<!DOCTYPE lewis SYSTEM "lewis.dtd">
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11914" NEWID="7001">
<DATE>19-MAR-1987 06:17:22.36</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>australia</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0363&#31;reute
u f BC-FAIRFAX-SAYS-HIGHER-T   03-19 0107</UNKNOWN>
<TEXT>&#2;
<TITLE>FAIRFAX SAYS HIGHER TAX HITS FIRST HALF EARNINGS</TITLE>
<DATELINE>    SYDNEY, March 19 - </DATELINE><BODY>Media group John Fairfax Ltd &lt;FFXA.S>
said that its flat first half net profit partly reflected the
impact of changes in the Australian tax system.
    Fairfax earlier reported net earnings edged up 2.3 pct to
25.94 mln dlrs in the 26 weeks ended December 28 from 25.35 mln
a year earlier although pre-tax profit rose 9.1 pct to 48.30
mln from 44.29 mln.
    Net would have risen 10.1 pct but for the increase in
company tax to 49 pct from 46 and the imposition of the tax on
fringe benefits, paid by employers and not the recipients, the
company said in a statement.
    Fairfax also pointed to the cyclical downturn in revenue
growth in the television industry as another reason for the
flat first half earnings.
    It said it considered the result satisfactory in view of
these factors.
    Fairfax said its flagship dailies, The Sydney Morning
Herald and the Melbourne Age, boosted advertising volume, as
did the Australian Financial Review, and posted extremely
satisfactory performances. Magazines also performed strongly.
    But an 8.9 pct rise in television costs outweighed a 4.0
pct rise in revenue, it said.
    Fairfax said a fall in net interest also contributed to net
earnings because group borrowings were reduced following the
receipt of a 96.11 mln dlr capital dividend from &lt;Australian
Associated Press Pty Ltd> (AAP) after the sale of AAP's "B"
shares in Reuters Holdings Plc &lt;RTRS.L>.
    This accounted for the 89.32 mln dlr extraordinary profit.
    Fairfax said it is too early to predict results for the
full year. Increased borrowings after the recent 320 mln dlr
acquisition of the HSV-Seven television station in Melbourne
will hit earnings but networking with the Channel Sevens in
Sydney and Brisbane will produce some offsetting cost savings.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11915" NEWID="7002">
<DATE>19-MAR-1987 06:20:33.63</DATE>
<TOPICS></TOPICS>
<PLACES><D>france</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0367&#31;reute
b f BC-BANK-OF-FRANCE-SELLS   03-19 0095</UNKNOWN>
<TEXT>&#2;
<TITLE>BANK OF FRANCE SELLS 1.6 BILLION FRANCS CRH TAP</TITLE>
<DATELINE>    PARIS, March 19 - </DATELINE><BODY>The Bank of France sold 1.6 billion
francs of 8.50 pct March 1987/99 Caisse de Refinancement
Hypothecaire (CRH) state-guaranteed tap stock at an auction,
the Bank said.
    Demand totalled 6.82 billion francs and prices bid ranged
from 93.50 to 96.60 pct. The minimum accepted price was 95.50
pct with a 9.13 pct yield, while the average price was 95.69.
    At the last auction on February 19, two billion francs of
CRH tap stock was sold at a minimum price of 91.50 pct and
yield of 9.73 pct.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11916" NEWID="7003">
<DATE>19-MAR-1987 06:21:45.34</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0370&#31;reute
b f BC-BRITOIL-PLC-&lt;BTOL.L>   03-19 0045</UNKNOWN>
<TEXT>&#2;
<TITLE>BRITOIL PLC &lt;BTOL.L> 1986 YR</TITLE>
<DATELINE>    LONDON, March 19 -
    </DATELINE><BODY>Shr 6.56p vs 50.31p
    Final div 6p, making 8p vs 13p.
    Pre-tax profit 134 mln stg vs 759 mln.
    Net profit 33 mln vs 253 mln.
    Turnover 978 mln stg vs 1.80 billion.
    Extraordinary debit 50 mln vs nil.
    Operating profit 149 mln stg vs 756 mln.
    Exceptional debit on rationalisation programme 12 mln vs
nil
    Petroleum Revenue Taxes 77 mln vs 319 mln,
    U.K. Corporation tax and overseas tax 24 mln vs 187 mln,
    Note - The net effect of accounting changes in 1986 was to
reduce after tax profits by 47 mln stg. Retained earnings for
prior years were increased by 209 mln.
    Extraordinary debit of 50 mln stg related to the decision
to seek a buyer for the company's U.S. Assets.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11917" NEWID="7004">
<DATE>19-MAR-1987 06:29:47.46</DATE>
<TOPICS><D>jobs</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0389&#31;reute
f f BC-(EMBARGOED-FOR-RELEAS   03-19 0023</UNKNOWN>
<TEXT TYPE="UNPROC">&#2;
    (EMBARGOED FOR RELEASE AT 1130 GMT THURS MARCH 19) ******UK
FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1
PCT - OFFICIAL
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11918" NEWID="7005">
<DATE>19-MAR-1987 06:31:34.81</DATE>
<TOPICS><D>income</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0391&#31;reute
f f BC-UK-UNIT-WAGE/LABOUR-C   03-19 0013</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE>UK UNIT WAGE/LABOUR COSTS ROSE 3.3 PCT IN THREE MONTHS ENDING JAN - OFFICIAL
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11919" NEWID="7006">
<DATE>19-MAR-1987 06:32:16.74</DATE>
<TOPICS><D>income</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0392&#31;reute
f f BC-UK-AVERAGE-EARNINGS-R   03-19 0014</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE>UK AVERAGE EARNINGS ROSE 7.6 PCT IN JANUARY, UNDERLYING RISE 7.5 PCT - OFFICIAL
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11920" NEWID="7007">
<DATE>19-MAR-1987 06:32:22.15</DATE>
<TOPICS><D>money-supply</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0393&#31;reute
f f BC-U.K.-FEBRUARY-ADJUSTE   03-19 0015</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE>U.K. FEBRUARY ADJUSTED STERLING M3 RISES 2-1/4 PCT, M0 DOWN 3/4 TO ONE PCT - OFFICIAL
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11921" NEWID="7008">
<DATE>19-MAR-1987 06:32:48.77</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0394&#31;reute
u f BC-LEGAL-AND-GENERAL-GRO   03-19 0037</UNKNOWN>
<TEXT>&#2;
<TITLE>LEGAL AND GENERAL GROUP PLC YEAR 1986</TITLE>
<DATELINE>    LONDON, March 19 -
    </DATELINE><BODY>Shr 14.58p vs 7.86p
    Div 6.5p making 9.75p, an increase of 19.4 pct
    Pretax profit 83.2 mln stg vs 31.5 mln
    Net after tax 68.6 mln stg vs 37.7 mln
    Pretax profit 83.2 mln stg vs 31.5
mln, consists of -
    Long term business 45.9 mln stg vs 43.8 mln
    U.S. Long term business 6.2 mln vs 8.9 mln
    Fund management 4.7 mln vs 6.5 mln
    Short term business 4.7 mln vs loss 29.0 mln
    Associate companies 0.9 mln vs 0.8 mln
    Shareholders other income and outgoings 0.4 mln debit vs
0.5 mln credit
    Exceptional long-term business profit 21.4 mln vs nil
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11922" NEWID="7009">
<DATE>19-MAR-1987 06:33:49.51</DATE>
<TOPICS><D>money-supply</D></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0397&#31;reute
f f BC-FEB-STERLING-BANK-LEN   03-19 0014</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE>FEB STERLING BANK LENDING UP 2.9 BILLION STG AFTER 1.75 RISE IN JAN - OFFICIAL
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11923" NEWID="7010">
<DATE>19-MAR-1987 06:33:54.42</DATE>
<TOPICS><D>jobs</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0398&#31;reute
f f BC-UK-FEB-ADJUSTED-UNEMP   03-19 0014</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE>UK FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1 PCT - OFFICIAL
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11924" NEWID="7011">
<DATE>19-MAR-1987 06:34:43.33</DATE>
<TOPICS><D>trade</D></TOPICS>
<PLACES><D>japan</D><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0399&#31;reute
u f BC-JAPAN-TO-ASK-CHIP-MAK   03-19 0118</UNKNOWN>
<TEXT>&#2;
<TITLE>JAPAN TO ASK CHIP MAKERS TO SLASH OUTPUT FURTHER</TITLE>
<DATELINE>    TOKYO, March 19 - </DATELINE><BODY>The Ministry of International Trade and
Industry will ask Japanese computer microchip makers to further
slash output in the second quarter in an effort to save its
semiconductor pact with the United States, MITI officials said.
    The United States has accused Japan of reneging on the
semiconductor pact by failing to stop the flow of cut-price
Japanese chips to Asian markets. Washington has threatened to
take retaliatory action after April 1.
    The pact, agreed last year, calls on Japan to stop selling
cut-price chips in world markets and to increase its imports of
American chips to reduce some of its huge trade surplus.
