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Shr 18 cts vs 13 cts
Net 5,436,000 vs 3,888,000
Sales 43.9 mln vs 31.5 mln
Avg shrs 30,145,000 vs 28,976,000
Nine mths
Shr 51 cts vs 38 cts
Net 15,320,000 vs 11,098,000
Sales 123.6 mln vs 91.2 mln
Avg shrs 30,157,000 vs 29,046,000
NOTE: Earnings adjusted for three-for-two stock split paid
June 20, 1986
Reuter
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Unidentified jets raided three Iranian
oil rigs in the southern Gulf on Monday, setting at least one
of them ablaze, regional shipping sources said.
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Saudi Arabia is likely to remain the key
supplier of liquefied petroleum gas (LPG) to Japan for at least
the next five years, oil industry sources said.
Japan, while diversifying its supply sources of propane and
butane for stable supplies, will continue to bank on Saudi
Arabian LPG, the sources said.
They said Saudi's supply capabilities of LPG, an associate
of crude oil, is guaranteed by its crude output capacity. "Saudi
is a reliable supplier in that sense," said one trader.
Japan imports about 50 pct of its LPG from Saudi Arabia.
No single nation could substitute for Saudi Arabia as an
LPG supply source to Japan, the sources said.
"Saudi Arabia has committed itself to Japanese LPG buyers,
which has quelled fears that LPG supplies from the Mideast Gulf
could easily be disrupted in the wake of heightened hostilities
in that area," said another trader.
Saudi Arabia cut LPG shipments to Japan and elsewhere by 20
pct in September after a fire put a major gas plant at
Al-Juaimah out of operation. October shipments were back to
contractual volumes as Saudi was able to boost exports from
other ports.
Attacks on Gulf shipping by Iran and Iraq centered on crude
rather than products carriers, which has lulled fears of LPG
supply disruptions, traders said.
They said an Iranian blockade of the Strait of Hormuz was
unlikely because it would block Iran's oil shipments.
Industry sources said Japan's LPG imports will not greatly
rise or fall as its domestic demand growth is estimated at a
moderate 2.1 pct a year from 1986 through 1991.
Japanese term buyers of Saudi LPG are expected to lift
slightly lower volumes from January 1987, when imports from
Indonesia are slated to increase, the sources said.
The customers are unlikely to slash Saudi term purchases in
large scale when Japan increases annual imports of Indonesian
LPG to 1.95 mln tonnes in early 1989 from 319,000 tonnes in the
year ended March 1987, the sources said.
But when demand is sluggish in summer, they will phase down
term purchases of Saudi LPG and secure lower-priced cargoes on
the spot market, they said.
Japan imports some 12 mln tonnes of LPG a year, of which
5.3 mln tonnes are supplied by Saudi Arabia, 3.3 mln under term
contracts and two mln through spot purchases. Some 80 pct of
Japan's LPG imports are from the Middle East.
Saudi Arabia's state owned oil company Petromin has made
some concessions on term prices to Japanese customers in the
recent round of contract renewal talks, and it is likely the
Japanese will accept the offer, the sources said.
The Japanese term customers, however, have so far been
unsuccessful in establishing a transparent price formula to
replace the existing unilateral monthly price notice.
Japanese buyers pay Saudi Arabia a price notified by
Petromin each month. Most recently the FOB price was set at 87
pct of the 17.52 dlrs per barrel government selling price (GSP)
of Arabian Light.
Buyers reserve the right to phase down or out liftings
should the monthly price be set at over 95 pct of Arabian
Light's GSP.
Petromin has offered to lower this rate to 90 pct from the
95 pct for contracts with Japanese customers from next January,
the trade sources said.
Petromin also suggested that a seller's option of supplying
up to 20 pct more than the contractural volume be subject to
seller-buyer agreement.
Under the present contract, Petromin can automatically cut
supplies up to 10 pct of the contractual volume.
"If you want to import LPG from Saudi Arabia on a profitable
basis, you have to set the price factor at 80 to 85 pct," said
an official at a major importer. "Freight costs are higher for
cargoes coming from the Gulf than Southeast Asia due to a
longer haul and war risk insurance payments."
Japanese customers will visit Saudi Arabia this month to
finalise their separate contract talks, now focusing on
contractual period and volume, which could be very similar to
current levels, the sources said. "When we talk business, we
would seek profitability and sometimes forget vulnerability of
high dependence on a single supplier," said one.
REUTER
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Shr loss nine cts vs loss 12 cts
Net loss 649,000 vs loss 850,000
Revs 5,059,000 vs 4,084,000
Avg shrs 7,041,000 vs 6,900,000
NOTE: Current year net includes charge 152,000 dlrs from
amortization of previously capitalized software costs.
