs loss      Revs  vs      Avg shrs  vs      Note  net includes loss from discontinued operations of  or four cts a share  Reuter 
Shr  cts vs  dlrs     Net  mln vs  mln     Revs  mln vs  mln     Note  net includes  mln dlr or  dlr shr writedown of investment in ltCanada Northwest Energy Ltd vs yrago extraordinary loss of  cts shr net fig not given  Reuter 
Albertsons said it plans to open  to  new stores during  and remodel about  stores     This compares to  new store openings in  and  remodelings     Albertsons a grocery chain said total capital expenditures for these projects will be in excess of  mln dlrs in   Reuter 
Pall Corp said sales for the second quarter ended January  were up  pct to  mln dlrs from  mln dlrs a year before and orders were up  pct to  mln from  mln     For the first half it said sales were up  pct to  mln dlrs from  mln dlrs a year before with orders up  pct to  mln from  mln  Reuter 
Standard and Poors Corp said it upgraded  mln dlrs of debt of Navistar International Corp and its unit Navistar Financial Corp     Raised were the companies senior debt to BB from B and subordinated debt to Bplus from CCCplus     S and P cited Navistars recent issuance of  mln shares of common stock and planned redemption of  mln dlrs of debt The recapitalization would save Navistar about  mln dlrs in annual interest expense the rating agency said     However the ratings remain speculative because of severe pricing pressures in the trucking industry S and P stressed  Reuter 
Qtr ended Jan      Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     Nine mths     Shr  dlrs vs  dlrs     Net  vs      Revs  mln vs  mln     Note Net includes gain from sale of land of  dlrs or  cts a share for the nine mths  Reuter 
Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     st half     Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     Avg shrs  vs   Reuter 
Shr profit six cts vs profit eight cts     Net profit  vs profit      Revs  vs      Avg shrs  vs       mths     Shr loss  dlrs vs profit  cts     Net loss  vs profit      Revs  mln vs  mln     Avg shrs  vs   Reuter 
Thousands of Spanish farmers battled police in this northeastern city during a march to demand a better deal from the EC protest organisers said     The farmers traded stones for tear gas and rubber pellets and occupied local government buildings in Saragossa     In the southern city of Malaga citrus growers dumped more than  tonnes of lemons on the streets to protest against duties levied by the EC against their exports     Spain joined the community in January last year and farmers say they have suffered competition from EC imports without sufficient compensation  Reuter 
Tandem Computers Inc said the Telaction Corp unit of JC Penney Co Inc ltJCP selected the Tandem NonStop computer system for a new interactive home shopping system scheduled to go into operation during the summer     Tandem said the new system will be the first consumer controlled home shopping and information service delivered by cable television     The Telaction service will be initially available to more than  households in the Chicago test area Tandem also said  Reuter 
Shr  cts vs  dlrs     Net  vs      Sales  vs  mln     NOTE Prior year net includes gain  dlrs or  dlrs shr on sale of West Paces Racquet Club     Current year net includes  ct shr extraordinary gain  Reuter 
Murgold Resources Inc said the number three vein zone at its Timmins Ontario property yielded partial assay results of  ounces gold a short ton across an average width of  feet and length of  feet     It said many of the individual assays were more than one ounce a ton but had not been cut     The company said these results were expected because the structure was known from previous drilling as a narrow but very highgrade gold vein Its known length is  feet and will be explored and tested as part of the underground work Murgold said  Reuter 
Chrysler Corp ltC will begin exporting vehicles before the end of this year to Europe the worlds second largest market which it left in      Robert Lutz executive vice president told a news briefing After a lapse of almost nine years Chrysler is about to reenter the European market And we are here to stay     Michael Hammes vice president of international operations said Chrysler planned to market a few hundred vehicles by year end By the end of  we hope to reach  The first cars would be sold in West Germany Austria and Switzerland he said     The European base would be in West Germany but no final decision had been made on other sites     The company will not set up its own dealer franchises but intends to work through distributors who will wholesale the vehicles to a franchised dealer organisation     Lutz commented We prefer to export to Europe rather than manufacture here because it will allow us to take full competitive advantage of the favourable exchange rates due to the declining value of the dollar     The vehicles on show at this weeks Geneva motor show include Chrysler LeBaron Turbo coupe and convertible the Dodge Lancer ES fourdoor hatchback the Dodge Shadow ES compact the Plymouth Voyager miniwagon and the Dodge Daytona Shelby Z     Chrysler is aiming for the mainstream European buyer who appreciates sporty cars with  litre engines officials said     Prior to negotiating a loan guarantee program with the US Government in  Chrysler sold its European operations to Peugeot SA ltPEUPP Chrysler now owns  pct of Mitsubishi Motors Corp ltMIMTT and  pct of ltMaserati which may serve as European distribution channels in future Hammes said  Reuter 
The US Delegation at the International Coffee Organization ICO talks on export quotas is planning to leave tomorrow morning but will ask a representative from the US Embassy in London to attend the negotiations if they continue a US Spokesman said     One delegate said If the US Delegation is going home and the Brazilians are not budging then theres no negotiation     A full ICO council meeting is set for  hours local for a progress report Opinions among delegates over the potential for reaching an agreement vary widely and several delegates have said the chances of success were almost impossible to gauge  Reuter 
Ford Motor Cos program to introduce airbags in its compact cars is facing widespread resistance from both consumers and dealers a trade paper said     As of February  Automotive News said Ford dealers had sold only  model Ford Tempos equipped with airbags and  similarlyequipped Mercury Topaz models compared with more than  of the standardequipped compact models     Ford has projected output of  Tempo and Topaz models equipped with airbags in the  model year but Automotive News said the current inventory of unsold cars represents a disastrously high year supply at current selling rates     Most of Fords sales of the compact cars equipped with air bags have been made to fleet buyers such as the US government the paper said with  having been sold since they were announced in late      Ford executives recently said their goal is to sell annually between  and one mln cars equipped with air bags by  if the federal government will relax certain regulatory standards as has been urged by some traffic safety administrative staff      Reuter 
Murgold Resources Inc said the number three vein zone at its Timmins Ontario property yielded partial assay results of  ounces gold a short ton across an average width of  feet and length of  feet     It said many of the individual assays were more than one ounce a ton but had not been cut     The company said these results were expected because the structure was known from previous drilling as a narrow but very highgrade gold vein Its known length is  feet and will be explored and tested as part of the underground work Murgold said  Reuter 
Standard and Poors Corp said it downgraded to Aplus from AAminus about  mln dlrs of senior debt of PACCAR Inc and its unit PACCAR Financial Corp     S and P said PACCAR has experienced earnings weakness But the company remains profitable and should achieve significant cost reductions from its recent shut down of two assembly plants S and P noted     The rating agency pointed out that price discounting has eroded some of PACCARs pricing advantage in the premium custombuilt segment of the trucking industry which is PACCARs traditional market niche  Reuter 
Standard and Poors Corp said it placed on creditwatch with negative implications Mack Trucks Incs  mln dlrs of BBplus senior debt     S and P said Mack lost significant market share in heavy duty trucks last year Through the nine months ended September   the companys pretax loss before restructuring costs equity income and extraordinary items widened to  mln dlrs from  mln dlrs in the year earlier period it noted     S and P withdrew the BBplus ratings on the unit Mack Financial Corps  pct debentures due  and  pct debentures of  as they were called for redemption  Reuter 
More than two mln tonnes of surplus maize dotted across Zimbabwe in huge piles is posing an economic headache for the country     The grain Southern Africas staple has been bought by the Grain Marketing Board GMB at prices guaranteed before it was planted and is costing the GMB about  mln dlrs a month in storage and interest payments to make the purchases     Accumulated over the past two years of bumper harvests the surplus represents about two years of domestic consumption and is set to grow as further deliveries are due shortly     Some deals have been made with aid donors such as European countries and Australia to provide Zimbabwe with wheat in return for maize sent to neighbouring Mozambique where the United Nations has urged greater world efforts to feed the hungry     But transport constraints keep those figures low and the only significant dent was a sale of  tonnes to South Africa last year     Because of the costs it has incurred the GMB cannot afford to give the maize away and the standard  kg bags have been accumulating economists here said     But failure to find buyers on glutted world grain markets is damaging Zimbabwe as it needs foreign exchange to finance imports for other areas of the economy the economists added     At present it is a nowin situation Let us hope some of the extra aid UN Secretary General Javier Perez de Cuellar called for at the weekend will be spent here a Western aid specialist said     At least this years poor rains havent exacerbated the situation too badly he added Rainfall during the current rainy season has been far below average ravaging all but the irrigated lands of large commercial farmers     While this may curb the amount of maize delivered this year to the GMB the government also acted late last year to slash maize production and force diversification     Calling for a switch to other crops such as oilseeds Agriculture Minister Moven Mahachi said an economicallyviable price of  dlrs a tonne would be paid this year for only half the amount of maize bought by the GMB in  and above that growers would be paid an unprofitable  dlrs     The poor rains have also adversely affected other crops such as sorghum soybeans groundnuts tobacco and cotton the Agriculture Ministry reported at the end of February  Reuter 
US semiconductor manufacturers struggling to stem a river of red ink are increasingly looking toward customized designs rather than massmarket chips for future profits     The market for customized chips  semiconductors designed for a very specific application or product  is expected to expand by  to  pct this year compared with only about six pct for the entire integrated circuit industry      Market researcher Dataquest Inc estimates that sales of customized chips totaled about  billion dlrs worldwide last year about  pct of the total chip market By  however customized chips are expected to represent a  billion to  billion dlr market about  pct of total chip sales     More important for their vendors because they are not a standard design customized chips represent a sellers market and prices and profit margins can be set accordingly     High volume memory chips have become a perfect commodity market Robert Brodersen a professor of electrical engineering at the University of California at Berkeley told an industry forum     The product is interchangeable between one manufacturer and another and customers base their buying decisions almost entirely on price Brodersen said      He predicted that in the next few years only a handful of the worlds largest chip manufacturers most of them Japanese will produce memory chips the standard electronic component found in everything from digital watches to computers The rest of the industry just wont be involved     Last weeks International Solid State Circuits Conference the chip industrys annual forum for new developments seemed to support Brodersens prediction      Of the  papers presented at the conference some  pct had Japanese authors the first time they have outnumberd the United States Most of the Japanese chip designs were in the memory category including Nippon Telephone and Telegraph Cos attentiongrabbing  mln bit dynamic random access memory dram chip  times more powerful than anything now available     The most advanced memory chip described by a US company was International Business Machine Corps ltIBM four mln bit chip and IBM only manufactures chips for its own internal use not for the open market     The problem with memory chips is that they are all based on the same well known design standards so they are easy to copy and inexpensive to manufacture Because such large Japanese conglomerates as Sony Corp ltSNE NEC Corp ltNIPNY Matushita and Mitsui have their own enormous consumer and electronics product lines they also have a guaranteeed internal market for their chips so they can produce huge amounts at a very low cost per unit     Customized chips however are designed for a specific customer manufactured in small quantities and expensive relative to standard chips Computer markets are increasingly looking to customized chips because they are difficult to copy thus making the final product harder to clone as well     Intel Corp ltINTC the leading manufacturer of the microprocessors that form the brains of most computers alerted the industry to its intention to switch to customized chips last fall     The company which just reported a loss for  said it will spend  mln dlrs over the next three years to turn itself into a leading manufacturer of custom and semicustom chips     Intel joins some  companies already competing for a piece of the customized chip business but it has an advantage that the others do not IBM which owns a  pct stake in Intel has agreed to share the designs for many of the  chips it makes for its own use Intel will customize those designs and sell them to others     It will also get to use IBMs proprietary computer system for designing chips considered by experts to be one of the most advanced in the world     Intels success is still not guaranteed however Industry analysts noted that it is far different to design a mass market item than a customized chip that requires a close working relationship with the customer     Intel spent five years and  mln dlrs developing its newest  microprocessor A much faster turnarouond time and much lower development costs will be required for customized chips if the firm is to succeed  Reuter 
Continental Illinois Corp settled an administrative complaint by the Securities and Exchange Commission by agreeing to recharacterize  mln dlrs previously reported in the second quarter  as a loss of sale on loans     Under the settlement which was announced simultaneously with the filing of the SECs administrative action Continental agreed to restate earlier financial reports to single out the  mln dlrs as a separate loan loss item instead of lumping it together with another item The bank holding company said the change does not affect its operating results for      The SEC stressed in the complaint that it was not challenging Continentals reported net loss for the second quarter of      But it said it was misleading for the bank to split the  mln dlr loan loss provision in half attributing  mln dlrs of it to the event of sale     The  mln dlrs should have been part of a  mln dlr billion dlr loan loss provision required by the Office of the Comptroller of the Currency the SEC said     Continental had originally listed  mln dlrs of the loan loss provision as a credit loss and another  mln dlrs as a loss on sale of loans the SEC said     It was misleading for the bank to list the  mln dlrs as loss on sale which implied the loss would not have occurred had there not been a sale of distressed loans to the Federal Deposit Insurance Corp the SEC said     The bank should have listed  mln dlrs as a credit loss instead of  mln dlrs and should not have charecterized the other  mln dlrs as a provision for loss on sale of loans the SEC said     Continental agreed to the settlement with the SEC without admitting or denying any violations the SEC said     But it agreed to restate its  financial statements to accommodate the SECs objections and to report to its shareholders a summarized version of the SECs administrative action against it the agency said     A Continental official stressed that the settlement in no way will result in any change or restatement of the companys earnings for that period  Reuter 
Shr  cts vs  cts     Net  vs      Revs  vs   Reuter 
Morrison Knudsen Corp said its National Projects Inc subsidiary was awarded a contract worth about  mln dlrs for construction of improvements at the US Navys Fallon Naval Air Station in Nevada     The company said the work scheduled for completion in Early  involves revamping of the bases utility systems paving of a runway apron contruction of a control tower and aircraft hanger and improvements on the base target range  Reuter 
Oper shr eight cts vs five cts     Oper net  vs      Sales  vs      Year     Oper shr  cts vs  cts     Oper net  vs      Sales  mln vs  mln     NOTE Net excludes discontinued operations losses  dlrs vs  dlrs in quarter and loss  dlrs vs gain  dlrs in year      year net excludes gain  dlrs from change in accounting for investment tax credits     Share adjusted for August   pct stock dividend  Reuter 
Molecular Biosystems Inc said it announced new SNAP DNA Probe Kits for the detection of rotavirus and malaria     The company said it also introduced the Extractor a new DNARNA sample preparation column     The company based in San Diego Calif said the Extractor dramatically simplifies the isolation and purification of DNA and RNA from actual clnical samples  Reuter 
Ended Jan four     Shr loss  cts vs loss  cts     Net loss  vs loss      Revs  vs      Year     Shr loss  cts vs loss  dlrs     Net loss  vs loss      Revs  vs  mln  Reuter 
Western Digital Corp said it is adding the Network Courier an electronic mail software package by Consumers Software to its Local Area Network LAN products     The company said The Network Courier allows LAN users to exchange messages and complete files without having to exit their current applications and to exchange mail and files with remote networks  Reuter 
Oper shr loss three cts vs profit  cts     Oper net loss  vs profit      Sales  mln vs  mln     Avg shrs  mln vs  mln     Year     Oper shr profit  dlrs vs profit  dlrs     Oper shr diluted profit  dlrs vs profit  dlrs     Oper net profit  mln vs profit  mln     Sales  billion vs  billion     Avg shrs  mln vs  mln     Avg shrs diluted  mln vs  mln     NOTES Results include American Can Packaging Inc and National Can Corp from acquisition on Nov   and April   respectively      th qtr oper results reduced  mln dlrs or  cts a share by retroactive elimination of investment tax credits      operating profit includes gains of  mln dlrs or  cts a share in quarter and  mln dlrs or  cts a share in year from sale of investments     Operating net excludes loss of  dlrs or three cts a share vs profit  dlrs or two cts a share in quarter and loss  dlrs or four cts a share vs profit  dlrs or  cts a share in year from discontinued operations      operating results also exclude charges of  dlrs or five cts a share in quarter and  mln dlrs or  dlrs a share in year from early extinguishment of debt  Reuter 
Moodys Investors Service Inc said it lowered the ratings on about  mln dlrs of Fluor Corps longterm debt and commercial paper     Moodys said the action which completes a review begun February  reflects expectations that pressure on earnings and cash flow are likely to continue for some time     This will result in stress on debtprotection measures although the firms continuing core businesses have strong positions within their industries Ratings cut include those on senior notes Eurobonds and pollution control bonds to BA from BAA and commercial paper to notprime from prime  Reuter 
Oper shr five cts vs  cts     Oper net  vs      Revs  mln vs  mln     Avg shrs  vs      Year     Oper shr  cts vs  cts     Oper net  vs      Revs  mln vs  mln     Avg shrs  vs      NOTE Net excludes discontinued TGC Industries Inc operations nil vs gain  dlrs in quarter and loss  dlrs vs gain  dlrs in year  Reuter 
Electronic Control Security Inc said an initial public offering of  units is under way at  dlrs each through underwriters led by Jersey Capital Markets Group Inc  Reuter 
Shr  cts vs  cts     Shr diluted  cts vs  cts     Net  vs      Sales  mln vs  mln     NOTE Results include BMD of New England Inc from September   purchase  Reuter 
Tylan Corp said it renewed its eight mln dlr annual credit agreement with Bank of America and First Los Angeles Bank     The agreement includes a revolving credit line and a term loan through December   both of which are secured by the assets of the company Tylan said     It said both lines bear interest at one pct over the prime rate subject to upward adjustment based on certain contingencies     Terms of the agreement include warrants for the banks to buy up to  Tylan shares the company also said  Reuter 
Nacco Industries Inc said a group of utilities called the Capco group has taken actions to exercise its option to acquire the Quarto Mining Co unit of Naccos North American Coal Co     The purchase would be for about  mln dlrs and would if completed generate a substantial capital gain for Nacco the company said The price is equal to the value of coal reserves contributed to Quarto by North American Coal     In  Quarto produced about  mln tons of coal and net earnings of  mln dlrs Nacco said     Capco is a group of utilities that includes Ohio Edison Co ltOEC and Centerior Energy Corp ltCX  Reuter 
Porsche AG said its Porsche Cars North America Inc affiliate will raise prices of  models starting with vehicles produced after April  an average of three pct on base prices and  pct on all options     It said new prices are  dlrs for the S up from  dlrs  dlrs for the  up from  dlrs  dlrs for the S up from  dlrs  dlrs for the  Turbo up from  dlrs  dlrs for the  Coupe up from  dlrs  dlrs for the  Targa up from  dlrs and  dlrs for the  Cabriolet up from  dlrs     The company said it also raised prices to  dlrs for the  Turbo Coupe up from  dlrs to  dlrs on the  Turbo Targa up from  dlrs to  dlrs on the  Turbo Cabriolet up from  dlrs and to  dlrs on the S  up from  dlrs  Reuter 
Valley Federal Savings and Loan Association said it appointed Joseph Biafora to the post of chairman and the companys president Donald Headlund was named to the additional post of chief executive     The new appointments follow the death of former chairman and chief executive Robert Gibson the company said     It said Biafora had been vice chairman of the board  Reuter 
Federal regulators said Dean Witter Reynolds Inc the brokerage subsidiary of Sears Roebuck and Co agreed to a censure to settle charges that it failed to fully report cash transactions     In a complaint which was issued simultaneously with the settlement the Securities and Exchange Commission charged Dean Witter the fourth largest US brokerage house with failing to report more than one mln dlrs of cash transactions     In its administrative complaint the SEC stressed that was not charging Dean Witter with taking part in a scheme to launder cash     But it said it found  single lump sum cash deposits in excess of  dlrs made with Dean Witters branch offices and another three multiple cash deposits made by a customer on a single day which totaled more than  dlrs The total unreported cash was  dlrs the agency said     Federal law requires brokerage firms and banks to report to the Treasury Department all cash deposits greater than  dlrs     After examining seven pct of the Dean Witters branch offices between July  and April  the SEC said it found that the firm reported  dlrs in cash deposits each of which had been greater than  dlrs but failed to report another  dlrs     Besides agreeing to the censure Dean Witter agreed to tighten its oversight of its branch offices     Another major brokerage firm EF Hutton Group Inc recently disclosed in an SEC filing that a federal grand jury in Providence RI was probing its compliance with cash deposit reporting requirements at its Providence office  Reuter 
BankEast Corp said it has completed the acquisition of United Banks Corp in an exchange of  BankEast shares for each United share     It said the acquisition is worth about  mln dlrs  Reuter 
US tin disposals should have little effect on an agreement reached last weekend by tin producing countries to limit group exports to  tonnes in the year started March  a government official said     The agreement by the sevenmember 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 dont think that the US government has a large influence in the tin market at this stage of the game said Thomas ODonnell Director of International Commodities at the State Department Last year the United States released about  tonnes of tin to two ferroalloy firms  Reuter 
