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Pay talks aimed at ending a
week-old national seamen's strike collapsed today and the
strike will continue, a union official said.
The walkout by Brazil's 40,000 seamen has idled 160 ships
in various ports, Jorge Luis Leao Franco, a senior official of
the National Merchant Marine Union, told Reuters.
The strikers, who are seeking a 275 pct pay increase, have
rejected offers of a 100 pct raise from the state oil company
Petrobras and an 80 pct increase from the National Union of
Maritime Navigation Companies (Syndarma).
Leao Franco said eight hours of talks in Rio de Janeiro
with Labor Minister Almir Pazzianotto ended today without
resolving the dispute.
He said six ships were idle abroad -- in the Netherlands,
Spain, Venezuela, France and South Africa.
Economic analysts said the strike was of major concern to
the government, which has suspended interest payments on part
of Brazil's foreign debt following a drastic deterioration in
the country's trade balance.
The head of the National Merchant Marine Authority, Murilo
Rubens Habbema, was quoted today as saying that if the strike
continued foreign ships could be authorized to transport
Brazilian exports.
"Brazil is living through a crisis at the moment and it is
not conceivable that exports be hit," he told the Gazeta
Mercantil newspaper.
Reuter
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Shearson Lehman Brothers Inc, the
brokerage subsidiary of American Express Co <AXP>, said it has
acquired 131,300 shares of Chicago Milwaukee Corp, or 5.4 pct
of its total outstanding common stock.
In a filing with the Securities and Exchange Commission,
Shearson said it bought the stake for 18.8 mln dlrs for
investment purposes and has no intention of seeking control of
the company.
Reuter
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E.A. Viner Holdings Ltd said the earlier
reported Chapter 11 bankruptcy filing of Heck's Inc <HEX>, in
which Viner holds 408,000 shares, would not materially affect
Viner's capital position or its ability to carry on its
profitable brokerage business.
Viner said its brokerage subsidiary, Edward A. Viner and Co
had regulatory capital of 24.5 mln U.S. dlrs at year-end 1986.
The company said Heck's Chapter 11 filing could, however,
affect Viner's previously reported legal action to recover
costs from an aborted merger agreement with Heck's.
It said it and the Toussie-Viner group, with which it made
the merger offer, were assessing their options regarding the
Heck's investment.
Viner earlier reported a fourth quarter loss of 918,000
U.S. dlrs after a 1.5 mln dlr writedown of its stake in Heck's.
It earned 585,000 dlrs in the previous fourth quarter.
Full-year earnings totaled 2.9 mln dlrs against a
year-earlier loss of 1.5 mln dlrs. The full-year earnings
included a 900,000 dlr net writedown of the Heck's stake, it
said.
Reuter
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Trans World Airlines Inc said it filed
suit in Delaware Chancery Court against USAir Group Inc and its
board of directors seeking to invalidate its "poison pill"
anti-takeover plan.
TWA vice president and general counsel Mark Buckstein said
TWA also sought a declaratory judgement from the court that its
52 dlr per share takeover offer for USAir would in no way
interfer with USAir's possible buyout of Peidmont Aviation Inc
<PIE>.
Buckstein said TWA asked the court to enjoin the
enforcement of USAir's shareholder rights plan, or "poison
pill." Such provisions, which typically allow for the issue of
securities to shareholders in the event of a hostile takeover
bid, are aimed at deterring takeovers by making them more
expensive.
USAir earlier today rejected TWA's offer, saying TWA's bid
was an attempt to interfer with its buyout of Piedmont.
USAir also had said its counsel would investigate the
matter. Tonight, a spokesman for USAir said the airline had no
comment on TWA's lawsuit.
USAir did respond, however, to a TWA request to the
Department of Transportation for permission to buy up to 51 pct
of USAir stock and place the stock in a voting trust pending
approval of a takeover.
USAir said the request was "hastily pasted together in
order to take advantage of a regulatory anamoly that would
allow TWA to accomplish in a regulated environment actions that
would be impermissable in the non-regulated economy at large."
USAir called on the transportation department to reject
TWA's request.
Reuter
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Oper shr 99 cts vs 54 cts
Oper net 9,515,000 vs 3,449,000
Revs 509.3 mln vs 440.5 mln
Note: 1985 net excludes extraordinary gain of 1.2 mln dlrs.
Reuter
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Ivey Properties Inc said it
raised its quarterly dividend to 18 cts a share from 14 cts and
declared both an extra dividend of 27 cts a share and a 50 pct
stock dividend.
It said the dividends will be paid April one to
shareholders of record March 16.
For the stock dividend, Ivey said it will pay for
fractional shares at 25 dlrs per share.
Reuter
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A shareholder group led by a Swedish
investment firm and a Norwegian investor said it raised its
stake in the Scandinavia Fund Inc to 2,165,300 shares, or 33.3
pct of the total, from 1,978,900 shares, or 30.5 pct.
In a filing with the Securities and Exchange Commission,
the group, which includes Ingemar Rydin Industritillbehor AB,
the firm, and investor Erik Martin Vik, said it bought the
additional shares between Feb 24 and March 9.
Reuter
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VBI Corp, an offshore-based
investment firm, told the Securities and Exchange Commission it
raised its stake in the France Fund Inc <FRN> to 681,800
shares, or 9.1 pct of the total, from 551,000, or 7.4 pct.
VBI, which is based in Turks and Caicos Islands, the
British West Indies, said it bought the additional shares
between Feb 24 and March 4.
It has said it bought its France Fund stake for investment
purposes only.
Reuter
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Shr loss five cts
Net loss 753,000
Revs 8,932,000
Avg shrs 16.0 mln
Year
Shr loss seven cts
Net loss 995,000
Revs 27.9 mln
Avg shrs 14.8 mln
NOTE: Company started operating in August 1985.
Results reflect change in fiscal year from November 30 end.
Reuter
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McGrath RentCorp said as a
result of its December acquisition of Space Co, it expects
earnings per share in 1987 of 1.15 to 1.30 dlrs per share, up
from 70 cts in 1986.
The company said pretax net should rise to nine to 10 mln
dlrs from six mln dlrs in 1986 and rental operation revenues to
19 to 22 mln dlrs from 12.5 mln dlrs.
It said cash flow per share this year should be 2.50 to
three dlrs.
Reuter
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Shr one ct vs one ct
Net 528,790 vs 286,969
Revs 2,537,803 vs 773,729
Year
Shr seven cts vs one ct
Net 2,429,576 vs 404,394
Revs 6,726,327 vs 1,150,961
Reuter
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Shr 15 cts vs 14 cts
Net 2,547,000 vs 2,242,000
Revs 56.7 mln vs 44.0 mln
Avg shrs 17.6 mln vs 15.6 mln
Nine mths
Shr 54 cts vs 54 cts
Net 9,249,000 vs 8,334,000
Revs 173.3 mln vs 134.3 mln
Avg shrs 17.1 mln vs 15.5 mln
Reuter
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The Bank of England said it had revised
its estimate of the shortage in the money market back to its
initial forecast of 550 mln stg.