Capitalized product development costs 276,000 dlrs vs 640,000
dlrs.
Reuter
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Shr 36 cts vs 36 cts
Shr diluted 34 cts vs 31 cts
Net 1,679,000 vs 1,418,000
Sales 147.2 mln vs 121.5 mln
Avg shrs 4,608,000 vs 3,963,000
Avg shrs diluted 5,585,000 vs 5,463,000
Nine mths
Shr 1.04 dlrs vs 86 cts
Shr diluted 93 cts vs 77 cts
Net 4,387,000 vs 3,393,000
Sales 420.3 mln vs 338.7 mln
Avg shrs 4,233,000 vs 3,948,000
Avg shrs diluted 5,564,000 vs 5,468,000
Reuter
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Shr 52 cts vs 43 cts
Net 17.7 mln vs 14.2 mln
Sales 413.1 mln vs 361.6 mln
Avg shrs 34.3 mln vs 30.3 mln
Nine mths
Oper shr 1.58 dlrs vs 66 cts
Oper net 53.9 mln vs 26.7 mln
Sales 1.22 billion vs 1.08 billion
Avg shrs 33.5 mln vs 35.2 mln
NOTE: 1986 nine mths net includes 20.6 mln dlr provision
for restructuring but excludes 85.0 mln dlr gain on sale of
discontinued glass business and 1,330,000 dlr gain from
discontinued operations.
Quarter orders 350.2 mln dlrs vs 296.7 mln dlrs. Backlog
507.6 mln dlrs vs 444.4 mln dlrs.
Reuter
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The thriving market in Luxembourg
franc bond issues has been temporarily stalled by the Belgian
government crisis which has put the franc under pressure and
forced up interest rates, banking sources said.
On Monday, King Baudouin accepted the resignation of
Belgian Prime Minister Wilfried Martens' coalition and asked
him to try to form a new government.
Because of the crisis, Banque Generale du Luxembourg SA
(BGL) has delayed a public issue for one billion Luxembourg
francs, originally scheduled for the end of last week, BGL
director Robert Sharfe said.
He said the issue would probably go ahead later this week.
It is likely there will be an upward adjustment in interest
rates on Luxembourg franc bond private placements, banking
sources said. However, no new placements are scheduled for
another 10 days.
The latest issue last Friday for Swedish Export Credit Corp
(SEK) carried a coupon of 7-1/2 pct, whereas in previous issues
the interest was set lower at 7-3/8 pct.
Interest rates on the Luxembourg franc, which is in parity
with the Belgian franc, are strongly affected by Belgian rates.
On Friday, Belgium increased the rate on three-month
Treasury certificates by 0.5 pct to 7.15 pct as the Belgian
franc came under pressure.
Private placements in Luxembourg francs have become
increasingly popular, particularly with Scandivanian borrowers,
because they carry a relatively low interest rate.
Private investors also have flocked to buy Luxembourg franc
bond issues because the franc was seen as a fairly strong
currency.
REUTER
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U.S. television networks said on
Monday that U.S. forces launched a retaliatory strike against
Iran late Sunday, apparently attacking two Iranian offshore oil
drilling platforms.
NBC News said it understood six Iranians had been pulled
from the sea.
It said cautiously that U.S. forces attacked late Sunday
and that two Iranian oil platforms east of Bahrain were ablaze
as a result, but CBS News and other networks said flatly that
U.S. forces attacked the Iranian oil platforms.
U.S. officials had been meeting on a response since Friday
when an attack on a Kuwaiti port severely damaged a
U.S.-flagged ship.
President Reagan said on Sunday he had already made a
decision on the U.S. response to Friday's Iran attack but would
not say what the decision was.
Defense Secretary Caspar Weinberger said on Saturday the
attack on a U.S.-flagged ship in Kuwaiti waters on Friday was
almost certainly by an Iran Silkworm missile.
Reuter
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Thai traders plan to establish a company
to regulate maize forward trading, in what could be a first
step towards a commodities futures exchange, maize dealers
said.
Traders and Internal Trade Department officials agreed last
week to commission a study on a structure to regulate maize
forward trading and to set up a company, Thailand Commodity
Exchange Co Ltd, with 30 businesses as shareholders who will
act as brokers in the futures market.
Chanthong Pattamapong, a commodities trader asked to to
draw up the study, said if the maize futures market succeeds it
may be extended to other commodities, perhaps sugar and rubber.
REUTER
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A U.S. Defense Department spokesman
said he had no information on London oil and stock market
rumors that the United States had launched a retaliatory strike
against Iran for an attack on Friday that damaged a U.S. shi
"I don't have anything," Major Randy Morger said. "I have no
information at all."
President Reagan said on Sunday he had already made a
decision on the U.S. response to Friday's Iran attack but would
not say what the decision was.