Banner Industries Inc said it plans to accept for payment after the close of business today all the common shares of Rexnord Inc that were tendered under its  dlr per share tender offer     Banner said its offer for all of the roughly  mln shares of Rexnord it did not already own expired last Friday and will not be extended     Based on a preliminary count about  mln Rexnord shares were tendered under the offer Banner said     Combined with the roughly five mln shares it already holds Banner said it will own about  pct of Rexnords shares     Banner said last Friday that it had arranged bank credit to finance most of the tender offer and the subsequent merger with Rexnord under which remaining Rexnord holders may receive  dlrs a share     It said the balace of the funds will be obtained through a private placement for which Drexel Burnham Lambert Inc is acting as agent     Banner said it expects to complete the merger with Rexnord within  days  Reuter 
American Nursery Products Inc said it has purchased Heinis Nursery Inc of Miami which grows indoor foliage plants for wholesale distribution and had sales of  dlrs for the year ended August      Terms were not disclosed  Reuter 
The US Department of Transportation DOT has concluded that a ban on smoking on all domestic airline flights is not justified at this time     The department made known its conclusions in a report to Congress made public today on a recommendation by the National Academy of Sciences that such a ban be adopted     We agree that exposure to environmental tobacco smoke could be viewed as a problem by some crew and passengers However we believe that further study is needed before the department can propose a definitive response to this recommendation the DOT report said     The National Academy of Sciences NAS had studied the issue of smoking on airlines under a DOT grant     It recommended a ban in August after concluding that tobacco smoke when confined to an airliners cabin posed potential health hazards to cabin crew members irritated  passengers and crew and created a risk of fires     The DOT said more study was needed of the health effects of environmental tobacco smoke and of the concentration and distribution of pollutants on various aircraft types     It also called for more study of possible changes in aircraft ventilation systems and said it wanted to spend more time considering whether a ban should be extended to  international as well as domestic flights  Reuter 
American Motors Corp said it will take steps to build a proposed new jeep vehicle at an unspecified alternative location after the weekend breakdown of talks with the United Automobile Workers union on a concessionary contract covering workers at AMCs Wisconsin operations     AMC spokesman Lloyd Northard told Reuters that the company will not build its new Jeep ZJ sports utility vehicle at its Kenosha Wisc assembly plant as a result of the talks failure     We sincerely regret this outcome but the responsibility for it rests entirely with the local union bargaining committees the company said in a statement     We will therefore initiate the actions necessary to place the new Jeep product in an alternative location rather than at Kenosha     UAW officials said during the weekend they did not regard the collapse of talks as final after the companys final proposal on a new contract was unanimously rejected by union bargainers     But AMC said the unions rejection of its concessions package means that plants in Kenosha and Milwaukee will lose  jobs because the assembly complex in Kenosha will not be getting new work as had been proposed with a new contract     This unfortunate outcome demonstrates the difficulty of maintaining existing working and bringing new work to existing US operations AMC said     Asked if the company considered the decision to phase out the Kenosa plant by  as previously detailed to be final Northard said If the union came to us and said they would accept our final proposal thats another matter     But the company charged bargainers for UAW Locals  and  had reneged on commitments for a new agreement with lower labor rates made in  when the union locals negotiated a concessionary agreement covering AMCs Wisconsin operations     AMC which last week reported its first profitable quarter in two years said it wanted a contract for the plants with labor rates and work rules comparable to agreements between the UAW and Japanese automakers operating in the US     Wall Street investors reacted to the AMCUAW impasse by driving down AMCs stock price In active trading AMC was off  to  a  pct decline since Fridays close      Reuter 
Archive Corp said it signed an agreement under which ltMicroamerica a valueadded reseller of personal computers peripherals and supplies will distribute its Archive XL tape drive    Archive said Microamerica will carry both models of the XL drive a megabyte inch drive based on the QIC standard that is compatible with the IBM PCXT and PCAT PCs  Reuter 
InSpeech Inc said it has acquired Northwest Rehabilitation Inc and Len M House and Associates and United Rehabilitation Inc for undisclosed terms     Northwest provides physical therapy services and has annual sales of about six mln dlrs and Houyse provides speech therapy services and has annual sales of about  dlrs  Both are based in Minneapolis  Reuter 
Status Game Corp said it is introducing a new Video Bingo game that enables the player to buy up to four bingo cards and at the same time play against computer simulated bingo games  Reuter 
Bayer AG of West Germany said it has acquired Wyrough and Loser Inc of Trenton a maker of rubbr processing chemicals for undisclosed terms     It said its Mobay Corp subsidiary will transfer its entire US RheinChemie Rheinau GmbH specialty chemicals business for the rubber plastics and lube oil industries to Wyrough and Loser later this year  Reuter 
Eagle Entertainment Inc said it signed a year management and consulting agreement with  pct owned ltPerformance Guarantees Inc to manage the affiliates business and retain  pct of its revenues     PGI provides independent film producers and their investors or lenders with completion bonds which guarantee that a film will be completed and delivered within budget and on schedule  Reuter 
Deputy oil ministers of the sixnation Gulf Cooperation Council GCC ended a meeting here after discussing coordination and cooperation in the oil field the Bahrainbased Gulf News Agency GNA said     The deputy ministers who declined to talk to reporters on the outcome of the  minute formal session later concluded a round of informal talks     The GCC groups four OPEC members  Saudi Arabia Kuwait Qatar and the United Arab Emirates   and nonOPEC nations Bahrain and Oman     Before the formal session had begun chairman Yousef Shirawi Bahrains Development and Industry Minister told reporters the gathering was a followup to talks held last Sunday in Qatar at full ministerial level     GNA gave no details on the outcome of todays talks     It said only The deputy ministers discussed current developments in the oil market particularly those relating to production and prices     The meeting in Qatar had reaffirmed the six Gulf Arab countries commitment to OPECs pricing and production accord forged in December last year     It also discussed ways of marketing crude oil on behalf of those GCC states encountering resistance to official OPEC prices     Oil industry sources have said Qatar has faced particular difficulty in selling its full quota of production  Reuter 
Apple Computer Inc and AST Research Inc said they are offering two products that allow MSDOS software compatibility with Apples new Macintosh SE and Macintosh II     Apple understands the importance of information sharing in multiple vendor environments said Apple Chairman John Sculley at a seminar where the new products were released     The products allow the new Macintosh computers to run MSDOS applications in a window at the speed of an IBM PCXT and IBM PCAT     The products will require an external MSDOS drive which Apple also announced today     Apple also introduced a host of other products including storage devices memory upgrade kits keyboards and two display monitors     In addition it announced jointly with Dow Jones and Co ltDJ and MCI Communications Corp ltMCIC new electronic mail software called Desktop Express that lets users send graphic documents over telephone wires  Reuter 
Noland Co said February sales were off  pct to  mln dlrs from  mln dlrs a year earlier with yeartodate sales off  pct to  mln dlrs from  mln dlrs     The company blamed extremely disruptive winter weather in many of its markets  Reuter 
The major US Government bond brokers are likely to give in to pressure from regulators and investors within the next  months making their directdealing screens available to many of those firms that are not now eligible to receive them said Richard Lacy Chairman of Exco International Inc     Earlier today Exco said it purchased an  pct interest in RMJ Holdings Corp one of the largest of the four bond brokers that dominate the business     In a telephone interview Lacy said Within  months we think the number of players will be expanded     Currently the four major brokers will sell their directdealing screens to only primary dealers in US Government securities or those that have applied to the Federal Reserve Bank of New york to become a primary dealer     The US Justice department is looking into whether limiting access to the screens to just a small group of dealers is a violation of US Antitrust laws     Primary dealers of which there are now  are an elite group of firms approved to buy Treasury securities directly from the Fed     But Lacy said that any agreement to expand access to the brokers directdealing screens is likely to be not as farreaching as some would like Instead of making screens available to any firm willing to pay for one he said it is more likely that a second tier will be established     He also said that RMJ is not willing to break away from the group of bond brokers and be the only firm to make its screens widely available to any one who wants them     Bond market sources had speculated that RMJ is better prepared to offer its services nationwide than its three major competitors     Lacy also said that he does not see any immediate pressure for a further cut in commissions paid on bond transactions any time soon In late  transaction fees paid to brokers were cut in half to  dlrs per mln dlr transaction from  dlrs     Some US primary bond dealers have been suggesting that with further increases in transaction volume fees can be cut without hurting the brokers profits  REUTER 
European Community EC agriculture ministers struggled today to finalise new rules aimed at limiting sales into public cold stores of unwanted butter at high guaranteed EC prices diplomats said     The plan is the key element in a landmark accord to cut dairy output by  pct over two years agreed in outline last December after virtually nine days of nonstop negotiations     The accord which is due to operate from the start of the new milk marketing year on April  was hailed as the most significant step in an ongoing campaign to reform costly EC farm policies and cut embarrassing food surpluses     Diplomats say the December agreement itself is not threatened but that its effect could be considerably weakened if the proposals are altered too radically     West Germany and Ireland are opposed to proposed limits on a farmers now automatic right to sell surplus butter into public stores when market prices and stocks are high     Faced with a butter mountain of a record  mln tonnes costing over two mln dlrs per day just to store EC farm Commissioner Frans Andriessen says farmers must be encouraged to cut production to meet demand     He is keen to reach an agreement on the milk problem before the ministers move on to consider this years annual price review which proposes extending the new system for butter sales to other sectors such as cereals  Reuter 
Sears Roebuck and Co said it will restructure its distribution operations resulting in a  mln dlr aftertax charge against earnings in its first quarter     The retailer on April  will close its major Chicago distribution center as the first part of the restructuring A spokesman said up to  workers will be affected with many of them laid off Some of the workers may be transferred to other Sears operations     Sears said the restructuring and consolidation will save about  mln dlrs by      Sears said it will set up a nationwide network of seven regions to handle all aspects of distribution of its products     The closing of the Chicago plant will be followed by the shutdown of four other distribution units over the next several years Distribution centers will be closed in Boston Atlanta Memphis and Minneapolis with the Boston shutdown coming early next year No other closings are planned before      A spokesman said that while there will be layoffs at those facilities the company does not yet know how many workers will be let go     Sears distribution will be consolidated under regional management in Columbus Ohio Dallas Greensboro NC Jacksonville Fla Kansas City Mo Los Angeles and Philadelphia However Sears said it will also evaluate the productivity of the Los Angeles and Philadelphia facilities to determine whether they will be modernized or relocated     Responsibility for ordering distribution center inventory will be centralized in Chicago  Reuter 
Delta Air Lines Inc said it began service from Atlanta to Tokyo today     The carrier will fly singleplane through service departing daily from Atlanta and Tokyo five days a week it said  Reuter 
Versatile Corps shipbuilding subsidiary has a letter of intent to build a  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  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  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 Versatiles bid was  mln dlrs lower than competing bidders and will generate  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      The government announced plans to build the icebreaker last year following the controversial passage of the US Coast Guards vessel the Polar Sea through the disputed Northwest Passage The US 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 countrys claim of sovereignty in the Arctic  Reuter 
Chrysler Financial Corp a unit of Chrysler Corp is raising  mln dlrs through an offering of notes due  with a  pct coupon and par pricing said lead manager Salomon Brothers Inc     That is  basis points above the yield of comparable Treasury securities Noncallable for life the issue is rated Baa by Moodys and BBB by Standard and Poors Merrill Lynch Capital Markets comanaged the deal     On February  Chrysler Financial sold  mln dlrs of samerated sevenyear notes priced to yield  pct or  basis points over Treasuries  Reuter 
Privatelyheld Pantry Inc which operates  convenience stores in five Southeastern states said it has engaged Alex Brown and Sons Inc ltABSB 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 
Qtr ends Dec      Shr profit three cts vs loss three cts     Net profit  vs loss      Revs  vs      Avg shrs  vs      Nine mths     Shr loss  cts vs profit  cts     Net loss  vs profit      Revs  vs  mln     Avg shrs  vs      NOTE net  includes tax gain carryforward from discontinued operations of Masters Merchandise Group in year prior  Reuter 
First Financial Management Corp said it revised the agreement under which it provides data processing services to First Union Corp of Georgia ltFUNC     The company said the revised agreement establishes specific minimum payments to be made by First Union and shortens the duration of the original pact by  months with the new agreement expiring on December       Under terms of the amended contract First Financial said it received  mln dlrs in cash and is guaranteed an additional  mln dlrs in service revenues     The company said the agreement calls for minimum payments of  mln dlrs for the balance of   mln dlrs in  and  mln dlrs in   Reuter 
Renouf Corp of New Zealand said it has decided to proceed with its offer for all outstanding units of Benequity Holdings at  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   Reuter 
Integrated Generics Inc said it is in the midst of several developments which could be favorable for the company but can make no further comments at the present time     The company said it released this brief statement in response to the American Stock Exchanges inquiry on the activity of the companys common stock which was up  to five in midafternoon trading  Reuter 
Cuba has told international sugar operators who have bought its sugar for shipment in March that these contracts will take second place to Cubas 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 Brazils export availability and increasing Soviet demand analysts said     Traders said signs of Cubas 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 months 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 
BF 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  laying off about  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   Another  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 NC 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 
Shr  cts vs  cts     Net  vs      Sales  mln vs  mln     Note Results include operations of BMD of New England Inc acquired Sept    Reuter 
ltMassachusetts Financial Services Co said it has set the final income and capital gain distributions for ltTrust for Thrift Institutions High Yield Series of  dlrs and  dlrs respectively payable today  Reuter 
US tin disposals should have little effect on an agreement reached last weekend by tin producing countries to limit group exports to  tonnes in the year started March  a government official said     The agreement by the sevenmember 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 dont think that the US government has a large influence in the tin market at this stage of the game said Thomas ODonnell Director of International Commodities at the State Department Last year the United States released about  tonnes of tin to two ferroalloy firms  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March      NOTE Franklin Insured TaxFree Income Fund  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March      NOTE Franklin Minneosta Insured TaxFree Income Fund  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March      NOTE Franklin Michigan Insured TaxFree Income Fund  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March      NOTE Franklin Massachusetts Insured TaxFree Income Fund  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March      NOTE Franklin California Insured TaxFree Income Fund  Reuter 
Diagnostic Products Corp president and chief executive officer Sigi Ziering said he expects to maintain the same compound average annal net income growth in  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  pct annually with a  pct per year growth in earnings per share For  the company had net income of  mln dlrs or  dlrs per share vs  mln dlrs or  cts per share in      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 companys 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 companys taxes to decrease by five pct to  pct of net income in       Reuter 
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     OPECs 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 longterm improvement and that both Latin American debt and the Iranian arms affair could undermine confidence in the dollar  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln  Reuter 
Shr profit two cts vs loss  cts     Net profit  vs loss      Revs  vs   Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March      NOTE Franklin Puerto Rico TaxFree Income Fund  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March      NOTE Franklin Ohio Insured TaxFree Income Fund  Reuter 
Mthly div  cts vs  cts prior     Pay March      Record March      NOTE Franklin HighYield Insured TaxFree Income Fund  Reuter 
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  sales of about  mln dlrs  Reuter 
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 US 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 hour trading     The Commodity Futures Trading Commission approved the rule change in February according to a CFTC spokeswoman  Reuter 
CCR Video Corp said it is now current in its filing requirements with both the Securities and Exchange Commission and NASDAQ and meets the trading systems net worth requirements     The company reported a first quarter ended November  profit of  dlrs compared to a year earlier loss of  dlrs     CCR also said its previously reported refinanceing in December resulted in an extraordinary gain of  dlrs leaving the company with a net worth of  dlrs at the end of December     At the end of November a spokesman noted CCR did not meet NASDAQs requirement of a net worth of  dlrs and has been trading on an exception to those rules  Reuter 
Rospatch Corp said it will have a news release later in response to todays acquisition bid by Diagnostic Retrieval Systems Inc for  dlrs a share     Rospatch earlier requested its stock be halted in over the counter trading last trade      Diagnostic said its bid was for a total  mln dlrs through a cash tender offer for all but not less than  pct of Rosptach outstanding common     For its fourthquarter ended December   Rospatch reported net loss  or  dlrs a share compared a loss of  or  cts profit for the  period     In December the Brookehill Group in New York said it had  pct stake JA Parini Rospatch chief executive responded on January eight by saying the investment was a vote in confidence in the company  Reuter 
Qtly dividend  cts vs  cts     Pay March      Record March   Reuter 
Argentine crude oil production was down  pct in January  to  mln barrels from  mln barrels in January  Yacimientos Petroliferos Fiscales said     January  natural gas output totalled  billion cubic metrers  pct higher than  billion cubic metres produced in January  Yacimientos Petroliferos Fiscales added  Reuter 
US drilling activity continued to slow last week as the number of active rotary rigs fell by  to a total of  against  working rigs one year ago Hughes Tool Co said     Most of the decrease came among rigs used for onshore drilling which dropped to a total of  from last weeks  A total of  rigs were active offshore and  in inland waters during the week Hughes Tool said     Among individual states Texas lost  working rigs Michigan dropped by six and California New mexico and Kansas were each down by one Colorado reported a gain of eight rigs and Louisiana was up by four     In Canada the rig count was up  to  against  one year ago  Reuter 
Utilization of offshore mobile rigs in the Gulf of Mexico declined by  pct during the past week to  pct reflecting a decrease of two working rigs Offshore Data Services said     The total number of working rigs fell to  for the week compared to  last week and  rigs one year ago     Offshore Data Services said the worldwide utilization rate rose  pct to  pct with a total of  rigs without work The number of rigs contracted worldwide was      In the EuropeanMediterranean area rig utilization also rose by a full percentage point to  pct with  of  rigs contracted  Reuter 
North American Group Ltds North American Acquisition Corp said it has a definitive agreement to buy  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 Pioneers operation Pioneer makes business forms  Reuter 
A bidding war for Viacom International Inc one of the largest US 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  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 Viacoms broadcast licenses and cable television franchises     Redstone was not available for comment     Some of Wall Streets 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  to  by midafternoon One major Wall Street firm issued a sell recommendation We think were at the end now in terms of bidding said the firms arbitrageur who spoke on condition he not be identified     Both Redstones 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  billion dlrs in debt and nearly  mln dlrs in preferred stock convertible into  pct of the common stock     Redstones newest proposal offers holders  dlrs in cash a fraction of a share of exchangeable preferred stock with a value of  dlrs and onefifth of a share of common stock stock of Arsenal Holdings representing  pct of the equity interest in the restructured Viacom One arbitrageur calculated the equity in the Redstone plan was worth  dlrs making the total package worth  dlrs per share     Management offered  dlrs in cash exchangeable preferred stock worth  dlrs and a fractional share of convertible preferred The arbitrageur said the equity portion was worth about  dlrs for a total of  dlrs     Redstones newest plan raised the amount of interest he would pay on the cash portion of his offer for every day beyond April  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  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     Redstones company owns  pct ov Viacoms  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 ltFMC which adopted a highly leveraged structure last year inititally traded at  dlrs per share dipped to nine dlrs and is now just over  dlrs     Last week Viacom reported fourth quarter earnings fell two two cts per share from  cts The company said interest costs from several acquisitions affected results     Shares of Warner Communications Inc ltWCI rose  to  Analysts noted Warner owns warrants to purchase  mln Viacom shares at  dlrs and another  mln shares at  dlrs     Chris Craft Industries ltCCN which owns a stake in Warner rose  to      Viacom was created in  and spun off from CBS Inc ltCBS The company has  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 
Oper shr five cts vs  cts     Oper net  vs      Revs  mln vs  mln     Year     Oper shr  cts vs  cts     Oper net  vs      Revs  mln vs  mln     Note oper data does not include th qtr  extraordinary credit of  dlrs or th qtr  extraordinary loss of  dlrs or five cts per shr For year does not include extraordinary credit of  dlrs or three cts per shr in  and  dlrs or five cts per shr in   Reuter 
Canada will offer a  billion dlr fourpart bond issue tomorrow which will be dated March  and delivered March  the finance department said     The issue will consist of four maturities       pct bonds due July         pct bonds due March         pct bonds due March         pct bonds due June       The  maturity will be issued to a maximum of  mln dlrs The Bank of Canada will buy  mln dlrs of the new issue including  mln dlrs of the  maturity  Reuter 
