offset.01
frames- At the same time , dealers said 0 the U.S. unit has been locked *-1 into a relatively narrow range in recent weeks , in part because [ARG1 the hefty Japanese demand for dollars] has been [rel offset] *-2 by [ARG2-by the mark 's strength] , [ARGM-ADV * resulting in a stalemate] .
- [ARG1 The competitive rates] were [ARGM-ADV generally] [rel offset] *-1 by [ARG2-by hefty fees on various services] .
- Mr. Dingell expressed concern , sources said 0 *T*-2 , about jurisdictional problems in * regulating [ARG0 program trading] , which *T*-217 uses futures *-1 to [rel offset] [ARG1 stock trades] .
- The [rel offsetting] [ARG2 fees] would apply to filings made * under the Hart-Scott-Rodino Act .
- [ARG0 *-1] To [rel offset] [ARG1 the reduction] , Congress approved a $ 20,000 *U* fee that investors and companies will have *-3 to pay *T*-2 each time 0 they make required filings to antitrust regulators about mergers , acquisitions and certain other transactions *T*-4 .
- [ARG1 The charges] were [rel offset] *-1 [ARGM-MNR in part] by [ARG2-by a gain from the sale of the company 's construction division] .
- Stock-index arbitrage -- * Buying or selling baskets of stocks while at the same time *-1 executing [rel offsetting] [ARG2 trades] in stock-index futures or options .
- [ARG1 That] was [ARGM-MNR partially] [rel offset] *-1 by [ARG2-by the resumption of space shuttle flights and increased demand for expendable launch-vehicle engines] .
- [ARG1 The charges] were [ARGM-MNR partly] [rel offset] *-1 by [ARG2-by a $ 2 million *U* gain on the sale of investments of two joint ventures] , he said 0 *T*-2 .
- Arbitrage-related trading during the session was confined *-1 largely to [ARG2 a round] of buy programs near the close , which *T*-2 helped *-3 [rel offset] [ARG1 the impact of profit-taking among blue chips] .
- Earnings at Xerox 's financial-services operations actually rose slightly , but that was largely because [ARG2 capital gains at Crum & Forster] [rel offset] [ARG1 Hurricane Hugo payments and the reserves set up * * to cover future payments] .
- [ARG0 *] [ARGM-ADV Possibly] [rel offsetting] [ARG1 that] , Columbia recently estimated 0 it has unrealized gains on publicly traded equity investments of more than $ 70 million *U* .
- But the pharmaceutical company said 0 it `` anticipates 0 [ARG2 the long-term savings resulting from the plan 's implementation] [ARGM-MOD will] [ARGM-ADV more than] [rel offset] [ARG1 short-term costs] . ''
- USX Corp. posted a 23 % drop in third-quarter profit , as [ARG2 improved oil results] failed *-1 to [rel offset] [ARG1 weakness in steel and natural gas operations] .
- In stock-index arbitrage , traders buy and sell large amounts of stock with [rel offsetting] [ARG2 trades] in stock-index futures *-1 to profit from fleeting price discrepancies between the two markets .
- USX 's profit dropped 23 % in the third quarter as [ARG2 improved oil results] failed *-1 to [rel offset] [ARG1 weakness in the firm 's steel and natural gas operations] .
- `` [ARG1 Small net inflows into stock and bond funds] were [rel offset] *-1 by [ARG2-by slight declines in the value of mutual fund stock and bond portfolios '' stemming from falling prices] , said 0 *T*-2 Jacob Dreyer , the institute 's chief economist .
- In stock-index arbitrage , traders buy and sell large amounts of stocks with [rel offsetting] [ARG2 trades] in stock-index futures and options .
- They argue that [ARG2 weakness in both the yen and sterling] have helped *-1 [rel offset] [ARG1 bearish U.S. economic news] and have lent support to the dollar .
- A widely held assumption all along has been that , given its robust economy , [ARG0 Hong Kong] will be able *-1 to attract sufficient foreign money and talent *-2 to [ARGM-MNR comfortably] [rel offset] [ARG1 the outflows] .
- Stock-index funds frequently use the futures markets as a hedging tool , but that is a far less aggressive strategy than stock-index arbitrage , in which traders buy and sell big blocks of stocks with [rel offsetting] [ARG2 trades] in stock-index futures *-2 to profit from price differences *T*-1 .
- This change in the British capital account required an [rel offsetting] [ARG2 change] in the trade account , a change that *T*-2 could not be prevented *-1 by * pegging the currency .
