20700001@unknown@formal@none@1@S@Efforts by the Hong Kong Futures Exchange to introduce a new interest-rate futures contract continue to hit snags, despite the support the proposed instrument enjoys in the colony's financial community.@@@@1@30@@oe@2-2-2013
20700002@unknown@formal@none@1@S@Hong Kong financial institutions have been waiting for interest-rate futures for a long time.@@@@1@14@@oe@2-2-2013
20700003@unknown@formal@none@1@S@The contract was first proposed more than two years ago, but shortly afterward, the colony's markets were hit hard by the October 1987 global stock crash.@@@@1@26@@oe@2-2-2013
20700004@unknown@formal@none@1@S@The subsequent drive to reform Hong Kong's markets also has embroiled the interest-rate futures contract.@@@@1@15@@oe@2-2-2013
20700005@unknown@formal@none@1@S@The Securities and Futures Commission, a government watchdog set up after the 1987 crash to try to restore confidence and order to Hong Kong's markets, had been expected to give the contract conditional approval last week.@@@@1@36@@oe@2-2-2013
20700006@unknown@formal@none@1@S@But regulators this week said futures-exchange officials still have a way to go before they answer all the remaining detailed questions about the contract.@@@@1@24@@oe@2-2-2013
20700007@unknown@formal@none@1@S@The exchange had forecast that the contract would begin trading by December.@@@@1@12@@oe@2-2-2013
20700008@unknown@formal@none@1@S@But securities regulators now say privately that it isn't likely to start until the first quarter of next year.@@@@1@19@@oe@2-2-2013
20700009@unknown@formal@none@1@S@Analysts and financial officials in the British colony consider the new contract essential to the revival of the Hong Kong Futures Exchange, which has never fully recovered from the October 1987 crash.@@@@1@32@@oe@2-2-2013
20700010@unknown@formal@none@1@S@Many believe that without a healthy futures exchange, Hong Kong's aspirations to be recognized as an international financial center will suffer.@@@@1@21@@oe@2-2-2013
20700011@unknown@formal@none@1@S@In addition, local banks say the new contract is important in helping them offset their Hong Kong-dollar exposure.@@@@1@18@@oe@2-2-2013
20700012@unknown@formal@none@1@S@The contract will be based on the three-month Hong Kong interbank offered rate, or Hibor.@@@@1@15@@oe@2-2-2013
20700013@unknown@formal@none@1@S@It is almost a carbon copy of the Chicago Mercantile Exchange's Eurodollar contract, which is based on the three-month Eurodollar rate, the rate paid on U.S.-dollar deposits in London banks.@@@@1@30@@oe@2-2-2013
20700014@unknown@formal@none@1@S@If the contract is as successful as some expect, it may do much to restore confidence in futures trading in Hong Kong.@@@@1@22@@oe@2-2-2013
20700015@unknown@formal@none@1@S@"The contract is definitely important to the exchange," says Robert Gilmore, executive director of the Securities and Futures Commission.@@@@1@19@@oe@2-2-2013
20700016@unknown@formal@none@1@S@Two years ago, the futures exchange was the envy of other would-be futures centers.@@@@1@14@@oe@2-2-2013
20700017@unknown@formal@none@1@S@After only 17 months, its main contract, based on the Hang Seng index, had grown to be the second-largest stock-index-futures contract in the world.@@@@1@24@@oe@2-2-2013
20700018@unknown@formal@none@1@S@{A futures contract is an agreement to buy or sell a commodity or financial instrument at a set price on a specified date.@@@@1@23@@oe@2-2-2013
20700019@unknown@formal@none@1@S@In the case of stock-index and interest-rate futures, the instruments are given an underlying cash value and are settled in cash.}@@@@1@21@@oe@2-2-2013
20700020@unknown@formal@none@1@S@But in the week following the 1987 stock crash, the exchange verged on collapse, and the stock and futures markets in Hong Kong were closed for four days.@@@@1@28@@oe@2-2-2013
20700021@unknown@formal@none@1@S@Only a government-sponsored bailout kept the crisis from swallowing the exchange.@@@@1@11@@oe@2-2-2013
20700022@unknown@formal@none@1@S@Trading in Hang Seng index futures remains crippled by the experience.@@@@1@11@@oe@2-2-2013
20700023@unknown@formal@none@1@S@Volume for the entire month of September totaled only 21,687 contracts, compared with a daily average of 27,000 in the month before the 1987 crash.@@@@1@25@@oe@2-2-2013
20700024@unknown@formal@none@1@S@Despite the thin trading, and after two painful years of restructuring, the futures market has shown itself to be resilient in two recent tests.@@@@1@24@@oe@2-2-2013
20700025@unknown@formal@none@1@S@While Asian markets struggled to cope with the uncertainty caused by the Oct. 13 plunge in New York stock prices, futures trading in Hong Kong was relatively heavy and went smoothly.@@@@1@31@@oe@2-2-2013
20700026@unknown@formal@none@1@S@That was also the case in the days following the June 4 massacre in Beijing, which caused a sharp drop in Hong Kong stock prices.@@@@1@25@@oe@2-2-2013
20700027@unknown@formal@none@1@S@"There was no problem at all," says Douglas Ford, chief executive officer of the futures exchange.@@@@1@16@@oe@2-2-2013
20700028@unknown@formal@none@1@S@Most important to the contract's success is the commitment of Hong Kong's big financial institutions, especially the two leaders, Hongkong & Shanghai Banking Corp. and the local subsidiary of Britain's Standard Chartered Bank PLC.@@@@1@34@@oe@2-2-2013
20700029@unknown@formal@none@1@S@The two big banks were instrumental in designing the new contract.@@@@1@11@@oe@2-2-2013
20700030@unknown@formal@none@1@S@"If those two banks are there, then the balance of the banking institutions will be there," says Mr. Gilmore, the Securities and Futures Commission official.@@@@1@25@@oe@2-2-2013
20700031@unknown@formal@none@1@S@Colony banks have a major stake in how interest rates move because of their enormous Hong Kong-dollar exposure.@@@@1@18@@oe@2-2-2013
20700032@unknown@formal@none@1@S@Even though the currency is pegged to the U.S. dollar, with a fixed exchange rate of HK$7.8 to the American currency, the U.S. and Hong Kong economies don't always move in lock step, making it difficult to predict where interest rates in the colony will go.@@@@1@46@@oe@2-2-2013
20700033@unknown@formal@none@1@S@In early 1988, when the three-month Eurodollar rate was between 7% and 8%, the three-month Hibor rate was as low as 1%.@@@@1@22@@oe@2-2-2013
20700034@unknown@formal@none@1@S@Just a few months ago, the three-month Eurodollar rate was around 9.5%, while three-month Hibor hit highs above 11%.@@@@1@19@@oe@2-2-2013
20700035@unknown@formal@none@1@S@The Hibor contract "solves quite a bit of the problem of interest-rate risk in the interbank market," says Eric Cheng, a director of James Capel (Far East) Ltd., the Hong Kong arm of the British brokerage firm.@@@@1@37@@oe@2-2-2013
20700036@unknown@formal@none@1@S@Despite the initial support expected, trading in the contract is likely to start slowly.@@@@1@14@@oe@2-2-2013
20700037@unknown@formal@none@1@S@The wounds from the 1987 crash haven't yet healed, and not all claims against the exchange clearinghouse -- by those who bet the Hang Seng index would fall -- have been settled.@@@@1@32@@oe@2-2-2013
20700038@unknown@formal@none@1@S@Companies and financial institutions familiar with Hong Kong remain wary of trading in its futures market.@@@@1@16@@oe@2-2-2013
20700039@unknown@formal@none@1@S@And Mr. Gilmore cautions that there may be limits on how much the contract can grow because the Hong Kong dollar isn't a widely traded currency.@@@@1@26@@oe@2-2-2013
20700040@unknown@formal@none@1@S@He says the contract will be considered a success if it starts trading 500 to 1,000 lots a day.@@@@1@19@@oe@2-2-2013
20700041@unknown@formal@none@1@S@Exchange officials also point out that Hibor futures were designed for institutions and corporations, not for the type of small individual investors who were very active in Hang Seng index futures and defaulted in the 1987 crash.@@@@1@37@@oe@2-2-2013
20700042@unknown@formal@none@1@S@Mr. Cheng says the low margin required for trading futures attracted a lot of small investors before the 1987 crash who didn't realize that their risk was virtually unlimited.@@@@1@29@@oe@2-2-2013
20700043@unknown@formal@none@1@S@"You're not going to get your taxi drivers and amahs and all that," says Rory Nicholas, a director for securities company Elders Bullion & Futures Ltd.@@@@1@26@@oe@2-2-2013
20700044@unknown@formal@none@1@S@That should help to inspire confidence, Mr. Gilmore says.@@@@1@9@@oe@2-2-2013
20700045@unknown@formal@none@1@S@But many bankers remain nervous, especially as the start-up of the contract continues to be delayed.@@@@1@16@@oe@2-2-2013
20701001@unknown@formal@none@1@S@Two of Japan's largest paper manufacturers, Oji Paper Co. and Jujo Paper Co., posted unconsolidated pretax profit gains from a year earlier for the first half ended Sept. 30, on continuing robust domestic demand for paper products.@@@@1@37@@oe@2-2-2013
20701002@unknown@formal@none@1@S@Oji Paper, the nation's largest in terms of sales, said its pretax profit rose 1.5% to 23.11 billion yen (US$163.3 million) from 22.76 billion yen.@@@@1@25@@oe@2-2-2013
20701003@unknown@formal@none@1@S@Sales jumped 12.2% to 232.12 billion yen from 206.87 billion yen.@@@@1@11@@oe@2-2-2013
20701004@unknown@formal@none@1@S@Net income increased 6.7% to 12.43 billion yen from 11.66 billion yen.@@@@1@12@@oe@2-2-2013
20701005@unknown@formal@none@1@S@Per-share net rose to 20.48 yen from 19.51 yen.@@@@1@9@@oe@2-2-2013
20701006@unknown@formal@none@1@S@Oji Paper's sales strength was evident in overall paper products sales, including newsprints, printing and wrapping papers, which rose to 221.61 billion yen in the first half from 200.70 billion yen a year earlier.@@@@1@34@@oe@2-2-2013
20701007@unknown@formal@none@1@S@Pulp, processed and miscellaneous paper sales also surged.@@@@1@8@@oe@2-2-2013
20701008@unknown@formal@none@1@S@For the full fiscal year ending next March, Oji predicted that total sales of 477.00 billion yen, up from 420.68 billion yen in the previous fiscal year.@@@@1@27@@oe@2-2-2013
20701009@unknown@formal@none@1@S@Pretax profit is seen at 45.00 billion yen, down from 47.17 billion yen, while net income is estimated at 23.500 billion yen, up from 23.031 billion yen.@@@@1@27@@oe@2-2-2013
20701010@unknown@formal@none@1@S@The company didn't provide an explanation for the softer pretax profit performance and officials couldn't be reached for comment.@@@@1@19@@oe@2-2-2013
20701011@unknown@formal@none@1@S@Jujo Paper said its pretax profit rose 0.3% to 13.05 billion yen from 13.02 billion yen.@@@@1@16@@oe@2-2-2013
20701012@unknown@formal@none@1@S@Sales rose 8.5% to 195.19 billion yen from 179.916 billion yen.@@@@1@11@@oe@2-2-2013
20701013@unknown@formal@none@1@S@Net income surged 10% to 7.12 billion yen from 6.47 billion yen.@@@@1@12@@oe@2-2-2013
20701014@unknown@formal@none@1@S@Per-share net rose to 14.95 yen from 14.44 yen.@@@@1@9@@oe@2-2-2013
