📄 reut2-017.sgm
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CSX's Sea-Land Corp unit, will retire by the end of the month.
The company said he will be replaced by Robert Hintz,
executive vice president of CSX and president and chief
executive officer of the company's energy and properties
groups.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21670" NEWID="17020">
<DATE>21-APR-1987 12:28:08.02</DATE>
<TOPICS></TOPICS>
<PLACES><D>brazil</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f1702reute
d f BC-BRAZIL-FUND-SHOULD-ST 04-21 0095</UNKNOWN>
<TEXT>
<TITLE>BRAZIL FUND SHOULD START OPERATING SOON</TITLE>
<DATELINE> SAO PAULO, April 21 - </DATELINE><BODY>A Brazil Fund through which foreign
investors will be able to buy stocks in Brazilian companies
should start operating in about two months, the Securities and
Exchange Commission said.
A spokesman told Reuters that four institutions in the
United States were interested in participating in the Fund --
Merrill Lynch and Co Inc, Salomon Brothers Inc, the IFC and the
First Boston Corp.
The spokesman said the Fund, approved last December, was
expected to attract about 100 mln dlrs of investments.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21671" NEWID="17021">
<DATE>21-APR-1987 12:36:27.62</DATE>
<TOPICS><D>oilseed</D><D>rapeseed</D></TOPICS>
<PLACES><D>japan</D><D>canada</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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u f BC-JAPAN-BUYS-4,000-TONN 04-21 0043</UNKNOWN>
<TEXT>
<TITLE>JAPAN BUYS 4,000 TONNES OF CANADIAN RAPESEED</TITLE>
<DATELINE> WINNIPEG, April 21 - </DATELINE><BODY>Japan bought 4,000 tonnes of Canadian
rapeseed for last-half May/first-half June shipment, nearly
completing buying for May needs, trade sources said.
Price details were not available.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21672" NEWID="17022">
<DATE>21-APR-1987 12:39:08.68</DATE>
<TOPICS><D>grain</D><D>wheat</D></TOPICS>
<PLACES><D>south-korea</D><D>canada</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
C G
f1763reute
u f BC-SOUTH-KOREA-BUYS-50,0 04-21 0038</UNKNOWN>
<TEXT>
<TITLE>SOUTH KOREA BUYS 50,000 TONNES CANADIAN WHEAT</TITLE>
<DATELINE> WINNIPEG, April 21 - </DATELINE><BODY>South Korea yesterday bought 50,000
tonnes of Canadian feed wheat for late June/early July shipment
at 95.00 dlrs per tonne FOB Vancouver, trade sources said.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21673" NEWID="17023">
<DATE>21-APR-1987 12:39:55.30</DATE>
<TOPICS><D>trade</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE><D>reagan</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM A
f1766reute
r f BC-WASHINGTON-BUDGET 04-21 0106</UNKNOWN>
<TEXT>
<TITLE>SENATE PREPARING FOR NEW U.S. BUDGET BATTLE</TITLE>
<AUTHOR> By Michael Posner, Reuters</AUTHOR>
<DATELINE> WASHINGTON, April 21 - </DATELINE><BODY>Congress returned from its Easter
recess ready for the annual Spring budget battle that promises
to be a partisan dispute.
The budget fight pitting Democrats against President Reagan
and Republicans is expected to get underway this week in the
Senate late this week and last at least another week. It is
taking on new prominence because of current trade woes.
That is because the budget problems and its associated huge
deficits are said to be at the root of related international
trade friction currently worrying financiers.
As the dollar slides downward on global markets and stock
exchanges gyrate wildly, the trade dispute involving the United
States and Japan once again is spreading fears of a major trade
war between the two trading giants for the first time since
World War II.
Ostensibly that dispute is over U.S. charges that Japan is
refusing to open its markets to semi-conductor chips and the
resulting U.S. tariffs doubling prices of Japanese televisions
and small computers.
Behind the elements of a brewing trade war which neither
side wants, is the dilemma of the U.S. budget and its deficit.
