utterance
stringlengths 0
13.4k
| label
sequencelengths 10
10
|
|---|---|
Lloyds Bank Plc <LLOY.L> said it is
cutting its base lending rate to 10.5 pct from 11 pct,
effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc <NWBL.L> led the way this
morning after the Bank of England lowered its dealing rates in
a signal that it would tolerate a half percentage point
reduction.
The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
Norcros <NCRO.L> Plc said it has no
intention of proceeding any further with talks on Williams
Holdings Plc's suggestion that there would be benefits arising
from a merger between the two groups.
Norcros said any such benefits could be achieved through
normal trading and did not warrant a closer formal association.
Norcros shares firmed 30p to 342p after the news on
investor speculation of a possible hostile bid from Williams,
dealers said. Williams rose 2p to 742.
Williams earlier informed Norcros that it holds some
2,890,000 of its ordinary shares or 2.2 pct of those issued.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Lloyds Bank Plc <LLOY.L> said it is
cutting its base lending rate to 10.5 pct from 11 pct,
effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc <NWBL.L> led the way this
morning after the Bank of England lowered its dealing rates in
a signal that it would tolerate a half percentage point
reduction.
The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
The West German Intervention Board said
it accepted 962,192 tonnes of grain from the start of the
current agricultural year to the end of last month, compared
with 1.8 mln tonnes during the July/February period in 1985/86.
It said it accepted 336,097 tonnes of bread wheat (nil in
the year-earlier period), 16,818 (nil) tonnes of high quality
wheat, 33,623 (523,625) tonnes of feed wheat, 3,426 (168,682)
tonnes of rye, 88,494 (32,766) tonnes of high quality rye,
2,313 (105,005) tonnes of summer barley and 481,421 (972,794)
tonnes of winter barley.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
Lloyds Bank Plc said it is cutting its
base lending rate to 10.5 pct from 11 pct, effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc led the way this morning
after the Bank of England lowered its dealing rates in a signal
that it would tolerate a half percentage point reduction.
The central bank's surprise signal followed its strenuous
efforts last week to prevent market forces from bringing down
base rates before the U.K. Budget on March 17.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
|
A half point cut in base lending rates
was announced by the big four clearing banks today after the
Bank of England finally endorsed such a move following weeks of
downward pressure, dealers said.
During its routine intervention in the market, the bank
trimmed the rates at which it deals with the discount houses by
half a point and National Westminster led the other clearing
banks in reducing its base rate to 10-1/2 pct from 11 pct.
The timing of the Bank of England move took operators by
surprise after its recent action seemingly designed to dampen
hopes of a base rate cut ahead of the U.K. Budget on March 17.
For some time, fundamentals have
led the market to push for a one point cut in base lending
rates to 10 pct but the central bank has declined to follow
wholesale money market rates down.
Although political considerations -- the government's wish
to see a fall in base rates coincide with the Budget -- had
been suggested by operators last week as reasons for the Bank's
delaying action, worries about the real strength of sterling
and perhaps about the market's reaction to the content of the
Budget may have been behind the central bank's caution, dealers
said.
In the event, sterling continued firm after the rate cut,
leaving the market still looking for another half point fall.
Consequently, rates in the money market eased during the
day, one-month interbank sterling shedding 5/16 point to
10-9/16 7/16 and three-months trading 1/16 point down at
10-5/16 3/16 pct. Sterling cd's were similarly down between
5/16 point in one month and 1/8 point in one year.
Overnight interbank money for tomorrow was indicated at
around 11 pct, almost a point below the levels ruling at the
end of last week. Today, overnight touched a high of some
11-3/4 pct after the Bank took out 228 mln stg of an estimated
300 mln stg shortage.
REUTER
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
Over 240 mln bushels of government
grain have been allocated in redemptions for commodity
certificates since the program began April 30, according to the
Commodity Credit Corporation.
Redemptions included 11.4 mln bushels of corn valued at
17.0 mln dlrs, or an average per-bushel price of 1.492 dlrs,
since the current grain catalogs were issued December 1 by CCC.
Wheat redemptions totaled 9.6 mln bushels, valued at 23.7
mln dlrs, since December 1.
More
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
] |
American Motors Corp said it
is studying a proposed merger with Chrysler Corp.
American Motors said it received a letter from Chrysler
Corp "advising us of their proposal to enter into a merger
transaction with American Motors Corp."
In a brief statement, the company said, "We are studying
the proposal. We will have further comment when it is
appropriate."
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
American Express Co's stock fell
sharply, reflecting, in part, investors' disappointment that
the company did not make an announcement about its plans for
brokerage unit Shearson Lehman Brothers, traders said.
The company has said it is studying options for its
Shearson unit. Traders said many investors anticipated an
announcement this weekend that it would spin off Shearson
Lehman. Also, they said, a flurry of arbitrage related sell
programs that pounded the general market today accelerated the
selloff of American Express, a component of the Dow Industrial
Average. American Express fell 3-1/8 to 77-3/8.
"It was part programs and part that there was anticipation
of an announcement of a spinoff or something with Shearson this
weekend, and that announcement never happened," one trader
said.
In the last few minutes of trading on Friday, another
trader said, the stock jumped to close up 3-3/8, largely on
anticipation that the company would make a weekend
announcement.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Ranger Oil Ltd said it
completed on March 2 the previously announced sale of its U.S.
oil and gas properties held by subsidiaries Ranger Oil Co and
Ranger Inc to Ampol Exploration Ltd, of Australia, for 18.5 mln
U.S. dlrs.
Ranger said that under the deal, it would retain a five pct
gross overriding royalty on its stake from blocks east cameron
65 and 82 in the Gulf of Mexico offshore Lousiana.
It said the sale did not include U.S. properties acquired
from <Berkeley Exploration and Production PLC> last December.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
|
The United Auto Workers <UAW> union said
it supports Chrysler Corp's proposal to buy American Motors
Corp as creating "a good match that potentially points the way
to a more secure future for workers at both companies."
"We believe our members' interests can be well served
within the Chrysler family, and we are committed to making that
happen," UAW president Owen Bieber and vice president Marc
Stepp said in a statement.
"We believe Chrysler's purchase is a logical and sound step
for all concerned," the union said.
The UAW is negotiating with AMC over the carmaker's demand
for economic concessions covering workers at its Wisconsin
operations, without which AMC has said it would cease vehicle
production at its Kenosha, Wisconsin, assembly plant by 1989.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
A Transworld Airlines Inc official said
the airline has no comment on USAir Group Inc's planned buyout
of Piedmont Aviation Inc.
TWA, however, has pursued its application with the
Department of Transportation for a takeover of USAir, according
to Mark Buckstein, TWA general counsel and vice president. TWA
filed a revised application today, following the DOT's
rejection Friday of an incomplete application filed last week.
Earlier USAir said it agreed to buy Piedmont for 69 dlrs
cash per share.
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Moody's Investors Service Inc said it
may downgrade 120 mln dlrs of debt of Piedmont Aviation Inc
because of the airline's agreement to be acquired by USAir
Group Inc <U>.
The rating agency said its review would focus on the effect
of the acquisition on Piedmont's financial leverage and its
debt-service requirements. Moody's said it is also examining
the potential use of the airline's borrowing capacity to
finance the merger.
Piedmont currently carries Baa-2 preferred stock and
Prime-2 commercial paper.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Moody's Investors Service Inc said the
212.75 mln dlrs of debt of USAir Group Inc and its USAir Inc
unit remain under review for possible downgrade.
The rating agency cited USAir Group's proposed acquisition
of Piedmont Aviation Inc <PIE>, as well as Trans World Airlines
Inc's <TWA> proposed cash merger with USAir.
