📄 reut2-019.sgm
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suggests it may, this could influence the Fed to loosen its
credit reins and move toward a more accommodative monetary
policy.
A Reuter survey of 17 money market economists produced a
forecast of a 600 mln dlr M-1 decline for the week ended June
8, with estimates ranging from a gain of one billion dlrs to a
decline of four billion. Instead, M-1 fell eight billion dlrs
to 745.7 billion dlrs at a seasonally adjusted annual rate.
Coming on the heels of a 4.3 billion decrease in M-1 for
the week ended June 1, this means the nation's money supply has
fallen more than 12 billion dlrs in the past two weeks,
economists said.
"M-1 has hit an air pocket of weakness," said Bill Sullivan
of Dean Witter Reynolds Inc.
While M-1 may have lost its significance as an indicator of
economic growth, Sullivan said Fed officials might be concerned
the latest drop in M-1 means another month of sluggish growth
in the broader monetary aggregates, M-2 and M-3, which are seen
as better gauges of economic growth.
Latest monthly M-2 and M-3 data showed that as of May, both
measures were growing at rates below the bottom of the Fed's
5-1/2 to 8-1/2 pct target ranges.
If money growth does not accelerate, Fed officials,
concerned that this indicates economic growth is flagging,
could turn toward easier monetary policy, economists said.
"Does this mean that the Fed abandons its current open
market position? No," Sullivan said. "But does this mean the end
of tightening for the time being? Definitely yes."
Economists said average adjusted discount window borrowings
of 385 mln dlrs for the latest two-week bank statement period
were lower than they had expected. Most believed the Fed had
targetted a two-week borrowings average of around 500 mln dlrs.
But they said that if it had not been for a large one-day
net miss in the Fed's reserve projections, the higher
borrowings target would probably have been reached.
A drop in May U.S. Housing starts and continued weakness in
auto sales show key sectors of the U.S. Economy are lagging,
while a recent modest 0.3 pct gain in May producer prices has
helped dispel inflation fears, Slifer said.
"If this continues, we can entertain the notion of Fed
easing at some point," he said.
Other economists said the Fed would probably pay little
attention to weak money supply growth. "It has been a number of
years since M-1 has given good signs of what's going on in the
economy," one said. "I don't think M-1 shows that the economy is
falling apart and the Fed should ease."
Economists agreed a stable dollar will continue to be a
prerequisite for any move by the Fed toward easier monetary
policy.
They said the Fed is reluctant to lower short-term rates
for fear this would spur expectations of a weaker dollar and
higher inflation which would push up long-term yields and choke
off econmomic growth.
But Sullivan said the dollar has been steady since late
April. "The Fed has to determine if this represents a
fundamental change for the dollar. If it does, then this gives
them more room to ease," he said.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6865" NEWID="19029">
<DATE>18-JUN-1987 22:34:58.79</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f5142reute
b f BC-NATIONAL-SEMICONDUCTO 06-18 0067</UNKNOWN>
<TEXT>
<TITLE>NATIONAL SEMICONDUCTOR CORP <NSM> FOURTH QUARTER</TITLE>
<DATELINE> SANTA CLARA, Calif., June 18 -
</DATELINE><BODY>Shr profit six cents vs loss 10
Net profit 8.1 mln dlrs vs loss 7.1 mln
Sales 511.9 mln vs 397.8 mln
Avg shrs 97.0 mln vs 90.5 mln
YEAR
Shr loss 38 cents vs loss 1.10 dlrs
Net loss 24.6 mln dlrs vs loss 91.5 mln
Sales 1.87 billion vs 1.48 billion
Avg shrs 91.7 mln vs 89.8 mln
NOTE - Current year figure includes previously announced 15
mln dlr restructuring charge.
Figures include extraordinary credit from tax benefit of
4.2 mln dlrs in quarter vs 2.3 mln a year earlier and 4.2 mln
for year vs 5.6 mln year earlier.