    MITI, anxious to salvage the bilateral agreement, has been
pressing chip makers to limit production in the hope that will
boost domestic chip prices and reduce the incentive to export.
    Last month, the ministry asked Japanese chip makers to
reduce first quarter output by 10 pct. To meet that request,
they had to slash production by 20 pct over the final six weeks
of the first quarter.
    If that reduced production level were maintained through to
the end of June, second quarter output would come in 10 pct
below that of the first three months of the year.
    MITI officials, who declined to be identified, said the
ministry has not yet decided on the extent of the second
quarter cutback.
    One said that Japanese chip makers are losing ground in
Asia to South Korean and U.S. Competition just as markets there
are picking up.
    MITI has been criticized privately by some Japanese
semiconductor makers for what they see as heavy-handed attempts
to ensure the success of the Japan/U.S. Chip pact.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11925" NEWID="7012">
<DATE>19-MAR-1987 06:39:15.19</DATE>
<TOPICS><D>money-supply</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0402&#31;reute
b f BC-U.K.-CLEARING-BANK-LE   03-19 0067</UNKNOWN>
<TEXT>&#2;
<TITLE>U.K. CLEARING BANK LENDING RISES 1.6 BILLION STG</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>Clearing bank sterling lending to the
U.K. Private sector in February is estimated to have risen by
an underlying, seasonally-adjusted 1.6 billion stg after a 1.2
billion stg rise in January, the Banking Information Service
said.
    The unadjusted rise was 1.31 billion stg, compared with an
813 mln stg increase in January.
    The Banking Information Service said the adjusted rise of
1.6 billion stg was well above the recent monthly average of
about 1.0 billion stg.
    Of the increase, 297 mln stg was accounted for by personal
lending, which the Banking Information Service said was taken
up entirely by lending for home purchases.
    Lending for consumption fell around 17 mln stg while about
182 mln stg of credit card debt was repaid during the month.
    Lending to the manufacturing industry was up 370 mln stg,
and to leasing companies by 308 mln stg.
    The Banking Information Service said February fell within
the governmemnt tax season, so much of the lending was probably
the result of industry's need to pay its tax bills.
    Deposits by the private sector rose an unadjusted 1.1
billion stg in February and by a seasonally-adjusted 1.75
billion stg.
    Deposits from the public sector rose 185 mln stg in
February while deposits from overseas residents rose by 43 mln.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11926" NEWID="7013">
<DATE>19-MAR-1987 06:43:04.94</DATE>
<TOPICS><D>jobs</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0410&#31;reute
b f BC-U.K.-UNEMPLOYMENT-FAL   03-19 0084</UNKNOWN>
<TEXT>&#2;
<TITLE>U.K. UNEMPLOYMENT FALLS IN FEBRUARY</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>Unemployment in the U.K. Fell a
provisional seasonally-adjusted 44,100 in February, to total
3.07 mln or 11.1 pct of the workforce, the Employment
Department said.
    In January, seasonally adjusted unemployment fell by a
revised 1,100 to 11.3 pct, it said. Initially the January
position was reported as flat.
    The unadjusted jobless total, including school leavers,
fell to 3.23 mln, or 11.7 pct, from 3.30 mln, 11.9 pct, in
January.
    February was the seventh successive month that seasonally
adjusted unemployment registered a fall.
    It was at a peak of 11.7 pct last summer.
    Lord Young, the Employment Minister, said there appeared
little doubt the monthly fall, which has been running at about
20,000, will continue.
    A Department spokesman said the sharp fall in February
reflected some compensation for the flat figure in January and
continued the downward trend seen in the past six months.
    He said the February fall was spread throughout the country
and among men and women.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11927" NEWID="7014">
<DATE>19-MAR-1987 06:47:26.22</DATE>
<TOPICS><D>money-supply</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0415&#31;reute
b f BC-STERLING-M3-UP-2-1/4   03-19 0110</UNKNOWN>
<TEXT>&#2;
<TITLE>STERLING M3 UP 2-1/4 PCT IN FEBRUARY, M0 DOWN</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>The main measure of U.K. Broad money,
sterling M3, grew a provisional, seasonally adjusted 2-1/4 pct
in February after a rise of 1.1 pct in January, the Bank of
England said.
    The narrow measure, M0, fell a provisional adjusted 3/4 to
one pct after a 0.6 pct drop in January, the Bank said.
    Unadjusted annual growth in sterling M3 was 18-3/4 to 19
pct in the 12 months to February against 17.6 pct in January
while M0 rose four to 4-1/4 pct after a 5.2 pct rise in
January.
    Seasonally adjusted, sterling bank lending grew 2.9 billion
stg after a January rise of 1.75 billion.
    Of the unadjusted counterparts to sterling M3, bank lending
to the private sector expanded 2.6 billion stg after a 1.4
billion rise in January, the Bank said.
    The public sector borrowing requirement (PSBR) contracted
by 300 mln stg after a contraction of 3.7 billion stg in
January.
    Funding - debt sales to the non-bank private sector and
external flows to the public sector - rose by 300 mln stg after
a 1.5 billion stg rise in January. Of this, central government
debt sales to the public sector were expansionary by 400 mln
stg after a 1.3 billion expansion in January, the Bank said.
    Other unadjusted counterparts to sterling M3 expanded by
300 mln stg in February after an expansion of 1.3 billion stg
in January, the Bank said.
    Unadjusted figures showed a rise in sterling M3 by 1-3/4 to
two pct in February after a drop of 0.8 pct in January.
    On the same basis, the figures showed a drop of about 1-1/2
pct in MO in February after a sharp 6-1/2 pct fall in January.
    The Bank said it would publish full, final figures on March
30.
    The Bank said non-bank private sector holdings of public
sector debt fell by about 400 mln stg in February while
external flows to the public sector were about 100 mln stg.
    Combined with a net PSBR repayment of about 300 mln stg,
the public sector contribution to the growth in sterling M3 was
therefore about flat, the Bank said.
    It said seasonally adjusted bank lending, at about 2.9
billion stg in February, compared with an average of about 2.6
billion stg a month over the preceding six months.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11928" NEWID="7015">
<DATE>19-MAR-1987 06:53:56.15</DATE>
<TOPICS><D>income</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0418&#31;reute
b f BC-U.K.-EARNINGS-RISE-7.   03-19 0094</UNKNOWN>
<TEXT>&#2;
<TITLE>U.K. EARNINGS RISE 7.6 PCT IN YEAR TO JANUARY</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>U.K. Average earnings rose a seasonally
adjusted 7.6 pct in the year to end-January after a 7.4 pct
rise in the year to December, the Department of Employment
said.
    The underlying rise was 7.5 pct after 7.75 pct in December.
    The January index, base 1980, was set at a provisional
seasonally adjusted 190.4, down from 193.4 in December.
    The underlying rise, adjusted for factors such as back-pay
and timing variations, had been steady at 7.5 pct from October
1985 to October 1986.
    Unit wage costs in U.K. Manufacturing industry rose 3.3 pct
in the three months to end January, on a year-on-year basis,
after a 3.1 pct rise in the three months to end December, the
Department of Employment said.
    In January, the unit wage rise in manufacturing industries
was 3.6 pct, unchanged from the December rise.
    The Department said the decline in the underlying rate of
rise in earnings reflected the reduced significance of bonus
payments in January compared with December.
    The actual increase reflected teacher pay settlements and
industrial action in the transport and communications sectors
in January 1987.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11929" NEWID="7016">
<DATE>19-MAR-1987 06:55:01.57</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0419&#31;reute
b f BC-MEPC-ISSUES-PARTLY-PA   03-19 0088</UNKNOWN>
<TEXT>&#2;
<TITLE>MEPC ISSUES PARTLY PAID EUROSTERLING BOND</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>U.K. Property company MEPC Plc is
issuing a 75 mln stg eurobond due April 15, 2004 paying 9-7/8
pct and priced at 99-5/8 pct, lead manager County Natwest
Capital Markets said.
    The bond is in partly paid form with 25 pct due on April 15
and the remainder on July 15. It will be available in
denominations of 1,000 and 10,000 stg and will be listed in
London.
    Fees comprise 1-1/2 pct selling concession and 1/2 pct each
for management and underwriting.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11930" NEWID="7017">
<DATE>19-MAR-1987 07:01:20.97</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0426&#31;reute
b f BC-NOMURA-INTERNATIONAL   03-19 0108</UNKNOWN>
<TEXT>&#2;
<TITLE>NOMURA INTERNATIONAL FINANCE ISSUES EUROBOND</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>Nomura International Finance Plc is
issuing a 150 mln dlr eurobond due April 28, 1992 with a 7-1/4
pct coupon and priced at 101-1/8 pct, Nomura International Ltd
said as lead manager.
    The transaction carries the guarantee of Nomura Securities.
Bonds will be issued in denominations of 5,000 dlrs and will be
listed in London. Payment date is April 27.