20701015@unknown@formal@none@1@S@General paper product sales, including newsprints and other papers, accounting for the bulk of sales, rose to 157.78 billion yen from 143.88 billion yen.@@@@1@24@@oe@2-2-2013
20701016@unknown@formal@none@1@S@Jujo Paper predicted that for the full fiscal year ending next March 31, sales will total 400.0 billion yen, up from 366.89 billion yen.@@@@1@24@@oe@2-2-2013
20701017@unknown@formal@none@1@S@Pretax profit was estimated at 23.0 billion yen, down from 25.51 billion yen, while net income was estimated at 12 billion yen, up from 11.95 billion yen.@@@@1@27@@oe@2-2-2013
20702001@unknown@formal@none@1@S@Unocal Corp.'s decision to put its Norwegian oil and gas interests up for sale earlier this week is another step in the company's strategic review of its properties, and shows that few of them are sacred cows.@@@@1@37@@oe@2-2-2013
20702002@unknown@formal@none@1@S@The company declined to estimate the value of the Norwegian holding.@@@@1@11@@oe@2-2-2013
20702003@unknown@formal@none@1@S@But Eugene L. Nowak, an analyst at Dean Witter Reynolds Inc., forecast that the sale will bring in "$200 million or substantially more."@@@@1@23@@oe@2-2-2013
20702004@unknown@formal@none@1@S@The proposed transaction is the latest in a redeployment of assets by the Los Angeles-based oil company that has included the $200 million sale of its headquarters property and the pending sale of half of its Chicago refinery and related marketing operations to Petroleos de Venezuela S.A.@@@@1@47@@oe@2-2-2013
20702005@unknown@formal@none@1@S@Mr. Nowak said he attaches particular importance to the proposed sale because it suggests that the company is willing to sell oil and gas assets that aren't part of its major strategic strengths.@@@@1@33@@oe@2-2-2013
20702006@unknown@formal@none@1@S@Unocal said it expects to complete the sale of its Unocal Norge A/S unit by next March or April.@@@@1@19@@oe@2-2-2013
20702007@unknown@formal@none@1@S@In addition to an 18% stake in the Veslefrikk offshore field, the Norwegian unit has interests ranging from 10% to 25% in three other Norwegian oil and gas production licenses.@@@@1@30@@oe@2-2-2013
20702008@unknown@formal@none@1@S@In 1986, Unocal sold a 7.5% stake in the Veslefrikk field to Deutsche Erdolversorgungs G.m.b.H., a West German oil company, for an undisclosed amount.@@@@1@24@@oe@2-2-2013
20702009@unknown@formal@none@1@S@In 1987, it sold a 2.5% stake in the Veslefrikk field to the Swedish national oil company, resulting in a $7 million after-tax gain.@@@@1@24@@oe@2-2-2013
20702010@unknown@formal@none@1@S@However, those sales were early in the field's history, before production equipment was installed.@@@@1@14@@oe@2-2-2013
20702011@unknown@formal@none@1@S@The field is currently being developed and is slated to start production by the end of the year.@@@@1@18@@oe@2-2-2013
20702012@unknown@formal@none@1@S@It's expected to produce about 62,000 barrels per day.@@@@1@9@@oe@2-2-2013
20702013@unknown@formal@none@1@S@A company spokesman said the Veslefrikk field's gross reserves were estimated in 1987 at 229 million barrels.@@@@1@17@@oe@2-2-2013
20702014@unknown@formal@none@1@S@However, he added that that estimate, made before extensive development drilling, currently is being reappraised.@@@@1@15@@oe@2-2-2013
20702015@unknown@formal@none@1@S@The spokesman said Unocal has had "considerable interest" from prospective buyers.@@@@1@11@@oe@2-2-2013
20702016@unknown@formal@none@1@S@The company has retained J. Henry Schroder Wagg & Co. as financial adviser and agent for the sale.@@@@1@18@@oe@2-2-2013
20703001@unknown@formal@none@1@S@France's unemployment rate was steady at a seasonally adjusted 9.5% in September, the Social Affairs Ministry said.@@@@1@17@@oe@2-2-2013
20703002@unknown@formal@none@1@S@In September, the number of jobless rose 0.1% from the previous month to 2.5 million on a seasonally adjusted basis.@@@@1@20@@oe@2-2-2013
20704001@unknown@formal@none@1@S@The following were among yesterday's offerings and pricings in the U.S. and non-U.S. capital markets, with terms and syndicate manager, as compiled by Dow Jones Capital Markets Report:@@@@1@28@@oe@2-2-2013
20704002@unknown@formal@none@1@S@Tenneco Credit Corp. -- $150 million of 9 1/4% senior notes due Nov. 1, 1996, priced at 99.625 to yield 9.324%.@@@@1@21@@oe@2-2-2013
20704003@unknown@formal@none@1@S@The noncallable issue was priced at a spread of 144 basis points above the Treasury's seven-year note.@@@@1@17@@oe@2-2-2013
20704004@unknown@formal@none@1@S@Rated Baa-2 by Moody's Investors Service Inc. and triple-B-plus by Standard & Poor's Corp., the issue will be sold through underwriters led by Merrill Lynch Capital Markets.@@@@1@27@@oe@2-2-2013
20704005@unknown@formal@none@1@S@Tenneco Credit is a unit of Tenneco Inc.@@@@1@8@@oe@2-2-2013
20704006@unknown@formal@none@1@S@Allegany Health System -- three-part issue of $156.7 million of revenue bonds, tentatively priced through a Morgan Stanley & Co. group.@@@@1@21@@oe@2-2-2013
20704007@unknown@formal@none@1@S@The offering includes a new issue of $53 million of Tampa, Fla., Series 1989 revenue bonds for St. Joseph's Hospital Inc., due 1996-2000, 2005 and 2023.@@@@1@26@@oe@2-2-2013
20704008@unknown@formal@none@1@S@The bonds are tentatively priced to yield from 6.90% in 1996 to 7.55% in 2023.@@@@1@15@@oe@2-2-2013
20704009@unknown@formal@none@1@S@The other two portions of the deal are remarketings of outstanding debt rather than new issues.@@@@1@16@@oe@2-2-2013
20704010@unknown@formal@none@1@S@The bonds are rated single-A by Moody's and single-A-plus by S&P, according to the lead underwriter.@@@@1@16@@oe@2-2-2013
20704011@unknown@formal@none@1@S@City and County of Honolulu -- $75 million of general obligation bonds, 1989 Series B, due 1993-2009, through a Bear, Stearns & Co. group.@@@@1@24@@oe@2-2-2013
20704012@unknown@formal@none@1@S@The bonds, rated double-A by Moody's and S&P, were priced to yield from 6.20% in 1993 to 7.10% in 2008 and 2009.@@@@1@22@@oe@2-2-2013
20704013@unknown@formal@none@1@S@Federal National Mortgage Association -- $500 million of Remic mortgage securities being offered in 12 classes by Shearson Lehman Hutton Inc.@@@@1@21@@oe@2-2-2013
20704014@unknown@formal@none@1@S@The offering, Series 1989-89, backed by Fannie Mae 9% securities, brings Fannie Mae's 1989 Remic issuance to $33.2 billion and its total Remic volume to $45.3 billion since the program began in April 1987.@@@@1@34@@oe@2-2-2013
20704015@unknown@formal@none@1@S@Pricing terms weren't available.@@@@1@4@@oe@2-2-2013
20704016@unknown@formal@none@1@S@Kyushu Electric Power Co. (Japan) -- $200 million of 8 7/8% bonds due Nov. 28, 1996, priced at 101 7/8 to yield 8 7/8% less full fees, via Yamaichi International Europe Ltd.@@@@1@32@@oe@2-2-2013
20704017@unknown@formal@none@1@S@Fees 1 7/8.@@@@1@3@@oe@2-2-2013
20704018@unknown@formal@none@1@S@Toshiba Corp. (Japan) -- $1.2 billion of bonds due Nov. 16, 1993, with equity-purchase warrants, indicating a 3 3/4% coupon at par, via Nomura International Ltd.@@@@1@26@@oe@2-2-2013
20704019@unknown@formal@none@1@S@Each $5,000 bond carries a warrant exercisable Dec. 1, 1989, through Nov. 9, 1993, to buy company shares at an expected premium of 2 1/2% to the closing share price when terms are fixed Nov. 2.@@@@1@36@@oe@2-2-2013
20704020@unknown@formal@none@1@S@Credit Lyonnais Australia Ltd. (French parent) -- 50 million Australian dollars of 16 1/4% bonds due Nov. 30, 1992, priced at 102 to yield 16.03% less full fees, via Hambros Bank Ltd.@@@@1@32@@oe@2-2-2013
20704021@unknown@formal@none@1@S@Guarantee by Credit Lyonnais.@@@@1@4@@oe@2-2-2013
20704022@unknown@formal@none@1@S@Fees 1 1/2.@@@@1@3@@oe@2-2-2013
20704023@unknown@formal@none@1@S@World Bank (agency) -- #100 million of 10 7/8% bonds due Aug. 15, 1994, offered at 96.95 to yield 11.71%, via Baring Brothers & Co.@@@@1@25@@oe@2-2-2013
20704024@unknown@formal@none@1@S@Tap on outstanding #100 million issue.@@@@1@6@@oe@2-2-2013
20704025@unknown@formal@none@1@S@Also issued were 10 billion yen of bonds due Dec. 5, 1994, priced at 101 1/2, with coupon paid in Australian dollars, via LTCB International Ltd.@@@@1@26@@oe@2-2-2013
20704026@unknown@formal@none@1@S@Interest during first year paid semiannually at 7.51%.@@@@1@8@@oe@2-2-2013
20704027@unknown@formal@none@1@S@Thereafter, interest paid annually at 7.65%.@@@@1@6@@oe@2-2-2013
20704028@unknown@formal@none@1@S@The World Bank also offered 100 million Swiss francs of 6% bonds due Nov. 16, 1999, priced at 101 1/4 to yield 5.83% via Credit Suisse.@@@@1@26@@oe@2-2-2013
20704029@unknown@formal@none@1@S@Option by borrower to increase issue amount to 150 million francs.@@@@1@11@@oe@2-2-2013
20704030@unknown@formal@none@1@S@Mandom Corp. (Japan) -- 80 million Swiss francs of privately placed convertible notes due March 31, 1994, with fixed 0.25% coupon at par, via Nomura Bank Switzerland.@@@@1@27@@oe@2-2-2013
20704031@unknown@formal@none@1@S@Put March 31, 1992, at a fixed 107 3/4 to yield 3.43%.@@@@1@12@@oe@2-2-2013
20704032@unknown@formal@none@1@S@Each 50,000 Swiss franc note convertible Dec. 4, 1989, through March 17, 1994, at a 5% premium over closing share price Nov. 1, when terms are fixed.@@@@1@27@@oe@2-2-2013
20704033@unknown@formal@none@1@S@Nippon Air Brake Co. (Japan) -- 140 million Swiss francs of privately placed convertible notes due March 31, 1994, with fixed 0.25% coupon at par, via Yamaichi Bank (Switzerland).@@@@1@29@@oe@2-2-2013
20704034@unknown@formal@none@1@S@Put March 31, 1992, at fixed 107 13/16 to yield 3.43%.@@@@1@11@@oe@2-2-2013
20704035@unknown@formal@none@1@S@Each 50,000 Swiss franc note convertible Nov. 27, 1989, through March 17, 1994, at a 5% premium over closing share price Nov. 1, when terms are fixed.@@@@1@27@@oe@2-2-2013
20704036@unknown@formal@none@1@S@Credit Suisse Finance Gibraltar Ltd. (Swiss parent) -- 100 billion lire of 12 5/8% bonds due June 30, 1993, priced at 101.45 to yield 12.75% less full fees, via Banca Nazionale del Lavaro.@@@@1@33@@oe@2-2-2013
20704037@unknown@formal@none@1@S@Guarantee by Credit Suisse.@@@@1@4@@oe@2-2-2013
20704038@unknown@formal@none@1@S@Fees 1 5/8.@@@@1@3@@oe@2-2-2013
20704039@unknown@formal@none@1@S@Maryland National Bank -- $267 million of securities backed by home-equity lines of credit through Merrill Lynch Capital Markets.@@@@1@19@@oe@2-2-2013
20704040@unknown@formal@none@1@S@The bank is a subsidiary of Baltimore-based MNC Financial Inc.@@@@1@10@@oe@2-2-2013
20704041@unknown@formal@none@1@S@The securities were priced to float monthly at 20 basis points above the 30-day commercial paper rate.@@@@1@17@@oe@2-2-2013
20704042@unknown@formal@none@1@S@The issue, formally titled MNB Home Equity Loan Asset Backed Certificates, Series 1989, will represent interest in a trust fund of home equity revolving credit line loans originated by the retail finance division of Maryland National Bank and secured primarily by second deeds of trust or second mortgages on single to four-family residential properties.@@@@1@54@@oe@2-2-2013
