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Sensormatic Electronics
Corp said it upped its investment in CheckRobot Inc in the form
of 2.5 mln dlrs of convertible preferred stock, raising its
stake in CheckRobot to 42 pct from 37 pct on a fully diluted
basis.
Reuter
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The New York Shipping Association and
International Longshoremen's Association said they agreed to
cut cargo assessments at the Port of New York and New Jersey by
more than 50 pct on some labor intensive cargos.
The charges on cargo handled by union workers will be
reduced to 2.85 dlrs a ton from 5.85 dlrs a ton, effective
April one, according to the agreement between the union and
shippers. The assessments are used to fund workers' benefits.
"What were doing is lowering the price to get more bulk
cargo flowing through here," a spokesman for the New York
Shipping Association said.
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CSX Corp's Sea-Land Corp unit
said it will offer improved containership services between
Puerto Rico and the East Coast and Gulf Coast of the United
States, beginning March 16.
The carrier said it will provide shorter door-to-door
transit times, more convenient cargo availability and better
rail connections for traffic moving between Puerto Rico and
North America.
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The chiefs of Viacom International Inc
and <National Amusements Inc> said they met and agreed to work
together to complete the previously announced merger of the two
companies "as expeditiously as possible."
A spokeswoman for Viacom declined to say if the executives
had set a timetable for closing the deal.
Viacom last week agreed to be acquired by National
Amusements for a combination of cash and stock with an
estimated value of 53 dlrs a share, or a total of about 3.4
billion dlrs.
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The Agricultural Stabilization and
Conservation Service (ASCS) bought 25.7 mln pounds of wheat
flour at a cost of 2.8 mln dlrs for domestic shipment April
1-15 and April 16-30, an ASCS spokesman said.
ASCS also bought 11.1 mln pounds of bakers flour for 1.1
mln dlrs, 1.9 mln pounds of pasta for 408,258 dlrs, 1.4 mln
pounds of processed cereal products for 304,043 dlrs, 4.8 mln
pounds of corn products for 474,944 dlrs, and 16.3 mln pounds
of milled rice for 2.0 mln dlrs.
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The Federal Home Loan Bank Board said
interest rates on both fixed rate and adjustable rate home
mortgage loans were down substantially in early February.
The bank board said the average effective commitment rate
for fixed mortgages with a maturity of at least 15 years for
new home purchases dropped to 9.54 pct in early February, a 30
basis point decline from early January.
The commitment rate on adjustable rate mortgages declined
by 16 basis points in the same period bringing the average rate
to 8.5 pct, the bank board said.
The average effective interest rate on all loans closed by
major lenders declined 27 basis points from early January to
9.26 pct in early February, the lowest rate since March 1978,
the bank board said.
The average effective rate for fixed mortgages was was 9.51
pct, down 30 basis points from the early January level. The
average effective rate for adjustable rate mortgages declined
22 basis points to 8.61 pct, the bank board said.
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American Petroleum Institute President
Charles DiBona said no options should be rejected to combat
growing U.S. dependence on foreign oil.
"No action should be ruled out--import fees or quotas,
floor prices, tax incentives or other alternatives--while a
national dialogue on the issue continues," DiBona said at a
paper institute conference in New York today.
DiBona said there is no unanimity within the industry on
how to stimulate energy production but there is consensus on
removing several government policies that hinder investments in
new prospects.
DiBona said the windfall profit tax should be abolished
immediately and current proposals for increased environmental
regulations on acid rain and waste disposal should be not
adopted. He also suggested that the Arctic National Wildlife
Refuge in Alaska should be opened up for leasing to oil
companies, DiBona said.
"This is a battle the industry cannot afford to lose if the
nation is to continue to benefit from Alaskan oil," DiBona
said. Since 1986 U.S. oil production has fallen while
consumption rose and that has raised dependence on imported
oil, particularly from OPEC, DiBona said.
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National Distillers and
Chemical Corp said it completed the sale of Almaden Vineyards
Inc to Heublein Inc for about 128 mln dlrs.
Heublein, a former subsidiary of RJR Nabisco Inc <RJR>, was
recently acquired by <Grand Metropolitan PLC>.
Almaden, based in San Jose, Calif., makes and sells table
wines, champagnes and brandies as well as some premium wines
under the Charles Lefranc Cellars label.
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The U.S. Treasury said its weekly
auction of three-month bills produced an average rate of 5.63
pct, with a 5.59 pct rate on six-month bills.
These rates compared with averages of 5.47 pct for the
three- and 5.51 pct for the six-month bills sold last week.
The bond-equivalent yield on three-month bills was 5.81
pct. Accepted bids ranges from 5.61 pct to 5.64 pct and 29 pct
of the bids at the high, or stopout rate, were taken. For six
months, the yield was 5.85 pct and the bids ranges from 5.56
pct to 5.60 pct with 30 pct of the bids accepted.
The Treasury said it received 30.9 billion dlrs of bids for
the three-month bills, including 1.0 billion dlrs in
non-competitive bids from the public. It accepted 6.6 billion
dlrs of bids, including 2.2 billion dlrs from the Federal
Reserve and 9.1 mln dlrs from foreign and international
monetary authorities.
Some 25.7 billion dlrs in bids for six-month bills were
received, including 785 mln dlrs in non-competitives. The
Treasury accepted 6.6 billion dlrs, including 1.9 billion dlrs
from the Fed and 942 mln dlrs from foreign and international
authorities.
The average price for the three-month bills was 98.577 and
prices ranged from 98.574 to 98.582. The average price for the
six-months bills was 97.174, and prices ranged from 97.169 to
97.189.
The average yield on the three-month bills was the highest
since 5.66 pct on Feb 17. The average yield on the six-month
bills was the highest since 5.70 pct on Feb 17.
Reuter
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Prime Minister Brian Mulroney said the
government was considering selling Petro-Canada and the sale
would proceed if it were in the national interest to do so.
Mulroney told the House of Commons assets of the huge oil
company would be examined before a decision was made, just as
other state-run companies were studied before being sold under
Ottawa's privatization program.
"The government is going to examine assets of this nature
to ascertain if they continue to play an appropriate role in
public policy and we will make a determination as we have in
other cases," Mulroney told the daily question period.
Asked by opposition members to clairify Finance Minister
Michael Wilson's statement on Friday that Petro-Canada no
longer has any pubilic policy role, Mulroney said his
government has long promised to sell off companies that could
be better run by the private sector.
Outside the House, Energy Minister Marcel Masse said
Petro-Canada would be worth between three and four billion dlrs
and, because of the size, could be difficult to sell.
He also said he would prefer to see Canadians participating
in any privatization, but would not give any details on timing
of a sale.
Reuter
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The News Corp said the South China
Morning Post Ltd of Hong Kong become a wholly-owned subsidiary
March 7 as previously announced.
Reuter
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Richmond Hill Savings Bank and
<Riverhead Savings Bank FSB> said they terminated their
previously announced merger negotiations.
The banks gave no reason for ending the talks, which began
on January 14.
Reuter
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General Cinema Corp said
lower attendence at its theatres against last year's record
Christmas season lowered its first fiscal quarter operating
earnings nine pct to 15.9 mln dlrs.
"While we are not off to as good a start in fiscal 1987 as
we would like, business has picked up in the last few weeks,"
chairman Richard Smith said.
He said that the company expected net pricing to be higher
and unit volume to improve in the remaining quarters of the
fiscal year.
The company added that operating earnings in its theatre
unit will be higher in fiscal 1987 if the important summer
season film releases perform well.
In addition, its other key business, General Cinema
Beverages, is expected to achieve record operating results for
the full year, Smith said.
The company's superstar video business which rents video
cassettes in supermarkets continues to operate at an expected
loss, the company added.
General Cinema said the financing costs associated with its
purchase of 3.5 mln Carter Hawley Hale Stores Inc <CHH> shares
for 177.9 mln dlrs, and its 89.7 mln sterling investment in
<Cadbury Schweppes PLC>, lowered first quarter net.
But it said the loss was offset by a 2.5 mln dlr gain on
the sale of common shares of Sea-Land Corp, a unit of CSX Corp
<CSX>.
Reuter
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Ceasars Wold Inc said its board is
studying the unsolicited and conditional tender offer for all
its common shares at 28 dlrs per share from Martin T. Sosnoff.
A company spokesman said the board expects to make a
recommendation "shortly", but could not specify a time period.
Ceasars World Chairman Henry Gluck in a statement urged
shareholders not to take any action with respect to the offer
prior to the board's recommendation.
Sosnoff made the offer directly to shareholders in a
newspaper advertisement through a company he formed, called MTS
Acquisition Corp. It expires April 3.
Reuter
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Americus Trust For Bristol Myers shares
announced an initial dividend of 68.75 cts payable May 12 for
shareholders of record April 3.
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United Security Financial Corp of
Illinois said it has signed a letter of intent to buy Robert
Co. Brown and Co Inc's <RCBI> MAGIC Insurance Group unit.
Robert C. Brown and Co would receive newly issued United
Security stock. United Security said it is anticipated that
such stock would represent a substantial majority of the shares
outstanding after the merger.
United Security's principal subsidiary is United Security
Life Insurance Co of Illinois. The MAGIC Group owns Pilgrim
Life Insurance Co of America and Middle Atlantic Life Insurance
Co.
Reuter
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There were three grain ships loading
and two ships were waiting to load at Portland, according to
the Portland Merchants Exchange.
Reuter
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(Warrington Inc) said it sold its shoe
divisions to Montreal-based (Taurus Footwear Inc) for
undisclosed terms.
The divisions manufacture and distribute Greb, Hush
Puppies, Kodiak, and Santana brand shoes and had revenues of
about 69 mln dlrs last year, Warrington said. It said the sale
of the shoe divisions and the previous sale of its ski boot
businesses will result in an unspecified net gain.
Warrington said it plans to concentrate on its Canstar
Sports Group Inc skate and athletic footwear division, the
largest ice skate manufacturer and distributor in the Western
world.
Warrington said it decided to rationalize the balance of
its ski businesses, which is expected to result in a divestment
loss which could outweigh the net gains on the sales of its
shoe and ski boot divisions.
Taurus said the acquisition is expected to increase its
annual sales to about 100 mln dlrs and make it Canada's largest
footwear manufacturer.
Reuter
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Conoco Inc, a subsidiary of DuPont
Corp, said it was increasing its contract prices for crude oil
between 10 cts and one dlr a barrel, effective today.