    Fees comprise 5/8 pct for management and underwriting,
including a 1/8 pct praecipuum, and 1-1/4 pct for selling.
    Co-lead is Pru-Bache Securities. The issue is targeted at
Europe, with no Japanese co-managers.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11931" NEWID="7018">
<DATE>19-MAR-1987 07:09:17.93</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;A
&#22;&#22;&#1;f0442&#31;reute
r f BC-VOLVO-ISSUES-70-BILLI   03-19 0078</UNKNOWN>
<TEXT>&#2;
<TITLE>VOLVO ISSUES 70 BILLION EUROLIRE BOND</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>AB Volvo is issuing a 70 billion
eurolire bond due May 31, 1990 paying 10-1/8 pct and priced at
100-1/2 pct, lead manager Banca Commerciale Italiana said.
    The bond is available in denominations of two mln lire and
will be listed in London.
    Fees comprise 7/8 pct selling concession with 1/2 pct for
management and underwriting combined.
    Payment date is April 24 and there will be a long first
coupon.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11932" NEWID="7019">
<DATE>19-MAR-1987 07:13:37.68</DATE>
<TOPICS></TOPICS>
<PLACES><D>west-germany</D></PLACES>
<PEOPLE><D>stoltenberg</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0450&#31;reute
u f BC-STOLTENBERG-CONSIDERS   03-19 0101</UNKNOWN>
<TEXT>&#2;
<TITLE>STOLTENBERG CONSIDERS RAISING SOME INDIRECT TAXES</TITLE>
<DATELINE>    BONN, March 19 - </DATELINE><BODY>Finance Minister Gerhard Stoltenberg said
he was looking for ways to help finance a planned tax reform
without increasing value-added tax but could not rule out
raising some indirect taxes, for example, on tobacco.
    Stoltenberg also told parliament that closing tax loopholes
would contribute towards the 19 billion marks the government is
seeking to finance part of its 44 billion mark tax reform
package for the 1990s.
    He confirmed that a temporary and limited increase in the
borrowing requirement was also being considered.
    Chancellor Helmut Kohl yesterday said a temporary rise in
borrowing was acceptable but stressed his government would
exercise strict discipline in spending.
    New net borrowing was 23.0 billion marks in 1986 compared
with 37.2 billion in 1982.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11933" NEWID="7020">
<DATE>19-MAR-1987 07:16:04.87</DATE>
<TOPICS><D>money-fx</D></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0456&#31;reute
b f BC-U.K.-MONEY-MARKET-SHO   03-19 0032</UNKNOWN>
<TEXT>&#2;
<TITLE>U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>The Bank of England said it revised down
its estimate of the deficit in the system today to 400 mln stg
from 450 mln.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11934" NEWID="7021">
<DATE>19-MAR-1987 07:17:51.88</DATE>
<TOPICS></TOPICS>
<PLACES><D>west-germany</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0457&#31;reute
u f BC-WESTLB-ISSUES-50-MLN   03-19 0115</UNKNOWN>
<TEXT>&#2;
<TITLE>WESTLB ISSUES 50 MLN AUSTRALIAN DLR EUROBOND</TITLE>
<DATELINE>    FRANKFURT, March 19 - </DATELINE><BODY>A Westdeutsche Landesbank
Girozentrale (WestLB) unit is raising 50 mln Australian dlrs
through a five-year bullet eurobond with a 14-3/8 pct coupon
and priced at 101-1/2, co-lead manager WestLB said.
    The bond, for WestLB Finance N.V., Is guaranteed by the
parent. Investors will pay for the bond on April 15, and the
bond pays annual interest on the same day. It matures on that
day in 1992. Fees total two pct, with 1-3/8 points for selling,
and 5/8 for management and underwriting combined. There is a
1/8 pct praecipuum. Listing is in Luxembourg.
    Co-lead is Hambros Bank Ltd. Denomination is 1,000 dlrs.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11935" NEWID="7022">
<DATE>19-MAR-1987 07:21:25.03</DATE>
<TOPICS></TOPICS>
<PLACES><D>ecuador</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;A
&#22;&#22;&#1;f0462&#31;reute
r f BC-DEBT-ECUADOR   03-19 0085</UNKNOWN>
<TEXT>&#2;
<TITLE>ECUADOR SEEKS 450 MLN DLRS IN EMERGENCY CREDIT</TITLE>
<AUTHOR>    By Jorge Aguirre, Reuters</AUTHOR>
<DATELINE>    QUITO, March 18 - </DATELINE><BODY>Ecuador is seeking between 437 and 450
mln dlrs in loans this year from multilateral organisations and
foreign governments to grapple with economic losses from a
devastating earthquake 13 days ago, a presidential economic
adviser said.
    Foreign governments and multilateral organisations hold
one-third of Ecuador's 8.16 billion dlrs total foreign debt, he
said in a news conference at the presidential palace.
    But he added that the suspension of payments to private
foreign banks, who hold the rest of the foreign debt, would be
prolonged though the government hoped to negotiate an agreement
with these creditors.
    President Leon Febres Cordero says the earthquake cost the
country one billion dlrs in losses and left 1,000 people dead
or missing.
    Swett, who was Finance Minister of Ecuador between August
1984 to June 1986, added: "With the private foreign banks there
has been a ceasing of payments by Ecuador.
    "We are bringing forward the respective negotiations whose
conclusion we hope finalises in the next few weeks."
    Finance Minister Domingo Cordovez said last week that
quake-hit Ecuador sought through negotiations to postpone all
payments due to the private foreign banks in 1987 until next
year.
    Although Swett gave no gave details on the latest plan for
negotiations with private foreign banks, he calculated the
suspension of payment to these creditors would save the
government 54.45 billion sucres.
    This amount is equal to 363 mln dlrs at the free rate of
150 sucres to the dollar -- the rate Swett said reporters
should use in calculating the dollar equivalent.
    The Ecuadorean central bank, which is the institution
remitting debt payments abroad, uses the official rate of 95
sucres to the dollar for its accounting purposes. At the
official rate, the 54.45 billion sucres' sum equals 573 mln
dlrs.
    Ecuador, squeezed by a slide last year in prices for crude,
its main export, suspended payments to private foreign banks in
January.
    Swett said the government would also seek to refinance the
1.429 billion dlr section of the debt owed to the Paris Club
group of foreign governments, though it would continue to
service the debt with them. He gave no more details.
    The government adopted a tough austerity program last
Friday intended to grapple with the tremor's economic costs.
But the country's labour unions have called a general strike
for Wednesday to press for a suspension of the program.
    The 500,000-strong Unitary Workers' Front (FUT) and the
100,000-member General Union of Workers (UGT) called the strike
to cancel the measures, which include a rise in petrol prices
of up to 80 per cent and budget cuts of as much as 10 per cent.
    The leftist-led FUT said it was also backing a call by the
Maoist Popular Movement for Democracy (MPD) party, to have
Congress impeach and oust Febres Cordero, a conservative, for
having adopted the austerity measures.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11936" NEWID="7023">
<DATE>19-MAR-1987 07:23:33.05</DATE>
<TOPICS><D>gold</D></TOPICS>
<PLACES><D>south-africa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;A
&#22;&#22;&#1;f0474&#31;reute
r f BC-SOME-7,000-SOUTH-AFRI   03-19 0104</UNKNOWN>
<TEXT>&#2;
<TITLE>SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK</TITLE>
<DATELINE>    JOHANNESBURG, March 19 - </DATELINE><BODY>Some 7,000 black workers returned
to work after staging one-day strikes at two mines on Monday,
the National Union of Mineworkers and the companies that own
the mines said.
    About 6,000 miners resumed work at the Grootvlei gold mine
east of Johannesburg after protesting the transfer of
colleagues to other jobs at the same mine, owners General
Mining Union Corp Ltd &lt;GENM.J> said.
    The union said about 1,000 mineworkers at a new coal
facility owned by Anglo American Corp of South Africa Ltd
&lt;ANGL.J> also returned to their jobs on Tuesday.
    The workers at Anglo's Vaal Colliery south of Johannesburg
had struck to protest the alleged refusal of officials of the
South African homeland of Transkei to allow miners to attend a
funeral in the homeland, a union spokesman said.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11937" NEWID="7024">
<DATE>19-MAR-1987 07:27:17.84</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>japan</D><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0490&#31;reute
r f BC-NIPPON-LIFE-SEEKING-T   03-19 0102</UNKNOWN>
<TEXT>&#2;
<TITLE>NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE</TITLE>
<DATELINE>    TOKYO, March 19 - </DATELINE><BODY>&lt;Nippon Life Insurance Co> is pursing a
possible link with an American securities house to expand its
overseas investment portfolio, a company spokesman said.
    But he declined to comment on rumours the company would
take a 10 pct stake in &lt;Shearson Lehman Brothers>, an
investment banking unit of American Express Co &lt;AXP>.
    He said the firm started to sound out several U.S.
Investment banks on capital participation about 18 months ago
and was narrowing the number of prospects, but he did not say
if it had set its sights on one firm.
