📄 reut2-012.sgm
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b f BC-COFFEE-QUOTAS-BEFORE 04-01 0082</UNKNOWN>
<TEXT>
<TITLE>ICO QUOTAS BEFORE OCTOBER UNLIKELY - DELEGATES</TITLE>
<DATELINE> LONDON, April 1 - </DATELINE><BODY>The restoration of coffee export quotas
before the end of the current 1986/87 coffee year (Oct 1/Sept
30) now seems unlikely, given reluctance by International
Coffee Organization, ICO, producers and consumers to resume
negotiations on an interim quota accord, producer delegates
told reporters.
Consumers and most producers see no point in reopening the
quota dialogue while Brazil's position remains unchanged, they
said.
Brazil's refusal to accept a reduction in its previous 30
pct share of the ICO's global export quota effectively
torpedoed talks here last month aimed at restoring quotas
before October, the delegates noted.
Disappointment at the lack of progress on quotas forced
coffee futures in London and New York to new lows today,
traders here said. Near May in New York fell below one dlr in
early trading at around 99.10 cents per pound, traders said.
Producer delegates said that while the possibility of
reimposing quotas before October remained on the ICO agenda, in
practice the idea had effectively been discarded.
The ICO's executive board session here this week has so far
barely touched on the quota debate, demonstrating general
unwillingness to revive talks while chances of success are
still remote, producer delegates said.
Some producers are in no hurry to see quotas restored,
despite the price collapse seen since the failure of last
month's negotiations, they said.
"With Brazil's frost season approaching, who wants to
negotiate quotas," one leading producer delegate said.
Coffee prices normally rise during Brazil's frost season
(mainly June-August) as dealers and roasters build up stocks as
insurance against possible severe frost damage to Brazil's
crop.
Many producers are more interested in working towards
reimposing quotas from October 1, based on a new system of
quota allocations valid until the International Coffee
Agreement expires in 1989, they said.
Guatemala has already proposed the "other oilds" producer
group should meet in the next two months to begin talks on how
to allocate quota shares.
Producers still seem divided on how to overhaul the quota
distribution system, with some producer delegates reporting
growing support for a radical reallocation, based on the
principle of "objective criteria" favoured by consumers.
At last month's council session a splinter group of small
producers backed consumer demands for new quota shares based on
exportable production and stocks, while Brazil, Colombia and
the rest of the producers favoured leaving quota allocations
unchanged, except for some temporary adjustments.
A delegate from one of the eight said more producers now
supported their cause.
The delegate said unless major producers like Brazil showed
readiness to negotiate new quota shares, prospects for a quota
accord in October also looked bleak.
The U.S. and most other consumers are still determined to
make reimposition of quotas conditional on a redistribution of
quota shares based on "objective criteria."
ICO observers remained sceptical that Brazil would be
prepared to accept a quota reduction when the ICO council meets
in September.
Brazil has adopted a tough stance with banks on external
debt negotiations and is likely to be just as tough on coffee,
they said.
They said Brazil's reluctance to open coffee export
registrations might reflect fears this would provoke another
price slide and force an emergency ICO council session, which
would most likely end in failure.
Producers met this afternoon to review the market situation
but had only a general discussion about how further
negotiations should proceed, a producer delegate said.
Producers plan to hold consultations on quotas, and then
may set a date for a formal producer meeting, but plans are not
fixed, he said.
The ICO executive board reconvened at 1650 hours local time
to hear a report from consultants on ICO operations. The board
meeting looks set to end today, a day earlier than scheduled,
delegates said.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="240" NEWID="12012">
<DATE> 1-APR-1987 11:13:10.37</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
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<COMPANIES></COMPANIES>
<UNKNOWN>
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f f BC-******AMERICAN-MOTORS 04-01 0011</UNKNOWN>
<TEXT TYPE="BRIEF">
******<TITLE>AMERICAN MOTORS MARCH U.S. CAR OUTPUT DOWN TO 2,578 FROM
5,922
</TITLE>
</TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="241" NEWID="12013">
<DATE> 1-APR-1987 11:16:02.05</DATE>
<TOPICS></TOPICS>
<PLACES><D>yugoslavia</D></PLACES>
<PEOPLE><D>mikulic</D></PEOPLE>
<ORGS></ORGS>
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h f BC-YUGOSLAVIA-WINS-TIME 04-01 0108</UNKNOWN>
<TEXT>
<TITLE>YUGOSLAVIA WINS TIME IN PARIS CLUB REFINANCING</TITLE>
<DATELINE> BELGRADE, April 1 - </DATELINE><BODY>Yugoslavia has won breathing space from
its major official creditors through yesterday's Paris Club
refinancing agreement but it will take time for it to resolve
its economic crisis, economists at western embassies said.
Yugoslav delegation chief Finance Minister Svetozar
Rikanovic said a refinancing was agreed for 475 mln dlrs of
debt falling due between May 16 this year and May 31, 1988.
The agreement was the second multi-year Yugoslav debt
refinancing, based on a protocol signed last May which ushered
in "enhanced monitoring" of Yugoslavia's economy by the IMF.
Western economists who follow Yugoslav financial affairs
said a similar deal would probably emerge from talks with
commercial creditors at the end of this month. But they said
the refinancings would only provide a breathing space, because
Yugoslavia has to repay 5.5 billion dlrs in 1987.
And the country is still struggling to reverse a dramatic
decline in export earnings, which have fallen 12.5 pct so far
this year, continuing a downward spiral of the past 18 months.
The Yugoslav hard currency debt has grown from 1.2 billion
dlrs in 1965 to stand at 19.7 billion dlrs at the end of 1986
and is one of the country's most dire economic problems.
