📄 reut2-019.sgm
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annual software sales of 330 mln yen in 1992, Fujitsu said.
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</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6872" NEWID="19036">
<DATE>18-JUN-1987 23:59:08.26</DATE>
<TOPICS></TOPICS>
<PLACES><D>japan</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0002reute
u f BC-MITSUI,-ALLIANCE-IN-F 06-18 0116</UNKNOWN>
<TEXT>
<TITLE>MITSUI, ALLIANCE IN FUND MANAGEMENT TIE-UP</TITLE>
<DATELINE> TOKYO, June 19 - </DATELINE><BODY><Mitsui Investment Management Co Ltd>
(MIMCL) and <Alliance Capital Management International Inc>
(ACMII) will sign an agreement late this month to cooperate in
international fund management, a ACMII spokesman said.
MIMCL, 55-pct controlled by affiliated companies of Mitsui
Bank Ltd <MIBT.T>, will reconsign some of its foreign
securities investment orders to ACMII, he told Reuters.
ACMII, the London-based 100 pct-owned subsidiary of
<Alliance Capital Management Corp> of New York, will reconsign
some of its foreign orders to MIMCL and instruct MIMCL in
international fund management techniques, the spokesman said.
Both firms were among 56 investment advisory companies
granted Japanese government approval for discretionary fund
management on June 10, the Mitsui spokesman said.
Alliance Capital Management Corp is the world's biggest
firm devoted exclusively to fund management and has 35 billion
dlrs in funds, he said.
Mitsui Investment Co Ltd, established two years ago,
controls about 800 mln dlrs, 80 pct of which is invested in
Japanese equities.
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</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6873" NEWID="19037">
<DATE>19-JUN-1987 00:05:03.32</DATE>
<TOPICS><D>alum</D></TOPICS>
<PLACES><D>indonesia</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F M C
f0006reute
u f BC-INDONESIA-RAISES-STAK 06-19 0107</UNKNOWN>
<TEXT>
<TITLE>INDONESIA RAISES STAKE IN ALUMINIUM PLANT</TITLE>
<DATELINE> JAKARTA, June 19 - </DATELINE><BODY>Indonesia has increased its share in a
434-billion-yen aluminium smelter joint venture with Japan from
25 to 37 pct, Asahan Project Authority director A.R. Suhud
said.
The Japanese Export-Import Bank said Indonesia had raised
its share of (P.T. Indonesia Asahan Aluminium) company,
capitalised in 1975 at 91 billion, by swapping 32 billion yen
in government loans to the company for an equity stake.
The Japanese shareholders, the Overseas Economic
Cooperation Fund and 12 companies, are to invest another 24
billion yen raising capitalisation to 147 billion yen.
Asahan reported total losses of 97.6 billion rupiah between
1982 and 1985. Suhud said much of the company's 320 billion yen
debt had been caused by falling tin prices and the appreciation
of the yen against the U.S. Dollar. Aluminium is sold in
dollars.
Prices improved from 1,150 dlrs a tonne six months ago to
about 1,450 dlrs today. The plant is supposed to break even if
prices stay at 1,500 dlrs a tonne.
Sahud said the plant, with a capacity of 220,000 tonnes a
year, would probably lose money again in 1987. The plant,
situated in North Sumatra, produces mostly for Japan.
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</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6874" NEWID="19038">
<DATE>19-JUN-1987 00:12:36.11</DATE>
<TOPICS></TOPICS>
<PLACES><D>philippines</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0010reute
u f BC-PHILIPPINE-STOCKS-SOA 06-19 0094</UNKNOWN>
<TEXT>
<TITLE>PHILIPPINE STOCKS SOAR TO NEW HIGHS, RECORD VOLUME</TITLE>
<AUTHOR> By Greg Hutchinson, Reuters</AUTHOR>
<DATELINE> MANILA, June 19 - </DATELINE><BODY>Investors on Philippine stock markets
have shrugged off growing communist activity in the cities to
push share prices to all-time highs on record turnover, brokers
said.
Regularly heavy trading of more than one billion shares a
day has sent the Manila exchange's composite index soaring to
775.9 from 577.2 points in just over three weeks.
Brokers described recent trading as "frantic" and "hectic" as
trading records were smashed day after day.