US electronic companies sales last year totalled  billion dlrs slightly below the  billion dlrs reported in  the American Electronic Association said     Despite the decline the fourthquarter total of  billion dlrs matched the industry record for the same period of  the AEA said     AEA senior vice president Ralph Thomson said that although the  sales trend was mostly positive with an upturn at the end of the year the industry is waiting early  figures before trying to forecast the future     Many of our companies including the semiconductor sector are still being impacted by the enormous and growing trade deficit with Japan he said     Fourthquarter orders totalled  billion dlrs for a  pct increase over the same quarter of  December sales were  billion dlrs up  pct from the same month in      The association represents more than  firms that produce electronic goods and services  Reuter 
Canadas decision to raise the issue of a free trade pact with the US was a sign of what many see as a new spirit of Canadian selfconfidence a public policy study group said      It suggests the Canada of the immediate postwar period when it was a major player in the process of building a postwar world the Washingtonbased Atlantic Council said     US and Canadian negotiators opened talks last summer aimed at dismantling trade barriers between the two countries the worlds biggest trading partners with crossborder shipments of about  billion dlrs annually     The councils study said the trade talks with a deadline of October for an agreement are the biggest issue in USCanadian 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 freetrade arrangement fearing to be overwhelmed economically and politically by a closer association with a country  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 US duties against  allegedly subsidized exports     A recent example was the  per cent duty the US imposed on Canadian lumber exports on grounds the shipments were being subsidized     The council said the chief US concerns included ending curbs against US banking insurance telecommunications and the socalled cultural industries  publishing broadcasting and films     It said other major USCanadian issues were defense cooperation acid rain and the US rejection of a Canadian assertion of sovereignty over waters of the Northwest Passage  Reuter 
The Pension Benefit Guaranty Corp a federal agency said it took action to protect pensions of employees and retirees of Kaiser Steel Corp which filed for bankruptcy reorganization last month     The agency said it entered into an agreement to terminate the Kaiser plan and was appointed its trustee     It said that Kaiser retirees will receive their March pension checks without interruption and thereafter at levels guaranteed by law  REUTER 
Daiwa Securities Co Ltd said it will provide Financial News Network ltFNNI with an exclusive daily market update from Tokyo     The report can be seen on FNNs World Business Update the company said     Daiwa Securities said the new program describes major business developments around the world using videotaped news and feature stories as well as market and commodities information     Viewers will be able to get closing prices in Tokyo prior to opening trading in New York due to the time difference  Reuter 
UAL Incs United Airlines was accused in a congressional hearing today of locking blacks out of key jobs but the company said it had made tremendous progress in minority hiring     The issue was aired during a hearing of a House Government Operations subcommittee whose chairman Rep Cardiss Collins called the treatment of minorities by the countrys largest airline pathetic     It strikes me odd said the Illinois Democrat that the number of white women pilots is more than double that of black pilots and that white women are more fairly represented in upper management     United has been under a court order since  to increase its minority employment     David Pringle Uniteds senior vice president for human resources said We take a very aggressive approach to minority hiring and have made tremendous progress  we will continue to pursue even wider goals  Reuter 
Shr  cts vs  cts     Pay May      Record May eight  Reuter 
Chemical Bank the main subsidiary of Chemical New York Corp is closing its representative office in Dubai United Arab Emirates a spokeswoman said in response to an enquiry     She said the decision to close the office was made as a result of changes in Chemicals regional customer base and to improve efficiency by centralizing the banks Gulf activities in Bahrain     The Bahrain office will assume the local contact role for all of Chemicals corporate and institutional customers now served by the Dubai office the spokeswoman added      Reuter 
ltWavehill 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  pct interest in the combined company     The company said it will have about two mln shares outstanding on a fullydiluted basis after the transaction It said after the acquisition it will infuse Perconal computer with cash for expansion  It said Personal Computer now has  franchised locations and plans to add over  in  seeking eventually to expand into  markets in the US and abroad  Reuter 
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  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 
Pall Corp said sales in the second quarter rose about  pct to  mln dlrs from  mln dlrs a year ago bringing sales for the six months to  mln dlrs up  pct from  mln dlrs     Orders in the quarter ended Jan  rose about  pct to  mln dlrs and  pct to  mln dlrs in the six months  Reuter 
JP Industries Inc said it has formed two operating groups to serve major markets in its transportation components business  an Engine Products Group to serve original equipment manufacturers and an Automotive Aftermarket Group to serve repair market customers     The company said senior vice president Gareth L Reed has been appointed president and general manager of the Engine Products Group Gerald W McGrath was appointed vice president and general manager of the Automotive Aftermarket Group He was formerly vice president of sales with the Engine Parts Division of Clevite Industries Inc recently acquired by JP Industries  Reuter 
Shr six cts vs five cts     Net  vs      Revs  mln vs  mln     Avg shrs  vs       mths     Shr  cts vs  dlrs     Net  vs      Revs  mln vs  mln     Avg shrs  vs      NOTE net for  includes  or  cts per share for proceeds of a life insurance policy     includes tax benefit for prior qtr of approximately  of which  relates to a lower effective tax rate based on operating results for the year as a whole  Reuter 
Lodgistix Inc said its board authorized a program for the company to purchase up to  of its shares from time to time     The company said the shares will be used for general purposes including incentive programs  Reuter 
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  results said chairmanelect Denys Henderson     We expect to shift our company toward higher valueadded businesses and continue to broaden our base Henderson told reporters at an informal meeting here     ICI today announced the formation of a new US drug company ICI Pharma which with its Stuart Pharmaceuticals unit it said will double its current pharmaceutical sales to  billion dlrs by      Henderson said Our pharmaceutical business gets lost in the way that Glaxos Glaxo Holdings PLC does not     ICIs pharmaceutical division is the second largest drug maker behind Glaxo in the UK Last year US drug sales were about  pct of its worldwide drug sales of  billion dlrs which in turn brought in  pct of its total profits     He estimated that by  ICIs pharmaceutical division would account for about  pct of total company profits     The drug division far and away brings in the highest rate of return said AW Clements finance director of ICI who was also at the meeting     Henderson said the new US drug concern would basically act as a second sales force to double the exposure of its drugs to doctors ICI will hire  new salespeople by October one     Henderson said the major new products in the companys pipeline expected to each bring in sales of over  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 US Food and Drug Administration approval to market Statil and Zoladex both under joint licensing agreements with Merck and Co Inc ltMRK is not expected until about  ICI expects to file for permission to market Carwin in the US later this year     Henderson said the companys  results would top  income of  mln dlrs or  dlrs per ADR on sales of  billion dlrs but he declined to specify by how much     Henderson said s results would be boosted by Glidden Paints which ICI bought last November for  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  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 HarveyJones 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 
Oper shr profit six cts vs loss  cts     Oper net profit  vs loss      Revs  mln vs  mln     Year     Oper shr profit  cts vs profit three cts     Oper net profit  vs profit      Revs  mln vs  mln     NOTE Excludes loss of  dlrs or nil vs gain  dlrs or nil in qtr and gain  dlrs or two cts vs gain  dlrs or one ct in year from net operating loss carryforwards  Reuter 
Albertsons 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      The rights are exercisable ten days after a person or group acquires  pct or more of Alberstons common stock or announces a tender offer for  pct or more of the stock     Each right will entitle the shareholder to buy one newly issued share of Alberstons common stock for  dlrs  Reuter 
Rospatch Corp said it rejected a proposal by Diagnostic Retrieval Systems Inc to acquire its stock at  dlrs a share     Rospatchs 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 Diagnostics offer of February  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 
Shr profit six cts vs loss  dlrs     Net profit  vs loss      Revs  vs      Year     Shr profit  cts vs loss  dlrs     Net profit  vs loss      Revs  mln vs  mln  Reuter 
International Minerals and Chemical Corp said it completed its acquisition of Johnson and Johnson Cos PitmanMoore 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  mln dlrs     PitmanMoore makes health products for pets and for farm and feedstock animals  Reuter 
JWT Group Inc has not been approached by former Ted Bates Worldwide Chairman Robert Jacoby about the possibility of a syndicate buying a  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  pct stake in JWT group     Jacoby was not immediately available for comment on the report Ted Bates is now owned by ltSaatchi and Saatchi the worlds largest advertising agency  Reuter 
The United Auto Workers said it is willing to enter renewed negotiations to end the impasse between American Motors Corp and two UAW locals in Wisconsin     American Motors earlier said it broke off talks with the UAW on a new labor contract for its plant at Kenosha Wis The companys move came after its latest contract offer was rejected by union negotiators     UAW vice president Marc Stepp said he strongly recommends new meetings be scheduled at the earliest possible time Stepp heads the UAWs American Motors department  Reuter 
Banc One Corp said the First National Bank of Fenton has become Bank One Fenton bringing the number of its affiliates to three in Michigan  Reuter 
Shr loss  cts vs loss one ct     Net loss  vs loss      Revs  vs      Year     Shr loss  cts vs loss ten cts     Net loss  vs loss      Revs  mln vs      Note  loss included onetime loss of  dlrs on writeoff of certain silver oil and gas interests  Reuter 
Brazilian Finance Minister Dilson Funaro flatly rejected a UK 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  billion dlrs in external debt on February      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 UK 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  all official agencies have been closed to my country he said     He said Lawson had made no commitments to support Brazils 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 Brazils debt problem to be resolved Funaro said Brazil had not come to Europe with specific proposals to overcome the present crisis     We didnt come here to make a cashflow programme he said We will have meetings at the IMF next month  lets 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  billion dlrs and received  billion  This is a very big effort he said What we have to offer is our cooperation  Reuter 
Foote Mineral Co said it signed a letter of intent with Shieldalloy Corp a whollyowned subsidiary of ltMetallurg 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 Footes previouslyannounced plan to sell the entire company   Reuter 
All major grain producing countries must do their part to help reduce global surpluses and the recent Australian farm policy proposals are flawed two US 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 US Wheat Associates said in a letter to US Agriculture Secretary Richard Lyng and US Trade Representative Clayton Yeutter     Future discussions on international wheat trade should include three topics  a commitment to privatization of governmentrun 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 US 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     Australias proposals which aim to reduce US target prices and quarantine US wheat stocks would continue to place the burden of supply adjustment and reform on US farmers they said       Other countries including Australia have benefitted from the higher world prices that have resulted from past US 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 worlds major grain producing nations to reduce stocks and restore profitability to agriculture Miller said  Reuter 
Gelco Corp said that excluding the effects of a restructuring plan it expects pretax operating earnings for the year to end July   to be about the same as those of last year     For the year ended July   Gelco reported pretax operating earnings of  mln dlrs or  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 Gelcos 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 
Defense Secretary Caspar Weinberger ordered an increase in costofliving allowances for many US military personnel abroad because of the decreased value of the dollar against foreign currencies the Pentagon said     The allowances are expected to rise between  and  per cent in many areas beginning this month the Pentagon said     Weinberger also is providing for some family members of financiallypressed troops to fly home from West Germany Japan Italy and Spain on military transports if they desire     He said in a statement to the military that the costofliving increases will help keep your overseas purchasing power close to your stateside counterparts  REUTER 
UtiliCorp United Inc said it has closed the previously announced acquisition of West Virginia Power from Dominion Resources Inc for about  mln dlrs  Reuter 
Daisy Systems Corp said it has introduced a line of computeraided engineering workstations     The workstation family includes the Personal Logician  the Logician  and the Personal Logicial      The Personal Logician  is a desktop bit IBM Personal Computer ATcompatible workstation base priced at  dlrs     The Logician  is a bit accelerated graphics workstation priced at  dlrs     The Personal Logician  is based on the IBM PC AT and the EGA graphics standard base priced at  dlrs     Daisy said the products will be available in  days  Reuter 
Western TeleCommunications Inc said that through its subsidiary Westlink Inc it has joined Netlink USA a general partnership consisting of Telluride Cablevision Inc and McCaw Satellite Programming Investments Inc     Western said it will act as a  pct investor converting its cable television signals to satellite distribution in selected markets     The conversion is expected to improve reception of Denver television signals delivered to cable operators and other customers in underserved rural or remote areas of the US the company said  Reuter 
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  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  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     Thats 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  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 Peschs takeover effort and a further sign that there could be some shareholder dissatisfaction following American Medicals previous rejection of a  dlr per share all cash offer from Pesch     American Medical is expected to resist Peschs latest bid Larry Feinberg an analyst with Dean Witter Reynolds Inc said a managementled leveraged buyout cannot be ruled out     An American Medical spokesman said the company will comment on the new Pesch offer by March      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   pct stake in American Medical and the company has previously said the investors support managements internal plan to improve the companys 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     Peschs 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 dont 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 EF Hutton Group said improved second fiscal quarter earnings could make American Medical stock worth about  dlrs per share     Nimocks estimates American Medical earnings for the second quarter ended February  could be  cts compared to a  ct loss last year     Nimocks said Peschs revised offer is not worth much more than the  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 its much more doable he said     Analysts have said American Medical has begun a turnaround by replacing some members of management and reducing costs  Reuter 
Marvin Warner and two fellow officers of the former Home State Savings Bank were convicted on charges connected with the collapse of Home State     Warner the owner of Home State was found guilty of six counts of performing unauthoriazed acts  investing some Home State money without authorization from the board of directors  and three counts of securities violations in the  collapse He was acquitted on  counts of willful misapplication     Burton Bongard former Home State president was convicted of all  counts willful misapplication David Schiebel also a former president was convicted on three of four counts of securities violations but was acquitted on  charges of willful misapplication  corrects warners conviction     The irregularities in which the men were charged led to a stateimposed moratorium on all stateinsured savings and loan companies in Ohio which was lifted on an individual basis as the firms were able to show proof of their solvency     Judge Richard Niehaus of Hamilton County Common Pleas Court ordered Warner jailed in lieu of  mln dlrs bond He set a  mln dlr bond for Bongard and  dlr bond for Schiebel pending the appearance of the trio for sentencing March      Lawrence Kane special prosecutor said that Warner and Bongard could receive a maximum of  years in prison He said that Schiebel could receive a maximum of  to  years on his convictions     All three were accused in the draining of  mln dlrs of Home State funds through investments with ESM Government Securities Inc of Fort Lauderdale Fla which went bankrupt and triggered the collapse of Home State     On March   Ohio Governor Richard Celeste closed all of the states privatelyinsured savings and loan companies and they remained closed until they could obtain federal deposit insurance or merge with other companies which had federal deposit insurance  Reuter 
ltVideo Shopping Mall Inc said it signed WJTCTV Pensacola Fla to carry its selfimprovement and specialized business opportunity programs     Video Shopping said the station carried over UHF channel  in the Pensacola area reaches about  households  Reuter 
ltNational Early Warning Systems Inc said it has offered to purchase ltOmega Ballistics Systems Inc for an undisclosed amount of cash stock and notes     Valley Cottage NY based Omega is a developer and designer of lightweight customcrafted ballistic assault flame and fire resistant paroducts  Reuter 
United Merchants and Manufactuerers Inc said its board has authorized the repurchase of up to one mln shares of the companys common stock     The company now has about  mln shares outstanding     It said the stock will be acquired from time to time on the open market depending on market conditions and other factors The number of shares purchased and the timing of the purchases are also subject to restrictions under certain of the companys debt instruments it added  Reuter 
Westinghouse Electric Corp said it agreed in principle to form a joint venture in factory automation with Matsushita Electric Industrial Co Ltd of Japan     The company said the venture aims to combine Matsushitas experience in highvolume electronics manufacturing and Westinghouses knowledge of computer integrated manufacturing     The venture will design sell and service automated manufacturing systems and is expected to begin operations by the summer it added  Reuter 
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 
EDO Corp said McDonnell Aircraf Co has invoked its  production option calling for ejection release units for the FE aircraft     The company said the contract is not to exceed  mln dlrs and will be handled by its government systems division in College Point NY     The company said the contract is a follow up to the full scale development and  contracts previously awarded to EDO   Reuter 
Shr  cts vs  cts     Net  vs      Revs  vs   Reuter 
Coastal Bancorp said the US Federal Reserve Board approved the acquisition of Coastal by Suffield Financial Corp ltSSBK     The acquisition still requires approval from the Banking Department in Maine the company noted  Reuter 
Qtr ended Dec      Shr profit nil vs loss nil     Net profit  vs loss      Revs  vs   Reuter 
Brazil is not happy with the existing structure of the bank advisory committee which coordinates its commercial bank debt Finance Minister Dilson Funaro said     US Banks have  pct representation on the committee while holding only  pct of Brazils debt to banks he said adding This is not fair with the European and Japanese banks The committee had played a useful role in  and  however     Noting the often different reactions of US 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 casebycase basis Perhaps the same principle should apply to creditors central bank president Francisco Gros said     Brazil on February  suspended indefinitely interest payments on  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  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 LeighPemberton     Bankers have estimated that Brazil owes UK Banks around  billion dlrs in long and medium term loans giving the UK The third largest exposure after the US And Japan     The crisis began when Brazils 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 countryrate of inflation  Reserves were reported to have dropped below four billion dlrs  Reuter 
Vanguard Technologies International Inc said it was awarded a  mln dlr contract from the Office of the Secretary of Defense to provide facilities management services     Under the oneyear contract which also has two oneyear optional performance periods the company said it will provide local area network operations coordination of hardware installation and maintenance user support services and systems and applications programming  Reuter 
AMCA International Ltd said it finalized agreement to sell certain assets and inventories of its Dominion Bridge steel service center operations to ltFederal Industries Ltds 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 
ltCondor Computer Corp said it is offering a inch floppy diskette version of its Condor  Database Management System     Th company said the new version contains all the features of its inch package including report writer and applications automation functions  Reuter 
ltScotts Hospitality Inc said it acquired Capital Food Services Ltd Ottawas largest catering and food service company for undisclosed terms     Scotts said it would operate Capital Food as a separate unit under Capitals current name and management  Reuter 
Brazilian Finance Minister Dilson Funaro flatly rejected a UK 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  billion dlrs in external debt on February      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 
AC and R Advertising a subsidiary of Ted Bates Worldwide a unit of one of the largest advertising agencies in the US Saatchi and Saatchi said it will merge with two other Bates units to form a new entity under Bates called AC and RDHB and Bess     The company said the other units are DienerHauserBates DHB and Sawdon and Bess AC and R chairman Stephen Rose said the combined billings will be  mln dlrs representing a total of  clients  Reuter 
Union National Corp said it signed a definitive agreement under which its First National Bank and Trust Co of Washington unit will merge with ltSecond National Bank of Masontown     Under a previously announced merger agreement each share of Second Nationals common stock will be converted into  shares of Union National common  Reuter 
Several analysts said they do not believe another suitor will top the  mln dlr bid for Purolator Courier Corp by EF Hutton LBO Inc and a management group from Purolators courier division     There had been speculation another offer might be forthcoming but analysts mostly believe the  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     Purolators stock slipped  today to close at  It had been trading slightly higher than the  dlr offer on Friday At least one analyst Friday speculated the company might fetch  to  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 Purolators adviser Dillon Read and Co since late December a Hutton spokesman said     Hutton is offering  dlrs cash per share for  pct of the shares If all shares are tendered shareholders would receive  dlrs cash six dlrs in debentures and warrants for stock in a subsidiary of PC Acquisition containing the Purolator US 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 