    Nippon Life, Japan's largest life insurer, also plans to
set up a wholly owned investment unit, &lt;Nissei International
America>, in New York next month and subsidiaries in Canada,
Singapore, the Cayman Islands and Jersey this year, he said.
    These moves are in line with its long-term strategy to put
more emphasis on overseas investment management as
opportunities at home are declining while the company's assets
are growing.
    The company is especially attracted by the scale and depth
of U.S. Money and credit markets and wants to establish a firm
foothold there, the spokesman added.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11938" NEWID="7025">
<DATE>19-MAR-1987 07:28:32.29</DATE>
<TOPICS></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0495&#31;reute
f f BC-******   03-19 0009</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE> Bundesbank says it leaves credit policies unchanged
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11939" NEWID="7026">
<DATE>19-MAR-1987 07:28:41.74</DATE>
<TOPICS></TOPICS>
<PLACES><D>west-germany</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0496&#31;reute
u f BC-WEST-GERMAN-CAR-OUTPU   03-19 0107</UNKNOWN>
<TEXT>&#2;
<TITLE>WEST GERMAN CAR OUTPUT RISES IN FEBRUARY</TITLE>
<DATELINE>    FRANKFURT, March 19 - </DATELINE><BODY>West German car and van production
rose to 389,900 in February from 380,900 in February 1986, the
German Automobile Industry Association VDA said in a statement.
    Production of trucks of up to six tonnes fell sharply to
11,500 from 14,600, owing to a cut in production of small
delivery vans of up to two tonnes. Total vehicle output rose to
410,000 from 404,600.
    Car and van exports eased to 222,000 in February from
225,000 one year earlier, and exports of trucks of up to six
tonnes dropped to 6,200 from 9.900. Total vehicle exports fell
to 233,200 from 240,300.
    Car and van output in January and February eased to 758,700
from 766,500 in the first two months of 1986. Production of
trucks up to six tonnes fell to 26,300 from 30,700, and total
vehicle production fell to 802,300 from 814,900.
    Car and van exports in January and February fell to 424,700
from 443,300 a year earlier and exports of trucks up to six
tonnes fell to 15,400 from 20,200. Total vehicle exports fell
to 449,200 from 473,500.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11940" NEWID="7027">
<DATE>19-MAR-1987 07:28:55.45</DATE>
<TOPICS><D>money-fx</D></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0498&#31;reute
b f BC-U.K.-MONEY-MARKET-GIV   03-19 0083</UNKNOWN>
<TEXT>&#2;
<TITLE>U.K. MONEY MARKET GIVEN 181 MLN STG ASSISTANCE</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>The Bank of England said it provided the
money market with 181 mln stg in assistance this morning.
    This compares with the Bank's revised shortage forecast of
around 400 mln stg.
    The central bank purchased bank bills outright at the new
dealing rates established yesterday.
    These comprised 65 mln stg in band one at 9-7/8 pct, 114
mln stg in band two at 9-13/16 pct and two mln stg in band
three at 9-3/4 pct.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11941" NEWID="7028">
<DATE>19-MAR-1987 07:29:03.46</DATE>
<TOPICS></TOPICS>
<PLACES><D>japan</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0499&#31;reute
d f BC-FUJI-BANK-ACCUSED-OF   03-19 0074</UNKNOWN>
<TEXT>&#2;
<TITLE>FUJI BANK ACCUSED OF MISUSE OF TAX FREE RESERVES</TITLE>
<DATELINE>    TOKYO, March 19 - </DATELINE><BODY>The Tokyo Regional Taxation Bureau has
imposed a penalty tax on &lt;Fuji Bank Ltd> for alleged improper
use of tax-free reserves, a bank spokeswoman told Reuters.
    She declined to reveal the bank's planned response but
another bank official said it has not paid the penalty.
    The bank said in a brief statement it believes that its use
of the tax-free reserves is legal.
    Financial institutions can set aside 0.003 pct of their
risky loans as tax-free reserves. Fuji said a difference of
understanding exists between the bank and the tax bureau
regarding the use of tax-free reserves. It did not elaborate.
    Fuji Bank reported a 72.1 billion yen net profit in the
1985/86 year. Lending totaled 16,120 billion yen.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11942" NEWID="7029">
<DATE>19-MAR-1987 07:29:42.07</DATE>
<TOPICS><D>money-supply</D></TOPICS>
<PLACES><D>philippines</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;A
&#22;&#22;&#1;f0505&#31;reute
h f BC-PHILIPPINES'-LIQUIDIT   03-19 0104</UNKNOWN>
<TEXT>&#2;
<TITLE>PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS</TITLE>
<DATELINE>    MANILA, March 19 - </DATELINE><BODY>Liquidity in the Philippines rose in
December while loan demand and short-term lending rates fell,
the Central Bank said.
    A bank official said M-3 rose 9.72 pct to a provisional
149.80 billion pesos at the end of December from a month
earlier for a year-on-year gain of 12.72 pct.
    She said short-term bank lending rates fell to an
annualised 13.88 pct at the end of December, from 14.58 pct a
month earlier and 19.82 pct at the end of December 1985.
    Poor loan demand was illustrated by a rise in commercial
bank reserves, the official said.
    The bank official said commercial bank reserves were 22.19
billion pesos at the end of December, when reserves required
were 21.59 billion.
    She said the surplus of 597 mln pesos, compared with a
deficit of 390 mln pesos a month earlier and a deficit of 1.64
billion at the end of 1985, reflected political uncertainty in
the last quarter of 1986.
    Reserve money, the total available to monetary authorities,
was a provisional 52.58 billion pesos at the end of 1986. This
was 5.19 pct up from 49.98 billion at the end of November and
41.85 pct up from 37.09 billion in December 1985.
    The bank official noted M-3, which includes M-1 money
supply, plus savings, time deposits and deposit substitutes.
Was 132.88 billion pesos at the end of December 1985.
    M-1 money supply rose a provisional 17.3 pct to 42.86
billion pesos at the end of December 1986 from 36.52 billion a
month earlier. The year-on-year rise was 19.64 pct, up from
35.83 billion at the end of December 1985.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11943" NEWID="7030">
<DATE>19-MAR-1987 07:31:01.10</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>japan</D><D>portugal</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0511&#31;reute
r f BC-SANWA-BANK-ACQUIRES-S   03-19 0103</UNKNOWN>
<TEXT>&#2;
<TITLE>SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK</TITLE>
<DATELINE>    TOKYO, March 19 - </DATELINE><BODY>Sanwa Bank Ltd &lt;ANWA.T> has agreed to buy
a two pct stake in Oporto-based &lt;Banco Portugues de Investmento
Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
said.
    Sanwa will purchase the shares from International Finance
Corp, a BPI shareholder and sister organisation of the World
Bank, for 351 mln yen, he said.
    The acquisition will be completed this month as both the
Japanese and Portuguse governments are expected to give
permission soon.  This is the first time a Japanese bank has
bought a stake in a Portuguese bank.
    Sanwa plans to increase its stake in BPI to four pct, the
ceiling for foreign shareholders, the official said.
    The bank has also agreed with &lt;Banco Portugues do
Atlantico>, a state-owned merchant bank in Oporto, to exchange
information on customers and help accelerate Japanese
investment and technological transfers to Portugal, he said.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11944" NEWID="7031">
<DATE>19-MAR-1987 07:41:42.61</DATE>
<TOPICS><D>interest</D></TOPICS>
<PLACES><D>west-germany</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;A
&#22;&#22;&#1;f0527&#31;reute
u f BC-BUNDESBANK-LEAVES-CRE   03-19 0051</UNKNOWN>
<TEXT>&#2;
<TITLE>BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED</TITLE>
<DATELINE>    FRANKFURT, March 19 - </DATELINE><BODY>The Bundesbank left credit policies
unchanged after today's regular meeting of its council, a
spokesman said in answer to enquiries.
    The West German discount rate remains at 3.0 pct, and the
Lombard emergency financing rate at 5.0 pct.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11945" NEWID="7032">
<DATE>19-MAR-1987 07:44:43.08</DATE>
<TOPICS><D>gnp</D></TOPICS>
<PLACES><D>france</D></PLACES>
<PEOPLE><D>balladur</D></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0534&#31;reute
u f BC-NO-FRENCH-REFLATION,   03-19 0103</UNKNOWN>
<TEXT>&#2;
<TITLE>NO FRENCH REFLATION, SOURCES CLOSE TO BALLADUR SAY</TITLE>
<DATELINE>    PARIS, March 19 - </DATELINE><BODY>There is no question of stimulating
consumption or relying on a systematic budget deficit or other
reflationary policies to boost the French economy, sources
close to finance minister Edouard Balladur said.
    Their comments followed remarks by prime minister Jacques
Chirac's spokesman Denis Baudouin, who said on Monday ministers
were agreed on the desirability of "relaunching" the economy.
    This sparked speculation the government was preparing for a
reflationary U-turn, but the finance ministry immediately ruled
out any such move.