However, the status of TWA's bid for USAir Group is
currently uncertain. The U.S. Transportation Department has
rejected TWA's application to acquire USAir on deficiency
grounds, but TWA has said it will file a revised application,
Moody's noted.
Under Moody's review for possible downgrade are USAir
Group's Baa-1 senior debt and Baa-2 subordinated debentures,
along with the USAir unit's A-3 senior debt and Baa-1
subordinated debentures.
Moody's said it would examine the effects of the proposed
mergers on USAir Group's financial measurements, as well as
potential damage to the company's financial flexibility because
of the probability of increased debt-service requirements.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
|
Bally Manufacturing Corp said it
expects a charge to earnings in the first quarter of this year
of 17.3 mln dlrs as a result of its deal to buy back 2.6 mln of
its common shares from real estate developer Donald Trump.
In a filing with the Securities and Exchange Commission,
the Chicago-based hotel, casino, gambling and amusement concern
also said the anticipated charge against first quarter earnings
will not be deductible for federal income tax purposes.
Under a February 21 deal, Bally agreed to buy 2.6 mln of
the 3.06 mln shares held by Trump at 24 dlrs a share, or 62.4
mln dlrs, while Trump agreed not to try to seek control of
Bally.
The agreement also calls for Bally to pay Trump another 6.2
mln dlrs for certain agreements, claims and expenses related to
his purchase of the Bally common stock, Bally said.
Trump agreed not to buy any more Bally stock or to try to
seek control of the company for 10 years, it said.
Bear, Stearns and Co Inc signed a similar standstill
agreement with Bally for three years, Bally said. But it can
still deal in Bally stock as a broker, it said.
The deal also obligates Bally to buy Trump's remaining
stake in the company for 33 dlrs a share if the stock price
does not reach that level by February 21, 1988, it said.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
|
The Federal Reserve entered the U.S.
Government securities market to arrange 2.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
An appeal by Buitoni SpA against a court
ruling that an accord under which it was to acquire Italian
state food firm SME - Societa Meridionale Finanziaria was not
contractually binding has been rejected, court officials said.
An appeal court rejected Buitoni's claim that the 497
billion lire accord with the state industrial company IRI -
Istituto per la Ricostruzione Industriale was a binding
contract. The decision upholds a court ruling of last July.
Buitoni is controlled by CIR - Compagnie Industriali
Riunite, an investment company itself controlled by Ing C
Olivetti EC SpA (OLIV.MI> chairman Carlo De Benedetti.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Allegheny International Inc,
the consumer products concern that today announced a merger
agreement with a First Boston Corp <FBC> affiliate in a deal
worth about 500 mln dlrs, said it intends to divest more units
as a way to increase profits.
"We're going to reduce AI to a size consistent with our
financial resources," said Chairman Oliver S. Travers.
"We have made a conscious, strategic choice to become a
smaller, financially sound, consumer products company which
operates predominantly in the stable political and economic
environment of North America," he said.
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Hamilton Oil Corp said reserves at the
end of 1986 were 59.8 mln barrels of oil and 905.5 billion
cubic feet of natural gas, or 211 mln barrels equivalent, up 10
mln equivalent barrels from a year before.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Graham-McCormick Oil and Gas
Partnership said it completed the sale of interests in two
major oil and gas fields to <Energy Assets International Corp>
for 21 mln dlrs.
The company said it sold about one-half of its 50 pct
interest in the Oak Hill and North Rucias fields, its two
largest producing properties.
It said it used about 20 mln dlrs of the proceeds to prepay
principal on its senior secured notes. Semi-annual principal
payments on the remaining 40 mln dlrs of notes have been
satisfied until December 1988 as a result, it said.
The company said the note agreements were amended to
reflect an easing of some financial covenants, and an increase
of interest to 13.5 pct from 13.0 pct until December 1990.
It said the noteholders exercise price for 1,125,000
warrants was also reduced to 50 cts from 1.50 dlrs.
The company said Energy Assets agreed to share the costs of
increasing production at the Oak Hill field.
Reuter
| [
1,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Advanced Tobacco Products Inc
said it has ended talks on being acquired by Sterling Drug Inc
<STY> but has resumed acquisition talks with other parties.
The company had previously announced that a "major U.S.
based company" that it did not identify was evaluating its
nicotine technology.
Advanced said Sterling's board has decided not to enter the
nicotine product market.
It said it received a 200,000 dlr payment to deal
exclusively with Sterling through March Six.
Advanced said it had suspended merger talks with other
parties as a result of the exclusivity agreement.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
T.H.E. Fitness INc said it
agreed to buy Livingwell Inc's manufacturing unit, Powercise
INternational Inc, for 11.0 mln T.H.E. Fitness shares valued at
about 30 mln dlrs.
This acquisition includes all of Livingwell's rights to its
recently announced Powercise fitness equipment.
IN a separate transaction, Livingwell INc, an operator of
300 health clubs, placed a six mln dlrs order with Powercise
INternational to install the Powercise equipment in all of its
clubs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
BankAmerica Corp's Bank of America
unit said it completed the previously announced sale of
BankAmerica Finance Ltd to <Bank of Ireland> for an expected
pre-tax gain of 23 mln dlrs.
BankAmerica Finance provides residential mortgages in south
east England.
Its total assets at the end of 1986 were about 1.2 mln
dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
Shell Canada, a wholly owned subsidiary
of the Royal Dutch/Shell Group <RD> said that it raised crude
oil prices by about 47 Canadian cts a barrel today.
The increase riased its posted price for Light sweet crude
oil to 21.95 dlrs a barrel from its march one level.
Light sour crudes were raised to 19.95 dlrs a barrel, the
company said.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
The staff of the Commodity Futures
Trading Commission, CFTC, recommended that the regulatory
agency approve the Minneapolis Grain Exchange's application to
trade high fructose corn syrup-55, HFCS-55, futures contracts.
The commission is expected to approve the application at a
meeting tomorrow.
The proposed contract would provide for the delivery of
48,000 lbs, plus or minus two pct, of bulk HFCS-55, a liquid
food and beverage sweetener produced through processed corn
starch by corn refiners.
Under proposed rules, a shipping certificate has a limited
life, as it expires 30 days following the last day of trading
of the expiring contract month. A premium charge of 14.40 dlrs
per contract per day would be assessed under the proposal.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
The World Bank intends to bring
borrowing forward into the first half of 1987 because it
expects global interest rates to rise by year end, World Bank
vice president and treasurer Eugene Rotberg said.
He told a news conference that rates in the U.S., Japan,
West Germany and Switzerland were near their lows. "The weight
of opinion is (that in a year from now) there is a higher
probability there will be one pct higher than one pct lower
interest rates," he said.
The World Bank had not issued floating rate notes so far
this year because of the expectation of higher interest rates.
The policy of the World Bank was to maintain liquidity at a
level that gave the bank flexibility to decide when, where and
how much to borrow, Rotberg said.
Cash in hand was now about 50 pct of the next three years'
anticipated net requirement and comprised 25 pct of outstanding
debt and 66 pct of its debt maturing within five years.
Although the World Bank had pioneered the swap market, it
did not intend to launch new financial instruments just for the
sake of innovation, Rotberg said.
Of a total of 74.5 billion dlrs debt outstanding, only some
eight billion had been swapped into another currency.
Many recent innovations were either unfair to investors or
unfair to borrowers. Until the World Bank was confident that
this was not the case, it would not adopt new instruments.
The World Bank would raise 90 pct of the funds needed over
the next year with methods used before, Rotberg said. However,
for some 10 pct of new requirements the bank would try out new
instruments such as bonds with warrants.