20704043@unknown@formal@none@1@S@The securities are rated triple-A by Moody's and Duff & Phelps Inc.@@@@1@12@@oe@2-2-2013
20704044@unknown@formal@none@1@S@They are expected to have an average life of 3.16 years.@@@@1@11@@oe@2-2-2013
20704045@unknown@formal@none@1@S@Maryland National Bank's retail finance division will continue to service the loans.@@@@1@12@@oe@2-2-2013
20704046@unknown@formal@none@1@S@First National Bank of Chicago will act as trustee, and the transaction will be supported by an 8% letter of credit issued by Dai-Ichi Kangyo Bank Ltd., Chicago branch.@@@@1@29@@oe@2-2-2013
20704047@unknown@formal@none@1@S@Province of Nova Scotia -- $250 million of 8 1/4% debentures due Nov. 15, 2019, priced at 99.775 to yield 8.28%.@@@@1@21@@oe@2-2-2013
20704048@unknown@formal@none@1@S@The noncallable issue, which can be put back to the province in 2001, was priced at a spread of 41 basis points above the Treasury's 10-year note.@@@@1@27@@oe@2-2-2013
20704049@unknown@formal@none@1@S@Rated single-A-2 by Moody's and single-A-minus by S&P, the issue will be sold through underwriters led by Merrill Lynch Capital Markets.@@@@1@21@@oe@2-2-2013
20705001@unknown@formal@none@1@S@Bausch & Lomb Inc. said it plans to introduce next year a new line of sunglasses containing melanin, the pigment that protects against damage from ultraviolet rays.@@@@1@27@@oe@2-2-2013
20705002@unknown@formal@none@1@S@The optical products company has signed a licensing agreement with Photoprotective Technologies Inc., a closely held firm in San Antonio, Texas, which has developed a method to incorporate the synthetic melanin into plastic lenses.@@@@1@34@@oe@2-2-2013
20705003@unknown@formal@none@1@S@Terms weren't disclosed.@@@@1@3@@oe@2-2-2013
20706001@unknown@formal@none@1@S@Security Pacific Corp. has set its sights on buying its second bank holding company this year.@@@@1@16@@oe@2-2-2013
20706002@unknown@formal@none@1@S@Security said it signed a letter of intent to purchase La Jolla Bancorp, agreeing to pay $15 of its own stock for each share of La Jolla.@@@@1@27@@oe@2-2-2013
20706003@unknown@formal@none@1@S@Based on the current number of La Jolla shares, that gives the transaction a value of $104 million.@@@@1@18@@oe@2-2-2013
20706004@unknown@formal@none@1@S@La Jolla is the parent company of La Jolla Bank & Trust Co., which has 12 branches in San Diego County.@@@@1@21@@oe@2-2-2013
20706005@unknown@formal@none@1@S@As of Sept. 30, the bank had assets of $511 million and deposits of $469 million, Security Pacific said.@@@@1@19@@oe@2-2-2013
20706006@unknown@formal@none@1@S@Earlier this month, Security Pacific, which is among the 10 largest bank holding companies in the U.S., completed the acquisition of San Diego-based Southwest Bancorp.@@@@1@25@@oe@2-2-2013
20707001@unknown@formal@none@1@S@South Africa's current account surplus swelled to a seasonally adjusted annual rate of between five billion and six billion rand ($1.9 billion and $2.28 billion) in the third quarter, Reserve Bank Governor Chris Stals said.@@@@1@35@@oe@2-2-2013
20707002@unknown@formal@none@1@S@The surplus was two billion rand in the second quarter and 2.7 billion rand in the first quarter.@@@@1@18@@oe@2-2-2013
20707003@unknown@formal@none@1@S@He said this improvement means it is still possible to reach the targeted current account surplus of four billion rand for 1989.@@@@1@22@@oe@2-2-2013
20708001@unknown@formal@none@1@S@Moscom Corp. said its board approved the repurchase of as many as 300,000 common shares when market conditions are suitable.@@@@1@20@@oe@2-2-2013
20708002@unknown@formal@none@1@S@The maker of telecommunications management systems had 6,420,268 shares outstanding as of Sept. 30.@@@@1@14@@oe@2-2-2013
20708003@unknown@formal@none@1@S@In over-the-counter trading yesterday, Moscom closed at $4.375, up 37.5 cents.@@@@1@11@@oe@2-2-2013
20709001@unknown@formal@none@1@S@Service Corp. International said it expects to report net income of 15 cents a share for the third quarter.@@@@1@19@@oe@2-2-2013
20709002@unknown@formal@none@1@S@The company said it expects to release third-quarter results in mid-November.@@@@1@11@@oe@2-2-2013
20709003@unknown@formal@none@1@S@The funeral home and cemetery operator changed from a fiscal year to a calendar year in December.@@@@1@17@@oe@2-2-2013
20709004@unknown@formal@none@1@S@In the comparable year-ago quarter, the second quarter ended Oct. 31, Service Corp. had a loss of about $12.5 million, or 26 cents a share, on revenue of $175.4 million.@@@@1@30@@oe@2-2-2013
20709005@unknown@formal@none@1@S@Results for that quarter included a $30 million, or 40 cents a share, write-down associated with the consolidation of a facility.@@@@1@21@@oe@2-2-2013
20710001@unknown@formal@none@1@S@Your Sept. 25 criticism of credit-card foreign-exchange charges is unwarranted.@@@@1@10@@oe@2-2-2013
20710002@unknown@formal@none@1@S@I have just returned from France, and the net exchange rate charged on my Visa account was more favorable than I obtained for traveler's checks in any of the several banks where I converted them.@@@@1@35@@oe@2-2-2013
20710003@unknown@formal@none@1@S@Vincent Jolivet Kenmore, Wash.@@@@1@4@@oe@2-2-2013
20711001@unknown@formal@none@1@S@The state-controlled French metals group Pechiney S.A. said it has signed a preliminary accord to sell its Paris headquarters to Groupement Foncier Francais and Nouveaux Constructeurs for 2.76 billion francs ($443 million).@@@@1@32@@oe@2-2-2013
20711002@unknown@formal@none@1@S@The sale, which Pechiney had been eager to make for several months, is still subject to certain unspecified conditions and is expected to be completed during the first quarter of 1990, the group.@@@@1@33@@oe@2-2-2013
20712001@unknown@formal@none@1@S@Hong Kong's main measure of consumer prices rose 10% in September from a year earlier, the government said.@@@@1@18@@oe@2-2-2013
20712002@unknown@formal@none@1@S@The Consumer Price Index "A", which measures price changes for the 50% of urban households that spend between 2,000 Hong Kong dollars (US$256.18) and HK$6,499 a month, edged up 1.5% in September from August.@@@@1@34@@oe@2-2-2013
20712003@unknown@formal@none@1@S@Index "B", which monitors price changes for the 30% of urban households that spend between HK$6,500 and HK$9,999 a month, rose 9.9% last month from a year earlier and was up 1.3% from the preceding month.@@@@1@36@@oe@2-2-2013
20712004@unknown@formal@none@1@S@September's Hang Seng Consumer Price Index, which measures price changes for the 10% of urban households spending HK$10,000 and HK$24,999 a month, was up 11% from a year ago and up 1.3% from August.@@@@1@34@@oe@2-2-2013
20712005@unknown@formal@none@1@S@The main factors for the September increase from the previous month were higher prices for services, food and housing.@@@@1@19@@oe@2-2-2013
20712006@unknown@formal@none@1@S@Prices fell marginally for fuel and electricity.@@@@1@7@@oe@2-2-2013
20713001@unknown@formal@none@1@S@West German and French authorities have cleared Dresdner Bank AG's takeover of a majority stake in Banque Internationale de Placement (BIP), Dresdner Bank said.@@@@1@24@@oe@2-2-2013
20713002@unknown@formal@none@1@S@The approval, which had been expected, permits West Germany's second-largest bank to acquire shares of the French investment bank.@@@@1@19@@oe@2-2-2013
20713003@unknown@formal@none@1@S@In a first step, Dresdner Bank will buy 32.99% of BIP for 1,015 French francs ($162) a share, or 528 million francs ($84.7 million).@@@@1@24@@oe@2-2-2013
20713004@unknown@formal@none@1@S@Dresdner Bank said it will also buy all shares tendered by shareholders on the Paris Stock Exchange at the same price from today through Nov. 17.@@@@1@26@@oe@2-2-2013
20713005@unknown@formal@none@1@S@In addition, the bank has an option to buy a 30.84% stake in BIP from Societe Generale after Jan. 1, 1990 at 1,015 francs a share.@@@@1@26@@oe@2-2-2013
20714001@unknown@formal@none@1@S@Furukawa Electric Co., one of Japan's leading electric wire and cable manufacturers, said unconsolidated pretax profit in the fiscal first half ended Sept. 30 fell 5.3% to 6.11 billion yen ($43.1 million) from 6.45 billion yen a year earlier.@@@@1@39@@oe@2-2-2013
20714002@unknown@formal@none@1@S@Sales increased 11.9% to 279.39 billion yen from 249.68 billion yen.@@@@1@11@@oe@2-2-2013
20714003@unknown@formal@none@1@S@Net fell 1% to 3.23 billion yen from 3.26 billion yen.@@@@1@11@@oe@2-2-2013
20714004@unknown@formal@none@1@S@Pershare net fell to 4.97 yen from 5.40 yen.@@@@1@9@@oe@2-2-2013
20714005@unknown@formal@none@1@S@The growing sales sustained by domestic demand failed to counter rising material metal costs and declining profitability in overseas construction, Furukawa said.@@@@1@22@@oe@2-2-2013
20714006@unknown@formal@none@1@S@Rolled copper product sales were major contributors to overall sales growth.@@@@1@11@@oe@2-2-2013
20714007@unknown@formal@none@1@S@Sales by category rose 24% to 35.23 billion yen, reflecting increased production in automobile, airconditioner and electric machine industries, which are major users of wire and cable products.@@@@1@28@@oe@2-2-2013
20714008@unknown@formal@none@1@S@Sales for electric wires and cables rose 13.2% to 153.93 billion yen.@@@@1@12@@oe@2-2-2013
20715001@unknown@formal@none@1@S@West Germany's cost-of-living index rose a preliminary 0.3% in October from September and was up 3.3% from a year earlier, the Federal Statistics Office in Wiesbaden said.@@@@1@27@@oe@2-2-2013
20715002@unknown@formal@none@1@S@The increase follows a monthly rise of 0.2% in September from August.@@@@1@12@@oe@2-2-2013
20715003@unknown@formal@none@1@S@Preliminary cost-of-living data for the current month are calculated based on inflation data from the four largest West German states -- Baden-Wuerttemberg, North Rhine-Westphalia, Bavaria and Hesse.@@@@1@27@@oe@2-2-2013
20716001@unknown@formal@none@1@S@The Philippine government awarded Finland's Outokumpu Oy the contract to upgrade the facilities of Philippine Associated Smelting & Refining Corp., according to documents from National Development Corp., one of Philippine company's owners.@@@@1@32@@oe@2-2-2013
20716002@unknown@formal@none@1@S@The project costs $46.8 million, and is intended to boost the company's production capacity by 25% to 34,500 metric tons of copper cathode a year.@@@@1@25@@oe@2-2-2013
20716003@unknown@formal@none@1@S@Outokumpu is a mining, trading and construction concern.@@@@1@8@@oe@2-2-2013
20717001@unknown@formal@none@1@S@September sales at major Japanese retail stores rose 9.4% from a year earlier to 1.388 trillion yen ($9.81 billion), marking the fifth-consecutive monthly increase, the Ministry of International Trade and Industry announced.@@@@1@32@@oe@2-2-2013
20717002@unknown@formal@none@1@S@According to the ministry, retail sales at major department stores were up 12% to 745.7 billion yen, while sales at supermarkets rose 6.7% to 642 billion yen.@@@@1@27@@oe@2-2-2013
20717003@unknown@formal@none@1@S@September's growth followed a 8.7% rise in July and an 8% increase in August, showing continued expansion at high year-on-year levels.@@@@1@21@@oe@2-2-2013
