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Shr 3.13 dlrs vs 2.02 dlrs
Net 39.1 mln vs 26.9 mln
Revs 203.2 mln vs 173.8 mln
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Pacific Southwest Airlines said it
reached an agreement with the Southwest Crew Controllers
Association needed to satisfy conditions of USAir Group's <U>
proposed acquisition of PSA.
PSA said this is the third of four unions agreement is
needed with for USAir's acquisition to be consummated.
Under the agreement, PSA crew controllers received
assurances they will be provided with labor protective
provisions and a seniority integration process.
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Shr 32 cts vs four cts
Net 3,370,000 vs 353,000
Revs 27.8 mln vs 20.2 mln
Year
Shr 35 cts vs 67 cts
Net 3,543,000 vs 3,845,000
Revs 103.6 mln vs 74.8 mln
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The senior Republican on the U.S.
Senate Agriculture Committee, Richard Lugar of Indiana, called
for repeal of the cargo preference law that aids the American
shipping industry but which he said hurts farmers.
"Cargo preference is a costly special interest operated at
the expense of American farmers and dockworkers," Lugar said in
signing on as a co-sponsor or cargo preference repeal
legislation.
The law requires shipment of U.S. goods on American ships
rather than foreign vessels which are less costly.
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Shr loss 43 cts vs profit eight cts
Net loss 3.1 mln vs profit 502,896
Revs 5.6 mln vs 4.2 mln
NOTE:1986 net includes negative effect of accounting change
of 354,650 or five cts a share.
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Enrollment in the U.S. Agriculture
Department's fourth conservation signup is expected to be
announced tomorrow, and USDA officials said the figure may be
higher than total enrollment for the first three signups.
Enrollment will be in the range of seven to 12 mln acres,
USDA conservation specialists said. Total enrollment so far in
the 10-year conservation program is 8.9 mln acres.
Producers submitted bids to enter 11 to 12 mln acres into
the program, Milton Hertz, administrator for USDA's
Agricultural Stabilization and Conservation Service said at a
congressional hearing yesterday. Not all the bids will be
accepted, Hertz said, but enrollment is expected to be high.
As in the first three signups, the Great Plains area is
expected to attract the greatest enrollment.
"The Great Plains area will be the predominate area which
we'll get signup in," a USDA conservation specialist said.
Marginal corn acreage will likely be the bulk of the
acreage pulled from that area, he said.
Fringe soybean acres in the southeast and some bean acreage
in the midwest are also expected to be taken out of production,
but the USDA source said this would be a relatively small
percent of the total.
A special two dlr bonus to corn producers who enroll part
of their corn base acreage into the program has sparked more
interest in this latest signup, USDA officials said.
Under the program, USDA pays farmers annual rents to take
land out of production for 10 years. The average rent payment
accepted in the first three signups was 43.50 dlrs per acre.
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Distillate fuel stocks held in
primary storage fell by 8.8 mln barrels in the week ended March
six to 119.6 mln barrels, the Energy Information Administration
(EIA) said.
In its weekly petroleum status report, the Department of
Energy agency said gasoline stocks were off 500,000 barrels in
the week to 251.0 mln barrels and refinery crude oil stocks
fell 1.2 mln barrels to 331.8 mln.
The EIA said residual fuel stocks fell 1.5 mln barrels to
36.4 mln barrels and crude oil stocks in the Strategic
Petroleum Reserve (SPR) rose 200,000 barrels to 516.7 mln.
The total of all crude, refined product and SPR stocks fell
10.3 mln barrels to 1,564.8, it said.
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Heavy rains fell again in
Argentina's main grain growing areas in the week to yesterday,
trade sources said.
Rains fell heaviest early in the week, and in particularly
high volume in Buenos Aires province, Cordoba, La Pampa and
Santa Fe provinces.
Rainfall totalled between 20 and 290 mm in Buenos Aires,
heaviest in western sectors of the province, 20 to 145 mm in La
Pampa, 25 to 120 mm in Cordoba, and 10 to 75 mm in Santa Fe.
Rainfall was lighter in other provinces.
Rainfall totalled from five to 50 mm in Corrientes, five to
31 mm in San Luis, five to 30 mm in Entre Rios, three to 20 mm
in Misiones, 11 to 17 mm in Formosa and one to eight mm in
Chaco.
Growers said it was still too early to tell whether the
rains had damaged crops, though they said maize and sunflower
crops may have suffered.
Harvesting of both those crops and sorghum was paralysed by
the bad weather. For harvesting to resume as normal, the rains
would have to stop long enough for the soil to dry and allow
farm machinery to operate.
The rains caused flooding in western and northwestern
Buenos Aires, as more than 750 mm have fallen in some areas
there since February 23 while the annual average is 1,200 mm.
Flooded areas total between 1.2 and 1.5 mln hectares,
Buenos Aires province governor Alejandro Armendariz said after
flying over the flooded area.
Agriculture Secretary Ernesto Figueras said only 500,000
hectares of the area now flooded had been planted, and that
200,000 to 300,000 hectares could be lost. Growers said large
parts of the flooded areas were not planted because they are
low-lying and flood easily.
Trade sources said it was certain crops were damaged by the
heavy rains but it was too early to tell the exact extent of
the damage. They said it was likely rain combined with high
winds uprooted many sunflower and maize plants.
The sunflower harvest moved forward in the centre and south
of Cordoba and Santa Fe and got underway in a few isolated
areas of northern Buenos Aires. Growers have harvested between
15 and 18 pct of total planted area, up from seven to nine pct
a week ago.
Estimates of the total volume of the sunflower crop were
revised downward in light of the bad weather.
Estimates for total crop ranged from 2.3 to 2.6 mln tonnes,
down from 2.4 to 2.7 mln tonnes estimated last week and down
34.1 to 41.5 pct from last year's record harvest of 4.1 mln
tonnes.
Maize harvesting also advanced, reaching between 13 and 15
pct of total planted area compared to seven to nine pct a week
ago. The maize harvest is expected to total between 10 and 10.2
mln tonnes, down from the 10 to 10.4 mln tonnes estimated a
week ago.