The World Bank had publicly offered 60 bonds in Germany
since the first issue was launched in 1959, he said.
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
ServiceMaster L.P. approved
a second quarter cash distribution of 58 cts, payable April 10,
record March 23.
Previously, ServiceMaster said it would pay in 1987 an
indicated cash distribution of 1.50 dlrs a share, including 95
cts a share which would be paid before April 15, 1987.
In other action, the company set May eight as the date of
its annual shareholders' meeting.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The proposed 757 mln dlr deal under
which Chrysler Corp would acquire American Motors Corp was
described by analysts as a reasonable deal for both companies.
Ronald Glantz of Montgomery Securities said AMC common
stock could be fairly valued at "just under five dlrs a share"
given changes brought by tax reform and that Chrysler's offer
to pay four dlrs a share of Chrysler stock to AMC holders other
than Renault as a "a good price for Chrysler.
AMC common shares opened at four dlrs this morning after
the Renault-Chrysler announcement, up 3/8, while Chrysler
shares lost 1/4 to 52-1/4.
Though AMC issued a statement saying that it was studying
the proposed buyout and had no other comment, Glantz said he
regarded the proposal as a "done deal" because "I can't believe
anybody else would make a bid."
"It's a reasonable deal for both sides," the analyst told
Reuters.
"Chrysler gets the jeep franchise and the (new AMC)
Bramalea, Ontario, plant and the (new Renault) Premier
(mid-sized car) and AMC's sales will go up because buyers will
have more confidence that the manufacturer will still be around
to service the products," Glantz said.
Analyst Thomas O'Grady said Chrysler would be getting more
manufacturing capacity, including a brand-new plant in Canada,
for a bargain price and Renault would be getting some return
after its prolonged loss-making investment in AMC.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
South Korean Foreign Trade Minister
Rah Woon Bae said his country's firms have agreed to buy 1.8
billion dlrs worth of U.S. goods during his two-week buying
trip to the United States.
Rah said most of the purchases represented shifts from
Japanese firms to U.S. firms as part of South Korea's effort to
reduce its seven billion dlr trade surplus with the United
States.
South Korea has a five billion dlr trade deficit with
Japan.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
White House spokesman Marlin
Fitzwater said President Reagan's record in opposing tax hikes
is "long and strong" and not about to change.
"We're opposed to tax increases.... We will fight tax
increases.... We will deal with it politically in every forum
possible," said Fitzwater when questioned about whether there
was any change in the administration's position.
Fitzwater said Reagan's strong feelings against a tax hike
included opposition to an oil import fee.
"The President's position is that he is opposed to it," he
said.
REUTER
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Supermarkets General Corp said
it received an unsolicited proposal from a third party to
acquire the company at 41.75 dlrs per share in cash.
Supermarkets also said it retained Shearson Lehman Brothers
Inc to advise its board of directors on the proposal.
Supermarkets General currently has about 38.5 mln shares
outstanding.
Its stock is currently trading at 34-1/4 on the New York
Stock Exchange.
The Woodbridge, N.J., supermarket operator of over 180
supermarkets and other specialty retail stores, convenience
food stores and drug stores.
For the nine months ended November 30, Supermarkets
reported net income of 41.7 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Sharon Steel Corp said it extended
from March six to March 31 the expiration date for its debt
exchange offer to allow time to complete the sale of its
Mueller Brass Co unit and to meet other conditions of the
offer.
The exchange offer covers Sharon's outstanding 13.5 pct
subordinated sinking fund debentures due 2000 and its 14.25 pct
subordinated sinking fund debentures due 1990.
Sharon said that as of March six, 31.6 pct of the 13.5 pct
notes and 20.9 pct of the 14.25 pct notes were tendered. The
Mueller sale is conditioned on receipt of 80 pct of the notes.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
U.K. Insurers could face more than 30 mln
stg of insurance claims following the Zeebrugge ferry disaster,
a spokesman for Lloyds of London said.
It could take weeks before the extent of the compensation
claims for passengers, crew and cargo was known and also before
it was known how much, if any, of the ship could be salvaged,
said David Larner of Lloyds.
The hull and machinery of the Herald of Free Enterprise
were valued at 25 mln stg and were insured by Townsend
Thoresen's parent company Peninsular and Oriental Steam
Navigation Co Plc <PORL.L>.
The vessel was in turn reinsured in the London market with
Lloyds and various other companies, Larner said.
Passengers, crew and cargo were insured by the Standard
Steamship Protection and Indemnity Association, one of several
shipowners' mutual insurance funds worldwide. These were also
underwritten by Lloyds and other companies.
Larner said claims from passengers could be expected to
total at least five mln stg, given the number of deaths and the
normal level of liability set by the Athens Convention of 1974
of between 30,000 stg and 50,000 in case of death.
Shipping sources said, however, that these claims could
soar if a court found there was negligence or design faults
involved.
Larner said estimates of compensation claims "were pure
guess work" at this time. But if the ship could not be salvaged,
the claims would total at least 30 mln stg.
Shares of insurances on the London stock exchange fell
across the board in a generally weak market.
General Accident fell 21p to 936, Royal Insurance dropped
18p to 966 and Prudential fell 9p to 888.
P and O shares stood at a late 616, 27p lower on the day.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
<Citibank NA> said it has cut its British
base lending rate to 10.5 pct from 11 pct, with effect from
tomorrow.
This move follows similar cuts by four major British
clearing banks, led by National Westminster Bank Plc <NWBL.L>.
Lower rates were signalled by the Bank of England this
morning in an attempt to curb recent upward pressure on the
pound, market sources said.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
The Bank of Zambia has paid out foreign
exchange arrears from three auctions conducted last year, a
bank spokesman said.
"We have now cleared three auctions and are left with only
four, worth eight mln dlrs," the spokesman said without
specifying the amount paid out.
The bank had not paid foreign exchange to private firms
since it suspended the weekly auctions on January 28.
It has said the auctions were suspended because it planned
to introduce a modified system after talks with the World Bank
and the International Monetary Fund.
President Kenneth Kaunda announced last month that the
auction would be retained for allocating foreign exchange to
approved private sector bidders, but would not be used to
determine the kwacha's exchange rate.
Last week, he said the auction had run into trouble because
of a shortage of foreign exchange.
The government has fixed the exchange rate at nine kwacha
per dollar, effectively revaluing the kwacha by 67.7 pct.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
A small investor group led by Melvyn
Gelch, a Providence, R.I., surgeon, told the Securities and
Exchange Commission it has acquired 60,840 shares of Datarex
Systems Inc, or 5.5 pct of the total outstanding common stock.
The Gelch group said it bought the stake for about 935,000
dlrs for investment purposes only.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Leon Greenblatt, a Chicago investor,
told the Securities and Exchange Commission he has acquired
89,450 shares of Technology Development Corp, or 5.3 pct of the
total outstanding common stock.
Greenblatt said he bought the stock for 350,000 dlrs soley
as an investment and has no intention of seeking control of the
company.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
Harris Associates L.P., a Chicago
investment advisory firm, said it cut its stake in Cyclops Corp
to 437,425 shares, or 11.1 pct of the total outstanding common
stock, from 524,775 shares, or 13.3 pct.
In a filing with the Securities and Exchange Commission,
Harris said it sold 87,350 Cyclops common shares between Jan 6
and March 2 at prices ranging from 65.75 to 91.00 dlrs a share.
Harris said its dealings in Cyclops common stock were made
on behalf of its advisory clients.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Chrysler Corp said it valued its
proposed buyout of American Motors Corp at 757 mln dlrs, not
counting the effect of a contingent payment that could reach
350 mln dlrs based on AMC's future profits.