Conoco said the increase brings its price for the U.S.
benchmark crude West Texas Intermediate to 17.50 dlrs a barrel,
up one dlr.
South Louisiana Sweet, also up one dlr, is now 17.85 dlrs.
West Texas Sour was up 10 cts to 16.60 dlrs a barrel.
Conoco was the last company to raise prices following a
series of increases initiated last week by Sun Co <SUN>, which
reversed the posted price cuts made at the end of February.
Reuter
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Chicago Board of Trade (CBT)
agricultural and financial futures markets could be in for a
period of major upheaval later this year if the exchange goes
ahead with planned renovation.
A CBT spokesman told Reuters the exchange was looking at a
number of options to identify the most cost effective and
efficient way to proceed, including one which would involve
moving the entire grains floor out of the building and into the
nearby MidAmerica Commodity Exchange.
"One of (CBT Chairman) Karsten Mahlmann's agenda items has
been to proceed with renovation in the financial futures room,"
the spokesman said.
Another CBT official, executive vice president George
Sladoje, said the issue would be discussed this Friday at a
special meeting on the exchange floor.
A number of presentations have been made with regard to
renovating the financial futures room, Sladoje said. "We've
looked at five or six different alternatives, involving such
things as flip-flopping the trading rooms," he added.
It is conceivable that under a couple of these plans, we
might use the MidAmerica Exchange temporarily for some CBT
markets, Sladoje said.
"If we move out of one floor entirely, then the
construction period will be about a year," he said, adding that
the issue was likely to go to a membership vote first and then
be on the drawing board for eight months to a year.
The CBT spokesman stressed that discussions were very
preliminary at this stage and nothing was likely to begin until
this summer at the earliest.
In order to renovate the crowded financial futures pits,
exchange officials have discussed providing them a temporary
home next door in the present grains-dominated area.
This could involve moving CBT markets in U.S. Treasury Bond
futures, Treasury Notes, Muni-bonds, and options on T-Bonds and
T-Notes through an adjoining corridor, while utilizing the
MidAmerica floor for such CBT futures contracts as corn, wheat,
soybeans, soybean products and agricultural options.
Any such moves could meet with opposition among some CBT
members.
One senior floor trader said the financial futures room
badly needs renovating.
"There is talk the grains floor will shift to the MidAm and
the financials will move to the grains area," he said.
The CBT spokesman said another option being discussed was
to renovate the financial floor in quadrants, one quarter at a
time. "The first step, after deciding the most effective way to
proceed, would be to get architectural and engineering
drawings," he said.
He added that it was difficult at present to determine an
exact time frame for any possible moves. "This is a major
undertaking and a process that would spread out over next
year," he said.
Floor traders at the MidAmerica Commodity Exchange, which
merged with the CBT about a year ago, said they were preparing
to vacate their floor at the end of this month.
Space has recently been cleared for them at the CBT by
moving its Major Market Index pit into the area once reserved
for lightly-traded CBT gold and silver futures, which now share
their trading area.
The MidAm specializes in mini-contracts in grains,
livestock, metals, financials and foreign currencies as well as
some options contracts.
"Rumor has it that the CBT grains are coming over here
because the bonds are too crowded," one MidAm trader said.
Another source at the MidAm said this change could take
place by July or August.
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A group of investment firms led by
Far Hills, N.J., investor Natalie Koether said it is seeking
information about the shareholders of Prime Medical Services
Inc, over which it has said it is seeking control.
In a filing with the Securities and Exchange Commission,
the group, which includes Shamrock Associates, included a March
6 letter to Prime which asks for a complete list of all
shareholders and their addresses.
The group said it wants the information so it can contact
shareholders on issues, including election of an opposition
slate of directors to the board and other proxy contests.
The Koether group's letter gives the company five days to
respond to its request. If there is no response from Prime
Medical, the group said it would consider the demand refused
and would take "other proper steps" to get the information.
The group said it already holds 1,483,886 Prime Medical
shares, or 17.5 pct of the total. It said it has taken legal
action to try to force the company to set an annual meeting and
require all directors to stand for election.
In a previous SEC filing, the group has said it has decided
to try to seek control of Prime Medical through a tender offer,
exchange offer, proxy contest or other ways.
Reuter
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Grand Metropolitan PLC said its
Grandmet USA Inc unit decided to sell its physical fitness and
exercise equipment business.
The company said Morgan Stanely and Co Inc is advising it
on the sale of the business.
Reuter
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Chrysler Corp's proposed acquisition of
American Motors Corp is valued at about 1.55 billion dlrs,
including the cost of acquisition and the 767 mln dlrs in
American Motor' debt that Chrysler will assume, analysts said.
They said Chrysler's cost of acquisition was valued at 782
mln dlrs, paid in cash, notes and Chrysler shares.
The analysts told Reuters that at a New York briefing
Chrysler treasurer Fred Zuckerman outlined his company's
agreement with Renault to assume AMC's debt as well as 332 mln
dlrs in unfunded pension liabilities, though the latter is not
included valuing the transaction.
Analysts were generally positive on Chrysler's proposed
purchase of its much-smaller rival, but said they expected the
transaction would carry with it a short-term dilution in
Chrysler's earnings.
A Chrysler financial source, speaking anonymously, told
Reuters that the proposed purchase price was smaller than it
would have been had a deal been struck last year because the
impact of the new U.S. tax law removes Chrysler's ability to
assume AMC's large reserve of tax-loss carryforwards
accumulated from its losses since 1980.
"There were very serious discussions last fall but we
didn't pull it off," the source said in a reference to the
assassination in November of former Renault chairman Georges
Besse.
"It's too bad because the tax benefits fell on the floor.
And Renault could have gotten a much better price if we'd done
it before the end of last year."
In addition to AMC's debt and its pension liabilities, the
source said Chrysler would also assume any liability from
lawsuits over the safety of Jeeps, which he called "an overhang
to the company."
Analysts quoted Chrysler officials as having told them that
the deal includes payment to Renault of 200 mln dlrs principal
in the form of a 10-year note at eight pct interest, 35 mln
dlrs cash for Renault's equity in AMC's finance subsidiary, 25
mln dlrs in cash for "transaction fees" in connection with the
acquisition and 522 mln dlrs worth of Chrysler stock to be paid
AMC shareholders.
"The big number is the 767 mln dlrs in debt assumption,"
analyst Jack Kirnan of Kidder Peabody and Co told Reuters.
Moody's Investors Service Inc said it may downgrade 12
billion dlrs of Chrysler Corp and unit debt due to the deal.
But the Chrysler source said that in assuming AMC's
liabilities, his company will refinance at a lower rate any AMC
debt that is being carried at "non-market" rates.
He said there were difficulties in negotiating with the
previous Renault management on the acquisition because they
were committed to the group's business plan of which AMC was an
integral part.
"The new management didn't have that problem - AMC wasn't
their baby," he said.
Reuter
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Washington National Corp's
Washington National Insurance Co said it bought the remaining
15 pct of United Presidential Corp's <UPCO> outstanding shares
at 19 dlrs a share cash.
The acquisition of the shares is part of a plan of exchange
approved by United Presidential shareholders at a special
meeting March 6.
The purchase of the remaining United Presidential stake
follows Washington National's buying 85 pct of United
Presidential in a 19 dlrs a share tender offer which terminated
December 12.
Reuter
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Conagra Inc said it completed the
merger of its Sea-Alaska Products Co unit and <Trident Seafoods
Corp.>
Conagra said the new company, in which it holds a 45 pct
stake, will be called Trident Seafoods Corp. Charles Bundrant,
president of Trident before the merger, was named president of
the new company, Conagra said.
Conagra said it also completed the previously announced
acquisition of <Bristol Monarch Corp> and that Trident
completed the purchase of the remaining 50 pct stake of <San
Juan Seafoods Inc.>
Reuter
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Grain analysts said the increase of
three mln tonnes in 1986/87 Soviet grain imports is unlikely to
affect the market Tuesday.
They said the market already has discounted higher Soviet
imports, partly on news last month that the Soviet Union bought
one mln tonnes of U.S. corn, and on rumors that the Reagan
administration is pushing for authority to sell the Soviets
U.S. wheat under the Export Enhancement Program.
In its supply-demand report, the USDA raised its estimate
for 1986/87 Soviet grain imports to 26 mln tonnes from 23 mln.
"That was business already done, for all practical
purposes," said Drexel Burnham analyst Dale Gustafson,
reflecting similar statements made by other analysts.
Reuter
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Atco Ltd said its Atco
Development unit agreed to sell the Canadian Utilities Center
in Edmonton, Alberta and the Canadian Western Center in
Calgary.
The sales, together with the previously-announced sale of
Atco's Australian operations, will gross 114 mln dlrs and
result in an after-tax gain of 31 mln dlrs, which will be
reflected in Atco's fiscal year results.
Its fiscal year ends March 31, the company said. In
addition, the sales will produce 47 mln dlrs cash after debt
reduction of 67 mln dlrs, Atco said.
Reuter
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Bancroft Convertible Fund Inc said it
filed a lawsuit in federal court in Newark, N.J., seeking to
block a hostile 30 dlr a share takeover offer by <Zico
Investment Holdings Inc.>
Bancroft said the suit also names Michael B. Javett,
principal officer of Zico, and First Fidelity Bancorp's <FFB>
First Fidelity Bank unit, the depositary for Zico's offer.
Bancroft said the suit also names <Georgeson and Co Inc>,
Zico's information agent, and <Luthie Intercontinentale Inc>, a
Panamanian corporation.
Bancroft said its complaint alleges that Zico's tender
offer materials include false and misleading information and
that the offer violates the Investment Company Act of 1940.
The company said its stockholders approved proposals that
will insure that it remains independent.
Reuter
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A confidential World Bank report on the
Peruvian economy has said the government's strategy does not
offer good prospects for medium and long-term growth and is
likely to lead to an early renewal of inflationary pressure.
The report, published today by the economic monthly, The
Peru Report, said the success of president Alan Garcia's
government in stimulating output last year to achieve a growth
in gross domestic product of over eight pct "represents gains in
the short term at the expense of the long."
Government officials had no immediate comment on the
report, which advised a reduction in the overall size of the
public investment program and greater emphasis on the
preservation of Peru's export potential.
The report said that although the government had succeeded
in cutting inflation from 250 pct a year in the first half of
1985 to under 70 pct, its stabilisation and reactivation
program was encountering rising difficulties.