Last year's maize harvest totalled 12.8 mln tonnes,
according to official figures.
Soybean production estimates were revised downward, to 7.8
to 8.2 mln tonnes compared to estimates of eight to 8.4 mln
tonnes a week ago. Last year's soybean harvest totalled 7.1 mln
tonnes, according to official figures.
Sorghum harvesting moved slowly forward, reaching between
four and six pct of total planted area, compared to two to four
pct a week ago.
Sorghum production estimates remained steady at 3.2 to 3.5
mln tonnes, down 16.7 to 22 pct from the 4.1 to 4.2 mln tonnes
produced in the last harvest.
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Today's debt rescheduling talks
between the Philippines government and its bank advisory
committee were postponed until Thursday to give the banks more
time to consider Manila's novel proposal for paying part of its
interest bill in notes instead of cash, bankers said.
The committee banks met briefly earlier today and decided
that they needed more time in particular to consider a news
report which quoted a Reagan Administration official as urging
that the proposal be given serious consideration.
"The banks felt that this was new information and that
further consultation was called for," one banker said.
In a despatch yesterday from Washington, Reuters quoted the
official as saying Manila's plan to pay some interest with
notes that could be converted into equity investments in the
Philippines was fully consistent with the Reagan Administration
strategy for handling developing country debt.
"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.
Because of the key role the U.S. plays in the debt crisis,
foreign banks in particular wanted time to analyze the
significance of the policymaker's comments, bankers said.
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An overwhelming majority of Hughes Tool
Co shareholders approved a merger agreement with Baker
International Corp based on revised terms that allow the
companies additional time to sell a drilling bit business as
required by the U.S. Justice Department.
Hughes chairman William Kistler said the revised terms of
the proposed consent decree also set a 10 mln dlr cap on how
much funding the newly combined companies will have to spend on
the disputed drilling bit business until it is sold.
An earlier proposed consent decree did not establish a
funding limit.
The Baker-Hughes merger, which would would create a 1.2
billion dlr oilfield services company, almost fell through
earlier this month when Hughes balked at terms of a proposed
Justice Department consent decree that would have given the
companies only three months to find a buyer for the Reed
business.
Baker said today it would withdraw the one billion dlr
lawsuit it had filed to force Hughes to follow through with the
merger.
Hughes' Kistler, speaking to reporters after 85 pct of
Hughes' shareholders approved the merger, said the revised
terms of the agreement give the companies six months to find a
buyer for the Reed drilling bit business. The previous
agreement had proposed a three-month period.
Kistler said the the government had also indicated it would
consider granting, if necessary, an additional three-month
extension to complete the sale.
He said there were "several people looking" at the domestic
drilling bit business.
The companies, Kistler said, have also decided to
voluntarily sell a Reed plant in Singapore.
Kistler estimated that the merger, which should be
completed in about two weeks, will result in annual cost
savings of about 50 mln dlrs. He said he expects "substantial
cutbacks" in the 20,000-member workforce at Baker-Hughes Inc,
the name the merged company will take.
Kistler said the cost savings and greater efficiencies
should put the company on a profitable course. "We think that
in the third or fourth quarter after the merger we should see
something close to breakeven," he said.
In the fourth quarter of 1986, Hughes earned 31.7 mln dlrs
on sales of 215.7 mln dlrs.
Baker, in its first fiscal quarter ended December 31, lost
34.2 mln dlrs on revenues of 297.7 mln dlrs.
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USX's subsidiary, Marathon Petroleum
Co, said it will raise its contract prices for eleven grades of
crude oil 50 cts a barrel, effective tomorrow.
The increase brings Marathon's posted price for West Texas
Intermediate and West Texas Sour grades to 17.50 dlrs a barrel.
The Light Louisiana grade was also raised 50 cts to 17.85
dlrs a barrel.
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Shr 13 cts vs 40 cts
Net 2,509,000 vs 7,582,000
Revs 186.2 mln vs 182.1 mln
Year
Shr 23 cts vs 95 cts
Net 4,318,000 vs 17.8 mln
Revs 564.8 mln vs 584.4 mln
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Broad Corp said it acquired
the construction activities of Vogt and Conant Co of Cleveland.
The combined companies, to be called Broad, Vogt and Conant
INc, will be the largest structural steel erection company in
the U.S. Combined sales of the two operations were more than 40
mln dlrs in 1986.
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Harper and Row Publishers Inc said it
received an acquisition offer from Harcourt Brace Jovanovich
INc to acquire all of Harper and Row's shares at 50 dlrs a
share in cash.
Harper said it will consider the proposal, including such
possible concerns as anti-trust and other legal considerations.
On Monday, Harper and Row received a surprise 34 dlr-a-
share bid from investor Theodore Cross, owner of six pct of the
shares, for the stock he does not own.
Harcourt made clear in its offer that it will step aside
if Harper's directors and shareholders reject the bid, Harper
said.
Harper said the board has previously expressed a strong
determination to remain an independent publishing enterprise.
Harper also said that New World Pictures, a shareholder,
has requested a copy of Harper's shareholder list to be used in
soliciting proxies.
New World has 30,800 shares of the total 4.4 mln shares.
Harper and Row's stock closed off 3/4 to 33-1/2 after
rising 9-1/4 points yesterday.
Shareholders are due to vote April 2 on a shareholders
rights plan designed to thwart hostile takeovers.
Ivan Obolensky, an analyst with the investment banking for
of Sterling Grace and Co said Harper and Row is one of the few
remaining independent publishers with a "back list" of authors
stretching back 200 years.
He said as long as the company maintains copyrights with
the estates of deceased authors, it controls all motion picture
and television rights to the stories. And he said new printing
technologies make new editions a profitable business.
"Harcourt Brace needs a back list of that nature and is
willing to pay up for it," Obolensky said. But he said Harper
and Row "has plenty of beef to warrant a 50 dlr bid.