- In the least , we must recognize the futility of * trying *-1 to use [ARG2 exchange-rate intervention] *-2 to [rel offset] [ARG1 the effects of tax-rate reduction on capital flows] .
- Stock-index arbitrage -- the computer-guided buying and selling of stocks with [rel offsetting] [ARG2 trades] in stock-index futures 0 *T*-1 to profit from fleeting price discrepancies -- affects the OTC market directly through the 31 stocks included * in Standard & Poor 's 500-stock index .
- [ARG1 Last year 's drop in export credit] was [ARGM-MNR partially] [rel offset] *-1 by [ARG2-by a 15 % surge in lending to individuals and small and medium-sized companies] .
- [ARG1 The charge] is [rel offset] *-1 by [ARG2-by an after-tax gain of about $ 30 million *U* in the quarter from the previously announced pact * to sell National Aluminum 's rolling division] .
- [ARGM-ADV If rates unexpectedly rise] , [ARG2 the increasing return on the money fund] [ARGM-MOD will] [ARGM-MNR partly] [rel offset] [ARG1 the lower-than-expected return from the bond fund] .
- While Wall Street 's tough times and lower U.S. interest rates continue *-1 to undermine the dollar , [ARG2 weakness in the pound and the yen] is expected *-2 to [rel offset] [ARG1 those factors] .
- In addition , local banks say 0 the new contract is important in * helping [ARG0 them] [rel offset] [ARG1 their Hong Kong-dollar exposure] .
- Indeed , [ARG2 lower wages] -- in Greece , they are a third of the EC average -- are n't enough *-1 to [rel offset] [ARG1 higher transport costs and lower productivity in the southern countries] .
- Index arbitrage -- [ARG1 the rapid-fire buying and selling] of stocks [rel offset] * with [ARG2-with opposite trades in futures] -- is frequently blamed *-1 for *-2 adding to stock market volatility .
- Junk-fund holders have barely broken even this year , as [ARG2 fat interest payments] barely managed *-1 to [rel offset] [ARG1 declining prices] .
- Currently , they stand at $ 12,000 *U* for speculators , who *T*-1 are typically individuals and non-member traders , and $ 6,000 *U* for hedgers , which *T*-2 are usually institutions and have [rel offsetting] [ARG2 positions] in the underlying stocks .
- [ARG1 The bleak automotive results] were [rel offset] *-1 by [ARG2-by strong earnings from some non-automotive operations] .
- An 8.5 % drop in North American factory sales of cars and trucks cut into revenue , and [ARG2 rebates to dealers and customers] [ARGM-ADV more than] [rel offset] [ARG1 gains from price increases on 1990 model vehicles delivered * during the period] , a GM spokesman said 0 *T*-1 .
- [ARGM-DIS In other words] , [ARG0 it] was [rel offsetting] [ARG1 purchases of marks and yen] [ARGM-MNR by *-1 buying dollars in the domestic money market] .
- Company officials also said that [ARG1 any gain from the sale of Westinghouse 's 55 % stake in its transmission and distribution venture with the Swiss firm of Asea Brown Boveri] [ARGM-MOD will] be [rel offset] *-1 by [ARG2-by a restructuring charge] [ARGM-TMP in the fourth quarter] .
- In the past 20 months alone , Paul E. Lego , president and chief operating officer , said 0 [ARG1 the divestiture of $ 300 million *U* of slow-growth , low-profit businesses] has been [ARGM-ADV more than] [rel offset] *-1 by [ARG2-by $ 600 million *U* in profitable acquisitions] .
- Mr. Ericson says 0 [ARG0 he] tries *-1 to [rel offset] [ARG1 the leverage] [ARGM-MNR by *-2 diversifying the fund 's portfolio] .
- [ARG2 The funds received * from pharmaceutical firms] are used *-1 * to [rel offset] [ARG1 physician symposiums] , and these symposiums do not stress any particular medication or manufacturer .
- The most volatile form of program trading is index arbitrage -- [ARG1 the rapid-fire , computer-guided buying and selling] of stocks [rel offset] * with [ARG2-with opposite trades in stock-index futures and options] .
- Moreover , the company said 0 [ARG2 higher sales and shipments to service centers from its Armco Steel Co. joint venture] failed *-1 to [rel offset] [ARG1 weakness in the automotive market , higher production costs and a poorer product mix] .
