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diff --git a/nerv/examples/lmptb/PTBdata/ptb.train.txt b/nerv/examples/lmptb/PTBdata/ptb.train.txt new file mode 100644 index 0000000..04d78dc --- /dev/null +++ b/nerv/examples/lmptb/PTBdata/ptb.train.txt @@ -0,0 +1,42068 @@ + aer banknote berlitz calloway centrust cluett fromstein gitano guterman hydro-quebec ipo kia memotec mlx nahb punts rake regatta rubens sim snack-food ssangyong swapo wachter + pierre <unk> N years old will join the board as a nonexecutive director nov. N + mr. <unk> is chairman of <unk> n.v. the dutch publishing group + rudolph <unk> N years old and former chairman of consolidated gold fields plc was named a nonexecutive director of this british industrial conglomerate + a form of asbestos once used to make kent cigarette filters has caused a high percentage of cancer deaths among a group of workers exposed to it more than N years ago researchers reported + the asbestos fiber <unk> is unusually <unk> once it enters the <unk> with even brief exposures to it causing symptoms that show up decades later researchers said + <unk> inc. the unit of new york-based <unk> corp. that makes kent cigarettes stopped using <unk> in its <unk> cigarette filters in N + although preliminary findings were reported more than a year ago the latest results appear in today 's new england journal of medicine a forum likely to bring new attention to the problem + a <unk> <unk> said this is an old story + we 're talking about years ago before anyone heard of asbestos having any questionable properties + there is no asbestos in our products now + neither <unk> nor the researchers who studied the workers were aware of any research on smokers of the kent cigarettes + we have no useful information on whether users are at risk said james a. <unk> of boston 's <unk> cancer institute + dr. <unk> led a team of researchers from the national cancer institute and the medical schools of harvard university and boston university + the <unk> spokeswoman said asbestos was used in very modest amounts in making paper for the filters in the early 1950s and replaced with a different type of <unk> in N + from N to N N billion kent cigarettes with the filters were sold the company said + among N men who worked closely with the substance N have died more than three times the expected number + four of the five surviving workers have <unk> diseases including three with recently <unk> cancer + the total of N deaths from malignant <unk> lung cancer and <unk> was far higher than expected the researchers said + the <unk> rate is a striking finding among those of us who study <unk> diseases said dr. <unk> + the percentage of lung cancer deaths among the workers at the west <unk> mass. paper factory appears to be the highest for any asbestos workers studied in western industrialized countries he said + the plant which is owned by <unk> & <unk> co. was under contract with <unk> to make the cigarette filters + the finding probably will support those who argue that the u.s. should regulate the class of asbestos including <unk> more <unk> than the common kind of asbestos <unk> found in most schools and other buildings dr. <unk> said + the u.s. is one of the few industrialized nations that does n't have a higher standard of regulation for the smooth <unk> fibers such as <unk> that are classified as <unk> according to <unk> t. <unk> a professor of <unk> at the university of vermont college of medicine + more common <unk> fibers are <unk> and are more easily rejected by the body dr. <unk> explained + in july the environmental protection agency imposed a gradual ban on virtually all uses of asbestos + by N almost all remaining uses of <unk> asbestos will be outlawed + about N workers at a factory that made paper for the kent filters were exposed to asbestos in the 1950s + areas of the factory were particularly dusty where the <unk> was used + workers dumped large <unk> <unk> of the imported material into a huge <unk> poured in cotton and <unk> fibers and <unk> mixed the dry fibers in a process used to make filters + workers described clouds of blue dust that hung over parts of the factory even though <unk> fans <unk> the area + there 's no question that some of those workers and managers contracted <unk> diseases said <unk> phillips vice president of human resources for <unk> & <unk> + but you have to recognize that these events took place N years ago + it has no bearing on our work force today + yields on money-market mutual funds continued to slide amid signs that portfolio managers expect further declines in interest rates + the average seven-day compound yield of the N taxable funds tracked by <unk> 's money fund report eased a fraction of a percentage point to N N from N N for the week ended tuesday + compound yields assume reinvestment of dividends and that the current yield continues for a year + average maturity of the funds ' investments <unk> by a day to N days the longest since early august according to donoghue 's + longer maturities are thought to indicate declining interest rates because they permit portfolio managers to retain relatively higher rates for a longer period + shorter maturities are considered a sign of rising rates because portfolio managers can capture higher rates sooner + the average maturity for funds open only to institutions considered by some to be a stronger indicator because those managers watch the market closely reached a high point for the year N days + nevertheless said <unk> <unk> <unk> editor of money fund report yields may <unk> up again before they <unk> down because of recent rises in short-term interest rates + the yield on six-month treasury bills sold at monday 's auction for example rose to N N from N N + despite recent declines in yields investors continue to