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The Bundesbank intervened in the Tokyoforeign exchange market to buy a small amount of dollarsagainst marks through the Bank of Japan, dealers said. The West German central bank bought dollars when the dollarwas at about 1.7770-80 marks. Dealers' estimates of theintervention amount varied from 100 mln to one billion dlrs. Some dealers said the Bank of Japan appeared to haveundertaken small-lot mark-selling intervention on its ownaccount.
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[
"money-fx"
] |
[
"cotton-oil",
"acq",
"groundnut-oil",
"corn"
] |
What topics are related to the document above?
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Unfavorable late winter weatherconditions in the main wheat growing areas of Yugoslaviaindicate dimmed prospects for the emerging winter wheat crop,the U.S. embassy's agricultural officer in Belgrade said. The officer, who travelled through an area from Belgrade toSubotica, said in a field report dated March 27 the wheat crophad been set back at least three weeks because of a cold spellthat followed a period of warm weather. He said unseasonably warm weather in late February thatbrought the wheat crop out of winter dormancy early wasfollowed by three weeks of unusually cold weather. Damaging effects were seen in the fields, most of whichshow stands with a yellow-brown cast indicating extensive leafand possible root damage from repeated freezings, he said. The report said that since much of the early growth inFebruary was from late seeding rather than from normaldevelopment, his view was that the damage may be more extensivethan some local observers say. The most seriously affected fields were late-seeded fieldson normal maize soils. Stands in these fields were thin andchances of recovery appeared less favorable, he said. However, he said soil moisture conditions were favorableand many of the fields had already been top-dressed, whichwould aid recovery.
|
[
"corn"
] |
[
"tapioca",
"groundnut",
"reserves"
] |
What topics are related to the document above?
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The Bank of England said it provided themoney market with a further 195 mln stg assistance during theafternoon. This brings total help today to 841 mln stg compared with aliquidity shortage it has estimated at a revised one billionstg. The Bank bought 176 mln stg of band two bank bills outrightat 10-5/16 pct and 13 mln stg of band one bank bills at 10-3/8pct. In addition, it bought four mln stg of bills for resale tothe market on March 30 and two mln stg for resale on April 8,at a common interest rate of 10-7/16 pct.
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[
"money-fx"
] |
[
"linseed",
"groundnut-oil",
"corn",
"coconut"
] |
What topics are related to the document above?
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The Commodity Credit Corporation(CCC) switched five mln dlrs in credit guarantees to Ecuador toprovide for more sales of U.S. vegetable oil, the U.S.Agriculture Department said. The credit guarantees were previously earmarked for salesof U.S. cotton, feedgrains and wheat. The action reduces the guarantee lines previouslyauthorized for sales of cotton from 1.5 mln dlrs to 500,000dlrs, for feedgrains from four mln to two mln and for wheatfrom 45 mln dlrs to 43 mln dlrs and increases coverage forvegetable oil sales from two mln to seven mln dlrs, thedepartment said.
|
[
"veg-oil"
] |
[
"tapioca",
"l-cattle"
] |
What topics are related to the document above?
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High labour costs and slower corporateinvestment could hinder Sweden's economic growth after 1987,the Organisation for Economic Cooperation and Development,OECD, said. The Swedish economy grew at a slower rate in 1986 than inprevious years. GDP rose about 1.7 pct in 1986 compared with2.2 pct in 1985. But this growth depended largely on externalfactors, particularly lower oil prices, the OECD secretariatsaid in its latest annual report on Sweden. It warned that labour costs had risen more rapidly inSweden than in other OECD countries. Because of high labour costs Swedish industry, whichlargely relies upon export markets, was losing market share.Wages in the manufacturing sector grew by seven pct in 1986, inline with 1985 increases, while public sector wages rose anestimated 9.2 pct in 1986, up from six pct in 1985. This was significantly higher than average wage increasesof 3.75 pct for the seven largest members of the OECD in 1986. The report said wage moderation was central to maintainingeconomic growth in Sweden. It suggested that wage negotiationsshould be at least partly centralised to control the totalwages bill and hold down inflation and unemployment levels. Helped by low oil prices and the government's tight fiscalpolicy, inflation fell to just over three pct in 1986 fromalmost six pct in 1985 but remained higher than in most otherOECD countries, the report said. Unemployment, a principal policy target, was at 2.7 pct in1986, in line with 1985's 2.8 pct and well below the OECDaverage of 8.6 pct. The report said Sweden's employmentpolicies accounted for the high levels of wage inflation. It also said that economic growth in 1986 reliedincreasingly on private consumption because corporateinvestment in machinery and equipment had shrunk. The total volume of industrial investments dropped by twopct in 1986, with sharp declines in spending by the wood, pulpand paper industries. This compared to a 19 pct rise in 1985when there was heavy investment in these industries. The OECD said Sweden should now make an effort to boostcorporate investments and reduce its dependence on domesticconsumption for economic growth. It suggested there was roomfor reform in the tax system. Sweden should continue to cut public sector spending,especially in local government, to keep in line with itstighter fiscal policy, the report said.
|
[
"jobs"
] |
[
"jet",
"copper",
"palm-oil"
] |
What topics are related to the document above?
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The Bank of Spain raised overnight callmoney rates by 1/4 to 14 pct on demand for 746 billion pesetasin today's auction, which a bank spokesman termed "heavy." Rates stood at 12.1 pct at the start of the year and havebeen increased to drain liquidity on rising demands for funds,the spokesman said. He said in reply to Reuters inquiries that rates could risefurther if money supply growth rose above this year's eight pcttarget for M-4, defined as liquid assets in public hands. Money supply rose at an annualised rate of 16.7 pct lastmonth against 8.1 pct in January. Growth was 11.4 pct in 1986. A leading Spanish broker said the central bank was applyinga more restrictive policy to keep the lid on inflation. The consumer price index rose 8.3 pct last year. "Money supply control is the government's chief weaponagainst inflation," he said. "The problem is higher rates areattracting liquidity from abroad." He said this was why the central bank enacted specificmeasures to control the inflow of foreign capital. The Bank ofSpain earlier this month imposed a 19 pct reserve requirementon new convertible peseta funds held by banks to curbshort-term speculative capital from abroad.
|
[
"money-supply"
] |
[
"wpi",
"rye",
"potato"
] |
What topics are related to the document above?
|
The Swiss Finance Ministry is invitingtenders for a new series of three-month money marketcertificates to raise about 150 mln Swiss francs, the SwissNational Bank said. Bids would be due on March 10 and payment on March 12. The last issue of three-month paper conducted on February12 yielded 2.969 pct.
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[
"money-fx"
] |
[
"hk",
"corn",
"housing",
"gnp"
] |
What topics are related to the document above?
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U.S. trade representative ClaytonYeutter said Canada's finding announced today that U.S. cornimports injure Canadian farmers is "totally unjustified." "U.S. corn exports to Canada are so small that it isinconceivable that they injure Canadian corn farmers by anyreasonable measure," Yeutter said in a statement. He said if other countries follow Canada's lead it couldresult in "a rash of protectionist actions throughout theworld." French corn growers have recently indicated they willchallenge U.S. corn gluten feed shipments to Europe. Yeutter said the U.S. will examine the Canadian decisionclosely and if the U.S. believes the decision was not based onfacts, "will carefully evaluate appropriate responses." Yeutterdid not say what steps the U.S. may take in response.
|
[
"grain"
] |
[
"lei",
"castorseed",
"cottonseed",
"strategic-metal"
] |
What topics are related to the document above?
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The Swiss Federal Government's new seriesof six-month money market certificates raised 177.5 mln Swissfrancs at an issue price of 98.401 pct to give an averageannual yield of 3.286 pct, the National Bank said. Payment date is March 5. The last series of six-month paper issued in January raised159.6 mln francs at 98.392 pct to give an average yield of3.251 pct.
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[
"money-fx"
] |
[
"castor-oil",
"rye",
"nkr",
"wpi"
] |
What topics are related to the document above?
|
The Bank of England said it provided themoney market with a further 168 mln stg of assistance to helpoffset a shortage it now estimated at 1.05 billion stg, reviseddown from 1.10 billion. It bought 21 mln stg of bank bills outright, 20 mln in bandone at 10-3/8 pct and one mln in band two at 10-5/16 pct. Inaddition, it bought 98 mln stg of bills for resale on March 30and 49 mln stg for resale April 8 at an interest rate of10-7/16 pct. All these rates are the same as for today'searlier help. So far today, the bank has provided the market withassistance worth 646 mln stg. The bank also announced the rates applicable to temporarylending facilities rolled over today. The average mid-market rate for lending rolled over for oneweek is 10-15/16 pct and for two weeks 10-5/8 pct.
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[
"money-fx"
] |
[
"inventories",
"veg-oil",
"rapeseed",
"jet"
] |
What topics are related to the document above?
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The U.S. Senate AgricultureCommittee approved a bill that would establish farm trade andaid missions to promote the use of U.S. food aid, donation,credit and export subsidy programs by overseas customers. The bill, approved by voice vote, would establish trademissions made up of representatives of the Departments ofAgriculture and State, the Agency for InternationalDevelopment, the Overseas Private Investment Corp, marketdevelopment cooperatives and private voluntary organizations. At least 16 missions would have to be sent within one yearafter enactment of the bill. The missions would promote U.S.programs, including PL480, Section 416 donations, ExportEnhancement Program, the dairy export incentive program, andexport credit guarantee programs (GSM-102, GSM-103). The panel agreed to drop a provision in the original bill,offered by Sen. John Melcher (D-Mont.), that would haverequired the U.S. Agriculture Department to donate at least onemln tonnes of surplus commodities to developing countries. Current law requires USDA to donate at least 750,000 tonnesof surplus grains and dairy products under the Section 416 fooddonation program. The Congressional Budget Office estimated that the proposedincrease in the minimum tonnage requirement would have cost upto 50 mln dlrs per year, Senate staff said. The committee also dropped a provision identifying whichcountries would be the focus of the trade missions' activities. Under the bill adopted by the committee, countries "friendlyto the United States" would be eligible to host the trademissions. Melcher originally had proposed sending missions to Mexico,the Philippines, Indonesia, Bangladesh, Senegal, Nigeria, Peru,Kenya, the Dominican Republic, Costa Rica, Malaysia, Venezuela,Tunisia and Morocco. The bill also would require the Foreign AgriculturalService, FAS, to have at least 850 full-time employees duringfiscal years 1987-89. As of February 28, FAS had 790 full-timeemployees, a FAS spokesman said.
|
[
"trade"
] |
[
"hog",
"acq",
"carcass",
"copper"
] |
What topics are related to the document above?
|
Higher oil prices and stronger thanexpected U.S. employment growth led to sharp losses in U.S.interest rate futures and diminished what had been a positivechart outlook, financial analysts said. The increase of 319,000 in non-farm payroll employmentduring February was above market expectations for a rise of170,000 to 200,000 jobs and sparked selling in Treasury bondfutures that drove the June contract through key technicalsupport at 101-2/32 at the opening Friday, they noted. "I don't like that fact that we had a close below 101,"said Prudential Bache analyst Fred Leiner. The 101-2/32 levelin the June bond contract had been the top of a three-monthtrading range, which when penetrated during the rally Wednesdayled to bullish forecasts by chartists. But analysts called it a false breakout on the weeklycharts when the June bond closed at 100-10/32 Friday. Some also forecast that the high of the week at 101-19/32may signal a bearish double top formation portending steeplosses. "I tend to go along with the double top scenario," saidNorthern Futures analyst Eileen Rico. Rico noted that the possible formation, along with the factthat the rally of the last two weeks in bond futures hasoccurred on relatively low volume, were negative signals. Despite what could be a negative chart outlook, Leinerremains cautiously optimistic, and June bonds should findsupport between 100 and 99-16/32 next week. The optimistic outlook, as well as Leiner's expectationthat the yield curve will flatten in the near term, is based onan improving inflation outlook. With the dollar stable and economic data giving the FederalReserve little room to ease monetary policy, "the inflationoutlook is improving," Leiner said, and that should lead torelatively stronger bond prices than bill and Eurodollarprices. Still, Leiner noted that the recent rise in oil pricesremains a concern for the inflation outlook. Oil rose during the week on reports that OPEC nations weremaintaining production quotas and official prices, and got anextra boost Friday due to the suspension of oil exports fromEcuador after an earthquake Thursday. "The runup in crude oil will be a short-lived phenomenon,"said Carroll McEntee and McGinley analyst Brian Singer. The rise in oil prices over the past week has been largely"media induced," Singer said. He noted that even though OPECproduction may be within quotas, "oil stocks are attremendously high levels." Although the Ecuador situation could cause a delay, oilprices will eventually decline to the lows of late February, hesaid, and that will be a supportive influence for bond prices.
|
[
"interest"
] |
[
"plywood",
"saudriyal",
"nickel",
"corn-oil"
] |
What topics are related to the document above?
|
Switzerland's economy, combining lowunemployment, financial stability and a large external paymentssurplus, is in excellent condition and faces a satisfactoryfuture, the Organisation for Economic Cooperation andDevelopment, OECD, said. This reflected the success of stable and relatively tightfiscal and monetary policies followed by the government, itsaid. The OECD, in its annual report on Switzerland, picked outsome signs of a slowdown in activity and a slight pick-up ininflation this year, but said these gave no cause for concern. The study forecast a decline in Gross Domestic Productgrowth to 1.75 pct this year from an estimated two pct in 1986and a small rise in consumer price inflation to 1.25 pct afterlast year's sharp fall to 0.75 pct from 3.6 pct in 1985. But it said job creation should continue to absorb a modestincrease in the workforce, leaving the unemployment rateunchanged at around one pct, the lowest in the 24-industrialnation OECD area. Assuming an average exchange rate of 1.71 Swiss francs tothe dollar this year, against 1.69 in the second half of 1986,the report forecast a 2.75 pct rise in exports and a 3.5 pctrise in imports this year after rises of 3.25 pct and 6.5 pctrespectively in 1986. The faster growth of imports compared with exports thisyear and last, reflecting buoyant private consumption, meantthat the contribution of the foreign payments balance to GDPwould shrink in both years. But "given Switzerland's large external surplus, thereshould be no concern if domestic demand grows faster thanGDP...Which, if only in a small way, would contribute toimproving international balances," the OECD said. Real private consumption appeared to have been unusuallybuoyant last year, with a 3.25 pct growth rate, after severalyears of relative weakness, it noted. In 1987 private consumption was expected to slow somewhatto a 2.25 pct growth rate, but should still outstrip overallGDP, it added. The outlook for investment in plant and machinery remainedbright into 1987, and with capacity use at near record levelslast year there was scope for rationalisation and modernisationin both the industry and service sectors, it said. As a consequence, growth in machinery and equipmentinvestment is likely to decelerate only slightly this yearafter vigorous growth in 1986. But the report raised a questionmark over the prospects fortourism and the banking industry, two major service sectorearners of foreign exchange. The long-term appreciation of the Swiss Franc, and theaccelerating deregulation of foreign banking markets, couldlead to a loss of international market share for both, it said. Particularly for the banks, "recent developments ininternational financial markets give rise to the questionwhether the Swiss financial system, which has shown substantialflexibility in the past, is adapting itself at the speedrequired ... To preserve its competitive position," it said.