"An early renewal of inflationary pressures, linked to
monetary expansion, exchange rate devaluation and an easing of
price controls, appears not improbable," it added.
The world bank report said the government's policies had
reduced inflation and short-term increases in consumption at
the apparent cost of price distortions, overvaluation of the
currency, balance of payments disequilibrium, reserve losses,
and sharply diminished creditworthiness.
It said unless the government took action quickly to fix a
competitive exchange rate and control the public sector
deficit, "the higher the probability will be that the government
will eventually have to resort to drastic curtailment of
domestic demand and either sharp devaluation or still further
controls on imports in order to stem inflation and support the
balance of payments."
It said the bank would place more emphasis on the
preservation of peru's export potential, external links and
overall economic efficiency.
The government's incentive policies towards the mining and
petroleum sectors, among its main traditional exports,
suggested that it did not accord high priority to their
economic viability, it added.
Reuter
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Financier Carl Lindner, who holds a
16.2 pct stake in Taft Broadcasting Co, told the Securities and
Exchange Commission he has discussed with the company the
possibility of seeking control of it.
Lindner, the Cincinnati, Ohio, investor who controls
American Financial Corp, said his talks with some of Taft's
managers and directors have been aimed at "achieving an
increased ownership position" in the company.
Lindner said his increase in ownership would be made either
by making an offer to acquire control of Taft or taking part in
a group to acquire the company.
Lindner, who holds his Taft stake through American
Financial and its subsidiaries, said he is also considering
buying more Taft stock on the open market or in private deals.
He did not say whether the talks with Taft officials led to
any agreements or understandings.
But Lindner said he intends to review his investment in
Taft and may be involved in further talks or take other steps
regarding the future control and direction of Taft.
Lindner's investor group recently raised its Taft stake to
1,489,298 shares, or 16.2 pct from 1,439,498 shares, or 15.6
pct, after buying 49,800 shares for a total of 5.8 mln dlrs.
Although he recently received clearance from the Federal
Trade Commission to raise his stake in the company to 24.9 pct,
Lindner in previous SEC filings has always stressed that his
interest in Taft was for investment only and not was not
seeking to control the company.
An investor group headed by members of the wealthy Bass
family of Fort Worth, Texas, also holds about 24.9 pct of
Taft's common stock.
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An investor group that includes T.
Boone Pickens III said it set a deadline of 1600 EST on March
11 for its offer to acquire Japan Fund Inc.
The group, which also includes <Sterling Grace Capital
Management Inc LP> and <Anglo American Security Fund LP>, said
it was willing to deposit in escrow 100,000 Japan Fund shares,
worth about two mln dlrs, to insure its ability to obtain
financing if Japan Fund approves its offer.
The group said Japan Fund has not responded to its offer,
worth about 525 mln dlrs at current market prices.
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A group of affiliated firms led by
Warburg, Pincus Capital Co L.P., a New York venture capital and
investment partnership, said it has acquired 1,920,527 shares
of Symbion Inc, or 25.5 pct of the total outstanding.
In a filing with the Securities and Exchange Commission,
the Warburg Pincus group said it bought the stake for
investment purposes.
Although the group said it is considering buying more
shares of Symbion, it said it has no plans to seek control of
the company.
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Kindness N.V., a Bahamas-based firm
owned by U.K. investor and Bahamas resident John Templeton,
said it has acquired 137,900 shares of Hausereman Inc, or 5.9
pct of the total outstanding common stock.
In a filing with the Securities and Exchange Commission,
Templeton said he bought the shares for investment purposes
only and has no intention of seeking control of the company.
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A group of affiliated investment
firms led by Bermuda-based Fidelity International Ltd and
Boston-based FMR Corp, told the Securities and Exchange
Commission it raised its stake in McGill Manufacturing Co Inc.
The group said it raised its stake to 88,580 shares, or 6.2
pct of the total outstanding common stock, after buying 14,135
McGill common shares between Jan 19 and March 2 at prices
ranging from 33.57 to 34.57 dlrs a share.
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CTS Corp said it increased its
1986 loss from continuing operations to 26.6 mln dlrs from the
previously announced 23.8 mln dlrs loss.
The 1986 figure was increased to include expenses involved
with its settlement of a dispute with Dynamics Corp of America
<DYA>.
The settlement involved a takeover bid for CTS by Dynamics
Corp, which had offered to buy the shares of CTS that it did
not already own.
CTS made a profit of 7.9 mln dlrs from continuing
operations in 1985.
CTS said it charged an additional 2.8 mln dlrs in special
expenses to its 1986 operations as a result of the Dynamics
Corp settlement.
The additional expenses include the obligation to reimburse
Dynamics Corp, subject to approval of CTS shareholders, a total
of 2.1 mln dlrs for Dynamics Corp's expenses and other costs
relating to CTS.
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U.S. authorities intervened in the
foreign exchange market to support the dollar on one occasion
during the period between the start of November 1986 and the
end of January, the Federal Reserve Bank of New York said in a
report.
The Fed's quarterly review of foreign exchange operations
said that the U.S. bought 50 mln dlrs through the sale of yen
on January 28. This operation was coordinated with the Japanese
monetary authorities and was funded equally by the Fed and the
U.S. Treasury.
The Fed's intervention was on the morning after president
Reagan's State of the Union message and was "in a manner
consistent with the joint statement" made by U.S. Treasury
secretary James Baker and Japanese finance minister Kiichi
Miyazawa after their January 21 consultations.
At that meeting, the two reaffirmed their willingness to
cooperate on exchange rate issues.
The Fed's report did not say at what level the intervention
occurred. But on January 28, the dollar closed at 151.50/60 yen
after dipping as low as 150.40 yen earlier in the session. It
had closed at 151.05/15 yen the previous day.
The dollar had plumbed a post-World War II low of 149.98
yen on January 19 and reached a seven-year low of 1.7675 marks
on January 28. It ended that day at 1.7820/30 marks.
The Fed noted that, after trading steadily throughout
November and the first half of December, the dollar moved
sharply lower until the end of January.
It closed the three-month review period down more than 11
pct against the mark and most other Continental currencies and
seven pct lower against the yen and sterling. It had fallen
four pct against the Canadian dollar.
During the final days of January, pressure on the dollar
subsided. Reports of the U.S.-Japanese intervention operation
and talk of an upcoming meeting of the major industrial
countries encouraged expectations for broader cooperation on
exchange rate and economic policy matters, the Fed said.
Moreover, doubts had developed about the course of U.S.
interest rates. The dollar's swift fall had raised questions
about whether the Fed would let short-term rates ease.
Thus the dollar firmed to close the period at 1.8320 marks
and 153.70 yen. According to the Fed's trade-weighted index, it
had declined nine pct since the beginning of the period.
The dollar had risen as high as 2.08 marks and 165 yen in
early November.
The Fed last intervened in the foreign exchange market on
November 7, 1985 when it bought a total of 102.2 mln dlrs worth
of marks and yen.
The Fed's action followed the September 1985 Plaza
agreement between the five major industrial nations under which
they agreed to promote an orderly decline of the dollar.
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Louart Corp, a Los Angeles investment
firm, said it raised its stake in Certron Corp to 237,000
shares, or 7.8 pct of the total outstanding common stock, from
164,000 shares, or 5.4 pct.
In a filing with the Securities and Exchange Commission,
Louart said it bought 73,000 Certron shares between Sept 9 and
March 6 at a total of 109,315 dlrs a share.
It said its dealings in Certron were for investment only,
but said it might increase its stake. It said it has no plans
to seek control of the company.
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Hogan Systems Inc said it acquired
<Systems 4 Inc> of Durango, Colo., for 1.7 mln dlrs.
Hogan said Systems 4 provides integrated applications
software and processing services to about 30 community banks.
Systems 4 has revenues of 1.5 mln dlrs a year, Hogan said.
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The Soviet Union will likely honor
its commitment with the United States to buy a minimum of four
mln tonnes of corn this year, an Agriculture Department
official said.
"They have always honoured the agreement, and there's no
reason now to think they won't this year," he told Reuters.
"They have an aggressive buying campaign from the European
Community, from Canada, from the U.S. They're active buyers
from all sources at this point," the official said in
explaining why the Department raised its Soviet grain imports
estimate today by three mln tonnes to 26 mln tonnes.
This is a dramatic shift from just a few months ago when
analysts were saying the USSR might not buy any U.S. corn for
the first time in 15 years.
A drawdown of corn supplies in China and Argentina, concern
over Soviet winter crops, and increasing competition for U.S.
corn were all cited as possible factors in creating Moscow's
recent interest.
Lower corn production prospects in some major supplying
countries have stirred activity from big buyers such as Japan,
and the Soviets are also closely watching the situation, the
official said.
"The Soviets will try to out-capitalize the capitalists"
and buy corn before prices get too high, the official said. "As
soon as they need corn, they'll buy it," he added.
USDA has confirmed one mln tonnes of corn sold to the
Soviet Union, but both U.S. and Soviet analysts have said the
purchases stand at 1.5 mln tonnes.
The USDA official would not speculate on when the Soviets
would enter the U.S. market again.
"There has definitely been an evolving mind set -- from the
situation of slow grain buying a couple months ago to one of
frenetic buying now," the official said.
However, the situation in wheat is "a different story," he
said. Greater world supplies of wheat, heavier Soviet purchase
commitments and less competitive U.S. wheat prices make Soviet
purchases of U.S. wheat less likely, he said.
Speculation has continued for several days that the U.S.
is considering making an export bonus wheat subsidy offer to
the Soviets, but U.S. officials have provided no confirmation.
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T. Boone Pickens, the Texas oilman and
financier, said he believes the heady days the oil service
industry had in the early 1980s, when over 4,500 oil rigs were
once reported operating, will not return in his lifetime.
Pickens told Reuters he expects the rig count to drop to
below 600 before recovering. He added that oil prices will
eventually rise to 35 dlrs, then to 50 dlrs after 1990.
Currently, some 700 oil rigs are operating in the U.S.,
down sharply after oil prices slipped from 30 dlrs in late 1985
to around 10 dlrs in 1986. Prices are now around 18 dlrs. The
highest number of working rigs was 4,500 in December 1981.
"The rigs won't go back to work until the price of oil
gets above 30 dlrs," he said, adding that while he expects to
see 50 dlr a barrel oil, he does not expect to see 2,000 rigs
operating in his lifetime. Pickens is 58.