pour cash into money funds + assets of the N taxable funds grew by $ N billion during the latest week to $ N billion + typically money-fund yields beat comparable short-term investments because portfolio managers can vary maturities and go after the highest rates + the top money funds are currently yielding well over N N + dreyfus world-wide dollar the <unk> fund had a seven-day compound yield of N N during the latest week down from N N a week earlier + it invests heavily in dollar-denominated securities overseas and is currently <unk> management fees which boosts its yield + the average seven-day simple yield of the N funds was N N down from N N + the 30-day simple yield fell to an average N N from N N the 30-day compound yield slid to an average N N from N N + j.p. <unk> vice chairman of <unk> grace & co. which holds a N N interest in this <unk> company was elected a director + he succeeds <unk> d. <unk> formerly a <unk> grace vice chairman who resigned + <unk> grace holds three of grace energy 's seven board seats + pacific first financial corp. said shareholders approved its acquisition by royal <unk> ltd. of toronto for $ N a share or $ N million + the thrift holding company said it expects to obtain regulatory approval and complete the transaction by year-end + <unk> international inc. said its <unk> & <unk> unit completed the sale of its <unk> controls operations to <unk> s.p a. for $ N million + <unk> is an italian state-owned holding company with interests in the mechanical engineering industry + <unk> controls based in <unk> ohio makes computerized industrial controls systems + it employs N people and has annual revenue of about $ N million + the federal government suspended sales of u.s. savings bonds because congress has n't lifted the ceiling on government debt + until congress acts the government has n't any authority to issue new debt obligations of any kind the treasury said + the government 's borrowing authority dropped at midnight tuesday to $ N trillion from $ N trillion + legislation to lift the debt ceiling is <unk> in the fight over cutting capital-gains taxes + the house has voted to raise the ceiling to $ N trillion but the senate is n't expected to act until next week at the earliest + the treasury said the u.s. will default on nov. N if congress does n't act by then + clark j. <unk> was named senior vice president and general manager of this u.s. sales and marketing arm of japanese auto maker mazda motor corp + in the new position he will oversee mazda 's u.s. sales service parts and marketing operations + previously mr. <unk> N years old was general marketing manager of chrysler corp. 's chrysler division + he had been a sales and marketing executive with chrysler for N years + when it 's time for their <unk> <unk> the nation 's manufacturing <unk> typically jet off to the <unk> <unk> of resort towns like <unk> <unk> and hot springs + not this year + the national association of manufacturers settled on the <unk> capital of indianapolis for its fall board meeting + and the city decided to treat its guests more like royalty or rock stars than factory owners + the idea of course to prove to N corporate decision makers that the buckle on the <unk> belt is n't so <unk> after all that it 's a good place for a company to expand + on the receiving end of the message were officials from giants like du pont and <unk> along with lesser <unk> like <unk> steel and the valley queen <unk> factory + for <unk> the executives joined mayor william h. <unk> iii for an evening of the indianapolis <unk> <unk> and a guest <unk> victor <unk> + champagne and <unk> followed + the next morning with a police <unk> <unk> of executives and their wives <unk> to the indianapolis motor <unk> <unk> by traffic or red lights + the governor could n't make it so the <unk> governor welcomed the special guests + a buffet breakfast was held in the museum where food and drinks are banned to everyday visitors + then in the guests ' honor the <unk> <unk> out four drivers crews and even the official indianapolis N announcer for a <unk> exhibition race + after the race fortune N executives <unk> like <unk> over the cars and drivers + no <unk> the drivers pointed out they still had space on their machines for another sponsor 's name or two + back downtown the <unk> squeezed in a few meetings at the hotel before <unk> the buses again + this time it was for dinner and <unk> a block away + under the stars and <unk> of the <unk> indiana <unk> <unk> nine of the hottest chefs in town fed them indiana <unk> <unk> <unk> <unk> <unk> <unk> and <unk> <unk> with a <unk> <unk> + knowing a <unk> and free <unk> when they eat one the executives gave the chefs a standing <unk> + more than a few <unk> say the <unk> treatment <unk> them to return to a <unk> city for future meetings + but for now they 're looking forward to their winter meeting <unk> in february + south korea registered a trade deficit of $ N million in october reflecting the country 's economic <unk> according to government figures released wednesday + preliminary <unk> by the trade and industry ministry showed another trade deficit in october the fifth monthly setback this year casting a cloud on south korea 's <unk> economy + exports in october stood at $ N billion a mere N N increase from a year earlier while imports increased sharply to $ N billion up N N from last october + south korea 's economic boom which began in N stopped this year because of prolonged labor disputes trade conflicts and sluggish exports + government officials said exports at the end of the year would remain under a government target of $ N billion + despite the gloomy forecast south korea has recorded a trade surplus of $ N million so far this year + from january to october the nation 's accumulated exports increased N N from the same period last year to $ N billion + imports were at $ N billion up N N + newsweek trying to keep pace with rival time magazine announced new advertising rates for N and said it will introduce a new incentive plan for advertisers + the new ad plan from newsweek a unit of the washington post co. is the second incentive plan the magazine has offered advertisers in three years + plans that give advertisers discounts for maintaining or increasing ad spending have become permanent <unk> at the news <unk> and underscore the fierce competition between newsweek time warner inc. 