|
[
"cpi"
] |
[
"sun-meal",
"rye",
"housing",
"cocoa"
] |
What topics are related to the document above?
|
The 350 mln Ecu three-year package ofsocial and structural measures agreed early today by EuropeanCommunity farm ministers features a plan to compensate farmersfor reducing output of certain surplus products, EC Commissionsources said. The ministers agreed that under this "extensification"scheme, farmers would qualify for compensation if they cutoutput of specific products by at least 20 pct. The plan would initially apply to cereals, beef, veal andwine, they added. Cereals farmers would have to achieve their output cuts byreducing acreage, while cattle farmers would reduce theirnumber of head and vinegrowers would cut yield. In each case,farmers would have to undertake not to step up their capacityfor output of other products which are in surplus in the EC. The sources said payment levels have not yet been fixed butwill be designed to compensate farmers for loss of profit onthe production they forego. The sources said the package also contains provisions forpayments to farmers who embark on a program aimed at protectingor improving the environment. It would also mean compensatory allowances in less favouredfarming areas would be extended to crops. At present suchallowances are available only for livestock. The package would provide 20 mln Ecus for research intoalternative farming techniques, the sources added. At a news conference EC Farm Commissioner Frans Andriessensaid the Commission is also working on proposals to enable theEC and member states to provide direct income supports forrelatively poor farmers. Andriessen did not give full details, but said member stateaid would be subject to "strict criteria to avoid distortion ofcompetition." EC payments would aim to help farmers to survive adifficult period while the EC tackles the problems of surplusproduction. The Commission withdrew from the package agreed last nightproposals to pay "early retirement" pensions to farmers aged 55or over who gave up production. Those who took their landcompletely out of farm production, rather than passing it on totheir heirs, would have received more generous payments. Andriessen said the Commission plans to present revisedproposals along these lines in an effort to get a schemeagreed.
|
[
"grain"
] |
[
"citruspulp",
"zinc",
"nkr"
] |
What topics are related to the document above?
|
The Bank of England said it gave themoney market another 31 mln stg in assistance in the morningsession. This brings the Bank's total help today to 759 mln stg andcompares with its estimate of a 1.05 billion stg money marketshortage which it earlier revised up from 950 mln stg. The central bank bought 31 mln stg of bank bills outrightin band two at 9-13/16 pct.
|
[
"money-fx"
] |
[
"l-cattle",
"corn",
"gold",
"tin"
] |
What topics are related to the document above?
|
The Palm Oil Registration andLicensing Authority (PORLA) reports trade in crude palm oil(cpo) on April 2 as follows in ringgit per tonne deliveredunless stated. April 752.50 south and central 751 north average 752.50down 6.50. May 750 south down 11. Refined palm oil traded in bulk US dlrs per tonne fob. RBDpalm oil May 320. RBD palm olein April 336 May 337.50 June 337.RBD palm stearin May 275. The cpo market was lower in light trading, with Apriltraded between 747.50 and 755 ringgit per tonne. The refined palm oil market was slightly easier and Aprildelivery of RBD palm olein to Singapore traded at 856.50ringgit per tonne.
|
[
"palm-oil"
] |
[
"plywood",
"dfl",
"corn-oil",
"groundnut"
] |
What topics are related to the document above?
|
Taiwan said its foreign reserves sufferedabout 3.4 billion U.S. Dlrs in exchange rate losses from July1986 to February 1987 as a result of the rise of the Taiwandollar against the U.S. Currency. Yu Chien-ming, head of the government statisticsdepartment, told parliament yesterday he expected the losses toincrease as the Taiwan dollar continues to strengthen. The Taiwan dollar, which opened at 34.24 to the U.S. Dollartoday, has risen about 16 pct against the U.S. Unit sinceSeptember 1985. Some bankers expect it to rise to 33 by Juneand to 32 by the end of this year. Taiwan's foreign exchange reserves now total 53 billiondlrs. At end-February they were 52.1 billion dlrs, the world'sthird largest after West Germany and Japan. Yu said the interest earned from the reserves totalledabout 1.68 billion U.S. Dlrs from July 1986 to February 1987.The reserves are managed by the central bank and deposited atabout 170 leading banks in the U.S., Japan, Britain, Canada andSingapore. About 75 pct of the reserves are in the form of cash,mostly in U.S. Dollars. The rest are in government treasurybills, certificates of deposit and bonds.
|
[
"money-fx"
] |
[
"housing",
"coconut-oil",
"gold",
"silver"
] |
What topics are related to the document above?
|
The Commodity Credit Corporation,CCC, has accepted a bid for an export bonus to cover a sale of6,000 tonnes of semolina to Egypt, the U.S. AgricultureDepartment said. The department said the semolina is for shipmentApril-October, 1987, and the bonus awarded was 224.87 dlrs pertonne. The bonus was made to International Multifoods Corp andwill paid to the exporter in the form of commodities from CCCstocks, the department said. An additional 7,000 tonnes of semolina are still availableto Egypt under the Export Enhancement Program initiativeannounced August 1, 1986, it said.
|
[
"grain"
] |
[
"palladium",
"red-bean",
"coffee",
"propane"
] |
What topics are related to the document above?
|
The European Community Commission hasdecided to abolish a special tax of eight Ecus per tonneimposed on exports of Spanish maize, Commission sources said. They said the tax, which applies to Spanish sales to EC andnon-EC countries alike, would no longer be required on exportsfrom Spanish ports south of Valencia. The decision was taken at a meeting of the authority'scereals management committee today. The tax had been introduced last September at the same timeas a subsidy of eight Ecus per tonne was brought in for exportsof maize to Spain from other EC member countries. The aim of the tax was to prevent the maize imported intoSpain from the other EC states with the help of subsidies frombeing reexported back to them. The sources added that Spain had received no answer fromthe committee to its request that tenders be opened for thesale to third countries of 450,000 tonnes of maize. The request will be considered at the committee's nextmeeting, the commission sources said. Madrid estimates that it needs to import 1.7 mln tonnes ofmaize this year, while an EC-U.S. accord guarantees non-ECproducer sales to Spain of two mln tonnes of maize and 300,000tonnes of sorghum annually for the next four years.
|
[
"grain"
] |
[
"skr",
"copper",
"soy-meal",
"cotton-oil"
] |
What topics are related to the document above?
|
An Iowa State University study showedpork contains considerably less fat than indicated bylong-established U.S. Department of Agriculture statistics, theNational Pork Producers Council (NPPC) said. Six of the seven muscle cuts evaluated in the studyaveraged 4.3 pct fat or less, well below American HeartAssociation guidelines for recommended foods. Eighty pct of allthe raw boneless rib chops evaluated in the study containedless than six pct fat, the NPPC said. Meanwhile, USDA Handbook 8-10 - long used as theestablished authority on nutrient composition, indicates a fatcontent for center loin pork of 7.3 pct, the NPPC said. Robin Kline, a dietitian and Director of Consumer Affairsfor the NPPC said he was not surprised at the wide discrepancybetween the study and the USDA handbook. "Handbook 8-10 is based to a certain extent on informationthat has been accumulated over the past 30 years. Thestatistics in it about pork do not reflect the hog of todaywhich is about 50 pct leaner than it was 20 or 30 years ago,thanks to genetic improvements and better feeding practices,"Kline said. The study, funded by NPPC with producer checkoff money,evaluated pork carcasses from 47 Iowa producers in categoriesfrom 0.7 to 1.3 inches of backfat. Researchers measured the fatcontent of the seven muscles before cooking, and the fat,moisture and tenderness of cooked boneless rib chops.
|
[
"hog"
] |
[
"nzdlr",
"skr",
"fuel"
] |
What topics are related to the document above?
|
The Federal Reserve is expected toenter the U.S. Government securities market to add temporaryreserves indirectly via 1.5 billion dlrs or more of customerrepurchase agreements, economists said. They said the below-six pct Federal funds rate suggests theFed does not have a large reserve adding need. However, somedealers reportedly backed out of the three-day Systemrepurchase agreements set on Monday, leaving the Fed with asomewhat increased need to supply reserves. Federal funds, which averaged 6.05 pct yesterday, opened at5-15/16 pct and remained there in early trading.
|
[
"money-fx"
] |
[
"rice",
"instal-debt",
"rupiah",
"rand"
] |
What topics are related to the document above?
|
Newly-installed Philippine CoconutAuthority Chairman Jose Romero has announced the appointment oflawyer Leandro Garcia as administrator, replacing Colonel FelixDuenas who is returning to military duty. The new constitution does not allow military men to holdpositions in civilian agencies. Duenas and four other military men who were assigned to theauthority in 1978, will return to the ministry of defence wherethey worked prior to their appointments at the coconut agency.
|
[
"oilseed"
] |
[
"orange",
"bop",
"silver",
"heat"
] |
What topics are related to the document above?
|
China's wheat imports in January were218,000 tonnes, down from 393,000 in January 1986, the ChinaDaily Business Weekly said, quoting customs figures. It said imports of sugar were 25,165 tonnes, down from54,000, but exports of rice rose to 71,144 tonnes from 20,000.It gave no more details.
|
[
"sugar"
] |
[
"nat-gas",
"oilseed",
"tea"
] |
What topics are related to the document above?
|
France's National Statistics Institute(INSEE) said French 1986 Gross Domestic Product (GDP) grew by1.9 pct, after Finance Minister Edouard Balladur reported a1986 rise of just two pct in February. France's balance of payments surplus in goods and servicesrose to 53 billion francs in 1986 against 28 billion in 1985. The annual average monthly rise in retail prices was 2.7pct in 1986 from 1985, INSEE added.
|
[
"gnp"
] |
[
"acq",
"rape-meal",
"dfl",
"pet-chem"
] |
What topics are related to the document above?
|
The Senate Agriculture committee votedto limit changes in county loan rate differentials startingwith the 1988 crop as part of a budget deficit reductionpackage. The panel also approved measures that could trigger largercorn and wheat acreage reduction requirements, increasefarmer-held reserve storage payments, reduce a potential milksupport price cut, and require advance deficiency payments forproducers of major crops. A proposal to require imported tropical oils be labeled onU.S. food products failed by a 10-8 vote.
|
[
"grain"
] |
[
"cocoa",
"sunseed",
"rye",
"iron-steel"
] |
What topics are related to the document above?
|
<Consolidated TVX Mining Corp> said itagreed to issue 7.8 mln treasury shares to acquire interests inthree gold mining companies in Brazil and an option to increasethe company's interest in a platinum property. The company said the transactions will bring immediateproduction and earnings to Consolidated TVX, enhance itsprecious metal potential and is expected to improve cash flowand earnings on a per share basis. The company did not givespecific figures. Consolidated TVX said it will acquire 29 pct of CMP, apublic gold mining company in which TVX already holds a 15 pctinterest, making TVX the largest single shareholder. The company also agreed to acquire a 19 pct stake in NovoAstro, a private company, and a 16 pct interest in Teles PiresMining, increasing the TVX's ownership to 51 pct. In addition, Consolidated TVX said it will acquire theright to add a 10 pct interest to a platinum property in whichit already owns a 29.4 pct stake. CMP earned 11 mln Canadian dlrs in 1986 and expects toproduce 42,000 ounces of gold in 1987 at a cost of 160 U.S.dlrs an ounce, Consolidated TVX said. Novo Astro operates Brazil's richest gold mine located inAmapa State, with an average grade of 0.8 ounces of gold a tonin a hardrock quartz vein, Consolidated TVX said. Mining ofeluvial surface material produced 25,000 ounces in 1986 and isexpected to produce 60,000 ounces in 1987. It also said Teles Pires Mining controls rights to a 350kilometer section of the Teles Pires River, where one dredge isexpected to produce 10,000 ounces of gold in 1987.
|
[
"platinum"
] |
[
"castor-oil",
"bfr",
"lin-meal"
] |
What topics are related to the document above?
|
Members of local 174 of the United Foodand Commercial Workers (UFCW) union, representing 1,900 meatcutters in New York city, yesterday rejected the latestmanagement offer on a new contract. "Members rejected the latest offer by a 2 to 1 margin," BobWilson, executive officer of local 174 said. But workers havebeen asked to remain on the job while negotiations continue. The union has been in negotiations with the Greater NewYork Association of Meat and Poultry Dealers, a group of meatwholesalers and distributors. The contract expired April 26 andthe latest management offer sought "give backs" in holiday andsick leave which the membership rejected, Wilson said.
|
[
"carcass"
] |
[
"ipi",
"nkr",
"stg",
"coffee"
] |
What topics are related to the document above?
|
Hamilton Oil Corp said reserves at theend of 1986 were 59.8 mln barrels of oil and 905.5 billioncubic feet of natural gas, or 211 mln barrels equivalent, up 10mln equivalent barrels from a year before.
|
[
"crude"
] |
[
"linseed",
"castor-oil",
"citruspulp",
"acq"
] |
What topics are related to the document above?
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Today's liberalised financial markets aremaking it extremely difficult for Japan's monetary authoritiesto prevent the yen's rise against the dollar, but they haveseveral options other than normal intervention, Bank of Japansources said. A senior central bank official said that such methods ascontrolling foreign exchange deals and invoking currency swapagreements with other central banks, which have not beeninvoked since 1978, are all being considered. "But the time may not be ripe," he said. "In this era of financial liberalisation, it's almostimpossible to control the flow of capital in and out of Japan,"said another senior bank official. But the first official said: "From a technical viewpoint,the Bank of Japan could activate swap agreements immediatelyafter other central banks involved agreed to do so." A swap agreement, an exchange of currency between twonations, allows both sides to acquire a ready source of theother's currency in case of need. "If the Bank invokes such swaps, both parties would announcethe decision jointly," said the first official. The sources said they believed the limit of currency marketintervention may be being reached after they saw recentconcerted market action by central banks of major industrialnations was increasingly ineffective in propping up thebattered dollar. But intervention is at least an option, they said. Furthereasing of monetary policy will be very difficult with anofficial discount rate already at a record low of 2.5 pct, theysaid. Bank of Japan Governor Satoshi Sumita has repeatedly ruledout another rate cut due to fears it could revive inflation. One bank official said he could not deny the possibilty ofthe Bank of Japan activating currency swap agreements with theU.S. And other central banks, if these banks continueintervening to sell the yen in support of the dollar and runout of their yen cash positions. "But we don't think they have become short of yen quite yet,"he said. The bank has established a five billion dlr swap limit withthe U.S. Federal Reserve and another 2.5 billion mark and 200billion yen limit with the West German and Swiss central banks,according to the sources. Foreign exchange dealers estimate the Fed had sold twobillion dlrs worth of yen from its own account to support thedollar in New York last week. The central bank sources also said Japan may arrange othercurrency swap agreements with Britain and France if they findit necessary, but added they are not actually talking with eachother towards that end.
|
[
"money-fx"
] |
[
"coffee",
"potato",
"rice",
"palmkernel"
] |
What topics are related to the document above?
|
President Reagan said he would discussthe Mideast Gulf situation with allied leaders at next week'sVenice economic summit and hinted he would seek their help inpreserving free navigation. In a speech prepared for delivery as the United States madeplans to protect 11 Kuwaiti oil tankers from Iranian attack,Reagan said the American people were aware that "it is not ourinterests alone that are being protected." Saying that allied dependence on gulf oil was no secret,Reagan declared, "During the upcoming summit in Venice, we willbe discussing the common security interests shared by thewestern democracies in the MIDEAST Gulf. "The future belongs to the brave. Free men should not cowerbefore such challenges, and they should not expect to standalone." Reagan will meet the leaders of Britain, France, WestGermany, Italy, Canada and Japan at the economic summit, whichwill take place in Venice June 8-10. The 13th annual top-level meeting of the major industrialdemocracies will take place against a backdrop of risingcongressional concern over Reagan's plan to protect gulfshipping and demands that the allies do more. These concerns were heightened by the May 17 Iraqi missileattack on the U.S. frigate Stark which killed 37 seamen. "They died while guarding a chokepoint of freedom, deterringaggression and reaffirming America's willingness to protect itsvital interests," Reagan said. In a pre-summit speech celebrating the 40th anniversary ofthe Marshall Plan, Reagan, who spoke to an audience of foreignaffairs experts, also pledged to push for economic expansion byWest Germany and Japan to bolster the world trading system. "While the vibrancy of the U.S. economy has contributedenormously to the world expansion, preserving a growing worldeconomy is the business of every member of the world tradingcommunity," he said. "It will be made clear, especially to our friends in Japanand the Federal Republic of Germany, that growth-orienteddomestic policies are needed to bolster the world tradingsystem on which they depend." Reagan coupled this appeal with a call for compliance withallied accords on exchange rate stability. "Economic policy decisions made last year in Tokyo and atthis year's meetings of Group of Seven finance ministers inParis and in Washington cannot be ignored or forgotten," hesaid. "The commitments made at these meetings need to betranslated into action."