A total 2.6 billion shares worth 259.4 million pesos
changed hands on the main Manila and the less important Makati
exchanges yesterday, with much of the activity among centavo
priced stocks, brokers said. The turnover was more than double
the record of 1.1 billion shares worth 118.1 million pesos set
on Wednesday.
Brokers said rising gold prices caused mining shares to
shoot up three weeks ago, and other sectors followed. Share
prices continued their rise even when the gold price fell back
to 450 dlrs an ounce, due to rising confidence in President
Corazon Aquino's handling of the economy, they said.
Brokers said Aquino's handling of the 18-year-old communist
insurgency and the maintenance of relatively low interest rates
also contributed to the rise.
Blue chip stocks, such as those of San Miguel Corp and
Philippine Long Distance Telephone Co (PLDT), have risen 25 pct
in three weeks, and the trend is upward in the medium term
although a temporary correction is overdue, they said.
Since the surge began on May 26, Manila's Mining index has
risen to 5,700.4 points from 4,042.4, its commercial and
industrial index has shot up to 881.0 from 694.9 points, and
the oils indicator has increased to 4.1 from 2.9 points.
Market activity has been rising in spurts since Ferdinand
Marcos was replaced by Aquino 16 months ago.
One broker said he thought the Philippine stock market "may
at last have come of age."
Wilson Sy, president of Prudential Securities, a local
stockbroking firm with Hong Kong affiliations, told Reuters,
"Barring any unforeseen political events you can bet on the
Philippine market. It has shrugged off the communist inroads
into Manila."
Assassins have killed 52 policemen, soldiers and security
guards in the capital this year.
Communist hitmen known as sparrows have claimed they killed
22 of them.
Sy said Philippine stocks were undervalued in world terms
with price-earnings ratios often half those in Hong Kong and
one-sixth those in Japan. He said PLDT, which is also U.S.
Listed, has a price-earnings ratio of about nine.
Sy predicted Manila's composite index would rise beyond
1,000 points from its current 775.9 mark by year-end.
Other brokers were more cautious, saying Aquino had to
improve peace and order before investors could treat the
Philippines as they would Hong Kong or Tokyo.
One broker said he believed about 30 pct of the money going
into stocks was now foreign, much of it from fund managers and
their agents based in Hong Kong and New York.
Manila Stock Exchange chairman Robert Coyuito told Reuters,
"If the peace and order situation really improved the market
could move beyond a price-earnings ratio of 20 times."
"But all depends on how Congress performs and the local
elections go," he said.
A new two-chamber legislature was elected last month and is
due to sit on July 27. Local elections are scheduled for
November.
PLDT shares closed at 630 pesos a share yesterday, 30 pesos
above Wednesday's record close. PLDT share prices have risen
about nine-fold in 18 months.
San Miguel shares closed at 190 pesos, also a historic
high, brokers said.
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</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6875" NEWID="19039">
<DATE>19-JUN-1987 01:04:05.45</DATE>
<TOPICS></TOPICS>
<PLACES><D>canada</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM AI
f0043reute
u f BC-CANADIAN-TAX-REFORM-C 06-19 0103</UNKNOWN>
<TEXT>
<TITLE>CANADIAN TAX REFORM CALLED AN IMPORTANT STEP</TITLE>
<AUTHOR> By Larry Welsh, Reuters</AUTHOR>
<DATELINE> OTTAWA, June 18 - </DATELINE><BODY>Canada's sweeping tax reform package,
announced today, is an important step towards a fairer system,
but is not as bold a revamp of the tax structure as some had
expected, economists and business leaders said.
"It's the biggest step towards tax reform we've taken in a
great many years," Merrill Lynch Canada Inc chief economist
Michael Manford told Reuters.
"But the system is the same old system with a lot of
important changes, as opposed to a brand new system," he added.
(See spotlight index page on ECRA)
Manford said changes introduced by Finance Minister Michael
Wilson did not go far enough in simplifying the federal tax
system. They represent evolutionary rather than revolutionary
reform.
"Overall, I thought that it was a more timid step than we
were led to believe," he said.
Wilson's move to increase money collected from corporations
while cutting individual taxes "is probably an acceptable shift,"
said Bill James, president of Falconbridge Ltd, an
international mining company.