's time magazine and <unk> b. <unk> 's u.s. news & world report + alan <unk> recently named newsweek president said newsweek 's ad rates would increase N N in january + a full <unk> page in newsweek will cost $ N + in mid-october time magazine lowered its guaranteed circulation rate base for N while not increasing ad page rates with a lower circulation base time 's ad rate will be effectively N N higher per subscriber a full page in time costs about $ N + u.s. news has yet to announce its N ad rates + newsweek said it will introduce the circulation credit plan which <unk> space credits to advertisers on renewal advertising + the magazine will reward with page bonuses advertisers who in N meet or exceed their N spending as long as they spent $ N in N and $ N in N + mr. <unk> said the plan is not an attempt to shore up a decline in ad pages in the first nine months of N newsweek 's ad pages totaled N a drop of N N from last year according to publishers information bureau + what matters is what advertisers are paying per page and in that department we are doing fine this fall said mr. <unk> + both newsweek and u.s. news have been gaining circulation in recent years without heavy use of electronic <unk> to subscribers such as telephones or watches + however none of the big three <unk> recorded circulation gains recently + according to audit bureau of <unk> time the largest <unk> had average circulation of N a decrease of N N + newsweek 's circulation for the first six months of N was N flat from the same period last year + u.s. news ' circulation in the same time was N down N N + new england electric system bowed out of the bidding for public service co. of new hampshire saying that the risks were too high and the potential <unk> too far in the future to justify a higher offer + the move leaves united illuminating co. and northeast utilities as the remaining outside bidders for ps of new hampshire which also has proposed an internal reorganization plan in chapter N bankruptcy proceedings under which it would remain an independent company + new england electric based in <unk> mass. had offered $ N billion to acquire ps of new hampshire well below the $ N billion value united illuminating places on its bid and the $ N billion northeast says its bid is worth + united illuminating is based in new haven conn. and northeast is based in hartford conn + ps of new hampshire <unk> n.h. values its internal reorganization plan at about $ N billion + john rowe president and chief executive officer of new england electric said the company 's return on equity could suffer if it made a higher bid and its forecasts related to ps of new hampshire such as growth in electricity demand and improved operating <unk> did n't come true + when we <unk> raising our bid the risks seemed substantial and persistent over the next five years and the rewards seemed a long way out + that got hard to take he added + mr. rowe also noted that political concerns also worried new england electric + no matter who owns ps of new hampshire after it emerges from bankruptcy proceedings its rates will be among the highest in the nation he said + that attracts attention + it was just another one of the risk factors that led to the company 's decision to withdraw from the bidding he added + wilbur ross jr. of rothschild inc. the financial adviser to the troubled company 's equity holders said the withdrawal of new england electric might speed up the reorganization process + the fact that new england proposed lower rate increases N N over seven years against around N N boosts proposed by the other two outside bidders complicated negotiations with state officials mr. ross asserted + now the field is less <unk> he added + separately the federal energy regulatory commission turned down for now a request by northeast seeking approval of its possible purchase of ps of new hampshire + northeast said it would <unk> its request and still hopes for an <unk> review by the ferc so that it could complete the purchase by next summer if its bid is the one approved by the bankruptcy court + ps of new hampshire shares closed yesterday at $ N off N cents in new york stock exchange composite trading + norman <unk> N years old and former president and chief operating officer of toys r us inc. and frederick <unk> jr. N chairman of <unk> banking corp. were elected directors of this consumer electronics and appliances retailing chain + they succeed daniel m. <unk> retired circuit city executive vice president and robert r. <unk> u.s. treasury undersecretary on the <unk> board + commonwealth edison co. was ordered to refund about $ N million to its current and former <unk> for illegal rates collected for cost overruns on a nuclear power plant + the refund was about $ N million more than previously ordered by the illinois commerce commission and trade groups said it may be the largest ever required of a state or local utility + state court judge richard curry ordered edison to make average refunds of about $ N to $ N each to edison customers who have received electric service since april N including about two million customers who have moved during that period + judge curry ordered the refunds to begin feb. N and