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[
"ship"
] |
[
"naphtha",
"propane",
"nickel",
"fuel"
] |
What topics are related to the document above?
|
Kelley Oil and Gas Partners Ltd said ithas agreed to purchase all of CF Industries Inc's oil andnatural gas properties for about 5,500,000 dlrs, effective July1. It said the Louisiana properties had proven reserves atyear-end of 11 billion cubic feet of natural gas and 85,000barrels of oil, condensate and natural gas liquids. Kelley said it currently owns working interests in some ofthe properties.
|
[
"nat-gas"
] |
[
"interest",
"rape-meal",
"cruzado"
] |
What topics are related to the document above?
|
The State Department says many U.S.diplomatic missions overseas are on high alert for possibleretaliation from Iran for Monday's attack on two Iranian oilplatforms by American forces in the Gulf. At the same time, the Pentagon announced on Tuesday thatU.S. forces have begun escorting another Kuwaiti tanker convoysouthward through the Gulf from Kuwait. The State Department renewed its warning to Americans notto travel to Iran because of what spokeswoman Phyllis Oakleycalled, "its virulent anti-American policies and support forterrorism." "The threat to Americans has increased significantly," shesaid in announcing that the department was reiterating adviceit last made in January. The department said about 2,600American citizens live in Iran, the overwhelming majority dualnationalities. Oakley said no specific warning has been issued to U.S.diplomats and Americans living abroad in the aftermath of theU.S. attack on the oil drilling platforms, but "many of ourmissions are on a high state of alert."
|
[
"crude"
] |
[
"trade",
"cotton-oil",
"lumber",
"housing"
] |
What topics are related to the document above?
|
Bally Manufacturing Corp's proposedpublic offering of 24 pct of its Health and Tennis Corp unit isseen as the first step towards the sale of the entire unit,analysts said. "In the longer-term horizon, Bally wants to concentrate onits gaming businesses," said analyst Dennis Forst of SeidlerAmdec Securities Inc. Last week, Bally said it was considering the sale ofanother non-casino unit, its Six Flags amusement park unit,which analysts said could fetch about 300 mln dlrs. Bally spokesman Bill Peltier said "the company currentlyhas no hard plans to the sell any more of the health clubcompany, but in the long term we'll wait and see how theoffering goes." Once Bally's biggest revenue producer, the health club unithad 1986 operating income of 60 mln dlrs on revenues of 456.2mln dlrs, 28 pct of Bally's revenues. Analysts estimate theunit could be sold for for 300-500 mln dlrs. Analysts said Bally's decision to offer shares in the unitcould be the first step to selling it. "It would seem obvious that an offering would decrease thehealth club unit's debt, increase its cash flow and operatingincome, making it an attractive buy to a third party," StevenEisenberg of Bear Stearns said. On Monday, Bally said it filed with the Securities andExchange Commission for an initial offering of 24 pct, or 5.8mln shares, of the unit's common stock at 13-15 dlrs a share. About half the proceeds, 40 mln dlrs, will be used to reduceparent Bally Manufacturing's debt which has swelled to 1.6billion dlrs due to recent hotel acquisitions and the purchaseof shares from Donald Trump who had threatened a hostiletakeover, according to Bally treasurer Paul Johnson. Remaining proceeds from the stock offering and from aseparate offering of 50 mln dlrs of 20-year convertiblesubordinated debt would be used to repay about 75 mln dlrs ofshort term senior bank debt of the health chain unit, a Ballyspokesperson said. Analysts said Bally's health club unit's profits haveremained strong, but are skeptical about the industry's longrange prospects. "The fitness club industry, over the last 10 years, hasgrown tremendously, but the question is whether its a fad or apermanent part of our lifestyle," said Eisenberg of BearStearns. Analysts said fitness clubs will likely flourish if thepublic stays at its peak of health consciousness, but thatovercapacity is likely to occur as consumer enthusiasm wanes. In addition, "the returns in the fitness club industry arejust not as high as they are in the gaming industry," said oneanalyst. There are about 6,500 fitness clubs in the U.S., excludingclubs run by not-for-profit organizations, according to theAssociation of Physical Fitness Centers who estimates it to bean 8.0-billion-dlr-a-year industry. Asked if anyone has offered to buy the unit, which is thenation's largest health club chain, Peltier said, "no one hasthe money to offer to buy it." "The fitness industry is a fragmented industry with noleader and there is a great opportunity for growth throughacquisition and then standardization," said Wayne LaChapelle,chief financial officer of Livingwell INc <WELL>, the nation'ssecond largest fitness chain operator whih LaChapelle said Livingwell is always interested inacquisition opportunities but "could not afford an acquisitionthe size of Bally at this time."
|
[
"earn"
] |
[
"soybean",
"l-cattle",
"cocoa",
"palladium"
] |
What topics are related to the document above?
|
Spot volume in the Australian foreignexchange market jumped to a record 22.63 billion dlrs a day inJanuary from 16.18 billion in December and 8.27 billion a yearearlier, the Reserve Bank said in its monthly bulletin. The previous record was 17.51 billion dlrs last August. The peak broke a steady trading trend of 15 to 17 billiondlrs a day seen in the second half of 1986. Including forward deals, total deliverable volume was 27.01billion dlrs a day (13.43 billion against the Australiandollar) against 19.56 billion (8.48 billion) in December and9.92 billion (5.88 billion) a year earlier, the bank said.
|
[
"money-fx"
] |
[
"soybean",
"orange",
"hog",
"citruspulp"
] |
What topics are related to the document above?
|
Pacific Resources Inc said it hasinstalled a CALM (Catenary Anchor Leg Mooring) single-pointmooring terminal off the southwest coast of Oahu at itsHawaiian Independent Refinery at a cost of 3.5 mln dlrs. The system transfers crude and fuel oils from tankers tothe refinery's tank farm and carries refined products to shipsfor export, PRI said. Company chairman Robert G. Reed said the new mooring systemwill permit 24-hour service in most kinds of weather and willreduce ship turnaround time. He said the mooring is the firstof its kind in the U.S. The new system can accomodate vessels up to 150,000deadweight tons, or one mln barrels of cargo, PRI said.
|
[
"fuel"
] |
[
"castor-oil",
"carcass",
"jobs"
] |
What topics are related to the document above?
|
Thai traders plan to establish a companyto regulate maize forward trading, in what could be a firststep towards a commodities futures exchange, maize dealerssaid. Traders and Internal Trade Department officials agreed lastweek to commission a study on a structure to regulate maizeforward trading and to set up a company, Thailand CommodityExchange Co Ltd, with 30 businesses as shareholders who willact as brokers in the futures market. Chanthong Pattamapong, a commodities trader asked to todraw up the study, said if the maize futures market succeeds itmay be extended to other commodities, perhaps sugar and rubber.
|
[
"grain"
] |
[
"gnp",
"pet-chem"
] |
What topics are related to the document above?
|
Swift Independent Packing Co said itagreed in principle to sell its Huron, South Dakota, pork plantto Huron Dressed Beef, for undisclosed terms. Completion of the proposed transaction is subject toHuron's ability to hire an experienced work force atcompetitive rates, and receive government approval of thepurchase and operation of the plant, Swift said.
|
[
"carcass"
] |
[
"soy-oil",
"rand",
"fishmeal"
] |
What topics are related to the document above?
|
Tokyo's foreign exchange market is watchingnervously to see if the U.S. Dollar will drop below thesignificant 140.00 yen level, dealers said. "The 140 yen level is key for the dollar because it isconsidered to be the lower end of the reference range. If thecurrency breaks through this level, it may decline sharply,"said Hirozumi Tanaka, assistant general manager at Dai-ichiKangyo Bank Ltd's international treasury division. The dollar was at 141.10 yen at midday against Fridaycloses of 142.35/45 in New York and 141.35 here. The dollar opened at 140.95 yen and fell to a low of140.40. It was 1.7733/38 marks against 1.7975/85 in New Yorkand 1.8008/13 here on Friday, after an opening 1.7700/10. The currency's decline was due to remarks on Sunday by U.S.Treasury Secretary James Baker, dealers said. "The dollar fell over the weekend on increased bearishsentiment after Baker's comments," said Dai-ichi's Tanaka. Hesaid this stemmed from mounting concern that cooperation amongthe group of seven (G-7) industrial nations to implement theLouvre accord to stabilise currencies might be fraying. The dollar's fall was also prompted by a record one-daydrop in the Dow Jones industrial average on Friday and weaknessin U.S. Bond prices, dealers said. Baker said the Louvre accord was still operative but hestrongly criticised West German moves to raise key interestrates. Operators took Baker's comment to indicate impatiencewith some G-7 members for failing to stick to the Louvre accorddue to their fears of increasing inflation. Rises in interest rates aimed at dampening inflationarypressures also slow domestic demand. West Germany and Japan had both pledged at G-7 meetings toboost domestic demand to help narrow the huge U.S. Tradedeficit, Tanaka said. U.S. August trade data showed the U.S. Deficit at a stillmassive 15.68 billion dlrs. But if West Germany raises interestrates, this would run counter to the pledge, he said. "Operators are now waiting to see if the G-7 nationscoordinate dollar buying intervention," said Soichi Hirabayashi,deputy general manager of Fuju Bank Ltd's foreign exchangedepartment. The target range set by the Louvre accord is generallyconsidered to be 140.00 to 160.00 yen, dealers said. "The market is likely to try the 140 yen level in the nearfuture and at that time, if operators see the G-7 nationsfailing to coordinate intervention, they would see the Louvreaccord as abandoned and push the dollar down aggressively,"Hirabayashi said. He said the U.S. Currency could fall as lowas 135 yen soon.
|
[
"yen"
] |
[
"coconut",
"hog",
"fuel"
] |
What topics are related to the document above?
|
AMAX Incx said it has identifiedadditional gold and silver ore reserves at its AMAX SleeperMine near Winnemucca, Nev.. It said as a result of recent drilling, reserves at thhemine are now estimated at 2,470,000 short tons of ore grading0.24 ounce of gold and 0.50 ounce of silver per ton that istreatable by conventional milling techniques. AMAX said additional reserves amenable to heap leaching areestimated at 38.3 mln tons averaging 0.025 ounce gold and 0.24ounce silver per ton. Further drilling is being conducted, itsaid.
|
[
"gold"
] |
[
"skr",
"sugar",
"pork-belly",
"cpi"
] |
What topics are related to the document above?
|
Cominco Ltd has nocontract negotiations scheduled this week with any of the fivestriking locals at the Trail smelter and Kimberley lead-zincmine, union spokesmen said. However, leaders of the negotiating teams are trying to setup an informal meeting to discuss the stalemate, said JohnOwens, spokesman for United Steelworkers of America local 480,which is one of three locals that represents 2,600 productionand maintenance workers. Owens also said Cominco has said the strike is costing itfive mln Canadian dlrs a day in debt service costs that are notcovered by revenue. He said the company has not estimated totallost revenue and Cominco spokesmen were not immediatelyavailable for comment. The strike, which began May nine, also involves two localsthat represent 600 office and technical workers. The production and maintenance workers three weeks agorejected a tentative three-year agreement that provided cost ofliving adjustments but no basic wage increase. Each of the five locals has a separate contract thatexpired April 30, but the main issues are similar. The Trail smelter produced 240,000 long tons of zinc and110,000 long tons of lead last year. The Sullivan mine atKimberley produced 2.2 mln long tons of ore last year, most forprocessing at the Trail smelter.
|
[
"lead"
] |
[
"iron-steel",
"wpi",
"austdlr",
"alum"
] |
What topics are related to the document above?
|
West Germany takes "very seriously" therecent undertaking by major industrial countries to promoteexchange rate stability around current levels, Finance MinistryState Secretary Hans Tietmeyer said. Talking to journalists before a meeting of EuropeanCommunity Economy and Finance Ministers here, Tietmeyerdeclined to say whether the February 22 Paris accord by theGroup of Five countries plus Canada included secret agreementsfor stabilising currencies. But he noted the official communique said the participantsagreed to cooperate closely to foster stability of exchangerates around current levels. "We're taking this sentence veryseriously," he said. Tietmeyer remarked that the dollar had hardly moved againstthe mark since the meeting. He said a slowdown in West German economic growth had beencaused by sharp exchange rate swings and that the Parisagreement should help in this respect. Economics Ministry State Secretary Otto Schlecht said theBonn government saw no current need for measures to bolster theeconomy but was paying close attention to the slower growth andhad not ruled out "appropriate and timely" action if necessary. Schlecht and Tietmeyer were speaking ahead of a discussionby the EC ministers of the latest EC Commission report on theeconomic situation in the 12-nation bloc. The Commission has sharply revised down expected Germangross national product growth this year to two pct from 3.2 pctpredicted last autumn and says Bonn has the most room of any ECcountry to stimulate economic activity. Schlecht said the upturn in West Germany's economy slowedin the fourth quarter of last year and the first quarter of1987. But he said there was no cumulative downwards trend inview that would make quick remedial action necessary. He said a number of favourable indicators such as highlevel of investment and a good climate for consumption meant arecovery could be expected, while exports would pick upslightly during the course of the year.
