📄 reut2-005.sgm
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<!DOCTYPE lewis SYSTEM "lewis.dtd">
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9914" NEWID="5001">
<DATE>13-MAR-1987 15:05:02.92</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0215reute
d f BC-PLM-<PLMA>-UNIT-ENDS 03-13 0076</UNKNOWN>
<TEXT>
<TITLE>PLM <PLMA> UNIT ENDS MERGER TALKS</TITLE>
<DATELINE> SAN FRANCISCO, March 13 - </DATELINE><BODY>PLM Cos Inc said its PLM Power Co
unit broke off merger discussions with Sunlaw Energy Corp of
Beverly Hills, Calif.
In January PLM Power entered into a letter of intent to
negotiate a potential acquisition of Sunlaw, subject to
substantial due diligence, the company said.
But it also said the two companies were not able to agree
on mutually satisfactory final terms and conditions.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9915" NEWID="5002">
<DATE>13-MAR-1987 15:08:53.08</DATE>
<TOPICS><D>coffee</D></TOPICS>
<PLACES><D>colombia</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
C T
f0224reute
b f BC-colombia-opens-coffee 03-13 0086</UNKNOWN>
<TEXT>
<TITLE>COLOMBIA OPENS APRIL/MAY COFFEE REGISTRATIONS</TITLE>
<DATELINE> BOGOTA, March 13 - </DATELINE><BODY>Colombia opened coffee export
registrations for April and May with the National Coffee
Growers' Federation setting no limit, Gilberto Arango,
president of the private exporters' association, said.
He told Reuters the decision not to put any limit responded
to "new factors" which have emerged from recent International
Coffee Organisation talks in London, where producers and
consumers failed to agree on a re-introduction of export quotas.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9916" NEWID="5003">
<DATE>13-MAR-1987 15:11:52.98</DATE>
<TOPICS><D>grain</D><D>corn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
C G L
f0228reute
b f BC-/USDA-REPORTS-10.572 03-13 0098</UNKNOWN>
<TEXT>
<TITLE>USDA REPORTS 10.572 MLN ACRES IN CONSERVATION</TITLE>
<DATELINE> WASHINGTON, March 13 - </DATELINE><BODY>The U.S. Agriculture Department has
accepted 10,572,402 more acres of highly erodable cropland into
the Conservation Reserve Program, USDA announced.
In the latest signup, farmers on 101,020 farms submitted
bids on a total of 11,254,837 acres.
The accepted bids for annual rental payments ranged up to
90 dlrs per acre with an average of 51.17 dlrs per acre.
Land entered into the Conservation Reserve Program will be
ineligible for farming for ten years and must be planted with
permanent vegetative cover.
Producers enrolled 1,894,764 acres of corn base acreage in
the conservation program to take advantage of a corn "bonus"
rental payment that was offered by USDA.
The corn bonus, to be paid in generic comodity
certificates, amounts to two dlrs per bushel, based on the ASCS
program payment yield for corn, for each acre of corn based
accepted into the reserve.
The state showing the biggest enrollment in the
conservation program during this signup was Texas with
approximately 1.225 mln acres, followed by Iowa with 1.030 mln
acres, Minnesota with 890,000 acres, Montana 875,000 acres, and
Kansas with 842,000 acres.
Other states showing big enrollment were Missouri with
646,000 acres, North Dakota with 588,000 acres, and Nebraska
with 554,000 acres.
In the corn belt states of Illinois and Indiana, 217,000
acres and 116,000 acres respectively were enrolled.
Farm land signed up to date in the conservation program
totals 19,488,587 acres. Bids on the previous signups ranged up
to 90 dlrs per acre with an average of 45.52 dlrs.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9917" NEWID="5004">
<DATE>13-MAR-1987 15:13:01.16</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D><D>brazil</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM
f0233reute
u f BC-BRAZIL-DEBT-POSES-THO 03-13 0103</UNKNOWN>
<TEXT>
<TITLE>BRAZIL DEBT POSES THORNY ISSUE FOR U.S. BANKS</TITLE>
<AUTHOR> By Cal Mankowski, Reuters</AUTHOR>
<DATELINE> NEW YORK, March 13 - </DATELINE><BODY>CitiCorp <CCI> appears to be digging
in its heels for tough negotiations over the billions of
dollars in loans that Brazil owes to money center banks, Wall
Street analysts said.