said that he would n't <unk> any appeals or other attempts to block his order by commonwealth edison + the refund pool may not be held <unk> through another round of appeals judge curry said + commonwealth edison said it is already appealing the underlying commission order and is considering appealing judge curry 's order + the exact amount of the refund will be determined next year based on actual <unk> made until dec. N of this year + commonwealth edison said the ruling could force it to slash its N earnings by $ N a share + for N commonwealth edison reported earnings of $ N million or $ N a share + a commonwealth edison spokesman said that tracking down the two million customers whose addresses have changed during the past N N years would be an administrative nightmare + in new york stock exchange composite trading yesterday commonwealth edison closed at $ N down N cents + the $ N billion <unk> N plant near <unk> ill. was completed in N + in a disputed N ruling the commerce commission said commonwealth edison could raise its electricity rates by $ N million to pay for the plant + but state courts upheld a challenge by consumer groups to the commission 's rate increase and found the rates illegal + the illinois supreme court ordered the commission to audit commonwealth edison 's construction expenses and refund any <unk> expenses + the utility has been collecting for the plant 's construction cost from its N million customers subject to a refund since N + in august the commission ruled that between $ N million and $ N million of the plant 's construction cost was <unk> and should be <unk> plus interest + in his ruling judge curry added an additional $ N million to the commission 's calculations + last month judge curry set the interest rate on the refund at N N + commonwealth edison now faces an additional <unk> refund on its <unk> rate <unk> <unk> that the illinois appellate court has estimated at $ N million + and consumer groups hope that judge curry 's <unk> N order may set a precedent for a second nuclear rate case involving commonwealth edison 's <unk> N plant + commonwealth edison is seeking about $ N million in rate increases to pay for <unk> N + the commission is expected to rule on the <unk> N case by year end + last year commonwealth edison had to refund $ N million for poor performance of its <unk> i nuclear plant + japan 's domestic sales of cars trucks and buses in october rose N N from a year earlier to N units a record for the month the japan automobile dealers ' association said + the strong growth followed year-to-year increases of N N in august and N N in september + the monthly sales have been setting records every month since march + october sales compared with the previous month inched down N N + sales of passenger cars grew N N from a year earlier to N units + sales of medium-sized cars which benefited from price reductions arising from introduction of the consumption tax more than doubled to N units from N in october N + texas instruments japan ltd. a unit of texas instruments inc. said it opened a plant in south korea to manufacture control devices + the new plant located in <unk> about N miles from seoul will help meet increasing and diversifying demand for control products in south korea the company said + the plant will produce control devices used in motor vehicles and household appliances + the survival of spinoff cray computer corp. as a fledgling in the supercomputer business appears to depend heavily on the creativity and <unk> of its chairman and chief designer seymour cray + not only is development of the new company 's initial machine tied directly to mr. cray so is its balance sheet + documents filed with the securities and exchange commission on the pending spinoff disclosed that cray research inc. will withdraw the almost $ N million in financing it is providing the new firm if mr. cray leaves or if the <unk> project he heads is scrapped + the documents also said that although the <unk> mr. cray has been working on the project for more than six years the cray-3 machine is at least another year away from a fully operational prototype + moreover there have been no orders for the cray-3 so far though the company says it is talking with several prospects + while many of the risks were anticipated when <unk> cray research first announced the spinoff in may the <unk> it attached to the financing had n't been made public until yesterday + we did n't have much of a choice cray computer 's chief financial officer gregory <unk> said in an interview + the theory is that seymour is the chief designer of the cray-3 and without him it could not be completed + cray research did not want to fund a project that did not include seymour + the documents also said that cray computer anticipates <unk> perhaps another $ N million in financing beginning next september + but mr. <unk> called that a <unk> scenario + the filing on the details of the spinoff caused cray research stock to jump $ N yesterday to close at $ N in new york stock exchange composite trading + analysts noted yesterday that cray research 's decision to link its $ N million <unk> note to mr. cray 's presence will complicate a valuation of the new company + it has to be considered as an additional risk for the investor said gary p. <unk> of <unk> group inc. minneapolis + cray computer will be a concept stock he said + you either believe seymour can do it again or you do n't + besides the designer 's age other risk factors for mr. cray 's new company include the cray-3 's tricky <unk> chip technology + the sec documents describe those chips which are made of <unk> <unk> as being so fragile and minute they will require special <unk> handling equipment + in addition the cray-3 will contain N processors twice as many as the largest current