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Goldman, Sachs and Co told the
Securities and Exchange Commission it sold nearly its entire
stake in First Pennsylvania Corp of 2,450,598 shares, or 5.2
pct of the total outstanding common stock.
Goldman Sachs said it has about 17,800 First Pennsylvania
common shares remaining. On February 26, the company redeemed
convertible debentures with common stock, which at once
increased Goldman's stock holding and the total outstanding.
Goldman Sachs said it originally bought the stake as part
of its arbitrage business. Marine Midland Banks <MM> has an
agreement in principal to acquire First Pennsylvania.
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Oper shr 1.05 dlr vs 51 cts
Oper net 14.1 mln vs 5,669,000
Revs 163.2 mln vs 133.2 mln
Avg shrs 13.5 mln vs 11.5 mln
Year
Oper shr 65 cts vs 26 cts
Oper net 8,664,000 vs 1,906,000
Revs 287.8 mln vs 251 mln
Avg shrs 13.4 mln vs 8,403,562
NOTE: Prior year 4th qtr and year oper net excludes 13.1
mln dlrs and 17.4 mln dlrs, respectively, for income from
discontinued operations.
Prior year 4th qtr and year oper net also excludes 19.2 mln
dlrs and 20.3 mln dlrs, respectively, for operating loss
carryforwards and other reogranization items.
Prior year 4th qtr and year ended January 25, 1986.
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U.S. oil demand as measured by
products supplied rose 1.9 pct in the four weeks ended March
six to 16.39 mln barrels per day from 16.08 mln in the same
period a year ago, the Energy Information Administration (EIA)
said.
In its weekly petroleum status report, the Energy
Department agency said distillate demand was down 2.2 pct in
the period to 3.33 mln bpd from 3.40 mln a year earlier.
Gasoline demand averaged 6.75 mln bpd, up 3.3 pct from 6.53
mln last year, while residual fuel demand was 1.40 mln bpd, off
2.7 pct from 1.43 mln, the EIA said.
Domestic crude oil production was estimated at 8.38 mln
bpd, down 8.5 pct from 9.15 mln a year ago, and gross daily
crude imports (excluding those for the SPR) averaged 3.67 mln
bpd, up 23 pct from 2.97 mln, the EIA said.
Refinery crude runs in the four weeks were 12.05 mln bpd,
up 1.5 pct from 11.87 mln a year earlier, it said.
Year-to-date figures will not become available until March
26 when EIA's Petroleum Supply Monthly data for January 1987
becomes available, the agency said.
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Shr 33 cts vs 24 cts
Net 6.2 mln vs 4.9 mln
Loans not given
Deposits not given
Assets 3.8 billion vs not given
Note: full name Montreal City and District Savings Bank
Period ended January 31
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John Cotton, an Arizona businessman,
told the Securities and Exchange Commission he has acquired the
equivalent of 213,500 shares of Class A common shares in Del E.
Webb Investment Properties, or 8.9 pct of the total.
Cotton, president of Finalco Group Inc, a Paradise Valley,
Ariz., data processing equipment maker, said he bought the
stake, which includes warrants to buy 186,300 shares, for
266,958 dlrs.
The warrants are exerciseable at 9.50 dlrs a share, he
said. Cotton said it bought the stock for investment purposes
only.
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Shr loss nine cts vs profit 22 cts
Net loss 278,949 vs profit 346,368
Revs 11.9 mln vs 10.4 mln
Year
Shr profit 49 cts vs profit 49 cts
Net profit 1.2 mln vs profit 949,626
Revs 61.7 mln vs 52.7 mln
NOTE:1985 net includes loss of three cts or 49.1 mln dlrs
in 4th qtr and loss of 13 cts or 258,720 dlrs in year from
discontinued operations.
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U.S. economic data this week could be
the key in determining whether U.S. interest rate futures break
out of a 3-1/2 month trading range, financial analysts said.
Although market expectations are for February U.S. retail
sales Thursday and industrial production Friday to show healthy
gains, figures within or slightly below expectations would be
positive for the market, the analysts said.
"You have to be impressed with the resiliency of bonds
right now," said Smith Barney Harris Upham analyst Craig
Sloane.
Treasury bond futures came under pressure today which
traders linked to a persistently firm federal funds rate and a
rise in oil prices. However, when sufficient selling interest
to break below chart support in the June contract failed to
materialize, participants who had sold bond futures early
quickly covered short positions, they said.
"Everyone is expecting strong numbers, and if they come in
as expected it won't be that bad for the market," Sloane said.
Sloane said the consensus estimate for the non-auto sector
of retail sales is for a rise of 0.6 to 0.7 pct.
Dean Witter analyst Karen Gibbs said a retail sales figure
below market forecasts would give a boost to debt futures, and
she put the range for the non-auto sector of retail sales at up
0.8 to 1.2 pct.
Industrial production and the producer price index Friday
both are expected to show increases of about 0.5 pct, she
added.
Retail sales "will tell us whether or not we will be able
to fill the gap," Gibbs said, referring to a chart gap in June
bonds between 100-26/32 and 101-3/32 created Friday. June bonds
closed at 100-4/32 today.
Also key to debt futures direction, in addition to the
federal funds rate, is the direction of crude oil prices, said
Carroll McEntee and McGinley Futures analyst Brian Singer.
"A higher fed funds rate and firm oil prices precluded the
market from breaking out of the trading range the last time the
market approached the top of the range," Singer said.
In order for bonds to break above the top of the range,
which is just below 102 in the June contract, "the crude oil
rally needs to run its course and pull back a little bit,"
Singer said. "Fed funds are already easing back down toward the
six pct level."
The recent surge in oil prices has also been a concern to
Manufacturers Hanover Futures analyst Jim Rozich, but the rally
may be nearing a top around 18.50 dlrs per barrel, he said.
Rozich said he is looking for the June bond contract to
ease to 99-6/32 and find support.
"I'm not quite ready to jump on the bullish bandwagon yet.
The jury is still out this week," Rozich said.