20717004@unknown@formal@none@1@S@A ministry official said the growth leads to the conclusion the adverse effects of a consumption tax introduced in April have diminished.@@@@1@22@@oe@2-2-2013
20718001@unknown@formal@none@1@S@Shell Canada Ltd. said it plans to build a lubricants blending and packaging plant at Brockville, Ontario, with start-up scheduled for 1992.@@@@1@22@@oe@2-2-2013
20718002@unknown@formal@none@1@S@A spokesman said the plant, which will replace older lubricant and grease manufacturing plants in Montreal and Toronto, will cost about 50 million Canadian dollars (US$42.5 million) to build.@@@@1@29@@oe@2-2-2013
20718003@unknown@formal@none@1@S@Brockville is about 100 miles east of Toronto.@@@@1@8@@oe@2-2-2013
20718004@unknown@formal@none@1@S@Shell Canada, an oil and gas producer and marketer, is a unit of Royal Dutch/Shell Group, an Anglo-Dutch concern.@@@@1@19@@oe@2-2-2013
20719001@unknown@formal@none@1@S@When the going gets tough, it's tough to trade stocks in continental Europe.@@@@1@13@@oe@2-2-2013
20719002@unknown@formal@none@1@S@That's the troubling conclusion reached by many international investors and money managers angry at the malfunctions on Continental stock exchanges during last week's global market turbulence.@@@@1@26@@oe@2-2-2013
20719003@unknown@formal@none@1@S@They say the recent market volatility has underscored the shortcomings of the way many European exchanges trade stocks.@@@@1@18@@oe@2-2-2013
20719004@unknown@formal@none@1@S@The weaknesses of Continental exchanges are driving some fund managers to switch business to stocks traded on London's stock exchange, which quotes firm trading prices for about 350 blue-chip issues from 12 major countries.@@@@1@34@@oe@2-2-2013
20719005@unknown@formal@none@1@S@"I'm not saying London covered itself in glory, but the events of the past week have certainly exposed Europe's weaknesses," says Stewart Gilchrist, a director of Scottish Amicable Investment Managers in Glasgow, Scotland, which manages about #6 billion ($9.63 billion) in institutional money.@@@@1@43@@oe@2-2-2013
20719006@unknown@formal@none@1@S@He says the problems on European exchanges included market-system breakdowns, delayed execution of buy and sell orders and trading suspensions.@@@@1@20@@oe@2-2-2013
20719007@unknown@formal@none@1@S@"The events strengthen London's hand in becoming the center for trading European stocks," Mr. Gilchrist says.@@@@1@16@@oe@2-2-2013
20719008@unknown@formal@none@1@S@Unable to unload a large block of a French blue-chip company's shares in Paris for two days last week, a frustrated Scottish Amicable fund manager finally tossed down her phone in disgust and called James Capel & Co., a London brokerage firm.@@@@1@42@@oe@2-2-2013
20719009@unknown@formal@none@1@S@The firm did the trade in seconds on the London stock exchange's SEAQ automated-quotation system.@@@@1@15@@oe@2-2-2013
20719010@unknown@formal@none@1@S@On so-called Manic Monday, Oct. 16, stock prices plunged across Europe and trading problems erupted.@@@@1@15@@oe@2-2-2013
20719011@unknown@formal@none@1@S@London had some problems, too.@@@@1@5@@oe@2-2-2013
20719012@unknown@formal@none@1@S@The London exchange's electronic price-reporting system provided only indicative, or non-firm, prices for about 40 minutes on Manic Monday.@@@@1@19@@oe@2-2-2013
20719013@unknown@formal@none@1@S@Some dealers say other traders weren't picking up their phones.@@@@1@10@@oe@2-2-2013
20719014@unknown@formal@none@1@S@But London's problems were nothing compared with the Continent's.@@@@1@9@@oe@2-2-2013
20719015@unknown@formal@none@1@S@In Brussels, which recently spent millions of dollars on a computer-assisted trading system, disgusted traders watched helplessly as a software failure before opening on Manic Monday prevented trading for two days.@@@@1@31@@oe@2-2-2013
20719016@unknown@formal@none@1@S@For 48 hours, no one had any idea precisely how much his securities were worth.@@@@1@15@@oe@2-2-2013
20719017@unknown@formal@none@1@S@By Wednesday, frustrated Belgian brokers reopened the market by using the time-honored method of quoting stocks with chalk on a blackboard.@@@@1@21@@oe@2-2-2013
20719018@unknown@formal@none@1@S@The Belgian computer system finally was repaired and restarted on Tuesday of this week, with the aid of Toronto Stock Exchange officials who developed the system.@@@@1@26@@oe@2-2-2013
20719019@unknown@formal@none@1@S@In Frankfurt, which only has a two-hour daily stock-trading session even in the best of times, stocks didn't open for the first 45 minutes because of order imbalances that brokers blame on a wave of sell orders from small investors.@@@@1@40@@oe@2-2-2013
20719020@unknown@formal@none@1@S@As banks processed six-foot telexes of sell orders, the crush led to Manic Monday's worst decline: German stocks ended down 13%.@@@@1@21@@oe@2-2-2013
20719021@unknown@formal@none@1@S@Exchange officials extended trading hours, 75 minutes on Monday and 65 minutes on Tuesday, to clear up order backlogs.@@@@1@19@@oe@2-2-2013
20719022@unknown@formal@none@1@S@In France, more than half the top 25 blue-chip stocks -- including such giants as BSN and Elf Aquitaine -- didn't open until Wall Street rallied late in the European trading day, traders say.@@@@1@34@@oe@2-2-2013
20719023@unknown@formal@none@1@S@The rally transformed some big sell orders into big buy orders, solving an order-imbalance problem.@@@@1@15@@oe@2-2-2013
20719024@unknown@formal@none@1@S@But by that time, many big institutions had switched business to London.@@@@1@12@@oe@2-2-2013
20719025@unknown@formal@none@1@S@"Belgium was closed for two days, France closed for a couple of hours, Germany was stuck.@@@@1@16@@oe@2-2-2013
20719026@unknown@formal@none@1@S@It was a nightmare," says Susan Noble, an investment manager at Robert Fleming Holdings Ltd.'s International Investment Management unit in London.@@@@1@21@@oe@2-2-2013
20719027@unknown@formal@none@1@S@"It's very worrying that these markets can't cope."@@@@1@8@@oe@2-2-2013
20719028@unknown@formal@none@1@S@On Manic Monday, the volume of German shares traded in London more than tripled to 2.2 million, and the volume of French shares rose 48%.@@@@1@25@@oe@2-2-2013
20719029@unknown@formal@none@1@S@(By comparison, German domestic stock volume in Frankfurt only doubled that day.)@@@@1@12@@oe@2-2-2013
20719030@unknown@formal@none@1@S@The switch to the London market during such turbulent times is significant.@@@@1@12@@oe@2-2-2013
20719031@unknown@formal@none@1@S@For one thing, the size of the affected market is enormous -- the European stock markets account for some 22.5% of global stock market capitalization, with an estimated value of $2.175 trillion, according to Morgan Stanley Capital International.@@@@1@38@@oe@2-2-2013
20719032@unknown@formal@none@1@S@The Continental markets alone contribute about 14.3% of estimated world market capitalization of $9.671 trillion.@@@@1@15@@oe@2-2-2013
20719033@unknown@formal@none@1@S@Though the widely traded shares that are quoted in London account for only a small portion of those totals, they still are the most closely watched stocks and are often viewed as a barometer for the local markets generally.@@@@1@39@@oe@2-2-2013
20719034@unknown@formal@none@1@S@The switch to London underscores the fact that despite the economic restructuring associated with European Community efforts to develop a single market by 1992, European stock trading remains a highly fragmented and very localized activity.@@@@1@35@@oe@2-2-2013
20719035@unknown@formal@none@1@S@Against this backdrop, one thing that doesn't seem likely to result from 1992 is a single European stock market.@@@@1@19@@oe@2-2-2013
20719036@unknown@formal@none@1@S@Rather, there increasingly is a group of international brokerage and trading firms that operate in most European financial centers -- including European giants such as Barclays Bank PLC and Deutsche Bank, as well as Merrill Lynch & Co. and Shearson Lehman Hutton Inc. of the U.S. and Japan's Nomura Securities Co.@@@@1@51@@oe@2-2-2013
20719037@unknown@formal@none@1@S@These firms, which often have acquired a local brokerage firm, are calling the shots when it comes to deciding in which market to transact a trade.@@@@1@26@@oe@2-2-2013
20719038@unknown@formal@none@1@S@And senior officials of two U.S. securities houses say they switched trades in European stocks to the London market last week when they couldn't unwind positions on the Continent.@@@@1@29@@oe@2-2-2013
20719039@unknown@formal@none@1@S@Meantime, brokers on the Continent are worried, too, mostly by the potential loss of business.@@@@1@15@@oe@2-2-2013
20719040@unknown@formal@none@1@S@"I would be much happier if this volume {in German stocks} were in Frankfurt rather than London," says Dieter Bauernfeind, head of international equity sales at Dresdner Bank in Frankfurt.@@@@1@30@@oe@2-2-2013
20719041@unknown@formal@none@1@S@He acknowledges that spreads "were too wide and volumes too light" in the extreme conditions on Manic Monday.@@@@1@18@@oe@2-2-2013
20719042@unknown@formal@none@1@S@Already the Germans appear to be acting; at a special meeting on the day of the decline, directors of the Frankfurt Stock Exchange voted to extend their trading hours, although they haven't decided when or by how much.@@@@1@38@@oe@2-2-2013
20719043@unknown@formal@none@1@S@A Frankfurt exchange official, acknowledging the brokers' anxieties, says the market still feels it "functioned OK during this crash."@@@@1@19@@oe@2-2-2013
20719044@unknown@formal@none@1@S@The Dutch, who had some trading problems because of insufficient computer capacity, say new equipment to solve the problems ought to be installed within a month.@@@@1@26@@oe@2-2-2013
20719045@unknown@formal@none@1@S@Says a spokeswoman for the Brussels Bourse: "Nobody around here will tell you they are happy the system didn't work.@@@@1@20@@oe@2-2-2013
20719046@unknown@formal@none@1@S@But it's just one of those things that happened.@@@@1@9@@oe@2-2-2013
20719047@unknown@formal@none@1@S@Investors can be assured now that this kind of problem can never occur again."@@@@1@14@@oe@2-2-2013
20719048@unknown@formal@none@1@S@But for others, the pledges echo the promises made after the 1987 stock crash, when similar problems led many markets to develop the new systems that performed so badly last week.@@@@1@31@@oe@2-2-2013
20719049@unknown@formal@none@1@S@"They all said they invested huge amounts of money.@@@@1@9@@oe@2-2-2013
20719050@unknown@formal@none@1@S@But they either didn't buy the right machines or they wasted it," says Fleming's Ms. Noble.@@@@1@16@@oe@2-2-2013
20720001@unknown@formal@none@1@S@Canadian steel production totaled 290,541 metric tons in the week ended Oct. 21, a 5.1% increase from 276,334 tons the previous week but a 7.2% decline from 313,125 tons a year earlier, Statistics Canada said.@@@@1@35@@oe@2-2-2013