Pickens, who is currently touring the country promoting
his autobiography "Boone," said he does not believe the U.S.
should impose an oil import fee in order to stimulate the
domestic oil industry.
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Finance Minister Kiichi Miyazawa said the
Paris currency accord has contributed to the stability of
exchange rates.
Miyazawa told a press conference the agreement reached last
month in Paris by six major industrial nations to cooperate in
bringing about currency stability has prevented speculative
concerns from being active in money centres.
The decision in Paris is being understood by the market, he
said. The yen-dollar exchange rate has been moving in a narrow
range since finance ministers of Britain, Canada, France,
Japan, the U.S. And West Germany reached the accord.
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The Reserve Bank said at 1230 local time
it was offering to buy short-dated government securities in the
short-term money market.
The bank's action followed its purchase of short-dated
government stock and six-day repurchase agreements earlier in
the session.
Money market traders said the move was aimed at easing cash
market interest rates which had risen on demand for funds to
meet PAYE tax and treasury note settlement commitments.
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The search continued for a
cargo of poisonous chemical substances loaded on the Herald of
Free Enterprise Ferry which capsized in Zeebrugge harbour
Friday.
A total of 72 drums of various toxic materials which were
loaded on trucks in the ship's hold have been recovered, but
Belgian authorities warned it was essential to recover a
further 61 containers of a cyanide-based solution.
A net has been thrown over the gaping loading doors at the
front of the ship to prevent any more drums floating out.
Salvage workers have moved cranes into place alongside the
wreck of the 7,951 ton roll-on, roll-off ferry which now lies
partly submerged on a sandbank outside the harbour.
The ferry's owner is <European Ferries Plc>, majority owned
by Peninsular and Oriental Steam Navigation Co Plc <PORL.L>.
The operation to right the vessel began yesterday after
divers abandoned their search for more bodies. Experts said it
could take months to refloat the ship and free the 80 bodies
estimated to be trapped amid debris.
"The problem is that in these waters you can normally expect
one working day out of four," said Daan Kaakebeen of Dutch
Salvage experts Smit Tak International of Rotterdam. He
estimated the job itself would require 35 working days.
Using reinforced cables, salvage experts intend to raise
the ship and set it down into a trench dug alongside.
Salvage work could pinpoint the exact cause of the loss of
the ferry, one of three sister vessels plying cross-Channel
routes from England to continental Europe.
Suspicion at present is focused on the ferry's main vehicle
loading doors, set close to water level.
In London, Transport Secretary John Moore told parliament
yesterday that the ship keeled over after water gushed in
through the bow doors. He said a major government inquiry into
the disaster will be held, all similar ferries sailing from
Britain will be inspected and owners will be asked to fit
lights to give warning if bow doors are not properly closed.
Experts carrying out tank and computer tests to determine
how the accident occurred will focus attention on the ship's
doors, its ballast system and crew procedures, he added.
Two other investigations into the disaster have also begun,
one Belgian and one by the ferry's owners.
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There is little chance Soviet exports
to the United States will rise in 1987, but Moscow's current
trade reforms should result in more trade in manufactured goods
in future, a Soviet economist said.
Sergey Frolov, chief economist at Amtorg Trading Corp, an
agent for Soviet trade organisations and industries, told a
U.S.-USSR business meeting the Soviet Union produces few items
that western nations want.
But reforms, including upgrading the quality of goods and
allowing joint ventures with foreign firms, will encourage
modest export gains in future.
Frolov said the Soviet Union exported 500 mln dlrs worth of
goods to the United States in 1986 and imported 1.5 billion
dlrs worth. He gave no trade forecast for 1987.
But he said that even if all obstacles were removed, total
trade between the two countries would remain between two and
three billion dlrs a year.
"The post-detente embargoes have taught the USSR to limit
its trading with the U.S.," he said.
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People throughout China can now open
foreign exchange accounts at the Bank of China, the official
Shenzhen Economic Zone Daily said.
Previously only residents of Guangdong and Fujian provinces
could do this.
The paper also said the minimum for opening a fixed deposit
account had been cut to 50 yuan equivalent, from 150 yuan. The
minimum for a current account is 20 yuan equivalent.
The paper said depositors could now withdraw all or part of
their account, subject to a branch's reserves, instead of only
a fixed amount as previously.
The paper said deposits may now be opened in French francs
as well as the already available U.S. Dollar, Hong Kong dollar,
sterling, yen and marks.
Bank of China branches in Hainan island also accept
deposits in Singapore dollars, and those in Wenzhou, Zhejiang
province, accept deposits in Dutch guilders, the paper said.
It gave no further details.
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The Sichuan government has ordered that
any work or meeting which interferes with the fight against
drought must be cancelled or postponed to save time, energy and
manpower, the People's Daily domestic edition said.
Sichuan is one of six provinces threatened by drought.
Wen Wei Po, a Hong Kong daily, said the drought, the worst
for more than 20 years, is affecting nearly two mln hectares in
100 counties in Sichuan, the country's biggest agricultural
producer.
Sichuan has experienced temperatures three degrees
Centigrade higher than normal and rainfall up to 70 pct less
than normal since early February, affecting wheat, oil-bearing
crops, rice planting and dryland cash crops, it said.
The paper said 43,000 hectares in Meixian county in
Guangdong are seriously short of water.
The People's Daily said Henan, Shaanxi, Gansu and Hebei are
also suffering from drought.
Henan's grain output fell by 2.5 mln tonnes last year from
the 1985 level because of drought which has been affecting the
province since May.
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Japanese microchip makers are being
strong-armed into compliance with a U.S.-Japan pact on
semiconductors halting predatory pricing and opening Japan's
market to foreign chips, industry analysts said.
But doubts remain over whether the Ministry of
International Trade and Industry (MITI), which is pressuring
the firms, can successfully battle market forces and whether
the U.S. Industry is geared up to take advantage of any
breathing space, they said.
U.S. Threats to scrap the agreement signed last September
have pushed MITI to try harder to get recalcitrant Japanese
chipmakers to abide by the pact, the analysts said.
"MITI has been moving hot and heavy throughout the industry
to get things done," said Bache Securities (Japan) associate
vice president Peter Wolffe.
Last month, MITI told chipmakers to cut production for the
January to March period by 10 pct to help dry up inexpensive
chips that have escaped from Japan to grey markets not subject
to the pact's price controls.
The ministry also asked electronics firms to provide
distributors with certificates designating them as authorised
exporters, in an effort to close loopholes through which grey
marketeers sneak chips out of Japan, market analysts said.
U.S. Trade negotiators here last week said the pact was in
jeopardy because of continued dumping in non-American markets
and little sign of increased foreign sales in Japan.
But major Japanese firms appear to have agreed to the
production cuts, several analysts said. Last week, NEC Corp
said it would cut production in line with MITI's request.
"NEC has been the most aggressive in resisting MITI's
demands," said David Keller, analyst at James Capel and Co. "Once
NEC cuts production, it means they all have."
Still, pressures remain to keep production high. Japanese
firms need high output to cut unit prices for U.S. Sales that
the Commerce Department assigns them under the pact.
"The best way to lower cost is to produce more," said Salomon
Brothers Asia Ltd analyst Carole Ryavec.
Preparations for a possible upturn in demand could also
spur higher production next quarter, Merrill Lynch analyst Matt
Aizawa said.
Grey marketeers may also be able to outfox any new
restrictions, some industry officials said.
"It's like tax avoidance schemes," said Steve Donovan, head
of MMI Japan K.K. "As soon as you close one route, another
opens."
MITI's pressure has annoyed some makers, who had earlier
shrugged off MITI guidance.
"It's getting to be like communism," said one.
But analysts said output cuts could help by making it
easier to increase prices as planned on April 1 and forcing
firms to stop extending market share by selling at a loss.
"They're going to have to start running their businesses
like businesses," Bache's Wolffe said.
MITI has also been conducting a highly public campaign
urging chip users to buy foreign-made chips, but U.S. Industry
officials said response has been mixed at best.
"There has been some change, but it's not across the board,"
said one U.S. Spokesman. "The companies have a varying degree of
urgency."
The ultimate impact of all these efforts by MITI on the
troubled U.S. Industry remains in doubt, analysts added.
Pressure to cut production of 256 kilobit DRAM (dynamic
random access memory) chips could merely speed the transition
to one megabit chips, where Japan now leads, analysts said.
Whether U.S. Firms are able to stage a comeback in memory
chips, or interested in doing so, also remains unclear, they
said.
Analysts are watching with interest the fate of a new U.S.
Consortium which hopes to challenge Japan by developing the
most advanced technology for microchip manufacturing.
Even in the thorny area of access, much depends on U.S.
Commitment as well as on Japanese openness, some said.
"The SIA (U.S. Semiconductor Industry Association) doesn't
even have an office here," a source close to the industry said.
"You could question just how committed they are."
In addition, some industry analysts question the
effectiveness of a bilateral agreement that leaves out third
country chipmakers such as those in South Korea.
"(South) Korea's gaining market share," said one analyst.
"They're the real winners from the agreement."
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Bank of Japan governor Satoshi Sumita
said there is little room left for the central bank to further
ease its credit policy as interest rates levels are now
approaching their lower limit.
"The government should instead seek ways of making the best
use of its fiscal policy," he told a press conference.
His remarks were concerned with a comprehensive economic
stimulative package the government plans to adopt in the coming
days.
At the recent talks among the six major industrialised
nations in Paris, Japan promised to work out a comprehensive
economic package to boost domestic demand, which in turn would
help increase its imports and reduce its trade surplus.
Sumita also said the economy will show a gradual upturn in
the second half of the year if the yen remains stable.
He said there is caution in the foreign exchange market
against a further rise of the yen and mark and this explains
the recent stability in the currency markets. Conflicting
economic indicators from the U.S. Have also been dampening
market activity, he added.
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Iranian Oil Minister Gholamreza
Aqazadeh is in the United Arab Emirates (UAE) to discuss oil
prices and the general market situation, Iranian officials
accompanying him said.
He will meet UAE President Sheikh Zaid bin Sultan
al-Nahayan and Oil Minister Mana Said al-Oteiba.
Aqazadeh arrived last night after a brief stopover in
Riyadh, where he met Saudi Arabia's Oil Minister Hisham Nazir.
The official Saudi Press Agency quoted him as saying his
talks at Riyadh with Nazir had been constructive and good.
