reuters21578.txt

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19870409	CANADA FEBRUARY TRADE SURPLUS 1.2 BILLION DLRS Canada had a trade surplus of 1.25 billion dlrs in February compared with an upward revised 623 mln dlrs surplus in January, Statistics Canada said.     The January surplus originally was reported at 533 mln dlrs. The February surplus last year was 189 mln dlrs.     February exports, seasonally adjusted, were 10.44 billion dlrs against 9.85 billion in January and 10.05 billion in February, 1986.     February imports were 9.19 billion dlrs against 9.23 billion in January and 9.86 billion in February, 1986.  Reuter 3;
19870409	CANADA TRADE RISE SEEN AS START OF RECOVERY Canada's trade picture has brightened considerably, underscoring economists' predictions the sector would post a long awaited recovery this year.     The federal government reported today that the monthly surplus soared to 1.25 billion Canadian dlrs in February, double January's 623 mln dlrs surplus and sharply higher than February 1986's 189 mln dlr tally.     "Hopefully it's the beginning of a trend," said Richardson Greenshields of Canada Ltd economist Susan Clark in Toronto.     Economists generally don't expect such large gains over the next months, but are looking for an upward trend throughout the year.     "We thought the trade balance would improve ... over the year, and it certainly looks as if this morning's figure is indicative of that," commented economist James Donegan at the Toronto securities firm of Midland Doherty Ltd.     Statistics Canada reported the surplus was driven by a 23 pct gain in automobile product exports to a record 3.2 billion dls in the month.     "Recovery in the automotive sector helped push the value of exports up by 5.9 pct in February," the agency said in its monthly report.     Total exports expanded to 10.44 billion dlrs from 9.85 billion dlrs in February, while imports slipped to 9.19 billion dlrs from 9.23 billion dlrs.     Economists have predicted the 1987 trade surplus would end up three to five billion dlrs higher than last year's dismal 10.1 billion dlr total. In 1985 the surplus was 17.48 billion dlrs.     Money market analysts said the positive trade news touched off a modest rally in the Canadian dollar, which rose to 76.85 U.S. cts on North American markets early this morning after closing at 76.58 cts Wednesday.     The currency was hovering around 76.78 cts in early afternoon trading.     Economists have been banking on an improved trade performance this year to stimulate an otherwise sluggish Canadian economy.     Money market analysts said the positive trade news touched off a modest rally in the Canadian dollar, which rose to 76.85 U.S. cts on North American markets early this morning after closing at 76.58 cts Wednesday.     The currency was hovering around 76.78 cts in early afternoon trading.     Economists have been banking on an improved trade performance this year to stimulate an otherwise sluggish Canadian economy.     They say the country's consumers, who have been spending at a torrid pace in recent years, will sharply curtail outlays this year and this should help curtail the flow of imports into the country.     Meanwhile, demand for Canadian exports in the United States, by far the country's largest market, is expected to be strong as a result of a projected rise in American consumer spending and the relatively low value of the Canadian currency.     "We maintain what's going to drive Canada's export performance is income growth in the U.S.," said Midland's Donegan.     But at the Bank of Nova Scotia, deputy chief economist Warren Jestin was less optimistic about the U.S. outlook and said it could be a mistake to read too much into February's trade upturn.     Jestin said, "Given the fact the U.S. economy is showing signs of weakening--particularly car sales--it would indicate that part of the strength (in Canada's trade figures) is probably transitory."  Reuter 3;
19870409	CANADIAN BANK RATE RISES IN WEEK Canada's key bank rate rose to 7.20 pct from 7.15 pct the week before, Bank of Canada said.     Bank rate is set 1/4 percentage point above the average yield on the weekly issue of 91-day treasury bills. This week's yield was 6.95 pct compared with the previous week's 6.90 pct.     Tenders were accepted for 2.55 billion dlrs of 91-day bills at an average price of 98.296 dlrs against 98.310 dlrs last week.     The 1.40 billion dlrs of 182-day bills were priced at an average 96.488 dlrs against 96.549 dlrs last week, to yield an average 7.30 pct, versus 7.17 pct last week.     The 500 mln dlrs of 364-day bills were priced at an average 92.969 dlrs against 93.159 dlrs last week, to yield an average 7.58 pct versus 7.38 pct last week.     Tenders will be received next week for 2.50 billion dlrs of  91-day bills, 1.40 billion dlrs of 182-day bills and 500 mln dlrs of 364-day bills.            Reuter 3;