At midsession the central bank changed the shortfall to 500
mln and provided assistance worth 96 mln stg through bank bill
purchases in bands one and two at established dealing rates.
REUTER
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Shr six cts
Net 155,764
Revs 6,506,792
NOTE: Company formed in August 1986.
Reuter
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Shr loss 28 cts vs profit seven cts
Net loss 931,000 vs profit 7,000
Revs 2.3 mln vs 2.0 mln
Nine mths
Shr loss 55 cts vs profit seven cts
Net loss 1,619,000 vs profit 185,000
Revs 7.7 mln vs 7.1 mln
NOTE: Shr figures adjusted for issue of 600,000 shares in
October, 1986. Avg shrs not given.
Full name is <Peter Miller Apparel Group Inc>.
Reuter
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Period ended Jan 31
Shr seven cts vs 14 cts
Net 136,000 vs 274,000
Sales 48.4 mln vs 38.2 mln
Nine mths
Shr 30 cts vs 17 cts
Net 573,000 vs 328,000
Sales 140.0 mln vs 102.4 mln
NOTE: Prior year period ended Sept 30
Comparable periods reflect change in fiscal yearend to
April from December
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Donegal Group Inc, which today
reported earnings of 155,764 dlrs on revenues of 6,506,792 dlrs
for the period from August 26 startup through the end of 1986,
said it expects "much improved" profits for the full year 1987
on revenues of about 32 mln dlrs.
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McAndrews and Forbes Holdings Inc said
it will offer 18.50 dlrs per share for all of Revlon Group
Inc's <REV> outstanding common stock.
McAndrews said terms of the acquisition have not been
determined and are subject to the acquisition of financing.
Revlon closed yesterday on the New York Stock Exchange at
14-3/4.
The company said it would bid for all stock it or its
affiliates do not already own.
McAndrews and Forbes said it informed the board of
directors of Revlon that it expects to make a formal proposal
in the near future. It also said there can be no assurance as
to the terms of the proposals or that the deal can be
concluded.
Reuter
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<Borealis Exploration Ltd> said
it entered into an agreement with <Faraway Gold Mines Ltd> of
Vancouver, British Columbia, under which Faraway will acquire
an interest in Borealis's Whale Cove Gold Property in the
Keewatin district of the Northwest Territories.
Faraway will spend 1.5 mln dlrs on exploration over three
years and will hold 50 pct of the property until all expenses
are paid out, when the interest will drop to 40 pct.
Also, Borealis and Faraway will issue treasury shares to
each other and Faraway will buy 575,000 Borealis shares from
Borealis president Lorne Spence.
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The Bank of England said it provided
assistance worth 350 mln stg during the afternoon session which
takes total help so far today to 446 mln stg against a shortage
estimated at around 550 mln stg.
The central bank purchased outright bank bills comprising
120 mln stg in band one at 10-7/8 pct and 227 mln stg in band
two at 10-13/16 pct. It also bought treasury bills worth one
mln stg in band one and two mln stg in band two at the same
rates of interest as bank bills.
REUTER
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IMRE Corp said it has received
commitments for a group of European institutions to buy about
400,000 IMRE shares for 2,500,000 dlrs, with closing expected
on March 16.
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Finland's medical group Instrumentarium
Oy <INMR.HE> said it has acquired electronics components
importers and marketers <Ferrado Oy> and <Insele Oy>,
subsidiaries of Finland's electronics group Nokia Oy <NOKS.HE>.
It said in a statement Ferrado and Insele will be merged
into Instrumentarium's Professional Electronics and Information
Systems Division.
It did not disclose a price for the acquisitions but said
it had issued 30,000 restricted B shares as partial payment to
Nokia.
REUTER
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Qtly div six cts vs six cts prior
Pay April One
Record March 20
Reuter
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Shr 73 cts vs 55 cts
Net 1,691,878 vs 1,117,747
Revs 7.1 mln vs 4.9 mln
Avg shrs 2.3 mln vs 2.0 mln
NOTE: Share results reflect two-for-one stock split in
June, 1986.
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Commonwealth Mortgage Co said
it purchased Westfiar Funding Corp of Armonk, N.Y., for an
undisclosed amount of cash.
Commonwealth said Westfair originated 60 mln dlrs of
residential mortgage loans during 1986.
Reuter
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Semi-annual div 7-1/2 cts vs five cts
Pay April nine
Record March 26
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Permian Corp said that effective march 5
it raised its posted prices for crude oil 50 cts a barrel.
The raise brought its posted prices for West texas
Intermediate up by 50 cts to 17.00 dlrs a barrel.
West Texas Sour was also raised by 50 cts to 17.00 dlrs a
barrel.
A Permian spokesman said that the South Louisiana sweet
posted prices was also raised 50 cts a barrel to 17.35 dlrs.
Reuter
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Shr 19 cts vs 20 cts
Shr diluted 18 cts vs 18 cts
Net 578,000 vs 554,000
Sales 10.7 mln vs 10.4 mln
Avg shrs 3,006,s302 vs 2,795,820
Avg shrs diluted 4,271,488 vs 4,081,534
Reuter
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Annual div four cts vs 1.76 cts
Pay March 20
Record March 15
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Shr 23 cts vs 17 cts
Net 761,000 vs 490,000
Revs 7.3 mln vs 4.5 mln
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Dome Petroleum Ltd's 23.2 pct stake of
gold producer Dome Mines Ltd continues to be for sale "at the
right price," spokesman David Annesley said in response to an
inquiry.
Reaffirming remarks made last year by chairman Howard
Macdonald, Annesley said the company is considering selling its
stake in Dome Mines.
Concerning Dome Petroleum's 42 pct stake in <Encor Energy
Corp Ltd>, Annesley said "Encor is a strategic investment for
Dome, and we have no intention of selling it."
Dome spokesman Annesley said in answer to a question that
he was not aware of any negotiations now under way toward the
sale of Dome Petroleum's 20.9 mln Dome Mines shares.
He also declined to specify at what price the company would
consider selling it shares.
"Clearly today's prices of more than 15 dlrs a share (of
Dome Mines stock) are very attractive," Annesley commented.
"We were considering the sale 'at the right price' at a time
when the shares were priced around nine to 10 dlrs," he added. A
price of around 15 dlrs a share would be considered "fairly
attractive," Annesley said.
Annesley also Dome Petroleum may be able to sell its Dome
Mines' shares at a premium to market prices. "There might be an
opportunity to pick up a premium on that because it would be
virtually a control block in Dome Mines," he said.
Dome Mines shares traded earlier at 15-1/4 dlrs, off 1/4 on
the Toronto Stock Exchange.
Dome Petroleum is now negotiating a plan to restructure
debt of more than 6.1 billion Canadian dlrs with a group of 56
major creditors, which includes Dome Mines and Encor Energy.
The company previously said it expects to detail the plan
to lenders early next week.