|
[
"money-fx"
] |
[
"inventories",
"cocoa",
"groundnut-oil",
"iron-steel"
] |
What topics are related to the document above?
|
Japanese crushers bought 8,000 tonnesof Canadian rapeseed in export business overnight for Aprilshipment, trade sources said.
|
[
"oilseed"
] |
[
"nzdlr",
"copper",
"can",
"lei"
] |
What topics are related to the document above?
|
The Bank of France said it has invitedoffers of first category paper today for a money marketintervention tender. Money market operators were divided over whether the Bankof France will use to occasion to cut its intervention rate,which has stood at 7-3/4 pct since March 9. Some thought a price cut unlikely while others said therewas room for a further 1/4 point cut by the bank.
|
[
"money-fx"
] |
[
"iron-steel",
"sorghum",
"rapeseed",
"cocoa"
] |
What topics are related to the document above?
|
South Korea's current account surplusnarrowed to 419 mln dlrs in February from 679 mln in Januarycompared with a deficit of 112 mln dlrs in February last year,provisional Bank of Korea figures show. The current account in the two months of January andFebruary swung to a surplus of 1.1 billion dlrs from a deficitof 494 mln dlrs in the same 1986 period. The February trade surplus narrowed to 235 mln dlrs from582 mln in January compared with a deficit of 98 mln dlrs ayear ago. The overall balance of payments surplus rose to 840 mlndlrs in February from 716 mln in January and 76 mln in February1986. Exports were 2.86 billion dlrs in February against 2.83billion in January and 2.23 billion in February last year.Imports were 2.63 billion against 2.25 billion and 2.32billion. The February invisible trade surplus rose to 109 mln dlrsfrom 24 mln in January and compared with a deficit of 74 mln ayear ago. The transfer payments surplus widened to 75 mln dlrs inFebruary from 73 mln in January and 60 mln a year ago. The long-term capital account surplus was 198 mln dlrs inFebruary against 211 mln in January and 55 mln in February lastyear. The short-term capital account surplus was 87 mln dlrsagainst 46 mln and 158 mln. The errors and omissions account left a surplus of 840 mlndlrs in February against deficits of 220 mln in January and 25mln in February 1986.
|
[
"bop"
] |
[
"rupiah",
"sugar",
"groundnut",
"hog"
] |
What topics are related to the document above?
|
The Manitoba Agriculture Departmentweekly crop report said no measurable precipitation wasreported across the province in the past week, allowing smallgrain seedings to progress rapidly across the south, with fieldpreparation under way in the northern growing regions. Small grains should be seeded across the Province in one totwo weeks, assuming weather remains dry. Planting progress was most advanced in the southeast, with30 pct of the spring wheat acres and 40 pct of the barley acresseeded. Cereals plantings were well under way in the southcentral part of the province, with seedings spotty so far inthe southwest. Summer fallow acres should be in line with the latestStatistics Canada projections, the report said.
|
[
"barley"
] |
[
"soy-oil",
"lin-meal",
"tin"
] |
What topics are related to the document above?
|
Grain analysts surveyed by the AmericanSoybean Association, ASA, projected acreage this year at 59.1mln acres of soybeans and 64.7 mln acres of corn. In 1986, farmers planted 61.5 mln acres of soybeans and76.7 mln acres of corn, according to the February 9 USDAsupply/demand report. The USDA is to release its 1987 plantingintentions report March 31. The survey included 15 soybean estimates and 13 cornestimates and was released in the March 16 Soybean Updatenewsletter sent to members. Estimates ranged from 56.0 mln to 63.0 mln acres ofsoybeans and 59.5 mln to 68.0 mln acres of corn. An ASA spokesman said the association plans no survey offarmers' planting intentions this year.
|
[
"grain"
] |
[
"coffee",
"cottonseed"
] |
What topics are related to the document above?
|
Iran attacked the Saudi Arabiansupertanker Arabian Sea off the United Arab Emirates last nightbut the vessel was able to proceed after the incident, LloydsShipping Intelligence reported. The 315,695-dwt Arabian Sea had set sail on Tuesday afterloading oil at the Saudi port of Ras Tannurah. Lloyds said theattack occurred at about 2200 hrs local time (1800 GMT).
|
[
"ship"
] |
[
"jet",
"rand",
"lei",
"lit"
] |
What topics are related to the document above?
|
Bank of Spain governor Mariano Rubio saidthe central bank was worried that money supply was growing toofast, reflecting excessive internal demand in the Spanisheconomy, but added that he was confident recent measures wouldsucceed in restricting money growth. In testimony to the economic commission of Congress, Rubiosaid the main measure of money supply, the broad-based LiquidAssets in Public Hands, grew at an estimated annualised rate of17 pct in March, the same as in February. The bank's target range for growth in this measure in 1987is 6.5 to 9.5 pct, compared with 11.4 pct last year. Rubio said he was aiming for the lower end of the range. He added that real GDP growth of three pct in 1986 was dueto a six pct increase in real internal demand and a three pctreal drop in the contribution of the external sector. The aim for 1987 was for the same real growth in GDP but adrop in the internal contribution to 4.5 pct with the negativecomponent of the external sector trimmed to 1.5 pct, he said.
|
[
"money-supply"
] |
[
"sugar",
"livestock",
"cpu",
"inventories"
] |
What topics are related to the document above?
|
Thyssen AG <THYH.F> expects a fall ofbetween 15 and 20 pct in consolidated turnover in 1986/87,chief executive Dieter Spethmann said. He told journalists the exact decline would depend ondollar developments. The Thyssen group did over 50 pct of itsbusiness outside West Germany. Spethmann made no comment on 1986/87 group earnings. Worldgroup net profit fell to 370.1 mln marks in the year endedSeptember 1986 from 472.4 mln a year earlier on group saleswhich fell to 40.00 billion marks from a previous 44.32billion. Last week Spethmann told the annual meeting Thyssenexpected to post a good profit in 1986/87 despite expectedlosses in the mass steel-making operations this year. Spethmann said engineering turnover would not be lower thisyear, but lower steel prices would result in a drop in steelturnover and sales volume. This would also affect Thyssen'strading operations, he said. Spethmann also categorically denied a magazine articlepublished this week which spoke of a dispute between him andHeinz Kriwet, management board chairman of Thyssen Stahl AG,over planned job cuts in steel plants in the Ruhr area.
|
[
"earn"
] |
[
"rubber",
"jet",
"oat",
"palmkernel"
] |
What topics are related to the document above?
|
U.S. officials said they held outlittle hope the European Community, EC, would withdraw acontroversial meat inspection requirement, due to go intoeffect April 30 and which U.S. meat producers claim will cutoff their exports. But the officials said they expect the EC to allow U.S.plants to continue shipping meat through the end of the yearprovided they submit a plant improvement program with the U.S.Agriculture Department. The EC's so-called Third Country Meat Directive willrequire foreign meat processing plants to comply fully with ECinspection standards beginning April 30. The U.S. meat industry has prepared a petition requestingthe Reagan administration to retaliate against the EC rule. At issue are U.S. meat exports to the EC valued at 132 mlndlrs in 1985. The EC rule would require all U.S. plants to make changesin their inspection methods, ranging from veterinary staffingto use of wood. Last December, the EC determined that only one U.S. cattle,one hog and one sheep slaughtering facility could be approvedwithout further review. USDA would have to certify that theplants had corrected the deficiencies. All remaining plants with a history or potential ofshipping to the EC -- totaling nearly 400 -- would require moresignificant changes in plant constructions or procedures beforefurther EC review. Robert Hibbert, general counsel for the American MeatInstitute, said the meat industry expected to submit a formaltrade retaliation petition by April 30. An interagency committee is reviewing the industry's draftpetition. An official at the U.S. Trade Representative's Office saidU.S. officials continued to press the EC to withdraw the rule,but that "the chances of that are not too good at this time." However, there is the "expectation" in U.S. government andmeat industry circles that the EC will continue to allowshipments, at least through the end of the calendar year, fromU.S. plants that submit to USDA a plan on how they will bringtheir operations into conformity with the EC regulation, theUSTR official said.
|
[
"carcass"
] |
[
"tea",
"trade",
"bop",
"castorseed"
] |
What topics are related to the document above?
|
Corning Glass Works' subsidiaryCorning International Corp said it agreed to transfer 55 pct ofits capital stock of an Argentine glass manufacturer to aEuropean group. It said it will transfer the capital stock of Rigolleau,S.A., to the group controlled by Camillo Gancia, an Argentineindustrialist. The company said the transaction would reduce Corning'sownership in Rigolleau to approximately 20 pct. The companysaid the change will not impact on its net income for th year.
|
[
"acq"
] |
[
"sorghum",
"palm-oil",
"can",
"rand"
] |
What topics are related to the document above?
|
The Far Eastern sugar market is being hitby a tightening in available nearby freight space needed tomove raw sugar to various destinations, notably from Thailand,traders said. This has resulted in a hardening of freight rates in thoseareas. These are now being quoted between 12.5 and 17.5 dlrs atonne per day, depending on shipment and destination, againstrecent fixings below 12 dlrs a tonne. Charterers are considering combining contracted shipmentsbecause of inadequate space, shipping sources said, noting 13raws cargoes are awaiting shipment from various ports. A cargo of Thai raw sugar was reported traded at basis JulyNew York futures less 25 points for June/July 15 shipment,traders said. But others said this was old business.
|
[
"ship"
] |
[
"peseta",
"fishmeal",
"dmk",
"reserves"
] |
What topics are related to the document above?
|
Chicago Mercantile Exchange floortraders and commission house representatives are guesstimatingtoday's hog slaughter at about 295,000 to 308,000 head versus305,000 week ago and 308,000 a year ago. Cattle slaughter is guesstimated at about 128,000 to132,000 head versus 130,000 week ago and 126,000 a year ago.
|
[
"hog"
] |
[
"rape-oil",
"soybean",
"retail",
"acq"
] |
What topics are related to the document above?
|
The Bank of England said it forecast ashortage of around 800 mln stg in the money market today. Among the main factors affecting liquidity, bills maturingin official hands and the take-up of treasury bills will drainsome 1.61 billion stg. Partly offsetting this outflow, exchequer transactions anda fall in note circulation will add around 425 mln stg and 360mln stg respectively. In addition, bankers' balances abovetarget will add some 20 mln stg to the system today.
|
[
"money-fx"
] |
[
"sun-meal",
"skr",
"sorghum",
"saudriyal"
] |
What topics are related to the document above?
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Japanese short-term interest rates,buoyed recently by seasonal factors, are likely to fall fromthe beginning of April when the new financial year begins,money traders said. The Bank of Japan is expected to encourage the trendfollowing its attempts to pressure rates to enhance itsdiscount rate cut on February 23, they said. The Bank cut the rate to 2.5 pct from three, and beganactively injecting funds into the money market to offset raterises resulting from the end-of-fiscal-year surge in demand forfunds from financial institutions. Despite its attempts to dampen rates with measures such asaggressive commercial bill purchases, the central bank hasfailed to remove all upward pressure, money traders said. Attractive interest rates offered by domestic banks tocompete for time deposits of more than 600 mln yen hasunderpinned short-term rates, they said. Interest rates on time deposits of more than 600 mln yenwere decontrolled by the Finance Ministry last September. This resulted in such deposits with domestic banks risingto 17,830 billion yen by the end-December, a three-foldincrease on end-December 1985 levels, bankers said. On March 31, the money market expects to see a 2,000billion yen surplus resulting from government payment of fiscalfunds, money traders said. From April 1, they predict the unconditional call rate willfall to 3.5000 pct from 3.7500 pct today and the one-monthcommercial bill discount rate to drop to 3.7500 pct from 4.0635pct. They predict the three-month bill discount rate to slip to3.875 pct from 4.0000 today and the three-month certificate ofdeposit rate to slide to 4.10/4.15 from 4.35/25.
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[
"money-fx"
] |
[
"castor-oil",
"gnp",
"castorseed",
"iron-steel"
] |
What topics are related to the document above?
|
The United Nations Food and AgricultureOrganization, FAO, said it approved emergency food aid worthmore than 14.3 mln dlrs for drought victims in Ethiopia. The aid will include 30,000 tonnes of wheat and 1,200tonnes of vegetable oil for farmers in the Wollo and Illubaborregions. FAO said it has also approved more than 1.4 mln dlrs offood aid for 8,000 families in Sri Lanka. In addition, 583,225dlrs of aid will be made available to Malawi to feed 96,700people displaced from Mozambique and a further 340,200 dlrs forcyclone victims in Vanuatu in the South Pacific.
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[
"veg-oil"
] |
[
"bop",
"cottonseed",
"sugar"
] |
What topics are related to the document above?
|
The release of U.K. February trade datashowing that the current account surplus was a provisional 376mln stg, up from a 73 mln surplus in January, has boosted hopesof an early cut in interest rates, analysts said. Market forecasts had been for a worse outcome, withexpectations of a deficit in visible trade averaging about 750mln stg, against the official figure of 224 mln stg, sharplynarrower than January's 527 mln deficit. "The figures are unreservedly good," Chase ManhattanSecurities economist Andrew Wroblewski said. Sterling rebounded on the trade figures, reversing a weakermorning trend, to stand at 72.1 pct of its trade weighted indexagainst a basket of currencies at midday, unchanged fromyesterday's close but 0.3 points above the 1100 GMT level. The market had feared that a deteriorating non-oil tradepattern would undermine international support for sterling,which has been the motor behind the recent fall in U.K.Interest rates. Money market sources said the market had begunto doubt that a widely expected drop in bank base lending ratesto 9.5 pct from the present 10.0 pct was really on the cards. But sentiment now looks to have turned about again. There now looks to be no danger that the Chancellor of theExchequer Nigel Lawson's forecast of a 1987 current accountdeficit of 2.5 billion stg will be exceeded, Wroblewski said. Seasonally adjusted figures showed imports rose in Februaryto 7.16 billion stg from 6.73 billion in January. Exports rose to a record 6.93 billion from 6.20 billion. However, Chris Tinker, U.K. Analyst at brokers Phillips andDrew said the faster rise in exports than imports would provepartly aberrational in coming months. He forecast theChancellor's Budget tax cuts would increase consumerexpenditure on imported goods. However, Warburg Securities economist Ian Harwood said hisfirm was sharply revising its 1987 current account deficitforecast in the light of the latest data, cutting one billionstg off the expected full year total to about 1.75 billion stg. He said news of strong growth in exports of non-oil goodsconfirmed recent bullish surveys among members of theConfederation of British Industry. The growth in imports appears to be flattening, even ifJanuary's bad weather had curbed consumer spending on overseasgoods and import-intensive stock building among manufacturers,Harwood said. U.K. Government bonds, or gilts, surged by more than 1/2point on the better-than-expected news, as earlier worriesabout the figures evaporated. Sterling peaked at a high of 1.6075 dlrs, before settlingto a steady 1.6050 about 1300 GMT, nearly a cent higher thanthe European low of 1.5960. However, analysts noted that the turnabout in marketsentiment still looks highly vulnerable to political news. Morning weakness in sterling and the gilt market waslargely attributed to a newspaper opinion poll showing that theConservative government's support was slipping. LONDON, March 26 - The Bank of England said it provided 15mln stg in assistance to the money market this morning, buyingbank bills in band two at 9-13/16 pct. Earlier the Bank revised its money market liquidityforecast from a flat position to a deficit of around 350 mlnstg.