    The sources today said the government's policy remained one
of "recovery," or sound finances and greater efficiency.
    They said that while 8.6 billion of the 30 billion franc
revenues expected for 1987 from a sweeping privatisation
program will go to providing public companies with fresh
capital, 21.4 billion francs, or two-thirds, will go toward
paying off national debt.
    Any further privatisation revenue this year above the 30
billion would be distributed between repayment of national
internal debt and public companies in similar proportions, they
added.
    The sources said it was absurd to talk of reflation when
the country's internal debt, expected to grow by 10 pct this
year from 1,300 billion francs in 1986 was growing twice as
fast as gross domestic product.
    Nominal GDP is expected to grow by roughly five pct this
year from 5,000 billion francs last year, broadly in line with
earlier forecasts. Real GDP will grow by up to 2.5 pct.
    The sources said that with France's economic targets for
1987 roughly in line with its main trading partners, the
government had no intention of pushing the economy to grow at
an artificial pace out of step with neighbouring economies.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11946" NEWID="7033">
<DATE>19-MAR-1987 07:55:53.04</DATE>
<TOPICS></TOPICS>
<PLACES><D>hong-kong</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0557&#31;reute
u f BC-H.K.-REVIEWS-BANKING   03-19 0100</UNKNOWN>
<TEXT>&#2;
<TITLE>H.K. REVIEWS BANKING STRUCTURE, CAPITAL RATIO</TITLE>
<DATELINE>    HONG KONG, March 19 - </DATELINE><BODY>The Banking Commission is reviewing
the present three-tier banking system and its newly established
capital adequacy ratio, banking commissioner Robert Fell said.
    He told a news conference his office has had talks with the
Bank of England and the U.S. Federal Reserve Board on
risk-based capital ratios, following an agreement on such
standards between the two central banks early this year.
    The Bank of England and the Fed are trying to persuade the
Bank of Japan and European central banks to accept their
standards.
    "We welcome international standards," Fell said. "It means a
level playing field for all."
    Under a new banking rule that came into effect last year,
banks in Hong Kong are given a two-year grace period to meet a
five pct capital adequacy requirement.
    "The difference between us (Hong Kong and the U.K.) is
really not that great," he said.
    Fell said the majority of banks are comfortable with the
required capital ratio, though some are under-capitalised.
    Some banks, mostly Japanese, want a lower capital ratio
because of the special nature of their business, mainly
offshore banking operations. These institutions have proposed
the creation of a limited service bank category.
    Financial institutions in Hong Kong are now classified into
three types -- banks, registered and licensed deposit-taking
companies.
    Fell said the Commission is reviewing the three-tier
structure in light of the possible changes in capital ratio and
the growing trend towards securitisation of debt.
    Fell said the Commission is also studying a set of
guidelines on loan loss provisions with the help of the Society
of Accountants.
    Other planned guidelines relate to securitisation of debt
and business that banks and deposit taking companies can
conduct.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11947" NEWID="7034">
<DATE>19-MAR-1987 08:01:10.70</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D><D>austria</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0571&#31;reute
u f BC-AUSTRIA-INCREASES-BON   03-19 0059</UNKNOWN>
<TEXT>&#2;
<TITLE>AUSTRIA INCREASES BOND TO 75 MLN AUSTRALIAN DLRS</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>The Australian dollar eurobond launched
yesterday for the Republic of Austria has been increased to 75
mln dlrs from the original 50 mln, Credit Suisse First Boston
Ltd said as lead manager.
    The five year transaction has a 14-1/4 pct coupon and was
priced at 101-3/4 pct.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11948" NEWID="7035">
<DATE>19-MAR-1987 08:02:36.22</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0577&#31;reute
u f BC-U.K.-BUILDING-SOCIETY   03-19 0078</UNKNOWN>
<TEXT>&#2;
<TITLE>U.K. BUILDING SOCIETY TAPS EUROSTERLING MARKET</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>Cheltenham and Gloucester Building
Society is issuing a 50 mln stg eurobond due April 22, 1992,
paying 9-1/4 pct and priced at 101-1/4 pct, lead manager Union
Bank of Switzerland (Securities) Ltd said.
    The bond will be available in denominations of 1,000 stg
and will be listed in Luxembourg.
    Fees comprise 1-1/4 pct selling concession and 5/8 pct
management and underwriting combined.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11949" NEWID="7036">
<DATE>19-MAR-1987 08:04:29.56</DATE>
<TOPICS><D>money-fx</D><D>income</D><D>money-supply</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;A
&#22;&#22;&#1;f0587&#31;reute
u f BC--U.S.-CREDIT-MARKET-O   03-19 0111</UNKNOWN>
<TEXT>&#2;
<TITLE>U.S. CREDIT MARKET OUTLOOK - SPENDING, M-1</TITLE>
<DATELINE>    NEW YORK, March 19 - </DATELINE><BODY>Brisk increases in personal income and
consumption are to appear in February data released today, but
the bond market's recent sluggishness suggests there will be no
major price reaction unless the rises are much larger than
expected, economists said.
    Personal income is forecast to rise by 0.6 to 0.8 pct,
compared with no change in January, while consumption
expenditures are projected to increase 1.4 to 1.6 pct,
reversing most of the two pct drop recorded in January.
    M-1 money supply data for the March 9 week will also be
released. An increase of some 2.3 billion dlrs is expected.    
    Peter Greenbaum of Smith Barney, Harris Upham and Co Inc
expects a one pct rise in income, led by a strong gain in wage
and salary disbursements in February.
    Nonfarm payrolls expanded by 337,000 jobs in February, the
average workweek lengthened by 0.6 pct and hourly wages rose by
four cts, he noted in a report. Vigorous spending on durable
goods last month, especially cars, foreshadow a rise of at
least 1.5 pct in consumption, he added.
    The prospect of bearish data did not trouble the bond
market much yesterday, with the 30-year Treasury bond slipping
just 7/32 to 99-28/32 for a yield of 7.51 pct.
    Analysts said the market is still trapped in a narrow
range, desperately seeking direction.
    "Seasonally adjusted, it's already December in the bond
market," quipped Robert Brusca of Nikko Securities Co
International Inc.
    Paul Boltz of T. Rowe Price Associates Inc said the
steadiness of long bond yields around 7.5 pct, despite some
signs of a stronger economy, probably reflects expectations
that inflation will remain subdued.
    But he warned that this assumption might not be justified.
    "It took the bond market a long while to see that inflation
was not returning to double digits, and now that it has learned
that lesson, it may be a little slow to see that a four to five
pct inflation is a real possibility ahead," Boltz said in a
report.
    After trading late yesterday at 5-15/16 pct, Fed funds were
indicated by brokers to open comfortably at 5-15/16, six pct.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11950" NEWID="7037">
<DATE>19-MAR-1987 08:07:29.71</DATE>
<TOPICS><D>veg-oil</D><D>oilseed</D><D>soybean</D></TOPICS>
<PLACES><D>west-germany</D><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS><D>ec</D></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;C G
&#22;&#22;&#1;f0595&#31;reute
r f BC-U.S.-DELEGATION-HOPES   03-19 0115</UNKNOWN>
<TEXT>&#2;
<TITLE>U.S. DELEGATION HOPES FOR VEG OILS TAX DEFEAT</TITLE>
<DATELINE>    BONN, March 19 - </DATELINE><BODY>American soybean producers and processors
are hoping the proposed EC tax on vegetable oils and fats will
not be imposed, but say the U.S. Is prepared to retaliate if it
is introduced.
    Wayne Bennett, the American Soybean Association's first
vice president, told a news conference the U.S. Administration
would not hesitate to retaliate, but both producers and
processors were trying to solve the issue through negotiation.
    U.S. Secretary of Agriculture Richard Lyng said in a letter
to EC officials that U.S. Retaliatory measures would cover more
than agricultural products if the tax was imposed, Bennett
said.
    The ASA and National Soybean Processors Association (NSPA)
delegations will meet top West German government officials
today and tomorrow to lobby for support.
    Bennett said West Germany, Britain, the Netherlands,
Denmark and Portugal oppose the tax, but Italy and Belgium seem
to have taken a hardline view on the issue.
    "Europeans in favour of the tax say it would be to their
advantage economically, but that is not correct because we
would hit back," NSPA chairman Jack Reed said.
    This step would be very expensive for all and no one would
emerge as a winner if the tax were introduced, he said.
    Reed pointed out the U.S. Administration and the soybean
industry view the EC proposal as violating the General
Agreement on Tariffs and Trade.
    The proposed tax also violates the zero duty bindings
agreed between the EC and U.S. In 1962, he said.
    Under the zero duty bindings pact U.S. Soybeans and
products can be exported to the Community duty-free.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11951" NEWID="7038">
<DATE>19-MAR-1987 08:08:32.15</DATE>
<TOPICS></TOPICS>
<PLACES><D>hong-kong</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0600&#31;reute
u f BC-H.K.-BANKING-SECTOR-S   03-19 0100</UNKNOWN>
<TEXT>&#2;
<TITLE>H.K. BANKING SECTOR STABLE, OFFICIAL SAYS</TITLE>
<DATELINE>    HONG KONG, March 19 - </DATELINE><BODY>The banking sector has regained its
stability after a protracted period of difficulty, banking
commissioner Robert Fell said.