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Oper shr loss two cts vs profit three cts
Oper net profit 273,000 dlrs vs profit 1,710,000
YEAR - period ended October 31, 1986
Oper shr loss 23 cts vs profit 14 cts
Oper net loss 4,397,000 vs profit 7,527,000
Assets 2.67 billion vs 3.25 billion
Note: 1987 1st qtr net excludes extraordinary loss of 2.2
mln dlrs or six cts shr.
1986 yr net excludes extraordinary loss of 66 mln dlrs or
1.94 dlrs shr involving 22.1 mln dlrs of costs from sale of
bank assets to Hongkong Bank of Canada, eight mln dlrs for
contingent liabilities in respect of litigation and potential
tax reassessment by U.S. govt and 35.9 mln dlrs of deferred tax
debits.
Most bank assets sold to HongKong Bank of Canada, a unit of
<Hong Kong and Shanghai Banking Corp> in Nov, 1986.
Shr after preferred divs.
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Shr 25 cts vs 36 cts
Net 1.4 mln vs 1.4 mln
Revs 56.9 mln vs 35.1 mln
Year
Shr 86 cts vs 75 cts
Net 4.7 mln vs 3.0 mln
REvs 201.4 mln vs 140.0 mln
NOTE:1985 4th qtr includes 99,000 loss from carryforward.
Shares restated to give effect to 1.4 to one stock split in the
form a 40 pct class A dividend in August 1985.
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Shr loss 1.02 dlrs vs 1.01 dlr
Net loss 18.1 mln vs 11.4 mln
Revs 96.0 mln vs 90.3 mln
Year
Shr loss 2.65 dlrs vs loss 3.06 dlrs
Net loss 39.3 mln vs 34.6 mln
Revs 386.0 mln vs 373.0 mln
NOTE:1986 4th qtr, year loss includes 14.4 mln dlrs, 4.6
mln dlrs respectively from discontinued. 1985 4th qtr and year
include loss of 13.1 mln, 1.9 mln dlr respectively.
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USX Corp said proved reserves of oil
and natural gas liquids fell 28 pct to 802.8 mln barrels at the
end of 1986 from 1.12 billion barrels at year-end 1985.
The figures, in USX's just-released 1986 annual report,
indicate much of the drop resulted from the exclusion of 293.7
mln barrels of Libyan reserves, after the U.S. government last
June directed U.S. oil companies to end Libyan operations.
USX, which owns Marathon Oil Co and Texas Oil and Gas Corp,
had 60 pct of its 1986 sales of 14.94 billion dlrs from its oil
and gas operations.
About 24 pct of total sales came from USX's USS steel unit
and 16 pct from diversified businesses, which include oilfield
services, raw materials, minerals, chemicals and real estate.
According to the report, domestic liquids reserves fell
slightly to 628.5 mln barrels from 628.9 mln and foreign
reserves fell to 174.3 mln from 486.4 mln barrels. The large
drop in foreign reserves was in the Middle East and Africa,
where they fell to about 9.3 mln barrels from 316.7 mln,
reflecting the exclusion of Libya.
Total natural gas reserves fell to 4.82 trillion cubic feet
at year-end 1986 from 5.18 trillion at the end of 1985.
Again, most of the drop came from the Middle East and
Africa, where reserves fell to zero from 71.9 billion cubic
feet, excluding Libyan reserves.
U.S. natural gas reserves fell to 3.44 trillion cubic feet
from 3.65 trillion and foreign reserves fell to 1.38 trillion
from 1.53 trillion.
In other areas, USX said total capital spending fell to 962
mln dlrs in 1986 from 1.78 billion dlrs in 1985. The 1986
audited figure is eight mln dlrs higher than the unaudited
figure the company reported on Jan 27.
USX also said it expects to record a gain of 150 mln dlrs
in 1988, representing 50 pct of previously existing investment
tax credits allowable under the new tax law. The loss of the
other half of the credits was reflected in the fourth quarter.
In a discussion of steel results, USX said plants that were
shut down last month and some previously idled plants may be
permanently closed. USX took a fourth quarter charge of 1.03
billion dlrs to restructure its steel operations. The charge
included the "indefinite idling" last month of four plants in
Utah, Pennsylvania and Texas.
Other plants or parts of plants in Pennsylvania, Indiana,
Alabama, Ohio and Chicago had been previously idled.
"These operations are not permanently shut down. Improved
market conditions for the products from these plants may make
it feasible to reopen some of them," USX said in the report.
"On the other hand, a lack of any future market improvement
may necessitate their permanent closing," it added.
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Bank of British
Columbia said it revised its estimate of shareholder
distributions from last November's sale of most of the bank's
assets to HongKong Bank of Canada to between 65 cts and 1.15
dlrs a share from 55 cts to 1.20 dlrs a share.
The bank said the estimate could rise to between 1.30 dlrs
and 1.80 dlrs a share if the full pension surplus is obtained.
It said it did not know when distributions would be made.
It earlier reported that operating profit for first quarter
ended January 31 fell to 273,000 dlrs from 1.7 mln dlrs the
previous year.
For full-year 1986 ended October 31, the bank posted an
operating loss of 4.4 mln dlrs against year-earlier profit of
7.5 mln dlrs. The bank also posted a 66 mln dlr extraordinary
loss in fiscal 1986.
Bank of British Columbia sold most of its assets last
November to HongKong Bank Canada, a unit of <HongKong and
Shanghai Banking Corp>, of Hong Kong, for 63.5 mln dlrs.
It said efforts to wind up the bank's affairs were
proceeding as quickly as possible.
The bank said it expected to report positive earnings in
future periods, barring unforeseen circumstances.
Loan losses, which the bank previously said figured in its
move to sell off most of its assets, rose to 105.7 mln dlrs in
fiscal 1986 from year-earlier 36.1 mln dlrs. The bank said 31.1
mln dlrs of the 1986 total represented downward adjustments to
its portfolio of syndicated sovereign risk loans as required
under the sale to HongKong Bank.
Since November 27, the bank has confined activities to the
winding up of affairs, Bank of British Columbia said.