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[
"trade"
] |
[
"livestock",
"tapioca"
] |
What topics are related to the document above?
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Standard Oil Co said a contract hasbeen awarded to <CBS Engineering Inc> for a drilling andproduction platform to be installed in Ewing Bank Block 826 inthe Gulf of Mexico where Standard and Mobil Corp each own a 40pct interest. Standard said its Standard Oil Production Co subsidiarywill operate the platform which is being designed to produce15,000 barrels of oil and 50 mln cubic feet of gas daily. Theplatform is now expected to be installed in the summer of 1988.Other owners are Kerr-McGee Corp <KMG> with 16.66 pct and<Prudential Insurance Co of America> with 3.34 pct.
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[
"crude"
] |
[
"corn-oil",
"lin-meal",
"coconut-oil",
"housing"
] |
What topics are related to the document above?
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The Commodity Credit Corporation(CCC) accepted a bid for an export bonus to cover the sale of30,000 long tons of barley to Israel, the U.S. AgricultureDepartment said. The department said the barley is for delivery April 15/May15 and the bonus awarded was 41.24 dlrs per ton. The bonus was made to Cargill, Inc and will be paid in theform of commodities from CCC stocks. An additional 133,800 tons of U.S. barley are stillavailable to Israel under the Export Enhancement Programannounced June 17, 1986, it said.
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[
"grain"
] |
[
"soybean",
"income",
"earn",
"lead"
] |
What topics are related to the document above?
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U.S. Agriculture SecretaryRichard Lyng will ask the Japanese Government to remove allbeef import restrictions when he visits there next month. Lyng's remarks came in a speech at Oklahoma StateUniversity today. "We think Japanese consumers should have the same freedomof choice as our consumers. Look at all the Japanese camerasand tape recorders in this room. We know they'd buy more beefif they had the opportunity," Lyng said.
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[
"livestock"
] |
[
"barley",
"rupiah",
"cottonseed",
"wheat"
] |
What topics are related to the document above?
|
U.S. economic data this week could bethe key in determining whether U.S. interest rate futures breakout of a 3-1/2 month trading range, financial analysts said. Although market expectations are for February U.S. retailsales Thursday and industrial production Friday to show healthygains, figures within or slightly below expectations would bepositive for the market, the analysts said. "You have to be impressed with the resiliency of bondsright now," said Smith Barney Harris Upham analyst CraigSloane. Treasury bond futures came under pressure today whichtraders linked to a persistently firm federal funds rate and arise in oil prices. However, when sufficient selling interestto break below chart support in the June contract failed tomaterialize, participants who had sold bond futures earlyquickly covered short positions, they said. "Everyone is expecting strong numbers, and if they come inas expected it won't be that bad for the market," Sloane said. Sloane said the consensus estimate for the non-auto sectorof retail sales is for a rise of 0.6 to 0.7 pct. Dean Witter analyst Karen Gibbs said a retail sales figurebelow market forecasts would give a boost to debt futures, andshe put the range for the non-auto sector of retail sales at up0.8 to 1.2 pct. Industrial production and the producer price index Fridayboth are expected to show increases of about 0.5 pct, sheadded. Retail sales "will tell us whether or not we will be ableto fill the gap," Gibbs said, referring to a chart gap in Junebonds between 100-26/32 and 101-3/32 created Friday. June bondsclosed at 100-4/32 today. Also key to debt futures direction, in addition to thefederal funds rate, is the direction of crude oil prices, saidCarroll McEntee and McGinley Futures analyst Brian Singer. "A higher fed funds rate and firm oil prices precluded themarket from breaking out of the trading range the last time themarket approached the top of the range," Singer said. In order for bonds to break above the top of the range,which is just below 102 in the June contract, "the crude oilrally needs to run its course and pull back a little bit,"Singer said. "Fed funds are already easing back down toward thesix pct level." The recent surge in oil prices has also been a concern toManufacturers Hanover Futures analyst Jim Rozich, but the rallymay be nearing a top around 18.50 dlrs per barrel, he said. Rozich said he is looking for the June bond contract toease to 99-6/32 and find support. "I'm not quite ready to jump on the bullish bandwagon yet.The jury is still out this week," Rozich said.
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[
"ipi"
] |
[
"rape-meal",
"linseed",
"cruzado"
] |
What topics are related to the document above?
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Philippines Trade andIndustry Secretary Jose Concepcion told world trade ministershe wondered if their agreement was of any real value after theEuropean Community (EC) imposed a levy on vegetable oils. Concepcion, speaking at an informal meeting of the GeneralAgreement on Tariffs and Trade (GATT) here, said ministersdeclared in Uruguay last September that the trade ofless-developed nations should not be disrupted. He said the EC not only ignored Manila's request for lowertariffs on coconut oil but introduced a levy on vegetable oilsand fats that are vital exports for Southeast Asian countries. Concepcion said while the levy might be rejected by the ECCouncil of Ministers, he noted that "I cannot help but wonderwhether the agreements we produce in meetings like this are ofany real value." He also said industrialised nations saved about 65 billionU.S. Dlrs in 1985 through low commodity prices, but this hadaffected the ability of developing nations to import goods andservices. "The health and the growth of world trade requires that thenew development of developing countries losing their share ofworld trade be arrested and reversed," he said.
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[
"trade"
] |
[
"fuel",
"sunseed",
"l-cattle",
"grain"
] |
What topics are related to the document above?
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Speculation abroad that theBundesbank will steer money market rates lower, opening thefor interest rate cuts around Europe, is not shared by manyeconomists and money market dealers within Germany. Speculation has developed that the Bundesbank wouldengineer lower rates to take pressure off the dollar/mark. A strong rise in U.S. Market rates this month, promptingspeculation the Fed would raise its 5-1/2 pct discount rate,has raised the question whether Germany and Japan would alsobroaden interest rate differentials to support the dollar. The U.S.-Japanese trade dispute is the key to the interestrate outlook, money market dealers in Paris said. Talks this week between Japanese Prime Minister YasuhiroNakasone and President Reagan, if successful, could takepressure off the dollar, dealers and economists said. Short term interest rates would be likely to ease if thetrade dispute is solved and the dollar steadies, they said. But if no solution is found, the Paris dealers said, arenewed dollar fall would put strains on the mark/French francrate and force the Bank of France to raise short-term rates. The three-month U.S. Treasury bill rate rose to six pctthis week from 5.6 pct at the start of April, and the yield onthe 30-year benchmark treasury bonds rose this week in Tokyo toa 14-month high of 8.86 pct from 7.66 pct in late March. The dollar stabilized today just below 1.80 marks and above140 yen, underpinned by higher U.S. Rates and the Fed discountrate speculation. But most dealers expect it to weaken further, which wouldput pressure on the Bundesbank to ease interest rates. Japanese Finance Minister Kiichi Miyazawa said yesterdaythe U.S. Had requested Japan to cut short-term interest rates. The Bank of Japan was making efforts to do this, he said,adding the U.S. Had not asked for a cut in Japan's 2.5 pctdiscount rate, a move which Bank of Japan Governor SatoshiSumita said was not under consideration. A call for a German move came yesterday from Dutch centralbank president Wim Duisenberg, who said the Dutch central bankfavoured a cut in West German interest rates and would followsuit if it happened. Citibank AG said in its April report that another expectedphase of dollar weakness would prompt the Bundesbank to cut keymoney market rates in the next three to six months. The Bundesbank has set a fixed rate of 3.80 pct onrepurchase pacts since February, with call money trading around3.70 pct for much of April. Phillips and Drew senior European economist Richard Reidsaid the Bundesbank would allow interest rates to ease further,either with a lower fixed rate tender, or a tender by interestrate, allowing the market to set the rate. "I'm fairly confident we'll see lower rates," he said. Reid said taking 30 basis points off the repurchase ratewould have little impact on the German economy or fundamentalexchange rates, but could change market currency perceptions. "A cut in German rates wouldn't be bad for the dollar, but Ithink its effect would be limited in duration unless it wasaccompanied by other measures elsewhere," he said. Money market dealers here noted the speculation abroad thatthe Bundesbank would push down repurchase rates, but said theBundesbank had little reason to cut rates further at themoment, despite the liquid market seen for most of this month. The dealers said the Bundesbank was likely to move to aninterest rate tender for its repurchase pacts next month. Thatshould not be seen as a sign of easing monetary policy however,they said. The Bundesbank would merely be experimenting with interestrate tenders, following the introduction of a new system tospeed up the tender process at the start of April, they said. Reinhard Pohl, head of the monetary policy section at theDIW economic research institute in West Berlin, said theBundesbank would probably not cut rates on repurchase pacts. "I don't think that if they cut the repurchase rate a littleit would stop a wave of (currency) speculation," he said. But asharp and sudden deterioration in the dollar could force theBundesbank to take some action, he said. Pohl said the Bundesbank was concerned that a cut ininterest rates would accelerate excessive monetary growth. Some Bundesbank officials have argued recently that themonetary overshoot was due to strong currency inflows ratherthan credit growth, and therefore a more appropriate responseto excessive money supply growth would be to cut rates, to makethe mark and mark investments less attractive. Pohl said the Bundesbank was hoping that domestic investorswould switch funds parked in liquid short-term accounts, whichhave swollen central bank money stock, into securities, whichwould take them out of the Bundesbank's key monetary measure. A cut in interest rates at this stage however would leadinvestors to assume that rates had bottomed out and the nextmove would be upwards. They would therefore hold off buyingbonds, leaving central bank money stock swollen. There are so far no signs that German investors areswitching funds into long term securities as the Bundesbankhopes they will, Berliner Handels- und Frankfurter Bankeconomist Hermann Remsperger said. But Phillips and Drew's Reid said prospects of lower ratesand a strong currency would attract foreign investors intoGerman bonds, which would in turn attract domestic investors. Werner Rein, chief economist at Union Bank of Switzerlandin Zurich, said he thought it likely that interest rates wouldcontinue to drift lower in many European countries. "The scope for lower rates is probably greatest in Britainbut more limited in West Germany, where we could see someconsolidation," he said. Switzerland could be forced to matchany cut in German rates to prevent the franc rising furtheragainst the mark, he said. Currency dealers in London said another half-point cut inU.K. Bank base rates was likely in the next few weeks as thepound had shrugged off yesterday's cuts and was still rising.
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[
"interest"
] |
[
"rubber",
"cornglutenfeed",
"nat-gas"
] |
What topics are related to the document above?
|
Call money rates fell to 3.85/95 pctfrom five pct yesterday in moderate trading as month endtightness disappeared and operators took positions for April. Dealers said they expected rates to remain within a 3.70 tofour pct range this month. A minor tax payment period on behalfof customers mid-month, the long Easter weekend and pensionpayments were unlikely to tighten rates significantly. Next Wednesday, 14.9 billion marks are leaving the systemon the expiry of a securities repurchase pact. But dealers saidthey expected the Bundesbank to fully replace the outflow witha new tender at a fixed rate of 3.80 pct. Commerzbank AG's management board chairman Walter Seippcalled on the Bundesbank to reduce interest rates to protectthe mark through bringing the allocation rate for securitiesrepurchase agreements down. But dealers said the Bundesbank was unlikely to ease creditpolicies at the moment. There was little domestic and foreignpressure for lower rates and no signs of a change. Yesterday one or two large West German banks effectivelydrained the domestic money market of liquidity in order toachieve higher rates from their overnight deposits, dealerssaid. Bundesbank figures showed banks held an average daily 50.7billion marks in minimum reserves at the central bank over thefirst 30 days of March, the exact requirement needed just oneday before the end of the month. Actual holdings on Monday were 42.0 billion marks. Because rates soared to the level of the Lombard emergencyfunding rate yesterday, banks fell back on the loan facility todraw down a high 5.3 billion marks in an attempt to meetBundesbank needs, the data showed.
|
[
"money-fx"
] |
[
"ipi",
"skr",
"sfr",
"nzdlr"
] |
What topics are related to the document above?
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Chicago Mercantile Exchange floortraders and commission house representatives are guesstimatingtoday's hog slaughter at about 290,000 to 310,000 head versus309,000 week ago and 328,000 a year ago. Cattle slaughter is guesstimated at about 128,000 to131,000 head versus 129,000 week ago and 127,000 a year ago.
|
[
"hog"
] |
[
"nkr",
"soy-meal",
"rice",
"austdlr"
] |
What topics are related to the document above?
|
The 24 nations of the Organisation forEconomic Cooperation and Development (OECD), hampered bysluggish industrial output and trade, face slower economicgrowth, and their joint balance of payments will swing intodeficit in 1987, the Economist Intelligence Unit (EIU ) said. The EIU said in its World Trade Forecast it revised OECDeconomic growth downwards to 2.5 pct this year, compared with a2.8 pct growth forecast in December. It said the new areas of weakness are West Germany and thesmaller European countries it influences, and Japan, hardesthit by currency appreciation this year. The independent research organisation cut its 1987 growthrate forecasts for West Germany to 2.2 pct from 3.2 pct inDecember and to 2.3 pct from three pct for Japan. It said it expected the OECD to post a current accountdeficit of some 13 billion dlrs in both 1987 and 1988, due inlarge part to a 1.50 dlrs a barrel rise in 1987 oil prices. It said the U.S. Current account deficit looked likely tofall even more slowly than forecast, to 125 billion dlrs in1987 and 115 billion in 1988 from 130 billion in 1986. It said it expected West Germany to post a 31 billion dlrpayments surplus and Japan a 76 billion dlr surplus this year. The EIU said it saw oil prices dropping to around 16.50dlrs a barrel by end-1987 and 15.50 dlrs in 1988 from about 18dlrs last year, as adherence to OPEC output policy becomesincreasingly ragged. It said the dollar is poised to resume its decline inforeign exchange markets, and will lose a further 13 pct on itstrade-weighted index this year and five pct in 1988 after lastyear's 18.4 pct drop. The average mark/dollar rate is put at1.80 marks this year and 1.70 in 1988 while the yen/dollar rateis expected to break through the 150 yen barrier with anaverage value of 150 yen in 1987 and 146 yen in 1988, it said. "This is not a crash scenario but the dollar's steeperangle of descent increases the risk of ending with a fireballrather than a three-point landing," the EIU said. "Talking will not stop the dollar's slide for long and theFebruary meeting (of finance ministers of the Group of Five andCanada) produced scant promise of either a decisive shift tomore expansive policies in West Germany and Japan, or a tighterU.S. Fsical policy," it said. It said the key to the dollar's fortunes was thewillingness of Japanese institutions to buy U.S. Governmentassets despite prospects of sustaining a currency loss. "Thus far they have been willing," the EIC said, addingthat if Japan was deterred from buying U.S. bonds the dollarwould collapse. To contain such a currency crisis, dollar interest rateswould have to soar, bringing recession and a Third World debtcrisis, it said. On trade, the EIU said prospects for 1987 look"increasingly sick." Import growth, forecast in December at 4.5 pct, is now seenslowing down to around 3.8 pct in 1987 with a recovery only to4.2 pct in 1988, it said. The weakness of the West German economy is the biggestsingle factor, with import growth there expected to feature asluggish 3.5 pct growth in 1987 against the 6.5 pct forecast inDecember, the EIU said. On the export side, it said it saw weak demand in WestGermany affecting export prospects elsewhere in Europe, whileJapan's exports in 1987 would remain flat and sales by U.S.Exporters would respond only marginally to a lower, morecompetitively-priced dollar. It said in most of Europe and in Japan, raw materials andoil will cost less in domestic currency in 1987 than in 1986.