Aqazadeh said Organisation of Petroleum Exporting Countries
(OPEC) members were agreed on holding production stable and he
reiterated the importance of maintaining oil prices.
OPEC members agreed in December to limit production to 15.8
mln barrels per day for the first half of this year and on a
benchmark price of 18 dlrs a barrel from February 1.
Aqazadeh also visted OPEC members Gabon, Algeria and Libya.
The Iranian news agency, IRNA, quoted him as saying before
leaving Tripoli that OPEC should do everything possible to make
oil prices permanently stable.
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King Fahd said today Saudi Arabia wants
oil price stability and he called on non-OPEC producers to
avoid harmful competition with the 13 nation group.
His plea, in an interview with Reuters and the television
news agency Visnews, came ahead of a state visit he will make
to Britain later this month.
King Fahd was asked whether Saudi Arabia would be prepared
to reduce its oil output below its OPEC quota of 4.133 mln
barrels per day (bpd) to defend the 18 dlr benchmark price
agreed to by OPEC last December.
The King replied: "Saudi Arabia doesn't decide prices by
itself but certainly desires price stability."
Non-OPEC countries "must help us in a framework of common
interest so that there is no type of competition which could
prove harmful to everyone," he said.
Asked if he saw the 18 dlr per barrel benchmark as a first
step towards higher world oil prices, King Fahd said it was not
for Saudi Arabia but for all OPEC countries to determine such
issues. Iran and Algeria have already called for a higher
benchmark.
In recent weeks the 18 dlr level has come under pressure,
due partly to quota violations by some OPEC members. King Fahd
said Saudi Arabia, the world's largest oil exporter, was
adhering to decisions made at OPEC's December conference which
set a 15.8 mln bpd output ceiling for the first half of 1987.
A major non-OPEC producer, Britain has so far resisted the
group's pleas to curb its North Sea oil output.
The King also urged the world community to help the
Palestinians return to their homeland and called for a peaceful
end to the Iran-Iraq war. The 6-1/2-year-old war could not be
resolved on the battlefield, he said.
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Shr 16.3p vs 12.2p
Div 2.75p vs 2.25p making 3.8p vs 3.15p adjusted for
Three-for-one capitalisation
Pre-tax profit 54.9 mln stg vs 33.4 mln
Turnover 1.70 billion vs 1.13 billion
Tax 7.6 mln vs 2.6 mlnProfit attributable 51.9 mln vs 30.1
Mln
Cost of Sales 1.49 billion vs 999.3 mln
Gross profit 215.9 mln vs 136.2 mln
Distribution costs 90.3 mln vs 57.2 mln
Adminstrative expenses 65.9 mln vs 40.8 mln
Other operating income 3.9 mln vs nil
Interest payable 8.7 mln vs 4.8 mln
Minority interests 1.0 mln vs 0.7 mln
Extraordinary credit (sale of share in S and W Berisford
Plc) 5.6 mln vs nil
Operating profit includes -
Poultry, eggs and animal feed 21.7 mln vs 17.2 mln
Food processing and distribution 15.4 mln vs 6.9 mln
Furniture and timber distribution 8.4 mln vs 3.4 mln
Fresh meat and bacon 8.0 mln vs 4.5 mln
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West German retail group Kaufhof AG
<KFHG.F> is considering taking a stake in shipping and
transport group Hapag-Lloyd AG <HPLG.F> but has yet to reach a
final decision, a spokesman said in response to queries.
Press reports said Kaufhof wanted a stake of up to 12.5 pct
in Hapag-Lloyd.
The Kaufhof spokesman noted any decision on purchasing
shares in the shipping group would have to be approved by the
supervisory board, which is due to hold a meeting tomorrow.
Late last year the Gevaert group of Belgium and West
Germany's VEBA AG <VEBG.F> said they had each acquired a 12.5
pct stake in Hapag-Lloyd from Deutsche Bank AG <DBKG.F> and
Dresdner Bank AG <DRSD.F>.
Industry sources estimate Deutsche and Dresdner,
Hapag-Lloyd's majority shareholders, held about 75 pct of
Hapag-Lloyd's share capital before selling portions of it to
Gevaert and VEBA.
The two banks have said they eventually wanted to reduce
their stake in the shipping group to 15 pct each.
REUTER
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Hungary is to devalue the forint by an
average of eight pct against Western currencies, the official
news agency MTI said.
MTI did not say when the devaluation would become
effective, but it expected new rates to be announced later
today.
Hungary devalued the forint by a similar amount last
September 23. Western bankers say the forint is more
realistically valued than currencies of Hungary's COMECON
allies.
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Hillsdown Holdings Plc <HLDN.L> said
early results for 1987 were encouraging, and the combination of
its investment and acquisition strategies enabled it to look
forward confidently for an excellent result for the year.
The company was commenting on 1986 results which showed
pre-tax profit rising to 54.9 mln stg from 33.4 mln previously
on turnover that lifted to 1.70 billion from 1.13 billion.
The figures initially boosted the share price to 286p from
281p last night, but they then eased back to 283p by 0830 GMT.
Hillsdown said capital expenditure rose in 1986 to 60 mln
stg from 31.5 mln and would continue at this high level in
1987.
The placing of 82.5 mln shares last year raised 160.7 mln
stg and enabled shareholders' funds to more than double to 352
mln at year-end.
Net borrowings were 20 pct of shareholder's funds and the
group had listed investments of 47.1 mln.
The company said it had bought a total of 40 companies
during the year for a total price of some 180 mln stg. Although
these had made minor contribution to profits the real benefits
would come in 1988 and beyond.
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Nippon Oil Co Ltd <NPOL.T> predicted
parent company net profit of about nine billion yen in the year
ending March 31, down 10.4 pct from a year earlier, president
Yasuoki Takeuchi told a press conference.
Current profit for the year was estimated at 17 to 18
billion yen, down 20 to 24 pct from a year earlier, he said.
Takeuchi said sales are expected to fall 40 pct to 1,700
billion yen for the fifth consecutive year-on-year drop. This
year's fall was due to lower selling prices for end-users,
which more than offset the yen's appreciation. The company will
retain six yen dividend for 1986/87.
REUTER
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Shr 5.95p vs 4.41p
Div 2.25p vs 2.0p
Pre-tax profit 11.6 mln vs 9.1 mln
Tax 4.2 mln vs 3.6 mln
Turnover 256.3 mln vs 185.3 mln
Note - company said it was unlikely second-half profits
will show same rate of increase as first. But it had great
confidence in prospects for future growth.
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Cargo handling remains
halted at Bangladesh's Chittagong port since nearly 7,000
workers walked out on Monday following a pay dispute, the Port
Workers Association said today.
Fourteen ships are stranded at the port.
Port officials said they would meet Association leaders
today to try to resolve the dispute.
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Cons banking gp net profit 496.7 mln schillings vs 354.5
mln
Cons banking gp balance sheet total at year-end 453.4
Billion schillings vs 425.4 billion
Parent bank net profit 370.6 mln vs 253.0 mln
Parent bank balance sheet total 372.5 billion vs 348.2
Billion
Parent bank dividend 12 pct vs 10 pct
Parent bank div payout 363.0 mln schillings vs 247.5 mln
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Tesco Plc <TSCO.L> said that <County
Ltd> had yesterday bought on its behalf 2.06 mln shares, or
around 4.2 pct, in <Hillards Plc> for between 302p and 310p a
share.
Tesco yesterday launched a 151.4 mln stg bid for the north
of England supermarket chain, which Hillards promptly rejected.
Hillards shares were last quoted at 324p, compared with
last night's close of 313p.
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Shr 8.1p loss vs 26.3p earnings
Div 3.25p making 5.25p vs 10.5p
Net loss 62.1 mln stg vs 71.6 mln profit
Operating profit before tax 73.6 mln vs 273.8 mln
Turnover 1.47 billion vs 1.74 billion
Cost of sales 1.22 billion vs 1.39 billion
Gross profit 241.8 mln vs 357.6 mln
Distribution costs and administrative expenses 152.2 mln vs
123.1 mln
Share of profits in associates 17.1 mln vs 68.2 mln
Other operating income 15.8 mln vs 16.9 mln
Financing charges 48.9 mln vs 45.8 mln
Tax 63.9 mln vs 169.7 mln
Exceptional items 4.9 mln debit vs 5.5 mln debit
Net results of discontinued operations 15.6 mln debit vs
20.9 mln debit
Loss on ordinary activities before minority interest 10.8
Mln vs 77.7 mln profit
Minority interest 11.3 mln vs 6.1 mln
Extraordinary debits 40.0 mln vs nil
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The Bank of England said it forecast a
liquidity shortage of around 300 mln stg in the market today.
Among the main factors, the Bank said bills maturing in
official hands and the treasury bill take-up would drain 483
mln stg from the system while below target bankers' balances
and a rise in the note circulation would take out 50 mln and
100 mln stg respectively.
Partially offsetting these, exchequer transactions would
add around 355 mln stg, the Bank added.
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The Belgian National Bank bought
foreign currencies against francs on the open market in the
week ended March 9, a Bank spokesman said.
In line with central bank policy he declined to give any
details of the amount bought.
The foreign currency purchased was used by the Treasury to
repay foreign debt and did not affect the Bank's foreign
exchange reserves. They slipped 394 mln francs to 37.33
billion, mostly due to sales of dollars for Special Drawing
Rights, the spokesman said.
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Shr 28.5p vs 26.6p.
Final div 8p, making 13p vs 12p.
Pre-tax profit 132.4 mln stg vs 132.7 mln.
Net profit befire minorities 81.0 mln vs 74.4 mln.
Sales 2.06 billion stg vs 2.20 billion.
Extraordinary debit 36.5 mln vs 20.4 mln.
Trading surplus after depreciation 145.7 mln stg vs 158.1
Mln
Investment and interest income 5.4 mln vs 3.8 mln
Interest payable 42.5 mln vs 43.9 mln
Profits from related companies, less losses, 23.8 mln vs
14.7 mln
Tax 51.4 mln vs 58.3 mln
Profit attributable to outside shareholders' interests 12.6
Mln vs 11.2 mln
Note - Extraordinary debit included charge for
restructuring auto parts distribution in France and loss of 10
mln stg on sale of steel stock business.