The 1986 year net reflects 51.2 mln dlr gain from
cumulative effect of accounting change.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6866" NEWID="19030">
<DATE>18-JUN-1987 23:12:09.91</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f5168reute
u f BC-NATIONAL-SEMICONDUCTO 06-18 0104</UNKNOWN>
<TEXT>
<TITLE>NATIONAL SEMICONDUCTOR <NSM> SEES IMPROVED YEAR</TITLE>
<DATELINE> SANTA CLARA, Calif., June 18 - </DATELINE><BODY>National SemiConductor Corp,
which earlier reported a profitable fiscal fourth quarter after
a year ago loss, said it expects improved financial performance
during its new fiscal year.
The company reported a profit of 8.1 mln dlrs in the
quarter ended May 31, after a loss of 7.1 mln dlrs in the year
ago period.
The company said orders for its core businesses have
improved, adding "Our strong balance sheet and the improved
business environment should enable us to improve our financial
performance during our new fiscal year."
The company said that during the fourth quarter both its
semiconductor group and its information systems group had
higher sales and improved operating performance than in the
prior quarter and the year-earlier quarter.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6867" NEWID="19031">
<DATE>18-JUN-1987 23:19:19.77</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM AI
f5172reute
u f BC-OKLAHOMA-THRIFT-PLACE 06-18 0117</UNKNOWN>
<TEXT>
<TITLE>OKLAHOMA THRIFT PLACED UNDER RECEIVERSHIP</TITLE>
<DATELINE> WASHINGTON, June 18 - </DATELINE><BODY>The Federal Home Loan Bank Board
(FHLBB) today placed <Investors Federal Bank> of El Reno,
Oklahoma under receivership and transferred its 97.8 mln dlrs
in assets to the <Investors Savings and Loan Association>.
An FHLBB statement said the thrift was insolvent and "had
substantially dissipated its assets," mainly by participating in
large commercial real estate developments. It said it violated
federal laws and regulations on loan documentation, loans to
directors and conflict of interest. The sucessor organisation
is a federal savings and loan to be managed under contract by
Sunwood Management Corp of Parker, Colorado.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6868" NEWID="19032">
<DATE>18-JUN-1987 23:26:43.72</DATE>
<TOPICS></TOPICS>
<PLACES><D>japan</D><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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u f BC-MITSUBISHI-ELECTRIC-T 06-18 0114</UNKNOWN>
<TEXT>
<TITLE>MITSUBISHI ELECTRIC TO ASSEMBLE PC'S IN U.S.</TITLE>
<DATELINE> TOKYO, June 19 - </DATELINE><BODY>Mitsubishi Electric Corp <MIET.T> plans to
assemble personal computers in the U.S. To counteract the
imposition of a 100 pct import tax in April and a drop in
profits due to the yen's appreciation against the dollar, a
company spokesman told Reuters.
It will assemble 16-bit MP-286 and 32-bit MP-386 desk-top
computers at its wholly-owned computer and computer-related
equipment sales unit <Mitsubishi Electronics America Inc> in
Torrance, California at a rate if 10,000 a month, he said. This
will include 2,000 TO 3,000 to be sold in the U.S. Under the
Mitsubishi name, he said without giving more details.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6869" NEWID="19033">
<DATE>18-JUN-1987 23:30:02.35</DATE>
<TOPICS><D>trade</D></TOPICS>
<PLACES><D>usa</D><D>singapore</D><D>brunei</D><D>indonesia</D><D>malaysia</D><D>philippines</D><D>thailand</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM V
f5177reute
u f BC-SHULTZ-WARNS-ASEAN-OF 06-18 0100</UNKNOWN>
<TEXT>
<TITLE>SHULTZ WARNS ASEAN OF LOOMING TRADE PROBLEM</TITLE>
<DATELINE> SINGAPORE, June 19 - </DATELINE><BODY>U.S. Secretary of State George Shultz
warned members of the Association of Southeast Asian Nations
(ASEAN) they could no longer rely on increased exports to the
U.S. For growth.
"Given the importance of exports, particularly export
manufactures, to all of your countries, you are going to have
to work hard to diversify your markets," he said.
"While you may be able to maintain your current market share
in the U.S., You clearly will not be able to look to the U.S.