|
[
"trade"
] |
[
"plywood",
"rupiah"
] |
What topics are related to the document above?
|
The Bank of Japan intervened to stemstrong yen rises against the dollar during London trading thismorning, dealers said. The Bank of Japan here declined comment. The Bank of England was also rumored to be buying dollarsagainst the yen this morning but it also declined comment. Dealers said the intervention halted a sudden late morningdrop to a low of 148.65 yen, holding the dollar steady untilmidsession at about 148.80. The Bank of England was strongly rumored to have intervenedon behalf of the dollar against the yen yesterday, but it gaveno confirmation. Overnight reports from Tokyo said that the Bank of Japanwas aggressively supporting the dollar, but failed to push itback to the perceived target level of 150 yen. Selling during the London trading morning was largelyattributed to Japanese institutions. Dealers here were loath to quantify the scale of Bank ofJapan action this morning. One U.S. Bank trader said it couldhave been up to 500 mln dlrs, but said this was largely aguess.
|
[
"money-fx"
] |
[
"nickel",
"corn-oil",
"ringgit",
"cotton"
] |
What topics are related to the document above?
|
Dutch economic growth is slowing as afirming guilder cuts competitiveness abroad and industriesreduce the pace of investment, the Dutch official planningagency CPB said. The Centraal Planbureau, publishing its 1987 economicoutlook, said Dutch Net National Income (NNI) was expected togrow by one pct this year, down from two pct growth recorded in1986 and 2.5 pct in 1985 and 1984. Dutch Gross National Product is expected to rise to 432.20billion guilders in 1987 in constant prices, a two pct increasefrom last year's 423.95 billion. The CPB, forecasting an 8.5 pct increase in the value ofthe guilder on a trade-weighted basis compared with 10.0 pctlast year, said the dollar was expected to trade at an averageof 2.0 guilders in 1987 compared with 2.45 guilders in 1986. "The higher guilder is causing a substantial fall in unitlabour costs abroad, when measured in guilder terms, whilethese are rising slightly in the Netherlands," the CPB said. More of economic growth now depended on domesticconsumption, the CPB said, but noting that higher margins setby domestic producers and importers mitigated the effect onpurchasing power of lower import costs and deflation. Consumer prices were set to fall by 1.5 pct this year, theCPB said. Inflation was zero last year. Gross investment in industry was expected to grow by fivepct this year, a slowdown compared with 11.5 pct growth lastyear, the CPB said. Exchange rate and oil price fluctuations will continue tocondition the Dutch economy in the future as it has in recentyears, the CPB said, noting a continued depressing impact ofthese factors on Dutch competitiveness. In addition, it noted a slight rise in taxation and socialsecurity costs to employers. The CPB, forecasting a rise in the budget deficit to 7.2pct of Net National Income in 1987 from 6.3 pct last year,urged the government to cut expenditure further to bring downthe deficit and reduce tax and social security payments infuture. Dutch government revenue is being depressed further byfalling income from natural gas sales in 1987, the CPB said. It said unemployment was expected to fall to 675,000 thisyear from 710,000 last year. While the two pct GDP growth forecast set by the CPB iswithin its latest forecast, issued last month, of 1.5 to twopct growth, the figure is well above recent market estimates. Dutch merchant bank Pierson, Heldring en Pierson said inits February economic outlook that GDP growth at constantprices was expected to be 1.1 pct this year and market analystshad expected the CPB's final forecast to be below its ownlatest estimate. "It is too early to comment because I haven't seen the wholedocument yet, but it would seem we are more pessimistic in someof our estimates," a Pierson economist said. The CPB forecast 2.5 pct export growth in volume terms in1987, after four pct growth last year. Excluding energyexports, the 1987 figure would be two pct, it said. Imports were set to rise by 4.5 pct this year compared withfour pct in 1986 in volume terms, the CPB said. The balance of payments would see a sharp decline in thesurplus, to six billion guilders in 1987 compared with 12.1billion last year, the CPB forecast.
|
[
"gnp"
] |
[
"cottonseed"
] |
What topics are related to the document above?
|
The Canadian Import Tribunal ruled todaysubsidized U.S. corn imports were injurious to Canadian growersand upheld a countervailing duty of 84.9 U.S. cts a bushel setearlier this year. The ruling is the result of trade action launched in 1985by the Ontario Corn Producers Association that contended U.S.subsidies were driving American corn prices below Canadianproduction costs. A spokesman for the Department of Revenue said a study ofthe level of the duty will be undertaken in the next six monthsto determine if it should be adjusted.
|
[
"grain"
] |
[
"barley",
"dlr",
"ringgit",
"potato"
] |
What topics are related to the document above?
|
Honeywell Inc said its total debtrose by more than 85 pct in 1986, mainly due to its 1.02billion dlr acquisition of the Sperry Aerospace Group. At yearend, according to the company's 1986 annual report,Honeywell's total debt stood at 1.44 billion dlrs, comparedwith 776.6 mln dlrs in 1985. Honeywell said that if it had acquired the Sperry unit atthe beginning of 1986, its loss for the full year would havebeen 9.88 dlrs a share. Honeywell's actual loss in 1986 was 8.33 dlrs a share.
|
[
"acq"
] |
[
"linseed",
"tin",
"ship",
"sun-oil"
] |
What topics are related to the document above?
|
Economic growth will remain sluggish inthe Netherlands and Belgium next year and unemployment mayrise, the Organisation for Economic Cooperation and Developmentforecast. Belgium's GDP growth may slow down to 1.5 pct this year andnext year, bringing a rise in the number of jobless, the OECDsaid in its semi-annual survey. Belgian inflation couldstabilise at 1.5 to 2.0 pct, while the current account surpluswill probably remain large at about three pct of GDP. While the Belgian government has made progress in trimmingits borrowing requirement, "it will probably be insufficient tocheck the self-sustaining nature of the deficit," the OECD said. In the Netherlands real GDP growth will also slip to 1.5pct this year and one pct in 1988, with Dutch exports becomingless competitive and imports rising. "Employment is forecast todecelerate as well, reflecting more sluggish growth in theprivate sector and budgetary cuts," the report said. Dutch consumer prices are set to fall by 0.5 pct in 1987and stay stable in 1988, partly as a result of decliningdomestic gas prices. Luxembourg's economy, by contrast, will see slightly fastergrowth in GDP this year as a result of an upward movement inwages. But real growth in consumption will ease next year.
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[
"cpi"
] |
[
"f-cattle",
"tea",
"rapeseed"
] |
What topics are related to the document above?
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Lured by the weakening dollar and theconviction that oil prices are poised for a rebound, Europeanenergy companies are buying up cheap U.S. oil and gas reservesto replenish their supplies, oil industry analysts said. They said owning oil reserves in a politically stableUnited States is good insurance against future shortages.However, the quick pace of foreign investment has heated upcompetition among European firms, well-heeled U.S.institutional investors and major oil companies to snare choicedomestic oil properties. Strevig and Associates, a Houston firm that tracks oil andgas reserve sales, said growing interest among foreign buyershad helped push reserve prices in recent months higher. Allbuyers of U.S. reserves paid a median price of 6.45 dlrs abarrel of oil during the fourth quarter of 1986 foracquisitions, up from 5.33 dlrs in the third quarter and fivedlrs in the second quarter, according to the firm's research. "Foreign investors have been here nibbling a long time, butwe're seeing new names and smaller companies coming in," saidArthur Smith, an oil property appraisal specialist andpresident of John S. Herold Inc in Greenwich, Conn. "Europeans, especially, do not have much indigenous oil andgas and realize the tide will eventually turn in favor of theOrganization of Petroleum Exporting Countries," he added. Smith and other oil industry analyst and economists believethe trend in foreign investments will continue in 1987 becauseof the fall in value of the U.S. dollar, the perception thatoil prices have hit bottom and the fact that it is cheaper tobuy new reserves than to explore for them. Plenty of properties are available on the market, thanks tothe need of many companies to raise cash for debt payments andgeneral restructuring throughout the oilpatch. In two of the biggest transactions of recent months,French-owned Minatome Corp., a unit of <Total CompagnieFrancaise des Petroles>, spent more than 230 mln dlrs toseparately acquire oil assets of Texas International <TEICC>and Lear Petroleum Partners <LPP>. A spokesman for Minatomesaid the company is searching for additional acquisitions. A partnership of two Belgian-owned firms, <Petrofina S.A.>and <Cometra Oil S.A.> paid 150 mln dlrs late last year to buyvirtually all the exploration assets of the Williams Cos <WMB>,the Oklahoma pipeline firm. But Japanese investors prefer entering into joint ventureswith experienced U.S. companies to explore for new oil. Japan's<Nippon Oil> is a partner of Texaco Inc's <TX> Texaco USA in a100 mln dlrs U.S. drilling program, and has joined withDupont's <DD> Conoco Inc in a similar 135 dlrs mln deal. Most buyers said the pay-back period of a property, itsgeographic location and the lifting cost of the crude oil aremore important factors in evaluating potential acquisitionsthan relying on a simple price-per-barrel formula. Rich Hodges, a Houston-based land manager representingInternational Oil and Gas Corp, a partnership of <PreussagCorp> and <C. Deilmann Inc> of West Germany, said the firm hadearmarked at least 50 mln dlrs to spend on oil reserves inTexas, Oklahoma or Louisiana in the coming months. But he called that a small amount compared to the amountother investors have for acquisitions. PaineWebber's GeodyneEnergy Income Fund, for example, has said it plans to spend upto 300 mln dlrs on oil and gas properties. "The competition is stiff, not only from other foreigninvestors but from the brokerage houses and U.S. oilcompanies," he said. "Our company is shopping around because wefeel it's substantially less risky than pure exploration. Ifyou're going to take the risk inherent in exploration, you needprices higher than the current market," he added. In addition to the foreign investors and U.S. brokeragehouses, analysts said many of the major oil companies were alsocompeting for prime properties. Houston-based Shell Oil Co, a unit of Royal Dutch/Shell Group<RD>, has been one of the most active companies in buying andselling reserves, Smith said. Since 1982, Shell has acquiredtwo billion dlrs in new reserves, including 470 mln barrels ofoil equivalent at a net cost of 2.80 dlrs a barrel, he said. "Buying reserves is a good strategy for most of thesecompanies," Smith said. "Domestic production has dropped by onemln barrels a day because of cutbacks in drilling and it maydrop by another one mln barrels a day in 1988."
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[
"crude"
] |
[
"hog",
"ship",
"corn",
"cornglutenfeed"
] |
What topics are related to the document above?
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Prospects for world economic growth remainvery sluggish, and coordinated action by western governments isurgently needed to restore business confidence, stabilizecurrencies and encourage investment, the Organization forEconomic Cooperation and Development (OECD) said here. "The economic situation has deteriorated in recent months,and ... Slow growth, high unemployment and large paymentsimbalances are likely to persist," it said in one of itsgloomiest reviews of the world economy in recent years. The gross national product (GNP) of the 24-nation bloc ofwestern industrialised countries is forecast to grow by only2.25 pct both this year and next, even slower than last year's2.5 pct growth rate. "We would like to see the aggregate for the OECD areacomfortably exceeding three pct," David Henderson, head of theOECD's economics and statistics department, said. The OECD said that the dollar fall had led to risinginflation expectations and higher interest rates in the U.S.,Combining with world trade imbalances and the huge third worlddebt problem to increase the risks of a world economicdownturn. "At the same time, many of the conditions for faster growthremain favorable," it said, citing low inflation in most majorcountries, healthy corporate finances, generally lower interestrates, improvements in state budget positions and more flexiblelabor markets. But private sector confidence had been undermined byuncertainties over exchange rates, it said, and warned that "forconfidence to be restored, it is important for governmentsswiftly to implement internationally-agreed commitments." This was a clear reference to last February's Louvre accordof the Group of Five nations plus Canada, analysts said. The OECD said that apparent disagreements among majorcountries on implementation of the Louvre accord had helped toundermine business confidence, and called on more active fiscalpolicies from the U.S., West Germany and Japan to slow demandin the U.S. And raise it in the other two countries. Henderson said the 6,000 billion yen package announcedrecently by the Japanese government to encourage public worksand cut taxes would make a significant contribution to thisprocess, though it was too early to estimate its preciseimpact. He said the measures will help strengthen Japan's domesticdemand significantly, quite possibly exceeding one pct of GNP. The inflation outlook, while broadly satisfactory, hasworsened in recent months, with OECD consumer prices forecastto rise 3.5 pct this year and 3.75 pct in 1988 after a 2.8 pctincrease in 1986. There is no prospect for any significant improvement in theunemployment situation over the next 18 months, with theaverage rate expected to stabilize at 8.25 pct, similar to lastyear. The OECD called for efforts to liberalize worldagricultural markets through switching farm subsidies away fromprice guarantees and other measures linked to productiontowards direct income support for farmers.
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[
"cpi"
] |
[
"bfr",
"livestock",
"pet-chem"
] |
What topics are related to the document above?
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USX Corp said proved reserves of oiland natural gas liquids fell 28 pct to 802.8 mln barrels at theend of 1986 from 1.12 billion barrels at year-end 1985. The figures, in USX's just-released 1986 annual report,indicate much of the drop resulted from the exclusion of 293.7mln barrels of Libyan reserves, after the U.S. government lastJune directed U.S. oil companies to end Libyan operations. USX, which owns Marathon Oil Co and Texas Oil and Gas Corp,had 60 pct of its 1986 sales of 14.94 billion dlrs from its oiland gas operations. About 24 pct of total sales came from USX's USS steel unitand 16 pct from diversified businesses, which include oilfieldservices, raw materials, minerals, chemicals and real estate. According to the report, domestic liquids reserves fellslightly to 628.5 mln barrels from 628.9 mln and foreignreserves fell to 174.3 mln from 486.4 mln barrels. The largedrop in foreign reserves was in the Middle East and Africa,where they fell to about 9.3 mln barrels from 316.7 mln,reflecting the exclusion of Libya. Total natural gas reserves fell to 4.82 trillion cubic feetat year-end 1986 from 5.18 trillion at the end of 1985. Again, most of the drop came from the Middle East andAfrica, where reserves fell to zero from 71.9 billion cubicfeet, excluding Libyan reserves. U.S. natural gas reserves fell to 3.44 trillion cubic feetfrom 3.65 trillion and foreign reserves fell to 1.38 trillionfrom 1.53 trillion. In other areas, USX said total capital spending fell to 962mln dlrs in 1986 from 1.78 billion dlrs in 1985. The 1986audited figure is eight mln dlrs higher than the unauditedfigure the company reported on Jan 27. USX also said it expects to record a gain of 150 mln dlrsin 1988, representing 50 pct of previously existing investmenttax credits allowable under the new tax law. The loss of theother half of the credits was reflected in the fourth quarter. In a discussion of steel results, USX said plants that wereshut down last month and some previously idled plants may bepermanently closed. USX took a fourth quarter charge of 1.03billion dlrs to restructure its steel operations. The chargeincluded the "indefinite idling" last month of four plants inUtah, Pennsylvania and Texas. Other plants or parts of plants in Pennsylvania, Indiana,Alabama, Ohio and Chicago had been previously idled. "These operations are not permanently shut down. Improvedmarket conditions for the products from these plants may makeit feasible to reopen some of them," USX said in the report. "On the other hand, a lack of any future market improvementmay necessitate their permanent closing," it added.