Defense Secretary Caspar Weinberger said on Saturday the
attack on a U.S.-flagged ship in Kuwaiti waters on Friday was
almost certainly by an Iran Silkworm missile.
Some of the rumors in the London markets were that the
United States had launched an offshore strike against Iranian
missile installations.
Reuter
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South Yemen is planning a major oil
pipeline system to be completed in 18-months time to start
exports at a initial rate of 100,000 barrels per day, (bpd) the
Middle East Economic Survey (MEES) said.
MEES said government approval for the export pipeline
followed a visit to Aden by a high ranking delegation from the
Soviet Union, which will help South Yemen construct the line
The engineering studies for the pipeline are nearly
finished and construction is expected to start early next year,
the industry newsletter said.
The pipeline will run about 170-200 kms (105-125 miles)
from Shabwa oilfields to a coastal terminal at Bir 'Ali on the
Gulf of Aden, MEES said.
MEES said the Soviet firm Technoexport, which is
developing oilfileds for South Yemen, has substantially
increased its initial reserve estimates and recommended a
pipeline with an eventual 500,000 bpd capacity.
The discovery of commercial quaotities of oil was confirmed
by Technoexport earlier this year in three structures in the
Shabwa region in the Northwestern part of the country, 200 kms
east of North Yemen's Alif oilfield.
REUTER
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Trafalgar House Plc <TRAF.L> said it has
acquired the entire share capital of <Capital Homes Inc> of the
U.S. For 20 mln dlrs in cash.
Capital Homes builds single family homes in the Washington
D.C. Area and is also active as a land developer both for its
own use and for sale to other builders.
In the financial year to end February, 1987, Capital
recorded pre-tax profits of 3.7 mln dlrs on a turnover of 58
mln dlrs from the sale of 421 homes. Capital has a land bank of
some 2,600 units and in the current year the company expects to
sell 500 homes, Trafalgar House said.
REUTER
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Kuwait's oil exports have not been
affected by the seven-year Iran-Iraq war, Kuwait Oil Tanker
Company (KOTC) Chairman and Managing Director Abdul Fattah
al-Bader told a Kuwaiti newspaper.
"Kuwait has exploited all available opportunities to
continue exporting its oil without any reduction," the Al-Anbaa
newspaper quoted him as saying.
He said KOTC made profits of more than two mln dinars
(seven mln dlrs) in the fiscal year ending last June, but
predicted lower profits this year due to higher costs for
chartering and operating vessels.
REUTER
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Karl Otto Poehl, head of West Germany's
central bank, and Finance Minister Gerhard Stoltenberg are
normally so much in agreement that some foreigners doubt the
central bank's independence.
But a rare public row between the ebullient Poehl,
president of the Bundesbank, and Stoltenberg, over a
controversial investment tax proposal, has added to the woes of
the country's already nervous financial markets, bankers said.
Poehl told an investment symposium in Frankfurt last
Thursday he feared the tax would raise borrowing costs and
interest rates
Stoltenberg quickly issued a statement rebutting Poehl's
criticism, saying West Germany would remain an attractive place
for foreign investors.
"The obvious lack of coordination between the Bundesbank and
Finance Ministry does not instil confidence in foreign
investors," said one economist for a London broker, who asked
not to be identified.
Bankers here expressed confidence the two top financial
policy-makers would quickly patch up their relationship to
steer the economy through a particularly difficult time.
"There are plenty of objective pressures which will result
in things getting back to normal again after a period of ill
feeling," said Commerzbank AG chief economist Juergen Pfister.
News on October 9 that the government was planning a 10 pct
withholding tax wiped billions of marks off shares and bonds in
a market already reeling from rising interest rates at home and
abroad.
Bankers said the Bundesbank was angered by the way the
finance ministry announced the plan -- without consulting the
Bundesbank adequately, and allowing apparently conflicting
details to dribble out into an unprepared and uncertain market.
Both Poehl, 57, and Stoltenberg, 59, have been under
extraordinary pressures lately.
Poehl has had to switch to the hard line promoted by his
deputy, Helmut Schlesinger, jacking up interest rates to fight
inflationary fears and abandoning the pragmatic policies he had
pursued so far this year to promote currency stability.
In recent statements Poehl has sounded more like
Schlesinger. For years the softly-spoken economist has been
warning in speech after speech that excessive money supply
growth would eventually lead to rising prices.
Schlesinger now has a majority of support in the Bundesbank
council, and since late summer Poehl has had to represent his
views, bankers said.
"Poehl is in a minority in his own house," said Commerzbank's
Pfister.
"Poehl is in a dilemma. He must follow a policy that is not
entirely his own," said another economist.
The dilemma is that if German interest rates rise too far,
they will attract funds into the country, pushing up the mark
and hurting West German exporters.