- Some TV people doubt 0 they will materialize and argue that [ARGM-ADV even if they do *?*] , [ARG0 they] [ARGM-MOD wo] [ARGM-NEG n't] [rel offset] [ARG1 the multimillion-dollar deficits that CBS could run up *T*-1] .
- [ARG1 This charge] was [ARGM-MNR partly] [rel offset] *-1 , however , by [ARG2-by $ 19 million *U* in pretax capital gains] .
- These provisions would be difficult 0 * to enforce *T*-2 for a program intended * to provide a subsidy , but would be reasonable and effective devices for [ARG2 programs] that *T*-1 attempt *-3 to [rel offset] [ARG1 market imperfections] .
- By a lopsided 401-18 margin , the chamber rejected an effort * to waive Gramm-Rudman for purposes of * addressing the two disasters , and budget analysts estimate 0 the increased appropriations will widen the fiscal 1990 deficit by at least $ 1.44 billion *U* unless [rel offsetting] [ARG2 spending] cuts or new revenues are found *-19 by Congress .
- [ARG1 The resulting # 1.9 billion *U* merchandise trade deficit] was [ARGM-MNR partly] [rel offset] *-2 by [ARG2-by an assumed surplus of # 300 million *U* in so-called invisible items , which *T*-1 include income from investments , services and official transfers] .
- [ARG1 Strong profit in the process industries , including chemical and pulp and paper ,] were [rel offset] *-1 by [ARG2-by higher interest expense] and by lower earnings [ARGM-ADV as the company closed out certain long-term contracts] .
- [ARG1 Strong profit in the process industries , including chemical and pulp and paper ,] were [rel offset] *-1 by higher interest expense and by [ARG2-by lower earnings] [ARGM-ADV as the company closed out certain long-term contracts] .
- For one , Axa plans *-2 to do away with certain tax credits that *T*-1 have resulted in [ARG2 more than $ 600 million *U*] paid * to the Farmers exchanges during the past few years * to [rel offset] [ARG1 underwriting losses] .
- `` [ARG1 A significant increase in gold sales to 248,279 ounces for the quarter from 188,726 in the third quarter of 1988] was [ARGM-ADV more than] [rel offset] *-1 by [ARG2-by the continued decline in average gold price realization to $ 367 *U* *RNR*-3 from $ 429 *U* *RNR*-3 per ounce] , '' the company said *T*-2 .
- [ARG2 Stronger results from the company 's broadcast and cable television units and professional and textbook publishing divisions , plus increased advertising at the company 's largest newspaper , the Los Angeles Times ,] [rel offset] [ARG1 advertising declines in the company 's newspapers in the Eastern U.S.] , the company said 0 *T*-1 .
- These firms sold stock into the big morning decline , but *-1 seeing the velocity of the market 's drop , held back on their [rel offsetting] [ARG2 purchases] of futures until the S&P futures hit the trading limit .
- [ARG1 These gains] were [ARGM-MNR partly] [rel offset] *-1 by [ARG2-by output of cars and other consumer durables , which *T*-2 eased 3.9 % from June 's high level] .
- They also support [ARG2 a tax credit] for employers 0 *T*-2 to [rel offset] [ARG1 the cost of * hiring and training workers who *T*-1 temporarily replace employees on parental leave] .
- [ARG1 That gain] was [ARGM-MNR mostly] [rel offset] *-1 by [ARG2-by a loss of about $ 55 million *U* from a write-down in its polysilicon business] .
- [ARGM-LOC In magazines] , [ARG1 higher advertising revenues at Sports Illustrated and Fortune] were [rel offset] *-1 by [ARG2-by lower ad revenue for other major magazines] .
- But it will be years before it *EXP*-1 is clear whether [ARG2 higher rates] [ARGM-MOD will] [rel offset] [ARG1 the payouts for such disasters] .
- Mr. Lawrence says 0 [ARG1 the drain of funds] has been [rel offset] *-1 by [ARG2-by an increase in investments by the remaining names] .
- Although crude oil prices were significantly higher this year , [ARG2 they] were n't strong enough * to [rel offset] [ARG1 the declining profits in those business sectors at most oil companies] , said 0 *T*-1 William Randol , oil analyst for First Boston Corp .
- [rel Offsetting] [ARG1 the lower stake in Lyondell] were *T*-1 [ARG2 higher crude oil prices , increased natural gas volumes and higher coke prices] , the company said 0 *T*-2 .