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The Dutch central bank announced new
eleven-day special advances at an unchanged 5.3 pct to aid
money market liquidity, covering the period March 9 to 20.
The amount will be set at tender on Monday March 9 between
0800 and 0830 GMT. The new facility will replace the current
4.8 billion guilders of seven-day advances expiring Monday.
Money dealers estimated today's money market shortage at 11
to 11.25 billion guilders, barely changed from yesterday.
They said call money was still relatively high at 6-1/8 to
6-1/4 pct as a result of the tight set of bids accepted by the
Bank for the previous seven-day facility.
REUTER
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Shr loss not given vs profit 16 cts
Net loss 309,000 vs profit 426,000
Revs 6,358,000 vs 6,747,000
Year
Shr profit 27 cts vs profit 76 cts
Net profit 713,000 vs profit 2,021,000
Revs 24.9 mln vs 27.1 mln
NOTE: Pretax net profits 113,000 dlrs vs 824,000 dlrs in
quarter and 1,863,000 dlrs vs 3,606,000 dlrs in year.
Reuter
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Stone Container Corp said it and
Southwest Forest Industries Inc <SWF> completed all waiting
period requirements under the Hart-Scott-Rodino Anti-Trust
Improvements Act of 1976.
Stone said it will proceed with its previously proposed
acquisition of Southwest.
Reuter
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Qtly div 24 cts vs 24 cts prior
Pay April 10
Record March 31
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Southwest Forest Industries said
it and Stone Container Corp have complied with all federal
waiting period requirements for Stone's proposed 32.25 dlr per
share cash acquisition of Southwest.
Southwest currently has 12.3 mln shares outstanding. The
companies entered into a merger agreement on January 27, and
made their initial findings with the Department of Justice and
the Federal Trade Commission on February three.
Southwest said the waiting period expired on March 5,
without receiving a formal second request for information.
REUTER...^M
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OKC Limited Partnership said it will make
a five ct per share distribution to unitholders, down from 15
cts in December and payable March 30 to holders of record March
18.
The partnership said the payout is the largest quarterly
cash distribution allowable under terms of its letter of credit.
Reuter
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Shr profit one ct vs loss seven cts
Net profit 63,761 vs loss 43,006
Revs 1,961,219 vs 1,413,859
Year
Shr loss seven cts vs loss 20 cts
Net loss 380,273 vs loss 1,108,151
Revs 6,245,012 vs 5,368,522
Shr out 5,950,000 vs 5,462,547
Reuter
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The Canadian Import Tribunal ruled today
subsidized U.S. corn imports were injurious to Canadian growers
and upheld a countervailing duty of 84.9 U.S. cts a bushel set
earlier this year.
The ruling is the result of trade action launched in 1985
by the Ontario Corn Producers Association that contended U.S.
subsidies were driving American corn prices below Canadian
production costs.
A spokesman for the Department of Revenue said a study of
the level of the duty will be undertaken in the next six months
to determine if it should be adjusted.
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Momentum in th U.S. economy may be
picking up given solid across-the board increases in the
February U.S. employment report, economists said.
U.S. non-farm payroll employment rose 337,000 in February,
twice what the financial markets expected. This follows a
319,000 gain in January, revised down from a previously
reported 448,000 increase.
"Even if you look at January and February together, this is
still a much stronger report than the consensus expectation in
the market," said Allan Leslie of Discount Corporation.
Economists stressed that gains in hours worked signal much
larger gains in February U.S. production and income than
previously forecast.
The average work week rose 0.2 hours to 35.0 hours from
34.8 hours in January. The average manufacturing work week rose
0.3 hours to 41.2 hours, the longest factory work week since
November 1966, the Commerce Department said.
"The gains in manufacturing employment point to a very
large increase in industrial production of between 0.5 and 0.7
pct," said Joe Carson of Chemical Bank. This compares to a 0.4
pct gain in January U.S. industrial production.
Peter Greenbaum of Smith Barney Harris Upham and Co Inc
noted that the average wage rate increased to 8.87 dlrs an hour
in February from 8.83 dlrs in January.
"Combined with the increase in hours worked, this means
we'll get a pretty healthy gain in personal income vis-a-vis
the wage and salary disbursement," he said.
Greenbaum said that February U.S. personal income should
rise at least 0.5 pct after being flat in January.
He said the February employment gains are consistent with
his firm's first quarter U.S. real gross national product
growth forecast of 3.7 pct.
Economists agreed that the employment data were negative
for the credit markets in that they signal a healthier economy
and no easing in the Federal Reserve's monetary policy. But
most said that the market need not fear tighter policy either.
"This report is another reason for the Fed to not consider
easing," said Ray Stone of Merrill Lynch Capital Markets Inc.
"It gives them more room to address the dollar situation," he
said. "If they had to nudge policy tighter, they could do so,
but it's most likely they'll sit and wait."
"The data have not been uniform," Stone added. "Durable
goods were weak in January and now employment is strong."
In January, U.S. durable goods orders dropped 7.5 pct,
followed by a 4.0 pct drop in U.S. factory goods orders. U.S.
retail sales fell 5.8 pct, and the U.S. merchandise trade gap
widened to 14.8 billion dlrs.
"Things just aren't adding up," said Steve Slifer of Lehman
Goverment Securities Inc. "Consumer spending, capital spending,
goverment spending, and net exports data show very weak first
quarter GNP growth of one pct," he said.
"The employment and production data point to a big
inventory build-up, but that's what we thought in the fourth
quarter and we only got 1.3 pct GNP growth."
Manufacturing employment gained 50,000 after falling 15,000
in January. Economists estimated that 30,000 of the gain was
accounted for by striking workers in the steel and machinery
industries returning to work.
Even so, some economists said that the manufacturing gains
have resulted from an improving trade outlook.
Jason Benderly of Goldman, Sachs and Co noted that the U.S.
trade picture improved in the fourth quarter as net exports
grew at a 20 pct annual rate while the rate of increase in
imports fell to only six pct, and that it continues to improve
in the first quarter.
"Not only the official statistics for the fourth quarter,
but evidence of a pick up in orders from overseas for paper
products, chemicals, high-tech goods, and capital goods show
that trade is improving," Benderley said.
"The economy is moving between extremes," he said. "Some
reports are going to look bad and some good, but first quarter
GNP is going to grow in the middle at about three pct."
A 287,000 gain in services employment comprised the greater
part of February's employment gain. Retail services employment
rose 129,000 in February, compared to a gain of 117,000 in
January, previously reported at 166,000.
Construction employment rose a slim 2,000 in February. But
this follows a robust 113,000 gain in January, revised down
from a previously reported 142,000 gain.
The U.S. civilian unemployment rate was unchanged in
February at 6.7 pct. This means the jobless rate has stayed at
6.7 pct for three consecutive months, the lowest reading since
March 1980, the Commerce Department noted.
"The Federal Reserve has to be pleased with this report,"
Carson said. "This takes away the Fed's flexibility to ease,
but there's no reason to tighten. It's way too early for that."