The dollar has now shed some seven pfennigs since the
Bundesbank's new tack became clear in early October.
Since last Thursday, United States Treasury Secretary James
Baker has criticized the Bundesbank rate increases.
Bankers said this could foreshadow a revival of the 1986
war of words between the U.S. And West Germany, in which U.S.
Officials talked down the dollar to force West Germany to
stimulate its economy and thus suck in more U.S. Exports.
One way West Germany agreed to do this was making a round
of tax cuts worth 39 billion marks from 1990.
But financing these tax cuts has proved more difficult for
Stoltenberg than he had bargained for.
The cool, unflappable northerner, who was regularly voted
most popular government politician last year, had to face
resistance from local barons in the government coalition
parties and from trade unions to his planned subsidy cuts.
The withholding tax was intended to plug one gap by raising
4.3 billion marks.
But it has caused an outcry among bankers, who say it will
push up borrowing costs. The extra amount this costs the
government could wipe out the revenue the tax brings in.
Meanwhile Stoltenberg is dealing with a local political row
which has turned into the country's worst political scandal.
Stoltenberg had to leave monetary talks in Washington last
month early to sort out a row in the northern state of
Schleswig-Holstein, where he heads the ruling CDU party.
The state's CDU premier, Uwe Barschel, had to resign after
allegations of a "dirty tricks" election campaign led to heavy
losses for the CDU in state elections.
Barschel was found dead in a hotel bath in Geneva last
weekend. Police say the death appears to have been suicide.
Cooperation between Poehl and Stoltenberg is all the more
remarkable as Poehl is in the opposition Social Democrats, and
was appointed by former chancellor Helmut Schmidt.
When Poehl's contract came up for renewal earlier this
year, Chancellor Helmut Kohl's CDU-led coalition government
gave Poehl another eight-year term.
Werner Chrobok, managing partner at Bethmann Bank, said he
hoped the two men would soon be of one opinion again.
But when Poehl criticized Stoltenberg's tax plans he was
not only voicing what many bankers felt but demonstrating the
Bundesbank's independence of government, Chrobok said.
REUTER
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Venezuelan Central Bank President Hernan
Anzola has submitted his resignation and asked President Jaime
Lusinchi to transfer him to a post in the oil industry, two
leading Venezuelan newspapers reported.
The El Universal and El Nacional papers said Anzola would
leave his position soon. Lusinchi already has decided on his
successor, the El Nacional reported.
Central Bank officials were not available for comment.
Banking sources said Anzola differed with the Finance
Ministry over economic policy, particularly over the direction
of interest rates. He favoured raising the rates, which are
currently well below the annual inflation rate of 33.2 pct.
But the sources said he ran into opposition from Finance
Ministry and government officials who thought an interest
increase would fuel inflation.
REUTER
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French Finance Minister Edouard Balladur
issued a firm call for the continued faithful application of
the Louvre accords on currency stability by all major
industrial countries.
Balladur, responding to weekend remarks by U.S. Treasury
Secretary James Baker that the U.S. Would take another look at
the accords, said "I firmly desire a faithfull and firm
adherence by all the major industrial countries to the Louvre
accords -- in both their letter and spirit."
On Sunday, Baker said last week's rise in short-term West
German interest rates was not in keeping with the accords.
The Louvre accords, agreed in Paris last February, called
for stability among the major currencies after a prolonged
dollar slide.
The accords were reaffirmed by the Group of Seven Finance
Ministers in Washington last month.
But Baker said at the weekend that the West German rate
rise was "not in keeping with the spirit of what we agreed to."
"What I'm really saying is that they should not expect us to
simply sit back here and accept increased tightening on their
part on the assumption that somehow we are going to follow
them," he added.
REUTER
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Iran warned the United States on Monday
against exacerbating the Gulf crisis, saying it would endanger
American interests.
Tehran Radio, monitored by the British Broadcasting
Corporation, said a spokesman for Iran's War Information
Headquarters was responding "to U.S. Officials' remarks about
taking military action against Iran."
The radio also quoted an Iranian Foreign Ministry spokesman
as saying Iran would respond decisively to any aggressive
measure by the United States.
The radio said the spokesman made the statement "following
the attack on a Kuwaiti ship under the U.S. Flag and comments
by American officials on carrying out retaliatory action
against Iran."
The spokesman said, "Any U.S. Military aggression against
Iran will certainly be the beginning of an extensive clash in
the Persian Gulf, and amidst this our principled policy is to
confront any act which escalates tension."
REUTER
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The West German Finance Ministry declined to
comment on weekend criticism by U.S. Treasury Secretary James
Baker of recent West German interest rate increases.