- He said 0 Tandy `` has done a decent job '' *-2 increasing sales by *-3 manufacturing computers for others and expanding sales of its Grid Systems Corp. subsidiary , which *T*-1 sells computers to bigger businesses , but `` [ARG2 it] 's not enough 0 *T*-4 to [rel offset] [ARG1 the problems at Radio Shack] . ''
- The most controversial of these is stock-index arbitrage , in which [ARG0 traders] buy or sell baskets of stocks and [rel offset] [ARG1 the position] with [ARG2-with an opposite trade in stock-index futures 0 *T*-2 to lock in profits] *T*-1 .
- If China were still on good terms with foreign lenders , [ARG0 it] might be able *-1 to stem the drain on its foreign-exchange reserves by *-2 using some loan funds *-3 to [rel offset] [ARG1 the current-account deficit] .
- Transport rates wo n't be an opportunity for [ARG0 *] [rel offsetting] [ARG1 cost increases in other segments of the economy] . ''
- Edward J. Campbell , economist at Brown Brothers Harriman & Co. , New York , noted that [ARG2 large increases in construction activity along with government and private relief efforts] [ARGM-MOD could] [rel offset] [ARG1 loss of production] [ARGM-LOC in those areas] .
- [ARG1 A 10 % gain in operating profit in the quarter] was [rel offset] *-1 by [ARG2-by a 21 % boost in interest expense , reflecting higher consolidated borrowings and interest rates] .
- Many professions long have seemed *-3 to be targets *ICH*-5 because of the exotic or ludicrous efforts *ICH*-4 of [ARG0 some members] * to [rel offset] [ARG1 high income] with [ARG2-with fake losses from phony tax shelters] : dentists who *T*-1 invested in dubiously dubbed foreign films or airline pilots who *T*-2 raised racehorses on their days off .
- For 1984 , they reported [ARG1 gross income] of $ 1,647 *U* from Amway sales , [rel offset] * by [ARG2-by expenses totaling $ 16,746 *U* -- including car costs of $ 6,805 *U* and travel and entertainment costs of $ 5,088 *U*] .
- Although this widow earns only twice the minimum wage , largely due to the earnings limit , [ARG0 she] would have *-1 to earn an additional $ 4,930 *U* *-2 to [rel offset] [ARG1 her catastrophic surtax of $ 496 *U*] .
- [ARG0 *-1] To [rel offset] [ARG1 sluggish sales growth] , companies have been cutting staff , mostly through attrition , and slowing the growth in research and development spending .
- [ARGM-DIS But] [ARG1 the growth] was [ARGM-MNR partly] [rel offset] *-1 by [ARG2-by lower equipment sales and rentals and price cuts on some products] .
- AT&T said 0 [ARG1 the expense increase] [ARGM-MOD will] be [ARGM-MNR largely] [rel offset] *-1 by [ARG2-by a gain from its previously announced plan * to swap its holdings in Ing . C. Olivetti & Co. for shares in Cie . Industriali Riunite , an Italian holding company] .
- Charles Bradford , an analyst with Merrill Lynch Capital Markets , said 0 [ARG2 higher prices for galvanized and cold-rolled products] [rel offset] [ARG1 lower prices for bar , hot-rolled and structural steel] .
- [ARG2 Higher oil prices] were n't enough * to [rel offset] [ARG1 a roughly $ 20 million *U* charge related * to a 10 % reduction in Amoco 's Canadian work force as well as increased exploration expenses] .
- The charge did n't affect net for the quarter as [ARG1 it] was [rel offset] *-1 by [ARG2-by tax benefits] .
- It added that [ARG2 higher revenue , strong crude oil prices and higher natural gas prices] [rel offset] [ARG1 declines in production of oil , gas and plant liquids] .
- The action abandons earlier efforts * to find [rel offsetting] [ARG2 cuts] 0 *T*-1 to fund the payments , but is widely seen *-2 as a more realistic means of * expediting reparations first authorized * in 1988 .
- Schlumberger Ltd. , New York , reported 0 third-quarter net income edged up as [ARG2 growth in its oil-field services sector] [rel offset] [ARG1 a decline in interest income] .
- But [ARG1 sale increases] were [rel offset] *-2 by [ARG2-by slumping sales in flat glass and fiberglass reinforcements] , the company said 0 *T*-1 .