A former stock broker and an investor who pleaded guilty last June to insider trading as a participant in the scheme that involved lawyer Michael David were sentenced by the Manhattan federal court today     Morton Shapiro who was employed as a broker at Moseley Hallgarten Stabrook and Weeden Inc drew a two month jail sentence and a  dlr fine     Daniel J Silverman who pleaded guilty to securities fraud was sentenced to three years probation a  dlr fine and ordered to provide  hours of community service     As a result of trading on information supplied by David while he was at the firm of Paul Weiss Rifkind Wharton and Garrison the defendants gained about  dlrs in their insider trading scheme according to US Attorney Rudolph W Giuliani     The prosecutor also said Shapiro attempted to conceal his unlawful trading by lying in testimony before the Securities and Exchange Commission  Reuter 
The Farmers Home Admininstration FmHA is undertaking its annual mailing of notices to delinquent farm borrowers the US Agriculture Department said     It said about  FmHA farm borrowers were delinquent on December   and will be sent letters by early March They should get in touch with the FmHA county office as soon as possible to make an appointment to discuss the account it said     The letter requests the borrower choose one or more servicing options listed on an accompanying form and return the form within  days the department said  Reuter 
Roger Andewelt deputy assistant  attorney general for litigation in the Justice Departments antitrust division since last June is being nominated by President Reagan as a judge of the United States Claims Court the White House said     The nomination which is subject to Senate approval is for a year term Andewelt who has served in a number of antitrust division posts since  would succeed Thomas Lydon at the Claims Court  Reuter 
Pan Am Corp said February load factor at Pan American World Airways rose two points to  pct from  pct a year ago     Traffic in February increased  pct to to  billion revenue passenger miles from  billion and rose  pct in the two months year to date to  billion from  billion     Available seat miles grew  pct in February to almost  billion from  billion and rose  pct to  billion from  billion in the two months     Yeartodate load factor increased to  pct from  pct  Reuter 
Shr  cts vs  cts     Net  vs      Revs  vs      Year     Shr  cts vs  dlrs     Net  vs      Revs  mln vs  mln  Reuter 
Qtr ended Jan      Shr  cts vs  cts     Net  mln vs  mln     Revs  mln vs  mln     Avg shrs  mln vs  mln     Nine mths     Shr  cts vs  cts     Net  mln vs  mln     Revs  mln vs  mln     Avg shrs  mln vs  mln     Note Net for nine mths includes gains from dispositions of  dlrs or four cts a share vs  dlrs or two cts a share     Avg shrs and shr data restated to reflect threefortwo stock split in January  Reuter 
Warner Communications Inc said its board has approved a year employment contract with Chairman Steven J Ross     The company said the contract was opposed by the six board members who are nominees of ChrisCraft Inc ltCCN     It said the new contract calls for new bonus awards to be paid out over the period of the contract based on the price of the companys stock Its statement provided no details     Warner said the contract which has been under discussion for a lengthy period assures the stability and creative future of the company  Reuter 
Qtly div  cts vs  cts     Pay April      Record March   Reuter 
Caremark Inc said it is changing its fiscal yearend to a calendar year from the previous fiscal year ending June   Reuter 
Shr  cts     Net      Revs      Year     Shr  cts     Net      Revs      NOTE Full name CPL Real Estate Investment Trust     Company was formed Dec    Reuter 
Star Technologies Inc said its shares will begin trading on the Nasdaq national market system tomorrow     The company a manufacturer of very highspeed computers for scientific applications has annual revenues of about  mln dlrs     In the nine months ended Dec  the company earned  mln dlrs against a loss of  mln dlrs in the yearago period as sales rose to  mln dlrs from  mln dlrs  Reuter 
Shr loss  cts vs loss  cts     Net loss  vs loss      Revs  mln vs  mln     Year     Shr loss  dlrs vs loss  cts     Net loss  vs loss      Revs  mln vs  mln  Reuter 
Shr profit four cts vs loss  cts     Net profit  vs loss      Note Net includes tax credit of  dlrs or one ct per share  Reuter 
Cybertek said it is forming a General Products division which will be located in Dallas     The new division will market personal computer software products targeted at the Fortune  companies Cybertek said  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     Six mths     Shr  cts vs  cts     Net  vs      Revs  mln vs  mln  Reuter 
Holiday Corp said it would redeem on March  all outstanding  pct first mortgage bonds due  of its Holiday Inns Inc unit and all  pct first mortgage bonds Series A due  of its Harrahs subsidiary     The Holiday bonds will be bought back at  pct of the bonds principal amount plus accrued interest or  dlrs per  dlr face amount Holiday will redeem the Harrahs bonds at  pct of the principal amount plus accrued interest or  dlrs per  dlr face amount  Reuter 
Anchor Glass Container Corp said it has been cleared to apply for listing on the New York Stock Exchange and expects to file its formal application for listing later this month with trading to begin during the week of April      The company said the NYSE advised it management that the company meets the criteria for listing following successful completion of a preliminary eligibility review     Anchor also said its stock is being split twoforone effective March  to holders of record March three After the split it said it will have  mln shares outstanding  Reuter 
Blockbuster Entertainment Corps Blockbuster Distribution Corp said it executed two additional area licenses to own and operate Blockbuster Videos Rental stores     It said these exclusive licenses were granted to ltVideoco Inc for the Greensboro WinstonSalem RaleighDurham and Highpoint NC metropolitan areas It said the licenses require a minimum of six Blockbuster superstores to be opened within a  month period  Reuter 
Ferro Corp said it has formed a joint venture with Parisbased Alsthom Inudstrial Group to export US 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 
Computer Language Research Inc said its CLRMicroTax unit introduced a MicroTax W Generator a new software package for accounts and corporate personnel departments     The company said the package takes the user through each question on the new W gives explanatory instructions automatically calculates entries checks tables and generates the completed W  Reuter 
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 US energy futures according to traders and analysts     The Commodity Futures Trading Commission approved the rule change in February according to a CFTC spokeswoman  Reuter 
Refined copper stocks held by US refineries fell to  short tons at the end of January from  short tons at the end of December the American Bureau of Metal Statistics reported     Commodity Exchange Comex copper stocks climbed to  tons in January from  tons in December Combined refinery and Comex stocks eased to  tons in January from  tons in December     US refined production declined to  tons in January from  tons in December Crude output increased to  tons in January from  tons revised lower in December     Preliminary figures showed US refined deliveries rose to  tons in January from  tons in December  Reuter 
The White House announced it was withdrawing the controversial nomination of Robert Gates as CIA director at Gatess request and has not yet decided on a replacement     Withdrawal of the Gates nomination was announced by new White House Chief of Staff Howard Baker who said President Reagan had several names under consideration to replace Gates but had made no decision on that score     Baker said Gates had sent Reagan a letter today requesting his name be withdrawn from nomination to succeed the ailing and resigned William Casey and that Reagan had accepted with great regret  Reuter 
Diamond Shamrock Corp said it set March  as the record date for stockholders entitled to vote at its April  annual meeting   Reuter 
ltCCL Industries Incs Continental Can Canada Inc unit said it acquired the Wallaceburg Ontario metal can making operations of Nestle Enterprises Ltd wholly owned by ltNestle SA of Switzerland Terms were undisclosed     Continental Can said it would supply Nestles equivalent can requirements under a longterm 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 
The American Pork Congress kicks off tomorrow March  in Indianapolis with  of the nations pork producers from  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  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 
Burlington Northern Incs El Paso Natural Gas Co said it filed its regularly scheduled gas cost adjustment that will leave its rates unchanged     But still pending is El Pasos proposal to the Federal Energy Regulatory Commission to directly bill its wholesale customers for deficiencies in natural gas liquid revenues     It said its filing called for a commodity rate of about  dlrs per dekatherm but noted that the rate could drop to  dlrs if the Commission approves its proposal to bill wholesale customers directly for the revenue deficiencies  Reuter 
Refined copper stocks held by refineries outside the US increased to a preliminary  short tons at the end of December from a preliminary  short tons revised higher at the end of November the American Bureau of Metal Statistics said     London Metal Exchange stocks fell to  tons in December from  tons in November Combined refinery and LME stocks rose to a preliminary  tons from  tons revised higher January LME stocks were  tons     Preliminary figures showed refined production outside US lower at  tons in December versus  tons in November Crude output decreased to  tons from  tons revised higher Refined copper deliveries decreased to  tons from  tons revised lower  Reuter 
White House Chief of Staff Howard Baker said President Reagan will address the nation in a nationally televised speech Wednesday night at  EST on the Tower Commission Report on the arms to Iran scandal     Baker in his first news conference as chief of staff also said that Robert Gates asked that his name be withdrawn from nomination as director of the Central Intelligence Agency     Gates said in a letter to the president that it became apparent it would be a long and difficult process to win Senate confirmation of the nomination  Reuter 
The federal governments expenditures will rise  pct in the fiscal year beginning April  to  billion dlrs from  billion dlrs in fiscal  the Treasury Board said     The board noted the growth in the main estimates is the lowest since  and below last years  pct increase     After inclusion of two special accounts an unemployment insurance fund and a grain stabilization fund total expenditures amount to  billion dlrs the same as the estimate in the governments budget last month The budget also estimated a deficit of  billion dlrs for fiscal   Reuter 
Advance Circuits Inc said it has signed a  dlrs borrowing agreement with Washington Square Capital Inc     The new loan consists of a revolving credit facility of seven mln dlrs based on accounts receivable and a term loan of  The interst rate on the loans is  pct over the prime rate with future rate reductions scheduled if certain income levels are achieved     It said the entire loan is due March  with monthly payments of  due on the term loan     The money was used to completely repay its debt to First National Bank of St Paul It would not say how much that was The bank took a discount on its gross amount and accepted  shares of Class C preferred stock which is convertible into  shares of common  Reuter 
White House Chief of Staff Howard Baker said President Reagan will meet the press very soon     Baker told a brief news conference I expect youll see the president very soon when asked by reporters when Reagan expected to resume his news conferences Reagan has not met the press since November      Baker said Reagan had intended to conduct todays news conference and only the lack of a firm announcement of a replacement for Robert Gates as CIA director prevented him     Reagan will address the nation wednesday night in response to the Tower Commissions report on the Iran arms scandal  reuter 
Texas Air Corps Eastern Airlines said it will offer low fare nighttime service from Chicagos OHare International Airport to  US cities     It had previously offered similar service out of Houston     The company said oneway fares range from  dlrs to St Louis to  dlrs to Los Angeles San Francisco and other cities They are available at all times with no restrictions     Flights depart between  and  CST and arrive around  local time Normal baggage checking services are not available because the flights carry air freight cargo so passengers are limited to two pieces of carryon baggage      Reuter 
Tonka Corp said it agreed to become the exclusive distributor of Tokyobased Bandai Co Ltd toy lines in Australia and New Zealand and also agreed to buy the business of Bandai Australia     Terms of the transaction were not disclosed     The Bandai agreement and other actions are expected to add  mln dlrs to Tonkas international sales in  International sales accounted for  pct of Tonkas  mln dlrs of revenues in   Reuter 
Barnett Banks of Florida Inc called for redemption of all outstanding shares of its Series E  dlrs cumulative convertible preferred stock     The company said the redemption date will be May       Under the terms of the redemption shareholders may convert or redeem their shares The bank said shares may be converted into  shares of Barnett common stock if surrenderred by April       Shares surrendered after will be redeemed for  dlrs per share plus dividends accured through May  the bank said  Reuter 
Hecks Inc said that its credit agreement with a group of banks expired on February  and that the banks are demanding payment on the loans     Hecks which did not disclose the amount being sought by the banks said it is holding discussions with its lenders that should be completed sometime this week     Hecks added however that it could not predict whether a new credit agreement will be reached  Reuter 
The Turner Corps construction company New York said its Orange County office has begun building a  mln dlr addition to Kaiser Permanente Medical Center     The fivestory  square foot adition will be used primarily as an outpatient treatment clinic it said     Developer for the project is Kaiser Foundation Hospitals in Pasadena Calif the company said     The completion date is October  according to the company  Reuter 
Grey Advertising Incs GreyCom Inc subsidiary said it established a new division GreyCom Corporate and Financial  Reuter 
ltMFS Managed Muncipal Trust Bond said it declared a monthly payout income distribution of  cts a share compared with  cts for the previous month     It said the distribution is payable March  to shareholders of record March two  Reuter 
Commercial Credit Co is raising  mln dlrs through an offering of notes due  yielding  pct said lead manager Morgan Stanley and Co Inc     The notes have an  pct coupon and were priced at  to yield  basis points more than comparable Treasury securities     Noncallable for life the issue is rated Baa by Moodys and BBBplus by Standard and Poors First Boston Corp and Shearson Lehman Brothers Inc comanaged the deal  Reuter 
American Telephone and Telegraph Co has received a  mln dlr contract to develop laboratory equipment for an Enhanced Modular Signal Processor the Navy said  reuter 
American Motors Corp said it is offering up to  dlrs on  and  Jeep Cherokee and Wagoneer vehicles bought until March      Rebates are  dlrs for twodoor vehicles and  dlrs on fourdoor models     This is the first time cash rebates are available on these two Jeeps a spokesman said Not included is the  Jeep Cherokee Limited     The expanded program is intended to keep AMC competitive in the marketplace and enable it to maintain its sales momentum with Jeep products said William Enockson group vice president North American sales and marketing     AMC continues to offer lowinterest rateloans on most new  and  Jeep Comanche models from  pct for  month loans up to  pct on  month loans These loans are available until March      AMC has been offering up to  dlrs rebates on its  Encore and Alliance cars and  Alliance and GTA models the spokesman said  Reuter 
Advanced Systems Inc said it acquired distribution rights to three interactive video courses developed by NCR Corp ltNCR     The three courses for data processing professionals and bankers are delivered through interactive video which combines video discs personal computers and touchscreen monitors  Reuter 
US brass mill copper stocks fell to  short tons copper content at the end of January from  short tons at the end of December according to the American Bureau of Metal Statistics     Consumption by brass mills increased to  short tons in January from  short tons in December     Mills consumed  tons of refinery shapes in January versus  tons in December Scrap consumption increased to  tons in January from  tons in December     Total brass mill shipments increased to  tons in January from  tons in December while receipts rose to  tons from  tons  Reuter 
MFS Municipal Income Trust said it declared a monthly income distribution of  cts a share compared with  cts a share paid in the previous month     It said the distribution is payable March  to shareholders of record March   Reuter 
Shr  dlrs vs two dlrs     Net  vs      Sales  mln vs  mln     Year     Shr  dlrs vs  dlrs     Net  vs      Sales  mln vs  mln  Reuter 
ltSiemens AGs US subsidiary Siemens Public Switching Systems Inc said two existing plants have been selected to allow immediate start up of manufacturing on an interim basis of EWSD digital central office switching systems in the US     The company said the two facilities one in Cherry Hill NJ the other in Hauppauge NY will be used while a rigorous review process for selecting a facility devoted only to EWSD manufacturing continues     Siemens Public is part of Siemens Communication Systems Inc also headquartered in Boca Raton  Reuter 
Armtek Corp previously the Armstrong Rubber Co said it agreed to sell its industrial tire and assembly division to a Dyneer Corp ltDYR for an undisclosed sum     It said the agreement covers the divisions 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    Reuter 
The Treasury Department said the United States and the Virgin Islands have signed a tax treaty to exchange tax information and provide mutual assistance in tax matters     The agreement was needed to trigger provisions of the Tax Reform Act of  allowing the Virgin Islands to offer investment incentives by reducing Virgin Islands taxes on nonUS source income the Treasury said     The treaty will be a model for similar agreements to be negotiated with three other US possessions  American Samoa the Mariana Islands and Guam the Treasury said     The new agreement which expands and replaces a prior agreement with the Virgin Islands was signed on February  the Treasury said  Reuter 
The Chicago Mercantile Exchange CME posted record trading volume for the month of February when  futures and options contracts changed hands up  pct from last Februarys volume of  contracts     Interest rate futures trading was the most active segment at the exchange with Eurodollar futures setting a monthly record of  contracts up  pct from volume of  contracts in February last year and surpassing the previous record of  contracts set in September      Options on Eurodollar futures also set a monthly record of  contracts up  pct from  a year ago     Trading in currency futures and options at the CME fell  pct during February from a year ago with  contracts changing hands compared to  contracts in the same period last year     Volume in most currency futures contracts fell in February while options on the currency futures rose  pct Options on mark futures set a monthly record at  contracts up from the previous record of  contracts in January     Agricultural futures volume rose  pct during the month with live hog futures volume leading the market segment rising  pct to  contracts  Reuter 
Over  software companies announced programs to support Apple Computer Incs new Macintosh II and Macintosh SE computers     At a seminar where the products were introduced software makers such as AshtonTate ltTATE Microsoft Corp ltMSFT and Lotus Development Corp ltLOTS announced new or existing products now accessible to the Macintosh computers     Lotus announced Lotus Galaxy software that will deliver six programmable business modules which it said will be formally introduced this summer     In addition National Semiconductor ltNSM said it will provide a series of products for the Macintosh computers including a megabyte memory expansion module  Reuter 
Appalachian Power Co a unit of American Electric Power Co said it will redeem on May one an additional  mln dlrs of its  pct first mortgage bonds due      That increases to  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 
Standard and Poors Corp said it affirmed the Bplus rating on AVX Corps  mln dlrs of subordinated debt     The companys implied senior debt rating is BB     S and P said AVXs purchase offer for CTS Corp ltCTS has expired and the acquisition does not appear likely to occur AVX was listed on S and Ps creditwatch with negative implications on December   because of the proposed acquisition  Reuter 
The federal Food and Drug Administration said it approved for US marketing a drug that reduces bleeding in hemophiliacs requiring dental work     The FDA said the drug tranemaxic acid would lessen and in some cases eliminate altogether the need for blood transfusions in hemophiliacs who must have teeth extracted     The drug will be made by Kabivitrum of Stockholm Sweden and distributed here under the trade name Cyklokapron by Kabivitrum Inc of Alameda Calif     Hemophilia is a hereditary diseease whose victims lack the particular proteins that promote blood clotting  Reuter 
Kidder Peabody Mortgage Assets Trust Five a unit of Kidder Peabody and Co Inc is offering  mln dlrs of collateralized mortgage obligations in seven classes including floatingrate and inverserate tranches     Sole manager Kidder Peabody said the first floatingrate class has an initial rate of  pct that will be reset quarterly at  basis points over threemonth LIBOR with an  pct cap     Totaling  mln dlrs this floatingrate class contains a socalled catchup provision that allows investors to recapture possible lost interest according to Kidder Peabody     For instance if threemonth LIBOR rises to  pct during the life of the floatingrate tranche and falls back below the  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      The other floatingrate class totals  mln dlrs and has an initial rate of  pct that will be reset quarterly at  basis points over threemonth LIBOR with a  pct cap This tranche does not have a catchup provision the Kidder officer said     The inverserate tranche totals  mln dlrs and has an initial rate of  pct The rate will be reset quarterly according to the formula of  minus the product of  times threemonth LIBOR     Yields on the remaining fixedrate CMOs the balance of the  mln dlr issue range from  to  pct or  to  basis points over comparable Treasuries     The issue is rated a topflight AAA by Standard and Poors   Reuter 
Qtly dividend  cts vs  cts     Pay April      Record April   Reuter 
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  barrels or  US gallons     The minimum price fluctuation for the propane futures contract will be   cent per gallon or  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 FOB from the sellers 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 inline or inwell transfer interfacility 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  EST noon of the second business day following receipt of the propane  Reuter 
General Motors Corp said its February US car production declined to  from  a year ago     GM said its US truck production declined to  from  a year ago     Yeartodate GM said car output declined to  from  and truck production eased to  from   Reuter 
US trade representative Clayton Yeutter today said that if the European Communitys 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 representatives office following a speech to the American Soybean Associations board of directors Yeutter said the proposed tax would have a severe impact on American soybean farmers who export some  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 tallowbased 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 
Oil traders in New York said Exxon Corps Exxon USA unit reduced the price it charges contract barge customers for heating oil in New York harbor  cent a gallon effective today     They said the reduction brings Exxons contract barge price to  cts The price decrease follows sharp declines in heating oil prices on spot and futures markets traders said  Reuter 
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 Turkeys 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  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 toMr 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  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 
Leucadia National Corp said two of its subsidiaries have acquired a  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  Minstar common shares for investment purposes only     The Leucadia subsidiaries had held an  pct stake in Minstar but cut to  pct or  shares last July     Since July Leucadia said its companies have bought  Minstar common shares for a total of  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 Leucadias 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 
Oper shr loss eight cts vs profit  cts     Oper net loss  vs profit      Revs  mln vs  mln      mths     Oper shr loss  dlrs vs profit  cts     Oper net loss  mln vs profit      Revs  mln vs  mln     Note Oper excludes loss from discontinued operations of  dlrs or  cts a share for yearago qtr and  dlrs or  cts a share for yearago  mths     Oper includes charge of  mln dlrs for cumulative effect of repeal of the investment tax credit for qtr and writedown of  mln dlrs on gas and oil facilities for  mths     Yearago shr data restated to reflect two pct stock dividend of December   Reuter 