To take major increases in your exports," he added.
Shultz told the foreign ministers of Brunei, Indonesia,
Malaysia, the Philippines, Singapore and Thailand the U.S.
Would cut its huge foreign trade deficit more rapidly than many
now believed.
He said ASEAN's looming trade problems would not
necessarily stem from protectionist legislation now being
contemplated by Congress, "but simply because of the adjustments
the U.S. Economy will have to make in order to service our
large and growing external debt."
Shultz said the U.S. Deficit had resulted not from falling
exports but from higher imports that had fuelled world growth.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6870" NEWID="19034">
<DATE>18-JUN-1987 23:52:30.35</DATE>
<TOPICS></TOPICS>
<PLACES><D>australia</D></PLACES>
<PEOPLE><D>keating</D><D>hawke</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM AI
f5192reute
u f BC-AUSTRALIA'S-OPPOSITIO 06-18 0107</UNKNOWN>
<TEXT>
<TITLE>AUSTRALIA'S OPPOSITION FACES SETBACK ON TAX PLAN</TITLE>
<AUTHOR> By Francis Daniel, Reuters</AUTHOR>
<DATELINE> SYDNEY, June 19 - </DATELINE><BODY>The conservative opposition, already
fighting an uphill election battle, now faces controversy in
its own ranks over a possible error in its major tax cutting
program, economists said.
Professor Michael Porter, architect of the tax plan,
declined to refute Treasurer Paul Keating's charge that the
opposition miscalculated tax and expenditure cuts by several
billion dollars. Economists said the opposition, trailing
behind Labour in opinion polls, would find its chances further
diminished if its tax policy was a miscalculation.
The tax plan, unveiled by opposition leader John Howard
last week, is the cornerstone of the Liberal Party's economic
strategy to oust the Labour Party in the July 11 poll.
Keating has said the Howard tax plan would sharply increase
the budget deficit to more than nine billion dlrs and severely
damage Australia's economy, already overburdened with balance
of payments and foreign debt problems.
In his mini-budget on May 13, Keating said the budget
deficit for the year ending June 1988 would be between two and
three billion dlrs.
Porter, a key member of the opposition economic think tank,
said he played a leading role in formulating the tax plan but
not Howard's proposed expenditure savings, which Keating
claimed were distorted through double counting.
Some opposition members said there appeared to be errors,
but a Liberal Party spokesman refused comment, saying the
package was being reexamined.
"The whole thing is so deceitful," Prime Minister Bob Hawke
said in a radio interview. "Howard has made a mess of it. If
they can't govern themselves, how can they expect to govern the
country?"
Hawke, who is seeking a third term, said the opposition had
made the election one of the easiest for him.
"I've never felt more physically and mentally relaxed
(during an election). We've no problems at all," he said.
The latest public opinion poll, published in the Melbourne
Sun newspaper, showed Labour was leading the opposition by 12
points, indicating a 66-seat majority for Hawke in parliament.
The Election Commission announced last night that 613
candidates would contest the 148-seat House of Representatives,
while 255 candidates would fight for the 76 Senate seats.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6871" NEWID="19035">
<DATE>18-JUN-1987 23:58:21.89</DATE>
<TOPICS></TOPICS>
<PLACES><D>japan</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0001reute
u f BC-FUJITSU,-FUJIAN-PROVI 06-18 0108</UNKNOWN>
<TEXT>
<TITLE>FUJITSU, FUJIAN PROVINCE FORM JOINT VENTURE</TITLE>
<DATELINE> TOKYO, June 19 - </DATELINE><BODY>Fujitsu Ltd <ITSU.T> said it signed a
joint venture agreement with the Post and Telecommunication
Administration Bureau of Fujian Province (PTABF), China to
develop and sell software for the Fujitsu-designed digital
telephone switching machine FETEX-150.
It said in a statement the joint company, <Fujian Fujitsu
Communications Software Ltd> located in Fuzhou city, was
capitalised at about 10 mln yuan and was owned 51 pct by PTABF
and 49 pct by Fujitsu.
It would create about 20 local jobs and has a target of
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