Reuter
| [
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] |
Shr 1.57 dlrs vs 1.60 dlrs
Net 55.7 mln vs 56.5 mln
Revs 3.7 billion vs 3.6 billion
Year
Shr 3.79 dlrs vs 4.11 dlrs
Net 144.5 vs 154.5 mln
Revs 14.0 billion vs 13.9 billion
NOTE: 1986 4th qtr and yr per shr amts includes reduction
of 15 cts per shr for establishment of reorganization reserves.
Tax increase reduced 1986 yr per shr by 26 cts.
Reuter
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Treasury Secretary James Baker said
the agreement among industrial nations in Paris last month is
only a start in Washington's drive to intensify economic
cooperation among leading countries.
In a speech to the National Newspaper Association, Baker
said "the six steps beginning with the Plaza Agreement and
culminating in the Paris Accord, are only a start."
He added "we see our role as a steward of a process in which
we sit down with our industrial allies to find ways to promote
more balanced international growth."
The Paris agreements called trade surplus countries to
strengthen their growth and on the U.S. to reduce its budget
deficit. Under such circumstances, the countries agreed their
currencies were within ranges broadly consistent with economic
fundamentals.
Baker also said he still sees "ominous" signs of pressure for
protectionist trade legislation "and this pressure for
protectionism is coming from new areas of society."
But he also said he believed a coalition was forming that
supported free trade.
Reuter
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|
The Federal Reserve is unlikely to
operate in the U.S. government securities market during its
usual intervention period this morning, economists said.
Fed funds opened comfortably at 5-15/16 pct and remained at
that level. Yesterday Fed funds averaged 5.99 pct.
Reuter
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Boston Bancorp said its board declared a
two-for-one stock split, payable March 31, record March 17.
Reuter
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Treasury Secretary James Baker said
there has been no change in U.S. policy on the value of the
dollar.
Baker, when asked if the policy was changed in view of
comments yesterday by a senior Commerce Department official who
said he thought the Japanese yen was undervalued against the
dollar by 10 to 15 pct, replied, "No."
Yesterday Robert Ortner, Undersecretary of Commerce for
Economic Affairs, said he thought the yen was undervalued but
said that was his personal view.
This remark caused the dollar to drop as it appeared to
conflict with a recent agreement in Paris by the United States
and five other industrial nations that currency rates were at
about the right level to reflect underlying economic
conditions.
Baker, who spoke earlier to the National Newspaper
Association, declined to elaborate on his statement about U.S.
policy.
Reuter
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CORRECTION - MACANDREWS AND FORBES HOLDINGS
In New York story headlined "MacAndrews and Forbes Holdings
bids for Revlon," pls read in headline and first paragraph,
"MacAndrews and Forbes considers bid for Revlon," and in first
paragraph, "MacAndrews and Forbes holdings Inc said it is
considering making a proposal." (Corrects from "bids for
Revlon," in headline and "will offer"in first paragraph)

| [
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Limited shipping restrictions due to high
water remain in force on parts of the West German stretch of
the Rhine river between the Dutch border and the city of Mainz
but most are expected to be lifted this weekend.
water authority officials said The restrictions, caused by
high water levels, include speed limits and directives to keep
to the middle of the river to prevent damage to the river
banks. The high water was expected to recede within two days to
below levels at which the restrictions come into force.
Traffic was halted briefly late Tuesday night, Wednesday
and parts of Thursday on stretches of the Rhine between Bonn
and Koblenz but the shipping bans were lifted, the officials
said. Shipping is now permitted on all parts of the West German
section of the Rhine, with restrictions in some areas.
Reuter
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<Hawker Siddeley Group PLC>'s offer of
74 dlrs a share for all of Clarostat Mfg Co Inc's stock was
scheduled to expire at 2400 EST yesterday.
Company officials were unavailable for comment as to why
the American Stock Exchange had stopped trading in Clarostat's
stock for a pending news announcement.
Reuter
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Narragansett Capital Inc <NARR>
said it and Dudley S. Taft have requested a response from Taft
Broadcasting Co by March 12.
Earlier today, Taft Broadcasting said Taft, the company's
vice chairman, and Narragansett had offered 145 dlrs for each
of Taft's 9.2 mln outstanding shares.
The company said the offer is conditioned on approval of
its board, but a spokesman declined comment on whether or not
the board has scheduled a meeting.
The Narragansett/Taft group will provide the equity portion
of the offer by contributing at least 125 mln dlrs in cash and
Taft Broadcasting common, Narragansett said.
It said the group has been advised by First Boston Inc's
<FBC> First Boston Corp that the investment banker is "highly
confident that financing for the acquisition can be
consummated."
Narragansett said the offer is subject to negotiation of a
definitive merger agreement and definitive financing agreements
as well as approval by regulators, Taft's board and Taft's
stockholders.
The Narragansett/Taft group said its letter to Taft's board
states the group intends to return control over a significant
portion of the company's equity to the Taft family while
providing other stockholders with a means of realizing a very
attractive value for their shares.
Reuter
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period ended January 31
Shr loss 28 cts vs profit seven cts
Net loss 931,000 vs profit 7,000
Sales 2,303,000 vs 2,006,000
Nine mths
Shr loss 55 cts vs profit seven cts
Net loss 1,619,000 vs profit 185,000
Sales 7,684,000 vs 7,059,000
Note: per share reflects issue of 600,000 shares in October
1986.
Reuter
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Santa Fe Southern Pacific Corp said it
filed a petition asking the U.S. Interstate Commerce Commission
to reconsider its earlier rejection of the merger of the
holding company's railroad assets.
The ICC had rejected in July the merger of the Santa Fe and
Southern Pacific Railroads on the grounds that it would reduce
competition.
Santa Fe in its petition outlines an array of
pro-competitive agreements with other railroads which would
preserve the economic benefits of the merger for the merged
railroad and the public.
If the commission agrees that public benefits and
competitive enhancements will result, it can vote to reopen the
merger case. Interested parties have until March 25 to file
statements in response to the supplemental petition.
Reuter
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U.S. Treasury Secretary James Baker
said the Japanese trade surplus would begin to decline this
year.
He told the National Newspaper Association "You're going to
see a reduction in the Japanese trade surplus -- some of it
this year".
But he said the reduction would be due principally to the
exchange rate shifts since the Plaza Agreement, and these
shifts would take a long time to work their way through the
system.
Reuter
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|
Monfort of Colorado Inc soared 21-1/2
to 75 in over-the-counter trading, responding to an
announcement late yesterday that the firm will be acquired by
Conagra Inc <CAG>.
According to a letter of intent signed by both companies,
Conagra will offer 2.5 of its own shares for each of Monfort's
4.3 mln outstanding shares.
Conagra fell one to 33 on the New York Stock Exchange.
Monfort is an integrated beef and lamb producer.