Baker said the U.S. Would re-examine the February Louvre
Accord to stabilise currencies reached by leading industrial
democracies. The rise in West Germany short term interest rates
was not in the spirit of an agreement by these nations in
Washington, which reaffirmed the Louvre pact, he said.
A Finance Ministry spokesman, asked for an official
ministry reaction to Baker's remarks, said he could make no
comment.
REUTER
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The Cyprus vessel Fearless, 31,841 tonnes
dw, which was on fire, grounded then towed to Yantai, China, in
August, had all its cargo reloaded but the cargo in the no. 3
hold caught fire on October 15.
The fire was put out with salt water and water from the
no.4 hold has spread over most of the cargo. Some water is also
in the no.5 hold. Bottom patching was reported complete but
only the no.4 starboard wing tank has been pumped out and
remains dry. The engine room is flooded to about three metres.
The ship was originally loaded with 10,000 tonnes of animal
feed.
REUTER
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Lloyds Shipping Intelligence service said
the British bulk carrier Envoy, 75,453 tonnes dw, was grounded
at Mile 190 in the Orinoco river on October 16.
The vessel was on a voyage from Trombetas, Brazil, to
Matanzas, Cuba, carrying 50,000 tonnes of bauxite. Its draught
was 36 feet.
Attempts to refloat the vessel with the help of six tugs
have been unsuccessful. The owners are considering unloading
part of the cargo onto barges.
REUTER
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China expects its 1987 grain harvest to be
397 mln tonnes, eight mln tonnes short of its target, the New
China News Agency quoted a State Statistical Bureau spokesman
as saying.
The harvest will be China's second highest in history but
poor weather and low incentives for grain-producing farmers
have kept yields down, earlier Chinese press reports said.
Industry sources expect China to import at least 10 mln
tonnes of grain this year because of the harvest shortfall.
Chinese customs figures showed grain imports of 9.59 mln
tonnes in the first eight months of 1987, compared with 6.09
mln in the same 1986 period.
Agriculture Minister He Kang said last month state prices
for grain purchase from growers were to be adjusted to increase
the incentive for grain production.
China could not afford to become a major food importer, he
said.
The State Statistics Bureau spokesman also said China's
1987 cotton output was expected to rise 10 pct over 1986 to 390
mln tonnes.
REUTER
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South Africa must drive down its
inflation rate to much lower levels to prevent a further
decline in the rand, said Volkskas Bank in its monthly economic
review.
The bank said that without a major drop in the inflation
rate, the rand was bound to eventually decrease even more,
regardless of a sharp rise in the gold price.
Inflation is running at an annual rate of some 17 pct and
the rand is around 49.53 U.S. Cents. Most economists estimate
continued high inflation.
Volkskas predicted the rand will remain fairly steady for
the rest of 1987 and then ease slightly next year.
REUTER
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Equiticorp Holdings Ltd <EQUW.WE> now owns
or has received acceptances representing 59.93 pct of the
issued ordinary share capital of Guinness Peat Group Plc
<GNSP.L>, Equiticorp said in a statement.
Equiticorp's offer for Guinness Peat became unconditional
on October 3, when it had 50.6 pct, and closed on October 17.
REUTER
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Lebanon's Bankers Association said it
extended its suspension of trading in the Lebanese pound for
two more working days to study ways to stem the currency's
collapse.
The Central Bank did not post the rate of the pound to the
dollar and other currencies on Monday. The pound closed on
Thursday at 407.00/412.00 to the dollar compared with
Wednesday's close of 384.00/386.00.
Association sources told Reuters Friday's suspension of
trading for two working days was continued on Monday for two
more days so as to study proposals to reinforce the pound.
The Association, which comprises 106 commercial banks in
east and west Beirut, halted trading on Friday in a chaotic
market after the pound crashed to four record lows in the week.
The pound, hit by the inability of Lebanon's religiously
and ideologically divided government to end 12 years of civil
war, has lost more than 80 pct of its international value this
year.
REUTER
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Den Norske Stats Oljeselskap A/S (Statoil)
<STAT.OL>, operator on Norway's North Sea Veslefrikk oil field,
has placed field development contracts totalling 1.5 billion
crowns with two domestic yards, the company said in a
statement.
Moss Rosenberg Verft, a subsidiary of Kvaerner Industrier
A/S <KVIO.OL> won a 1.2 billion crown contract to convert
Statoil's semisubmersible rig West Vision to a floating
production platform and to build the deck for a separate, fixed
well-head platform to be placed on the field, it said.
Statoil said Aker Verdal, a unit of Aker Norcem A/S
<AMVO.OL>, won a 300-mln crown contract to design and build the
well-head platform's 10,000-tonne steel substructure, to stand
in 150 metres of water next to the converted rig.