20720002@unknown@formal@none@1@S@The federal agency said that in the year through Oct. 21 production totaled 12,573,758 tons, up 7.1% from 11,742,368 tons.@@@@1@20@@oe@2-2-2013
20721001@unknown@formal@none@1@S@Trinova Corp. said it will resume buying back as many as three million of its common shares under a program announced two years ago.@@@@1@24@@oe@2-2-2013
20721002@unknown@formal@none@1@S@Trinova, which had 34.2 million common shares outstanding Sept. 30, had repurchased 29,700 shares since October 1987 before this latest announcement.@@@@1@21@@oe@2-2-2013
20721003@unknown@formal@none@1@S@The company said it isn't making a commitment to purchase a specific number of shares.@@@@1@15@@oe@2-2-2013
20721004@unknown@formal@none@1@S@In New York Stock Exchange composite trading yesterday, Trinova closed at $32.125, up 12.5 cents.@@@@1@15@@oe@2-2-2013
20722001@unknown@formal@none@1@S@Calgene Inc. and Gustafson Inc. said they plan a joint project to develop biological products to control such plant diseases as aflatoxin, a potent cancer-causing agent.@@@@1@26@@oe@2-2-2013
20722002@unknown@formal@none@1@S@Under the plan, the companies will use Calgene's patented technology to encapsulate microbes such as Bacillus subtilis, a bacterium, to enhance their biological activity against plant diseases.@@@@1@27@@oe@2-2-2013
20722003@unknown@formal@none@1@S@Calgene, an agricultural biotechnology concern, said initial work will concentrate on a proprietary strain of Bacillus subtilis which has shown promise for controlling aflatoxin.@@@@1@24@@oe@2-2-2013
20722004@unknown@formal@none@1@S@The strain was discovered by Morinaga & Co. and licensed to Gustafson, a unit of Uniroyal Chemical Co.@@@@1@18@@oe@2-2-2013
20722005@unknown@formal@none@1@S@Aflatoxin is released by molds during grain and seed storage.@@@@1@10@@oe@2-2-2013
20722006@unknown@formal@none@1@S@The recent appearance of aflatoxin in such foods as corn and peanut butter has sparked public concern and consumer scrutiny of food handling and storage procedures.@@@@1@26@@oe@2-2-2013
20723001@unknown@formal@none@1@S@European Community employers fear that the EC Commission's plans for a "charter of fundamental social rights" is a danger to industrial competitiveness.@@@@1@22@@oe@2-2-2013
20723002@unknown@formal@none@1@S@"We don't want Brussels deciding conditions for workers unless they are necessary and useful," said Zygmunt Tyszkiewicz, secretary general of the employers' confederation Unice.@@@@1@24@@oe@2-2-2013
20723003@unknown@formal@none@1@S@Unice -- an acronym for the Union of Industrial and Employers' Confederations of Europe -- fears that the charter will force EC countries to adopt a single pattern in labor relations.@@@@1@31@@oe@2-2-2013
20723004@unknown@formal@none@1@S@Workers and management, Mr. Tyszkiewicz said, would lose the "flexibility and diversity" that has so far allowed them to adapt to local conditions and traditions.@@@@1@25@@oe@2-2-2013
20723005@unknown@formal@none@1@S@The British government also strongly opposes the charter in its current form.@@@@1@12@@oe@2-2-2013
20723006@unknown@formal@none@1@S@It argues, as does Unice, that labor relations are best left to be regulated at the national level.@@@@1@18@@oe@2-2-2013
20723007@unknown@formal@none@1@S@France will propose a slightly watered-down version of the charter to be discussed by EC social-affairs ministers on Monday, officials said.@@@@1@21@@oe@2-2-2013
20723008@unknown@formal@none@1@S@But the cosmetic changes aren't expected to win over Britain.@@@@1@10@@oe@2-2-2013
20723009@unknown@formal@none@1@S@"We still have serious differences with the text," a British official said, because it provides for a "regulation of the labor market."@@@@1@22@@oe@2-2-2013
20723010@unknown@formal@none@1@S@Mr. Tyszkiewicz said the charter would put poorer EC countries such as Spain, Greece and Portugal at a disadvantage.@@@@1@19@@oe@2-2-2013
20723011@unknown@formal@none@1@S@It would force these countries to introduce minimum standards for pay and working hours, and provide for collective bargaining and worker "participation" in major corporate decisions.@@@@1@26@@oe@2-2-2013
20723012@unknown@formal@none@1@S@This, he warned, would prevent these countries from bridging the difference with their richer EC brethren.@@@@1@16@@oe@2-2-2013
20723013@unknown@formal@none@1@S@Indeed, lower wages -- in Greece, they are a third of the EC average -- aren't enough to offset higher transport costs and lower productivity in the southern countries.@@@@1@29@@oe@2-2-2013
20723014@unknown@formal@none@1@S@Increasing labor costs, Mr. Tyszkiewicz argued, would only put the countries at a further disadvantage in competing in the barrier-free EC market planned for after 1992.@@@@1@26@@oe@2-2-2013
20723015@unknown@formal@none@1@S@But the Unice official said that producing a charter acceptable to both Britain and European industry isn't an unattainable goal.@@@@1@20@@oe@2-2-2013
20723016@unknown@formal@none@1@S@The charter would just have to be restricted to a list of workers' fundamental rights, without seeking to impose any norms.@@@@1@21@@oe@2-2-2013
20723017@unknown@formal@none@1@S@A key provision in the current version of the charter would give the commission a mandate to produce an "action program" detailing on what points EC member states would be required to comply with the goals set out in the charter.@@@@1@41@@oe@2-2-2013
20723018@unknown@formal@none@1@S@This provision lies at the heart of the British and Unice fears of "social engineering" by the commission.@@@@1@18@@oe@2-2-2013
20723019@unknown@formal@none@1@S@One possible political solution, an EC official said, would be for the commission to present the action program in late November, before the adoption of the charter at a summit of EC governments on Dec. 8 and 9.@@@@1@38@@oe@2-2-2013
20723020@unknown@formal@none@1@S@This would leave Britain free to adopt the charter after having rebutted the action program.@@@@1@15@@oe@2-2-2013
20723021@unknown@formal@none@1@S@The charter was approved by the EC Commission on Sept. 21.@@@@1@11@@oe@2-2-2013
20723022@unknown@formal@none@1@S@France's Socialist government, which currently holds the council's rotating presidency, is committed to having the charter adopted by all 12 EC states before the end of 1989 -- the bicentennial of the French revolution and its "Universal Declaration of Human Rights.@@@@1@41@@oe@2-2-2013
20724001@unknown@formal@none@1@S@Bruno DeGol, chairman of DeGol Brothers Lumber, Gallitzin, Pa., was named a director of this bank-holding company, expanding the board to 11 members.@@@@1@23@@oe@2-2-2013
20725001@unknown@formal@none@1@S@Sam Ramirez and his men are late.@@@@1@7@@oe@2-2-2013
20725002@unknown@formal@none@1@S@They pile out of their truck and furiously begin twisting together steel pipes linking a giant storage tank to the Sharpshooter, a freshly drilled oil well two miles deep.@@@@1@29@@oe@2-2-2013
20725003@unknown@formal@none@1@S@If they finish today, the Sharpshooter can pump tomorrow.@@@@1@9@@oe@2-2-2013
20725004@unknown@formal@none@1@S@One roustabout, hanging by his hands from a ladder, bounces his weight on a three-foot wrench to loosen a stuck fitting.@@@@1@21@@oe@2-2-2013
20725005@unknown@formal@none@1@S@"We've been putting in long hours," Mr. Ramirez says -- six-day weeks and 13-hour days for the last two months.@@@@1@20@@oe@2-2-2013
20725006@unknown@formal@none@1@S@A year ago, when almost nothing was happening amid these desolate dunes, "you'd spend two days working and two days in the yard," he recalls.@@@@1@25@@oe@2-2-2013
20725007@unknown@formal@none@1@S@After a three-year nightmare of uncertain oil prices, draconian budget cuts and sweeping layoffs, fear is finally leaving the oil patch.@@@@1@21@@oe@2-2-2013
20725008@unknown@formal@none@1@S@Independent drillers are gingerly sinking bits into the Earth's crust again.@@@@1@11@@oe@2-2-2013
20725009@unknown@formal@none@1@S@Some in Big Oil are easing the grip on their wallets.@@@@1@11@@oe@2-2-2013
20725010@unknown@formal@none@1@S@Investment capital is creeping back, and oil properties are fetching more.@@@@1@11@@oe@2-2-2013
20725011@unknown@formal@none@1@S@Oil-tool prices are even edging up.@@@@1@6@@oe@2-2-2013
20725012@unknown@formal@none@1@S@What happened?@@@@1@2@@oe@2-2-2013
20725013@unknown@formal@none@1@S@In broadest terms, stability has quietly settled into international oil markets.@@@@1@11@@oe@2-2-2013
20725014@unknown@formal@none@1@S@Mideast politics have calmed down and the squabbling within the Organization of Petroleum Exporting Countries seems under control for now.@@@@1@20@@oe@2-2-2013
20725015@unknown@formal@none@1@S@"The fundamentals of supply and demand once again are setting oil prices," says Victor Burk, an Arthur Andersen & Co. oil expert.@@@@1@22@@oe@2-2-2013
20725016@unknown@formal@none@1@S@After years of wild swings, oil prices over the last 12 months have settled at around $15 to $20 a barrel.@@@@1@21@@oe@2-2-2013
20725017@unknown@formal@none@1@S@That isn't the $40 that delighted producers a decade ago or the $10 that pleased users a year ago.@@@@1@19@@oe@2-2-2013
20725018@unknown@formal@none@1@S@But it is high enough to prod the search for future supplies, low enough to promote consumption and, most important, steady enough for both producers and users to believe in.@@@@1@30@@oe@2-2-2013
20725019@unknown@formal@none@1@S@Not that oil suddenly is a sure thing again.@@@@1@9@@oe@2-2-2013
20725020@unknown@formal@none@1@S@The current equilibrium is fragile and depends on steady, strong demand and continued relative harmony within OPEC, producer of more than 40% of the non-Communist world's crude.@@@@1@27@@oe@2-2-2013
20725021@unknown@formal@none@1@S@A recession or new OPEC blowup could put oil markets right back in the soup.@@@@1@15@@oe@2-2-2013
20725022@unknown@formal@none@1@S@Also, the new stirrings are faint, and some question their extent.@@@@1@11@@oe@2-2-2013
20725023@unknown@formal@none@1@S@Drilling activity is still far below eight years ago, there's no hiring surge and some companies continue to shrink.@@@@1@19@@oe@2-2-2013
20725024@unknown@formal@none@1@S@With all this, even the most wary oil men agree something has changed.@@@@1@13@@oe@2-2-2013
20725025@unknown@formal@none@1@S@"It doesn't appear to be getting worse.@@@@1@7@@oe@2-2-2013
20725026@unknown@formal@none@1@S@That in itself has got to cause people to feel a little more optimistic," says Glenn Cox, the president of Phillips Petroleum Co.@@@@1@23@@oe@2-2-2013
20725027@unknown@formal@none@1@S@Though modest, the change reaches beyond the oil patch, too.@@@@1@10@@oe@2-2-2013
20725028@unknown@formal@none@1@S@The same roller-coaster prices that halted U.S. oil exploration and drove many veteran oil men and companies out of the business also played havoc with the nation's inflation rate, the trade deficit and oil users' corporate and personal budgets.@@@@1@39@@oe@2-2-2013
20725029@unknown@formal@none@1@S@Now, at least some predictability has returned, for everyone from economists to motorists.@@@@1@13@@oe@2-2-2013