Trading surplus comprised -
Automotive components and products 101 mln stg vs 105 mln
Industrial services and supplies 30 mln vs 21 mln
Wholesale and industrial distribution 11 mln vs 22 mln
Steels and forgings four mln vs 10 mln
By region, Britain contributed 34 mln stg vs 47 mln
Continental Europe 77 mln vs 56 mln
U.S.A. 28 mln vs 51 mln
Rest of world seven mln vs four mln
REUTER
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Ultramar Plc <UMAR.L> said that while
its fourth 1986 quarter had improved from the operational point
of view, several special charges adversely affected results.
Overall the year had not been a good one, with upstream
operations dramatically hit by the fall in crude oil prices and
downstream operations also affected in the first half by large
losses on inventories.
But margins improved in the second half and in particular
refining and marketing in Eastern Canada showed a good
recovery.
The company was commenting on results that showed a net
loss for the year of 62.1 mln stg after a 71.6 mln profit in
1985.
The fourth quarter charges included a 20.8 mln stg
provision on a retroactive price agreement recently initialled
by Pertamina and Japanese buyers of the company's liquid
natural gas and 4.7 mln for the early months of its ownership
of Gulf Canada's marketing assets.
Ultramar said it had also included the estimated cost of a
further reorganisation programme, which was partly offset by a
withdrawal of surplus funds from U.S. Pension schemes, and a
13.5 mln stg provision for the estimated cost of selling its
U.S. Flag shipping operation.
The immediate outlook for crude oil prices was uncertain
although it was unlikely there would be any sizeable increase
in the near term. However, Ultramar said it was optimistic
prices would strengthen over the longer term.
Its substantial reserves of crude oil and natural gas put
it in a good position to benefit from any price recovery.
In the meantime, Ultramar's objectives were to improve
profitability by selling or restructuring weak operations while
strengthening core businesses and developing a sound
operational and financial base.
Proven, probable and possible reserves at end-1986 totalled
about 700 mln barrels net on an oil-equivalent basis.
Ultramar shares firmed on the announcement to 187p from
181p at last night's close.
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The <Queensland Press Ltd> (QPL) board
said it unanimously recommended the one billion dlr takeover
bid by <Cruden Investments Pty Ltd>, a family company of News
Corp Ltd <NCPA.S> chief executive Rupert Murdoch.
The 23 dlrs a share cash-only offer is nearly double the
market price before News announced its now-completed bid for
The Herald and Weekly Times Ltd <HWTA.S> in early December and
no other offer is likely, it said in a statement.
Independent adviser, <Wardley Australia Ltd>, had also
concluded the offer was fair and reasonable, it added.
QPL is already owned 48.3 pct by HWT.
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A tight money market has pushed
interest rates on three to six month time deposits to between
15 and 18 pct from 13 to 15 pct a month ago, bankers said.
March is usually a tight month for the money market because
of tax payments and banks' need to attract funds for their
year-end accounts on March 31.
This year the situation has been made worse by December's
rush to buy dollars by companies and businessmen who feared
imposition of exchange controls. Much of that outflow has yet
to be converted back into rupiah.
"A lot of small money has come back in, but the big money is
holding out until after April," one U.S. Banker said.
The tight money policy of Bank Indonesia, the central bank,
is helping to keep rates high.
Short-term lending rates now average 25 pct a year, with no
prospect they will be lowered soon, the bankers said.
Central Bank governor Arifin Siregar said earlier this week
that Indonesia could look forward to better economic prospects
in 1987/88, but added the "speculators" who led a run on the
rupiah late last year could again pose problems.
Indonesia holds general elections on April 23, the first in
five years, and most businessmen expect no new government
economic packages or incentives before then.
"Some people are nervous about what the government will do
after the election," one banker said. "They normally try to do
things before the IGGI (Inter-Governmental Group on Indonesia)
meeting (in June) to prove they are doing something about the
economy to show they deserve a couple of billion dollars."
The IGGI, which groups 14 industrialised donor countries
and four agencies, gave Indonesia 2.5 billion dlrs in soft
loans and grants last year.
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Highveld Steel and Vanadium Corp
Ltd said it expects 1987 earnings will be lower than last
year's previously reported 85 cts a share.
But profits "will be at a satisfactory level," the company
said in the annual report without giving a specific estimate.
Highveld said it expects appreciation of the rand will be
offset to some extent by increasing U.S. Dollar prices for its
exports as the year progresses.
Highveld said measures taken last year by the European
Economic Community and the United States prohibiting all South
African steel products "presents a challenge to management to
place the steel in other areas."
The company said overall world vanadium consumption in 1987
is expected to be similar to last year although China's role is
still an unknown factor in the total supply-demand situation.
"World vanadium production capacity is still believed to be
adequate to cater for any foreseeable demand," it added.
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A spokesman for Preussag
AG <PRSG.F> said it was not yet certain whether the company
would pay a dividend on 1986 results
He was commenting on a Preussag statement which said
results in 1986 were lower than in 1985. Preussag has
frequently said its results came under further pressure in 1986
following a difficult year in 1985.
Managing board chairman Guenther Sassmannshausen said in
December the board would prefer to stick to its policy of not
dipping into reserves to pay dividends. The spokesman noted the
final dividend decision rests with the supervisory board.
The Preussag statement said results fell in 1986 compared
with 1985 because declines in earnings in metals, oil and
shipping were not entirely compensated by positive trends in
the group's other divisions.
The spokesman said it was not clear whether the domestic
group would show a net profit in 1986, adding this would depend
partly on the level of provisions.
Preussag cut its 1985 dividend to eight marks from nine
marks on 1984 results after parent company net profit dropped
to 65.0 mln marks from 103.0 mln the year before.
The Preussag world group made a net loss of 13.1 mln marks
in 1985 after a net profit of 154.5 mln the year before.
Domestic group net profit fell to 77.9 mln from 122.2 mln.
The statement said its results in 1986 were affected by
unsatisfactory selling prices for metals and oil as well as by
poor use of capacity in the supply ship sector.
The reduction in natural gas prices in the fourth quarter
of 1986 to reflect earlier falls in oil prices was an
additional factor behind the drop in results.
Preussag said rationalization measures already introduced
would not begin to take full effect until this year.
Preussag's domestic group turnover rose to 4.48 billion
marks in 1986 from 4.29 billion in 1985, helped by the first
time consolidation of 951.8 mln marks of turnover from its
majority-owned oil and gas subsidiary C. Deilmann AG.
Domestic group turnover in the 1986 fourth quarter alone
was 1.1 billion marks, it said without giving comparison
figures.
Preussag said its domestic crude oil production fell 4.0
pct to 94,400 tonnes in 1986, while foreign oil production rose
to 182,900 tonnes from 174,500 tonnes.
Preussag said its Amalgamated Metal Corporation Plc (AMC)
subsidiary, whose results are included in the world group
accounts, made an unspecified profit in the fourth quarter of
last year.
AMC's large losses in 1985, caused principally by the
international tin crisis, were the reason behind the world
group losses that year.
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Foreign oil companies will spend less
on exploration in Indonesia this year than last, budgeting 2.7
billion dlrs for calendar 1987 against 1986 spending of 2.8
billion dlrs, the state oil company Pertamina said.
Actual spending last year fell short of the budgeted figure
of 3.2 billion dlrs, as oil companies slashed expenditure
because of the crash in world oil prices.
Jumardi Jukardi, head of Pertamina's coordinating board for
foreign contractors, said foreign companies will drill 110
exploration wells and 431 development wells this year, against
108 and 330 last year.
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Negotiations between Indonesia's state
oil company Pertamina and foreign oil contractors on extension
of the standard 30-year production sharing contract will be
concluded by the end of this month, a Pertamina official said.
Jumardi Jukardi, head of Pertamina's foreign contractors
coordinating board, gave no details about the outcome of the
talks.
But Pertamina President Abdul Rachman Ramly has said
priority will be given to extending contracts for companies
whose exploration and production contracts expire within the
next seven to 10 years.
Jukardi, speaking to Indonesian reporters, said the
negotiations would determine whether the 85-15 production
sharing split in favour of Pertamina would be adhered to or
altered in some cases as oil companies are asking for.
Hardjoko Seputro, spokesman for the Mines and Energy
Ministry, has said that President Suharto has agreed in
principle to extension of the standard 30-year production
sharing contract to reflect better current depressed conditions
on the international oil market.
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South Korea will further open its market
to help cut its trade surplus with the U.S. And to fight off
pressure to revalue the won against the dollar, a government
spokesman said.
The spokesman said Korean trade minister Rha Woong-Bae's
stand in Washington yesterday against pressure from industrial
nations to revalue the won underlined the government's
determination to stand firm.
Rha told the U.S. Chamber of Commerce "Demands that Korea
carry out a drastic and sudden currency revaluation of five or
10 pct are, I believe, extremely ill-advised."
Deputy prime minister Kim Mahn-Je told a meeting of local
businessmen "The government's policy on the question of
revaluing the won is to maintain a steadfast position."
Kim said South Korea was ready to move slowly to raise the
won's value because of its heavy foreign debt which stood at
44.5 billion dlrs at the end of 1986.
Six industrialised nations agreed in Paris last month that
newly industrialising countries, such as South Korea and
Taiwan, should allow their currencies to appreciate.
But local businessmen have said won/dollar parity has
already reached "a crisis level."
An official of the Korea Traders' Association (KTA) said if
the won strengthened another five pct, this would mean the loss
of profitability for nearly half of all South Korean exporters.
"We are determined not to go the way of Latin American
debtor nations which have suspended interest payments of their
debts," the spokesman said. "The only way to keep our good record
is to maintain our exports.+
The trade minister said yesterday should Seoul revalue the
won suddenly Korea would run "a tremendous trade deficit and
could degenerate into a country, like many other developing
countries, which is reneging on its international obligations."
The spokesman said South Korea had been gradually
appreciating its currency, ruling out a major revaluation. So
far this year, the won has gone up by 0.8 pct against the
dollar after a 3.34 pct revaluation in 1986.
He said South Korea was selecting "many" of 122 items on
which Washington recently asked Seoul to lower tariffs to help
narrow its trade surplus with the U.S. No further details were
given.
Seoul announced in January the lifting of bans on 158
items, including sensitive agricultural products and large
cars, effective from July.
South Korea posted its first ever current account surplus
last year, due largely to a trade surplus with the U.S. Of 7.1
billion dlrs, against a 4.3 billion deficit in 1985. It earlier
forecast that its current account surplus could reach eight
billion dlrs this year.
But the government official said the surplus would be held
at around five billion dlrs to avoid further pressure by
industrialised nations to push up the value of its currency.