    "The banking climate has dramatically changed from a year
ago," he said at a news conference to present his annual report
on the banking sector for 1986.
    "We've got confidence back. We've got profitability back." he
said.
    A three-year shake out in the local banking sector forced
the government to take over three banks and arrange for the
acquisition of four others by the private sector.
    Fell said that in many cases the bank problems stemmed from
management fraud which he linked partly to dramatic swings in
the stock and property markets in the early 1980s.
    "We've got it out of the system now," he said. "Fraud is no
longer a systemic problem."
    But he acknowledged there may still be problems.
    "Deliberate fraud is difficult to detect especially where
collusion and senior management are involved," he said.
"Prudential supervision cannot give complete protection. The
(new banking) ordinance is designed to give a "measure" of
protection."
    Fell said a number of banks want to set up operations in
Hong Kong, adding the government approved three banking
licences this week. He did not give details.
    At the end of 1986, there were 151 licenced banks, 25 of
which were locally incorporated, compared with 143 a year ago.
Another 134 foreign banks had representative offices compared
with 131 a year ago.
    There were 34 licensed deposit-taking companies (DTCs) and
254 registered DTCs at the end of 1986, compared with 35 and
278 respectively a year ago, he said.
    Foreign banks seeking banking licences in Hong Kong must
have assets of 14 billion U.S. Dlrs. But Financial Secretary
Piers Jacobs said yesterday the asset criteria are flexible.
    A high asset threshold has worked in the favour of banks
incorporated in countries with relatively large economies, he
noted.
    "No licences in the last few years have been granted to
banks from any of the smaller countries in the Asia-Pacific
region," he said.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11952" NEWID="7039">
<DATE>19-MAR-1987 08:13:16.72</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0621&#31;reute
f f BC-******AMERICAN-EXPRES   03-19 0014</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE>AMERICAN EXPRESS SAYS IT'S HOLDING TALKS ON SALE OF SHEARSON STAKE TO NIPPON LIFE
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11953" NEWID="7040">
<DATE>19-MAR-1987 08:13:36.39</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0623&#31;reute
r f AM-SAVINGS   03-19 0103</UNKNOWN>
<TEXT>&#2;
<TITLE>SAVINGS BANK CLOSED, 15TH TROUBLED U.S. S&amp;L OF YEAR</TITLE>
<DATELINE>    WASHINGTON, March 18 - </DATELINE><BODY>The Federal Home Loan Bank Board
(FHLBB) announced today the replacement of a closed Santa Ana,
Calif., savings bank in the 15th federal action assisting
troubled U.S. savings institutions this year.
    The FHLBB said Perpetual Savings Bank in Santa Ana was put
into receivorship because it was insolvent and was replaced by
a new federally chartered Perpetual Savings Association.
    It said the savings bank's insolvency "was a direct result
of losses on speculative investments in real estate which were
not supported by appraisals."
    The FHLBB said it appointed Great American First Savings
Bank &lt;GTA> of San Diego to manage Perpetual Savings.
    It said as of January 31, Perpetual had assets of 61.9 mln
dlrs.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11954" NEWID="7041">
<DATE>19-MAR-1987 08:15:06.00</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>usa</D><D>japan</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0627&#31;reute
u f BC-/AMERICAN-EXPRESS-&lt;AX   03-19 0044</UNKNOWN>
<TEXT>&#2;
<TITLE>AMERICAN EXPRESS &lt;AXP> MAY SELL SHEARSON STAKE</TITLE>
<DATELINE>    NEW YORK, March 19 - </DATELINE><BODY>American Express Co said it and its
Shearson Lehman Brothers Inc subsidiary have been holding talks
on the possible equity investment in Shearson Lehman by &lt;Nippon
Life Insurance Co> of Japan.
    The company said, "The discussions have led to a general
understanding by which Nippon Life would purchase a 13 pct
equity investment in Shearson Lehman for approximately 530 mln
dlrs and American Express, Shearson Lehman and Nippon Life
would explore mutually advantageous, nonexclusive business and
investment opportunities."
    The company said a definitive agreement on the matter is
subject to a number of conditions, including approval of the
American Express board and the Japanese Ministry of Finance.
    The company said its board is scheduled to meet March 27
for its regular monthly sessions.
    American Express said it is continuing to evaluate various
courses of action of strategic importance to Shearson Lehman in
addition to the possible investment by Nippon Life.
    It said the options range from expanding Shearson's
capacity to meet international competition, to broadening
further its access to capital.
    The company also said, "All the courses of action under
study reflect the continuing integral role of Shearson Lehman
in American Express' worldwide financial services strategy."
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11955" NEWID="7042">
<DATE>19-MAR-1987 08:15:21.69</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0629&#31;reute
r f BC-XEROX-&lt;XRX>-TO-STOP-S   03-19 0092</UNKNOWN>
<TEXT>&#2;
<TITLE>XEROX &lt;XRX> TO STOP SELLING PC'S BY THEMSELVES</TITLE>
<DATELINE>    NEW YORK, March 19 - </DATELINE><BODY>Xerox Corp has decided to stop selling
personal computers as standalone products, a company spokesman
said.
    The spokesman said "As a first priority, we're selling PC's
as part of preconfigured systems, mostly desktop publishing
systems, and not by themselves anymore."
    He said Xerox does not expect to take any material charge
from changing its marketing of personal computers.  He said for
the past five years, Xerox has sold most of its PC's as
components of larger systems.
    Another Xerox spokesman said the company actually stopped
selling personal computers alone on February 16 but never
announced the move.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11956" NEWID="7043">
<DATE>19-MAR-1987 08:16:10.53</DATE>
<TOPICS><D>money-fx</D><D>rand</D></TOPICS>
<PLACES><D>south-africa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0630&#31;reute
r f BC-S.AFRICA'S-FINANCIAL   03-19 0093</UNKNOWN>
<TEXT>&#2;
<TITLE>S.AFRICA'S FINANCIAL RAND SEEN HEADED HIGHER</TITLE>
<DATELINE>    JOHANNESBURG, March 19 - </DATELINE><BODY>The financial rand, widely viewed
as a direct reflection of foreign investor confidence in South
Africa, appears headed above 30 U.S. Cents, dealers and bank
economists said.
    The currency has risen about 25 pct in the past three
months to its current rate of 29.50 cents, due partly to signs
of a possible power shift with the appearance of a number of
independent candidates in the whites-only election on May 6,
they added.
    It has risen about two cents this week alone.
    "Another factor is that banks in London, where the main
market is based, are going long in the currency because of a
general feeling that it will rise in the future," one economist
said.
    Dealers described 30 cents as a psychological barrier that
was expected to be broken soon after a brief consolidation
phase from recent gains.
    After reaching 30 cents, "There is a chance of appreciation
to 32 cents in the next several weeks," one dealer said.
    There was a widespread feeling that both the commercial
rand, holding stable at 48 cents, and the financial rand were
staying firm, banking sources said.
    A Barclays National Bank executive who asked not to be
identified said: "The rise of the independents appears to be
indicative of a potential shift of power in the National Party
and has created a favourable sentiment overseas."
    One dealer said growing business and investor interest from
West Germany and Switzerland were behind the financial rand's
rise.
    Economists said foreigners also were being attracted by
South Africa's long-term government bonds and "semi-gilts" or
securities in partly government-owned firms, many with yields
as high as 30 pct. They could be purchased with financial rands
with interest paid in commercial rands.
    "This has had a definite influence on the financial form of
the rand," a dealer said, adding that at present demand is
slightly in excess of supply.
    The financial rand was reintroduced in September 1985 to
help end capital flight from South Africa during a period of
severe political unrest in the country.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11957" NEWID="7044">
<DATE>19-MAR-1987 08:22:06.66</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;A
&#22;&#22;&#1;f0648&#31;reute
r f BC-EX-REAGAN-AIDE-DEAVER   03-19 0113</UNKNOWN>
<TEXT>&#2;
<TITLE>EX-REAGAN AIDE DEAVER INDICTED ON PERJURY CHARGES</TITLE>
<DATELINE>    WASHINGTON, March 19 - </DATELINE><BODY>Former White House aide Michael
Deaver, a long-time confidant of President Reagan, has been
indicted on charges of lying about his contacts as a Washington
lobbyist with top U.S. Government officials.
    The five-count perjury indictment charged that Deaver lied
in sworn testimony to Congress and before the grand jury
investigating his business affairs.