- [ARG1 These items] were [ARGM-MNR partly] [rel offset] *-1 , MCA said 0 *T*-2 , by [ARG2-by an unspecified gain on the sale of its Miller International unit , a maker and distributor of budget-priced audio cassettes] .
- These actions did n't affect results because [ARG1 the gain on the sale of the European cosmetics businesses] was [rel offset] *-1 by [ARG2-by provisions relating to the Brazil divestiture and drug restructuring] .
- Affiliated said 0 it expects *-2 to record a pretax gain of about $ 18.5 million *U* from the sale of [ARG2 the credit-card business] , which *T*-1 [ARGM-MOD should] [ARGM-MNR more than] [rel offset] [ARG1 any reduction in the carrying value of real estate and real-estate loans on its books] .
- Mr. Guzman Cabrera says 0 [ARG1 the union 's sacrifices] [ARGM-MOD will] be [rel offset] *-1 by [ARG2-by a wage and benefit package that *T*-2 amounts to a 22 % increase in compensation] .
- David Rahill of A. Foster Higgins & Co. said that clients of his consulting firm report that utilization management reduces their hospital care bills by about 5 % , but he agreed that [ARGM-MNR for the health-care system as whole] , [ARG1 some of these savings] are [rel offset] *-1 by [ARG2-by administrative and outpatient care] costs .
- [ARGM-ADV While utilization management frequently reduces hospitalization costs] , [ARG1 these savings] are [ARGM-TMP often] [rel offset] *-1 by [ARG2-by increases in outpatient services and higher administrative costs] , according to the report by a panel of health-care experts .
- Even the Office of Management and Budget is remembered *-1 with [ARG2 an extra $ 1 million *U*] 0 *T*-4 to help [rel offset] [ARG1 pay costs that other government departments are being asked *-3 *-5 to absorb *T*-2] .
- Ameritech Corp. 's earnings increased 2.8 % , after [ARG1 strong revenue gains] were [rel offset] *-1 [ARGM-ADV somewhat] by [ARG2-by refunds and rate reductions imposed * by regulators in its Midwest territory] .
- [ARGM-LOC In it] , [ARG0 traders] buy or sell stocks and [rel offset] [ARG1 those positions] [ARGM-LOC in stock-index futures contracts] *-1 to profit from fleeting price discrepancies .
- Subsequently , however , [ARG1 the ill effects] are likely *-2 to be [rel offset] *-1 , [ARGM-MNR at least in economic terms] , [ARGM-TMP as construction activity begins] .
- [ARG1 The $ 55 million *U* gain on the sale] was [rel offset] *-1 by [ARG2-by lower interest income , poorer results from foreign-exchange trading and a $ 9 million *U* loss on the sale of a unit , Securities Settlement Corp] .
- `` We did see some relief in raw material costs , but [ARG2 it] was n't sufficient *-2 to [rel offset] [ARG1 the drop in sales prices] , '' James R. Kuse , the company 's chairman and chief executive officer said *T*-1 in a statement .
- The commission , which *T*-1 was asked *-3 *-4 to study the deal by the Department of Trade and Industry after its announcement in February , said 0 [ARG2 the diversity of global supply of chemicals used * in * making analgesic drugs] was great enough * to [rel offset] [ARG1 the dominant U.K. market share 0 Rhone-Poulenc would gain *T*-2 through the acquisition] .
- The Shreveport , La. , natural gas company said 0 [ARG1 the charges] , though *-1 [ARGM-MNR partially] [rel offset] *-2 by [ARG2-by a one-time gain from the offering] , will result in a full-year after-tax loss .
- Though * not reflected *-3 in the table , an investor should know that [ARG1 the cost of the option insurance] [ARGM-MOD can] be [ARGM-MNR partially] [rel offset] *-1 by [ARG2-by any dividends that the stock pays *T*-2] .
- The chemical segment had [ARG1 a $ 6 million *U* gain] on the sale of ammonia and urea businesses , which *T*-2 was [rel offset] *-1 by [ARG2-by a $ 6 million *U* charge for future environmental expenditures] .
- Electrical products ' sales fell to $ 496.7 million *U* from $ 504.5 million *U* with [ARG1 higher world-wide lighting volume] [rel offset] * by [ARG2-by lower domestic prices and the impact of weaker currencies in Europe and South America] .
- [ARG2 Higher sales of pesticides and other plant-science products] [ARGM-MNR more than] [rel offset] [ARG1 a slight decline in the sales of animal-health products] [ARGM-PNC * to fuel the increase in world-wide agricultural product sales] , Lilly said 0 *T*-1 .