Statoil said using a floating production unit rather than a
fixed platform would cut construction time, enabling field
partners to bring Veslefrikk on stream in late 1989 -- several
months earlier than previously planned.
Veslefrikk, with estimated recoverable reserves of 258 mln
barrels oil and 140 billion cubic feet gas, is located 145 km
west of Bergen.
Statoil estimates the field's total development cost,
including drilling, at 6.6 billion crowns. Planned daily output
is 65,000 barrels oil and 35 mln cubic feet gas.
Veslefrikk's oil will be landed via the nearby Oseberg
field pipeline at the Sture crude terminal near Bergen. Its gas
will be fed into the Statpipe line, which gathers gas from
Norway's Statfjord, Gullfaks and Oseberg fields.
Partners on the field are Statoil, the operator, with a 55
pct share, <Unocal Norge A/S> (18 pct), <Deminex (Norge) A/S>
(13.5 pct), Norsk Hydro A/S <NHY.OL> (nine pct) and <Svenska
Petroleum AB> (4.5 pct).
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The Group of Seven (G-7) industrial nations
still comply with last February's Louvre accord to stabilize
currencies, a senior Bank of Japan official said.
And U.S. Treasury Secretary James Baker's remarks at the
weekend indicating the need to revise it do not herald a lower
range for the dollar, other senior officials from the Bank of
Japan and Finance Ministry agreed in interviews.
"The exchange market is apparently reacting too much, and
anyone who sold the dollar on the Baker comment will regret it
later on," the Bank of Japan official told Reuters.
The Bank official said Baker did not mean to talk the
dollar down. A lower dollar would harm the U.S. Economy, he
noted.
A Finance Ministry official who was directly involved in
monetary talks with other nations also said the U.S. Would
never attempt to lower the reference range for the dollar
against the mark or the yen.
The market assumes the dollar reference range to be between
140-150 yen and between 1.70 and 1.90 marks.
The dollar closed in Tokyo today at 1.7730/35 marks and
141.35 yen.
"Behind Baker's remark was U.S. Frustration over higher
interest rates abroad, especially in West Germany, but this
does not represent its readiness to scrap the basic framework
of the Louvre accord," the Finance Ministry official said.
He said that on the contrary Baker wanted to avoid any
further rise in U.S. Interest rates because it would not only
hurt the U.S. Economy but aggravate the Third World debt
problem.
Higher U.S. Interest rates would merely raise their
interest payment burden and depress U.S. Stock and bond markets
further, the monetary officials said.
Both the ministry and central bank officials, who declined
to be named, noted the U.S. No longer wants to see a further
decline of the dollar because that could also fan inflationary
expectations in the U.S.
"That's why Baker did not fail to add that the Louvre
agreement is still operative," the senior ministry official
said.
Baker said in a U.S. Television interview on Sunday that
Washington would reexamine the Louvre accord because of West
Germany's increase in short-term interest rates.
The market at first interpreted this as indicating the U.S.
Would be ready to scrap the Louvre accord and let the dollar
decline further unless surplus countries, notably West Germany,
try harder to stimulate their economies as pledged in the
accord, foreign exchange dealers said.
But the market on reflection also noted Baker's additional
statement that "the Louvre agreement is still operative," and
this caused some dollar short-covering in Tokyo today, the
dealers said.
Uncertainty, however, remained the flavour of the day in
Tokyo currency markets.
The Japanese monetary officials said Baker's undisguised
pressure on West Germany to refrain from guiding interest rates
higher may be part of a process of multilateral surveillance,
or international economic policy coordination.
The G-7, comprising the U.S., Japan, West Germany, Britain,
France, Italy and Canada, have agreed to monitor each other's
economic policies and from time to time apply "peer pressure" to
persuade others to change their policies to a desired course,
they noted. "Without such a basic agreement of multilateral
surveillance, Baker would never have criticized the West German
policy so openly," the ministry official said.
The U.S.-West German squabble over Bonn's monetary policy
should thus be regarded as a process of healthy policy
coordination and not as any indication of a possible collapse
of the Louvre agreement, the official said.
He also said Japan has not received any specific request
from the U.S. On its monetary policy, although its short-term
money rates have been edging higher.
"This is because we, unlike the Germans, are not taking
policy to guide interest rates higher, and the marginal rate
rise in recent days is primarily for seasonal reasons," he
added.
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Cable and Wireless Plc <CAWL.L> said it
will merge its Hong Kong Telephone Co Ltd <TELH.HK> and <Cable
and Wireless (Hong Kong) Ltd> units into a new holding firm to
be called <Hong Kong Telecommunications Ltd>.
Under the merger, H.K. Telephone shareholders will receive
two H.K. Telecommunication shares at a par value of 50 H.K.
Cents for each H.K. Telephone share at par of one dlr.