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[
"iron-steel"
] |
[
"soy-oil",
"bop",
"gnp"
] |
What topics are related to the document above?
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The U.S. Agriculture Department haslowered its ASCS terminal prices for low protein hard redwinter and hard red spring wheat at a number of locations, asenior USDA official said. USDA reduced the price of hard red winter wheat at KansasCity and Texas by six cents, at Minneapolis and Duluth by 32cents and at St Louis by nine cents, Ralph Klopfenstein, deputyadministrator of commodity operations at the AgriculturalStabilization and Conservation Service, said. The department also lowered the terminal price of hard redspring wheat at Minneapolis and Duluth by 32 cents, he said. In addition, USDA cut the Pacific Northwest price of hardred spring wheat by 31 cents, USDA officials who asked not tobe identified said. The officials said hard red spring wheat prices at Chicago,Denver and Toledo were adjusted by about the same amount as atPacific Northwest, Duluth and Minneapolis. The price changes should lead to a pickup of PIK and rollactivity, Klopfenstein said. The price change was decided uponlast week and will be effective today, he said. Klopfenstein also said the department raised the premiumson high protein wheat to offset the drop in low protein wheatprices, meaning the net price on any wheat commanding a proteinpremium would remain unchanged.
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[
"grain"
] |
[
"plywood",
"stg",
"pork-belly",
"potato"
] |
What topics are related to the document above?
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Norway's central bank sold crowns in theopen market in a bid to ease strong upward pressure on thecurrency, which threatens to rise above set levels in a basketof currencies, dealers said. The central bank declined comment, but dealers noted thebank had also intervened and sold small amounts of crowns onFriday. The bank is committed to defending the crown at certainlevels in a basket of 14 trade-weighted currencies. "They've been in again this morning, selling piecemealwhenever they think necessary," a senior dealer at an Oslo bank,who declined to be identified, told Reuters. The crown's index is currently around 109.60 in the basket-- close to its upper limit of 109.50 which the central bank iscommitted to defending. A low index figure indicates a high value for the crown.The limit at the other end of the scale is set at 114.50. The crown has been bolstered by high Norwegian interestrates, currently around 16 pct in the money market, and betterthan expected economic indicators which showed a sharplyreduced foreign trade deficit in May and inflation stabilisingaround the current annual rate of 10 pct.
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[
"money-fx"
] |
[
"earn",
"heat",
"soy-meal",
"soybean"
] |
What topics are related to the document above?
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Indonesia rejected World Bankrecommendations for sweeping reforms to its farm economy, asthe country's foreign aid donors met to consider giving it 2.5billion dlrs in grants and soft loans. Agriculture Minister Achmad Affandi, in written remarksdistributed today as Indonesia's 14 foreign donor nations metat The Hague, said, "The general argument presented by the Bankfor this free trade, open economy view is weak." The Bank called for overhauls in how Indonesia manages thelargest farm area in South-east Asia, and said agriculturalgrowth was stagnating under subsisides for rice farming. The Bank report said Indonesia's rice production had peakedand the subsidies are a waste of money. Affandi replied that rice is the main staple and providesan income for 17 pct of the workforce. The subsidies wereneeded to support the fertilizer industry, including importers,exporters, producers and distributors, he said, as well asassisting in small part the majority of Indonesian farmers. Affandi agreed with a bank recommendation that farmersshould be free to choose their own crops, but he said thegovernment would continue to maintain production targets for"strategic commodities" such as rice and sugar. The Bank report was especially critical of Indonesia'sdrive to plant sugar, saying domestic sugar prices are doublethe world average because of inefficiencies, and the countrywould save money by importing the commodity. However, Affandi said volatile world sugar prices, the needto save foreign exchange and an already up-and-running sugarindustry were good arguments for continuing the sugar drive. He also said import barriers and trade monopolies in theagricultural sector were needed to help domestic industrydevelop and because of "over-production and price interventionin the developed nations."
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[
"sugar"
] |
[
"coconut-oil",
"copra-cake",
"can"
] |
What topics are related to the document above?
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Cash in circulation in West Germanyrose by 2.8 billion marks in the last week of February to 121.5billion, a gain of 8.3 pct over the same month last year, theBundesbank said. Cash in circulation is one of two components of the WestGerman money supply which the German central bank is targetingto grow between three and six pct this year. Gross currency reserves in the week rose by 200 mln marksto 109.5 billion. Foreign liabilities fell 100 mln to 22.9billion, giving a net currency reserves increase of 300 mln to86.6 billion. Commercial bank minimum reserve holdings at the Bundesbankfell 300 mln marks to 51.9 billion marks at the end ofFebruary, averaging 51.2 billion over the month. The rediscount debt of the banking system fell 800 mlnmarks to 55.2 billion marks, the Bundesbank said. Banks made heavy use of the Lombard emergency fundingfacility to meet month-end payments and borrowed 3.1 billionmarks, a rise of 2.9 billion over the week before. The net position of public authorities at the Bundesbankdeclined 6.7 billion marks in the last week of February. The federal government drew down 3.8 billion marks of itsBundesbank cash deposits, which had stood at 4.1 billion in thethird week of February, and also borrowed a 1.8 billion incredit from the central bank. Federal states' deposits fell 1.5 billion marks to 1.3billion and their cash credits dropped 400 mln to 300 mln. The Bundesbank balance sheet total rose around 5.44 billionto 222.22 billion marks.
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[
"money-supply"
] |
[
"castor-oil",
"grain",
"cotton",
"coffee"
] |
What topics are related to the document above?
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Any European Community decision toliberalise farm trade policy would hurt Thailand's tapiocaindustry, said Ammar Siamwalla, an agro-economist at theThailand Development Research Institute (TDRI). He told a weekend trade seminar here that any EC move tocut tariff protection for EC grains would make many crops morecompetitive than tapioca in the European market. The EC is the largest buyer of Thai tapioca, absorbing morethan two thirds of the 5.8 mln tonnes of pellets exported byThailand last year. Thailand has an EC quota of an average 5.25mln tonnes a year until 1990. Ammar said Thailand had benefited from an EC tariffloophole that subjects Thai tapioca to a preferential six pctimport duty. Ammar, head of the agricultural research group of the TDRI,suggested tapioca farmers diversify to other crops. He said: "If cereal prices in Europe fall so that they areclose to world prices, the tapioca market there will disappearcompletely." He said the issue may put Thailand in a dilemma because ithad recently joined other major commodity producers in callingon the EC to cut its farm product export subsidies.
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[
"tapioca"
] |
[
"plywood",
"austdlr",
"l-cattle",
"gnp"
] |
What topics are related to the document above?
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The Senate this week might take upproposed legislation that could serve as a lightning rod toexpose broad initiatives to change U.S. farm policy. The Senate could consider a House-passed bill that wouldallow wheat and feedgrains farmers to receive at least 92 pctof their income support payments if flooding last yearprevented, or will prevent, them from planting their 1987crops, Senate staff members told Reuters. Also pending is a bill extend the life of the NationalCommission on Dairy Policy. Sen. Rudy Boschwitz, R-Minn., intends to offer an amendmentto one of the bills that would suspend the minimum plantingrequirement for all 1987 wheat, feedgrain, cotton and riceproducers, an aide said. Under current law, producers must plant at least 50 pct oftheir base acreage to be eligible for 92 pct of theirdeficiency payments. Most major U.S. farm groups have lobbied hard againstmaking any fundamental changes in the 1985 farm bill out offear a full-scale debate could expose agricultural problems tobudget-cutting pressures. Representatives of these farm groups have said they alsofear efforts by Midwestern Democrats to force a floor vote on abill that would require large acreage set-asides in return forsharply higher support prices. However, Sen. Tom Harkin, D-Iowa, sponsor of the bill, toldReuters he did not intend to offer his measure as a flooramendment but to bring it through the committee.
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[
"grain"
] |
[
"rape-meal",
"inventories"
] |
What topics are related to the document above?
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Saudi Arabia bought 5,000 tonnes ofrefined bleached deodorised palm olein at its import tenderyesterday for April 16/25 shipment at 353 dlrs per tonne costand freight Jeddah, traders said.
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[
"veg-oil"
] |
[
"money-fx",
"heat",
"ship",
"inventories"
] |
What topics are related to the document above?
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Ninety-six pct of Alberta andnortheastern British Columbia crops have been seeded, about aweek ahead of the 10 year average, according to the Albertawheat pool report. Hard red spring wheat accounts for most acreage with 6.0mln estimated for this year, little changed from last year.Oats acreage of 1.95 mln is unchanged on last year and barleyarea of 5.9 mln is also similar to last year. Rapeseed plantingof an estimated 3.24 mln is expected five pct up on 1986. Thesouth and south central areas of Alberta lacked moisture withgermination patchy at best. Growth prospects in northern areasare generally in the good to very good range. Soil moisture is better in the north central and Peaceareas, the wheat pool said.
|
[
"grain"
] |
[
"corn",
"gnp"
] |
What topics are related to the document above?
|
World grain trade could be turningthe corner and heading toward recovery in the 1986-87 season, aCargill, Inc. analyst said. Writing in the March issue of the Cargill Bulletin, DavidRogers of Cargill's Commodity Marketing Division cited agradual rise in world wheat trade in recent months, with a slowrise in wheat prices after recent historic lows. He said the wheat trade, because wheat can be produced inmany nations, is a good barometer of world grain trade andcould lead to more activity in other grain markets. Rogers said that with world grain prices at their lowestlevel in over a quarter of a century in real terms, demand hasbegun to rise while producing nations are re-examining theirexpensive price-support policies and reducing planted acres.
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[
"grain"
] |
[
"sorghum",
"dlr",
"groundnut-oil",
"l-cattle"
] |
What topics are related to the document above?
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Malaysia is to urge fellow tinproducing countries to contribute more money towards researchinto new uses for the metal, Malaysian primary industriesminister Lim Keng Yaik told Reuters in an interview. Lim, in Brussels on a tour of Europe and America, said hehad instructed Malaysia's representatives on the executivecommittee of the Association of Tin Producing Countries, ATPC,to draw up a paper on the matter. Lim earlier met European Community farm commissioner FransAndriessen and industry commissioner Karl-Heinz Narjes. He said though it now appeared likely Commission proposalsfor a tax on vegetable and marine oils and fats would bedefeated, he feared the Commission would revive the idea. Lim noted Andriessen this week promised that if the tax wasadopted and third countries suffered export losses as a result,they would be compensated through access to the EC foralternative exports. "Since most of our products are commodity based, I cannotsee how this would work out in our case," Lim said. Malaysian palm oil exports to the EC are worth about 250mln dlrs a year. The tin research proposal would be presented at an ATPCmeeting to be held in Kuala Lumpur in September. "Not enough research and development effort has been put inby tin producers and we have been pushed out by substitutessuch as aluminium, paper and plastics," Lim said. He mentioned the use of inorganic tin in pesticides as anexciting possible new application. Lim said he could not estimate the amount of extra moneywhich needed to be spent on research into new uses before thenew paper was produced. He said Narjes told him there appeared no fundamentalbarriers to EC states quickly ratifying the new InternationalRubber Agreement, INRA, although translations of the accordinto some EC languages are still being awaited. Lim, who will sign and ratify the agreement on Malaysia'sbehalf when he visits New York during his current tour, said itwas important there should not be a long "interregnum" betweenthe old agreement lapsing in October and the new one cominginto force. He described the present accord as a model for commodityagreements due to its being signed by nearly all producing andconsuming countries and by virtue of its review systems andcontrol over buffer stock management.
|
[
"tin"
] |
[
"lei",
"rice"
] |
What topics are related to the document above?
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After a highly favorable reception ofa trial batch of bread baked from 300 lbs of U.S. wheat flourlast February, the Senegalese appear ready to take delivery ofa first tranche of 10,500 tonnes of mixed U.S. wheat, the U.S.Agriculture Department said. In its report on U.S. Export Markets for U.S. Grain, thedepartment noted Senegal had bought 100,000 tonnes of wheatunder the Export Enhancement Program last November, but localopposition from millers, accustomed to French wheat, has beendelaying deliveries. As a result there were a series of baking seminars as wellas the trial batch, in an effort to satisfy local flour millersand convince key officials of the qualities of U.S. wheat. The department said if deliveries of U.S. wheat to Senegalremain on track, the U.S. could dominate a wheat market thathad been expected to import 140,000 tonnes of mostly Frenchwheat during the 1987/88 (July-June) season.
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[
"grain"
] |
[
"housing",
"sugar",
"yen",
"palm-oil"
] |
What topics are related to the document above?
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The Agriculture Ministry declined commenton a local newspaper report that Japan had agreed to hold talkson its closed rice market in the new GATT round. "We have no idea about the report and cannot comment," aspokesman told Reuters. Nihon Keizai Shinbun, quoting unnamed government sources,said Japan would tell U.S. Agriculture Secretary Richard Lyngand U.S. Trade Representative Clayton Yeutter of itsintentions. The two are due to visit Japan later this month forfarm talks. The U.S. Has been pressing Japan to discuss the rice issueat the new round of General Agreement on Tariffs and Tradetalks. But Japan has said GATT is not the right forum. Imports of rice to Japan are banned under the FoodstuffControl Act. Nihon Keizai said Japan's plan resulted from worries aboutmounting trade tension with the U.S. At the GATT talks, Japanwill try to persuade the U.S. That its rice policy isjustified, it said. The 93-nation world trade body began the Uruguay traderound last September. It will take four years to negotiate.
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[
"rice",
"grain"
] |
[] |
What topics are related to the document above?
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The Mexican Secretariat of Commercehas told the U.S. that recent implementation of a 10 pct advalorem tariff for fixed vegetable oils, fluid or solid, crude,refined or purified, was not targeted at sunflower oil, theU.S. Agriculture Department said. In its World Production and Trade Report, the departmentsaid the increase in tariffs on this category which includessunflower, corn and rapeseed oils, was a reaction to importersusing basket categories to avoid paying tariffs on specifichigh-tariff products.