19870409	CANAM MANAC WINS 8.5 MLN DLR CONTRACT (The Canam Manac Group Inc) said its Canam Steel Works unit received a contract valued at 8.5 mln dlrs to supply steel trusses to (Canron Inc) for a new car plant in Ingersoll, Ontario.     Canam Manac said it will produce the trusses at its Quebec and Ontario plants and delivery will be completed by August.  Reuter 3;
19870409	CANNON INT'L <CAN> SETS PHILIPPINES FILM PACT Cannon International said <Viva Films International> agreed to exclusively distribute Cannon films in the Philippines for the new four years.     The company said the agreement covers both theatrical and video distribution. Terms were not disclosed.   Reuter 3;
19870409	CARGILL CONFIRMS WHITE SUGAR SALE TO INDIA London-based trader Cargill (U.K.) Ltd confirmed it sold one cargo of white sugar to India for shipment April 15/May 15 at yesterday's tender.     Price details were not immediately available but some traders suggested business had been done around 220 dlrs a tonne cif.     India tendered for one or two cargoes of white sugar. There was no specific requirement on shipping period.  REUTER 3;
19870409	CCC GUARANTEES TO IRAQ SWITCHED --USDA The Commodity Credit Corporation (CCC) has transferred 12.0 mln dlrs in credit guarantees previously earmarked for sales of U.S. hatching eggs and 7.0 mln dlrs in guarantees for breeder livestock to increase coverage on sales of U.S. protein concentrates to Iraq, the U.S. Agriculture Department said.     The action was taken at the request of Iraq's State Trade Organization for Grains and Foodstuffs and reduces the line for hatching eggs to zero and the line for breeder livestock from 15.0 mln dlrs to 8.0 mln dlrs, the department said.     The guarantee line for sales of protein concentrates has been increased from 25.0 mln dlrs to 44.0 mln dlrs, it said.      Reuter 3;
19870409	CCF REPORTS 34.8 PCT PROFIT BOOST, SHARE SPLIT SEEN Credit Commercial de France <CCFP.PA> reported a parent company net profit up 34.8 pct to 140.1 mln francs from 103.9 mln francs a few weeks before its denationalisation around the end of this month.     Official sources said the bank, France's sixth largest in terms of its deposits and seventh in terms of its assets,  planned a share split to increase the number of shares on offer ahead of the sale of 40 pct of its ordinary share capital to the public, of 10 pct to staff and 20 pct abroad.     Previously one of France's biggest private banks, it was nationalised by the Socialists in 1982.     The sources said it was too early to give details of the planned split or of the share price, but cited April 27 as a likely date for the flotation launch.     So far 30 pct of the group's capital, currently at 10.33 mln shares of 100 francs nominal, has been offered for sale to large private investors to constitute a solid core of eight to ten shareholders before the flotation.     The private tender offer closes on April 16, while a 12 mln franc advertising campaign for the flotation begins on Sunday. "The privatisation will be a way of attracting extra clients," CCF deputy director-general Rene de la Serre told Reuters.     Market sources put the total value of CCF's privatisation at between four and five billion francs.     De la Serre said the bank was likely to attract at least the same number of investors as <Sogenal>, another recently privatised bank in which 850,000 people bought shares.     The government's sweeping privatisation programme has also included the sale of Saint-Gobain <SGEP.PA>, and Cie Financiere de Paribas <PARI.PA>. The sale of <Banque du Batiment et des Travaux Publics> and <Banque Industrielle et Mobiliere Privee> should be completed this month, while third largest French bank Societe Generale <SGEN.PA> will be privatised later this year.  REUTER 3;
19870409	CENTEL <CNT> COMPLETES ACQUISITION Centel Corp said it completed the acquisition of Welbac Cable Television Corp, which serves more than 2,500 cable television subscribers in east central Michigan.     Terms were not disclosed.     With the addition of Welbac customers, Centel Cable Television Co of Michigan serves more than 83,000 customers. Overall, Centel has nearly 495,000 customers in seven states.  Reuter 3;
19870409	CENTEL <CNT> SELLS DEBENTURES AT 9.233 PCT Centel Corp is raising 50 mln dlrs through an offering of debentures due 2017 yielding 9.233 pct, said lead manager Smith Barney, Harris Upham and Co Inc.     The debentures have a 9-1/8 pct coupon and were priced at 98.90 to yield 117 basis points over comparable Treasury securities.     Non-callable for five years, the issue is rated A-3 by Moody's Investors Service Inc and A by Standard and Poor's Corp.     E.F. Hutton and Co Inc and UBS Securities Inc co-managed the deal.  Reuter 3;
19870409	CERTIFICATED COTTON STOCKS Certificated cotton stocks deliverable on the New York Cotton Exchange No 2 cotton futures contract as of April 8 were reported at 34,661 bales, down 421 bales from the previous day's figure. There were no bales awaiting review and 1,218 bales awaiting decertification.  Reuter 3;