Reuter
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Sweden's <Nordbanken> banking group
said it would sell the 4.2 mln B free shares deposited as loan
collateral by Fermenta AB's <FRMS.ST> founder and former chief
executive Refaat el-Sayed and it planned to buy them up itself.
The bank said the sale - by public auction on March 16 --
was because of a debtor's inability to repay an overdue loan.
The B free shares closed at 16.50 crowns on the bourse's
unofficial list -- down from a peak of 300 in January 1986.
Nordbanken said it did not exclude accepting a suitable bid for
the shares although it expected to buy them back itself.
The statement said the sale did not represent any
withdrawal from Nordbanken's undertakings towards the Fermenta
group and that it had been sanctioned by the other main
shareholders.
Nordbanken is Fermenta's third largest creditor with loans
of 155 mln crowns. It was one of the four Swedish banks which
last month agreed to advance the group 110 mln crowns to solve
its immediate liquidity problems. Together with two other main
shareholders, it also advanced Fermenta an additional 65 mln
crowns until a new equity issue could be made.
Fermenta is due to hold an extraordinary shareholders'
meeting on Tuesday to approve the planned equity issue.
Nordbanken had to make a provision against a 200 mln crown
loan to el-Sayed in its 1986 results.
Fermenta's new management originally hoped to raise 160 mln
crowns through the new one for four rights issue and an extra
170 mln from an issue to Nordbanken, another major creditor and
shareholder <Gotabanken> and the group's new majority owner
<Industrivarden AB>.
The share price was to be 20 crowns. But there has been
doubt over the plans since the stock fell below this level this
week after Fermenta's former chairman Kjell Brandstrom said the
company was in a much worse state than he thought.
REUTER
| [
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Shr loss 1.27 dlrs vs profit 43 cts
Net loss 17.0 mln vs profit 5,667,000
Sales 67.8 mln vs 70.1 mln
Year
Shr loss 69 cts vs profit 2.18 dlrs
Net loss 9,174,000 vs profit 29.1 mln
Sales 272.5 mln vs 269.4 mln
Avg shrs 13.3 mln vs 13.4 mln
NOTE: 1986 net includes tax credits of 14.5 mln dlrs in
quarter and 8,408,000 dlrs in year.
1985 year net includes 616,000 dlr loss from discontinued
operations and 10.6 mln dlr gain on their disposal.
1986 net both periods includes 19.1 mln dlr provision for
future losses from several major projects in defense contractor
subsidiary.
Backlog 310 mln dlrs, up six pct from a year before.
Share adjusted for 10 pct stock dividend in February 1987.
Reuter
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Oper shr basic 1.04 dlrs vs 77 cts
Oper shr diluted 89 cts vs 60 cts
Oper net 31.6 mln vs 12.5 mln
Revs 500.6 mln vs 170.9 mln
Avg shrs 29.1 mln vs 14.3 mln
Note: 1985 net excludes extraordinary gain of 1,756,000
dlrs or 12 cts shr basic and eight cts shr diluted.
1986 net involves 53-week reporting period to reflect
change in yr-end to coincide with calendar yr.
Reuter
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] |
Mine Safety Appliances Co said it
agreed to sell its filter products division to Donaldson Co Inc
<DCI> for undisclosed terms.
It said the filter products unit will be relocated from its
plant in Pennsylvania to a Donaldson facility in Illinois. It
said it expects a number of the unit's 100 employees will be
offered positions with Donaldson.
Reuter
| [
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0,
0,
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0,
0,
0,
0,
0
] |
Shr loss 10 cts vs loss 50 cts
Net loss 1,830,000 vs loss 3,584,000
Revs 40.7 mln vs 26.8 mln
Avg shrs 19.2 mln vs 7,115,847
12 mths
Shr profit 10 cts vs loss 91 cts
Net profit 1,422,000 vs loss 6,195,000
Revs 185.7 mln vs 126.9 mln
Avg shrs 14.8 mln vs 6,811,280
NOTES: In May 1986 Prospect raised 101,810,0000 dlrs from
an initial public offering of common stock.
The company purchased in March 1986 MidSouth Corp, a
regional railroad company in Mississippi and Louisiana, which
contributed sales of 39.5 mln dlrs and operating income of 16.3
mln dlrs during first nine months of operation.
Reuter
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France Fund Inc said its board declared
an initial dividend of 1.12 dlrs per share, payable April six,
to holders of record March 20.
The fund said the dividend represents two cts per share for
net investment income realized during 1986 and 1.10 dlrs from
net taxable gains realized during the year.
Reuter
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Pre-tax profit 513.2 mln guilders vs 545.5 mln
Net profit 285.3 mln guilders vs 265.4 mln
Consolidated net turnover 6.68 billion guilders vs 6.40
billion
Net profit per 25.00 guilder nominal share 11.11 guilders
vs 10.33, taking into account one-for-three scrip issue last
year
Final dividend two guilders vs same, making total 3.50
guilders vs same
REUTER
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Oper shr loss 15 cts vs profit 57 cts
Oper net loss 151,000 vs profit 570,000
Year
Oper shr profit 2.08 dlrs vs loss 12 cts
Oper net profit 2,122,000 vs loss 127,000
NOTE: Net excludes realized capital loss 19,000 dlrs vs
gain 896,000 dlrs in quarter and gains 1,646,000 dlrs vs
1,331,000 dlrs in year.
1986 net both periods excludes tax credit 1,288,000 dlrs.
Reuter
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Cyprus Minerals Co said along with about
40 other companies, it has been named a defendant in 23 product
liability lawsuits filed in California by individual
tireworkers aleging injury as a result of exposure to talc and
other products.
It said other suits are expected to be brought.
Cyprus, which produces talc, said it has significant
factual and legal defenses and substantial insurance coverage
and does not expect the suits to have a material adverse impact
on its financial condition.
Reuter
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Donaldson Co Inc said it reached an
agreement to buy the assets of the Filter Products Division of
Mine safety Appliances Co for undisclosed terms.
It said Filter Products will operate as part of Donaldson's
Industrial Group and its manufacturing operations will be
relocated to Dixon, Ill., from Evans City, Pa.
Donaldson said the acquisition complements its
microfiltration business and internal research and development
efforts.
Reuter
| [
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Shr 1.73 dlrs vs 1.66 dlrs
Net 3,637,000 vs 3,789,000
Revs 27.6 mln vs 26.6 mln
Year
Shr 3.47 dlrs vs 2.34 dlrs
Net 7,815,000 vs 5,340,000
Revs 94.3 mln vs 81.9 mln
Reuter
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Gulf States Utilities Co said
auditor Coopers and Lybrand has issued a qualified opinion on
1986 financial statements.
Gulf States said the audit opinion satated that without
sufficient rate increases or funds from other sources, Gulf
states may be unable to maintain its financial viability,
which is necessary to permit the realization of its assets and
the liquidation of its liabilities in the ordinary course of
business.
IT said it received a similar qualified opinion in 1985.