A Chrysler spokesman told Reuters that the letter of intent
signed with Renault, AMC's controlling shareholder with a 46.2
pct direct stake, includes a provision for Renault to be paid
35 mln dlrs in cash for AMC's finance subsidiary and 200 mln
dlrs in the form of an eight pct note. He said he did not know
the maturity of the note.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Dart Group <DARTA> is likely seeking to
buy Supermarkets General <SGL>, analysts said.
"There's been rumors that they've taken a position in the
company, said Wood Gundie analyst Edward Comeau.
Last year, Dart Group, owner of Auto Trak INc and Crown
Books, competed against Kohlberg, Kravis to acquire Safeway
Stores INc.
The company later reached an accord under which it would
buy 20 pct of the company after Kohlberg Kravis completed its
leveraged buyout of the company.
The company later sold its 20 pct stock for about 180 mln
to 200 mln dlrs, according to analysts.
Dart Group Corp was not immediately available for comment.
Jerry Ballan, analyst with Conner Ballan division of Edward
Viner and Co, said, "They <Dart> has been rumored to be buying
some other supermarkets as well, such as Stop and Shop."
"My guess is that Supermarkets General does not want to be
bought out," said Ballan.
Analysts, however, said Supermarkets General is facing
problems due to its Purity Supreme and Rickels operations,
which might make it difficult to thwart a bid.
Supermarkets General is expected to report about 1.70 dlrs
a share compared to a 1.73 dlrs a share reported for 1985 on a
post stock split basis.
For the first quarter, Comeau predicts the company will
earn 39 cts a share from 35 cts a share a year ago, and should
earn about 2.05 dlrs for 1987.
"But that estimation could go to a 1.80 dlrs easily, due to
Purity Supreme in New England," Comeau said.
He said competition among supermarkets is getting heated in
that area and that the company has had difficulty with
integrating Purity Supreme with its Pathmark store operations.
Rickels, a home center business, has faced problems due to
the state of that industry, and has reported lower returns as
an operating unit, according to analysts.
Analysts said that if Dart buys Supermarkets General it
would probably divest the company's operations.
Analyst Comeau said "supermarkets general may seek a
combination with another supermarket company."
| [
1,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
ADVO-System Inc said it could
report a break even second quarter ending March 28, 1987
compared with a loss of 1.8 mln dlrs, or 16 cts a share, in
fiscal 1986's second quarter ended March 29, 1986.
ADVO said it previously announced it would report a net
loss for the quarter.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
|
Consolidated Grandview Inc said it
acquired a 60 pct stake in <All Ticket Group PLC>, of London,
for undisclosed terms. The seller was also undisclosed.
All Ticket is a special events travel company with
exclusive European rights to UAL Inc <UAL>'s United Airlines
Apollo system, booking all United Airlines flights in Britain
and Europe. All Ticket and its subsidiaries will also
co-sponsor various events this year including the British Open
golf tournament and rowing's Henley Regatta.
Its 1986 revenues totaled 12 mln Canadian dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
United Cities Gas Co said it
has acquired Lyle Propane Gas Co, a Cairo, Ga., propane gas
distributor, for undisclosed terms.
It said Lyle has sales of about four mln gallons annually
and serves about 4,000 customers in seven counties in southwest
Georgia and north Florida.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The U.S. Treasury's weekly auction is
expected to produce an average rate of 5.63-65 pct for
three-month bills and one of 5.59-61 pct for six-month bills,
dealers said.
Shortly before auction time on the new bills, the rate on
the outstanding three-month bills was unchanged at 5.64 pct
bid, while the rate on the six-month bills was one basis point
higher at 5.68 pct bid.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
The board of Medical Properties
Inc said it has declared an initial monthly cash dividend of
11-1/2 cts a share and has adopted a monthly dividend policy.
The initial dividend will be payable April 10 to
shareholders of record March 31.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
wheat Ria Luna 20,000 mt
Norrkoping and Djuron/EC Mexico 12.50 dlrs option loading
Uddevalla at 50 cents less 4,000/1,500 16-23/3 Continental.
Reference New York Grain Freights 2 of March 6, brokers say
the charterer of the Saturn from US Gulf to Japan is reported
to be Nordstrom and Thulin, while the Antigone is reported to
have been arranged from Tilbury to the Black Sea by Soviet
charterers.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Immucor Inc said its board of
directors has declared a five-for-four stock split in the form
of a 25 pct stock dividend payable April 15 to shareholders of
record March 27.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Bermuda Star Line Inc said it has
agreed in principle to acquire 815-passenger SS Liberte from
Barnstead Shipping Ltd for use in its New York/Montreal
"Northeast Passages" cruises, starting this summer.
The company said it is working to conclude a lease
financing or other financing for the purchase of the 23,500 ton
vessel, which is to be delivered in early April and renamed
Canada Star.
Terms were not disclosed.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
<MTS Acquisition Corp's>
28-dlr-per-share offering price for Caesars World Inc is
thought to be much too low and is likely to attract other
suitors for the hotel/casino company, industry analysts said.
"I think someone else will probably come in, or they (MTS)
will have to raise their bid," said Marvin Roffman, an analyst
at Janney Montgomery Scott Inc.
MTS, a company formed by Martin Sosnoff, Caesars World's
largest shareholder, today began a tender offer, valued at
725.2 mln dlrs, for all shares Sosnoff doesn't already own.
"I think the offer is too low by at least five points,"
said Roffman, who described Caesars World as the operator of
"one of the finest casinos in the world."
Sosnoff, a New York investor, already owns 13.3 pct of
Caesars World's 30.3 mln shares.
Following news of the tender offer Caesars World's shares
were trading at 27-7/8, up 3-3/8.
A Caesars World spokesman said the company was declining
comment on the Sosnoff move for the moment, but Caesars may
issue a public statement after it has studied the offer.
Roffman said Caesars World has considerable growth
potential and he is forecasting fiscal 1988 earnings of two
dlrs per share.
Caesars World owns casino hotels in Nevada and honeymoon
resorts in Pennsylvania's Pocono Mountains. It also controls
Caesars New Jersey Inc <CJN>, which owns an Atlantic City,
N.J., casino hotel.
For its fiscal year ended July 31 Caesars World reported
net income of 41 mln dlrs, or 1.36 dlrs per primary share.
The company reported second quarter net income of 12.6 mln
dlrs, or 41 cts per share, compared with income of 7.5 mln
dlrs, or 25 cts per share a year earlier.
Daniel Lee, an analyst at Drexel Burnham Lambert Inc, said
that although Sosnoff's relatively low bid may attract other
suitors willing to pay a higher price for Caesars, there is
little likelihood that a competing bid would start a battle for
the company.
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Allegheny International Inc said its
chairman and chief operating officer will remain in their
positions following the merger of the company with an affiliate
of First Boston Corp.
"It is expected that Oliver S. Travers will continue as
chairman, president and Chief executive officer, and Thomas J.
Albani will continue as chief operating officer," said an
Allegheny spokesman.
Allegheny today said it agreed to a buyout from First
Boston at 24.60 dlrs per share. The transaction was valued at
500 mln dlrs. Its stock rose 8-5/8 to 24 in active trading.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Imperial Continental Gas Association
<ICGS.L>, IC Gas, said its board is not making a recommendation
on the partial tender offfer at 710p per share announced by
<Tractebel SA> and <Groupe Bruxelles Lambert SA>.
At the same time, however, the board would not recommend a
general offer for all the shares at a price of 710p, the
statement added.