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Call money eased to 3.75/80 pct from
3.80/85 yesterday following a net injection of 6.7 billion
marks at a rate of 3.80 pct in fresh funds from this week's
securities repurchase agreement, dealers said.
But rates were expected to rise toward the end of the week.
A major tax payment period by banks on behalf of customers,
payments for the federal railways loan stock and repayments of
mark liabilities incurred by foreign central banks with the
Bundesbank in the framework of the European Monetary System
(EMS) are likely to significantly burden the system. Banks
built up minimum reserves today, ahead of the expected outflow.
The Bundesbank credited banks with a gross 15.2 billion
marks, but some 8.5 billion left the system at the same time as
an earlier securities repurchase pact matured.
Dealers estimated the EMS related outflow as high as six
billion marks.
The Bundesbank declined to comment, but a spokesman said
yesterday although the funds now due may be allowed to roll
over, the possibility that other central banks may choose to
redeem them meant a net infusion was needed.
Dealers forecast tax payments of 25 and 30 billion marks,
but much of it is expected to burden the system only next week.
Banks' minimum reserve holdings at the Bundesbank totalled
53.6 billion marks on Monday, averaging 54.0 billion over the
first nine days of March.
Dealers said although the figure was well above an expected
requirement of around 51 billion marks, the expected outflow of
funds was so large that banks might find it difficult to meet
the requirement toward the end of March.
No securities repurchase agreement is expiring next week,
but dealers said the Bundesbank could offer fresh liquidity if
conditions significantly tighten. "The Bundesbank wants to keep
rates around 3.80 pct," one dealer said.
REUTER
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Shr 21.2p vs 16.0p
Div 4.75p making 8.25p vs 5.83p
Pretax profit 505 mln stg vs 362 mln
Turnover 4.02 billion vs 3.88 billion
Tax 128 mln vs 85 mln
Operating profit 527 mln vs 421 mln
Operating profit includes -
Other income 30 mln vs 41 mln
Financial costs 52 mln vs 100 mln
Minorities 25 mln vs 16 mln
Earnings 352 mln vs 261 mln
Extraordinary credit 78 mln vs 34 mln debit.
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The Bank of Spain has extended the
reserve requirement for banks to their convertible peseta funds
in an attempt to curb speculation in short-term capital which
is currently fuelling money supply growth.
In a statement issued late last night, the central bank
said convertible peseta accounts, funds which are not subject
to exchange controls, would also be subject to a 19 pct reserve
requirement with effect from Friday.
Convertible peseta funds had been previously exempt from
reserve requirements.
The measure comes one week after the central bank raised
reserve requirements on domestic deposits by one percentage
point to 19 pct, also with effect on Friday.
Banking sources say the high real interest rates on offer
now -- around eight pct for overnight funds -- have attracted a
large influx of speculative foreign capital which is
threatening the government's monetary targets.
They say this influx is largely responsible for Spain's
principal measure of money supply, the broad-based liquid
assets in public hands (ALP), to have grown by an estimated 17
pct annualised rate in February, compared with January's 8.3
pct rise and an 11.4 pct rise during the whole of 1986. The
target for 1987 is eight pct.
The Bank of Spain today did not provide assistance funds to
banks in a move to drain excess liquidity from the money
market. Liquidity will be further tightened by the fortnightly
Treasury Bill auction tomorrow and Friday's hike in reserve
requirements, expected to absorb over 200 billion pesetas from
the system.
The immediate reaction was a hike in interbank interest
rates today to 13.75/14.00 pct from yesterday's 13.46 pct
average for deposits.
Bank of Spain officials said this was an understandable
response "given that the market is short of funds."
But banking sources noted that a continued rise in interest
rates would neutralize the central bank's attempts to curtail
short-term speculation with foreign funds by making the Spanish
money markets more attractive.
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Hungary is to devalue the forint by an
average of eight pct against Western currencies, the official
news agency MTI said.
MTI did not say when the devaluation would become
effective, but it expected new rates to be announced later
today.
Hungary devalued the forint by a similar amount last
September 23. Western bankers say the forint is more
realistically valued than currencies of Hungary's COMECON
allies.
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Bank of Japan governor Satoshi Sumita
said there is little room left for the central bank to further
ease its credit policy as interest rates levels are now
approaching their lower limit.
"The government should instead seek ways of making the best
use of its fiscal policy," he told a press conference.
His remarks were concerned with a comprehensive economic
stimulative package the government plans to adopt in the coming
days.
At the recent talks among the six major industrialised
nations in Paris, Japan promised to work out a comprehensive
economic package to boost domestic demand, which in turn would
help increase its imports and reduce its trade surplus.
Sumita also said the economy will show a gradual upturn in
the second half of the year if the yen remains stable.
He said there is caution in the foreign exchange market
against a further rise of the yen and mark and this explains
the recent stability in the currency markets. Conflicting
economic indicators from the U.S. Have also been dampening
market activity, he added.
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Japan cannot bear a further rise of the
yen, Foreign Minister Tadashi Kuranari said.
"A further stronger yen would be a misfortune for Japan and
the Japanese people would not be able to bear such a burden," he
told reporters.
The minister said he wants to tell U.S. Political leaders
of the sacrifices Japan is making to cut its trade surplus.
Kuranari was widely expected to fly to Washington tomorrow
for talks focussing on trade. But departure remains uncertain
because of the continuing parliamentary boycott by opposition
parties protesting plans for a new sales tax.
If the boycott is lifted tomorrow, Kuranari would probably
have to remain in Japan to attend parliamentary discussions on
the government's 1987/88 budget, Japanese officials said.
Kuranari said both the U.S. And Japan should approach the
trade imbalance in a calm, unemotional manner.
But, he added, "If the issue of rice is to be raised...I
would mention the feelings of the Japanese people."
Japanese politicians have said repeatedly the country
cannot bow to U.S. Pressure to liberalize rice imports because
the issue is too sensitive.
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The Bank of England said it did not
operate in the money market during the morning.
Initially, the bank forecast a liqudity shortage of some
300 mln stg for the market today.
Overnight interbank sterling traded at the 11-1/4 1/8 pct
level for most of the morning while period rates have eased on
the strength of sterling, dealers said. At 1200 gmt, sterling's
trade-weighted index was up 0.6 at 72.7.
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The U.S. is urging reluctant
commercial banks to seriously consider accepting a novel
Philippine proposal for paying its interest bill and believes
the innovation is fully consistent with its Third World debt
strategy, a Reagan administration official said.
The official's comments also suggest that debtors' pleas
for interest rate concessions should be treated much more
seriously by the commercial banks, in cases where developing
nations are carrying out genuine economic reforms.
In addition, he signaled that the banks might want to
reconsider the idea of a "megabank," where Third World debt would
be pooled, and suggested the administration would support such
a plan, even though it was not formally proposing it. At the
same time, however, the official expressed reservations that
such a scheme would ever get off the ground.
The Philippine proposal, together with Argentine
suggestions that "exit bonds" be issued to end the troublesome
role of small banks in the debt strategy, would help to
underpin the flagging role of private banks within the plan,
the official said in an interview with Reuters.
"All of these things would fit within the definition of our
initiative as we have asked it and we think any novel and
unique approach such as those should be considered," said the
official, who asked not to be named.
In October 1985, Washington outlined a debt crisis strategy
under which commercial banks and multilateral institutions such
as the World Bank and the International Monetary Fund (IMF)
were urged to step up lending to major debtors nations.
In return, America called on the debtor countries to enact
economic reforms promoting inflation-free economic growth.
"The multilaterals have been performing well, the debtors
have been performing well," said the official. But he admitted
that the largest Third World debtor, Brazil, was clearly an
exception.
The official, who played a key role in developing the U.S.
Debt strategy and is an administration economic policymaker,
also said these new ideas would help commercial banks improve
their role in resolving the Third World debt crisis.
"We called at the very beginning for the bank syndications
to find procedures or processes whereby they could operate more
effectively," the official said.
Among those ideas, the official said, were suggestions that
commercial banks create a "megabank" which could swap Third World
debt paper for so-called "exit bonds" for banks like regional
American or European institutions.
Such bonds in theory would rid these banks of the need to
lend money to their former debtors every time a new money
package was assembled, and has been suggested by Argentina in
its current negotiations for a new loan of 2.15 billion dlrs.
He emphasised that the "megabank" was not an administration
plan but "something some people have suggested."
Other U.S. Officials said Japanese commercial banks are
examining the creation of a consortium bank to assume Third
World debt. This plan, actively under consideration, would
differ slightly from the one the official described.
But the official expressed deep misgivings that such a plan
would work in the United States.
"If the banks thought that that was a suitable way to go,
fine. I don't think they ever will."
He pointed out that banks would swap their Third World
loans for capital in the megabank and might then be reluctant
to provide new money to debtors through the new institution.
Meanwhile, the official praised the Philippine plan under
which it would make interest payments on its debt in cash at no
more than 5/8 pct above Libor.
"The Philippine proposal is very interesting, it's quite
unique and I don't think it's something that should be
categorically rejected out of hand," the official said.
Banks which found this level unacceptably low would be
offered an alternative of Libor payments in cash and a margin
above that of one pct in the form of Philippine Investment
Notes.
These tradeable, dollar-denominated notes would have a
six-year life and if banks swapped them for cash before
maturity, the country would guarantee a payment of 7/8 point
over Libor.
Until now, bankers have criticised these spreads as far too
low. The talks, now in their second week, are aimed at
stretching out repayments of 3.6 billion dlrs of debt and
granting easier terms on 5.8 billion of already rescheduled
debt. The country, which has enjoyed strong political support
in Washington since Corazon Aquino came to power early last
year, owes an overall 27.8 billion dlrs of debt.
But the official denied the plan amounts to interest rate
capitalisation, a development until now unacceptable to the
banks. "It's no more interest rate capitalisation than if you
have a write down in the spread over Libor from what existed
before," the official said in comments suggesting some ought to
be granted the rate concessions they seek. "Some people argue
that (cutting the spread) is debt forgiveness... What it really
is is narrowing the spread on new money," he added.
He said the U.S. Debt strategy is sufficiently broad as an
initiative to include plans like the Philippines'.
Reuter
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Interest in the currency futures market
has shifted to the soaring British pound and the potentially
explosive Canadian dollar, and away from the dull Continental
and Japanese currencies, analysts said.