20725030@unknown@formal@none@1@S@Corporate planners can plan again.@@@@1@5@@oe@2-2-2013
20725031@unknown@formal@none@1@S@"Management doesn't want surprises," notes Jack Zaves, who, as fuel-services director at American Airlines, buys some 2.4 billion gallons of jet fuel a year.@@@@1@24@@oe@2-2-2013
20725032@unknown@formal@none@1@S@Prices had been so unstable that two years ago Mr. Zaves gave up on long-term forecasts.@@@@1@16@@oe@2-2-2013
20725033@unknown@formal@none@1@S@And consumers "should be comfortable," adds W. Henson Moore, U.S. deputy secretary of energy.@@@@1@14@@oe@2-2-2013
20725034@unknown@formal@none@1@S@"I don't see anything on the horizon that could lead to a precipitous rise in the price."@@@@1@17@@oe@2-2-2013
20725035@unknown@formal@none@1@S@The catalyst for all this has been OPEC.@@@@1@8@@oe@2-2-2013
20725036@unknown@formal@none@1@S@About a year ago, it ended an on-again, off-again internal production war that had put prices on a roller coaster and pitched oil towns from Houston to Caracas into recession.@@@@1@30@@oe@2-2-2013
20725037@unknown@formal@none@1@S@Saudi Arabia, OPEC's kingpin, abandoned a policy of flooding the market to punish quota-cheaters.@@@@1@14@@oe@2-2-2013
20725038@unknown@formal@none@1@S@About the same time, the Iran-Iraq war, which was roiling oil markets, ended.@@@@1@13@@oe@2-2-2013
20725039@unknown@formal@none@1@S@In addition, global petroleum demand has been climbing.@@@@1@8@@oe@2-2-2013
20725040@unknown@formal@none@1@S@It is projected to keep growing by a million barrels a day, or up to 2% annually, for years to come.@@@@1@21@@oe@2-2-2013
20725041@unknown@formal@none@1@S@For OPEC, that's ideal.@@@@1@4@@oe@2-2-2013
20725042@unknown@formal@none@1@S@The resulting firm prices and stability "will allow both producers and consumers to plan confidently," says Saudi Arabian Oil Minister Hisham Nazer.@@@@1@22@@oe@2-2-2013
20725043@unknown@formal@none@1@S@OPEC Secretary-General Subroto explains: Consumers offer security of markets, while OPEC provides security of supply.@@@@1@15@@oe@2-2-2013
20725044@unknown@formal@none@1@S@"This is an opportune time to find mutual ways {to prevent} price shocks from happening again," he says.@@@@1@18@@oe@2-2-2013
20725045@unknown@formal@none@1@S@To promote this balance, OPEC now is finally confronting a long-simmering internal problem.@@@@1@13@@oe@2-2-2013
20725046@unknown@formal@none@1@S@At its November meeting, it will try to revise its quotas to satisfy Persian Gulf members that can produce far more oil than their allotments.@@@@1@25@@oe@2-2-2013
20725047@unknown@formal@none@1@S@Being held well below capacity greatly irritates them, and has led to widespread cheating.@@@@1@14@@oe@2-2-2013
20725048@unknown@formal@none@1@S@OPEC has repeatedly raised its self-imposed production ceiling to legitimize some of that unauthorized output.@@@@1@15@@oe@2-2-2013
20725049@unknown@formal@none@1@S@Oil ministers now hope to solve the issue for good through an Iranian proposal that gives a larger share of output to countries with surplus capacity and reduces the shares of those that can't produce more anyway.@@@@1@37@@oe@2-2-2013
20725050@unknown@formal@none@1@S@But "if they walk out without any effort to resolve their problem, production could increase to 23 million or 24 million barrels a day, making for a very troublesome first quarter," warns Nordine Ait-Laoussine, a consultant and former Algerian OPEC delegate.@@@@1@41@@oe@2-2-2013
20725051@unknown@formal@none@1@S@That would send prices plummeting from what some gun-shy U.S. oil executives still regard as too low a level.@@@@1@19@@oe@2-2-2013
20725052@unknown@formal@none@1@S@Patrick J. Early, president of Amoco Corp.'s oil-production unit, says that despite recent stability, he plans continued tightening of costs and exploration spending.@@@@1@23@@oe@2-2-2013
20725053@unknown@formal@none@1@S@The view of some others in Big Oil, he maintains, "is very much {similar to} Amoco's outlook."@@@@1@17@@oe@2-2-2013
20725054@unknown@formal@none@1@S@Just this week Mobil Corp. disclosed new cutbacks in its domestic exploration and production operations.@@@@1@15@@oe@2-2-2013
20725055@unknown@formal@none@1@S@Out here on the Querecho Plains of New Mexico, however, the mood is more upbeat; trucks rumble along the dusty roads and burly men in hard hats sweat and swear through the afternoon sun.@@@@1@34@@oe@2-2-2013
20725056@unknown@formal@none@1@S@Santa Fe Energy Co., a unit of Santa Fe Southern Pacific Co., bought from Amoco the rights that allowed it to drill the Sharpshooter.@@@@1@24@@oe@2-2-2013
20725057@unknown@formal@none@1@S@A mile and a half away looms the 150-foot-tall rig of the Sniper, due to be pumping by December.@@@@1@19@@oe@2-2-2013
20725058@unknown@formal@none@1@S@"Talk is that everybody is going to drill more wells," says foreman Tommy Folsom.@@@@1@14@@oe@2-2-2013
20725059@unknown@formal@none@1@S@Santa Fe aims to drill about 30 wells in this area in 1989 and double that next year.@@@@1@18@@oe@2-2-2013
20725060@unknown@formal@none@1@S@It is more aggressive than most, but it isn't the only company with a new attitude, as it found when it went looking for a partner for the Sharpshooter.@@@@1@29@@oe@2-2-2013
20725061@unknown@formal@none@1@S@"We went to six companies over two days pitching the prospect," says Tim Parker, a Santa Fe exploration manager.@@@@1@19@@oe@2-2-2013
20725062@unknown@formal@none@1@S@"Five were interested."@@@@1@3@@oe@2-2-2013
20725063@unknown@formal@none@1@S@Mitchell Energy & Development Corp. became the partner, ponying up more than half of the $600,000 in drilling and start-up costs.@@@@1@21@@oe@2-2-2013
20725064@unknown@formal@none@1@S@Mitchell will get a half-interest in the oil.@@@@1@8@@oe@2-2-2013
20725065@unknown@formal@none@1@S@"A kind of no-mistakes mentality" had been stifling activity, says Don Covey, Mitchell's oil exploration chief.@@@@1@16@@oe@2-2-2013
20725066@unknown@formal@none@1@S@Now "everybody is a lot more optimistic."@@@@1@7@@oe@2-2-2013
20725067@unknown@formal@none@1@S@One attraction for oil operators here and in other fields is the bargain-basement cost of drilling and equipment, reflecting service companies' hunger for work.@@@@1@24@@oe@2-2-2013
20725068@unknown@formal@none@1@S@Kadane Oil Co., a small Texas independent, is currently drilling two wells itself and putting money into three others.@@@@1@19@@oe@2-2-2013
20725069@unknown@formal@none@1@S@One of its wells, in southwestern Oklahoma, is a "rank wildcat," a risky well where oil previously hasn't been found.@@@@1@20@@oe@2-2-2013
20725070@unknown@formal@none@1@S@"At this price, $18 plus or minus, and with costs being significantly less than they were several years ago, the economics are pretty good," says George Kadane, head of the company.@@@@1@31@@oe@2-2-2013
20725071@unknown@formal@none@1@S@"If you know you've got stability in price, you can do things you wouldn't do with the volatility of the past few years."@@@@1@23@@oe@2-2-2013
20725072@unknown@formal@none@1@S@The activity is enough to move some oil-service prices back up a little.@@@@1@13@@oe@2-2-2013
20725073@unknown@formal@none@1@S@Some drill-bit prices have risen 5% in the past month.@@@@1@10@@oe@2-2-2013
20725074@unknown@formal@none@1@S@In the Gulf of Mexico, a boat to deliver supplies to offshore rigs now costs around $3,000 a day, up nearly 60% since June.@@@@1@24@@oe@2-2-2013
20725075@unknown@formal@none@1@S@Some service boats recently were auctioned for about $1.7 million each, up from less than $1 million two years ago.@@@@1@20@@oe@2-2-2013
20725076@unknown@formal@none@1@S@At the bottom of the slump, Schlumberger Inc. was discounting 75% on an electronic evaluation of a well; now it discounts about 50%, drillers say.@@@@1@25@@oe@2-2-2013
20725077@unknown@formal@none@1@S@Still, there is money to be made.@@@@1@7@@oe@2-2-2013
20725078@unknown@formal@none@1@S@Most oil companies, when they set exploration and production budgets for this year, forecast revenue of $15 for each barrel of crude produced.@@@@1@23@@oe@2-2-2013
20725079@unknown@formal@none@1@S@Prices have averaged more than $2 a barrel higher than that -- not a windfall, but at least a pleasant bonus for them.@@@@1@23@@oe@2-2-2013
20725080@unknown@formal@none@1@S@So, according to a Dun & Bradstreet Corp. survey, companies that had been refusing to spend even their very conservative budgets may loosen up before year end.@@@@1@27@@oe@2-2-2013
20725081@unknown@formal@none@1@S@It says 40% of those surveyed report that 1989 exploration spending will exceed 1988's.@@@@1@14@@oe@2-2-2013
20725082@unknown@formal@none@1@S@Funds for drilling may inch up more next year if oil prices stay stable.@@@@1@14@@oe@2-2-2013
20725083@unknown@formal@none@1@S@Texaco, thinking in terms of $18-to-$19 oil for 1990, may raise spending, especially for low-risk prospects, an official says.@@@@1@19@@oe@2-2-2013
20725084@unknown@formal@none@1@S@Outside investors, scarce since '86, are edging back.@@@@1@8@@oe@2-2-2013
20725085@unknown@formal@none@1@S@Although "it's still difficult to raise money for a pure wildcat program," says William Thomas, a Texas Commerce Bank official in Houston, "institutions are starting to see there are cycles to these things, and this one is beginning to turn."@@@@1@40@@oe@2-2-2013
20725086@unknown@formal@none@1@S@Wall Street generally likes the industry again.@@@@1@7@@oe@2-2-2013
20725087@unknown@formal@none@1@S@The appetite for oil-service stocks has been especially strong, although some got hit yesterday when Shearson Lehman Hutton cut its short-term investment ratings on them.@@@@1@25@@oe@2-2-2013
20725088@unknown@formal@none@1@S@Contractors such as Parker Drilling Co. are raising cash again through stock offerings, and for the first time in years, two oil-service companies recently went public.@@@@1@26@@oe@2-2-2013
20725089@unknown@formal@none@1@S@(They are Grace Energy Corp. of Dallas and Marine Drilling Co. of Houston.)@@@@1@13@@oe@2-2-2013
20725090@unknown@formal@none@1@S@Most oil companies are still reluctant to add to the office and professional staffs they slashed so deeply.@@@@1@18@@oe@2-2-2013
20725091@unknown@formal@none@1@S@But a few new spots are opening.@@@@1@7@@oe@2-2-2013
20725092@unknown@formal@none@1@S@Arthur Andersen, the accounting firm, has increased its energy staff 10% in a year.@@@@1@14@@oe@2-2-2013
20725093@unknown@formal@none@1@S@Out in the oil fields, if activity picks up much more, shortages could appear because so many roughnecks, roustabouts and others left after the crash.@@@@1@25@@oe@2-2-2013
20725094@unknown@formal@none@1@S@Already "it's hard to get people.@@@@1@6@@oe@2-2-2013
20725095@unknown@formal@none@1@S@They're so busy," says one Santa Fe drilling foreman here.@@@@1@10@@oe@2-2-2013
20725096@unknown@formal@none@1@S@For most field workers, it's about time.@@@@1@7@@oe@2-2-2013
20725097@unknown@formal@none@1@S@Mr. Ramirez, who arrived late at the Sharpshooter with his crew because he had started early in the morning setting up tanks at another site, just got the first raise he can remember in eight years, to $8.50 an hour from $8.@@@@1@42@@oe@2-2-2013