The debt began to snowball in the 1960s and 1970s due to an
excessive investment rate exceeding the growth of the Gross
Social Product and necessitating additional foreign borrowing.
Rising international oil prices in the 1970s proved to be a
serious blow to the country's balance of payments.
Deputy Prime Minister Milos Milosavljevic said this month
that Yugoslavia had repaid 640 mln dlrs of principal and 325
mln dlrs of interest so far this year.
According to official Yugoslav figures, Yugoslavia repaid a
record 5.97 billion dlrs in capital and interest in 1986,
reducing overall indebtedness by 996 mln dlrs.
Mikulic is trying to rein in rampant retail inflation of
almost 100 pct a year through price and incomes controls.
Janez Zemljaric, also a Deputy Prime Minister, said
recently Yugoslavia expected a "definite measure of
understanding" from its 16 major western creditor nations.
Western economists said Yugoslavia has had its way with the
Paris Club creditors but that not all creditors were satisfied
with its economic performance last year. They said the Paris
discussions were heated and emotional.
"Economic factors were balanced by political realities," an
economist at one of the main embassies here said, but added
that creditors had no complaints regarding Yugoslavia's
repayment record because it had so far always repaid debts on
time.
Yugoslavia has refinanced its debt regularly since 1983.
In December 1985, it signed a deal with the International
Coordinating Committee of 600 commercial banks to refinance
maturities arising between January 1, 1985 and end-1988.
It had signed bilateral refinancing agreements in March of
that year for maturities arising from January 1, 1985 to March
25, 1986, following an agreement in Paris on March 25, 1985.
Government ministers told Reuters this month that
Yugoslavia had made too great an effort to repay its debts in
1986, at great cost to the economy, and that this was
regretted.
Mikulic has said Yugoslavia is unlikely to follow Brazil's
lead and suspend its debt repayments "but we have understanding
for what that country did."
Western economists said, however, that Mikulic's remarks,
taken with those of his ministers, could be a signal that some
problems were seen ahead in refinancing debt repayments.
Before the Paris talks, some Yugoslav officials had hinted
that Yugoslavia could start to look to the Soviet Bloc for
financial support if Belgrade failed to secure the necessary
refinancing from western creditors.
Sources close to the western creditors, however, said they
did not view the threat as serious.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="242" NEWID="12014">
<DATE> 1-APR-1987 11:16:55.25</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
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u f BC-(GEOFFRION-LECLERC-IN 04-01 0031</UNKNOWN>
<TEXT>
<TITLE>(GEOFFRION LECLERC INC) SIX MTHS NET</TITLE>
<DATELINE> MONTREAL, April 1 -
</DATELINE><BODY>Shr 39 cts vs 26 cts
Net 3,466,000 vs 1,913,000
Revs 27.7 mln vs 19.4 mln
Note: period ended February 28. REUTER
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="243" NEWID="12015">
<DATE> 1-APR-1987 11:19:36.90</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
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f1358reute
r f BC-ALLIED-SUPERMARKETS-< 04-01 0093</UNKNOWN>
<TEXT>
<TITLE>ALLIED SUPERMARKETS <ASU> FILES FOR OFFERING </TITLE>
<DATELINE> NEW YORK, April 1 - </DATELINE><BODY>Allied Supermarkets Inc said it filed
with the Securities and Exchange Commission a registration
statement covering 240 mln dlrs of debt securities.
The company plans to offer 140 mln dlrs of senior
subordinated discount debentures and 100 mln dlrs of
subordinated debentures.
Proceeds will be used to finance Allied's acquisition of
Vons Cos Inc.
Allied named Drexel Burnham Lambert Inc and Donaldson,
Lufkin and Jenrette Securities Corp as co-underwriters of both
offerings.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="244" NEWID="12016">
<DATE> 1-APR-1987 11:19:44.38</DATE>
<TOPICS><D>interest</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
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f1359reute
r f BC-FHLBB-CHANGES-SHORT-T 04-01 0083</UNKNOWN>
<TEXT>
<TITLE>FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES</TITLE>
<DATELINE> WASHINGTON, April 1 - </DATELINE><BODY>The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
5.00 pct 30-69 days
5.92 pct 70-88 days
30-123 days 5.00 pct 5.00 pct 89-123 days
124-150 days 5.93 pct 5.93 pct 124-150 days
151-349 days 5.00 pct 5.00 pct 151-349 days
350-360 days 5.98 pct 5.98 pct 350-360 days
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="245" NEWID="12017">
<DATE> 1-APR-1987 11:20:01.59</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
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f1361reute
r f BC-TOWLE-MANUFACTURING-C 04-01 0044</UNKNOWN>
<TEXT>
<TITLE>TOWLE MANUFACTURING CO <QTOW> YEAR LOSS</TITLE>
<DATELINE> BOSTON, April 1 -
</DATELINE><BODY>Oper shr loss 4.71 dlrs vs loss 14.09 dlrs
Oper loss 22 mln vs loss 67.2 mln
NOTE: 1986 loss excludes gain on the sale of Gold Lance
Corp of 12.1 mln dlrs. Company is operating under chapter 11.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="246" NEWID="12018">
<DATE> 1-APR-1987 11:21:36.73</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f1366reute
f f BC-******DELTA-AIR-LINES 04-01 0009</UNKNOWN>
<TEXT TYPE="BRIEF">
******<TITLE>DELTA AIR LINES COMPLETES ACQUISITION OF WESTERN AIR
</TITLE>
</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="247" NEWID="12019">
<DATE> 1-APR-1987 11:22:14.20</DATE>
<TOPICS><D>interest</D></TOPICS>
<PLACES></PLACES>
<PEOPLE><D>james-baker</D></PEOPLE>
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