"I view it as pre-negotiation posturing," said analyst
Carole Berger of Cyrus J. Lawrence Inc, referring to both
Brazil and Citicorp. Brazil recently stopped paying interest on
its commercial bank debt. Today, CitiCorp said its first
quarter income would be reduced by 50 mln dlrs after tax if it
lists the loans as non-performing status.
Citicorp filed an 8-K form with the Securities and Exchange
Commission, indicating a material change in its financial
situation. "Citicorp is saying you can't scare us with threats,
we'll make your loans non-performing right now," Berger said.
The loans have to be treated as non-performing after 90
days without a payment. CitiCorp said only that the situation
will be reviewed at the end of the current quarter.
Berger asserted that Brazil is doing its own politicking by
talking to U.S. regulators and trying to drive a wedge between
U.S. and European banks.
Analyst Lawrence Cohn of Merrill Lynch and Co said it is
unlikely the situation will be resolved until the second half
of this year.
"Ultimately the Brazilians are going to have to pay up on
all the interest they owe," Cohn said. "The real issue is the
rescheduling of debt terms.
Another question is whether or not the International
Monetary Fund can help Brazil with a new austerity program.
Stocks of money center banks were mostly down fractions in
late dealings. One trader most stocks in the group bounced off
their lows by midday as investors took the news in stride.
Cohn said the bank stocks may be risky until numbers on
non-performing loans are reported for each bank. But he said
investors looking ahead six to 12 months might want to buy at
present levels for the "tremendous fundamental values" in the
group.
Analyst Robert Gordon of Shearson Lehman Brothers Inc said
Manufacturers Hanover Corp <MHC) has the greatest exposure to
Brazilian loans of any New York bank, in terms of percentage of
earnings. He said his only two recommendations currently among
New York banks are J.P. Morgan and Co <JPM> and Bankers Trust
Co <BT> which happen to have the least exposure.
Gordon said his positive opinion on J.P. Morgan and Bankers
Trust was not merely a response to the fact that the two have
lower exposure to Brazilian loans than other banks.
In fact he said there's a chance those banks could get more
involved in the future. He noted that Morgan has already set up
a brokerage subsidiary to deal in loans to less developed
countries.
"I don't see any reason to change full year earnings
estimates, said Frederick Meinke, analyst at E.F. Hutton Co. He
thinks the confrontation with Brazil could end in a replay of a
situation that occurred with Argentina in 1984 and 1985.
Meinke noted that in the case of Argentina the loans became
non-accruing for a couple of quarters but then when the banks
came to an agreement with Argentina all the back interest was
paid. "What it did was distort the quarterly earnings pattern,"
he said.
He said in the case of Brazil write-offs of loans is a
worst-case outcome which is highly unlikely. He noted that
Brazil is a country with a diversified economy, going through
some economic upheaval after the transition from a military to
a civilian government.
"The countries of Latin America have too much debt relative
to their ability to service it," said John Mason of
Interstate Securities. "We've been fiddling around with these
problems for five years and the hour is growing late."
He said up to now the banks have reduced their spreads, cut
interest rates internally and extended maturities and none of
these measures has been enough. He expects re-classification of
as much as a third of the loans as non-accruing and he sees
partial write downs of some loans.
Nevertheless Mason thinks the money center bank stocks
could be poised for a short term rally.
A spokesman at First Chicago Corp <FNB> said it is
premature to put Brazil's loans on a cash basis. "It is our
expectation that economic development will allow Brazil to meet
its debt," a spokesman said.
Bankers Trust in New York said it would be premature to
make a decision. Several other banks queried by Reuters said
much the same thing.
A spokesman at Manufacturers Hanover noted that of 2.3
billion dlrs in loan exposure to Brazil only 1.3 billion is
subject to Brazil's unilateral moratorium on repayment of
interest.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9918" NEWID="5005">
<DATE>13-MAR-1987 15:13:10.18</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0234reute
b f BC-ROCKWELL-<ROK>-TO-REP 03-13 0112</UNKNOWN>
<TEXT>
<TITLE>ROCKWELL <ROK> TO REPURCHASE MORE COMMON SHARES</TITLE>
<DATELINE> PITTSBURGH, March 13 - </DATELINE><BODY>Rockwell International Corp said its
board has authorized extension of the company's 500 mln dlr
stock repurchase program by an additional 500 mln dlrs.
