📄 reut2-010.sgm
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u f BC-CANADA-OIL-EXPORTS-RI 03-26 0077</UNKNOWN>
<TEXT>
<TITLE>CANADA OIL EXPORTS RISE 20 PCT IN 1986</TITLE>
<DATELINE> OTTAWA, March 26 - </DATELINE><BODY>Canadian oil exports rose 20 pct in 1986
over the previous year to 33.96 mln cubic meters, while oil
imports soared 25.2 pct to 20.58 mln cubic meters, Statistics
Canada said.
Production, meanwhile, was unchanged from the previous year
at 91.09 mln cubic feet.
Natural gas exports plunged 19.4 pct to 21.09 billion cubic
meters, while Canadian sales slipped 4.1 pct to 48.09 billion
cubic meters.
The federal agency said that in December oil production
fell 4.0 pct to 7.73 mln cubic meters, while exports rose 5.2
pct to 2.84 mln cubic meters and imports rose 12.3 pct to 2.1
mln cubic meters.
Natural gas exports fell 16.3 pct in the month 2.51 billion
cubic meters and Canadian sales eased 10.2 pct to 5.25 billion
cubic meters.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="15533" NEWID="10012">
<DATE>26-MAR-1987 12:26:42.65</DATE>
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<PLACES><D>usa</D></PLACES>
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u f BC-PRU-BACHE-ANALYST-REA 03-26 0138</UNKNOWN>
<TEXT>
<TITLE>PRU BACHE ANALYST REAFFIRMS BULLISH MARKET CALL</TITLE>
<DATELINE> NEW YORK, March 26 - </DATELINE><BODY>Joseph Feshbach, chief market analyst
at Prudential-Bache Securities, said the stock market is poised
to climb above Dow Jones Industrial 2500 level by June.
The Dow average is around 2380 today.
"Liquidity is the biggest fundamental factor in the market
and money coming out of fixed income funds and flowing into
equities will propel the market sharply higher," Feshbach said,
noting that the market's peak will occur in June.
Feshbach said that in early January he predicted that the
Dow Jones Industrial average, the most closely watched market
barometer, would reach the 2400 level by April and the 2500
level by June. He said he is now even more optimistic, saying
"the market is ready for a 150 point rise from current levels
any day now."
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="15534" NEWID="10013">
<DATE>26-MAR-1987 12:27:23.14</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D></PLACES>
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u f BC-LLOYD'S-APPOINTS-NEW 03-26 0117</UNKNOWN>
<TEXT>
<TITLE>LLOYD'S APPOINTS NEW OUTSIDE COUNCIL MEMBERS</TITLE>
<DATELINE> LONDON, March 26 - </DATELINE><BODY>Four new outsiders were appointed to the
policy-making Council of the Lloyd's of London insurance
market, shifting the voting balance on the Council away from
Lloyd's professionals, Lloyd's said.
It said in a statement the appointments of the new members,
none of them previously involved in the insurance market, were
made to comply with the core recommendation in the Neill report
into regulation at Lloyd's, which was published on January 22.
The recommendation, one of 70 to improve investor
protection in the Lloyd's market, was to reduce the number of
elected working members, Lloyd's professionals, from 16 to 12.
Simultaneously, the number of outsiders would be increased
by four while the number of external Council members, usually
Lloyd's investors without an active role in the market, would
remain unchanged at eight.
Lloyd's said the four newly-appointed Council members were
barrister Elizabeth Mary Freeman, Sir Maurice Hodgson,
non-executive chairman of British Home Stores Plc, Lloyd's Bank
Plc chairman Sir Jeremy Morse, and Brian Pomeroy, an accountant
who sat on the three-member Neill enquiry panel.