The Montreal Exchange said it named Bruno Riverin president of Quebecs Caisse centrale Desjardins as its new president and chief executive officer     Riverin replaces former exchange president Andre Saumier who resigned in January to set up a brokerage firm     Riverins appointment is effective March  the exchange Canadas second largest said     The Caisse central is the main investment arm of Quebecs huge credit union movement  Reuter 
Australias broad money supply rose  pct in the year ended January up from a revised  pct in December the Reserve Bank said     This compares with the previous Januarys  pct     In January broad money growth slowed to  pct from Decembers  pct and compared with nil growth in January      Within the broad money total nonbank financial intermediaries rose by  pct from a revised decline of   in December and a previous Januarys  pct increase     In the January year NBFIs borrowings rose by  pct from a revised  in December and compared with a previous Januarys      At the end of January broad money stood at  mln dlrs dlrs from Decembers  mln dlrs and a January  level of  mln     In the same period borrowings from the private sector by the NBFIs rose to  mln dlrs from Decembers  mln and the previous Januarys  mln  Reuter 
Microbiological Research Corp said it entered into a letter of intent for a proposed business combination with privately owned ltDataGene Scientific Laboratories Inc and ltMilex Corp a newly formed company through a stock swap     It also said it received  dlrs from the sale of a convertible note to Ventana Growth Fund as part of an overall  equity financing plan with Ventana Under that plan a minimum of  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  pct of  shares of common outstanding in the new combined company DataGene holders will own  pct and Ventana and others will own  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 
ltNational Bank of Canada said it is issuing  mln dlrs worth of mortgagebacked securities recognized by the federal governments Canada Mortgage and Housing Corp     The bank said the issue is divided into two poolsone bearing annual interest of  pct and the other  pct with interest calculated semiannually and paid monthly     It said the securities are available in denominations of  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 
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  stg a tonne to new four year lows tomorrow in response to the results of the meeting  Reuter 
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  pct this year the same rate as last year unemployment could climb to  pct of the workforce by mid from its present  pct it said in an annual review of the French economy     The report said the French economy was increasingly illadapted to demand selling goods at uncompetitive relative prices on both domestic and export markets     Frances poor export performance reflects a geographical bias in favour of markets less dynamic than the average AndA substantial loss of market shareIn the past  months it said     Pointing to a likely widening of the French trade deficit to around  billion dlrs this year from  billion in  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 nonOECD 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  and a  pct surge in January consumer prices caused partly by the governments 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  dlrs a barrel average assumed in the report indicated an upward revision in the inflation forecast to around  or three pct     The government last week revised its forecast up to between  and  pct from two pct against last years  pct     But the OECD backed the governments view that the underlying trend for inflation remained downwards this year with a slowdown in domestic costs taking over from last years 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 
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  shares or  pct from  shares or  pct     In a filing with the Securities and Exchange Commission Mitchell Hutchins said it bought  shares between Jan  and Feb  at prices ranging from  to  dlrs a share and obtained voting control over another  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 
Oracle Systems Corp said it plans to register with the Securities and Exchange Commission to offer two mln share of its common stock     If these shares about  mln shares woll by sold by the company and up to  shares by be sold by certain shareholders     Oracle which recently announced a twoforone stock split said it will have about  mln shares outstanding after the offering  Reuter 
Shr  cts vs  cts     Net  vs      Revs  mln vs  mln     Nine mths     Shr  cts vs  cts     Net  vs      Revs  mln vs  mln  Reuter 
Cousins Home Furnishings Inc said it obtained a mlndlr working capital line of credit from Lloyds Bank PLC through its Los Angeles branch     The credit is supported by a guarantee from the companys Canadian affiliate The Brick Warehouse Ltd which will receive dlrs worth of the companys stock     The line of credit which expires in July  will be used to pay off a dlr working capital loan the company owes Wells Farg Bank  Reuter 
Shr profit  cts vs profit two cts     Net profit  vs profit      Revs  vs      Year     Shr profit  cts vs loss  cts     Net profit  vs loss      Revs  mln vs   Reuter 
Rexnord Inc said it will redeem all of its preferred stock purchase rights for  cts a right effective today     Rexnord said the rights will be redeemed because it is expected its shares will be tendered under a January  takeover offer from Banner Acquisition Corp The rights trade in tandem with Rexnords common stock  Reuter 
Groupe Cantrex Inc said it plans to merge a new whollyowned subsidiary a merger agreement with CAP Appliance Purchasers Inc of Woodstock Ontario a group of about  appliance and electronics retailers     It said CAP shareholders will receive  first preferred Groupe Cantrex shares entitling the holders to receive  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 
Two affiliated investment firms and the investment funds they control said they raised their combined stake in LDBrinkman Corp to  shares or  pct of the total outstanding from  shares or  pct     In a filing with the Securities and Exchange Commission Fidelity International Ltd a Bermudabased firm said its funds bought  LDBrinkman common shares between Jan  and Feb  at prices ranging from  to  dlrs a share     Funds controlled by FMR Corp a Bostonbased investment firm affiliated with Fidelity hold  shares bringing the combined total to  shares Fidelity said  Reuter 
Hartford Insurance Group a unit of New Yorkbased ITT Corp said higher worldwide premiums help boost net income for the  fourth quarter to  mln dlrs from net income of  mln dlrs for the  quarter    For the full year Hartford said it earned  mln dlrs up from  mln dlrs in      Hartford said results for the year were aided by a gain of  mln dlrs on the sale of its remaining  pct stake in Abbey Life Group PLC For  the company posted a gain of  mln dlrs on the sale of  pct of Abbey Life     Hartford said total propertycasualty and lifehealth written premiums rose  pct in  to eight billion dlrs from  billion dlrs in   Reuter 
The federal Securities and Exchange Commission SEC is looking for possible securities laws violations in connection with an unsuccessful  bid by Hollywood producer Burt Sugarman to take over TRE Corp attorneys contacted by SEC investigators said     During the takeeover attempt a unit of Sugarmans Giant Group Ltd at one point held a  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  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  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 
Last weeks White House shakeup has increased the odds that Federal Reserve Board chairman Paul Volcker a symbol of strength in a government reeling from the armstoIran scandal will serve a third term sources close to the Fed say     But they said that no decision on the appointment which must be filled this August has been taken by the White House and Volcker too has not made up his mind     Former White House Chief of Staff Donald Regan who resigned last week when exsenator Howard Baker was named as his replacement was implacably opposed to Volcker and tried often to undermine him     It is an open secret in Washington that Regan tried to ensure that Volcker first appointed in  by President Carter will not be offered a third term by President Reagan     Only Volckers key allies in the Reagan administration VicePresident George Bush and Treasury Secretary James Baker kept Regans recent maneuvering at bay the sources said     Sources close to the administration say Regan leaked a story quickly shot down by others in the administration that Beryl Sprinkel chairman of the council of economic advisers had been chosen to replace Volcker     But as the administrations credibility was increasingly under fire it became clear that Regans power to bring about such changes was on the wane     The sources said New White House Chief of Staff Howard Baker has a very good relationship with his namesake at the Treasury Department and is likely to respect his views on the Fed chairmanship     As a moderate Republican Baker is also unlikely to share the rightwings opposition to Volcker     This new White House is going to need all the strength it can get said one source when asked about the possibility of Volckers reappointment     Paul Volcker is deeply respected in financial markets both in the United States and around the world At a time when the stability of the dollar and the viability of major debtor nations are in question Volckers departure would definitely undermine US leadership foreign exchange analysts say     US officials say Volcker works very closely with Treasury Secretary Baker on issues like international debt and global economic cooperation     The two men seem only to differ on how far to deregulate the banking industry but recent statements by Volcker in which he adopted a more liberal attitude on deregulation signalled the politicallyindependent central bank is coming around at least partially to the Treasury position     And a recent statement by a Reagan administration official that the two men saw exactly eyetoeye on the dollar was seen as an indication of Bakers support for the Fed chairman     Baker is understood to have played a key role in Volckers reappointment to the Fed in mid     The sources said Baker respects Volcker and when appointed Treasury Secretary in February  he decided to ensure a good working relationship in part because he believed the two key government economic institutions have to work closely     Regan Treasury Secretary during President Reagans first term was formerly head of Wall Streets largest brokerage firm Merrill Lynch and came to Washington determined to be Americas preeminent economic spokesman     He developed a deep antipathy for Volcker whose political skills undermined that ambition and who financial markets took much more seriously     But the sources said Volcker would have to be invited to stay Is the president going to ask him he wouldnt stay otherwise said one Hed have to be asked said Stephen Axilrod formerly staff director of monetary policy at the Fed and now vicechairman of Nikko Securities Co International     Otherwise the list of potential candidates is not aweinspiring And if Volcker left this Augsut he would leave behind one of the most inexperienced Fed Boards in years     Many analysts believe this lack of collective experience  the four sitting members were all appointed within the last three years  is dangerous coming at a time when the global economy is threatened by instability     An experienced successor therefore would seem a necessity One widely mentioned possibility is Secretary of State George Shultz whose experience as Treasury Secretary under Preesident Nixon and background as a trained economist would make him ideal     But Shultz too may have been damaged by the armstoIran scandal while vicechairman Manuel Johnson is regarded at  years old as too young for the job     Other potential candidates include economist Alan Greenspan frequently an informal presidential economic adviser New York Fed President E Gerald Corrigan Federal Deposit Insurance Corp chairman William Seidman and Sprinkel     Long a Regan protege Sprinkels chances may be damaged by his patrons departure from the White House  Reuter 
February volume at the Chicago Board of Trade CBT declined  pct from the yearago month to  contracts the exchange said     A relatively steady interest rate climate reduced volume in the most active contract Treasury bond futures by  pct from a year ago to  contracts     However trading in most agricultural futures contracts increased last month led by oats and corn futures     Oats volume tripled to  contracts and corn volume increased  pct to  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  pct during the month with  contracts changing hands  Reuter 
Grain trade representatives continued to speculate that the Reagan administration will offer subsidized wheat to the Soviet Union while US Agriculture Department officials said there was no substance to the reports     Its pure fiction said one senior official at USDAs 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 US wheat much of it before midyear 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 US wheat if it was competitively priced     We dont 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 
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     Its  percentI guarantee you a strike Gralewicz said in an interview     The union represents about  workers on the Great Lakes and Canadas 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  jobs  Reuter 
Reuters Holdings PLC said its Reuters Information Services Inc unit will join ltReal Estate Financing Partnership Philadelphia to offer an electronic market access system for commercial property financing     Reuters said the system named Real Estate Select View Program or RSVP will use its private communications network to provide a confidential method for the purchasing selling and financing of commercial property     The system set for testing in August in selected US cities is expected to be operational  days after initial testing Reuters said  Reuter 
Oper shr loss  cts vs profit  cts     Oper net loss  vs pofit      Revs  mln vs  mln      mths     Oper shr profit  cts vs profit  cts     Oper net profit  vs profit      Revs  mln vs  mln     Note Oper net excludes loss from discontinued operations of  dlrs or  cts a share for yearago qtr and  dlrs or  dlrs a share for yearago  mths  Reuter 
Contracting for future construction work declined by three pct in January to an annualized rate of  billion dlrs a report on the industry said     The report by the FW Dodge Division of McGrawHill Information Systems Co said a  pct reversal of nonbuilding construction was largely responsible for the months setback from Decembers higher level     Residential building eased three pct in January while contracts for commercial industrial and institutional buildings rebounded slightly according to the report     Nonbuilding construction which soared to an annualized rate of  billion dlrs in December when last years only major electric power plant was started fell back  pct to  billion     Dodge said contracting for highway and bridge construction advanced five pct in January However available funding for  construction could dry up if Congress fails to act after the Federal highway program runs out of carryover spending authority     Nonresidential buildings edged up one pct in January to an annualized rate of  billion Contracting for institutional structures such as schools and health facilities was the reason for the gain the report said     Residential building was valued at  billion dlrs in January a decrease of three pct from Decembers seasonally adjusted rate the report stated However demand will be strong for singlefamily units supported by falling mortgage rates but multifamily buildings will not be in high demand as a result of the tax reform according to the report  Reuter 
Qtr ended Jan      Shr  dlrs vs  dlrs     Net  mln vs  mln     Revs  mln vs  mln     Avg shrs  mln vs  mln      mths     Shr  dlrs vs  dlrs     Net  mln vs  mln     Revs  billion vs  billion     Avg shrs  mln vs  mln     Note Shravg shrs data show for split in Nov   Reuter 
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  tonnes of lemons on the streets in protest at EC duties     Towards the end of last week about  angry West German farmers marched through the streets of Hanover burning effigies of Agriculture Minister Ignaz Kiechle while in France pigfarmers barricaded roads in protest at falling prices     Europes  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 toughestever 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  pct     The plans form part of an ongoing campaign to reform surpluscreating farm policies that have become a political embarrassment at home and commercial flashpoint abroad and threatened to leave the Community with no cash for other areas     Andriessens latest package comes only months after a decision to cut dairy production by  pct over two years and to slash beef prices by around  pct     That decision agreed in outline last December after virtually nine days of nonstop 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 Andriessens 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  billion dlrs and is almost entirely blamed for a projected budget shortfall later this year of some  billion dlrs  Reuter 
Calny Inc said it has filed a multimilliondlr suit against PepsiCo Inc and its La Petite Boulangerie unit     Calny which holds  La Petite Boulangerie franchises alleges it and PepsiCo breached their agreements with Calny by failing to support the franchises in a number of ways     The company further alleges that PepsiCo and La Petite Boulangerie had fiduciary responsibilities to Calny because of the longstanding relationship between Calny and Taco Bell also a PepsiCo subsidiary Calny operates  Taco Bell restaurants     Calny said Pepsico misrepresented the readiness of the La Petite Boulangerie to expand outside San Francisco and misrepresented costs involved in operating the restaurants  Reuter 
Braniff Inc said its load factor or precentage of seats filled was  pct in February up slightly from  pct for the same month last year     Braniff said traffic for the month rose  pct to  mln revenue passenger miles from  mln a year ago A revenue passenger mile is one paying passenger flown one mile     The airline said capacity for February was up  pct to  mln available seat miles from  mln in      Year to date it said load factor was  pct vs  pct traffic was  mln revenue passenger miles vs  mln and capacity was  mln available seat miles vs  mln  Reuter 
Kentucky Central Life Insurance Co said it declared a semiannual dividend of  cts per share payable March  to shareholders or record March      The dividend is equal to the companys previous semiannual payout  Reuter 
Qtly div  cts vs  cts prior     Pay April      Record March   Reuter 
Japans seasonally adjusted unemployment rate rose to a record  pct in January the worst since the Government started compiling unemployment statistics under its current system in  up from the previous record  pct in December the governments Management and Coordination Agency said     Unemployment was up from  pct a year earlier     Unadjusted January unemployment totalled  mln people up from  mln in December and  mln a year earlier     Male unemployment in January remained at  pct equal to the secondworst level set last December Record male unemployement of  pct was set in July      Female unemployment in January remained at  pct equal to the record level marked in April August September and December last year     Januarys record  pct unemployment rate mainly stemmed from loss of jobs in manufacturing industries particularly in exportrelated firms due to the yens continuing appreciation against the dollar officials said     Employment in manufacturing industries fell  from a year earlier to  mln including  mln employed in the textile industry down  from a year earlier and  mln in transport industries such as carmakers and shipbuilders down   REUTER 
Ford Europes net earnings soared by  per cent last year to  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  million vehicles in Europe in      Net earnings were  mln dlrs in      Sales in  represented  per cent of the European market share Whipple said Ford will invest  billion dollars in Europe in  and a total of seven billion over the next seven years he added  Reuter 
President Reagans nominee as director of the Central Intelligence Agency CIA Robert Gates withdrew his name from consideration by the Senate in the face of a long battle for confirmation     His withdrawal was announced at a White House news conference by Reagans new ChiefofStaff Howard Baker who said the President had accepted it with great regret     Gates now deputy head of the CIA had been questioned about CIA involvement in the Irancontra scandal and leading senators had warned his nomination was in trouble Baker said Gates would remain as deputy director of the spy agency  REUTER 
South Koreas index of leading indicators fell  pct to  base  in December after a  pct rise in November representing a  pct yearonyear gain from December  Economic Planning Board provisional figures show     The index is based on  indicators which include export values letters of credit received warehouse stocks M and M money supply figures and the composite stock exchange index  REUTER 
Chinese leader Deng Xiaoping told visiting US Secretary of State George Shultz Chinas recent troubles were over     The two discussed Washingtons scandal over US Arms sales to Iran and Chinas political situation after the fall of Communist Party leader Hu Yaobang     Deng said I know the President has had some difficulties but I think now it doesnt matter When one is running a government one has to deal with troubles     As for the troubles we recently encountered they are over Deng added  REUTER 
The yen should stabilize at around  to  to the US Dollar for about a year the Bank of Tokyos 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  at least for the rest of the year he told reporters during a brief visit to Malaysia     Narusawa said the US Is unlikely to push the yen up further because this might spark off inflation and depress the US Economy before the  presidential election     The yen is trading at around  to the dollar  REUTER 
Opec remains within its agreed output ceiling of  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 US 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 Opecs output level was now he replied Below  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 cartels December pricing agreement it would get through present price difficulties     He predicted that prices would recover again in the third and fourth quarters of      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 
The governments industry aid and protection review body the Industries Assistance Commission IAC will hold a 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   when the underwriting and pricing provisions of the  Wheat Marketing Act expire     Kerin said the broadranging reference would allow a full examination of all aspects of the wheatmarketing 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 industrys 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 governments underwriting of the guaranteed minimum price paid to wheatgrowers by the Australian Wheat Board near the start of the season     The IACs 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 wheatmarketing arrangements between the federal and state governments and the industry  REUTER 
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  stg per tonne today coffee trade sources said     Prices could easily drop to as low as  dlr or even  cents a lb this year from around  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 US And Brazil the largest coffee importer and exporter respectively each laid the blame on the other for the breakdown of the talks     Jon Rosenbaum US 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  pct share of a global market of about  mln 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 Brazils share to  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 lastminute 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 Brazils 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 coffeeproducing countries that depend heavily on coffee earnings particularly some African nations and Colombia are likely to be hurt the most by the ICOs 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  but the full council is not due to meet again until September delegates said  REUTER 
European Community EC farm ministers early today abandoned talks aimed at saving an agreement on cutting excessive milk production after making no progress in over  hours of negotiations     The ministers will resume talks at  local time in a bid to clear the way for a fullscale review of proposed reforms for other surplus sectors     Diplomats said member states were unable to settle differences over new rules limiting farmers automatic right to sell unwanted butter at high guaranteed prices into EC cold stores West Germany and Ireland are opposed to the steps  REUTER 
President Reagans approval rating fell after the Tower Commission criticised his handling of the Iran arms scandal a New York TimesCBS poll indicates     The poll found  pct of those surveyed thought he was lying when he said he did not remember if he had approved the original arms sales to Iran and  pct thought he was telling the truth     The poll found  pct of those surveyed approved Reagans handling of his job and  pct disapproved The approval rating was the lowest since January  when  pct approved of the way Reagan was doing his job  REUTER 