Shareholders wondering whether to tender either to the
Tractebel consortium or to the rival 700p per share partial
offer from <SHV Holdings NV> should consult professional
advisers.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
National Heathcare Inc said it
signed an agreement to sell five rural hospitals to a private
corporation for about 18 mln dlrs, including the assumption of
six mln dlrs of debt.
The company said it plans to complete the sales, which are
subject to various regulatory approvals, by the end of July.
National Healthcare said it expects no material gain on
loss on the sales and that substantially all proceeds will be
used to reduce debt.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
USX Corp chairman David Roderick called
for a lower value for the U.S. dollar against other currencies
to help speed a correction in the U.S. trade deficit, which
last year reached 170 billion dlrs.
In remarks prepared for a speech before the Economic Club
of Detroit, Roderick said, "There should be total resolve that
the dollar versus other major currencies, as well as the
currencies of other nations having a substantial trade surplus
with us, must continue to decline so that the correction in our
trade deficit starts on the road to recovery."
Roderick said the U.S. should be understanding of the
"economic pain" our trading partners experience as a result of
a falling dollar.
But, he added, "As painful as the correction may be to our
trading partners, it is less painful than leaving the problem
uncorrected because that would lead us into an inevitable,
lengthy and steep world recession."
Roderick said between February 1985 and December 1986 the
dollar fell by more than 40 pct in real terms against major
industrial currencies and by 30 to 35 pct against a broader
group of currencies of nearly all developing nations.
At the end of 1986, he said, the value of foreign assets in
the U.S. exceeded the value of U.S. assets abroad by 240
billion dlrs, compared to five years ago when the U.S. had a
surplus in assets of 141 billion. A company spokesman said the
data were provided by economic consultants to USX.
The primary reason for the trade imbalance was the 70 pct
rise of the dollar between 1980 and 1985, although other
factors were involved, Roderick said. But it is wrong, he said,
"to attribute the massive trade deficit to a fundmental
deterioration of U.S. productivity or of American product
quality."
These areas need to be improved but they are not the root
cause of the trade gap problem, Roderick said. He urged
American manufacturers to become more competitive so they can
compete in global markets.
In the speech, the USX chairman also called for changes in
securities laws to curb what he called abuses by corporate
raiders and speculators.
Among his proposals, which he presented to the Senate
Banking Committee in testimony last week, were a requirement
that raiders give 24-hour notice for every one pct of stock
they acquire in a company.
Roderick proposed that tender offers must be made for all
cash to all stockholders on equal terms and that raiders be
required to have financing in place before a tender is made.
Further, raiders should be required to make an all-cash
tender offer once they acquire 10 pct of a target company's
stock, he said. And payment of greenmail, or a preferential
price by a target company to buy back a raider's stake, should
be prohibited under the revised laws.
Roderick said changes were necessary to curb abuses but
that he did not want laws that would hurt the financial markets
or discourage "fair price to all" takeovers.
Reuter
| [
1,
0,
0,
0,
0,
0,
1,
0,
1,
0
] |
Canadian Pacific Ltd said fourth
quarter 1986 operating profit rose to 91.6 mln dlrs, or 30 cts
a share, from 50.7 mln dlrs, or 20 cts a share, a year ago.
The statement confirmed released preliminary earnings
figures the company released in February.
A 102.6 mln dlr gain on the sale of CP's Cominco Ltd
interest helped raise final 1986 fourth quarter profit to 193.8
mln dlrs or 65 cts a share.
The company said a drop in 1986 full-year operating profit
to 150.1 mln dlrs from a restated 252.7 mln dlrs in 1985 was
due mainly to lower world oil prices.
The company said its CP Rail division reported 1986 net
income of 119.4 mln dlrs, compared with 133.4 mln dlrs in 1985.
It said grain traffic recovered from drought-affected levels of
a year ago but was offset by weakness in other traffic areas
and increased expenses.
It said the net loss from its Soo Line increased to 33.5
mln dlrs loss from 8.7 mln dlrs loss in 1985, mainly due to
restructuring charges.
Canadian Pacific said favorable developments during the
year included reduced bulk shipping losses as a result of a
recovery in tanker markets and a turnaround in the forest
products sector.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Ford Motor Co's stock rose 1-1/4 to
82-1/4 after analyst Maryann Keller of Furman Selz Mager Dietz
and Birney raised earnings estimates on the company, traders
said.
Keller said that she expects the company's 1987 earnings to
rise to between 13.50-to-14 dlrs a share as compared to 12.32
dlrs a share earned last year.
She said Ford's already good market share is expected to
remain favorable and earnings from overseas are expected to
improve.
In addition, Keller said, the company is selling more of
its expensive model cars, which are more profitable.
The non-automotive operations, including Ford Motor Credit,
are also expected to post improved earnings this year.
Keller said she expects the company to split its stock and
raise its dividend to at least three dlrs a share this year.
She noted that Chrysler Corp's <C> announcement of a merger
proposal for American Motors Corp <AMO> should have no short
term effect on Ford but could cut into Ford's share of the
truck market in the long term.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Italy has shown interest in British new
crop wheat recently but the actual volume booked so far by
Italian buyers has not been large, traders said.
They put purchases at around 50,000 tonnes for Sept/Dec
shipments but said some of the business was transacted at the
start of the year.
Italian interior home markets have been active in recent
weeks and traders said around 200,000 tonnes have traded
between dealers and home consumers. Some of this has been
covered in the market here and more possibly will be, traders
said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
Dutch food retailer Ahold
NV <AHLN.AS> expects unchanged profits in 1987 but said it will
take advantage of the lower dollar to expand further in the
U.S.
Turnover will grow but net profits are expected to remain
around the 1986 level of 132.4 mln guilders due to higher Dutch
taxes and a three-year expansion plan, Ahold Chairman Albert
Heijn told a news conference.
The profit forecast allows for a dollar rate around current
levels of just over three guilders.
Turnover and net profit in 1986 were hit by the dollar,
which fell to an average 2.46 guilders from 3.35 in 1985.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Pitt-Des Moines Inc said it will
receive a qualified opinion from auditors on its 1986 and 1985
financial statements.
It said the qualification related to its inability to
determine the effects, if any, of the final resolution of a
suit filed against it by <Washington Public Power Supply
System>. The 1985 suit was dismissed in a 1986 lower court
action, but the ultimate outcome of the matter is still
uncertain since Washington Public Power has appealed to the
U.S. Court of Appeals.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Reading Co said it has agreed in
principle to convey properties it owns in and around the
Philadelphia Convention Center site to the city of Philadelphia
and the Philadelphia Convention Center Authority.
It said in exchange it will receive about 23 mln dlrs in
cash, rights to acquire 22 acres adjacent to the Philadelphia
International Airport and an option to acquire the development
rights over the Gallery II shopping mall on Market Street in
downtown Philadelphia.
Reading said it will be responsible for the demolition and
cleanup of certain of the properties, for which a portion of
the cash proceeds will be escrowed.
The company said it will continue to own and operate the
Reading Terminal Market in Philadelphia.
The land it is giving up amounts to about seven acrease and
includes part of the Reading Terminal Train Shed, it said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Montedison SpA <MONI.MI> has acquired a 70
pct stake in <Plant Cell Research Institute - PCRI> of
California from Atlantic Richfield Co <ARC.N> for "several tens
of millions of dollars," a senior Montedison executive said.
Renato Ugo, a member of Montedison's management committee,
told reporters that <Stanford Research Institute International>
of Menlo Park, California, had acted as a partner in the
purchase, itself acquiring a stake in PCRI of under 10 pct.
PCRI, based in Dublin, California has a biotechnology
research laboratory.
Ugo said the price paid included outlays for the laboratory
technology and staff.
He said other negotiations were under way with
biotechnology companies in the health care and diagnostics
sectors through Montedison's health care subsidiary <Erbamont
NV>, but gave no details.