19870409	CHICAGO PACIFIC <CPAC> SELLS CONVERTIBLE DEBT Chicago Pacific Corp is raising 150 mln dlrs through an offering of convertible subordinated debentures due 2012 with a 6-1/2 pct coupon and par pricing, said lead manager Goldman, Sachs and Co.     The debentures are convertible into the company's common stock at 62.50 dlrs per share, representing a premium of 25.63 pct over the stock price when terms on the debt were set.     Non-callable for two years, the issue is rated B-1 by Moody's Investors Service Inc and B by Standard and Poor's Corp. First Boston Corp and Lazard Freres and Co co-managed the deal.  Reuter 3;
19870409	CHILEAN TRADE SURPLUS NARROWS SLIGHTLY IN FEBRUARY chile's trade surplus narrowed to 102.2 mln dlrs in february, from 105.4 mln dlrs in the same month last year, but it was above the 18.2-mln-dlr surplus recorded in january 1987, the central bank said.     Exports in february totalled 379.4 mln dlrs, 17.2 pct above the january figure. Imports fell 9.2 pct from the previous month to 277.2 mln dlrs. The figures for the same month last year were 314 mln and 208.6 mln dlrs, respectively.     The accumulated trade surplus over the first two months of 1987 stands at 120.4 mln dlrs against 132.8 mln dlrs the previous year.  Reuter 3;
19870409	CHINA LIGHT UNIT RENEWS COMMERCIAL PAPER FACILITY <Kowloon Electricity Supply Co Ltd>, a joint venture of China Light and Power Co Ltd <CLPH.HK> and Exxon Corp <XON>, has renewed and increased an existing commercial paper program, arranger <Schroders Asia Ltd> said.     The fully underwritten program, which expires this month, has been extended to December 1990 and increased to 540 mln H.K. Dlrs from the original 500 mln dlrs, it said.     The underwriting fee is 1/8 of a percentage point over the Hong Kong interbank offered rate.     Commercial paper in tenures of one to three months will be issued in denominations of one mln dlrs, it said.     The program offers a U.S. Dlr option whereby commercial paper in denominations of 100,000 U.S. Dlrs will be issued subject to the same underwriting margin.     Joining Schroders as underwriters are Barclays Bank Plc, Citicorp International Ltd, Paribas Asia Ltd, Sanwa International Finance Ltd and Sumitomo Finance (Asia) Ltd.     The six underwriters will be joined by 11 other financial institutions in the tender panel.  REUTER 3;
19870409	CHINA'S WHEAT CROP THREATENED BY PESTS, DISEASE Pests and disease, which destroyed 1.1 mln tonnes of wheat in China in 1986, are threatening crops on 11.64 mln hectares this year, the China Daily said.     About 14.54 mln hectares of wheat were affected in 1986.     The paper said abnormal weather conditions had encouraged the spread of wheat midges in 2.47 mln hectares in Shanxi, Henan, Sichuan, Anhui, Hebei and Jiangsu.     In Henan, Shandong and Hebei wheat aphids are affecting 4.67 mln hectares, wheat red mite 2.8 mln hectares and wheat powdery mildew 1.7 mln hectares.  REUTER 3;
19870409	CHINESE BANK TO MAKE FIRST FOREIGN BORROWING The state-owned People's Construction Bank of China is making its first foreign borrowing, 300 mln dlrs to finance a large ethylene plant in Shanghai, the People's Daily said.     The newspaper's overseas edition said the plant will produce 300,000 tonnes of ethylene a year.     It said the bank last year started foreign exchange services for the first time on an experimental basis in Shenzhen, Zhuhai and Xiamen, but it gave no more details.  REUTER 3;
19870409	CIBC UNIT ISSUES AUSTRALIAN DLR ZERO COUPON BOND CIBC Australia Ltd is issuing a zero coupon eurobond with a total redemption amount of 125 mln Australian dlrs due May 15, 1992 priced at 54 pct, sole lead manager CIBC Ltd said.     The issue is available in denominations of 1,000 and 10,000 Australian dlrs and is guaranteed Canadian Imperial Bank of Commerce. The selling concession is 3/4 pct, while management and underwriting combined pays 5/8 pct.     The payment date is May 15.  REUTER 3;
19870409	CLEVITE <CLEV> AMENDS RIGHTS PLAN Clevite Industries Inc, which earlier received a 96 mln dlr takeover offer from J.P. Industries Inc <JPI>, said it amended its Shareholder Rights Plan so that certain provisions of the plan cannot occur until the board determines that it is in the best interests of the company and stockholders.     The plan, adopted in December 1986, permits Clevite to issue shares at half price to existing stockholders and allows stockholders to buy shares of an unfriendly bidder at half price.     Clevite said the amendments by its board effectively mean that the so-called flip-in and flip-over provisions of its rights plan can only be triggered by affirmative board approval.     The company said it acted inview of the proposed acquisition and because certain debt restrictions could block its ability to redeem the rights.  Reuter 3;