Reuter
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Shr 17 cts vs 16 cts
Net 1,019,000 vs 985,000
Revs 7,997,000 vs 7,492,000
YEAR
Shr 1.18 dlrs vs 64 cts
Net 6,959,000 vs 3,778,000
Revs 36.5 mln vs 29.8 mln
Reuter
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<Kiena Gold Mines Ltd> said it planned
a two-for-one common stock split, pending shareholder approval
on April 7.
It said approval would require 66-2/3 pct of votes cast.
Kiena said 57 pct-owner Campbell Red Lake Mines Ltd <CRK> was
expected to vote in favor of the split.
Reuter
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Qtly div four cts vs four cts prior
Pay April 15
Record March 20
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House trade lawmakers took their
first votes on measures designed to toughen U.S. trade laws but
held over until tomorrow the most difficult votes on
controversial plans to protect American industries.
Meeting in closed session, the House Ways and Means Trade
Subcommittee failed to resolve one of the most sensitive issues
in the bill--whether they will force major foreign trading
partners to severely cut their trade surpluses with the United
States.
The subcommittee is considering a toned-down version of
Democratic-sponsored trade legislation that aims to open
foreign markets but which drops last year's effort to force
President Reagan to retaliate with quotas or tariffs.
Congressional aides who asked not to be identified said the
lawmakers intend to wrap up their proposals tomorrow and will
consider a proposal to mandate retaliation without setting
specific trade penalties.
The legislation faces another hurdle in the full Ways and
Means Committee next week before the full House votes on it.
Rep. Richard Gephardt, a Missouri Democrat who is seeking
his party's 1988 presidential nomination, said he may offer an
amendment to call for reductions in the trade surpluses of
those countries with barriers to imports of U.S. goods.
This would be a moderated version of his earlier plan to
force a mandatory ten per cent annual cut in the trade surplus
with the United States by Japan, South Korea, Taiwan, West
Germany and other countries with the largest trade imbalances.
"My criteria for a good amendment sets a standard for
getting the trade deficit down," he told reporters.
The trade law changes are to become part of a major
congressional and administration effort to turn around the
record U.S. trade deficit of 169 billion dlrs last year by
opening up foreign markets and making U.S. products more
competitive.
House Speaker James Wright, a Texas Democrat, said again
today he expects the full House will approve the trade bill by
May and that Reagan will accept the final congressional bill.
"I expect whatever is reported (by the Ways and Means
Committee) will pass. We will have a good bill and an effective
bill," he told reporters.
The comprehensive trade bill will include work by other
committees to ease export controls on high technology, to aid
U.S. workers displaced by foreign competition, to stimulate
research and development, to remove foreign trade barriers and
to improve education and worker training.
The lawmakers agreed that for the first time a U.S.
industry could charge foreign producers with unfair competition
if they deny basic worker rights such as collective bargaining,
safety rules and payment of a minimum wage appropriate to the
country's economic development.
They transferred to U.S. Trade Representative Clayton
Yeutter the powers now held by Reagan to decide whether to
retaliate against foreign violations of fair trade rules and
whether an injured industry deserves import relief.
They agreed to make it easier for a company to get
temporary relief from import competition but agreed the
industry should provide a plan to become competitive.
The administration has not announced its support but
Yeutter said yesterday, "I am cautiously optimistic," that the
Democratic-led House will come up with an acceptable bill.
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Soviet first deputy prime minister
Vsevolod Murakhovsky said at the end of a brief visit here his
country wanted to boost joint business with France, but that a
reduction of France's trade deficit with the Soviet Union
depended on the French.
Murakhovsky, who is also chairman of the State
Agro-Industrial Committee (GOSAGROPROM), told a news conference
he had discussed a variety of possible deals with French
companies Rhone-Poulenc, Pechiney and Imec.
Declining to put figures on possible contracts he said he
had discussed plant protection and the processing of highly
sulphuric gas with Rhone-Poulenc, packaging technology for
agricultural products with Pechiney, and fruit and vegetable
juice processing with Imec.
An official for Pechiney said an agreement of intent on
packaging could be signed soon, but could not give any other
details. The other two companies were not immediately available
for comment.
Asked whether he foresaw a reduction this year of France's
trade shortfall, at 7.6 billion francs in the first 11 months
of 1986 against 5.1 billion for the whole of 1985, Murakhovsky
told Reuters: "It all depends on France."
At a meeting in Paris last January French and Soviet
foreign trade ministers said they were committed to increased
efforts to reduce the deficit. Estimates at the time showed a
French 190 mln franc surplus for December 1986.
Murakhovsky said the Soviet Union was prepared to talk with
anybody with "interesting" proposals offering latest technology
and assuring "a mutual advantage."
He said the Soviet Union had many tasks ahead of it and
would deal rapidly with proposals it considered interesting.
He encouraged companies to take advantage of new laws
guaranteeing "the interests of foreign partners" in joint
ventures.
But he said no agreements had yet been finalised under the
new joint venture laws.
He said concrete deals had not yet been finalised as a
result of a one billion dollar accord signed in Moscow last
month with French businessman Jean-Baptiste Doumeng.
He said Doumeng's Interagra company was preparing proposals
for further examination by the Soviet Union. Doumeng last month
said the agreement was to exchange one billion dollars worth of
goods.
Murakhovsky said the agreement was one of intent, and
designed primarily to renew and increase the Soviet Union's
food production capacity.
Reuter
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venezuela will supply ecuador with an
as yet undetermined amount of crude oil to help it meet export
commitments, seriously affected by last week's earthquake,
energy and mines minister arturo hernandez grisanti said.
He gave few details about the deal, but said a crude oil
loan agreement will be made between state oil companies
petroleos de venezuela (pdvsa) and ecuador's cepe.
Ecuador was forced to suspend oil exports for an expected
four months after an earthquake damaged a pipeline. Oil
accounts for 60 per cent of its export income.
Hernandez was speaking to reporters at miraflores palace
on the results of talks with ecuador's deputy energy minister
fernando santos alvite, who arrived here last night.