"We hope they will be concluded by the year end," he said.
Montedison currently invests around 30 billion lire a year
in biotechnology research and expects to increase this figure
to around 50 billion lire in the next few years.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The USDA's weekly export inspection
report is expected to show a decline in soybean exports and
steady to slightly lower corn and wheat exports, according to
CBT floor traders' forecasts.
Traders projected soybean exports at 15 mln to 16 mln
bushels, down from 20.3 mln bushels a week ago and 25.5 mln
bushels a year ago.
Corn guesses ranged from 20 mln to 25 mln bushels, compared
with 21.9 mln bushels a week ago and 28.2 mln a year ago.
Wheat guesses ranged from 13 mln to 18 mln bushels,
compared with 14.1 mln bushels a week ago and 17.9 mln a year
ago.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
] |
Two new eurosterling bonds were launched
today, making a total of 10 new deals in the sector so far this
month, as borrowers rush to cash in on a bull sterling market
fueled by the strength of the pound and pre-budget euphoria.
The Bank of England finally gave way to a 1/2 point cut in
banks' base lending rates earlier today, but dealers said this
had been largely discounted and was not likely to detract from
the current popularity of sterling-denominated investments.
"Sterling, in any shape or form, is flavor of the month and
we're set to see many more eurosterling deals," one dealer said.
Today's new eurosterling bonds were a 10-year, 100 mln stg
deal for Sweden at 9-1/2 pct and priced at 101-1/4 pct, lead by
Baring Brothers and Co Ltd and a 14 year 60 mln stg convertible
deal for Storehouse Plc launched by SBCI International Ltd. "We
thought we saw a proverbial flood of new deals with the 14 we
had last month but it seems March will beat February hands down
with 10 already," one eurosterling specialist said.
"Optically, psychologically, these single figures are much
more attractive for the borrower. Eurosterling looks like a
cheap and attractive way to raise your money," he added.
This accounts for the wide variety of borrowers who have
tapped the sector recently, ranging from sovereigns such as the
Kingdom of Sweden today, continental banks including
Commerzbank and Deutsche Bank and British corporations.
Another U.K. Merchant bank analyst noted that the current
vogue for eurosterling enabled several corporate borrowers last
month to offer paper priced below comparative gilt yields.
A Storehouse official confirmed that the issue was aimed at
Swiss and German investors who were showing good interest.
This is the first entry into the long term international
capital markets by Storehouse, British designer Terence
Conran's retail conglomerate which incorporates U.K. Chain
stores Mothercare, British Home Stores and Habitat.
"We have been considering the move for quite some time now
and the current strength of the eurosterling sector provided
the perfect opportunity and spur for us to finally tap the
market," Lance Moir, corporate treasurer at Storehouse Plc told
Reuters.
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
The volume of European exports to
South Africa carried by container line vessels has declined 40
pct in the last two years, British shipping executive Antony
Butterwick said.
Butterwick told reporters that despite the drop and low
freight rates, the shipping conference he heads will increase
the frequency of sailings to South Africa as a "very strong act
of faith and confidence" in the country's future.
He is chairman of the Europe South and South-East African
Conference Lines and joint managing director of P and O
Containers Ltd.
A statement issued by the conference here said frequency of
Southern Africa/Europe container service sailings is being
increased from nine to seven days.
"This is the most positive development on the shipping front
between South Africa and its main trading partners in Europe
for more than four years, when the service last operated
weekly," it said.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Mathematical Applications Group
Inc said it has signed a letter of intent to sell all of its
operating business and will propose a plan of liquidation
following the sale.
If the company is unsuccessful in obtaining the approvals
needed for the sale and liquidation, it said, the company may
be required to initiate reorganization proceedings under
federal bankruptcy law to facilitie the distribution of its
assets.
Mathematical Applications said it tentatively agreed to
sell its direct marketing business to Pagex Inc for 400,000
dlrs plus an amount equal to the working capital of the
business at closing as well as a 1.7 mln dlr note payable in
installments over six years.
Mathematical Applications said the business' working
capital is estimated to be about 600,000 dlrs.
Pagex has been formed by Paul A. Goldner the owner of Pagex
Systems Inc, which is also engaged in the direct marketing
computer service business.
Mathematical Applications said the tentative agreement
calls for Pagex to buy substantially all of the assets and
liabilities related to the direct marketing business and
continue to use the Mathematical Applications name.
It said the sale is also subject to renegotiation of a real
estate lease and approval of a definitive agreement by the
company's board, stock holders and debenture holders.
The company said it has obtained waivers from holders of
its six mln dlrs principal amount of debentures due March 31,
1993, to defer interest payments aggregating 270,000 dlrs
through March 31, 1987. The company said it will seek waivers
to defer these interest payments, and those due March 31, for
enough time to enable the company to accomplish the proposed
sale of its operations.
Mathematical Applications said it is talking to debenture
holders, its landlord, a lessor of equipment to the marketing
operation and holders of other liabilities not being assumed by
Pagex to arrange distribution of assets after the proposed
sale, adding that these assets will be significantly less than
its liabilities.
The company said it has obtained waivers from holders of
its six mln dlrs principal amount of debentures due March 31,
1993, to defer interest payments aggregating 270,000 dlrs
through March 31, 1987. The company said it will seek waivers
to defer these payments, and those due March 31, for enough
time to accomplish the proposed sale of its operations.
Mathematical Applications said it is talking to debenture
holders, its landlord, a lessor of equipment to the marketing
operation and holders of liabilities Pages is not assuming to
arrange distribution of assets after the proposed sale, adding
these assets will be significantly less than its liabilities.
As part of the distribution of assets, the company said, it
expects shareholders to receive an amount based on the bid
price of the company's stock, which was 1/16 on March five.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Financial Corp of America's
American Savings and Loan Association said it completed the
previously announced purchase of 16 retail savings branches
from Great Western Financial Corp's <GWF> Great Western
Savings.
American Savings said the purchases boost its deposits by
about 550 mln dlrs, but do not affect its asset base.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Central bankers said they
were generally satisfied with the response to the Paris accord
two weeks ago to stabilize currencies at around current levels.
Speaking after a meeting at the Bank for International
Settlements (BIS), which reviewed the agreement, they also
welcomed interest rates cuts in France and today's drop in
British rates. One top official said the rate cuts would help
to stimulate growth generally in Europe and welcomed that
countries other than West Germany were seen to be helping
sustain the economy.
The central bankers, who spoke on the condition they not be
named, said the meeting of governors from the Group of 10
countries also heard a report from Michel Camdessus, the new
managing director of the International Monetary Fund, on the
IMF's latest assessment of the debt crisis. In particular, they
discussed Brazil's debt moratorium.
But there was no sense of urgency, they said, and Brazil
had made no appeal for bridging loans from the BIS or central
banks.
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
Johnson Products Co Inc said it
completed the sale of Debbie's School of Beauty Culture Inc and
the assets of Ultra Precise Beauty Boutique Inc to management.
It said the sale price of 2,533,000 dlrs consisted of
700,000 dlrs cash, a secured promissory note for 1,506,000 dlrs
and the forgiveness of a debt of 327,000 dlrs owed by Johnson
Products to Debbie's School.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
USAir Group Inc said it seeking two
billion dlrs in bank debt to complete its takeover of Piedmont
Aviation Inc <PIE> and its pending acquisition of PS Group
Inc's Pacific Southwest Airlines.
In a filing with the Securities and Exchange Commission
that details its proposed 69 dlr a share cash tender offer for
Piedmont, USAir said Manufacturers Hanover Trust Co <MHC>
"indicates its willingness" in a March 6 letter to provide up
to 500 mln dlrs of the financing.