    Deaver, who resigned as deputy White House chief of staff
in 1985 to open a lobbying firm, faces a maximum penalty of 25
years in prison if convicted. Immediately after the indictment
was announced Reagan issued a statement wishing Deaver well.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11958" NEWID="7045">
<DATE>19-MAR-1987 08:22:21.02</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0649&#31;reute
d f BC-&lt;FI-TEK-CORP>-TO-MAKE   03-19 0094</UNKNOWN>
<TEXT>&#2;
<TITLE>&lt;FI-TEK CORP> TO MAKE ACQUISITION</TITLE>
<DATELINE>    DENVER, March 19 - </DATELINE><BODY>Fi-Tek Corp said it has signed a letter
of intent to acquire &lt;Voice Systems and Services Inc> for an
undisclosed amount of stock.
    It said on completion of the acquisition it would change
its name to Voice Systems and Services Inc.  It said VBoice
Systems has received a 3,600,000 dlr contract to provide FLP
Communications of Dallas with voicemail systems through service
bureaus located throughout the U.S. and has also contracted to
provide voicemail systems and administration to M and S
Communications.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11959" NEWID="7046">
<DATE>19-MAR-1987 08:22:28.01</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0650&#31;reute
r f BC-FIRST-WISCONSIN-&lt;FWB>   03-19 0062</UNKNOWN>
<TEXT>&#2;
<TITLE>FIRST WISCONSIN &lt;FWB> TO MAKE ACQUISITION</TITLE>
<DATELINE>    MILWAUKEE, March 19 - </DATELINE><BODY>First Wisconsin Corp said it has
agreed to acquire North Shore Bancorp Inc of Northbrook, Ill.,
for 6,160,000 dlrs in cash, or slightly more than twice book
value, subject to approval by North Shore shareholders and
regulatory authorities.
    The company said completion is expected in the third
quarter.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11960" NEWID="7047">
<DATE>19-MAR-1987 08:26:32.47</DATE>
<TOPICS><D>bop</D></TOPICS>
<PLACES><D>italy</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0656&#31;reute
b f BC-ITALY'S-FEBRUARY-PAYM   03-19 0085</UNKNOWN>
<TEXT>&#2;
<TITLE>ITALY'S FEBRUARY PAYMENTS BALANCE IN SURPLUS</TITLE>
<DATELINE>    ROME, March 19 - </DATELINE><BODY>Italy's overall balance of payments showed
a surplus of 1,461 billion lire in February 1987 compared with
a deficit of 1,145 billion in January, provisional Bank of
Italy figures show.
    The February surplus compared with a deficit of 1,578
billion lire in the same month for 1986.
    For the first two months of 1987, the balance of payments
showed a surplus of 302 billion lire against a deficit of 4,622
billion in the same 1986 period.
    The Bank of Italy said the cumulative balance for the first
two months of 1987 does not match the total calculated on the
individual monthly figures because of the provisional nature of
certain data.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11961" NEWID="7048">
<DATE>19-MAR-1987 08:26:43.13</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0658&#31;reute
d f BC-BELVEDERE-CORP-&lt;BLV>   03-19 0073</UNKNOWN>
<TEXT>&#2;
<TITLE>BELVEDERE CORP &lt;BLV> 4TH QTR LOSS</TITLE>
<DATELINE>    NEW YORK, March 19 -
    </DATELINE><BODY>Oper shr loss 21 cts vs loss 95 cts
    Oper net loss 666,000 vs loss 2,184,000
    Avg shrs 3,181,805 vs 2,310,200
    Year
    Oper shr loss 30 cts vs loss 23 cts
    Oper net loss 823,000 vs loss 606,000
    Avg shrs 2,757,040 vs 2,614,225
    NOTE: Net excludes realized investment gains of 666,000
dlrs vs 289,000 dlrs in quarter and 2,274,000 dlrs vs 1,468,000
dlrs in year.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11962" NEWID="7049">
<DATE>19-MAR-1987 08:27:00.64</DATE>
<TOPICS><D>reserves</D></TOPICS>
<PLACES><D>italy</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0659&#31;reute
b f BC-ITALIAN-NET-RESERVES   03-19 0081</UNKNOWN>
<TEXT>&#2;
<TITLE>ITALIAN NET RESERVES RISE IN FEBRUARY</TITLE>
<DATELINE>    ROME, March 19 - </DATELINE><BODY>Italy's net official reserves rose to
66,172 billion lire in February 1987 from a previously reported
62,174 billion in January, the Bank of Italy said.
    Gold holdings at end-February totalled 35,203 billion lire,
unchanged on January.
    Convertible currencies totalled 18,467 billion lire, up
from 14,899 billion in January, while European Currency Unit
(ECU) holdings were 10,156 billion lire against 10,133 billion.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11963" NEWID="7050">
<DATE>19-MAR-1987 08:31:00.91</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0665&#31;reute
r f BC-SJNB-&lt;SJNB>-SAYS-CHIE   03-19 0071</UNKNOWN>
<TEXT>&#2;
<TITLE>SJNB &lt;SJNB> SAYS CHIEF EXECUTIVE RESIGNS</TITLE>
<DATELINE>    SAN JOSE, Calif., March 19 - </DATELINE><BODY>SJNB Financial Corp said
Douglas McLendon has resigned as president and chief executive
officer of the holding company and its San Jose National Bank
subsidiary and as a director of its Tri-Valley National Bank
subsidiary to pursue other interests.
    It said vice chairman William Pfeifle, 68, will act as
interim president and chjief executive officer.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11964" NEWID="7051">
<DATE>19-MAR-1987 08:33:10.94</DATE>
<TOPICS></TOPICS>
<PLACES><D>west-germany</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;RM
&#22;&#22;&#1;f0671&#31;reute
r f BC-GERMAN-INVESTORS-SLOW   03-19 0109</UNKNOWN>
<TEXT>&#2;
<TITLE>GERMAN INVESTORS SLOW TO ACCEPT BOND INNOVATIONS</TITLE>
<AUTHOR>    By Franz-Josef Ebel, Reuters</AUTHOR>
<DATELINE>    WEST BERLIN, March 19 - </DATELINE><BODY>The liberalization of West German
capital markets in May 1985 led to a flood of financial
innovations but the lack of a secondary market for these has
diminished their acceptance, Deutsche Girozentrale - Deutsche
Kommunalbank management board member Wiegand Hennicke said.
    While innovations may be intellectualy stimulating, they
lack transparency, he told an investors' forum in West Berlin.
    "Properly functioning markets require standardized products.
This (condition) has not been met by some of the innovations,"
Hennicke said.
    The volume of zero coupon bonds and floating rate notes,
the most widely used financial innovations in Germany, stands
at four billion and 16 billion marks, respectively, a tiny
proportion of the 1,000 billion marks of bonds in circulation.
    Even for zero-coupon bonds and floating rate notes, a
secondary market had not developed, Hennicke said. One
important reason for this was the bourse turnover tax, which
was reducing the rate of return to the investors.
    West German Finance Minister Gerhard Stoltenberg said this
week he believed the tax could still be removed, even if its
abolition was not decided during recent coalition discussions.
    Karl-Herbert Schneider-Gaedicke, deputy management board
chairman of DG Bank Deutsche Genossenschaftsbank, said German
domestic and institutional investors had also shown
reservations about investing in participation shares.
    One of the reasons was the widely varying terms and
conditions of participation shares in West Germany. "The
investor has to scrutinize (participation shares) carefully,
before making an investment decision," Schneider-Gaedicke said.
    He added the attractiveness of participation shares could
be increased by limiting the combination possibilities of terms
and conditions and increasing safeguards for investors.
    He also urged publicizing the comparative advantage of
participation shares over ordinary shares for foreigners.
    Foreigners do not receive the corporation tax bonus granted
to domestic investors for share dividends.
    Karl Thomas, head of the Bundesbank's credit department,
said the domestic investor had missed earnings opportunities
over the last four years by failing to invest in German bonds.
    Domestic investors did not believe interest rates would
decline and stay at low levels for such a long time, because
expectations were determined by sharp interest rate
fluctuations at the start of the decade.
    The Bundesbank has a natural interest in seeing domestic
savings channelled into bonds and shares, Thomas said.
    A shift of savings into long-term assets would dampen
monetary expansion and foster a stable rise of the money
supply, he said.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11965" NEWID="7052">
<DATE>19-MAR-1987 08:34:53.72</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0681&#31;reute
f f BC-******CARTER-HAWLEY-H   03-19 0013</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE>CARTER HAWLEY HALE STORES INC 4TH QTR SHR LOSS 1.58 DLRS VS PROFIT 58 CTS
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11966" NEWID="7053">
<DATE>19-MAR-1987 08:40:55.05</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES><D>cbt</D></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;C G
&#22;&#22;&#1;f0698&#31;reute
u f BC-CBT-HEAD-CONFIDENT-OF   03-19 0142</UNKNOWN>
<TEXT>&#2;
<TITLE>CBT HEAD CONFIDENT OF SEPARATE CBT, MCE LIMITS</TITLE>
<DATELINE>    BOCA RATON, Fla., March 19 - </DATELINE><BODY>Chicago Board of Trade, CBT,
President Thomas Donovan said he was confident the Commodity
Futures Trading Commission, CFTC, would not force the CBT and
the MidAmerica Commodity Exchange, MCE, to merge speculative
position limits on futures contracts traded on the two
exchanges.