Wilson spread corporate tax increases fairly evenly across
the corporate sector, James said. "So it's not going to hit
anyone too hard and we will remain competitive."
Wilson said in his speech to the House of Commons that
Canada's tax system needed to be changed to compete with
sweeping reforms in the United States last year.
"The critical thing on the corporate side is that Wilson
moved most of the taxes much closer to the U.S. System," Manford
said.
The federal government increased taxes paid by corporations
by about five billion dlrs over the next five years, but
lowered personal taxes by 11 billion dlrs in the same period.
Despite collecting more corporate taxes, Wilson was able to
lower the tax rate on individual companies by removing many
special tax exemptions and broadening the tax base.
Wilson's plan also reduced the capital cost allowance, used
by companies to write off major investments, which some
business spokesmen said will hurt business in the long run.
"That will affect some investment decisions negatively," said
Laurent Thiebeault, Canadian Manufacturers Association
president.
Tax analysts said for some industries it will take several
days to assess the impact of the capital cost allowance
reductions that will be made over a number of years.
As anticipated, Canada's opposition parties signalled they
intend to fight the new tax measures as they are introduced in
Parliament over the next few months.
"It's not tax reform, it's a tax grab," said Liberal leader
John Turner.
Turner labelled changes to the federal sales tax "a money
machine for the minister of finance."
Wilson broadened the federal sales tax to include
additional products and also promised to introduce a
broad-based, multi-staged sales tax.
"It's not at all a fair package and Canadians are going to
see that very quickly," New Democratic Party leader Ed Broadbent
said.
However, economist Manford said Wilson acted wisely to
protect lower income Canadians by providing tax credits that
will cut 850,000 people from the tax rolls.
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</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="6876" NEWID="19040">
<DATE>19-JUN-1987 01:07:20.73</DATE>
<TOPICS><D>money-fx</D><D>reserves</D></TOPICS>
<PLACES><D>taiwan</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM AI
f0050reute
u f BC-TAIWAN-DOLLAR-AND-RES 06-19 0086</UNKNOWN>
<TEXT>
<TITLE>TAIWAN DOLLAR AND RESERVES SEEN RISING MORE SLOWLY</TITLE>
<AUTHOR> By Chen Chien-Kuo, Reuters</AUTHOR>
<DATELINE> TAIPEI, June 19 - </DATELINE><BODY>Recent government moves to curb capital
inflow have temporarily helped to slow the rise of Taiwan's
foreign exchange reserves and to stabilise the local dollar
against the U.S. Currency, officials and bankers said.
Central bank governor Chang Chi-Cheng told reporters the
reserves rose only about 500 mln U.S. Dlrs in the past two
weeks and the local dollar appreciated more slowly against the
U.S. Dollar.
Chang said, "The pace of increase in our reserves is much
slower now than before and our currency is getting more stable."
He said the reserves, mainly the result of the trade surplus
with the U.S., Rose at the rate of two to three billion U.S.
Dlrs a month between January and May.
The reserves, the world's third largest after Japan and
West Germany, now total well over 60 billion U.S. Dlrs.
On June 2 the central bank froze overseas borrowings of
local and foreign banks and cut the limit on central bank
purchases of forward U.S. Dollars from banks to 40 pct from 90
pct of the value of a contract.
Local and foreign bankers said the June 2 measures had
drastically limited their ability to lend foreign exchange to
importers and exporters.
They said their overseas borrowings and forward dollar
transactions showed a drastic decline with some banks
registering a fall of up to 30 pct.
Bank dealers said the Taiwan dollar has stabilised against
the U.S. Currency this week after rising two to five Taiwanese
cents a day between June 2 and 13 compared with a rise of five
to eight cents in May.
The bank dealers said the central bank, which had
previously bought U.S. Dollars heavily, sold at least 1.1
billion U.S. Dlrs in the past two weeks to meet commercial
demand.
They said they expected the government to keep the local
dollar stable in the near term to give breathing space to
businesses experiencing slower exports because of the rise of
more than 23 pct in the value of the Taiwan dollar since
September 1985.
The Taiwan dollar opened at 31.09 to the U.S. Dollar today,
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