"the volume lent to ecuador would be discounted from its
opec quota and would not affect venezuela's," he said. "we would
from august on produce our own quota and sell the additional
amounts that ecuador would be repaying us," he said.
He did not elaborate on the quota arrangements but did say
ecuador would notify opec by telex that venezuela would be
lending it a certain amount over so many days.
Venezuela's opec output quota is currently 1.495 million
barrels a day, and ecuador's has been set at 210,000 bpd.
Reuter
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Shr profit 17 cts vs profit 14 cts
Net profit 1.3 mln vs profit 901,000
Revs 36.9 mln vs 36.2 mln
Six months
Shr profit 18 cts vs loss 11 cts
Net profit 1.4 mln vs loss 716,000
Revs 63.6 mln vs 57.7 mln
NOTE:1986 six months includes increase in provision for
doubtful accounts to 1.5 mln dlrs. 1986 shares give effect to
issuance of 1.5 mln shares in exchange for outstanding Series 1
preferred shares.
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Britain today called on Japan to
increase foreign imports or risk the rise of protectionism and
the harm it would bring to it and other trading nations.
British Trade and Industry Secretary Paul Channon said
Japan must heed a report issued by a Japanese government
advisory body in December calling for faster domestic demand to
help cut its trade surplus and restructure its economy.
"I recognise that the strong yen has brought problems to
Japan's domestic economy," he told a group of Japanese
businessmen in London.
"But these short term difficulties should not be allowed to
deflect Japan from the fundamental reforms necessary," he said.
"It is not just a domestic issue for Japan. If import
propensity does not expand very soon there is a real risk from
protectionist lobbies, particularly in the U.S. With whom Japan
has so massive a surplus," he said.
"They may well succeed in securing action by governments
which would be highly injurious to trading nations like Japan
and the U.K."
Channon said there had been substantial growth in the
volume of trade between Japan and Britain, amounting to 6.2
billion sterling (9.8 billion dlrs) last year.
But he added: "Regrettably too much of it was in one
direction, with the Japanese selling us 3.7 billion sterling
(5.8 billion dlrs) more than we sold them."
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Taft Braodacasting Co said its board
of directors unanimously decided not to accept the pending
proposal of Theta Corp, an investor group led by Dudley Taft.
The decision was based on, among other things, the advise
of its financial advisors, goldman sachs and co, that the offer
of 145 dlrs per share was inadequate.
Taft said the board concluded that the offer failed to
recognize fully the future propsects of the company and
directed management to explore alternatives including possible
financial restructuring.
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U.S. Treasury Secretary James Baker
declined comment on the February 22 Paris accord between the
six major industrial nations under which they agreed to foster
exchange rate stability.
Asked by reporters after a speech before the National
Fitness Foundation banquet what, if any, currency intervention
levels had been set in Paris, Baker replied: "We never talk
about intervention."
Baker also declined to comment on his views about the
foreign exchange markets' reaction to the accord.
REUTER
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Ecuador will ask OPEC to raise its oil
export quota by 100,000 barrels per day to 310,000 to
compensate for lost output due to last week's earthquake,
deputy Energy Minister Fernando Santos Alvite said.
Santos Alvite, who arrived in Caracas last night to discuss
an aid plan for Ecuador, did not say when the Organisation of
Petroleum Exporting Countries (OPEC) would be approached.
The additional output would be related to plans now under
discussion for Venezuela and Mexico to lend Ecuador crude while
it repairs a pipeline damaged by the quake.
Earlier, Venezuelan Energy and Mines Minister Aturo
Hernandez Grisanti said his country would supply an unspecified
part of Ecuador's export commitments.
But Santos Alvite told reporters he hoped a first cargo of
300,000 barrels could leave Maracaibo this weekend to supply
refineries near Guayaquil. He added Ecuador also wanted to make
up for 50,000 bpd it shipped to Caribbean destinations. Mexico
might supply Ecuador's South Korean market.
Ecuador may be unable to export oil for up to five months
due to extensive damage to a 25 mile stretch of pipeline
linking jungle oilfields to the Pacific port of Balao.
REUTER
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China has closed the second round of
bidding by foreign firms for offshore oil exploration rights,
the China Daily has reported.
It quoted a spokesman for the China National Offshore Oil
Corp (CNOOC) as saying China signed eight contracts with 15
foreign firms for blocks in the Pearl River mouth and south
Yellow Sea covering a total area of 44,913 sq km.
Second round bidding began at the end of 1984 and only one
well has so far produced results -- Lufeng 13-1-1, 250 km
south-east of Shenzhen, with an output of 6,770 barrels a day.
The well was drilled by a group of Japanese companies.
The spokesman added CNOOC was ready to enter into contracts
for offshore blocks before third round bidding began. He did
not say when this would be, but added the contracts would not
be bound by restrictions imposed during the second round.
China has signed 36 oil contracts and agreements with 37
companies from 10 countries since 1979, when offshore
exploration was open to foreigners. Eleven contracts were
terminated after no oil was discovered.
Foreign firms have invested 2.1 billion dlrs on offshore
China since 1979.
REUTER
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American Motors Corp <AMO> management
has ordered a hiring freeze in view of Chrysler Corp's <C> 1.5
billion dlr takeover bid, a spokesman for AMC said.
Analysts said the merger is virtually certain to go ahead.
American Motors directors met for five hours Wednesday to
review the takeover proposal. "The board ... Expects to be
meeting periodically over the next several weeks on the
Chrysler proposal," AMC said in its first formal statement since
it acknowledged the Chrysler proposal on Monday.
Chrysler, the number three U.S. Automaker, has said the
merger is motivated principally by its desire to acquire AMC's
profitable Jeep business and dealers, as well as a new modern
car assembly plant in Bramalea, Ontario.
That means a guaranteed future for much of AMC, but it
leaves in question the fate of many of its 19,000-plus
employees, according to industry analysts. AMC's Toledo, Ohio
Jeep plant has 1,850 hourly workers on indefinite layoff while
its Kenosha, Wisconsin, car plant has another 2,250 on layoff.