Since the beginning of the present repurchase program in
March 1986, Rockwell said, it has bought 10.4 mln shares for
461 mln dlrs. At present prices, it said, the program would
reduce the presently outstanding 140 mln common shares by about
seven pct. Since November 1983, the company has repurchased
18.1 mln shares for 672 mln dlrs, it said.
Rockwell said the stock will be repurchased through open
market and private transactions.
Rockwell said the repurchased shares will be available for
potential acquisitions, stock options, employee benefit
programs, conversion of convertible securities and other
purposes.
The company said, "We continue to view our repurchase
program as an integral part of our long term goal of improving
shareholder values."
Rockwell said the program "complements our aggressive
program of support for the growth plans of our businesses with
capital investments, product and research development
resources, and acquisitions in support of our core businesses."
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9919" NEWID="5006">
<DATE>13-MAR-1987 15:14:20.63</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F Y
f0237reute
r f BC-VOGTLE-NUCLEAR-PLANT 03-13 0100</UNKNOWN>
<TEXT>
<TITLE>VOGTLE NUCLEAR PLANT GETS FULL-POWER LICENSE</TITLE>
<DATELINE> ATLANTA, March 13 - </DATELINE><BODY>The Nuclear Regulatory Commission
issued a full-power operating license for Unit 1 of the Vogtle
Electric Generating Plant, said Southern Co <SO> unit Georgia
Power, which is a co-owner of the plant.
Georgia Power said the license allows for completion of
pre-operational testing, which will be followed by full-power
operation. Unit 1 is scheduled to begin commerical operation by
June one, it said.
The other co-owners of the plant are <Olgethorpe Corp>, the
Municpal Electric Authority of Georgia and the city of Dalton.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9920" NEWID="5007">
<DATE>13-MAR-1987 15:19:10.06</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D><D>japan</D><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0255reute
r f BC-BRITISH-AIRWAYS-<BAB> 03-13 0081</UNKNOWN>
<TEXT>
<TITLE>BRITISH AIRWAYS <BAB> TO FLY TO TOKYO NON-STOP</TITLE>
<DATELINE> NEW YORK, March 13 - </DATELINE><BODY>British Airways said the British
government reached an agreement on new traffic rights with the
Japanese government which clears the way for non-stop flights
between London and Tokyo.
The flight is scheduled to cut across Siberia, shaving
almost six hours off the previous flight path to 11-1/2 hours,
British Airways said.
The trans-Siberian route is subject to approval by the
USSR, British Airways added.
Under the agreement, British Airways said it will continue
to leave Heathrow daily, but the new non-stop service will
operate on Thursdays and Saturdays starting early June. The
company said return flights will be on Fridays and Sundays.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9921" NEWID="5008">
<DATE>13-MAR-1987 15:20:20.42</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D><D>japan</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
A
f0260reute
h f BC-BRITAIN-WANTS-BANK-RE 03-13 0118</UNKNOWN>
<TEXT>
<TITLE>BRITAIN WANTS BANK REGULATION DEAL WITH JAPAN</TITLE>
<DATELINE> LONDON, March 13 - </DATELINE><BODY>Britain wants Japan to agree a timetable
for work towards joint rules on capital adequacy for banks
along the lines of a January outline agreement between the U.S
and the U.K., Corporate Affairs Minister Michael Howard said.
Howard told a Nikkei conference on Tokyo financial markets,
"I want to see an agreement between us on what progress is to be
made and the rate at which it will happen."
Japanese vice-minister of finance for international affairs
Toyoo Gyohten told the conference yesterday he was ready to
discuss capital adequacy, but no negotiations were planned and
he could not see how or when agreement would be reached.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="9922" NEWID="5009">
<DATE>13-MAR-1987 15:21:39.08</DATE>
<TOPICS><D>livestock</D><D>carcass</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS><D>ec</D></ORGS>
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