supercomputer + cray computer also will face intense competition not only from cray research which has about N N of the world-wide supercomputer market and which is expected to roll out the <unk> machine a direct competitor with the cray-3 in N + the spinoff also will compete with international business machines corp. and japan 's big three hitachi ltd. nec corp. and fujitsu ltd + the new company said it believes there are fewer than N potential customers for <unk> priced between $ N million and $ N million presumably the cray-3 price range + under terms of the spinoff cray research stockholders are to receive one cray computer share for every two cray research shares they own in a distribution expected to occur in about two weeks + no price for the new shares has been set + instead the companies will leave it up to the marketplace to decide + cray computer has applied to trade on nasdaq + analysts calculate cray computer 's initial book value at about $ N a share + along with the note cray research is <unk> about $ N million in assets primarily those related to the cray-3 development which has been a drain on cray research 's earnings + <unk> balance sheets clearly show why cray research favored the spinoff + without the cray-3 research and development expenses the company would have been able to report a profit of $ N million for the first half of N rather than the $ N million it posted + on the other hand had it existed then cray computer would have incurred a $ N million loss + mr. cray who could n't be reached for comment will work for the new colorado springs colo. company as an independent contractor the arrangement he had with cray research + regarded as the father of the supercomputer mr. cray was paid $ N at cray research last year + at cray computer he will be paid $ N + besides messrs. cray and <unk> other senior management at the company includes neil <unk> N president and chief executive officer joseph m. <unk> N vice president engineering malcolm a. <unk> N vice president software and douglas r. <unk> N vice president hardware + all came from cray research + cray computer which currently employs N people said it expects a work force of N by the end of N + john r. stevens N years old was named senior executive vice president and chief operating officer both new positions + he will continue to report to donald <unk> president and chief executive officer + mr. stevens was executive vice president of this <unk> holding company + arthur a. hatch N was named executive vice president of the company + he was previously president of the company 's eastern edison co. unit + john d. <unk> N was named to succeed mr. hatch as president of eastern edison + previously he was vice president of eastern edison + robert p. <unk> N was named senior vice president of eastern utilities + he was previously vice president + the u.s. claiming some success in its trade <unk> removed south korea taiwan and saudi arabia from a list of countries it is closely watching for allegedly failing to honor u.s. patents <unk> and other <unk> rights + however five other countries china thailand india brazil and mexico will remain on that so-called priority watch list as a result of an interim review u.s. trade representative carla hills announced + under the new u.s. trade law those countries could face accelerated <unk> investigations and stiff trade sanctions if they do n't improve their protection of intellectual property by next spring + mrs. hills said many of the N countries that she placed under <unk> degrees of scrutiny have made genuine progress on this touchy issue + she said there is growing <unk> around the world that <unk> of <unk> rights <unk> all trading nations and particularly the creativity and <unk> of an <unk> country 's own citizens + u.s. trade negotiators argue that countries with inadequate <unk> for <unk> rights could be hurting themselves by discouraging their own scientists and authors and by <unk> u.s. high-technology firms from investing or marketing their best products there + mrs. hills <unk> south korea for creating an <unk> task force and special enforcement teams of police officers and prosecutors trained to pursue movie and book <unk> + seoul also has instituted effective <unk> procedures to aid these teams she said + taiwan has improved its standing with the u.s. by <unk> a <unk> copyright agreement <unk> its trademark law and introducing legislation to protect foreign movie producers from unauthorized <unk> of their films + that measure could <unk> taipei 's growing number of small <unk> <unk> to pay movie producers for showing their films + saudi arabia for its part has vowed to enact a copyright law compatible with international standards and to apply the law to computer software as well as to literary works mrs. hills said + these three countries are n't completely off the hook though + they will remain on a <unk> list that includes N other countries + those countries including japan italy canada greece and spain are still of some concern to the u.s. but are deemed to pose <unk> problems for american patent and copyright owners than those on the priority list + gary hoffman a washington lawyer specializing in <unk> cases said the threat of u.s. <unk> combined with a growing recognition that protecting intellectual property is in a country 's own interest prompted the improvements made by south korea taiwan and saudi arabia + what this tells us is that u.s. trade law is working he said + he said mexico could be one of the next countries to be removed from the priority list because of its efforts to craft a new patent law + mrs. hills said that the u.s. is still concerned about disturbing developments in turkey and continuing slow progress in malaysia + she did n't elaborate although earlier u.s. trade reports