The June pound, which added 6.3 cents over the past
week-and-a-half to reach a new contract high of 1.5930 to the
dollar on Monday, has spawned a new-found speculative boom.
"Brokers have to push their clients somewhere...and
technically, the pound is in the best shape," PaineWebber
analyst Jason Gillard said.
"We've tried to take a bullish approach to the pound, and
we're going to stay with that, there's no reason to change,"
Smith Barney analyst Craig Sloane said.
Many traders took on long pound/short West German mark
futures positions, although some of those cross-trades were
liquidated yesterday, Sloane said.
The fundamental keys to the pound's rise have been
relatively high U.K. interest rates and a vague optimism
surrounding the British economy, analysts said.
"Money seems to be chasing yields," William Byers, of Bear
Stearns, said of the 10-1/2 pct U.K. base lending rate.
Many analysts are skeptical about further gains in the
pound, on the inference that the Bank of England will seek to
relieve upward pressure on the currency by pushing down
interest rates after the nation's budget is released March 17.
The budget itself could have an impact, depending on how
well it is received, but analysts say relative interest rates
and oil income remain the main influences on the currency.
However, the market may be able to absorb lower U.K.
interest rates, as it has done when other countries have cut
their discount rates, and extend the pound's rally, Sloane
said.
The Canadian dollar has not been rising like the pound, but
Sloane and other analysts cautiously predicted a big move soon.
The sideways price pattern in the June contract, with
smaller and smaller price ranges, has formed a "bull flag" on
price charts, technically-oriented analysts said.
"It makes for an explosive type of situation that often
leads to a breakout," in this case to the upside, Sloane said.
Byers agreed there was potential for the June Canadian
dollar to rally above the 77.00 cent level from the most recent
close at 74.80 cents to the U.S. dollar.
"At this stage of the game I'd call the market long-term
positive, but for the technical burden of proof you need a
close above (the previous contract high of) 75.25," Byers said.
As to the traditionally more active currencies, stability
was the catchword and reluctance the watchword among analysts.
Sloane said it was important that June Swiss francs and
June German marks held above support at 0.6400 and 0.5400,
respectively, closing at 0.6438 and 0.5430.
Yesterday's rebound showed the market was still very
respectful of the Paris accord, and the threat of central bank
intervention by the G-5 nations plus Canada.
"We may still probe to see what the parameters are," Byers
said, "but people are very reluctant because they don't know
where the central banks will be (to intervene)."
Gillard said the mark could drop to a previous price
consolidation area around 0.5250 based on the profoundly
sluggish West German economy, but that he would be a buyer at
that level.
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Jamaica agreed in principle with its
bank advisory committee on a rescheduling of 181 mln dlrs of
foreign commercial bank debt falling due between 1987 and 1989,
the Jamaican Information Service said.
Repayments on the debt will be stretched out over 12 years
with 8-1/2 years' grace at 1-1/4 percentage points over the
London Interbank Offered Rate, Libor. The margin on previously
restructured debt also will be cut to 1-1/4 point from 2-1/2.
The package should save Jamaica about 3.3 mln dlrs a year.
Prime Minister Edward Seaga, who led the Jamaican
delegation, called the terms very favourable to his country.
The agreement in principle with the bank advisory committee
led by the Bank of Nova Scotia <BNO.TO> comes five days after
Jamaica successfully concluded a 125.5 mln dlr rescheduling
accord with the Paris Club of creditor nations.
That pact in turn followed the International Monetary Fund
(IMF)'s approval on March 5 of a 85 mln special drawing rights
standby arrangement and a 40.9 mln sdr drawing under the
compensatory financing facility.
Of Jamaica's foreign debt of 3.3 billion dlrs only 12 pct
is owed to commercial banks, and Seaga yesterday reaffirmed the
government's policy of not seeking new bank loans.
REUTER...^M
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Brazil's central bank governor
Francisco Gros will meet senior commercial bankers here today
in a new attempt to defuse the anger generated by the country's
unilateral suspension of interest payments on 68 billion dlrs
of foreign commercial bank debt, bankers said.
Gros will meet representatives of Citibank, the head of
Brazil's bank advisory committee, and of co-heads Morgan
Guaranty Trust Co and Lloyds Bank Plc.
High on the agenda will be banks' complaints about Brazil's
accompanying freeze on some 15 billion dlrs of short-term trade
and interbank lines, the bankers said.
Brazil's several hundred creditor banks worldwide agreed
last March to extend the credit lines until March 31, 1987, as
part of a 31 billion dlr financing package.
Bankers said the looming expiry of this commitment, coupled
with Brazil's freeze, raised a spate of technical and legal
questions that the banks want to discuss with Gros.
They said they face problems because of the freeze
requirement that any payment due to be made by a Brazilian bank
under the trade facility must be deposited instead with the
central bank. This means foreign bankers cannot easily switch
their credit lines from one borrower to another.
The requirement to deposit with the central bank has also
meant Brazilian banks have been able to negotiate lower
interest-rate spreads, because foreign banks would rather
accept a reduced margin than see their money deposited with the
central bank.
"It's caused a lot of ill-will with the banking community,"
one banker said.
Gros is also expected to brief the banks on the results of
a 10-day tour of Europe and Japan that he and finance minister
Dilson Funaro have just completed to seek official support for
Brazil's debt stance.
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Oper shr profit five cts vs loss 1.71 dlrs
Oper net profit 196,000 vs loss 2,388,000
Sales 40.5 mln vs 43.2 mln
Avg shrs 2,212,000 vs 1,482,000
Year
Oper shr profit 71 cts vs loss 6.24 dlrs
Oper net profit 1,799,000 vs loss 8,991,000
Sales 154.5 mln vs 145.0 mln
NOTE: Net excludes losses from discontinued operations of
712,000 dlrs vs 2,843,000 dlrs in quarter and 1,972,000 dlrs vs
10.6 mln dlrs in year.
1986 net excludes extraordinary loss 1,167,000 dlrs in
quarter and gain 628,000 dlrs in year.
1986 year net includes gain one mln dlrs from sale of
building and gain 3,200,000 dlrs from termination of pension
plan.
Reuter
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Oper shr 22 cts vs 22 cts
Oper net 2,058,000 vs 2,129,000
Revs 44.5 mln vs 35.7 mln
Avg shrs 9,589,000 vs 9,348,000
Year
Oper shr 94 cts vs 94 cts
Oper net 8,889,000 vs 8,570,000
Revs 155.0 mln vs 123.4 mln
Avg shrs 9,450,000 vs 9,174,000
NOTE: Net excludes discontinued operations gain 1,637,000
dlrs vs loss 720,000 dlrs in quarter and gain 4,679,000 dlrs vs
loss 720,000 dlrs in year.
1986 net both periods includes charge 865,000 dlrs from
repal of investment tax credits.
Reuter
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New World Pictures Ltd said it sold
456,900 shares or about five pct of Taft Broadcasting Co common
stock for a gain of 17.8 mln dlrs.
The company said in a brief statement that it acquired the
stock in late 1986. It gave no further details and company
officials were not immediately available for comment.
On Friday, Taft vice chairman Dudley S. Taft and
Narragansett Capital Inc <NARR> offered to acquire Taft for 145
dlrs per share. Dudley Taft and his family have owned 12 pct
of the company.
An investment group leds by Robert M. Bass, one of the Bass
brothers of Fort Worth, Texas, has been reported as owning
about 25 pct of Taft stock, and <American Financial Corp>
chairman Carl Lindner has been reported to own about 16 pct.
Both Bass and Linder have acquired Taft shares in recent months.
Reuter
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There is little chance Soviet exports
to the United States will rise in 1987, but Moscow's current
trade reforms should result in more trade in manufactured goods
in future, a Soviet economist said.
Sergey Frolov, chief economist at Amtorg Trading Corp, an
agent for Soviet trade organisations and industries, told a
U.S.-USSR business meeting the Soviet Union produces few items
that western nations want.
But reforms, including upgrading the quality of goods and
allowing joint ventures with foreign firms, will encourage
modest export gains in future.
Frolov said the Soviet Union exported 500 mln dlrs worth of
goods to the United States in 1986 and imported 1.5 billion
dlrs worth. He gave no trade forecast for 1987.
But he said that even if all obstacles were removed, total
trade between the two countries would remain between two and
three billion dlrs a year.
"The post-detente embargoes have taught the USSR to limit
its trading with the U.S.," he said.
REUTER
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Sight deposits of commercial banks at
the Swiss National Bank fell 2.88 billion Swiss francs in the
first 10 days of March to 7.65 billion, the National Bank said.
Foreign exchange reserves rose 3.30 billion francs to 33.94
billion.
Sight deposits are a major indicator of money market
liquidity in Switzerland.
The National Bank said banks paid back 5.5 billion francs
of central bank credit taken out at the end of February for the
end-month liquidity requirement.
This drain was offset in part by new currency swaps, which
had the effect of increasing the National Bank's foreign
exchange holdings.
Bank notes in circulation fell 309.1 mln francs to 24.49
billion, and other deposits on call -- basically government
funds -- rose 1.06 billion to 2.10 billion.
REUTER
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Ecuador needs 120 mln dlrs to repair the
damage to its oil export pipeline caused by last week"s
earthquake, which will stop crude exports for five months,
energy and mines minister Javier Espinosa Teran said.
Espinosa said yesterday the pipeline, which carries crude
from jungle fields to the Pacific Ocean coast of Balao, would
be repaired with the help of Texaco Inc <TX.N> and a Mexican
and an Argentine firm.
President Leon Febres Cordero said two days ago that
Ecuador, an OPEC member, would have to suspend crude exports
for four months due to the quake.
Oil traditionally accounts for up to two-thirds of
Ecuador's total exports and as much as 60 pct of government
revenues.
Deputy energy minister Fernando Santos Alvite said Ecuador
would have to import six to seven mln barrels of crude oil to
meet its needs until the line was repaired.
The Ecuadorean minister at the Presidency, Patricio
Quevedo, told reporters that Venezuela will lend Ecuador five
mln barrels of crude, which would repaid in kind after a
180-day period.
He added the Caracas-based Andean Development Corp had
granted a loan of 11.7 mln dlrs towards repairing the pipeline,
50 km of which had been damaged in the quake.
In Quito, Foreign Minister Rafael Garcia Velasco yesterday
summoned ambassadors from about 40 countries to whom he issued
appeal for emergency aid for the country. Only three countries,
the U.S., Colombia and Venezuela, had offered assistance.
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