Reuter
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|
The Mississippi River is now open for
barge traffic up to the Twin Cities in Minnesota after repairs
were completed and the first barges moved upstream through Lock
and Dam 20 near Quincy, Ill at 0600 CST today, an Army Corps of
Engineers spokesman said.
About 14 to 15 inches of ice were reported between locks
three and four on the upper Mississippi River, but other
sections were generally free of ice, the spokesman said.
Midwestern weather has been so mild that barges probably
could have kept loading at Mid-Mississippi River terminals
through the winter, if Lock and Dam 20 had not been scheduled
for repairs, he said.
The Peoria and La Grange locks on the Illinois River are
still scheduled to close July 13, for two months of repairs.
Reuter
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The Federal Reserve entered the
government securities market to arrange one billion dlrs of
customer repurchase agreements, a spokesman for the New York
Fed said.
Fed funds were trading at 5-15/16 pct at the time of the
indirect injection of temporary reserves, dealers said.
Reuter
| [
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Shr profit 15 cts vs loss six cts
Net profit 1,051,000 vs loss 381,000
Revs 50.8 mln vs 41.8 mln
Avg shrs 7,033,00 vs 6,557,000
NOTE: 1987 net includes tax credits equal to six cts vs one
cent in 1986.
Reuter
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0,
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0,
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Ecuador today suspended its crude oil
exports indefinitely due to an earthquake last night that
damaged pumping and crude transport installations, an Energy
and Mines MInistry statement said.
It said the state oil firm Corporacion Estatal Petrolera
Ecuatoriana (CEPE) notified foreign customers that it was
declaring force majeure on its crude exports due to the tremor.
Ecuador"s OPEC oil output quota is 210,000 barrels per day
(bpd).
A senior energy ministry official said that one pumping
station at El Salado on Ecuador's main pipeline was damaged.
He also said an 180 metre section of the pipeline attached
to the bridge over the Aguarico river collapsed.
The pumping station was about 20 km from the Reventador
volcano, near the epicentre of the quake, which Ecuadorean
seismologists said registered six on the 12-point international
Mercalli scale. The Aguarico bridge was also close to the
volcano, he said.
The quake struck northern Ecaudor and southern Colombia,
according to Ecuadorean officials. No injuries were reported.
REUTER
| [
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Oper shr loss 39 cts vs profit 62 cts
Oper net loss 4,628,000 vs profit 7,256,000
Revs 338.1 mln vs 327.9 mln
Year
Oper shr profit 1.12 dlrs vs profit 1.88 dlrs
Oper net profit 13.2 mln vs 22.2 mln
Revs 1.32 billion vs 1.29 billion
NOTE: Net excludes gains from discontinued leasing
operations of 37.6 mln dlrs vs 40.3 mln dlrs in year and 32.6
mln dlrs vs 34.3 mln dlrs in quarter. Results restated for
discontinued operations.
1986 net both periods includes charge 6,300,000 dlrs from
elimination of investment tax credits.
Reuter
| [
0,
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0,
1,
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0,
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0
] |
Shr 51 cts vs 44 cts
Net 4,710,000 vs 4,086,000
Sales 109.2 mln vs 98.2 mln
Nine mths
Shr 1.62 dlrs vs 1.39 dlrs
Net 15.0 mln vs 13.6 mln
Sales 314.6 mln vs 279.7 mln
Reuter
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<Nationwide Mutual Insurance Co>
said its property-casualty companies had a net loss of 56 mln
dlrs last year while its life insurance operations earned 66.8
mln dlrs.
Nationwide said its property-casualty group, the
fourth-largest U.S. property-casualty insurer had a 106 mln dlr
loss in 1986. Nationwide Life Insurance Co earned 62.8 mln dlrs
in 1985, with last year's profit including record capital gains
of 14.4 mln dlrs, up from gains of 2.6 mln dlrs the previous
year.
The company said its property-casualty group had a record
loss from insurance operations last year of 859 mln dlrs after
policyholders' dividends, up 25 pct from 1985's 710 mln dlrs.
Nationwide said a surge in claims from personal auto
insurance and the volatile commercial liability coverages
during a period of unprecedented sales growth generated the
loss.
The company said over 576 mln dlrs of last year's group
losses came from commercial insurance lines and 282 mln dlrs
from its personal auto insurance business.
Partially offsetting 1986's record insurance losses,
Nationwide said, were record investment gains of 775 mln dlrs
and a 28 mln dlr federal tax credit. The investment gains were
up 39 pct from 1985's gains of 559 mln dlrs.
Reuter
| [
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The French primary bond market is showing
signs of renewed effervescence after several weeks of lethargy
and the trend is expected to continue if hopes of imminent
interest rate cuts are fulfilled, market operators said.
The Bank of France is generally expected to give a signal
to the market, possibly at the beginning of next week, by
announcing a quarter point cut in its intervention rate, which
has stood at eight pct since January 2, or in its seven-day
repurchase rate, set at 8-3/4 pct since January 5.
The central bank's averaged-out day to day call money rate,
the reference rate for interbank money market operators, which
reached 8-3/4 pct on February 18 has fallen to 7-3/4 pct this
week, dealers noted.
The Bank of France's "open market" policy to regulate the
money markets since December has been based on a floor and
ceiling of rates within the limits of its intervention and
seven day repurchase rates.
For the moment the sentiment is of "wait and see" on rate
cuts, but there are now more optimists than pessimists among
market operators, a dealer for a major French bank said.
Dealers said there is abundant liquidity on the bond
market, noting that this week's monthly Treasury tap issue of
11.87 billion francs had a good reception and was fairly easily
absorbed.
The Treasury had set an upper limit on the issue of 12
billion francs and was likely to continue to try and sell as
much paper as it could over coming months to meet its borrowing
needs for this year of around 150 billion, one banker said.
Dealers said there was no difficulty in placing liquidity
in the primary market at the moment despite competition from
the surge in investments on the Paris stock exchange.
There has been a flood of large bond issues, but with
formulas well adapted to market conditions and investor demand
- with warrants or a mix of fixed and floating-rates - which
have been snapped up, and with generally broadly negative fees.
Dealers pointed to the recent Caisse d'Aide a l'Equipement
des Collectivites Locales (CAECL) 8.90 pct two billion franc
bond with warrants exchangeable for floating-rate bonds issued
over 13 years and 80 days at 97.04 pct with payment date March
9, which was today quoted at -0.90 to -1.10 pct.
Even classic fixed-rate issues, after being neglected since
the end of last year, are finding buyers, one banker said.
Dealers said that now the question was to see how the terms
of imminent operations would be set, with great market interest
focussed on the likely three next issues.
These will include an expected four to five billion franc
issue for Electricite de France, to be followed by a bond of
around one billion francs for Auxiliaire du Credit Foncier, a
subsidiary of the banking group Credit Foncier de France, and a
new issue by tender from the mortgage agency Caisse de
Refinancement Hypothecaire.
REUTER
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The investor group owning about 42 pct
of the outstanding capital stock of <The First Women's Bank>
said a cash tender offer for the bank's remaining outstanding
shares at 11 dlrs per share expired on March three.