They replace the four Lloyd's professionals who resigned on
April 4 after Lloyd's agreed to implement the recommendation.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="15535" NEWID="10014">
<DATE>26-MAR-1987 12:27:45.45</DATE>
<TOPICS><D>coffee</D><D>cocoa</D><D>sugar</D></TOPICS>
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<EXCHANGES><D>nycsce</D></EXCHANGES>
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d f BC-COFFEE,-SUGAR-AND-COC 03-26 0126</UNKNOWN>
<TEXT>
<TITLE>COFFEE, SUGAR AND COCOA EXCHANGE NAMES CHAIRMAN</TITLE>
<DATELINE> NEW YORK, March 26 - </DATELINE><BODY>The New York Coffee, Sugar and Cocoa
Exchange (CSCE) elected former first vice chairman Gerald
Clancy to a two-year term as chairman of the board of managers,
replacing previous chairman Howard Katz.
Katz, chairman since 1985, will remain a board member.
Clancy currently serves on the Exchange board of managers
as chairman of its appeals, executive, pension and political
action committees.
The CSCE also elected Charles Nastro, executive vice
president of Shearson Lehman Bros, as first vice chairman.
Anthony Maccia, vice president of Woodhouse, Drake and Carey,
was named second vice chairman, and Clifford Evans, president
of Demico Futures, was elected treasurer.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="15536" NEWID="10015">
<DATE>26-MAR-1987 12:28:11.69</DATE>
<TOPICS><D>veg-oil</D></TOPICS>
<PLACES><D>belgium</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS><D>ec</D></ORGS>
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u f BC-MOST-EC-STATES-SAID-T 03-26 0121</UNKNOWN>
<TEXT>
<TITLE>MOST EC STATES SAID TO BE AGAINST OILS/FATS TAX</TITLE>
<DATELINE> BRUSSELS, March 26 - </DATELINE><BODY>A majority of European Community (EC)
member states are either against or have strong reservations
over a tax on both imported and domestically-produced oils and
fats proposed by the European Commission, senior diplomats
said.
They said a special committee of agricultural experts from
EC member states had voiced strong objections over the measure
during a meeting charged with preparing the ground for the
annual EC farm price-fixing which begins next Monday.
They added that only France and Italy had indicated they
would support the Commission proposal which would lead to a tax
initially of 330 Ecus per tonne during the 1987/88 price round.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="15537" NEWID="10016">
<DATE>26-MAR-1987 12:30:59.51</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D></PLACES>
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u f BC-ROWNTREE-SEEKS-200-ML 03-26 0110</UNKNOWN>
<TEXT>
<TITLE>ROWNTREE SEEKS 200 MLN STG FACILITY, CP PROGRAM</TITLE>
<DATELINE> LONDON, March 26 - </DATELINE><BODY>Rowntree Mackintosh Plc is seeking a 200
mln stg, five year multiple option facility, of which 150 mln
stg will be committed, and a 200 mln stg commercial paper
program, County Natwest Capital Markets Ltd said as arranger.
The facility includes options for sterling acceptances,
multi-currency advances, sterling and dollar notes via tender
panels and there is also a sterling swingline.
The committed portion carries a facility fee of five basis
points and a margin of ten. A 2-1/2 basis point utilisation
fee is payable on drawings of more than half the committed
portion.
The 200 mln stg commercial paper program will include a
dollar option, County Natwest said.
A County Natwest official said the facility, launched
earlier this week, seemed to be progressing well in
syndication.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="15551" NEWID="10017">
<DATE>26-MAR-1987 12:33:25.04</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
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u f BC-TALKING-POINT/CONRAIL 03-26 0109</UNKNOWN>
<TEXT>
<TITLE>TALKING POINT/CONRAIL <CRR></TITLE>
<AUTHOR> By Cal Mankowski, Reuters</AUTHOR>
<DATELINE> NEW YORK, March 26 - </DATELINE><BODY>Private investors eagerly snapped up
shares of Consolidated Rail Corp, the biggest initial stock
offering in U.S. history, but some analysts warned they could
be in a for a bumpy ride at least in the near term.
Analyst James Voytko of PaineWebber Group Inc believes some
investors who bought at the offering price of 28 dlrs will be
tempted to sell. The shares climbed 3-3/8 to 31-3/8 by midday.
Voytko said profit-taking pressure could become severe at the
35 dlr level. Others say Conrail, a combination of previously
bankrupt railroads, has good long term potential.