Earthquakes and aftershocks are still shaking areas of northern New Zealand following yesterdays strong tremor which left  people homeless     Four earthquakes measuring up to  on the Richter scale have hit the Bay of Plenty and Waikato region in the northeast since midnight yesterday  GMT     No casualties have been reported and no further major damage civil defence sources said Twentyfive people were treated for bone fractures after yesterdays shock     A government seismologist said from Rotorua in the North Island some five tremors were being recorded every  minutes     Todays quakes were felt over an area of  square km the seismologist added     A state of civil defence emergency in the area was declared yesterday and is still in force with schools closed and access to the worsthit towns of Edgecumbe Whakatane and the forestry town of Kawerau severely restricted     Yesterdays quake measured  on the Richter scale     The seismologist said if the pattern of other large earthquakes was followed the shocks would continue for one to several weeks declining in frequency and magnitude But the chance of a further large shock could not be ruled out     Civil defence officials said major roadslips and landslides in the area are being cleared with power and water restored to most areas Rail lines twisted by earth movements are being repaired     Prime Minister David Lange visited the region today before flying to Auckland to attend a South Pacific Forum conference of foreign ministers     A small force of troops was moved into the area to assist civil defence workers and volunteers Civil defence sources said people would shortly begin to return to their homes when the buildings are declared safe  REUTER 
New Zealands current account deficit for the quarter ended December   narrowed to  mln dlrs from  mln revised down from  mln for the September quarter and from  mln a year earlier the statistics department said     The deficit for the year ended December narrowed to  billion dlrs from  billion dlrs revised down from  billion for the year ended September The deficit for calendar  was  billion     The December quarter showed a  mln dlr surplus for merchandise trade unchanged from the September quarter surplus which was revised down from  mln dlrs The  December quarter showed a  mln dlr deficit     Imports for the December  quarter were  billion against  billion in the September quarter and  a year earlier Exports were  billion against  billion and  billion     Imports for the year ended December  were  billion dlrs compared with  billion in  Exports were  billion against  billion     Government borrowing stood at  billion dlrs for calendar  against  billion for  Borrowing in the December quarter rose to  billion from  in the September quarter and  mln a year earlier     Repayments stood at  billion for the year up from  billion in  Repayments in the December quarter accounted for  billion dlrs against  mln in the September quarter and  mln a year earlier     Official reserves totalled  billion dlrs at end December compared with  billion at end September and  billion one year earlier  REUTER 
ltAmerican Airlines Inc is expected to announce purchases from ltAirbus Industrie Boeing Co ltBA and General Electric Co ltGE amounting to  billion dlrs the New York Times said     The paper quoted unnamed industry sources as saying American will buy  widebodied planes from Airbus  widebodies from Boeing and  engines from GE It said American split the order between Airbus and Boeing to get better prices and conditions     It said the  CFC engines are worth more than five mln dlrs each  REUTER 
Equity investment company ltBattery Group Ltd said it had agreed to buy ltOccidental Life Insurance Co of Australia Ltd from TransAmerica Corp ltTA of the US For  mln Australian dlrs     The acquisition has been made possible by the efforts of its major shareholder ltPratt 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  dlrs each and four mln free options to the Pratt Group controlled by entrepreneur Dick Pratt plus four mln shares to professional investors at  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  pct of Batterys enlarged capital assuming exercise of all options it said Battery now has  mln shares on issue     Battery said Occidental Life is a major underwriter of individual term life insurance and a recent but fastgrowing entrant in the individual account superannuation market     It has some  mln dlrs in funds under management  REUTER 
Net  mln dlrs vs  mln     Shr  cents vs      Final div to announced after July  vs final  cents making      Sales revenue  billion vs  billion     Investment income  mln vs  mln     Shrs  mln vs  mln     NOTE  Net is after tax  mln dlrs vs  mln interest  mln vs  mln depreciation  mln vs  mln but before net extraordinary loss  mln vs profit  mln  REUTER    
The Malaysian government said it has reimposed export duties on rubber at  cent per kilo after the gazetted price moved above the threshold price of  cents per kilo     The gazetted price effective March  rose to  cents per kilo from Februarys      The duty for research remains at  cents per kilo and the replanting duty is also unchanged at  cents  REUTER 
The government said it raised the export duty on processed palm oil PPO to  ringgit per tonne from  ringgit effective from March      Export duty on crude palm oil CPO was unchanged at  ringgit per tonne     The gazetted price of PPO rose to  ringgit per tonne from  That of CPO remained at  ringgit     The export duty and gazetted price of palm kernel were left unchanged at  and  ringgit per tonne respectively  REUTER 
Net profit  mln dlrs vs loss  mln     Net is equity accounted     Preequity accounted net  mln dlrs vs loss  mln     Preequity shr profit  cents vs loss      Final div to be announced after July  vs first and final  cent     Sales  billion vs  billion     Other income  mln vs  mln     Shrs  mln vs same     NOTE  Net is after tax paid  mln dlrs vs credit  mln interest  mln vs  mln depreciation  mln vs  mln and minorities  mln vs loss      But net is before net extraordinary loss  mln vs nil Extraordinaries comprise exchange losses  mln provision for Goldendale smelter closure costs  mln and increase in future tax provision  mln  REUTER 
Japanese investor interest in British giltedged 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 US 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 US Treasury market they said     Dealing demand for gilts with coupons around  pct has been getting stronger the general manager of the local office of a British securities firm said     On the other hand major longterm investors such as Japanese insurance companies are not very enthusiastic about buying British securities ahead of the March  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 sterlingyen rate was about  today up from  at the start of the calendar year and a narrow range of  to  late last year     Many bond traders in Tokyo are doubtful that sterling will further appreciate steeply However gilts may benefit from further declines in UK Interest rates they said     The UK 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  pct gilt due March  to dip below  pct against  pct at yesterdays close in London  REUTER 
Japans unemployment rate is expected to continue to climb to about  pct within the next year from Januarys three pct record senior economists including Susumu Taketomi of Industrial Bank of Japan said     Decembers  pct was the previous worst level since the governments Management and Coordination Agency began compiling statistics under its current system in      There is a general fear that we will become a country with high unemployment said Takashi Kiuchi senior economist for the LongTerm 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  people find jobs in fiscal  beginning in April     Prime Minister Yasuhiro Nakasone told a press conference the record rate underlines the need to pass the  budget which has been held up by opposition to proposed tax reforms     The yens surge has caused layoffs in the mainstay steel and shipbuilding industries Other exportdependent industries such as cars and textiles have laid off parttime 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 Ltds 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 Januarys  increase in jobless from a year earlier were those aged between  and  Sumitomos Tsukihara said  REUTER 
South Koreas customscleared trade surplus narrowed to  mln dlrs in February from  mln in January provisional trade ministry figures show     In February  there was a deficit of  mln dlrs     February exports rose to  billion dlrs fob from  billion in January and  billion in February  CIF imports were  billion against  billion in January and  billion in February last year  REUTER 
Central bank governor Chang Chicheng rejected a request by textile makers to halt the rise of the Taiwan dollar against the US Dollar to stop them losing orders to South Korea Hong Kong and Singapore a spokesman for the Taiwan Textile Federation said     He quoted Chang as telling representatives of  textile associations last Saturday the government could not fix the Taiwan dollar exchange rate at  to one US Dollar due to US Pressure for an appreciation of the local currency     The Federation asked the government on February  to hold the exchange rate at that level     The federation said in its request that many local textile exporters were operating without profit and would go out of business if the rate continued to fall     It said the Taiwan dollar has risen almost  pct against the US Dollar since September  while the South Korean won climbed only four pct The Singapore and Hong Kong dollars remained stable against the US Unit in that period it said     Many local bankers and economists predict Taiwans dollar will rise to between  and  per US Dollar by yearend     Chang was quoted as saying this would depend on Taiwans ability to reduce its trade surplus with the US This year     The surplus widened to a record  billion US Dlrs in calendar  from  billion in  official figures show     Taiwans textile exports fell by almost four pct in January to  mln US Dlrs from  mln in January  the same figures show     Textiles are Taiwans secondlargest export earner after electrical and electronic products     Textile exports surged to  billion US Dlrs last year from  billion in  Exports to the US Last year were worth  billion US Dlrs  REUTER 
Egypt allowed five fugitive Libyan soldiers who landed in a military plane in the far south of the country last night to stay and flew them to Cairo official sources said     It appeared the government had agreed to demands by the five  two officers and three privates  for political asylum but there was no immediate announcement     Official sources said Egyptian servicemen flew the Libyans north from Abu Simbel in their C transport plane The status of the sixth Libyan on board the pilot was not immediately known  REUTER 
The US Wants Japan to eliminate import controls on agricultural products within three years visiting US UnderSecretary 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 subcabinetlevel 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 US Trade bill is a moderate one rather than containing retaliatory measures or antagonising any particular country     He was also quoted as saying the US 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  agricultural products A ban on rice imports triggered recent US Complaints about Japans agricultural policy  REUTER 
The Ministry of International Trade and Industry MITI acted to tighten restrictions on microchip exports to countries other than the US To preserve a USJapan 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     US 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 greymarket sales by thirdparty 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  pct in firstquarter  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 ltHITT spokesman said  REUTER 
Finnish unemployment was  pct in December last year compared with  pct in November and  pct in December  the Central Statistical Office said     It said  people were unemployed in December   in November and  in December   REUTER 
Thailands improving economy will likely cause foreign reserves to increase to at least five billion dlrs by end from a record of nearly  billion at endFebruary private bankers said     Bank of Thailand statistics show foreign reserves rose to  billion at endJanuary from  billion a year earlier     Nimit Nonthapanthawat chief economist at the ltBangkok Bank Ltd said Thailands 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  pct in  and are expected to expand another  pct this year bankers said     A US Embassy report said last month Thailand could achieve five pct real gross domestic product growth in  up from a projection of  pct for  and  pct in      Nonthapanthawat said if economic growth continues at its current pace and oil prices and major currencies remain stable the five billion  reserves target can easily be reached     Thailand calculates foreign reserves to include gold special drawing rights and convertible currencies The target is equivalent to fiveandahalf months worth of imports  REUTER 
Sweden had a  current balance of payments surplus of  billion crowns compared with a deficit of  billion the preceding year according to preliminary figures from the central bank     The December current account had a  mln crowns deficit against a yearago  mln deficitDecember trade balance was  billion surplus against yearago two billion     The trade balance showed a  surplus of  billion crowns compared with a  billion surplus in  the bank said   REUTER 
Singapores Finance Minister Richard Hu is expected to announce a neutral budget tomorrow with no major tax changes for the  year starting April  bankers and economists told Reuters     They said with real growth at an estimated  pct in calendar  indicating signs of recovery from the  pct shrinkage in  the government was likely to hold its course and wait for measures introduced in last years budget to work     Last March Hu cut corporation tax to  pct from  pct and income tax was reduced by the same margin     Last year the government also reduced wage costs by introducing a wage freeze and cutting employer contributions to the mandatory state savings scheme the Central Provident Fund CPF to  pct of salaries from  pct     I dont foresee any new or additional stimulus because the economy is now improving said Clemente Escano vice president of the Union Bank of Switzerland     The governments economic report for calendar  issued last week said the CPF reduction and other costcutting measures only started to bite in the third quarter of      But the report said over half the economy  especially the commerce financial and business services sectors  continued to be depressed by weakness in the surrounding regional economies and an excess of domestic property     The sources said the fragility of the economic recovery suggested the government would not introduce much of its planned consumption tax in the coming financial year     In last years budget Hu said he planned to set up collecting machinery for the tax Economists said a campaign against smoking this year might be the opportunity for him to levy the tax on tobacco as a first step towards its wider use     The sources said the government does not look likely to raise more revenue in this years budget     Last years budget projected a  billion dlr budget deficit for fiscal  but the economic report projected an overall calendar  surplus of three billion     Lower tax revenue was balanced by rising investment income and stringent controls on government operating expenditure helped by the wagefreeze policy     Anthony KP Lee vicepresident and deputy general manager of American Express Bank Ltd said he expected nothing exciting from this years budget     Lee said It will probably be a nonevent as most of the tax benefits were given last year The economy has already started moving so it does not need government support     Last weeks economic report attributed the one pct decline in domestic demand last year mainly to a sharp decline in private construction so this sector hopes for some relief from the budget economists said     The economic report said the sectors activity declined by  pct in calendar  after a  pct contraction in  A further decline is expected in      But in last years budget a  pct rebate on tax for industrial and commercial properties was raised to  pct until the end of  so the most Hu is likely to do is add incentives for creating property investment unit trusts     The only measures known to be in tomorrows budget are incentives to encourage population growth including incentives to families who have three children     Deputy Prime Minister Goh Chok Tong has already announced the government will try to encourage threechild families instead of the twochild families it encourages now  REUTER 
Shr p vs p     Div p vs p making p vs p     Pretax profit  mln stg vs  mln     Turnover  mln vs  mln     Tax  mln vs  mln     Finance charges  mln vs  mln     Minority interest  mln vs  mln     Extraordinary debit being closure and restructuring costs  mln vs  mln     Operating profit includes      Pharmaceutical  mln vs  mln     Scientific equipment  mln vs  mln     Horticulture  mln vs  mln     Note  company said it plans oneforone capitalisation  REUTER 
Fisons Plc ltFISNL said strong international growth had been the main feature of the groups  progress with the pharmaceutical division reporting a  pct increase in US Sales during the period     The rise was due to a sustained marketing programme a larger sales force and the introduction of an aerosol form of its Intal antiasthma drug which pushed US Sales up  pct     The company was commenting on  results which saw pretax profits rising to  mln stg from  mln in  The result was in line with market forecasts but its shares nevertheless eased in a falling market to p at  GMT from p     Fisons said the potential for future growth of Intral as well as its Opticrom and Nasalcrom products was clearly indicated by a strong  performance     The scientific equipment business had raised the proportion of high technology products it manufactures and also raised its ability to generate higher margins The horticulture operations had demonstrated outstanding marketing ability Underlying cash flow from all three operations had been positive despite a full programme of capital investment     Action to protect the group against foreign currency movements resulted in a small net gain to profits  REUTER 
The Philippines must devalue the peso if it wants its exports to remain competitive Economic Planning Secretary Solita Monsod told Reuters     The pesodollar rate has to be undercut to make our exports more competitive Monsod said an interview No question about it Im saying you cannot argue with success Taiwan South Korea West Germany Japan all those miracle economies deliberately undervalued their currencies     The peso has been freefloating since June  It is currently at about  to the US 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     Im 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 pesodollar rate is a movement that will reflect differences in inflation rates of the Philippines versus the other country Its an arithmetic thing     Official figures show Philippine inflation averaged  pct in calendar  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 pesodollar  target rate at      The peso lost  pct in value to slump to  to the dollar when it was floated in   REUTER 
The UK Trade Department said it would not refer Consolidated Goldfields Plcs ltCGLDL purchase of ltAmerican Aggregates Corp to the Monopolies Commission     Cons Gold said last month that its ltARC America Corp unit had agreed to buy the Ohiobased company for  dlrs a share cash or  mln dlrs in a deal recommended by the Aggregates board  REUTER 
NV Nederlandse Gasunie is issuing a  mln dlr eurobond due April   paying  pct and priced at  pct lead manager Citicorp Investment Bank Ltd said     The noncallable bond is available in denominations of  dlrs and will be listed in Luxembourg The selling concession is  pct while management and underwriting combined pays  pct     The payment date is April   REUTER 
SaabScania AB is issuing a  mln dlr eurobond due April   paying  pct and priced at  pct lead manager Morgan Guaranty Ltd said     The bond is available in denominations of  and  dlrs and will be listed in London Payment date is April       Fees comprise  pct selling concession and  pct management and underwriting combined and listing will be in London  REUTER 
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  mln dlrs of medium term notes and US Commercial paper to be sold in the US 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 IELs Sydneybased subsidiary IEL Finance Ltd     The letter of credit will be underwritten by a group of banks who will be paid a  basis point facility fee and a  basis point utilisation fee     IEL itself is  pct owned by Brierley Investments Ltd of New Zealand Merrill Lynch said  REUTER 
Zaire agreed to limit its tin exports to  tonnes for  months from March  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  tonnes for a year from March      Siaahan said Zaire is expected to produce  tonnes of tin in calendar  and that in  its output and exports were about  tonnes     The ATPC hopes to cut the tonne world surplus by  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  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 
Japans 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  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 
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 riskhedging 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 dollaryen and interest futures would include Japanese domestic yen certificates of deposit threemonth Eurodollar deposits and year US 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 Japans 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     Japans only current financial futures market in yen bonds began on the Tokyo Stock Exchange in October      But the Osaka Stock Exchange plans to start futures trading in a basket of leading stocks in April  REUTER 
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 
Australian police said they charged a former currency clerk of Westpac Banking Corp ltWSTPS with misappropriating  dlrs in July in an alleged foreignexchange fraud     A spokeswoman for the New South Wales Corporate Affairs Commission CAC said the arrest was part of its investigation stemming from complaints from Westpac and ltKleinwort Benson Australia Ltd     CAC and Westpac officials said they were working out how much money was involved but said press reports it was as much as five mln dlrs were probably exaggerated     Police told reporters it was alleged the former clerk quoted an incorrect dealing price relationship between the yen and the Swiss franc     They said the CAC was investigating  other cases involving  dlrs     A Kleinwort Benson spokesman declined to comment on the case but the company said in a statement yesterday a small loss incurred in  in its foreignexchange division was unrelated to certain alleged forex irregularities  REUTER 
The Bank of England said it forecast a shortage of around  mln stg in the money market today     Among the main factors affecting liquidity bills maturing in official hands and the takeup of treasury bills will drain some  mln stg while bankers balnces below target will take out around  mln stg     Partly offsetting these outflows exchequer transactions and a fall in note circulation will add some  mln stg and  mln stg to the system respectively  REUTER 
Japan looks likely to allow US Banks to conduct securities business here a move that will probably cause the barriers separating Japanese commercial banks from brokerage houses to break down financial analysts said     But the timing of the approval remains uncertain due to conflicting domestic interests     JPMorgan and Co ltJPM Bankers Trust New York Corp ltBT Manufacturers Hanover Corp ltMHC and Chemical Bank New York Corp ltCHL are expected to win approval to conduct securities business in Japan US Bank officials said     There is no reason for extended delay of approval one official at a US Bank said The four US Banks have been seeking finance ministry approval for months     To date Japan has allowed European banks to do securities business here through pct owned subsidiaries As Japanese banks can conduct securities business in European countries this was seen as a reciprocal move and did not pave the way for Japanese banks to enter the domestic securities market     But if US Banks win approval Japanese banks will press hard for similiar status since they are not allowed to conduct securities business in the US     Many US Bank officials expect their applications to be approved before June But Japanese banking sources said the decision will be delayed until next year A spokesman for the finance ministry declined comment     US Bankers will meet with ministry officials for talks on financial market deregulation sometime in the next few months Ministry sources said the talks are likely to be held in April or June     At the last round of financial negotiations in September US Officials said Japans commitment to deregulation was flagging     Analysts said the finance ministry has been seriously considering the US Request since the US Federal Reserve Bank of New York approved five new primary government securities dealers including two Japanese brokerages last December     They said the ministry will have to approve the US Request soon to head off criticism its markets are not as open to foreigners as those of the US     Analysts said Japan has proceeded rapidly with financial deregulation since  but has not touched upon the clear division between the securities and banking businesses     Japanese banks and securities houses have fought hard to protect their interests but analysts said the banks are finding it increasingly difficult to earn money in traditional fields     Officials of major Japanese banks said they will pay special attention to the ministrys reaction to US Bank requests because approval would accelerate market liberalization in Japan     The Japanese bankers hope approval will pave the way for their own entry into the domestic securities market  REUTER 