REUTER
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Taiwan's maize import commitments are
expected to rise to 970,000 tonnes in the first four months of
1987 from 870,000 tonnes a year earlier, a spokesman for the
Joint Committee of Maize Importers told Reuters.
He said more than 75 pct of the imports come from the U.S.
And the rest from South Africa.
The maize import target for calendar 1987 is set at well
over 3.4 mln tonnes compared with an actual 3.07 mln in 1985,
he added.
REUTER
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Taiwan said it would soon relax import
controls on some 400 foreign items, including stationery and
books, in a further effort to allow trading partners,
especially the U.S., Greater access to its markets.
Taiwan announced the easing of import curbs on some 600
farm and industrial products last month, a Council for Economic
Planning and Development spokesman told Reuters.
He said the new move was intended to balance trade between
Taiwan and its trading partners. The island's trade surplus
reached a record 15.6 billion U.S. Dlrs last year, up from
10.62 billion in 1985.
In January, Taiwan cut import tariffs on some 1,700 foreign
products and allowed imports of U.S. Wine, beer and cigarettes.
"We hope the measures will help reduce our trade surplus
this year, especially with that of the U.S.," the spokesman
said.
Washington is pressing Taiwan to open its markets wider as
a way of cutting its trade deficit with the island, which rose
to 2.35 billion U.S. Dlrs in the first two months of 1987 from
1.87 billion in the year-earlier period.
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International efforts to redirect Japan's
export-driven economy toward domestic consumption face heavy
going if the country's largest defence contractor and world's
biggest shipbuilder is anything to go by.
Mitsubishi Heavy Industries Ltd <MITH.T> (MHI), which began
making ships and iron goods for Japan's military rulers 130
years ago, is responding to the strong yen by redoubling its
efforts to maintain its share of export markets.
"If we sell the best quality and the cheapest products,
everyone will buy them," MHI president Yotaro Iida said.
Although two of MHI's main businesses, shipbuilding and
power plant construction, have been hit hard by the yen's 40
pct rise against the dollar, the company has no plans to
abandon them, Iida told Reuters in an interview.
Its other big activity, aircraft component manufacture, has
performed so well that MHI now accounts for half of the money
Tokyo spends on defence procurement each year.
"We have made the utmost efforts among the world's
manufacturers to improve productivity," he said. "You may be
surprised if you come to see our plants. The outside is old but
the inside is ultra-modern, with robots and computers."
Securities analysts at major securities houses agreed that
MHI has pared costs more quickly than its competitors. The
company has slashed its workforce to 47,000 from 86,000 in
1976.
Despite its cost-cutting, MHI expects profits to drop 40
pct to 30 billion yen in the current fiscal year ending March
31, from 1985/86's record 50.14 billion.
And that includes gains from the sale of MHI's stake in
Mitsubishi Motors Corp <MIMT.T> for 49 billion yen.
Iida is optimistic about the future, however. He said a
resurgence of demand from the Middle East following the recent
recovery in oil prices coupled with persistent demand for power
plants in developing countries will help MHI restore its
exports-to-sales ratio to the past decade's average of 30 pct.
MHI's exports-to-sales ratio fell to 25.9 pct in the
half-year ended last September, from 35 to 36 pct five years
ago.
China is the most promising market, although MHI also
considers other non-oil-producing developing countries as major
customers.
"Our customers are all seen as being in trouble due to a
lack of foreign currency," Iida said. But he added that he felt
MHI could sell to those markets with Japanese government
financial support.
It can also finance the plants itself and recover its
investment through product sales, a strategy Iida said could
prove popular in the future.
In shipping, MHI is fighting back against low-priced South
Korean competition by building more technologically advanced
carriers to carry liquefied natural gas and other products
difficult to transport.
Shipbuilders Association officials told Reuters MHI is the
world's largest shipbuilder in terms of orders and capacity.
Domestically, MHI is involved in 12 national projects,
including development of nuclear fusion reactors and launch
vehicles for man-made satellites.
It has been the biggest contractor for the Japan Defence
Agency's F-15 and F-14 jet fighters and missiles, although all
of these have been built under licence from U.S. Firms.
MHI is now heading up five Japanese companies seeking to
develop the country's own fighter plane to replace the
currently used F-1 support fighters in the late 1990s.
Military experts said Washington is putting strong pressure
on Tokyo to buy a U.S. Plane, either the McDonnell Douglas Corp
F-18 or General Dynamics Corp F-16, to reduce Japan's huge
trade surplus with the U.S.
"It might be a good idea to jointly produce planes with U.S.
Makers as Japan is supported by the U.S. Defence umbrella," Iida
said.
MHI also plans to cooperate with the U.S. In its Strategic
Defence Initiative space defence program by participating in
the project when it moves from the research stage, he said.
The U.S. Has been seeking Japan's technological support.
In fiscal 1985/86, aircraft accounted for 17.1 pct of MHI's
sales, shipbuilding 17 pct and power plants 27.9 pct. Iida said
the ideal ratio is power plants 30 pct, aircraft and special
vehicles 25 pct and shipbuilding 15 pct.
As for the remaining 30 pct, Iida said he wanted to shift
the domestic focus away from heavy machinery sold to
manufacturers and towards household goods, but he declined to
specify which products.
"By the end of this year, you may find our brand name on
your daily products, although this does not mean we will run
away from our mainstream business," he said.
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Cargo handling resumed at
Bangladesh's Chittagong port today after 7,000 workers ended
their three day walk-out triggered by a pay dispute, port
officials said.
Loading and unloading of 14 ships stranded by the strike
started this morning and will be completed as quickly as
possible, they said.
The strikers returned to work after an agreement was
reached last night between port authorities and the Port
Workers Association, they said without giving details.
REUTER
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The Bank of England does not favour the
introduction of rules to shield companies from hostile takeover
attempts, its governor, Robin Leigh-Pemberton, said.