Some analysts say the financial markets may be waking up to
the economic realities that the huge debt cannot continue to
grow without repercussions.
A large portion of the U.S. debt has been financed by
foreigners from their accumulated trade surpluses. But if they
withdraw this support the result can only be further problems,
including higher interest rates for Americans.
In a nutshell, the U.S. budget process has now moved to the
showdown stages in Congress. Reagan's own trillion dollar
spending budget for the government year 1988, starting Oct. 1,
was trounced badly in the House on April 9.
The Senate takes up a plan similar to one that passed the
House, calling for slashing the deficit from its estimated 171
billion dlr level next year to about 134 billion dlrs, through
defense and domestic spending cuts and about 18.5 billion dlrs
in new, unspecified, taxes. As the Senate prepares to take up
its own budget plan, majority Democrats predict there will be
passage of a bill, only after a protracted partisan battle.
In the House, not one Republican voted for the budget,
which passed by 230 to 192. In the Senate, none of Reagan's
Republicans voted for the budget as it passed out of the Senate
Budget Committee for full Senate consideration.
A key Senate Budget Committee source told Reuters he
believes this very unusual unanimous opposition was by design
among congressional Republicans, perhaps with the tacit
approval of the White House.
"Republicans want Democrats to take the heat for any tax
hikes and defense cuts," he said.
In the coming weeks, the source said, Democrats will press
for a bipartisan budget and seek a negotiated budget with
Reagan -- who already is opposed to the idea. But "it is not
clear how the Republicans will act," he added.
He said Republicans may propose their own plan for lower
taxes and more defense spending, which they did not offer after
Reagan's budget was clobbered in an early vote in the House.
When Reagan entered the White House in 1981, he inherited
what was labelled a huge deficit from Jimmy Carter that wound
up to be nearly 79 billion dlrs that year.
Despite Reagan's promise to balance the budget by 1983,
critics note that his administration's record of accumulated
debt is estimated over one trillion dlrs, or 1,100 billion
dlrs.
That is money the government must borrow, and pay back, and
many analysts say it is what kept the dollar high and caused
the worst U.S. trade deficit ever.
Last year the United States bought goods from the world
worth 169.8 billion dlrs more than what it sold, including
purchases of 58.6 billion dlrs in Japanese goods.
While Congress is trying to attack the trade deficit on one
front through a get-tough trade bill promising retaliatory
measures unless all markets are opened, its success so far
against the budget deficit has been marked by limited progress.
Congress, which controls the pursestrings, has put the
deficit on a downward path from its record high of 220.7
billion dlrs accumulated in fiscal 1986, which ended Sept. 30.
Because of the Gramm-Rudman-Hollings balanced budget law
enacted in late 1985, there has been pressure on Congress to do
more than talk about deficits.
That law, named after Republican Senators Phil Gramm of
Texas, Warren Rudman of New Hampshire and Democrat Ernest
Hollings of South Carolina, calls for a balanced budget by 1991
through a series of set deficit targets that Congress must meet.
The law has been followed, even though an enforcement
mechanism to mandate automatic across-the-board cuts if
Congress misses its goal was stricken by the Supreme Court.
The legislators have followed the targets -- on paper. But
in reality, the goal has actually been missed. For example,
Congress last year approved legislation to meet the 1987 target
of a 144 billion dlr deficit. But even after approving the
numbers, the deficit for 1987 is estimated at over 170 billion
dlrs -- far off the target.
This year the target is 108 billion dlrs and that goal is
expected to be missed widely.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21674" NEWID="17024">
<DATE>21-APR-1987 12:42:37.02</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
A RM
f1778reute
r f BC-COMMONWEALTH-EDISON-< 04-21 0112</UNKNOWN>
<TEXT>
<TITLE>COMMONWEALTH EDISON <CWE> SELLS MORTGAGE BONDS</TITLE>
<DATELINE> NEW YORK, April 21 - </DATELINE><BODY>Commonwealth Edison Co is raising 360
mln dlrs via a two-tranche offering of first and refunding
mortgage bonds, said lead manager Morgan Stanley and Co Inc.