20725098@unknown@formal@none@1@S@Norman Young, a "mud-logger" at the Sniper well, has worked all but about nine days of this year.@@@@1@18@@oe@2-2-2013
20725099@unknown@formal@none@1@S@Last year, "I was off a straight month, then one time for two to three weeks and another two to three weeks," he says.@@@@1@24@@oe@2-2-2013
20725100@unknown@formal@none@1@S@Butch McCarty, who sells oil-field equipment for Davis Tool Co., is also busy.@@@@1@13@@oe@2-2-2013
20725101@unknown@formal@none@1@S@A native of the area, he is back now after riding the oil-field boom to the top, then surviving the bust running an Oklahoma City convenience store.@@@@1@27@@oe@2-2-2013
20725102@unknown@formal@none@1@S@"First year I came back there wasn't any work," he says.@@@@1@11@@oe@2-2-2013
20725103@unknown@formal@none@1@S@"I think it's on the way back now.@@@@1@8@@oe@2-2-2013
20725104@unknown@formal@none@1@S@But it won't be a boom again.@@@@1@7@@oe@2-2-2013
20725105@unknown@formal@none@1@S@No major booms, no major setbacks," he predicts.@@@@1@8@@oe@2-2-2013
20725106@unknown@formal@none@1@S@Business has been good enough that he just took a spur-of-the-moment weekend trip to the mountain area of Cloudcroft, something "I haven't done in years."@@@@1@25@@oe@2-2-2013
20725107@unknown@formal@none@1@S@The figures confirm that there certainly isn't any drilling boom.@@@@1@10@@oe@2-2-2013
20725108@unknown@formal@none@1@S@Only 14,505 wells, including 4,900 dry holes, were drilled for oil and natural gas in the U.S. in the first nine months of the year, down 22.4% from the like 1988 period.@@@@1@32@@oe@2-2-2013
20725109@unknown@formal@none@1@S@But that was off less than at midyear, when completions lagged by 27.1%.@@@@1@13@@oe@2-2-2013
20725110@unknown@formal@none@1@S@And the number of rigs active in the U.S. is inching up.@@@@1@12@@oe@2-2-2013
20725111@unknown@formal@none@1@S@According to Baker Hughes Inc., 992 rotary rigs were at work in the U.S. last week, up from the year-ago count of 933.@@@@1@23@@oe@2-2-2013
20725112@unknown@formal@none@1@S@(In 1981, before the bust, the rig count was above 4,000.)@@@@1@11@@oe@2-2-2013
20725113@unknown@formal@none@1@S@Global offshore-rig use shows a similar upward trend.@@@@1@8@@oe@2-2-2013
20725114@unknown@formal@none@1@S@Some equipment going to work is almost new.@@@@1@8@@oe@2-2-2013
20725115@unknown@formal@none@1@S@Grace Energy just two weeks ago hauled a rig here 500 miles from Caspar, Wyo., to drill the Bilbrey well, a 15,000-foot, $1-million-plus natural gas well.@@@@1@26@@oe@2-2-2013
20725116@unknown@formal@none@1@S@The rig was built around 1980, but has drilled only two wells, the last in 1982.@@@@1@16@@oe@2-2-2013
20725117@unknown@formal@none@1@S@Until now it had sat idle.@@@@1@6@@oe@2-2-2013
20725118@unknown@formal@none@1@S@For Zel Herring, owner and a cook at the Sandhills Luncheon Cafe, a tin building in midtown, all this has made for a very good year.@@@@1@26@@oe@2-2-2013
20725119@unknown@formal@none@1@S@After 11:30 a.m. or so "we have them standing and waiting," she says, as she whips out orders for hamburgers and the daily special (grilled roast beef, cheese and jalapeno pepper sandwich on whole wheat, potato salad, baked beans and pudding, plus coffee or iced tea.@@@@1@46@@oe@2-2-2013
20725120@unknown@formal@none@1@S@Price: $4.50).@@@@1@2@@oe@2-2-2013
20725121@unknown@formal@none@1@S@Mike Huber, a roustabout, is even making it in his new career as an entrepreneur.@@@@1@15@@oe@2-2-2013
20725122@unknown@formal@none@1@S@He started Arrow Roustabouts Inc. a year ago with a loan from a friend, since repaid, and now employs 15.@@@@1@20@@oe@2-2-2013
20725123@unknown@formal@none@1@S@He got three trucks and a backhoe cheap.@@@@1@8@@oe@2-2-2013
20725124@unknown@formal@none@1@S@"I want to add one more truck," Mr. Huber says.@@@@1@10@@oe@2-2-2013
20725125@unknown@formal@none@1@S@I sense that it's going to continue to grow.@@@@1@9@@oe@2-2-2013
20725126@unknown@formal@none@1@S@That's the word.@@@@1@3@@oe@2-2-2013
20725127@unknown@formal@none@1@S@The word is out.@@@@1@4@@oe@2-2-2013
20726001@unknown@formal@none@1@S@Eight people, including a supervisor of Security Pacific National Bank's central vault, were arrested in an investigation of an alleged drug money-laundering operation.@@@@1@23@@oe@2-2-2013
20726002@unknown@formal@none@1@S@The U.S. Attorney's office filed a criminal complaint against six bank employees charging them with conspiracy in the scheme, which apparently was capable of handling millions of dollars a week by funneling cash through fictitious bank accounts.@@@@1@37@@oe@2-2-2013
20726003@unknown@formal@none@1@S@Two other men also were charged with participating in the operation.@@@@1@11@@oe@2-2-2013
20726004@unknown@formal@none@1@S@The arrests capped a four-month investigation by the Internal Revenue Service, the U.S. Attorney's office and a Security Pacific internal investigation team.@@@@1@22@@oe@2-2-2013
20726005@unknown@formal@none@1@S@Walter S. Fisher, executive vice president and general auditor of the bank's parent, Security Pacific Corp., said no bank funds were at risk during the investigation.@@@@1@26@@oe@2-2-2013
20726006@unknown@formal@none@1@S@Arrested were Jose O. Lopez, 27 years old, of Whittier, Calif., the vault supervisor; Carlos O. Huerta, 29, of La Puente; Luis A. Arroyo, 36, of Los Angeles; Ignacio Rojas Jr., 32, of Baldwin Park; Doris Moreno, 37, of Bell Gardens; and Ana L. Azucena, 27, of Huntington Park.@@@@1@49@@oe@2-2-2013
20726007@unknown@formal@none@1@S@Geno M. Apicella, 27, of Los Angeles, and Terrell N. Madison, 27, of Hawthorne, were also charged with participating in the conspiracy.@@@@1@22@@oe@2-2-2013
20726008@unknown@formal@none@1@S@Each defendant faces a possible sentence of 20 years in prison and $250,000 in fines.@@@@1@15@@oe@2-2-2013
20726009@unknown@formal@none@1@S@The defendants couldn't immediately be reached for comment.@@@@1@8@@oe@2-2-2013
20727001@unknown@formal@none@1@S@S.A. Brewing Holdings Ltd. began laying the groundwork to launch a rival offer for Bond Corp. Holdings Ltd.'s Australian brewing operations.@@@@1@21@@oe@2-2-2013
20727002@unknown@formal@none@1@S@Such an offer could torpedo a plan by Lion Nathan Ltd. of New Zealand to acquire half the brewing interests.@@@@1@20@@oe@2-2-2013
20727003@unknown@formal@none@1@S@But it would probably increase the amount of cash that debt-ridden Bond Corp. would earn from the transaction.@@@@1@18@@oe@2-2-2013
20727004@unknown@formal@none@1@S@Australia's National Companies and Securities Commission said it will allow S.A. Brewing to acquire an option on as much as 20% of Bell Resources Ltd., a unit of Bond Corp. that is in the process of acquiring Bond Corp.'s brewing businesses for 2.5 billion Australian dollars (US$1.93 billion).@@@@1@48@@oe@2-2-2013
20727005@unknown@formal@none@1@S@S.A. Brewing, which is 20%-owned by Elders IXL Ltd., Australia's largest brewer, will make a takeover offer for all of Bell Resources if it exercises the option, the corporate regulators said in a statement.@@@@1@34@@oe@2-2-2013
20727006@unknown@formal@none@1@S@Bond Corp., a brewing, property, media and resources concern controlled by financier Alan Bond, is selling many of its assets to reduce an A$6.9 billion debt.@@@@1@26@@oe@2-2-2013
20728001@unknown@formal@none@1@S@Contrary to what might be expected based on the headline on John R. Dorfman's recent Money Matters article ("Pros Hit Theorists Right Where It Hurts" Oct. 3), I was able to stand proudly before my undergraduate finance students and proclaim that the findings of your yearlong experiment on stock picking is completely consistent with what they have been taught in the classroom.@@@@1@62@@oe@2-2-2013
20728002@unknown@formal@none@1@S@In particular, I do not find the fact that your group of pros' monthly selections of four stocks outperforms the market in general to be inconsistent with market efficiency.@@@@1@29@@oe@2-2-2013
20728003@unknown@formal@none@1@S@Mr. Dorfman states that an investor who invested $100,000 a year ago in the first four stocks selected by your pros and then sold those one month later, purchasing the four new pro picks, and repeated this process for the year would have accumulated $166,537, excluding account dividends, taxes and commissions.@@@@1@51@@oe@2-2-2013
20728004@unknown@formal@none@1@S@In contrast, an investor holding the Dow Jones portfolio over the year would have accumulated only $127,446.@@@@1@17@@oe@2-2-2013
20728005@unknown@formal@none@1@S@Accepted theories of asset pricing offer a perfectly legitimate explanation.@@@@1@10@@oe@2-2-2013
20728006@unknown@formal@none@1@S@Accepted theories state that investors require higher returns on riskier investments.@@@@1@11@@oe@2-2-2013
20728007@unknown@formal@none@1@S@Thus, rather than seeing the excess returns to the pro-selected portfolio as being abnormal, I see those returns as simply compensations for taking on added risk.@@@@1@26@@oe@2-2-2013
20728008@unknown@formal@none@1@S@I believe the risk for each individual stock selected by your pros is very large.@@@@1@15@@oe@2-2-2013
20728009@unknown@formal@none@1@S@If you asked me to select a stock with the highest expected return, I would select a stock with the greatest amount of undiversifiable risk, as I am sure your pros do.@@@@1@32@@oe@2-2-2013
20728010@unknown@formal@none@1@S@Your hypothetical investor is simply being compensated for taking on this added risk.@@@@1@13@@oe@2-2-2013
20728011@unknown@formal@none@1@S@Moreover, your hypothetical investor has forsaken the gains to be had in reducing risk by diversifying his portfolio.@@@@1@18@@oe@2-2-2013
20728012@unknown@formal@none@1@S@A four-stock portfolio is still exposed to a great deal of unnecessary risk.@@@@1@13@@oe@2-2-2013
20728013@unknown@formal@none@1@S@This means the returns can vary a great deal.@@@@1@9@@oe@2-2-2013
20728014@unknown@formal@none@1@S@Mr. Dorfman provides confirming evidence of this phenomenon when he reports that your staff of dart throwers would have accumulated only $112,383 by randomly selecting four new stocks to be held in a portfolio each month.@@@@1@36@@oe@2-2-2013
20728015@unknown@formal@none@1@S@Scott E. Hein Texas Tech University Lubbock, Texas Your Investment Dartboard article misses the target.@@@@1@15@@oe@2-2-2013
20728016@unknown@formal@none@1@S@The fact that stock pickers have bested a randomly selected portfolio in eight of 12 months has no bearing on the efficient-market theory.@@@@1@23@@oe@2-2-2013
20728017@unknown@formal@none@1@S@What matters is that the stocks recommended by your pros tend to be substantially riskier than a diversified portfolio.@@@@1@19@@oe@2-2-2013
20728018@unknown@formal@none@1@S@For example, your pickers' recommendations for the coming month are, on average, 22.5% riskier than holding the market portfolio according to Value Line's Beta estimates.@@@@1@25@@oe@2-2-2013
