📄 reut2-020.sgm
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<TEXT>
<TITLE>JAPAN TRIES TO STEM STOCKS DIVE</TITLE>
<AUTHOR> By Linda Sieg</AUTHOR>
<DATELINE> TOKYO, Oct 20 - </DATELINE><BODY>Government and monetary authorities today
staged a concerted effort to calm spreading panic on Japanese
stock exchanges but market analysts said there were limits to
their ability to succeed.
"The ability of the Big Four (Japanese securities houses)
and the Finance Ministry is limited," said Barclays de Zoete
Wedd economist Peter Morgan.
Finance Ministry officials asked the big four securities
companies this afternoon to help calm panic selling on the
Tokyo Stock Exchange, ministry officials said.
Prime Minister Yasuhiro Nakasone was quoted by Kyodo News
Service as saying he was watching the stock market situation.
But he rejected comparisons with the 1929 stock market
collapse and subsequent recession.
Finance Minister Kiichi Miyazawa said the Tokyo stock
market should not be gravely affected by downturns in New York
and London because there are clear signs of a Japanese economic
recovery and exchange rate stability.
Bank of Japan Governor Satoshi Sumita also tried to calm
the panic, saying in a statement that world stock markets were
excessively concerned about the economic future.
Traditionally, the four big houses -- Nomura Securities Co
Ltd, Yamaichi Securities Co Ltd, Daiwa Securities Co Ltd, and
Nikko Securities Co Ltd -- have influenced the market because
of their sheer size and overwhelming market share.
This strength has in the past made it possible for the
brokerages to calm down markets under guidance from the Finance
Ministry, analysts said.
But the analysts questioned whether the brokerages, which
have already suffered heavy losses from falling bond markets
over the past year, would have the strength this time to turn
things around.
"The question is, are the Japanese brokerages strong enough
to force investors to buy," said Johsen Takahashi, research
director at the Mitsubishi Research Institute.
"If we consider that they have suffered serious losses in
the bond markets and in their U.S. Investments, it is debatable
whether they they could support buying," he said.
"We can support things to some extent, but we can't
completely suppress selling," said one Japanese broker.
Some analysts said the high percentage of shares cross-held
by financial institutions and other corporations could have a
stabilising effect on the market.
Some 80 pct of shares are held by corporate shareholders,
said Keikichi Honda, general manager of the Bank of Tokyo Ltd's
economic research division. "This is a tightly woven textile. In
its own way it is stronger than Wall Street."
But other analysts expressed doubt about this argument.
"If a high percent of shares is cross held, everything
happens at the edges and the relative moves can be larger," said
Kleinwort Benson Ltd financial analyst Simon Smithson. "Selling
will drive prices down an enormous distance because of no
liquidity."
"You don't need big volume to get big declines in the market
-- you just need a huge imbalance between sellers and buyers,"
said Barclay's Morgan.
Shares held by what are termed "stable shareholders," or
banks and other companies with which a firm does business,
might also find their way onto the market if the outlook gets
bad enough, some analsyst said.
"Closely held shares could become unclosely held," said
Morgan. But he said such a prospect is unlikely right now
because companies, with their improved earnings prospects, do
not need to sell shares for cash flow reasons.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20625" NEWID="20030">
<DATE>20-OCT-1987 04:30:24.90</DATE>
<TOPICS><D>crude</D><D>ship</D></TOPICS>
<PLACES><D>indonesia</D></PLACES>
<PEOPLE><D>subroto</D></PEOPLE>
<ORGS><D>opec</D></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>WORLD COULD COPE WITH HORMUZ CLOSURE, SUBROTO SAYS</TITLE>
<DATELINE> JAKARTA, Oct 20 - </DATELINE><BODY>Oil prices would skyrocket for a time if
conflict in the Gulf closed the Strait of Hormuz, but oil
supplies could be adjusted to take care of world demand,
Indonesian Energy Minister Subroto said.
He made no explicit reference to the latest U.S. Military
action in the Gulf.
But in an address to a conference of the Indonesian
Petroleum Association, he said, "If worst comes to worst and say
the flow of oil through the Straits of Hormuz is completely
shut off, I believe the world oil supply, given time to adjust,
can take care of the situation."
"But this is not to say that prices, at least for a short
duration, will not skyrocket as speculators take advantage of
the situation," he declared.
Tensions in the Gulf, however, usually had a relatively
short-term impact on prices, he added.
Assessing future price trends, he said, "Short-term spot
prices will probably still fluctuate, but they will most likely
hover around the official Opec price basket of 18 dlrs per
barrel.
"The upward deviations, however, are likely to be greater
than the downward ones."
"The balance between supply and demand in the short term
will still be delicate," he added. "Non-Opec production may still
go up, competing with Opec for the expected additional increase
in world demand."
Subroto, a member of Opec's three-man quota committee which
has been touring cartel members, said speculation may play
havoc with spot prices, but Opec was trying to stabilize the
situation by urging cooperation by non-Opec producers.
In the medium term, non-Opec production would reach a
plateau in the early 1990s, leaving Opec much stronger, he
said.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20626" NEWID="20031">
<DATE>20-OCT-1987 04:34:41.19</DATE>
<TOPICS><D>jet</D></TOPICS>
<PLACES><D>bangladesh</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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<TEXT>
<TITLE>BANGLADESH TENDERS FOR TWO MLN BARRELS PETROLEUM</TITLE>
<DATELINE> DHAKA, Oct 20 - </DATELINE><BODY>Bangladesh Petroleum Corp said it floated
an international tender for imports of two mln barrels of Jet
Kero, Superior Kero and High Speed Diesel for shipment during
January-June 1988.
It said the offer for the petroleum products would be open
until 0600 gmt on November 19.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20627" NEWID="20032">
<DATE>20-OCT-1987 04:48:51.01</DATE>
<TOPICS><D>interest</D></TOPICS>
<PLACES></PLACES>
<PEOPLE><D>poehl</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f f BC-Poehl-says-German-and 10-20 0014</UNKNOWN>
<TEXT TYPE="BRIEF">
******<TITLE> Poehl says German and international interest rate rises are cause for concern
</TITLE>Blah blah blah.

</TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20628" NEWID="20033">
<DATE>20-OCT-1987 04:49:48.44</DATE>
<TOPICS></TOPICS>
<PLACES></PLACES>
<PEOPLE><D>poehl</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f f BC-Bundesbank-has-no-int 10-20 0012</UNKNOWN>
<TEXT TYPE="BRIEF">
******<TITLE> Bundesbank has no interest in higher capital market rates - Poehl
</TITLE>Blah blah blah.

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20629" NEWID="20034">
<DATE>20-OCT-1987 04:53:02.87</DATE>
<TOPICS><D>ship</D></TOPICS>
<PLACES><D>bahrain</D><D>iran</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
Y
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u f BC-IRANIAN-TANKER-REPORT 10-20 0079</UNKNOWN>
<TEXT>
<TITLE>IRANIAN TANKER REPORTS SIGHTING MINE IN GULF</TITLE>
<DATELINE> BAHRAIN, Oct 20 - </DATELINE><BODY>An Iranian shuttle tanker reported
spotting a floating mine in the central Gulf on Tuesday about
50 miles west of Lavan Island, regional shipping sources said.
The Khark III, owned by the National Iranian Tanker Co,
gave the position of the mine as 27 degrees 14 minutes north,
52.06 east.
There was no indication of measures being taken against the
mine, which is in Iranian territorial waters.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20630" NEWID="20035">
<DATE>20-OCT-1987 04:54:40.64</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0290reute
r f BC-FABER-OPEN-FOR-OFFERS 10-20 0093</UNKNOWN>
<TEXT>
<TITLE>FABER OPEN FOR OFFERS ON MORGAN GRENFELL STAKE</TITLE>
<DATELINE> LONDON, Oct 20 - </DATELINE><BODY>Willis Faber Plc <WIFL.L> chairman and
chief executive David Palmer said the company would consider
any bid for its 20.8 pct shareholding in Morgan Grenfell Group
Plc <MGFL.L> but had not yet received any offers.
"We will entertain any approaches," he told Reuters in reply
to questions, following U.K. Press speculation.
In an earlier statement, Faber said that if an offer were
to be received for its stake in the merchant banking group, "it
would be considered on its merits."
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20631" NEWID="20036">
<DATE>20-OCT-1987 04:58:56.26</DATE>
<TOPICS></TOPICS>
<PLACES></PLACES>
<PEOPLE><D>poehl</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f f BC-Inflationary-fears-ar 10-20 0011</UNKNOWN>
<TEXT TYPE="BRIEF">
******<TITLE> Inflationary fears are unjustified and exaggerated, Poehl says
</TITLE>Blah blah blah.

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20632" NEWID="20037">
<DATE>20-OCT-1987 04:59:07.79</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>uk</D><D>canada</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0294reute
u f BC-CORBY-DISTILLERIES-TO 10-20 0107</UNKNOWN>
<TEXT>
<TITLE>CORBY DISTILLERIES TO EXPAND IN CANADA</TITLE>
<DATELINE> LONDON, Oct 20 - </DATELINE><BODY><Corby Distilleries Ltd>, 52 pct owned by
Allied Lyons Plc <ALLD.L> subsidiary <Hiram Walker-Goodman &
Worts> is to buy the spirits business of <McGuinness Distillers
Ltd> of Toronto for 45 mln Canadian dlrs.
McGuinness is a producer and marketer of spirits and also
has exclusive agencies for some imported wines and spirits.
The sale is subject to the approval of the Bureau of
Competition Policy. Michael Jackaman, president and chief
executive officer of Hiram Walker and Allied Vintners, said,
"The acquisition is an excellent one both commercially and
financially."
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="20633" NEWID="20038">
<DATE>20-OCT-1987 04:59:48.03</DATE>
<TOPICS><D>interest</D></TOPICS>
<PLACES><D>west-germany</D></PLACES>
<PEOPLE><D>poehl</D><D>james-baker</D><D>stoltenberg</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM V
f0295reute
b f BC-POEHL-SAYS-RATE-RISES 10-20 0088</UNKNOWN>
<TEXT>
<TITLE>POEHL SAYS RATE RISES ARE CAUSE FOR CONCERN</TITLE>
<DATELINE> FRANKFURT, Oct 20 - </DATELINE><BODY>Rises in West German and international
interest rates are a cause for concern and the Bundesbank has
no interest in higher capital market rates, Bundesbank
President Karl Otto Poehl said.
"We consider the interest rate increase that has occurred
here and internationally to be a problem and cause for concern,"
Poehl told an investment conference.
"I would like to stress that the Bundesbank has no interest
in higher capital market rates," he said.
Shortly after Poehl spoke, the Bundesbank announced a
tender for a securities repurchase pact at a fixed rate of 3.80
pct.
Previous tenders over the last month by interest rate have
seen the allocation rate on these facilities rise to 3.85 pct
at last week's pact from 3.60 on the last fixed-rate tender in
late September.
The Bundesbank's reduction of the key allocation rate to
3.80 from 3.85 pct was heralded Monday by repeated injections
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