have complained of videocassette <unk> in malaysia and <unk> for u.s. pharmaceutical patents in turkey + the N trade act requires mrs. hills to issue another review of the performance of these countries by april N + so far mrs. hills has n't deemed any cases bad enough to merit an accelerated investigation under the so-called special N provision of the act + argentina said it will ask creditor banks to <unk> its foreign debt of $ N billion the <unk> in the developing world + the declaration by economy minister <unk> <unk> is believed to be the first time such an action has been called for by an <unk> official of such <unk> + the latin american nation has paid very little on its debt since early last year + argentina <unk> to reach a reduction of N N in the value of its external debt mr. <unk> said through his spokesman <unk> <unk> + mr. <unk> met in august with u.s. assistant treasury secretary david mulford + <unk> negotiator carlos <unk> was in washington and new york this week to meet with banks + mr. <unk> recently has said the government of president carlos <unk> who took office july N feels a significant reduction of principal and interest is the only way the debt problem may be solved + but he has not said before that the country wants half the debt <unk> + during its centennial year the wall street journal will report events of the past century that stand as milestones of american business history + three computers that changed the face of personal computing were launched in N + that year the apple ii commodore pet and tandy <unk> came to market + the computers were crude by today 's standards + apple ii owners for example had to use their television sets as screens and <unk> data on <unk> + but apple ii was a major advance from apple i which was built in a garage by stephen <unk> and steven jobs for <unk> such as the <unk> computer club + in addition the apple ii was an affordable $ N + crude as they were these early pcs triggered explosive product development in desktop models for the home and office + big mainframe computers for business had been around for years + but the new N pcs unlike earlier <unk> types such as the <unk> <unk> and <unk> had <unk> and could store about two pages of data in their memories + current pcs are more than N times faster and have memory capacity N times greater than their N counterparts + there were many pioneer pc <unk> + william gates and paul allen in N developed an early <unk> system for pcs and gates became an industry billionaire six years after ibm adapted one of these versions in N + alan f. <unk> currently chairman of seagate technology led the team that developed the disk drives for pcs + dennis <unk> and dale <unk> two atlanta engineers were <unk> of the internal <unk> that allow pcs to share data via the telephone + ibm the world leader in computers did n't offer its first pc until august N as many other companies entered the market + today pc shipments annually total some $ N billion world-wide + <unk> <unk> & co. an australian pharmaceuticals company said its <unk> inc. affiliate acquired <unk> inc. for $ N million + <unk> is a new <unk> pharmaceuticals concern that sells products under the <unk> label + <unk> said it owns N N of <unk> 's voting stock and has an agreement to acquire an additional N N + that stake together with its convertible preferred stock holdings gives <unk> the right to increase its interest to N N of <unk> 's voting stock + oil production from australia 's bass <unk> fields will be raised by N barrels a day to about N barrels with the launch of the <unk> field the first of five small fields scheduled to be brought into production before the end of N + esso australia ltd. a unit of new york-based exxon corp. and broken hill <unk> operate the fields in a joint venture + esso said the <unk> field started production tuesday + output will be gradually increased until it reaches about N barrels a day + the field has reserves of N million barrels + reserves for the five new fields total N million barrels + the <unk> and <unk> fields are expected to start producing early next year and the <unk> and <unk> fields later next year + esso said the fields were developed after the australian government decided in N to make the first N million barrels from new fields free of <unk> tax + <unk> <unk> corp. said it completed the $ N million sale of its southern optical subsidiary to a group led by the unit 's president thomas r. sloan and other managers + following the acquisition of <unk> <unk> by a buy-out group led by shearson lehman hutton earlier this year the maker of <unk> <unk> decided to <unk> itself of certain of its <unk> businesses + the sale of southern optical is a part of the program + the white house said president bush has approved duty-free treatment for imports of certain types of watches that are n't produced in significant quantities in the u.s. the virgin islands and other u.s. <unk> + the action came in response to a petition filed by <unk> inc. for changes in the u.s. <unk> system of preferences for imports from developing nations + previously watch imports were denied such duty-free treatment + <unk> had requested duty-free treatment for many types of watches covered by N different u.s. tariff <unk> + the white house said mr. bush decided to grant duty-free status for N categories but turned down such treatment for other types of watches because of the potential for material injury to watch producers located in the u.s. and the virgin islands + <unk> is a major u.s. producer and seller of watches including <unk> <unk> watches assembled in the philippines and other developing nations covered by the u.s. tariff preferences + u.s. trade officials said the philippines and thailand would be the main beneficiaries of the president 's action + imports of the types of watches that now will be eligible for duty-free treatment totaled about $ N million in N a relatively small share of the $ N billion in u.s. watch imports that year according to an aide to u.s. trade representative carla hills + magna international inc. 