Saudi riyal interbank deposit rates eased across the board in a dull market which was long in daytoday funds dealers said     Todays 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 sixmonth deposits but said activity focused on short dates and onemonth deposits as banks tried to lend surplus funds     Spotnext was put at   pct down from six  yesterday while oneweek rates were steady at six  pct     Onemonth deposits declined to   pct from   on Monday while three months was barely changed at seven  pct     The spot riyal was little changed at  to the dollar after quotes of  yesterday  REUTER 
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 UK Government bond market on a combination of positive UK 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 todays release of US Leading indicators for January     The US Data due out this afternoon is expected to be weak placing the US Unit under renewed pressure and robbing the market in dollardenominated eurobonds of fresh trading impetus one dollar straight trader said     Its going to be another tedious day and I cant 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 UK 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 markdenominated bonds was expected to be subdued today due to preLenten 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 selloff last week     FRN dealers said paper of US  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 Funaros 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  mln dlr deal launched by Morgan Guaranty Ltd for Saab Scania at  pct priced at  pct     The other issue was a  mln dlr deal  also due   for NV Nederlandse Gasunie paying  pct and priced at  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 
The French Treasury will issue between eight and  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 fixedrate tranches of the  pct June  and the  pct December  stock and one tranche of the variablerate January  stock     The minimum amount of each tranche to be sold will be one billion francs  REUTER 
Mexican state oil firm Petroleos Mexicanos Pemex signed for a  mln dlruntied loan from the ExportImport 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  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  mln dlrs worth of foreign equipment and materials for the project he said The new pipeline will enable Japan to load Mexicos 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 
The Government brokers supplies of a  mln stg issue of two pct Treasury indexlinked stock due  were exhausted in early trading on the UK 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  stg pct this morning     The issue was undersubscribed at a tender on February  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 
Shr profit p vs p loss     Div p making p vs nil     Turnover  billion stg vs  billion     Pretax profit  mln vs  mln loss     Tax  mln vs nil     Operating profit  mln vs  mln     Interest less investment income  mln vs  mln     Exceptional debit  mln vs  mln     Minorities  mln vs  mln     Extraordinary credit  mln vs  mln debit     Operating profit includes      International computers  mln vs  mln     Communications systems  mln vs  mln     Components and distribution  mln vs  mln     Defence  mln vs  mln  REUTER 
Comalco Ltd ltCMACS 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  mln dlr profit for the year ended December  against a  mln dlr loss in  was also aided by lower interest rates on US 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  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      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 ltShowa Aluminium Industries KK joint venture had been recapitalised in expansion by the ltNew Zealand Aluminium Smelters Ltd project with Japans ltSumitomo Aluminium Smelting Co Ltd permitting repayments and increases in liquid funds totalling  mln dlrs it said     As previously reported Comalcos ltCommonwealth Aluminium Corp unit has conditionally agreed to sell its smelter at Goldendale Washington and port facilities at Portland Oregon to ltColumbia Aluminium Corp     Comalco said it had made a  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  accounts     The other items in the total extraordinary loss of  mln dlrs were a  mln writeoff of unrealised exchange losses and  mln for an increase in future tax provision  REUTER 
CRA Ltd ltCRAAS said it expected to pay a final  dividend of not less than  cents a share after July  making  cents forthe year against  in      The mining and smelting group earlier reported  net earnings rose to  mln dlrs from  mln in  against analysts forecasts yesterday of  mln to 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  dividends will be taxfree to shareholders provided they come out of earnings on which the full  pct company tax rate has been pid     The company operates on a substituted tax year not the fiscal year ending June  and as a result has incurred tax at the  pct rate on  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  was a poor year for the minerals industry with the notable exception of gold producers     Prices for major metals expressed in real US Dollars declined to the lowest levels in about  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 ltBUVAS contributed  mln dlrs while its share of Comalco Ltds ltCMACS net was  mln     Net earnings from ironore operations were  mln dlrs against  mln in  it said     Lead zinc and silver mining and smelting operations incurred a net loss of  mln dlrs against a  mln loss in  CRA said     Coal activities resulted in a net profit of  mln dlrs against  mln while salt raised its contribution to  mln from  mln     CRAs share of earnings from the Argyle diamond project amounted to  mln dlrs against nine mln in      CRA said the main item in its  mln dlr extraordinary loss was a  mln writeoff of unrealised foreign exchange losses on borrowings as required by a new accounting standard     Other extraordinary items were  mln dlrs provided for closures and writedown of assets and a  mln increase in future tax provisions CRA said     Cash flow continued at a high level being  mln dlrs before capital expenditure against  billion in  The strong cash flow coupled with the proceeds of the  rights issue and the use of existing cash balances enabled group debt to be reduced by nearly  mln dlrs     CRA said it held forward contracts at yearend to buy  mln US Dlrs to hedge part of its foreign debt This cost  mln dlrs after tax included in the net interest cost  REUTER 
Montedison Finance Overseas Ltd a unit of Montedison SpA is issuing a  mln Australian dlr eurobond due April   paying  pct and priced at  pct lead manager Orion Royal Bank Ltd said     The noncallable bond is guaranteed by the parent The selling concession is one pct while management and underwriting combined pays  pct     The issue will be listed in Luxembourg and is available in denominations of  and  Australian dlrs The payment date is April   REUTER 
Swiss capital exports rose to  billion francs in January after  billion in December and a year earlier  billion the Swiss National Bank said     New bond issues accounted for  billion of the total after Decembers  billion and credits  mln after  mln     In January  before the National Bank ended the distinction between notes and bonds bond issues totalled  billion francs notes  billion and credits  mln  REUTER 
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 US Embassy replied that Chinese figures showing  years of trade deficits with the US Out of the last  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 Chinas demands in a  editorial to coincide with the visit of US Secretary of State George Shultz      It is extremely important that the US 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 US 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 US 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 Chinas 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 US Protectionist behaviour curbs on technology transfer and outofdate trade legislation      The paper also printed a table showing that since bilateral trade began in  China has had a deficit every year except  and  It shows the  and  deficits at  billion and  billion dlrs      A US Embassy official said the US Did not accept Pekings trade figures at all mainly because they exclude goods shipped to Hong Kong and then transshipped to US While US 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 US Trade Act of  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  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 antiCommunist early s but that there is not sufficient political will in the US To change them      China has been the subject of about a dozen cases involving antidumping in the US Within the last two years which the US 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 US Side to withdraw the antidumping case he added      Another diplomat said willingness to provide such voluntary export restraints would be an important issue in bilateral trade issues and in Pekings 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 Chinas massive market potential for imports or its vast labour pool to produce cheap exports      In a speech today in the northeast city of Dalian US Secretary of State George Shultz said his country welcomed Chinas 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 USChina 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 
The Bundesbank is unlikely to change its credit policies at its central bank council meeting on Thursday as exchange rates and shortterm interest rates have stabilized over the past few weeks money market dealers said     Attention in the money market is focused on tomorrows tender for a securities repurchase pact from which funds will be credited on Thursday when an earlier pact expires draining  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 weeks pact to keep shortterm rates down     But because of uncertainty about banks current holdings the Bundesbank may well allocate less than  billion marks this week and top it up if necessary at next weeks tender     I would not be surprised if the Bundesbank cuts the amount a little to say  or  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  billion marks from the system Banks also face a heavy but temporary drain this month from a major tax deadline for customers     Banks held  billion marks on February  at the Bundesbank averaging  billion over the whole month just clear of the  billion February reserve requirement     Call money traded today at  pct up from  yesterday  REUTER 
Chase Manhattan Asia Ltd of Hong Kong has approached Taiwan banks to take part in a syndicated loan of  mln US Dlrs to finance a liquefied natural gas LNG project in Indonesia local banking sources said     The project calls for construction of a  mln US Dlr facility which could produce two mln tonnes of LNG for supply by Taiwans stateowned 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 year contract with Chinese Petroleum Corp ltCPC for the supply of  mln tonnes of LNG for Taiwan starting October  a CPC official said     CPC is building an LNG receiving terminal in southern Taiwan city of Kaohsiung at a cost of  mln US Dlrs The terminal will be completed in mid     A Taiwanese banker saidIt 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 
The Council of Europe is issuing a  mln luxembourg franc private placement bond carrying a  pct coupon and priced at par lead manager Banque Internationale a Luxembourg SA BIL said     The noncallable bullet issue maturing in August  follows an earlier private placement bond announced last month for  mln francs but with the same conditions     The new issue is for payment on March  and coupon payments annually on August  with the first coupon a long coupon  REUTER 
Italys consumer price index rose  pct in February compared with January after rising  pct in January over December the national statistics institute Istat said     The yearonyear rise in February was  pct down from  pct in January and compared with  pct in February      Istat said its consumer prices index for the families of workers and employees base  was  in February against  in January and  in February   REUTER 
Mobil Corp ltMOBN of the US 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  mln dlrs of crude oil and oil products from China in  and sold it lubricant and fertiliser but gave no more details  REUTER 
The European Community EC is issuing a  mln franc  pct bond due April   at  pct lead manager Banque Nationale de Paris said     Fees total two pct with  pct for selling and  pct for management and underwriting combined     Payment date is April  denominations are of  and  francs and listing is in Luxembourg and Paris  REUTER 
KLM Royal Dutch Airlines ltKLMA said it agreed to take a  pct stake in Air UK Ltd a subsidiary of British and Commonwealth Shipping Plc ltBCOML in a transaction worth around two mln stg    A KLM spokesman said KLM already cooperated closely with Air UK which runs  flights a week to Amsterdams Schipol airport from nine UK cities    British and Commonwealth Shipping said last week it held preliminary talks about a KLM minority stake in Air UK But gave no further details KLM said it hoped the move would attract more British feeder traffic to Amsterdam Airport  REUTER 
The European ltAirbus Industrie consortium has signed a one billion dlr contract to sell  A shorthaul jets to ltAll Nippon Airways of Japan with an option on the sale of a further  planes an Airbus spokesman said today     The  planes on firm order will be delivered between September  and November  and will be powered either by CFMS engines made by the FrancoUS ltCFM International consortium or VS engines built by the ltInternational Aero Engine group     The spokesman declined to comment on a New York Times report that Airbus is about to announce a sale to American Airlines     But industry sources said American was about to announce the purchase of  widebodied planes from Airbus as well as  s from Boeing Co ltBAN     Airbus has already signed large deals with Pan Am Corp ltPNN NWA Inc ltNWA and Eastern Airlines Inc ltEALN as well as a smaller contract with ltContinental Airlines     The A made its first flight on February  and is not due to enter commercial service until March next year     The All Nippon purchase brings the total number of commitments to the A to  from  airlines comprising  firm orders and  options  REUTER 
The French domestic bond issuing committee said it has approved three new issues totalling  billion francs     Credit Lyonnais will lead manage a  billion franc issue for the Caisse Centrale de Credit Cooperatif  Banque Francaise de lAgriculture will lead with Union de Garantie et de Placement a  mln franc issue for its own account     Caisse Centrale des Banques Populaires will lead a  mln issue for the Groupement des Industries pour le Batiment et Travaux Publics No further details were immediately available  REUTER 
Degussa AG ltDGSGF is combining its foreign and domestic pharmaceutical activities into the Frankfurtbased ltAsta Pharma AG so as to promote its business in that sector the company said     Group consolidated turnover in Degussas pharmaceuticals sector rose to  mln marks in  to September  from  mln marks in the preceding year the company said     Turnover from all pharmaceutical interests including minority holdings was  mln marks in  somewhat higher than in the preceding year The company did not disclose exact  results in that sector a spokesman said  REUTER 
Britains gold and currency reserves showed an underlying rise of  mln dlrs in February after a  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  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  mln dlrs in February to  billion dlrs after rising  mln in January to  billion     Accruals of borrowings under the exchange cover scheme were  mln dlrs last month after  mln in January while repayments were  mln dlrs after the previous  mln a Treasury spokesman said     Capital repayments totalled two mln dlrs In January capital repayments totalled  mln dlrs with a valuation change that resulted in a fall of  mln dlrs due to the quarterly rollover from the European Monetary Cooperation Fund swap     The Treasury would not comment on the Bank of Englands 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 
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  mln dlr profit for the year ended December  against a  mln dlr loss in  was also aided by lower interest rates on US 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  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      Comalco said the aluminium industry continues to suffer from low prices and excess capacity though the weak Australian dollar had helped earnings     Comalcos 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  mln dlrs costs for Goldendale losses and closure may be reduced if the sales agreement were completed  REUTER 
Ultramar Plc ltUMARL said it had reached agreement in principle to sell its wholly owned UK Marketing companies to Kuwait Petroleum Corp for around  mln stg     Ultramars marketing units include ltUltramar Golden Eagle Ltd which in  made a profit of around  mln stg before financing and group administration charges A small loss was recorded for the first nine months of      The sale is due to take place on April  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 UK And North America  REUTER 
Hong Kongs broadly defined M money supply rose  pct to  billion HK Dlrs in January after a  pct rise in December for a yearonyear rise of  pct the government said in a statement     Local currency M rose  pct to  billion dlrs from December when it was up  pct from November for a rise of  pct on the year     Total M rose  pct to  billion dlrs in January from December when it rose  pct on the previous month Local M rose  pct to  billion dlrs in January from December when it climbed  pct     Total M and local M rose  pct and  pct on the yearago month respectively     Total M rose  pct to  billion dlrs in January after a  pct rise the previous month Local M rose  pct to  billion dlrs after a  pct rise Total M and local M yearonyear growth was  and  pct respectively     Total loans and advances rose  pct to  billion dlrs from December when they rose  pct     Loans for financing Hong Kongs visible trade rose  pct to  billion dlrs after a  pct rise in December  REUTER 
ltUnderwoods Plc said it had not been possible to agree terms on a bid to be made by Woolworth Holdings Plc ltWLUKL 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 p to p ahead of any announcement of the talks The announcement today brought them back down to p from last nights close at p Woolworth was unchanged at p  REUTER 
The Bundesbank is unlikely to change its credit policies at its central bank council meeting on Thursday as exchange rates and shortterm interest rates have stabilized over the past few weeks money market dealers said     Attention in the money market is focused on tomorrows tender for a securities repurchase pact from which funds will be credited on Thursday when an earlier pact expires draining  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 weeks pact to keep shortterm rates down     But because of uncertainty about banks current holdings the Bundesbank may well allocate less than  billion marks this week and top it up if necessary at next weeks tender     I would not be surprised if the Bundesbank cuts the amount a little to say  or  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  billion marks from the system Banks also face a heavy but temporary drain this month from a major tax deadline for customers     Banks held  billion marks on February  at the Bundesbank averaging  billion over the whole month just clear of the  billion February reserve requirement     Call money traded today at  pct up from  yesterday  REUTER 
The Bank of England said it revised up its forecast of the shortage in the money market today to around  mln stg from its initial estimate of  mln  REUTER 
Pakistan will retender for  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 
Mobil Oil Corp of US 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  mln dlrs of crude oil and oil products from China in  and sold it lubricant and fertiliser but gave no more details  Reuter 
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  mln dlrs of medium term notes and US Commercial paper to be sold in the US 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 IELs Sydneybased subsidiary IEL Finance Ltd     The letter of credit will be underwritten by a group of banks who will be paid a  basis point facility fee and a  basis point utilisation fee     IEL itself is  pct owned by Brierley Investments Ltd of New Zealand Merrill Lynch said  REUTER 
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 
Australian police said they charged a former currency clerk of Westpac Banking Corp ltWSTPS with misappropriating  dlrs in July in an alleged foreignexchange fraud     A spokeswoman for the New South Wales Corporate Affairs Commission CAC said the arrest was part of its investigation stemming from complaints from Westpac and ltKleinwort Benson Australia Ltd     CAC and Westpac officials said they were working out how much money was involved but said press reports it was as much as five mln dlrs were probably exaggerated  Reuter 
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 countrys 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 Brazils foreign debt which totals some  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     Funaros trip follows the decision by Brazil  days ago to suspend interest payments on  billion dlrs of commercial debt It has also frozen bank and credit lines deposited by foreign banks and institutions worth about  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      Funaro said yesterday that US Banks holding  pct of Brazilian debt were overrepresented on the bank advisory committee with  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 Brazils interest since European banks have been more supportive than US 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 todays 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  billion marks represented less than five pct of all foreign credit  REUTER 
President Corazon Aquino announced government plans to devote to land reform an estimated  billion pesos about one billion US Dlrs raised from the sale of failed businesses taken over by the government     Aquino said she was willing to have her familys sugar estate broken up in compliance with Philippine land reform programmes but hinted it would not be offered voluntarily     Whatever laws will be enacted I say that nobody is above the law and that includes me My brothers and sisters are Filipino citizens  We will abide by whatever laws are enacted as far as sugar land is concerned she told reporters     A committee was now formulating guidelines for the plan including the question of whether land operated by multinational companies should also be covered she added     Agrarian Reform Secretary Heherson Alvarez said recently the government planned to distribute  mln hectares of land to impoverished farmworkers under a revised land reform programme     The plan requiring about  billion dlrs now also covers sugar and coconut areas apart from rice and corn lands he said It was expected to benefit about three mln landless peasants he added     Land reform pressure groups have called on Aquino to break up her familys hectare sugar estate to demonstrate her sincerity on the issue political analysts have called one of the most pressing problems facing the Philippines     It was not known whether government would wait for the Congress to convene by midyear to formalise the programme or have Aquino carry it out through an executive order     Under the plan government will purchase land mainly from landowners with holdings over seven hectares It will include vacant and untenanted farmland as well as  hectares seized from former associates of deposed president Ferdinand Marcos  REUTER 
Opec remains within its agreed output ceiling of  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 US 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 Opecs output level was now he replied Below  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 cartels December pricing agreement it would get through present price difficulties     He predicted that prices would recover again in the third and fourth quarters of      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 
The Bank of England said it provided  mln stg help to the money market in the morning session     This compares with the banks upward revised shortage forecast of around  mln stg     The central bank purchased bank bills outright comprising two mln stg in band one at  pct and  mln stg in band two at  pct  REUTER 
The coupon on the  mln dlr equity warrant bond deal for Mitsubishi Estate Co Ltd has been cut to three pct from the  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  representing a  pct premium over the latest Tokyo close adjusted for a free share issue this month     Foreign exchange fix is yen dlr and payment date on the deal is March   REUTER 
Japans unemployment rate is expected to continue to climb to about  pct within the next year from Januarys three pct record senior economists including Susumu Taketomi of Industrial Bank of Japan said     Decembers  pct was the previous worst level since the governments Management and Coordination Agency began compiling statistics under its current system in      There is a general fear that we will become a country with high unemployment said Takashi Kiuchi senior economist for the LongTerm 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  people find jobs in fiscal  beginning in April     Prime Minister Yasuhiro Nakasone told a press conference the record rate underlines the need to pass the  budget which has been held up by opposition to proposed tax reforms     The yens surge has caused layoffs in the mainstay steel and shipbuilding industries Other exportdependent industries such as cars and textiles have laid off parttime 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 Ltds 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 