The investors said about 132,000 shares, or about 20 pct of
the outstanding, had been tendered.
Reuter
| [
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] |
Period ended December 31.
Shr loss nine cts vs loss 1.92 dlrs
Net loss 950,000 vs loss 21,334,000
Revs 580,000 vs 22.2 mln
Nine Mths
Shr loss six cts vs loss 1.23 dlrs
Net loss 694,000 vs loss 13,710,000
Revs 5,129,000 vs 111.9 mln
Note: Current qtr includes tax loss of 118,000 vs loss of
476,000 dlrs.
Reuter
| [
0,
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0,
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0,
0,
0,
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] |
Oper shr profit 18 cts vs loss four cts
Oper net profit 1,847,000 vs loss 282,000
Revs 25.9 mln dlrs vs 8,626,000 drs
12 mths
Oper shr profit 39 cts vs loss 24 cts
Oper net profit 3,262,000 vs loss 1,555,000
revs 67.5 mln vs 27.9 mln dlrs.
NOTE: 1986 qtr and year excludes investment gains of
1,541,000 and 1,865,000, respectively, and 1985 qtr and year
includes investment gains of 301,000 dlrs and 1,424,000.
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The Belgian government, which
introduced large-scale public spending reductions last year,
has been told by an International Monetary Fund team there is
scope for further cuts in 1988.
The suggestion is contained in the preliminary conclusions
of the annual IMF consultations with Belgium on its economic
policy, a copy of which was distributed to journalists at the
weekly press conference following meetings of the cabinet.
The IMF team also urges Belgium to adopt a firm interest
rate policy, with a particular emphasis on long-term rates.
The team's report to the government praises last year's
spending cuts, which are due to reduce 1987 government spending
by 195 billion francs, and says 1986 saw the Belgian economy
perform "better, on a broader basis, than at any time so far in
the 1980s."
However, it adds that with lower inflation, stabilisation
of the debt to gross national product ratio requires a much
lower budget deficit than the seven pct of GNP target the
government has set itself for 1989.
The government's net financing requirement was 11.0 pct of
GNP in 1986.
The report says "The most that can be afforded over the next
few years is a zero growth of real non-interest expenditure of
general Government."
It says there is a need for a revision of the Belgian tax
system to iron out distortions and meet hopes of a reduced tax
burden but substantial progress is needed in stabilising the
debt to GNP ratio before this is possible.
"Because of the difficulty of sustaining zero expenditure
growth and of likely growing impatience (for) tax reductions,
we feel that your position would be stronger if you could
decide on rather sharp expenditure reductions in 1988," the
report adds.
The IMF urges a strong interest rate policy to signal the
government's determination to keep its currency strong and to
curb inflation.
It says firmer long-term rates would slow private net
long-term capital outflows, which increased strongly in 1986.
It also urges net repayments of foreign currency debt and
an overhaul of domestic capital markets to facilitate the
subscriptions by non-residents of government bond issues in
Belgian francs.
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Bush Industries Inc said that
after an audit it has revised upwards its 1986 fourth quarter
and year end results. On February 12 it reported unaudited
results.
Under the audited amounts, 1986 fourth quarter income was
1,098,978 mln dlrs, or 55 cts a share. The unaudited income for
the period was 1,014,000, or 51 cts per share.
For the year, the audited amounts showed earnings of
2,505,978, or 1.25 dlrs per share. The prior results reported
income of 2,421,000, or 1.21 dlrs per share. Sales figures for
both periods did not differ significantly from prior amounts.
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Universal Furniture Ltd said in a
filing with the Securities and Exchange Commission that it had
increased its stake in Bench Craft Inc common stock to
2,548,975 shares or 45.3 pct of the total outstanding.
Universal said its Universal Furniture Industries N.V. unit
bought 235,750 Bench Craft shares March 4 in the
over-the-counter market.
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Oper net loss 411,000 vs profit 875,000
Sales 69.7 mln vs 70.5 mln
Year
Oper net profit 6,258,000 vs profit 4,785,000
Sales 299.5 mln vs 297.2 mln
Note: Company made initial public offering in June, 1986.
Assuming the offering had occurred on Jan. 1, 1986, operating
net income per share would have been 85 cts a share for 1986.
1986 oper net excludes one-time charge of 16.8 mln dlrs, or
2.46 dlrs a share, in qtr and year due to the February 1987
sale of the company's engine parts division. Oper net for 1986
year also includes profit from discontinued operations of
360,000 dlrs, or five cts a share.
Oper net for 1986 excludes extraordinary loss of 1.1 mln
dlrs, or 17 cts a share, due to the June 1986 write-off of
unamortized debt issue costs from the public offering. 1985
oper net excludes extraordinary profit of 1.1 mln dlrs.
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<CMS Advertising Inc> said its
board has approved a three-for-two stock split in the form of a
dividend payable March 30 to holders of record March 16.
The company said a similar split was paid December eight,
leaving it with 2,344,200 shares outstanding.
CMS Advertising said the next split will result in a
proportionate reduction in the exercise price of its stock
purchase warrants to 1.67 dlrs a share from 2.50 dlrs.
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Parent company net profit 385 mln francs vs 226.9 mln
Dividend five francs vs no comparison
Note - The financial and banking group was privatised by
the government in January this year.
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CORRECTION - HEINEKEN 1986 YEAR
In item headlined "HEINEKEN N.V. <HEIN.AS> 1986 YEAR" please
read in first line pre-tax profit 513.2 mln guilders vs 454.5
mln.
Corrects year ago comparison to 454.5 mln from 545.5 mln.
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This week's Bank of England resistance to
strong market pressure for lower interest rates succeeded in
holding bank base rates at 11 pct.
But at a cost of threatening the Chancellor of the
Exchequer Nigel Lawson's policy, stated at the end of the Paris
Group of Six meeting last month, that he wanted to see sterling
broadly stable about then prevailing levels, market sources
said.
Since then, the pound has risen to 71.8 pct on its closing
trade-weighted index, up from 69.7 pct imediately after the
Paris meeting and up 0.4 on the day.
Today's peak at 72.0 pct was its highest since August 19.
A Treasury spokesman said Lawson had said he neither wanted
a substantial rise or fall in sterling. The question is
therefore how large a rise he is ready to see before acting.
Paul Temperton, chief economist at Merrill Lynch Europe
Ltd, estimated that the government wanted to see the
trade-weighted index about 72-73 pct. "Even after this action
over the last few weeks, sterling's only just within striking
distance of that range," he said.
Other analysts agree that the government probably has some
broad target range around this area.
However, they said Lawson would be prepared to see the
pound go higher at least in the short term, despite the risk of
a loss of export competitiveness and cheaper prices on imports.
"If the Bank of England keeps the interest rates as they
are, what's to stop it (going higher)," said John Cox, executive
director of EBC Amro Bank Ltd, a major operator on the London
foreign exchange market.