- [ARG2 A decline in truck production] [ARGM-ADV more than] [rel offset] [ARG1 a sharp rise in auto assemblies] , the Fed noted 0 *T*-1 .
- [ARG1 HUGO 'S RAVAGES] [ARGM-MOD may] be [rel offset] *-1 by [ARG2-by immediate claims for tax refunds] .
- Weyerhaeuser Co. reported [ARG2 a one-time gain and strong wood-product sales] that *T*-1 [rel offset] [ARG1 weakness in pulp and paper] [ARGM-PNC * to fuel a 15 % jump in third-quarter net income to $ 166.8 million *U* , or 78 cents a share] .
- This sum has been guarded *-1 jealously by [ARG0 appropriators] anxious * to [rel offset] [ARG1 spending elsewhere] , and conservative Sen. Phil Gramm cast the fight as a populist stand against monied interests .
- -LRB- In stock-index arbitrage , traders buy or sell big baskets of stocks against [rel offsetting] [ARG2 positions] in futures . -RRB-
- [ARG1 These movements] were [rel offset] *-1 , [ARGM-DIS however] , by [ARG2-by a steep rise in corporate income tax payments to 199 million francs from 35 million in the first six months of 1988] .
- But the company said 0 [ARG1 that trend] was [rel offset] *-1 [ARGM-TMP in the first quarter] by [ARG2-by better economies of scale and efficiencies in manufacturing] .
- Results for the 1988 quarter included [ARG1 a gain of $ 1.05 *U* a share from sale of the Reda Pump and Oilwell Cable units] , [ARGM-MNR partly] [rel offset] * by [ARG2-by a charge of 69 cents a share for recall of faulty truck steering systems] .
- `` Unless there is an enormous rate of economic growth or a further drop in the dollar , it 's unlikely that [ARG2 consumption of U.S. produced steel] will grow sufficiently * to [rel offset] [ARG1 the growth of minimills] . ''
- `` [ARG1 These increases] were [ARGM-MNR partly] [rel offset] *-1 by [ARG2-by lower trading-related '' income] , the bank said 0 *T*-2 .
- [ARG2 The deterioration in credit quality] [rel offset] [ARG1 strong loan growth of 17 % in NCNB 's Southeast operations , as well as a 28 % growth in deposits resulting from an aggressive marketing campaign] .
- [ARG2 The loan growth] [rel offset] [ARG1 continuing real-estate loan losses in the depressed Arizona market] .
- [rel Offsetting] [ARG1 the Remic-related purchases] were *T*-2 [ARG2 continued heavy sales by mortgage originators , which *T*-1 are producing increased amounts of fixed-rate mortgage-backed issues with lower rates] .
- But as panic spread , [ARG0 speculators] began *-1 to sell blue-chip stocks such as Philip Morris and International Business Machines *-2 to [rel offset] [ARG1 their losses] .
- -LRB- [ARGM-LOC In a stock-index arbitrage sell program] , [ARG0 traders] buy or sell big baskets of stocks and [rel offset] [ARG1 the trade in futures] [ARGM-PNC *-1 to lock in a price difference] . -RRB-
- [ARG1 Trouble on the East Coast] was [ARGM-ADV likely] [rel offset] *-1 by [ARG2-by improved ad linage at the Los Angeles Times , which *T*-2 this week also unveiled a redesign] .
- `` [ARG2 Improved paper prices] will help * [rel offset] [ARG1 weakness in linage] , but the retailers ' problems have affected the amount of ad linage 0 they usually run *T*-1 , '' said *T*-2 Edward J. Atorino , industry analyst for Salomon Brothers Inc .
- In a statement Friday , Mr. Paul challenged the regulators ' decision , *-2 saying 0 [ARG1 the thrift 's operating losses and `` apparent '' junk-bond losses] `` have been [ARGM-MNR substantially] [rel offset] *-1 by [ARG2-by gains in other activities of the bank] . ''
- *-1 Not really insurance , this tactic was designed *-1 to soften the blow of declining stock prices and generate an [rel offsetting] [ARG2 profit] by *-2 selling waves of S&P futures contracts .
- `` [ARG1 That] was [rel offset] *-1 by [ARG2-by strength elsewhere] .
- [ARG2 Exports] are thought *-1 to have risen strongly in August , but probably not enough * to [rel offset] [ARG1 the jump in imports] , economists said *T*-2 .