H.K. Telephone shareholders other than the Cable and
Wireless group will receive warrants on a one-for-five basis
entitling them to acquire from Cable and Wireless Plc within
five years one H.K. Telecom share at 10 dlrs each.
The Cable and Wireless Plc group now holds some 70 pct of
H.K. Telephone. It also owns 80 pct of Cable and Wireless (Hong
Kong), while the Hong Kong government holds the balance.
Trading in H.K. Telephone shares was suspended on October
15. The shares last traded at 19.30 dlrs.
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Nine months ended August 31
Group shr 118.66 yen vs 100.89 yen
Group shr per ADS 237.32 vs 201.78
Net 14.28 billion vs 12.14 billion
Pretax 34.48 billion vs 29.45 billion
Sales 288.08 billion vs 278.50 billion
Company's full name is TDK Corp <TDK.T>.
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Third quarter ended August 31
Group shr 34.92 yen vs 34.74
Group shr per ADS 69.84 vs 69.48
Net 4.20 billion vs 4.18 billion
Pretax 10.30 billion vs 9.73 billion
Sales 95.96 billion vs 92.59 billion
Company's full name is TDK Corp <TDK.T>
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French Finance Minister Edouard Balladur
issued a firm call for the continued faithful application of
the Louvre accords on currency stability by all major
industrial countries.
Balladur, responding to weekend remarks by U.S. Treasury
Secretary James Baker that the U.S. Would take another look at
the accords, said "I firmly desire a faithfull and firm
adherence by all the major industrial countries to the Louvre
accords -- in both their letter and spirit."
On Sunday, Baker said last week's rise in short-term West
German interest rates was not in keeping with the accords.
The Louvre accords, agreed in Paris last February, called
for stability among the major currencies after a prolonged
dollar slide.
The accords were reaffirmed by the Group of Seven Finance
Ministers in Washington last month.
But Baker said at the weekend that the West German rate
rise was "not in keeping with the spirit of what we agreed to."
"What I'm really saying is that they should not expect us to
simply sit back here and accept increased tightening on their
part on the assumption that somehow we are going to follow
them," he added.
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An income tax surcharge and capital
gains tax could bring about an urgently needed depreciation of
the N.Z. Dollar, independent economist Len Bayliss said.
Bayliss, a former economist with the Reserve Bank and the
Bank of New Zealand, said a major depreciation is needed to
restore export competitiveness even if inflation is cut by
current government policies.
The taxes would help cut the budget deficit, which in turn
would lower the value of the N.Z. Dollar, he said in a speech.
He added that the deficit for the year ending March 1988 could
be much higher than the government's 1.3 billion dlr forecast.
Since the government was unlikely to cut expenditure as a
percentage of gross domestic product, a major tax increase was
probably unavoidable, Bayliss said.
He would have preferred an increase in the 10 pct
value-added goods and services tax, introduced in October 1986,
but that would have had a short-term inflationary impact.
Import tariffs should be lowered to minimise the inflationary
impact of a currency depreciation.
The government had failed to bring inflation down despite
lower oil prices and an appreciation in the currency, he added.
New Zealand's inflation rate was 16.9 pct in the year to
end-September against 18.9 pct in the year to end June.
The major deficiency in the government's anti-inflation
policies was reliance on high interest and exchange rates and
insufficient emphasis on reducing the budget deficit, Bayliss
said. The government had also failed to reduce overseas debt
and debt ratios and cut the balance of payments deficit.
"The widespread belief that (New Zealand's) problems are
going to take much longer to solve than was originally thought
is soundly based -- primarily because the government's
macro-economic policies have been unsuccessful," Bayliss said.
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The Philippines' trade deficit widened to
542 mln dlrs in the eight months to end-August from 159 mln
dlrs in the same 1986 period, the National Statistics Office
said.
It said exports in the eight-month period rose to 3.58
billion dlrs from 3.18 billion in 1986, while imports rose to
4.12 billion dlrs from 3.34 billion a year earlier.
The country's trade deficit totalled 202 mln dlrs in 1986.
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The Soviet Union has agreed to supply
Iran with refined oil products in exchange for 100,000 barrels
per day of crude, Iran's national news agency, IRNA, said.
IRNA, monitored in Nicosia, quoted Oil Minister Gholamreza
Aqazadeh as saying on his return to Tehran from Moscow that the
agreement was part of a protocol on economic cooperation signed
during his visit. The amount of crude delivered to the Soviet
Union might double to 200,000 bpd later, he said.
Aqazadeh said the two sides agreed to conduct feasibility
studies for a pipeline to take Iranian crude from fields in
southern Iran to the Black Sea through the Soviet Union.
Iran is pursuing the pipeline project to protect part of
its oil exports from Iraqi air attacks in the Gulf.