Cox estimates that the Bank of England has been active
selling sterling over the past few days, despite the lack of
general market talk of such intervention, and this has helped
keep it below 1.60 dlrs.
The pound rose to 1.5870 dlrs from 1.5764 yesterday and
1.5400 February 23, the day after the Paris meeting.
But Cox says the government must be worried with sterling
heading toward 2.95 marks and would be very concerned if it
holds around these levels.
He warned the Bank may run the risk of missing the interest
rate boat. "If rates don't come down, the market will say they
ought to have come down and will sell sterling," he said.
Most dealers agree there is a good deal of "hot money" being
invested in sterling, money simply attracted by high overnight
or one-week rates, which could flow out at equally short
notice.
However, the authorities will hope that at least a
proportion of the buying reflects long-term investment.
"The last thing they want to do is reduce them (rates) and
have to jack them back up again," said Richard Jeffrey,
economist at brokerage house Hoare Govett Ltd.
He said a half point cut would ensure continued support for
sterling, at least in the near term.
However, most analysts are still looking for a full point
about March 17, Budget Day.
The Bank must hold out until it sees the reaction to the
Budget, said Temperton.
The Budget is widely forecast to be a vote winner in the
run-up to a general election, the major factor behind current
bullishness in the government bond and currency markets.
"Lawson wants to delay a cut in base rates until the budget.
He wants it to be crowned with the glory of an interest rate
cut," said Ian Harwood, economist at Warburg Securities, the
equities arm of Mercury International Group.
Speculation a clearing bank might break ranks and lead the
way lower were confounded today. There was excitement a fall in
the weekly Treasury Bill rate to 9.7 pct from 10.2 pct last
Friday might mean the Bank had changed its mind.
This followed the imposition of penal lending rates of 11
3/4 pct on the discount houses yesterday, and was the lowest
since base rates were at 10 pct, early last October.
However, with this Bill rate pertaining to three-months
money, banking sources said the market could not take the cut
as a guide to the Bank's intentions on short term rates.
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U.S. Agriculture Secretary Richard
Lyng said he is "very disappointed" by a Canadian government
finding that U.S. corn has injured Ontario Corn growers.
"This action is not helpful in the context of the ongoing
U.S.-Canada free trade talks or in the new round of
multilateral trade negotiations," Lyng said in a statement.
The Canadian government today said Ottawa would continue to
apply a duty of 84.9 cents per bushel on U.S. corn imports.
Lyng said the U.S. made a case that U.S. corn imports are
not the cause of any problem of Canadian corn producers, adding
that U.S. corn exports to Canada are declining.
"Apparently they (Canada) have ignored the fact that
Canadian corn and other coarse grain production is rising
faster than consumption," Lyng said.
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Bancroft Convertible Fund Inc, the
target of an unfriendly cash offer by <Zico Investment Holdings
Inc>, said its shareholders approved proposals requiring a
66-2/3 pct affirmative vote of all outstanding shares before
fundamental changes in its status could be made.
Previously, only a simple majority of outstanding shares
was needed to change Bancroft's investment status from a
diversified to a non-diversified fund, among other things.
Bancroft said its board continues to recommend that
stockholders not tender their shares to Zico, a British Virgin
Islands company which it said had ties to South Africa.
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International Totalizator Systems Inc
Vice President of Finance Joel Graff said he expects to report
an improved first quarter compared to the 377,000 dlr loss
reported in the year ago quarter.
"A profit looks quite favorable," Graff said.
Last week, the automated ticket systems supplier reported a
loss of 1.2 mln dlrs for the 1986.
Graff said "we invested heavily in 1986, which we believe
will result in higher future growth and earnings for the
company."
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<BOC Group Inc>'s Airco
Distributor Gases finalized the sale of its Virginia-based gas
appaturs business to <Controls Corp of America>, a newly formed
investment group organized by former Airco employees.
Under the terms of the sale, Airco said Controls will
continue to make the gas apparaturs product line under the
Airco brand name, marketing the products exclusively through
the Airco's distributor network.
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The U.S. National Association of
Wheat Growers (NAWG) urged the Reagan administration offer the
Soviet Union wheat under the export enhancement program (eep).
In a letter to Agriculture Secretary Richard Lyng, NAWG
stated its "strong support" for an eep offer to Moscow.
"We believe that a solid case continues to exist for Soviet
EEP eligibility, and the recently announced and reported Soviet
purchases of U.S. corn indicate a Soviet willingness to
purchase U.S. grain if it is competitively priced," NAWG said.
"Consequently, we believe it is important to renew the U.S.
eep offer and do all that is reasonably possible to ensure
mutual adherence to the terms of the U.S.-Soviet grain
agreement," the letter said.
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Algemene Bank Nederland N.V. <ABNN.AS>
chairman Robertus Hazelhoff said the bank's 10.3 pct increase
in net 1986 profit to 527 mln guilders from 478 mln in 1985 was
encouraging in view of the sharply lower dollar.
Hazelhoff, speaking at a press conference after the release
of ABN's 1986 results, said a sharp decrease in foreign
earnings had been compensated by a strong domestic performance,
notably in the securities business.
He said the bank was also proposing a one for 10
share-split which should facilitate trade in the bank's stock.
News of the split sparked a 14 guilder rise in ABN's share
price on the Amsterdam bourse to a close of 517 guilders.
Prospects for 1987 hung on three uncertainties, namely the
future trend of the dollar, the level of interest rates and
ABN's share of equities trade, Hazelhoff said.
Provisions for general contingencies were reduced in 1986
by 4.1 pct to 575 mln guilders, while taxes increased by 2.1
pct to 242 mln guilders, he added.
Lower global interest rates in 1986 had nipped earnings
margins via traditional lending activities, he said.
Hazelhoff said ABN was unlikely to continue reducing risk
provisions in the future but he noted the bank was not overly
concerned about default by Latin American debtors, a factor
which brokers say has distanced Dutch insititutions from bank
stocks recently.
He said that of the bank's estimated 25 financially
troubled sovereign debtors, about one quarter were Latin
American countries. These would ultimately pay up, he said.
He added that losses incurred through loans to tin
producers in the wake of the tin council crisis at end-1985 had
been written off.
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The Reagan administration continues
to debate whether to offer subsidized wheat to the Soviet
Union, but would need assurances from the Soviets that they
would buy the wheat before the subsidy offer would be made, a
senior U.S. Agriculture Department official said.
"I think it still is under active debate whether or not it
would be advisable" to make an the export enhancement offer to
the Soviets, Thomas Kay, administrator of the department's
Foreign Agriculture Service, told Reuters.
"We'd need some assurances from them (the Soviets) that they
would buy if offered" the wheat under the subsidy plan, he said.
Kay called reports that such an offer was imminent "premature."
The Reagan administration's cabinet-level Economic Policy
Council is set to meet today to discuss, among other matters,
agricultural policy but is not expected to address a wheat
subsidy offer to the Soviet Union, administration officials
said earlier.
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