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[
"corn-oil",
"sun-oil",
"rape-oil",
"veg-oil"
] |
[] |
What topics are related to the document above?
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Philippines Trade andIndustry Secretary Jose Concepcion told world trade ministershe wondered if their agreement was of any real value after theEuropean Community (EC) imposed a levy on vegetable oils. Concepcion, speaking at an informal meeting of the GeneralAgreement on Tariffs and Trade (GATT) here, said ministersdeclared in Uruguay last September that the trade ofless-developed nations should not be disrupted. He said the EC not only ignored Manila's request for lowertariffs on coconut oil but introduced a levy on vegetable oilsand fats that are vital exports for Southeast Asian countries. Concepcion said while the levy might be rejected by the ECCouncil of Ministers, he noted that "I cannot help but wonderwhether the agreements we produce in meetings like this are ofany real value." He also said industrialised nations saved about 65 billionU.S. Dlrs in 1985 through low commodity prices, but this hadaffected the ability of developing nations to import goods andservices. "The health and the growth of world trade requires that thenew development of developing countries losing their share ofworld trade be arrested and reversed," he said.
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[
"veg-oil",
"trade"
] |
[] |
What topics are related to the document above?
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A majority of the Senate AgricultureCommittee urged President Reagan to reverse his opposition toexport subsidies to the Soviet Union as a way to get itsnegotiators to purchase some 500 mln dlrs in American wheat. The group, led by committee chairman Patrick Leahy, aVermont Democrat, urged Reagan to step up negotiations with theSoviet Union by providing export subsidies to help U.S.farmers.
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[
"wheat",
"grain"
] |
[] |
What topics are related to the document above?
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The Bundesbank is unlikely to changecredit policies when its central bank council meets on Thursdayfor its last session before the Venice summit, bankingeconomists and money market dealers said. The Bundesbank steered money market rates lower last monthby cutting the rate on its security repurchase pacts, and isunlikely to cap this move with a cut in leading interest ratesin the near future, they said. The council will meet in Saarbruecken, and the meeting willbe followed by a news conference at around 1030 GMT. But Bundesbank officials noted that a news conference wasusually called when the council meets outside Frankfurt, anddid not necessarily herald any policy moves. Bundesbank Vice-President Helmut Schlesinger said todaythere was no reason to cut interest rates because money supplygrowth had shown no signs of slowing in May and the dollar wasstable against the mark. Schlesinger told Reuters in Tokyo, where the Bundesbank hasopened a representative office, that the West German economywas now picking up after contracting by a seasonally adjusted1/2 to one pct in the first quarter. Money market dealers said call money was likely to hold ina 3.50/70 pct range for most of this month, after theBundesbank switched last month to tenders by interest rate at aminimum bid rate of 3.50 pct, allocating funds at 3.55 pct. "They have set this signal and indicated they could maybelower market rates even further, but not with the discount orLombard," Winfried Hutmann, chief economist of Schroeder,Munchmeyer, Hengst Investment GmbH said. Werner Chrobok, managing partner at Bethmann Bank, saidGerman rates were among the lowest in industrial countries andaround historical lows for West Germany. A further cut in rates would have little impact on theeconomy as banks are in any case reporting slack credit demand,with companies swimming in liquidity, Chrobok said. The Bundesbank would therefore be reluctant to make a moveon interest rates, when this would be better held in reserve."The Bundesbank is frightened of using up its powder," he said. A cut in the discount or Lombard rates, to bring them inline with the new structure of money market rates since lastmonth, would have little practical significance, dealers said. The Bundesbank could therefore act on these if it wanted adiplomatic gesture before next week's Venice summit. But Bundesbank President Karl Otto Poehl has often made itclear in the past he opposes such gestures as mere "eyewash." Economists said it was really up to the Bonn government tocut taxes, rather than for the Bundesbank to ease monetarypolicy, to meet pressure on West Germany at the Venice summit. But with Bonn struggling to finance already announced taxcuts and falling tax revenue widening the federal budgetdeficit, it is hard to see how Bonn could cut taxes further. "The Bonn government will be in a very weak position inVenice because they can't risk increasing the deficit further,"said Schroeder, Muenchmeyer, Hengst's Hutmann. Bethmann's Chrobok said if anything is to happen beforeVenice, it must be in fiscal rather than monetary policy. "But Idon't expect any convincing measures," he said. Money market dealers noted that call money continued tonormalize today, falling to 3.60/70 pct from 3.75/85 yesterdayand as much as five pct on Friday when it was pushed up bymonth-end distortions. Call money could come under upwards pressure later thismonth because of a major round of tax payments by banks onbehalf of customers, starting in the week beginning June 15.Two public holidays that week could also distort the market. Dealers said they expected the Bundesbank to allocate fundstomorrow in the latest repurchase pact at an unchanged 3.55pct, after setting an unchanged minimum bid rate of 3.50 pct,and to fully replace the 5.5 billion marks in an outgoing pact. But dealers said it was possible the Bundesbank wouldallocate funds at 3.6 pct rather than 3.55. That would notrepresent a tightening of policy, however. Because the Bundesbank scales down bids which it allocatesat the minimum accepted rate, some banks may try to get a fullallocation by bidding heavily at 3.6 pct, dealers said. On another issue, Poehl has said the Bundesbank is likelyto lift restrictions on private use of the European CurrencyUnit (ECU) at one of its meetings soon. Saarbruecken would be a suitable place for an announcementon this gesture to European unity, as it is the capital of theSaarland bordering France, and was twice under Frenchoccupation this century. But dealers said an ECU announcement was unlikely to comethis week, as a number of technical and legal matters had stillto be resolved, for instance how German ECU accounts would betreated for minimum reserve purposes.
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[
"money-fx",
"interest"
] |
[] |
What topics are related to the document above?
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Italy is to modify restrictions limitingthe amount of lira cash that can be brought in and out of thecountry, the Foreign Trade Ministry said. A statement said Foreign Trade Minister Rino Formica hassigned a measure lifting currency regulations that currentlyimpose a 400,000 lire limit on the value of lira bank notesthat can be brought into Italy. It did not say when the newmeasure would come into force. In future, there will be no limit to the amount of lirabank notes both residents and non-residents can bring intoItaly. The statement said the 400,000 lire limit would remain forItalian residents wishing to take cash out of the country, butnon-residents could re-export lira cash if they madeappropriate declarations at customs points. It said the lifting of the restrictions "reinforces theinternational status of the lira and meets the requirementsexpressed several times by foreign exchange dealers."
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[
"lit",
"money-fx"
] |
[] |
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The agreement between the U.S. And theEuropean Community (EC) on special imports of maize and sorghumprovides an equal chance for all non-EC countries to supply theSpanish market, an EC Commission spokeswoman said. She denied that any unpublished clause of the agreementguaranteed the bulk of the maize export business would go tothe U.S., As one EC official told Reuters yesterday. Under the agreement, the EC will import two mln tonnes ofmaize and 300,000 tonnes of sorghum a year into Spain atspecially reduced levy rates for the next four years. The Commission has yet to decide whether the maize willcome in through direct purchases by the Spanish interventionboard or by a tender system.
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[
"corn",
"grain",
"sorghum"
] |
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The United Food and Commercial Workersunion, Local 222 said its members voted Sunday to strike theIowa Beef Processors Inc Dakota City, Neb., plant, effectiveTuesday. The company said it submitted its latest offer to the unionat the same time announcing that on Tuesday it would end alockout that started December 14. Union members unanimously rejected the latest company offerthat was submitted to the union late last week, UFCW unionspokesman Allen Zack said.
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[
"livestock",
"carcass"
] |
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Borden Inc said it is acquiring <PrinceCo Inc> and three companies producing grocery products for 180mln dlrs. Borden said the four companies are expected to have 1987sales totaling 230 mln dlrs. It said Prince, a Lowell, Mass., producer of pasta andItalian food sauces, is expected to account for 210 mln dlrs ofthis total. This year's sales of Borden pasta -- by the 13regional brands and the premium Creamette brand distributed ona nearly national basis -- are expected to toal 285 mln dlrs,it said. Borden said the other three companies being acquired areSteero Bouillon of Jersey City, N.J., Blue Channel Inc, aBeaufort, S.C., producer of canned crabmeat, and the cannedshrimp products line of DeJean Packing Inc of Biloxi, Miss. Borden also said the divestment of three operations withabout 50 mln dlrs a year in sales is expected to produce nearly45 mln dlrs in cash for use toward the purchase of newbusinesses. It said the sale of Polyco of Cincinnati, Ohio, which makespolyvinyl acetate emulsions, to Rohm and Haas Co <ROH> wasannounced by the buyer last month. Borden said the divestment of two producers of toy modelsand hobby items -- Heller in France and Humbrol in England --is in process.
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[
"pet-chem",
"acq"
] |
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Australia's current account deficit forFebruary is expected to narrow to a range of between 700 mlnand one billion dlrs, from the unrevised January level of 1.29billion, market economists polled by Reuters said. Statistics Bureau February figures are out tomorrow. The economists said a key element in the narrowing would bea reversal of the drop in exports which took place in January,after a sharp rise in December when the deficit was only 598mln dlrs. As an example they quoted wheat export volume, which roseabout 30 pct in February after dropping as much in January. A lack of aircraft imports in February should alsocontribute on the trade account although it is still likely toremain in deficit, the economists said. Other positive influences on the current account balanceshould be a decline in the invisibles deficit following aseasonal fall in interest payments and the dropping out ofcertain official aid payments, they said. They said the Australian dollar, which last week touched aneight-month high of 0.6900 U.S. Dlrs but is now around the0.6800 level, should not react adversely to the figures unlessthe current account shortfall tops one billion dlrs.
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[
"trade",
"bop"
] |
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Kuwait, a major oil producer hit by lastyear's price slump, is leaning towards a more creative monetarypolicy to help spur its economy, banking sources said. "There is a clear emphasis on encouraging the use of moneyin productive ventures, rather than having it all tied up ininterest bearing investments which have no direct productiveoutlet," one banker said. Kuwait's Central Bank yesterday cut one key money marketrate and abandoned another which had been used since February1986 to direct inter-bank borrowing and lending costs. The bank reduced to six pct from 6-1/2 pct the rate atwhich it will offer funds of one month to one year in theinter-bank market. This, in turn, affected retail rates. The cut, the third this year, followed a major overhaul ofinterest rate policy last month which Central Bank GovernorSheikh Salem Abdul-Aziz al-Sabah said was designed to revivethe economy. One banker said "There is growing flexibility, creativity,in interest rate policy, amid an awareness of the need todiversify the economy by stimulating the non-oil sector." For the first time in nearly three years domestic interestrates are now significantly below those for the U.S. Dollar, afavourite haven for Gulf speculative and investor funds in thepast, banking sources said. Despite uncertainties generated by the 6-1/2 year old Iran-Iraq war on Kuwait's northern doorstep, bankers play down theprospect of any significant capital flight. The Kuwaiti dinar, whose value is set by the Central Bankand was fixed today at 0.27095/129 to the dollar, is strongernow than for several years. Fears that the dollar may fall further will prompt secondthoughts among Kuwaiti investors prepared to consider switchingfunds into the U.S. Currency, the sources said. "There is a distinct exchange rate risk," they added. Bankers said the dollar slump hurt many investors behindthe last major capital outflow in 1984, encouraged then by 18pct U.S. Interest rates and the start of Iranian attacks onneutral shipping in the Gulf. The Central Bank calculates its dinar exchange rate againsta basket of currencies. Bankers do not know the basket's exactmake-up but say it is weighted heavily in favour of the dollar. Some bankers believe any strengthening of the dinar beyond0.27000 to the dollar might provoke investors into shiftingfunds into the U.S. Currency. "They may ask:When will the dollarbe so cheap again?" one said. And with dinar interest rates now roughly one pct belowthose for the dollar, they say the Central Bank faces adelicate balancing role requiring further flexibility. Bankers said the current, expansionary interest rate policyis only part of a broader attempt to encourage local investmentand strengthen the backbone of the economy. They estimate the economy, measured in terms of GDP andallowing for inflation, shrank 19 pct in 1986 after an 8.1 pctcontraction the previous year. Bankers also noted recent measures to stimulate stockmarket activity, capped today by sharp cuts in brokerage feesto make it cheaper for investors to trade.
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[
"money-fx",
"interest",
"gnp"
] |
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The premiers of Canada'seastern provinces and the governors of America's New Englandstates urged development of Canada's offshore oil and gasfields and construction of a pipeline from Nova Scotia to NewEngland. Newfoundland premier Brian Peckford, speaking to the annualconference of New England and eastern Canadian leaders, saiddevelopment would prevent a repetition of the energy crisis ofthe early 1970s. The group also agreed to discuss energy and security ofsupply next spring. Drilling off Canada's Atlantic coast has stalled sinceworld oil prices began tumbling two years ago. The resolutionsupporting a natural gas pipeline from Nova Scotia to NewEngland has been on the agenda for six years, and this is thesixth year it has been approved. The two-day conference ends tomorrow.
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[
"nat-gas",
"crude"
] |
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U.S. Trade Representative ClaytonYeutter said that whether the exchange rate of the dollar wouldfall or rise in the coming decade would depend on nations'financial, monetary and tax policies. But, he said, in a speech and remarks to the HeritageFoundation, that in the end "the marketplace will ultimatelyrule the day." Asked about the future of the dollar, he said that whetheror not it would rise or fall depended on economic policies andcoooperation among trading nations. Yeutter said "if nations do the right kinds of things infinancial, monetary and tax policies, then a lesser burden ofadjustment is placed on exchange rates, and one could envisiona situation of the major trading nations moving back far closerto what most of us would consider equilibrium and exchangerates becoming relatively stable." But he said, on the other hand, that if nations did notexhibit greater self discipline and international cooperation,"It is simply inevitable that the exchange rates will make thatadjustment."
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[
"dlr",
"money-fx"
] |
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Chicago Mercantile Exchange floortraders and commission house representatives are guesstimatingtoday's hog slaughter at about 295,000 to 305,000 head versus307,000 week ago and 311,000 a year ago. Cattle slaughter is guesstimated at about 124,000 to128,000 head versus 127,000 week ago and 126,000 a year ago.
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[
"livestock",
"hog"
] |
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A Treasury Department spokesmanrefused comment on statements by Robert Ortner, undersecretaryof economic affairs for the Commerce Department, that theJapanese yen was undervalued. Ortner, senior economist at the Commerce Department, toldan Export-Import Bank conference "the yen is still a little bitundervalued," and "could go up another 10 or 15 pct." Asked for reaction, a Treasury spokesman said officialswere aware of Ortner's comments but had no intention of makingany comment on them. Ortner, who stressed he was expressing personal views, saidhe thought the U.S. dollar was "fairly priced"against most European currencies and added "I do not regard thedollar as undervalued at this point against the yen," he said. But the yen should go up 10 or 15 pct in value, Ortnersaid, because it is undervalued against the dollar. The United States and major trade allies West Germany,France, Britain, Japan and Canada met recently in Paris todiscuss maintaining stability in international currency values.
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[
"yen",
"money-fx"
] |
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