Irna made no mention of natural gas exports to the Soviet
Union, which Aqazadeh had said would be discussed before he
left for Moscow.
Iran lost most of its refining capacity early in the Gulf
war and now imports several hundred thousand bpd of refined
products.
Aqazadeh said Soviet refined products would be delivered at
the Caspian Sea ports of Anzali and Nowshahr, at Neka, near the
Caspian, and at Jolfa in north-west Iran.
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Thai rice exports rose to 72,987 tonnes
in the week ended October 13 from 54,075 the previous week, the
Commerce Ministry said.
It said the government and private exporters shipped 26,272
and 46,715 tonnes respectively. Private exporters concluded
advance weekly sales for 106,640 tonnes against 98,152 the
previous week. The said it ministry expects at least 65,000
tonnes in exports next week.
Thailand has shipped 3.43 mln tonnes of rice in the year to
date, down from 3.68 mln a year ago. It has commitments to
export another 388,390 tonnes this year.
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Chase Corp Ltd <CHCA.WE> said it will
make an offer for all fully-paid shares and options of
<Entregrowth International Ltd> it does not already own.
Chase, a property investment firm, said it holds 48 pct of
Entregrowth, its vehicle for expansion in North America.
It said agreements are being concluded to give it a
beneficial 72.4 pct interest.
The offer for the remaining shares is one Chase share for
every three Entregrowth shares and one Chase option for every
four Entregrowth options. Chase shares closed on Friday at 4.41
dlrs and the options at 2.38.
Entregrowth closed at 1.35 dlrs and options at 55 cents.
Chase said the offer for the remaining 27.6 pct of
Entregrowth, worth 34.2 mln dlrs, involved the issue of 5.80
mln Chase shares and 3.10 mln Chase options.
Chase chairman Colin Reynolds said the takeover would allow
Entregrowth to concentrate on North American operations with
access to Chase's international funding base and a stronger
executive team. He said there also would be benefits from
integrating New Zealand investment activities.
Chase said the offer is conditional it receiving accptances
for at least 90 pct of the shares and options.
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Tokyo's foreign exchange market is watching
nervously to see if the U.S. Dollar will drop below the
significant 140.00 yen level, dealers said.
"The 140 yen level is key for the dollar because it is
considered to be the lower end of the reference range. If the
currency breaks through this level, it may decline sharply,"
said Hirozumi Tanaka, assistant general manager at Dai-ichi
Kangyo Bank Ltd's international treasury division.
The dollar was at 141.10 yen at midday against Friday
closes of 142.35/45 in New York and 141.35 here.
The dollar opened at 140.95 yen and fell to a low of
140.40. It was 1.7733/38 marks against 1.7975/85 in New York
and 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 bearish
sentiment after Baker's comments," said Dai-ichi's Tanaka. He
said this stemmed from mounting concern that cooperation among
the group of seven (G-7) industrial nations to implement the
Louvre accord to stabilise currencies might be fraying.
The dollar's fall was also prompted by a record one-day
drop in the Dow Jones industrial average on Friday and weakness
in U.S. Bond prices, dealers said.
Baker said the Louvre accord was still operative but he
strongly criticised West German moves to raise key interest
rates. Operators took Baker's comment to indicate impatience
with some G-7 members for failing to stick to the Louvre accord
due to their fears of increasing inflation.
Rises in interest rates aimed at dampening inflationary
pressures also slow domestic demand.
West Germany and Japan had both pledged at G-7 meetings to
boost domestic demand to help narrow the huge U.S. Trade
deficit, Tanaka said.
U.S. August trade data showed the U.S. Deficit at a still
massive 15.68 billion dlrs. But if West Germany raises interest
rates, this would run counter to the pledge, he said.
"Operators are now waiting to see if the G-7 nations
coordinate dollar buying intervention," said Soichi Hirabayashi,
deputy general manager of Fuju Bank Ltd's foreign exchange
department.
The target range set by the Louvre accord is generally
considered to be 140.00 to 160.00 yen, dealers said.
"The market is likely to try the 140 yen level in the near
future and at that time, if operators see the G-7 nations
failing to coordinate intervention, they would see the Louvre
accord as abandoned and push the dollar down aggressively,"
Hirabayashi said. He said the U.S. Currency could fall as low
as 135 yen soon.
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The Japan/India-Pakistan-Gulf/Japan
shipping conference said it would cut the extra risk insurance
surcharges on shipments to Iranian and Iraqi ports to a minimum
three pct from 4.5 pct on October 25.
It said surcharges on shipments of all break-bulk cargoes
to non-Iraqi Arab ports would be reduced to 3.0 pct from 4.5.
A conference spokesman declined to say why the move was
taken at a time of heightened tension in the Gulf.
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Subsets and Splits