Central bank governor Chang Chicheng rejected a request by textile makers to halt the rise of the Taiwan dollar against the US Dollar to stop them losing orders to South Korea Hong Kong and Singapore a spokesman for the Taiwan Textile Federation said     He quoted Chang as telling representatives of  textile associations last Saturday the government could not fix the Taiwan dollar exchange rate at  to one US Dollar due to US Pressure for an appreciation of the local currency     The Federation asked the government on February  to hold the exchange rate at that level  Reuter 
Japanese investor interest in British giltedged 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 US 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 US Treasury market they said     Dealing demand for gilts with coupons around  pct has been getting stronger the general manager of the local office of a British securities firm said     On the other hand major longterm investors such as Japanese insurance companies are not very enthusiastic about buying British securities ahead of the March  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 sterlingyen rate was about  today up from  at the start of the calendar year and a narrow range of  to  late last year     Many bond traders in Tokyo are doubtful that sterling will further appreciate steeply However gilts may benefit from further declines in UK Interest rates they said     The UK 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  pct gilt due March  to dip below  pct against  pct at yesterdays close in London  REUTER 
DaimlerBenz AG [DAIGF] said its car production could fall by  cars a day in  the foreseeable future  if works councils continue to refuse to approve the firms requests for employees to work overtime when necessary     A company spokesman said the works council at Daimlers Unterturkheim plant which makes axles and other components for Daimler cars has withheld approval for overtime since the beginning of the month The IG Metall metalworkers union in the state of BadenWuerttemberg has called on works councils in the state to reject overtime in a bid to get industry to employ more workers     The Daimler spokesman said the lack of overtime work at the Unterturkheim plant could eventually affect car output at other plants but added he was unable to say when this might occur     A spokesman for DrIng HC F Porsche AG [PSHGF] which is also located in BadenWuerttemberg said he did not think Porsche would suffer any loss of production because of a ban on overtime by its own works councils     A strike by IG Metall in BadenWuerttemberg in  closed down the German car industry for about seven weeks as the union sought to win a hour working week for its members It later settled for a reduction in the working week to  hours     The spokesman said Daimlers total output of cars was currently around  a day  REUTER 
The price of Hongkong and Shanghai Hotels Ltd ltSHLHHKs stock soared on speculation of a takeover battle between major shareholders the Kadoorie family and the Evergo Industrial Enterprise Ltd ltEVGHHK group stock brokers said     They noted heavy buying in Hk Hotel shares after an announcement by Evergos ltChina Entertainment and Land Investment Co Ltd unit that it bought about  pct of Hk Hotels from the firms deputy chairman David Liang for  billion dlrs The stock rose  HK Dlrs to  dlrs today     Thomas Lau Evergos 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  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 Asias best known hotels and another site on Hong Kong island Both are owned by Hk Hotels     ltLai Sun Garment Co ltd yesterday said it acquired a  pct stake in Hk Hotels from Liang for  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  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  dlrs a share The offers by Evergo and Lai Sun were for  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 groups associate ltChinese Estates Ltd     Chinese Estates lost  cents to  dlrs yesterday China Entertainment five to  dlrs and Evergo one to  cents Lai Sun gained  cents to  dlrs  REUTER 
OerlikonBuehrle Holding AG ltOEBZZ unit ltContraves AG unequivocally rejects charges by NV Philips Gloeilampenfabrieken ltPGLOAS subsidiary ltHollandse Signaalapparaten BV that it violated patent rights in a radar system developed by the latter a Contraves official said     Max Baumann a member of the Contraves board told Reuters his company was awaiting judgement in the case before a Zurich court quite calmly but he declined to discuss it in detail     Signaal claims Contraves included the Dutch firms patented XKA doublefrequency radar in an antiaircraft system Baumann said he expected judgement to take several months at least  REUTER 
Italian savings bank Cassa di Risparmio di Roma is launching a  mln dlr eurocertificate 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  and one mln dlrs  REUTER 
ltBryson Oil and Gas Plc said it paid a cash consideration of around  mln dlrs for about  pct of ltCenergy Corp a US Oil and gas exploration and production company     Bryson said its board has been considering a number of possible investments to expand the companys interests and believes the opportunity to acquire an investment in Cenergy provides a suitable extension to its existing US Interests     Cenergy reported a net loss of  mln dlrs in the nine months to September   while total stockholders equity on the same date was  mln dlrs  REUTER 
President Reagans approval rating fell after the Tower Commission criticised his handling of the Iran arms scandal a New York TimesCBS poll indicates     The poll found  pct of those surveyed thought he was lying when he said he did not remember if he had approved the original arms sales to Iran and  pct thought he was telling the truth     The poll found  pct of those surveyed approved Reagans handling of his job and  pct disapproved The approval rating was the lowest since January  when  pct approved of the way Reagan was doing his job  REUTER 
Last weeks White House shakeup has increased the odds that Federal Reserve Board chairman Paul Volcker a symbol of strength in a government reeling from the armstoIran scandal will serve a third term sources close to the Fed say     But they said that no decision on the appointment which must be filled this August has been taken by the White House and Volcker too has not made up his mind     Former White House Chief of Staff Donald Regan who resigned last week when exsenator Howard Baker was named as his replacement was implacably opposed to Volcker and tried often to undermine him     It is an open secret in Washington that Regan tried to ensure that Volcker first appointed in  by President Carter will not be offered a third term by President Reagan     Only Volckers key allies in the Reagan administration VicePresident George Bush and Treasury Secretary James Baker kept Regans recent maneuvering at bay the sources said     Sources close to the administration say Regan leaked a story quickly shot down by others in the administration that Beryl Sprinkel chairman of the council of economic advisers had been chosen to replace Volcker     But as the administrations credibility was increasingly under fire it became clear that Regans power to bring about such changes was on the wane     The sources said New White House Chief of Staff Howard Baker has a very good relationship with his namesake at the Treasury Department and is likely to respect his views on the Fed chairmanship     As a moderate Republican Baker is also unlikely to share the rightwings opposition to Volcker     This new White House is going to need all the strength it can get said one source when asked about the possibility of Volckers reappointment     Paul Volcker is deeply respected in financial markets both in the United States and around the world At a time when the stability of the dollar and the viability of major debtor nations are in question Volckers departure would definitely undermine US leadership foreign exchange analysts say     US officials say Volcker works very closely with Treasury Secretary Baker on issues like international debt and global economic cooperation     The two men seem only to differ on how far to deregulate the banking industry but recent statements by Volcker in which he adopted a more liberal attitude on deregulation signalled the politicallyindependent central bank is coming around at least partially to the Treasury position     And a recent statement by a Reagan administration official that the two men saw exactly eyetoeye on the dollar was seen as an indication of Bakers support for the Fed chairman     Baker is understood to have played a key role in Volckers reappointment to the Fed in mid     The sources said Baker respects Volcker and when appointed Treasury Secretary in February  he decided to ensure a good working relationship in part because he believed the two key government economic institutions have to work closely     Regan Treasury Secretary during President Reagans first term was formerly head of Wall Streets largest brokerage firm Merrill Lynch and came to Washington determined to be Americas preeminent economic spokesman     He developed a deep antipathy for Volcker whose political skills undermined that ambition and who financial markets took much more seriously     But the sources said Volcker would have to be invited to stay Is the president going to ask him he wouldnt stay otherwise said one Hed have to be asked said Stephen Axilrod formerly staff director of monetary policy at the Fed and now vicechairman of Nikko Securities Co International     Otherwise the list of potential candidates is not aweinspiring And if Volcker left this Augsut he would leave behind one of the most inexperienced Fed Boards in years     Many analysts believe this lack of collective experience  the four sitting members were all appointed within the last three years  is dangerous coming at a time when the global economy is threatened by instability     An experienced successor therefore would seem a necessity One widely mentioned possibility is Secretary of State George Shultz whose experience as Treasury Secretary under Preesident Nixon and background as a trained economist would make him ideal     But Shultz too may have been damaged by the armstoIran scandal while vicechairman Manuel Johnson is regarded at  years old as too young for the job     Other potential candidates include economist Alan Greenspan frequently an informal presidential economic adviser New York Fed President E Gerald Corrigan Federal Deposit Insurance Corp chairman William Seidman and Sprinkel     Long a Regan protege Sprinkels chances may be damaged by his patrons departure from the White House  Reuter 
General Motors Corp has changed its method of disbursing merit raises for salaried employees and is reducing the size of the merit raise pool to  pct of the total amount available for salaries from  pct last year a company spokesman said     He said GM will no longer include merit raises in the calculation of base pay but will make them simply lumpsum payments  As a result the merit raises will not be included in the calculation of pensions and other benefits  The change affects about  salaried workers in the US and Canada                                             GM last year eliminated cost of living increases for salaried workers making pay increases based on merit alone As a result of the new action GM has effectively frozen the base pay rates of salaried employees     The spokesman said GM is making the change to remain costcompetitive with other US automakers     GM is currently in thje midst of a program to cut employment of salaried workers by  pct  Reuter 
PrePaid Legal Services Inc said it has signed a letter of intent under which it would receive financing from ICH Corp     The company said under the proposed transaction ICH would loan it up to  mln dlrs and the loan balance would be convertible at any time by either party into PrePaid common stock at  dlrs per share  In addition it said it would grant ICH a fiveyear option to purchase new shares at the same price  It said the option would enable ICH to acquire up to  pct plus one share of PrePaid common     PrePaid said until expiration of the option and as long as PrePaid maintained a mutually agreeable combined loss and expense ratio ICH would on PrePaids request exercise as much of the option as may be necessary to meet PrePaids funding needs     The company said ICH has requested the right to buy  PrePaid shares from PrePaid chairman Harland C Stoneciphjer for  dlrs each  Stonecipher now owns or has the right to acquire  PrePaid shares and will agree to restrictions on the sale of his remaining shares it said The company saiod Stonecipher will remain chairman     PrePaid said the transactions are subject to approval by boards of both comnpanies and regulatory agencies  Reuter 
Shr  cts vs  cts     Net  mln vs      Revs  mln vs  mln     Avg shrs  mln vs  mln     Year     Shr  dlrs vs  cts     Net  mln vs  mln     Revs  mln vs  mln     Avg shrs  mln vs  mln     NOTE Share adjusted for January  twoforone split  Reuter 
Employers and the port union FNV are to meet again this afternoon to attempt a settlement of the sixweekold dispute in Rotterdams general cargo sector but neither side is optimistic spokesmen for both sides told Reuters     Little progress was made in last nights 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 cant 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  in protest at plans for  redundancies from the sectors  workforce starting with  this year     Late last month Social Affairs minister Louw de Graaf said unless the dispute was settled by yesterday he would withdraw the sectors  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 
AMR Corp will hold a press conference this morning in New York at  EST a company spokesman said     He would not comment on the subject of the press conference or would he confirm published reports that AMR will today announce a  billion dlr purchase of aircraft and engines     According to a New York Times report AMR is expected to announce the purchase of  widebodied longrange As from ltAirbus Industrie and  Boeing Co ltBA s and the choice of General Electric Co ltGE to supply all  engines for the craft  The engine order alone for  CFCs would be worth about  mln dlrs     The Airbus plane order would be worth about  billion dlrs and the Boeing order about  mln dlrs according to the report  Reuter 
The Unilever Plc and NV ltUNA group saw improved performance in almost all sectors during  the AngloDutch group said in its results statement     Very good progress was made last year while the recent acquisition of ChesebroughPonds Inc ltCBMN was a significant addition which will greatly benefit the group in the years to come     Earlier Unilever reported combined fourth quarter pretax profit of  mln stg level with the year earlier period making  billion stg compared with  mln for the  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  mln stg as at January       Unilever Plc shares are up p since yesterday at p in buoyant response to the results and share split proposal though  profits were not ahead of market forecasts dealers added  REUTER 
The US index of leading indicators fell a seasonally adjusted  pct in January after a revised  pct December gain the Commerce Department said     The department previously said the index rose  pct in December     The decline in January was the biggest for any month since July  when the index fell  pct     The January decrease left the index at  over its  base of  and was led by a fall in contracts and orders for plant and equipment     A total of six of  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  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  pct increase in the leading indicators index for November     The index of coincident indicators which measures the current economy fell  pct in January after increases of  pct in December and  pct in November     The index of lagging indicators which measures past economic activity rose  pct in January after a decrease of  pct in December and an increase of  pct in November  Reuter 
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 countrys 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 
Jan  end     Shr  dlrs vs  dlrs     Net  mln vs  mln     Revs  mln vs  mln  Reuter 
This mornings sharp decline in coffee prices following the breakdown late last night of negotiations in London to reintroduce International Coffee Organization ICO quotas will be shortlived 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  cents a lb following the news of the breakdown but we expect them to move back again to around  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 handtomouth basis and on a sliding scale when market prices were below  cents a lb roasters said  Reuter 
Greenwood Resources Inc said it has sold its  common share majority holding in ltNew London Oil Ltd of London to an affiliate of ltGuinness Peat Group PLC of London and an affiliate of ltSidro SA of Belgium for a total of  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 ltCOLC and Greenwood shareholders     It said it will retain a seat on the New London board  Reuter 
AMR Corps American Airlines said it will buy  longrange jet aircraft to support international expansion including routes in the Caribbean     Under one agreement the airline said it will acquire  Boeing Co ltBA  planes Under a separate agreement American will acquire A aircraft from ltAirbus Industrie a European consortium     The companys announcement included no value for the order     Published reports put the value of the aircraft order including engines at  billion dlrs     A total of  General Electric Co ltGE CFC engines is involved in the orders American Airlines said     The published reports valued the engines at five mln dlrs each     The company said it will acquire the planes and engines using rental leases that can be terminated on relatively short notice     The arrangement allows the airline to acquire the planes without adding to its debt it explained     The Boeing s to be delivered from February  to October  will be used on routes between the US and Europe American said     It said the Airbus As scheduled for delivery from April  through June  will be assigned to the Caribbean where American has developed a major new hub at San Juan Puerto Rico  Reuter 
ltVDO Luftfahrtgeraete Werk Adolf Schindling GmbH  pct owned by autoparts maker ltVDO Adolf Schindling AG said it set up a joint venture with ThomsonCSF ltTCSFPA of France to produce liquid crystal displays     It said in a statment that it held  pct of the new company called Eurodisplay and ThomsonCSF the remaining  pct Thomson owns the remaining  pct of VDO Luftfahrtgeraete     The two companies have also agreed to pool their research on development construction and assembly of the systems for use in vehicles and aircraft with General Electric Company ltGEN of the US  Reuter 
HJ Heinz ltHNZN chairman Tony OReilly would be interested in buying Guinness PLC ltGUINLs 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  mln punts the asking price would not be higher than  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 OReilly said  Reuter 
Equatorial Communications Co said it expects to report losses of about  mln dlrs for the fourth quarter and  mln dlrs for the full year  on revenues of about  mln dlrs for the quarter and  mln dlrs for the year     Equatorial said the losses will include a charge of about  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  dlrs in addition to the  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 agreedupon 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 crossdefault provisions     Equatorial said it has signed a memorandum of understanding for Contel Corp ltCTC to purchase  mln dlrs of Equatorial master earth stations micro earth stations and associated equipment and loan Equatorial six mln dlrs over a sixmonth period for repayment starting in December      The company said Conteol under the agreement would assume a portion of Equatorials rights and obligations under the Galaxy III transponder lease with ltBurnham Leasing on the occurrence of certain events     Equatorial said it would grant Contel an option to buy about  common shares at  dlrs each     Equatorial said its understandings with Contel are subject to Equatorials 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      Equatorial in  earned  dlrs after a  dlr gain from early debt retirement on revenues of  mln dlrs For the first nine months of  the company lost  dlrs on revenues of  mln dlrs compared with a  dlr profit after the early retirement gain on revenues of  mln dlrs  Reuter 
Transamerica Corp said it will have an aftertax gain of about  mln US dlrs on the sale of its Occidental Life Insurance Co of Australia Ltd affiliate to ltPratt and Co Financial Services Pty Ltd of Melbourne for  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 
Shr  dlrs vs  dlrs     Net  mln vs  mln     Sales  billion vs  billion     Avg shrs  mln vs  mln     Year     Shr  dlrs vs  dlrs     Net  mln vs  mln     Sales  billion vs  billion     Avg shrs  mln vs  mln     NOTE Share data restated to reflect two for one stock split in May   Reuter 
General Motors Corp told employees it was reducing the funds available for meritraises for  salaried workers     GM which has been taking wideranging steps to cut costs said in a letter it cut the amount available for raises to  pct of the payroll from  pct in      The letter also said raises will be given in one annual lumpsum payment from April rather than being folded into salaries and thus increasing the base for benefit payments  Reuter 
ltBP Oil Ltd the UK Marketing and refining arm of British Petroleum Co Plc ltBPL raised its pretax operating profit on a replacement cost basis to  mln stg in calendar  compared with  mln stg in      Sales and operating revenue fell to  billion stg from  billion on a replacement cost basis Historical cost operating profit was  mln stg up from  mln     BP Oil said  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 UK Oil marketing and refining industry will need to invest larger sums  probably around  mln stg a year  for a good many years he said in a statement  Reuter 
The finance department announced the new  billion dlr fourpart bond issue to be dated March  and delivered March  will be priced as follows       pct bonds due July   at a price of  pct todmpB]w about  pct to maturity       pct bonds due March   at a price of  pct to yield about  pct to maturity       pct bonds due March   at a price of  pct to yield about  pct to maturity       pct bonds due June   at a price of  pct to yield about  pct to maturity     The  maturity will be issued to a maximum of  mln dlrs     The Bank of Canada will buy  mln dlrs of the new issue including a minimum of  mln dlrs of the  maturity  Reuter 
Earthquakes and aftershocks are still shaking areas of northern New Zealand following yesterdays strong tremor which left  people homeless     Four earthquakes measuring up to  on the Richter scale have hit the Bay of Plenty and Waikato region in the northeast since midnight yesterday  GMT     No casualties have been reported and no further major damage civil defence sources said     A government seismologist said from Rotorua in the North Island some five tremors were being recorded every  minutes     The seismologist said if the pattern of other large earthquakes was followed the shocks would continue for one to several weeks declining in frequency and magnitude But the chance of a further large shock could not be ruled out  Reuter 
The US Wants Japan to eliminate import controls on agricultural products within three years visiting US UnderSecretary 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 subcabinetlevel 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 US Trade bill is a moderate one rather than containing retaliatory measures or antagonising any particular country     He was also quoted as saying the US 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  agricultural products A ban on rice imports triggered recent US Complaints about Japans agricultural policy  Reuter 
New York  Sarich Technologies Trust  New York  Health Management Associates  New York   Reuter 
Firstcorp Inc said it weill report an aftertax gain of  dlrs or  cts per share primary and  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  months the gain on the sale would be deferred for tax purposes  Reuter 
AshtonTate said it intends to file for an offering of about two mln shares within the next  days     It said proceeds would be used for working capital and other general corporate purposes including the possible acquisition of other businesses or additional technology     AshtonTate now has about  mln shares outstanding  Reuter 
KeyCorp said it has filed with the Securities and Exchange Commission for the offering of  mln dlrs of subordinated capital notes due March       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 ltSeattle Trust and Savings Bank which is scheduled for July one KeyCorp said  Reuter 
Oper shr  cts vs  cts     Oper net  vs      Revs  mln vs  mln     Year     Oper shr  dlrs vs  cts     Oper net  vs      Revs  mln vs  mln     Note  qtr excludes extraordinary gain of  dlrs or five cts share versus extraordinary loss of  dlrs or shr nil in  qtr     Note continued  year excludes extraordinary gain of  dlrs or  cts share versus extraordinary gain of  dlrs or  cts share in prior year  Reuter 
The Bank of England said it had revised its forecast of the shortage in the money market down to  mln stg before taking account of its morning operations At noon the bank had estimated the shortfall at  mln stg  REUTER 
Viacom International Inc said ltNational Amusements Inc has again raised the value of its offer for Viacoms 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 ltMCV 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  cts to  dlrs while the value of the fraction of a share of exchangeable Arsenal Holdings preferred to be included was raised  cts to  dlrs     National Amusements already owns  pct of Viacoms stock  Reuter 
TEXT REUTERS