20728019@unknown@formal@none@1@S@James Morgan's pick for October -- Dynascan -- is a substantial 35% riskier than the market portfolio; his lauded Thermo Electron pick is 40% riskier.@@@@1@25@@oe@2-2-2013
20728020@unknown@formal@none@1@S@Eric C. Meltzer@@@@1@3@@oe@2-2-2013
20729001@unknown@formal@none@1@S@Peter W. Likins, president of Lehigh University, Bethlehem, Pa., was elected a director of this maker of industrial motion-control parts and systems.@@@@1@22@@oe@2-2-2013
20729002@unknown@formal@none@1@S@His appointment expands the board to 13 members.@@@@1@8@@oe@2-2-2013
20730001@unknown@formal@none@1@S@California Thefts Make Travel Agents Jittery@@@@1@6@@oe@2-2-2013
20730002@unknown@formal@none@1@S@BEING A TRAVEL agent used to be pretty glamorous.@@@@1@9@@oe@2-2-2013
20730003@unknown@formal@none@1@S@Now it's getting downright dangerous.@@@@1@5@@oe@2-2-2013
20730004@unknown@formal@none@1@S@In recent months, more than 25 agencies have been robbed, compared with only a handful all last year, according to police and travel-agency groups.@@@@1@24@@oe@2-2-2013
20730005@unknown@formal@none@1@S@Most of the cases have been in California, where one agent was stabbed and another was shot and killed.@@@@1@19@@oe@2-2-2013
20730006@unknown@formal@none@1@S@Los Angeles police say the thieves seem to be part of a crime network that knows how to convert blank tickets into real ones.@@@@1@24@@oe@2-2-2013
20730007@unknown@formal@none@1@S@Already, the stolen tickets have been used for flights all over the world.@@@@1@13@@oe@2-2-2013
20730008@unknown@formal@none@1@S@So far, the thieves have stolen 3,632 blank tickets, according to Airline Reporting Corp., a ticket processing center.@@@@1@18@@oe@2-2-2013
20730009@unknown@formal@none@1@S@Police say the robberies are usually pulled off by two to five men, who walk into the agencies near closing or lunch time, when few employees are there.@@@@1@28@@oe@2-2-2013
20730010@unknown@formal@none@1@S@"They looked like ordinary vacationers at first," says Willy LLerena, owner of Travel Air Service in Monte Bello, Calif., describing five men who entered his agency last June.@@@@1@28@@oe@2-2-2013
20730011@unknown@formal@none@1@S@But then, he says, they put two loaded pistols to his temple and demanded he open the safe.@@@@1@18@@oe@2-2-2013
20730012@unknown@formal@none@1@S@When he initially refused, he says, they stabbed him in the back and made off with $2,000 and 280 blank tickets.@@@@1@21@@oe@2-2-2013
20730013@unknown@formal@none@1@S@"They said they wanted to show me how serious they were," he says.@@@@1@13@@oe@2-2-2013
20730014@unknown@formal@none@1@S@As word of the crime spree has spread, many agents have started changing their open-door policies.@@@@1@16@@oe@2-2-2013
20730015@unknown@formal@none@1@S@At El Monte Travel Center in El Monte, Calif., customers now can get in only through a buzzer and lock system.@@@@1@21@@oe@2-2-2013
20730016@unknown@formal@none@1@S@"It's hard to deal with clients this way in a service business," says Ralph "Bud" Conner, owner of the agency, which was robbed of 180 blank tickets and $850 last month.@@@@1@31@@oe@2-2-2013
20730017@unknown@formal@none@1@S@"But we're just too nervous."@@@@1@5@@oe@2-2-2013
20730018@unknown@formal@none@1@S@The robberies also have set off a controversy involving the airlines.@@@@1@11@@oe@2-2-2013
20730019@unknown@formal@none@1@S@Agents say airlines, which track ticket numbers of all stolen tickets, should be doing more to catch the thieves by confiscating the tickets when they're used.@@@@1@26@@oe@2-2-2013
20730020@unknown@formal@none@1@S@"They have the most sophisticated computers in the world," says Mr. LLerena.@@@@1@12@@oe@2-2-2013
20730021@unknown@formal@none@1@S@"They ought to be able to do this."@@@@1@8@@oe@2-2-2013
20730022@unknown@formal@none@1@S@But airlines say it would be too expensive and cause too many delays if they started using computerized scanners to check tickets at the gate.@@@@1@25@@oe@2-2-2013
20730023@unknown@formal@none@1@S@Texans Get Reasonable Car Rental Insurance@@@@1@6@@oe@2-2-2013
20730024@unknown@formal@none@1@S@CONSUMER advocates have long claimed that car rental companies charge too much for car rental insurance.@@@@1@16@@oe@2-2-2013
20730025@unknown@formal@none@1@S@Now, a new law in Texas seems to be providing the proof.@@@@1@12@@oe@2-2-2013
20730026@unknown@formal@none@1@S@The law -- the first of its kind -- requires car rental companies in Texas to charge only "reasonable" rates for collision-damage waiver insurance.@@@@1@24@@oe@2-2-2013
20730027@unknown@formal@none@1@S@Specifically, the law says the rates must closely reflect what the company's actual expenses have been to replace damaged cars.@@@@1@20@@oe@2-2-2013
20730028@unknown@formal@none@1@S@Before the law went into effect last month, car rental companies were charging as much as $12 a day for the waiver in Texas.@@@@1@24@@oe@2-2-2013
20730029@unknown@formal@none@1@S@Now, they're charging as little $3 a day.@@@@1@8@@oe@2-2-2013
20730030@unknown@formal@none@1@S@"If they're telling the truth now, then they've been charging 300% more than what is reasonable," says Steve Gardner, an assistant state attorney general in Texas.@@@@1@26@@oe@2-2-2013
20730031@unknown@formal@none@1@S@A spokesman for Hertz Corp. acknowledges, "The waiver isn't a source of protection for consumers, but a source of revenue."@@@@1@20@@oe@2-2-2013
20730032@unknown@formal@none@1@S@But Hertz points out that at least it's now charging only $3.95 a day in Texas, while some competitors are charging $6.99.@@@@1@22@@oe@2-2-2013
20730033@unknown@formal@none@1@S@The state attorney general's office is investigating rental car agencies charging noticeably higher prices.@@@@1@14@@oe@2-2-2013
20730034@unknown@formal@none@1@S@Flight Attendants Lag Before Jets Even Land@@@@1@7@@oe@2-2-2013
20730035@unknown@formal@none@1@S@IF YOUR FLIGHT attendant seems a little weary, it may be because he or she has been working 20 straight hours.@@@@1@21@@oe@2-2-2013
20730036@unknown@formal@none@1@S@A recent study for the Federal Aviation Administration found that major airlines sometimes make flight attendants work 16 hours or more straight -- despite union contracts at some airlines limiting duty time to 14 hours.@@@@1@35@@oe@2-2-2013
20730037@unknown@formal@none@1@S@Some flight attendants on charter planes are putting in 20-hour work days, the study found.@@@@1@15@@oe@2-2-2013
20730038@unknown@formal@none@1@S@This happens because the FAA doesn't have any rules on duty time for flight attendants; by contrast, it strictly restricts duty time for pilots and air traffic controllers, usually to a maximum of 10 consecutive hours.@@@@1@36@@oe@2-2-2013
20730039@unknown@formal@none@1@S@"As far as the FAA is concerned," says Matt Finucane, air safety director at the Association of Flight Attendants, "flight attendants can work an unlimited number of hours."@@@@1@28@@oe@2-2-2013
20730040@unknown@formal@none@1@S@Experts say such long hours for attendants pose a safety risk.@@@@1@11@@oe@2-2-2013
20730041@unknown@formal@none@1@S@For instance, tired flight attendants might not react quickly enough during an emergency evacuation.@@@@1@14@@oe@2-2-2013
20730042@unknown@formal@none@1@S@"At the end of their day, they are zombies," says John Galipault, president of the Aviation Safety Institute, a public-interest group in Worthington, Ohio.@@@@1@24@@oe@2-2-2013
20730043@unknown@formal@none@1@S@"They have to work such long hours and then we expect them to be heroes if there's an evacuation."@@@@1@19@@oe@2-2-2013
20730044@unknown@formal@none@1@S@In response to the study, the FAA says it is considering changing its policy -- or lack of it -- on flight attendants.@@@@1@23@@oe@2-2-2013
20730045@unknown@formal@none@1@S@The agency may not have much choice: A congressional bill has been introduced that would force the agency to limit flight attendant duty time to 14 hours on U.S. flights and 16 hours on international trips.@@@@1@36@@oe@2-2-2013
20730046@unknown@formal@none@1@S@Odds and Ends@@@@1@3@@oe@2-2-2013
20730047@unknown@formal@none@1@S@GOLF HAS BECOME the latest diversion for travelers stuck at some airports.@@@@1@12@@oe@2-2-2013
20730048@unknown@formal@none@1@S@Simulated golf games, in which players hit golf balls into nets, have been installed at airports in Denver and Pittsburgh. . . .@@@@1@23@@oe@2-2-2013
20730049@unknown@formal@none@1@S@The average cost for breakfast at a "decent" hotel restaurant in New York is $17.12, according to Corporate Travel magazine.@@@@1@20@@oe@2-2-2013
20730050@unknown@formal@none@1@S@The cheapest, among 100 cities surveyed, was $5.11 in El Paso, Texas.@@@@1@12@@oe@2-2-2013
20731001@unknown@formal@none@1@S@Mark Q. Huggins was named executive vice president and chief financial officer.@@@@1@12@@oe@2-2-2013
20731002@unknown@formal@none@1@S@Mr. Huggins, 39 years old, formerly was controller and chief accounting officer at Harte-Hanks Communications Inc.@@@@1@16@@oe@2-2-2013
20731003@unknown@formal@none@1@S@Management Co. manages entertainers and produces, markets and finances entertainment.@@@@1@10@@oe@2-2-2013
20732001@unknown@formal@none@1@S@Why do you continually ignore the salubrious effects of indexing the basis of capital gains for inflation?@@@@1@17@@oe@2-2-2013
20732002@unknown@formal@none@1@S@Why do you maintain the House-passed capital-gains plan is a "temporary" reduction when it is not?@@@@1@16@@oe@2-2-2013
20732003@unknown@formal@none@1@S@I think the reason is that you are confusing tax "rates" with tax "payments."@@@@1@14@@oe@2-2-2013
20732004@unknown@formal@none@1@S@Your Sept. 29 page-one story on the House-passed capital-gains plan is a good example.@@@@1@14@@oe@2-2-2013
20732005@unknown@formal@none@1@S@You lead readers to believe that the House reduced the capital-gains tax for two years only.@@@@1@16@@oe@2-2-2013
20732006@unknown@formal@none@1@S@You virtually ignore the tax-reducing power of indexation, which in many cases is more substantial than a lower rate.@@@@1@19@@oe@2-2-2013
20732007@unknown@formal@none@1@S@The monetary tax benefit of indexation for all gains in excess of inflation can be measured using the following equation: tax rate, times inflation rate, times basis for the gain.@@@@1@30@@oe@2-2-2013
20732008@unknown@formal@none@1@S@Depending on the size of the gain and the rate of inflation, indexation can mean a lower tax payment than using the 19.6% rate without indexation.@@@@1@26@@oe@2-2-2013
20732009@unknown@formal@none@1@S@But in any event -- and this is the important point -- tax "payments" on capital gains will be lower with indexation than under current law, even though the tax "rate" is the same under both systems.@@@@1@37@@oe@2-2-2013
20732010@unknown@formal@none@1@S@As you can see, the capital-gains reduction plan adopted by the House would not be temporary, but permanent.@@@@1@18@@oe@2-2-2013
20732011@unknown@formal@none@1@S@I hope that you begin talking about the plan's permanent and, in my view, most beneficial feature -- indexation.@@@@1@19@@oe@2-2-2013