Manufacturers Hanover would also to act as agent for a bank
group to raise the rest of the financing, USAir said.
USAir said a Manufacturers Hanover affiliate is currently
agent for its 400 mln dlrs revelving credit facility, which
would be replaced by the proposed two billion dlr financing.
USAir put its total cost of completing the tender offer at
1.7 billion dlrs. Its Pacific Southwest takeover, which has
received federal approval and is due to come up for shareholder
approval later this month, is for 17 dlrs a share, or 400 mln
dlrs total.
USAir said it has already bought 2.3 mln Piedmont common
shares, or 9.9 pct of the total outstanding from Norfolk
Southern Corp <NSC> for 161.9 mln dlrs.
The tender offer, which is being made through a USAir
subsidiary, USAG Acquisition Corp, would not be valid unless
USAir is left with more than half of Piedmont's total
outstanding common stock after the April 3 expiration.
While negotiations on terms and interest rates of its bank
loans are not yet complete, USAir said it expects them to be in
the form of a one billion dlr two-year term loan and a one
billion dlr seven-year revolving credit facility.
The company said it expects to repay the two-year loan
through equity, preferred and debt offerings and possibly
internal funds and the sale and/or leaseback of aircraft.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
] |
|
<Jannock Ltd> said it acquired a 50 pct
interest in Intercon Security Ltd for five mln dlrs and
Intercon founders Brian Legge and Richard Grange will hold the
remaining 50 pct and will continue to manage the company.
Intercon Security, employing 850 people, provides a full
range of security equipment and services, Jannock said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Petro-Canada, the state-owned oil
company, said it raised the contract price it will pay for
crude oil 64 Canadian cts a barrel, effective March six.
Petro-Canada's posted price for the benchmark light sweet
grade, Edmonton/Swann Hills at 40 api gravity, now stands at
21.95 Canadian dlrs/bbl. Their light sour grade is posted at
19.88 Canadian dlrs/bbl.
Earlier today, Shell Canada <SHC> said it raised its crude
postings about 47 Canadian cts/bbl, bringing Edmonton light
sweet to 21.95 Canadian dlrs/bbl, and the light sour crude to
19.95 Canadian dlrs/bbl.
Imperial oil <IMO.A>, a 70 pct owned subsidiary of Exxon
Corp, said that effective March five it also raised its light
sweet crude posting to 21.95 Canadian dlrs/bbl.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
The Agriculture Department will have
to release an estimated 1.6 billion dlrs worth of in-kind
certificates, or certs, to corn farmers this fall if USDA
decides to maintain an equal split of total 1986 feedgrain
deficiency payments in cash and certs, USDA officials said.
Final 1986 crop deficiency payments will be available to
feed grain producers in October. Wheat deficiency payments for
the 1986 crop, now complete, were made in a 50/50
cash-certificate split, and USDA officials have indicated they
want to do the same for feedgrains.
Over 3.2 billion dlrs of an estimated 6.0 billion in corn
deficiency payments have already been announced, with 1.42
billion dlrs (43 pct) set in certificates. The final payment
must be 1.6 billion dlrs in certs (57 pct) for a 50/50 split.
However, the release this month of almost 600 mln dlrs of
deficiency payments was equally divided in cash and certs,
doing nothing to bring up the percentage of certs.
Some USDA analysts said the payments reflected hesitation
from the Office of Managament and Budget to allow another huge
release of certs onto the market.
Bills are pending in Congress to move up the final
feedgrain deficiency payment to "as soon as five months after
harvest as possible," rather than the current year lag time.
Neither Rep. Edward Madigan (R-Ill.) nor Sen. Bob Dole
(R-Kans.), sponsors of the bills, have brought the legislation
forward. Aides said timing will depend on budget discussions.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
<BCI Holdings Corp> said its <Beatrice
U.S. Food Corp> retained Shearson Lehman Brothers Inc to assist
in the sale of its national bottled water business.
It said products of the subsidiary, based in Monterey Park,
Calif., are sold under the Arrowhead brand name in California
and Arizona, the Ozarka name in Texas and the Great Bear name
in 11 northeastern states.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
] |
|
[
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
] |
|
Dart Group Corp said it offered to
buy Supermarkets General Corp for 41.75 dlrs per share in cash.
Earlier Supermarkets General said an "unsolicited third
party" had made the offer. Analysts estimated the value at
about 1.6 billion dlrs, based on 38.5 mln shares outstanding.
Kidder, Peabody and Co Inc told Dart that Kidder's
affiliate will be prepared to advance up to 750 mln dlrs on a
subordinated basis.
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The U.S. Agriculture Department
forecast the Soviet 1986/87 wheat crop at 92.30 mln tonnes, vs
92.30 mln tonnes last month. It put the 1985/86 crop at 78.10
mln tonnes, vs 78.10 mln tonnes last month.
Soviet 1986/87 coarse grain production is estimated at
103.30 mln tonnes, vs 103.30 mln tonnes last month. Production
in 1985/86 is projected at 100.00 mln tonnes, vs 99.99 mln
tonnes last month.
USSR wheat imports are forecast at 15.00 mln tonnes in
1986/87, vs 14.00 mln tonnes last month. Imports in 1985/86 are
put at 15.70 mln tonnes, vs 15.70 mln tonnes last month. USDA
estimated Soviet 1986/87 coarse grain imports at 10.00 mln
tonnes, vs 8.00 mln tonnes last month, and 1985/86 imports at
13.70 mln tonnes, vs 13.70 mln tonnes last month.
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
MTS Acquisition Corp said it will need
about 907 mln dlrs to acquire the 31,781,461 Caesars World Inc
shares not owned by its owner, Martin T. Sosnoff.
The estimate came in MTS Acquisition's proxy statement to
Caesars World shareholders describing its offer of 28 dlrs a
share for their stock which was announced this morning.
In that announcement, MTS Acquisition said its bank and
investor bankers felt they could provide financing totaling 975
mln dlrs for the offer.
Sosnoff is Caesars World's largest shareholders with
4,217,675 of the company's shares. That is about 11.7 pct of
the outstanding stock on a fully diluted basis, the proxy said.
Besides being the sole owner of MTS Acquisition, Sosnoff
owns 61 pct of Atalanta/Sosnoff Capital Corp's <ATL> stock and
is chairman of that investment management and brokerage firm.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The Commodity Credit Corporation,
CCC, has authorized 25.0 mln dlrs in credit guarantees to North
Yemen to cover purchases of U.S. wheat under the Intermediate
Export Credit Guarantee Program (GSM-103), the U.S. Agriculture
Department said.
Under the program credit terms extended must be in excess
of three yeras, but not more than seven years.
All sales under the line must be registered and exports
completed by September 30, 1987, the department said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
The Commodity Credit Corporation,
CCC, has accepted one bonus offer from an exporter on the sale
of 4,400 tonnes of barley malt to Nigeria, the U.S. Agriculture
Department said.
The department said the bonus awarded was 100.00 dlrs per
tonne and was made to Rahr Malting Co and will be paid in the
form of commodities from the inventory stocks of the CCC.
The barley malt is scheduled for shipment during April,
1987.
An additional 76,300 tonnes of barley malt are still
available to Nigeria under the Export Enhancement Program
initiative announced December 10, 1986, it said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
] |
Brazilian marines were today
working on the unloading of ships at the local port as a
national strike by 40,000 seamen entered its 10th day without
signs of an agreement.
The halt, the first national strike by seamen in 25 years,
started on February 27, and union leaders said they would not
return to work unless they received a 275 pct pay rise.