's chief financial officer james mcalpine resigned and its chairman frank <unk> is stepping in to help turn the <unk> manufacturer around the company said + mr. <unk> will direct an effort to reduce overhead and curb capital spending until a more satisfactory level of profit is achieved and maintained magna said + stephen <unk> currently vice president finance will succeed mr. mcalpine + an ambitious expansion has left magna with excess capacity and a heavy debt load as the automotive industry enters a downturn + the company has reported declines in operating profit in each of the past three years despite steady sales growth + magna recently cut its quarterly dividend in half and the company 's class a shares are <unk> far below their 52-week high of N canadian dollars us$ N + on the toronto stock exchange yesterday magna shares closed up N canadian cents to c$ N + mr. <unk> founder and controlling shareholder of magna resigned as chief executive officer last year to seek unsuccessfully a seat in canada 's parliament + analysts said mr. <unk> wants to resume a more influential role in running the company + they expect him to cut costs throughout the organization + the company said mr. <unk> will personally direct the restructuring <unk> by <unk> <unk> president and chief executive + neither they nor mr. mcalpine could be reached for comment + magna said mr. mcalpine resigned to pursue a consulting career with magna as one of his clients + lord <unk> <unk> chairman of english china <unk> plc was named a nonexecutive director of this british chemical company + japanese investors nearly <unk> bought up two new mortgage <unk> mutual funds totaling $ N million the u.s. federal national mortgage association said + the purchases show the strong interest of japanese investors in u.s. <unk> instruments fannie mae 's chairman david o. maxwell said at a news conference + he said more than N N of the funds were placed with japanese institutional investors + the rest went to investors from france and hong kong + earlier this year japanese investors snapped up a similar $ N million mortgage-backed securities mutual fund + that fund was put together by blackstone group a new york investment bank + the latest two funds were assembled jointly by goldman sachs & co. of the u.s. and japan 's daiwa securities co + the new seven-year funds one offering a fixed-rate return and the other with a floating-rate return linked to the london interbank offered rate offer two key advantages to japanese investors + first they are designed to eliminate the risk of prepayment mortgage-backed securities can be retired early if interest rates decline and such prepayment forces investors to <unk> their money at lower rates + second they channel monthly mortgage payments into semiannual payments reducing the administrative burden on investors + by addressing those problems mr. maxwell said the new funds have become extremely attractive to japanese and other investors outside the u.s. + such devices have boosted japanese investment in mortgage-backed securities to more than N N of the $ N billion in such instruments outstanding and their purchases are growing at a rapid rate + they also have become large purchasers of fannie mae 's corporate debt buying $ N billion in fannie mae bonds during the first nine months of the year or almost a <unk> of the total amount issued + james l. <unk> <unk> executive vice president was named a director of this oil concern expanding the board to N members + ltv corp. said a federal bankruptcy court judge agreed to extend until march N N the period in which the steel aerospace and energy products company has the exclusive right to file a reorganization plan + the company is operating under chapter N of the federal bankruptcy code giving it court protection from creditors ' lawsuits while it attempts to work out a plan to pay its debts + italian chemical giant montedison <unk> through its montedison acquisition n.v. indirect unit began its $ <unk> tender offer for all the common shares outstanding of erbamont n.v. a maker of pharmaceuticals incorporated in the netherlands + the offer advertised in today 's editions of the wall street journal is scheduled to expire at the end of november + montedison currently owns about N N of erbamont 's common shares outstanding + the offer is being launched <unk> to a previously announced agreement between the companies + japan 's reserves of gold convertible foreign currencies and special drawing rights fell by a hefty $ N billion in october to $ N billion the finance ministry said + the total marks the sixth consecutive monthly decline + the <unk> downturn reflects the intensity of bank of japan <unk> intervention since june when the u.s. currency temporarily surged above the N yen level + the announcement follows a sharper $ N billion decline in the country 's foreign reserves in september to $ N billion + pick a country any country + it 's the latest investment craze sweeping wall street a rash of new closed-end country funds those publicly traded portfolios that invest in stocks of a single foreign country + no fewer than N country funds have been launched or registered with regulators this year triple the level of all of N according to charles e. simon & co. a washington-based research firm + the turf recently has ranged from chile to <unk> to portugal + next week the philippine fund 's launch will be capped by a visit by philippine president <unk> aquino the first time a head of state has kicked off an issue at