A 200 mln dlr issue of bonds due 1990 has an 8-1/8 pct
coupon and was priced at 99.775 to yield 8.21 pct, or 65 basis
points over comparable Treasury securities.
A 160 mln dlr offering of bonds due 1992 has an 8-5/8 pct
coupon and was priced at 99.85 to yield 8.661 pct, or 78 basis
points more than Treasuries. Both tranches are non-callable for
life and rated A-3 by Moody's and A by S and P. Salomon
Brothers Inc co-managed the deal.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21675" NEWID="17025">
<DATE>21-APR-1987 12:47:33.66</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f1796reute
r f BC-ROYAL-RESOURCES 04-21 0058</UNKNOWN>
<TEXT>
<TITLE>BUSINESSMAN HAS ROYAL RESOURCES <RRCO.O> STAKE</TITLE>
<DATELINE> WASHINGTON, April 21 - </DATELINE><BODY>James Stuckert, a Louisville, Ky.,
businessman, told the Securities and Exchange Commission he has
acquired 380,000 shares of Royal Resources Corp, or 5.7 pct of
the total outstanding common stock.
Stuckert said he bought the stake for 600,000 dlrs solely as
an investment.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21676" NEWID="17026">
<DATE>21-APR-1987 12:48:28.99</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f1800reute
d f BC-ATT-<T>-LAUNCHES-SYST 04-21 0091</UNKNOWN>
<TEXT>
<TITLE>ATT <T> LAUNCHES SYSTEMS FOR SMALL BUSINESSES</TITLE>
<DATELINE> NEW YORK, April 21 - </DATELINE><BODY>American Telephone and Telegraph Co
introduced two communications systems, Spirit and Merlin, and
other products, in a bid to strengthen its position with small
businesses, the company said.
The Spirit system, with a basic price tag of 1,500 dlrs,
can handle up to six lines and 16 telephones and a more
advanced line which can handle up to 24 lines and 48
tlelphones.
ATT said the Merlin line, which starts at 2,500 dlrs, can
handle up to 32 lines and 72 telephones.
ATT said the new products will eventually replace the
current Merlin product family. Some of the systems will be
available in May and others in the third quarter.
ATT also introduced software enhancements for the System
25, for business that require PBX voice and data communications
and need up to 150 phones. These and other enhancements will be
available in the third quarter, the company said.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21677" NEWID="17027">
<DATE>21-APR-1987 12:53:58.04</DATE>
<TOPICS><D>cpi</D></TOPICS>
<PLACES><D>spain</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM
f1823reute
r f BC-SPAIN-MAINTAINS-FIVE 04-21 0091</UNKNOWN>
<TEXT>
<TITLE>SPAIN MAINTAINS FIVE PCT INFLATION TARGET</TITLE>
<DATELINE> MADRID, April 21 - </DATELINE><BODY>Spanish Secretary of State for the
economy Guillermo de la Dehesa said the government maintained
its five pct inflation target for this year although a 0.6 pct
increase in March pushed the rise in the year on year consumer
price index to 6.3 pct.
De la Dehesa said the March rise, announced today by the
National Statistics Institute, was not entirely satisfactory
but acceptable.
The year on year rate at the end of February was six pct.
Prices rose 8.3 pct last year.
The March rise included a 0.05 pct increase correcting an
error in last January's consumer price index. Economists had
earlier said the error could have been as high as 0.2 pct.
De la Dehesa said seasonal increases in food prices pushed
the index up in March and he expected the rate to be lower in
April.
The Communist-led Workers Commissions union said the March
price rise showed inflation was going up again and the
government looked increasingly unlikely to meet its five pct
target.
The Workers Commissions said the inflation trend fuelled
unions's claims to wage increases beyond the government's
recomendation to limit wage rises at around five pct.
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