"Conrail is in the best position to weather the current
tremendous price competition in the transportation industry in
general," said Drew Robertson, analyst at Atlantic Systems Inc,
a research firm.
"It will survive and do damn well," said another analyst
who declined to be identified. He noted that Conrail's freight
trains serve heavy industry including steel and autos in major
U.S. cities in the northeast U.S. and midwest.
Robertson noted that Conrail's traffic is less dependent on
coal than other railroads based in the east. He expects Conrail
to earn 2.85 dlrs per share in 1987.
Voytko of PaineWebber sees another problem six months down
the road when more than 10 mln Conrail shares will be
distributed to current and former employees. He believes many
of these indivdiuals will be inclined to sell the stock.
Robertson says it's hard to determine the psychology of the
average employe, but even if a lot of stock is sold, it would
would not hit the market as one big block. He doubts it would
create a big downward push on the price.
"It's hard to call," said the analyst who requested
anonymity. In some cases employe loyalty may motivate
individuals to keep their shares, he said.
Steven Lewins, analyst for Citicorp Investment Management,
believes the key to Conrail's long term outlook is how it is
able to invest surplus cash. He expects Conrail to earn 3.00
dlrs per share this year, flat in comparison with 1986, but by
1991 the picture could change dramatically if money not needed
for rail operations is invested wisely.
By 1991, earnings could reach 4.30 dlrs per share, Lewins
said, factoring in reinvestment of free cash flow at
conservative rates.
He believes motor freight will be one area of
diversification Conrail will explore.
Elizabeth Dole, U.S. Secretary of Transportation, whose
department was responsible for the sale of Conrail, noted that
Conrail is required to reinvest in its rail system and cannot
defer necessary maintenance.
For the historic offering of Conrail shares, Dole visited
the New York Stock Exchange and was photographed on the floor
wearing a locomotive engineer's cap, which she presented to
Stanley Crane, Conrail chairman and chief executive.
The U.S. government is expected to receive about 1.88
billion dlrs for Conrail after factoring in underwriting fees
and other adjustments.
The possibility of a recession at some time in the next
five years is another issue troubling some investors.
Lewins says revenue-ton-miles, which he believes will climb
from 68.7 mln miles last year to 69.5 mln this year and 70.5
mln in 1988, will grow to 71.5 mln in 1991, but in a recession
year, perhaps 1989, the figure could dip to 64.2 mln.
On the revenue side, he believes revenue per ton-mile will
be 4.7 cts in 1991, little changed from present levels and
exactly the same as in 1981.
"Their basic business isn't going anywhere," he says,
explaining why emphasizes investment of cash flow.
Voytko thinks Conrail can remain profitable in a recession
year. He points out his firm, PaineWebber, is not forecasting a
recession in any specific year, but as an example a 1990
recession of modest degree could knock earnings down to 2.20
dlrs per share. He estimated 3.00 dlrs per share this year and
3.35 dlrs next year. His 1988 figure reflects mostly a lowering
of the tax rate to 34 pct from 40 pct this year.
Voytko believes the Conrail shares merit purchase at the 26
dlr level.
Goldman, Sachs and Co was lead manager for the offering. A
total of 148 firms took part in the U.S. syndicate.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="15538" NEWID="10018">
<DATE>26-MAR-1987 12:33:57.01</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>usa</D></PLACES>
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f1818reute
r f BC-GOULD<GLD>-COMPLETES 03-26 0077</UNKNOWN>
<TEXT>
<TITLE>GOULD<GLD> COMPLETES SALE OF FRENCH BATTERY UNIT</TITLE>
<DATELINE> ROLLING MEADOWS, Ill., March 26 - </DATELINE><BODY>Gould Inc said it has
completed the sale of its French battery business, Compagnie
Francaise D'Electro Chimie, to a group of investors including
the unit's employees and <GNB Inc> of Minnesota.
Gould did not disclose terms of the deal.
Gould said the move is part of its previously announced
plan to divest assets unrelated to its computer and electronics
businesses.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="15539" NEWID="10019">
<DATE>26-MAR-1987 12:34:24.39</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
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