Shipowners have offered a 100 pct raise, which the seamen
rejected.
"Television reported that the port was operating at full
speed, but that's not true," a striking seaman told Reuters.
"The marines are doing their best, but they don't have the
manpower nor the experience to control the situation in such a
quick period," he said.
Port officials said the national halt had already caused
losses estimated at 1.5 mln dlrs.
Despite the presence of marines, there were no reports of
incidents.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
The U.S. Agriculture Department
increased its estimate of Soviet 1986/87 grain imports to 26
mln tonnes from last month's projection of 23 mln tonnes.
In its monthly USSR Grain Situation and Outlook, USDA said
the increase reflected the return of the Soviet Union to the
U.S. corn market and continued purchases of both wheat and
coarse grain from other major suppliers.
USSR wheat imports were projected at 15 mln tonnes, up one
mln from last month's estimate and 700,000 tonnes below the
preliminary 1985/86 figure.
Soviet grain for feed use was estimated at a record 129 mln
tonnes. Record or near-record livestock inventories, along with
a dry fall which likely reduced late season pasturage, and a
cold winter have increased feed demand, USDA said.
USSR meat and egg production in January rose only slightly
from the previous January's level, while milk production
increased by nearly six pct.
Unusually cold weather in January and smaller increases in
roughage supplies during 1986 than in 1985 kept livestock
production from expanding as much as it did a year earlier,
USDA said.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
] |
up to 300 people were feared dead and more
than 15,000 people left homeless by thursday's earthquake,
which will cost Ecuador close to 800 mln dlrs in lost petroleum
revenues, authorities said.
They estimated the cost of repairing a damaged oil pipeline
at 150 mln dlrs.
"the magnitude of the damages caused by the earthquake is
gigantic," president leon febres cordero said after inspecting
the damages in napo, the hardest-hit jungle province, 100 miles
from here.
The quake damaged 40 km of an oil pipeline, forcing this
opec nation to suspend crude exports for four months, president
febres cordero said in a statement issued today by the
presidential press office.
The country would lose an estimated 800 mln dlrs in crude
exports until the pipeline was repaired, the president said. It
would cost 150 mln dlrs to repair the pipelline which carries
oil from jungle oil fields over the andes to Balao, a pacific
ocean port.
Crude traditionally accounts for up to two-thirds of
ecuador's exports.
the quake triggered landslides, swelling the aguarico river
which burst it banks carrying away homes and huts in napo
province, health minister jorge brancho told reuters.
"we fear that up to 300 people died in napo though there is
no way of now knowing the exact figure because many people have
disappeared," he said.
Other estimates ranged as high as 500 dead.
So far 20 corpses have been recovered, bracho said.
Information Minister Marco Lara told reporters: "the number
of dead and injured is not known ... because we do not know how
many people lived in the homes hit by the landslides."
Bracho said at least 15,000 were left homeless in the
cayambe district.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
The U.S. Agriculture Department
estimated Canada's 1986/87 wheat crop at 31.85 mln tonnes, vs
31.85 mln tonnes last month. It estimated 1985/86 output at
24.25 mln tonnes, vs 24.25 mln last month.
Canadian 1986/87 coarse grain production is projected at
27.62 mln tonnes, vs 27.62 mln tonnes last month. Production in
1985/86 is estimated at 24.95 mln tonnes, vs 24.95 mln last
month.
Canadian wheat exports in 1986/87 are forecast at 19.00 mln
tonnes, vs 18.00 mln tonnes last month. Exports in 1985/86 are
estimated at 17.71 mln tonnes, vs 17.72 mln last month.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
The U.S. Agriculture Department
forecast Australia's 1986/87 wheat crop at 17.30 mln tonnes, vs
17.50 mln tonnes last month. It estimated 1985/86 output at
16.13 mln tonnes, vs 16.13 mln last month.
Australian wheat exports in 1986/87 are forecast at 14.50
mln tonnes, vs 15.00 mln tonnes last month, while exports in
1985/86 are estimated at 15.96 mln tonnes, vs 15.96 mln last
month.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
Theodore Cross, editor of Business
and Society Review, a business publication, said an investor
group he heads has offered to buy Harper and Row Publishers Inc
for 34 dlrs a share cash.
In a filing with the Securities and Exchange Commission,
Cross said he proposed the takeover to the board of the New
York publishing house today.
Cross, whose investor group includes his wife, Mary, said
they already hold 261,650 Harper and Row common shares, or 6.0
pct of the total outstanding common stock. They said they have
spent 3.5 mln dlrs on their stake so far.
Cross said he proposed in a letter to Harper and Row that
the company be merged into a company Cross is forming.
Suggesting that the total cost of completing the merger
would be 190 mln dlrs, Cross said he would use 20 mln dlrs of
his own money for the deal and up to 170 mln dlrs which would
be borrowed from the First National Bank of Boston under a
revolving credit facility the bank has agreed to provide.
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
French maize producers will ask the EC
Commission to grant permanent maize export rebates following
the recent EC/U.S. Accord guaranteeing the U.S. An annual
export quota of two mln tonnes of maize for Spain over four
years, the French maize producers association, AGPM, said.
The Commission has already decided to accord rebates for
the export of 500,000 tonnes of French maize, of which rebates
for around 100,000 tonnes have been granted.
The request will be made when export certificates have been
granted for all the 500,000 tonnes, the AGPM said.
The association said that the request would cover exports
to all destinations, adding that the Soviet Union, which has
important maize needs, is currently excluded from the list of
destination countries for the 500,000 tonnes of French maize.
The U.S. Agriculture Department has forecast Soviet maize
imports for the 1986/87 campaign at 4.90 mln tonnes against
10.40 mln in 1985/86.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
The dollar will decline over the next
two to three years, but this is unlikely to result in a
complete reduction of the U.S. current account deficit, said
Anthony Solomon, chairman of S.G. Warburg (USA) Inc and former
president of the Federal Reserve Bank of New York.
In a presentation to the Japan Society, Solomon said
without elaboration that he expects a "significant decline in
the dollar," within the next three years.
"The dollar will fall more, but the current account deficit
will stop being reduced when it reaches its structural core,"
he said.
Solomon described the structural core as about one-half of
the current 150 billion dlr annual deficit. He cited several
factors which will prevent an elimination of the deficit.
For one thing, it is unlikely that there will be any new
investment in those manufacturing industries that shrank when
the dollar was at uncompetitive levels, he said.
In addition, he said that the U.S. has an increased
propensity to import in order to satisify consumer tastes.
Solomon forecast inflation at 4.5 pct by year-end, but said
it could be kept below five pct in the medium-term if oil
prices are stable and commodity values remain low.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
1,
0
] |
Marathon Petroleum Company, a
subsidiary of USX Corp <X>, said it raised the contract price
it pays for three grades of crude oil, effective March 6.
Illinois Sweet and Indiana Sweet are both being raised 50
cts a barrel to 16.75 dlrs/bbl, and the Southern Michigan grade
is being raised 25 cts/bbl, also to 16.75 dlrs a bbl.
The West Texas Intermediate grade was unchanged.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
|
National Fuel Gas Co said its board has
approved a two-for-one stock split and will consider an
increased cash dividend at its June meeting.
The company also said management will recommend, at the
June board meeting, an increase of 12 cts per share in the
current annual dividend rate of 2.28 dlrs a share, raising it
to 2.40 dlrs per share, or 1.20 dlrs a share after the split.
National Fuel Gas said the split will be paid to holders of
record May 29. A spokeswoman said the distribution date for
the split has not been determined.
The company said the split is subject to approval of the
Securities and Exchange Commission under the Public Utility
Holding Act. The company now has 11,928,871 shares outstanding.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.