the big board here + the next province + anything 's possible how about the new guinea fund <unk> george foot a managing partner at <unk> management associates of <unk> mass + the recent explosion of country funds <unk> the closed-end fund mania of the 1920s mr. foot says when narrowly focused funds grew wildly popular + they fell into <unk> after the N crash + unlike traditional <unk> mutual funds most of these <unk> portfolios are the closed-end type issuing a fixed number of shares that trade publicly + the surge brings to nearly N the number of country funds that are or soon will be listed in new york or london + these funds now account for several billions of dollars in assets + people are looking to stake their claims now before the number of available nations runs out says michael porter an analyst at smith barney harris upham & co. new york + behind all the <unk> is some <unk> competition + as individual investors have turned away from the stock market over the years securities firms have scrambled to find new products that brokers find easy to sell + and the firms are stretching their <unk> far and wide to do it + financial planners often urge investors to diversify and to hold a <unk> of international securities + and many emerging markets have <unk> more mature markets such as the u.s. and japan + country funds offer an easy way to get a taste of foreign stocks without the hard research of seeking out individual companies + but it does n't take much to get burned + political and currency gyrations can <unk> the funds + another concern the funds ' share prices tend to swing more than the broader market + when the stock market dropped nearly N N oct. N for instance the mexico fund plunged about N N and the spain fund fell N N + and most country funds were clobbered more than most stocks after the N crash + what 's so wild about the funds ' frenzy right now is that many are trading at historically fat premiums to the value of their underlying portfolios + after trading at an average discount of more than N N in late N and part of last year country funds currently trade at an average premium of N N + the reason share prices of many of these funds this year have climbed much more sharply than the foreign stocks they hold + it 's probably worth paying a premium for funds that invest in markets that are partially closed to foreign investors such as south korea some specialists say + but some european funds recently have skyrocketed spain fund has surged to a startling N N premium + it has been targeted by japanese investors as a good long-term play tied to N 's european economic integration + and several new funds that are n't even fully invested yet have jumped to trade at big premiums + i 'm very alarmed to see these rich <unk> says smith barney 's mr. porter + the newly <unk> premiums reflect the increasingly global marketing of some country funds mr. porter suggests + unlike many u.s. investors those in asia or europe seeking <unk> exposure may be less <unk> to paying higher prices for country funds + there may be an international viewpoint cast on the funds listed here mr. porter says + nonetheless plenty of u.s. analysts and money managers are <unk> at the <unk> trading levels of some country funds + they argue that u.s. investors often can buy american depositary receipts on the big stocks in many funds these so-called adrs represent shares of foreign companies traded in the u.s. + that way investors can essentially buy the funds without paying the premium + for people who insist on jumping in now to buy the funds <unk> 's mr. foot says the only advice i have for these folks is that those who come to the party late had better be ready to leave quickly + the u.s. and soviet union are holding technical talks about possible repayment by moscow of $ N million in <unk> russian debts owed to the u.s. government the state department said + if the debts are repaid it could clear the way for soviet bonds to be sold in the u.s. + however after two meetings with the soviets a state department spokesman said that it 's too early to say whether that will happen + <unk> with the talks the state department said it has permitted a soviet bank to open a new york branch + the branch of the bank for foreign economic affairs was approved last spring and opened in july + but a soviet bank here would be <unk> unless moscow found a way to settle the $ N million debt which was lent to the country 's short-lived democratic <unk> government before the communists seized power in N + under a N law the johnson debt default act as amended it 's illegal for americans to extend credit to countries in default to the u.s. government unless they are members of the world bank and international monetary fund + the u.s.s.r. belongs to neither organization + moscow has settled <unk> debts with other countries in recent years at less than face value + the state department stressed the <unk> debts as the key to satisfying the johnson act + but the soviets might still face legal obstacles to raising money in the u.s. until they settle hundreds of millions of dollars in additional debt still outstanding from the world war ii <unk> program + in another reflection that the growth of the economy is <unk> off the government said that orders for manufactured goods and spending on construction failed to rise in september + meanwhile the national association of purchasing management said its latest survey indicated that the manufacturing economy contracted in october for the sixth consecutive month + its index inched up to N N in october from N N in september + any reading below N N suggests the manufacturing sector is generally declining + the purchasing managers however also said that orders turned up in october after four months of decline + factories book |