    Last month CFTC proposed combining CBT and MCE contracts on
corn, wheat, soybeans, soybean meal and oats for the purposes
of applying speculative position limits.
    Donovan told Reuters he had spoken to CFTC officials about
the matter and believed they would modify the proposal.
    CBT officials have complained the CFTC was reneging on a
commitment made when the two exchanges formed an affiliation,
and proposing to decrease spot month limits on the MCE contrary
to congressional intent.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11967" NEWID="7054">
<DATE>19-MAR-1987 08:45:33.50</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES><D>cbt</D></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;C
&#22;&#22;&#1;f0705&#31;reute
u f BC-CBT-LEADERS-PLAN-TRIP   03-19 0125</UNKNOWN>
<TEXT>&#2;
<TITLE>CBT LEADERS PLAN APRIL TRIP TO FAR EAST</TITLE>
<DATELINE>    BOCA RATON, Fla., March 19 - </DATELINE><BODY>The two top officials of the
Chicago Board of Trade, CBT, are planning to visit three
countries in the Far East next month to drum up support for the
exchange's proposed night trading session, CBT President Thomas
Donovan told Reuters.
    Donovan said he and CBT Chairman Karsten Mahlmann will
leave April 3 and spend two weeks in Hong Kong, Tokyo and
Sydney discussing the night trading session with brokerage
firms, regulators and exchanges.
    CBT hopes to launch the first U.S. night trading session at
the end of April, offering Treasury-bond and T-note futures and
options on the two futures contracts between 1700 and 2100 hrs
central U.S. time (2300 to 0300 hrs GMT).
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11968" NEWID="7055">
<DATE>19-MAR-1987 08:49:57.02</DATE>
<TOPICS></TOPICS>
<PLACES><D>switzerland</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0709&#31;reute
u f BC-SWISSAIR-PLANE-ORDER   03-19 0112</UNKNOWN>
<TEXT>&#2;
<TITLE>SWISSAIR PLANE ORDER FOR 1.2 BILLION SWISS FRANCS</TITLE>
<DATELINE>    ZURICH, March 19 - </DATELINE><BODY>Swissair &lt;SWSZ.Z> said that the order
for McDonnell Douglas Corp &lt;MD> MD-11 long haul jets confirmed
this morning was worth a total 1.2 billion Swiss francs.
    President Robert Staubli told a news conference it had not
yet been decided whether the planes would have General Electric
Co &lt;GE.N>, Pratt and Whitney &lt;UTX> or Rolls Royce engines.
    The airline said it chose the U.S. Plane rather than the
rival A-340 of the European Airbus consortium because it met
better the Swissair requirements and would be able to enter
service in 1990 giving a smooth transition from the DC-10s it
replaces.
    Staubli said Swissair planned to have replaced its whole
fleet of 11 DC10s by 1992 at the latest, entailing the order of
five more long-haul planes in addition to the six announced
today. He said it would decide on the basis of the development
of traffic whether these five would be MD-11s or Boeing 747s.
    However, Staubli ruled out the possibility that Swissair
might eventually choose A-340s. "We cannot afford to operate
three different types of aircraft," he said.
    Swissair also had no short term plans to exercise its
option to buy Airbus A-310s, of which it already operates nine,
officials said. But it would still hold the options open.
    Staubli declined to say how much it paid for each of the
MD-11s. The total 1.2 billion franc figure was not only for the
planes but also for spare parts and other related expenditure.
    Company officials said that Swissair intended to cover
around 75 pct of the costs of its entire DC-10 replacement
programme with internally generated funds. It hopes to raise
the remaining 25 pct on the Swiss and other capital markets
through issuing straight or equity related bonds and/or through
a capital increase.
    The first such bond issue would likely come this year, they
predicted.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11969" NEWID="7056">
<DATE>19-MAR-1987 08:56:16.58</DATE>
<TOPICS></TOPICS>
<PLACES><D>uk</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;A
&#22;&#22;&#1;f0726&#31;reute
d f BC-BP-SALE-WAS-IN-UK-198   03-19 0115</UNKNOWN>
<TEXT>&#2;
<TITLE>BP SALE WAS IN UK 1987/88 BUDGET MATHS - TREASURY</TITLE>
<DATELINE>    LONDON, March 19 - </DATELINE><BODY>The U.K. Treasury said its 1987/88
budget arithmetic which was unveiled on Tuesday "took full
account of likely proceeds" from the sale of the government's
remaining 31.7 pct stake in British Petroleum Co PLC (BP.L).
    A statement issued by the Treasury said "the BP announcement
therefore makes no difference to our estimate of privatisation
proceeds in 1987/88, or to subsequent years, which remains 5.0
billion stg a year."
    "It makes no difference to the PSBR (Public Sector Borrowing
Requirement) which the Chancellor set in the budget," it said.
    "It has nothing to do with the future scope for tax cuts."
    The Treasury's move was prompted by press speculation,
officials said, which followed last night's surprise
announcement by the government. It currently holds about 578.5
mln shares in BP.
    The Treasury statement said that the sell-off "is simply a
part of the government's continuing privatisation programme,
the overall size of which was announced in the Autumn
(economic) Statement" (last November).
    It said the BP proceeds "will be received in installments,
of which the first will be in 1987/88."
    News of the privatisation weighed down both BP's share
price in London and the equity market overall, market sources
said.
    The prospect of so much more BP paper in circulation had
cut BP shares at 1340 GMT to 824 pence from yesterday's London
close of 828 pence. The company's shares had been down as low
as 802 pence before rebounding, stock market sources said.
    Worries over the ability of the London stock market to
digest the BP and other privatisation issues sent the Financial
Times/Stock Exchange 100 Share Index down 9.1 points by 1340
GMT to 1997.5 from last night's close. At one point the index
was as low as 1989.1, the sources said.
 REUTER
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11970" NEWID="7057">
<DATE>19-MAR-1987 08:59:17.90</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0733&#31;reute
b f BC-******WASTE-MANAGEMEN   03-19 0015</UNKNOWN>
<TEXT TYPE="BRIEF">&#2;
******<TITLE>WASTE MANAGEMENT SAYS IT IS PREPARED TO RAISE ITS BID FOR CHEMLAWN TO 33 DLRS A SHARE
</TITLE>Blah blah blah.
&#3;

</TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11971" NEWID="7058">
<DATE>19-MAR-1987 09:00:53.32</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0736&#31;reute
u f BC-TRANSAMERICA-&lt;TA>-TO   03-19 0090</UNKNOWN>
<TEXT>&#2;
<TITLE>TRANSAMERICA &lt;TA> TO HAVE GAIN ON UNIT SALE</TITLE>
<DATELINE>    LOS ANGELES, MArch 19 - </DATELINE><BODY>Transamerica Corp said it expects
to realize a gain of about 75 mln dlrs on the
previously-announced sale of the group life and health
operations of its Transamerican Occidental Life Insurance Co
subsidiary to Provident Life and Accident Co &lt;PACC>.
    But it said its Transamerica Life Cos unit plans to change
to a more conservative method of amortizing deferred policy
acquisition costs, resulting in a one-time charge that will
offset most of the gain from the sale.
    Transamerica said it has now signed a definitive agreement
for the sale, which will be structured as a reinsurance
transaction involving about 400 mln dlrs of reserve
liabilities.
    It said the 75 mln dlr gain from the sale and about 125 mln
dlrs of statutory surplus that previously supported operations
of the group being sold will be used to support Transamerica
Life Cos' efforts to accelerate the growth of its remaining
businesses.  It said closing is expected by May One, subject to
regulatory approvals.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="11972" NEWID="7059">
<DATE>19-MAR-1987 09:01:39.59</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN> 
&#5;&#5;&#5;F
&#22;&#22;&#1;f0738&#31;reute
u f BC-COCA-COLA-&lt;KO>-IN-FIL   03-19 0046</UNKNOWN>
<TEXT>&#2;
<TITLE>COCA-COLA &lt;KO> IN FILM COLORING VENTURE</TITLE>
<DATELINE>    MARINA DEL RAY, Calif., March 19 - </DATELINE><BODY>Color Systems Technology
Inc &lt;CLST> said it has completed formation of a joint venture
called Screen Gems Classicolor with Coca-Cola Co to color and
distribute feature films and television programs.
    Color Systems said it and Coca-Cola will share profits from
worldwide television, basic cable, pay television and home
video distribution, and Color Systems will also be paid by the
venture to convert to color the black and white material
involved.
    The company said Coca-Cola has initially contributed a
number of its Screen Gems television series and Color Systems
its library of more than 100 feature films and television
series. It said the venture expects to acquire more black and
white material for color conversion and will start generating
revenues by distributing the combined library initially as-is.
 Reuter
&#3;</BODY></TEXT>
</REUTERS>