Instead, merchant banks advising bidding companies must
show restraint and responsibility to avoid the excesses that
have marred recent takeovers, he told the Yorkshire and
Humberside Regional Confederation of British Industries' annual
dinner.
Leigh-Pemberton also called on companies to improve ties
with institutional investors, suggesting representatives of
those institutions be granted seats on the boards of directors
of companies they invest in.
"Boards cannot expect protection from unwelcome predators,
for that is but a short step from saying that they should be
protected from their own shareholders -- who are, after all,
the proprietors of the company," Leigh-Pemberton said.
He added takeovers and mergers had an important role to
play in furthering economies of scale, integration and more
efficient market penetration. "The degree of success or failure
(of a takeover) has not in my experience depended on whether or
not the takeover was contested," he said.
Leigh-Pemberton noted there had been excesses in takeover
activity in the recent past. "The aim is to pressurise a
company's management into action dedicated solely to a
favourable impact on the share price in the short-term, partly
or even primarily at the expense of the future," he said.
Such bids "often depend for their success on creating a
highly-charged and artificial situation in the share market,
and give rise to temptations, on both sides of the battle, to
engage in aggressive, even manipulative tactics that are
immensely damaging to the interest of the shareholders," he
said.
In a clear reference recent events, he said "those in the
City who act for companies or individuals .. Must, I suggest,
be ready to accept a full measure of responsibility -- even if
it entails opprobrium -- for the transactions that may result."
They "should exercise the most careful judgment at the
outset with respect to the clients for whom they act and the
activities contenplated. Those who sow wind cannot expect the
whirlwind to visit elsewhere," he added.
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Commerce Secretary Malcolm Baldrige
has asked the White House to consider blocking the planned
Japanese acquisition of a major U.S. Computer and semiconductor
maker, U.S. Officials said yesterday.
The officials told reporters Baldrige had serious concerns
on national security grounds about the sale of Schlumberger Ltd
<SLB> unit <Fairchild Semiconductor Inc> to Fujitsu Ltd
<ITSU.T>. The officials said the sale could leave the United
States overly dependent on a foreign company for equipment used
in advanced missiles, aircraft electronics and intelligence
gathering.
The U.S. Officials added the sale would also worsen the
strained relations between the two countries stemming from the
huge Japanese trade surplus.
The White House Economic Policy Council would consider the
sale in the coming weeks, they said.
Defence Secretary Caspar Weinberger's position was not
known, but in the past, he has opposed the transfer of high
technology to foreign governments or companies.
Computers made by U.S. Manufacturers are widely used in the
world, but Tokyo told U.S. Negotiators recently it prefers
local manufacturers and would not buy U.S. Supercomputers.
REUTER
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The Australian Wheat Board's (AWB)
1986/87 export program is well advanced with over 10 mln tonnes
already sold, AWB general manager Ron Paice said.
"We are certainly within reach of our 15 mln tonne export
target for the year," he said in a statement.
He did not detail the commitments already made, but an AWB
spokesman said they include sales to Egypt, China, Iran, the
Soviet Union and Iraq.
In the 1985/86 wheat year ended September 30, the AWB
exported a record 15.96 mln tonnes.
Paice also said the 1986/87 Australian wheat harvest has
ended after a long, cool summer with 15.14 mln tonnes delivered
to the AWB.
The season produced another good crop, with only 0.2 pct of
receivals being downgraded to feed quality, he said.
However, it is likely that some weather-damaged grain was
still being held on farms and further milling and feed wheat
may be delivered following the recent announcement of the final
Guaranteed Minimum Price for 1986/87, he said.
Paice did not give a crop estimate, but the AWB's February
Wheat Australia publication put the crop at 16.7 mln tonnes.
But the AWB spokesman said it is likely this estimate could
turn out to be too high, based on the receivals level, and the
final crop figure would probably be nearer to 16.2 mln tonnes.
The official estimate is not yet available.
In the 1985/86 season, the AWB received 15.08 mln tonnes of
the 16.13 mln tonne crop.
Another 422,000 tonnes was retained on-farm and 620,000
sold under the permit system introduced in 1984/85 to allow
farmers to sell feed wheat to the grain trade outside the AWB's
receival system, according to Bureau of Agricultural Economics
data.
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North Broken Hill Holdings Ltd
<NBHA.ME> (NBH) said it will offer one <Norgold Ltd> share for
every five NBH shares in the float of its newly created gold
offshoot.
The 20 cent par-value shares will be offered at 22 cents to
shareholders registered April 3, NBH said in a statement.
Norgold's issued capital will be 240.5 mln shares, of which
63 pct will be held by NBH after 89 mln are issued to
shareholders to raise 19.6 mln dlrs, it said.
Norgold will take control of a portfolio of precious metal
exploration and pre-development interests held by NBH.
The major gold deposit to be acquired by Norgold is 100 pct
of the Bottle Creek deposit, west of Leonora in Western
Australia, NBH said.
Production of gold from the project, at an annual rate of
35,000 ounces, is scheduled to begin early in 1988.
Norgold will also have a 10 pct stake in the Coronation
Hill gold/platinum project in the Northern Territory and 43 pct
of the Poona copper/gold project in South Australia.
Other gold exploration interests to be acquired by Norgold
are in Western Australia, Queensland, New South Wales and
Tasmania, NBH said.
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Striking seamen said they would
offer their collective resignation rather than end their
13-day-old national strike on management's terms.
The seamen said they were spurred to their decision after
marines occupied the ship Docemarte in Santos harbour Tuesday
night. They said seamen on the vessel were being forced to work
under duress.
President Jose Sarney's government despatched troops to
Brazil's ports and oil installations on Tuesday.
Seamen in Santos, Brazil's main port, are in defiant mood.
One of their leaders, Orlando dos Santos, told Reuters that
most of the 1,100 seamen in the port offered their resignations
on Wednesday. The national strike headquarters in Rio de
Janeiro said seamen were offering to resign in all the
country's main ports.
The strike by 40,000 seamen comes as Brazil faces a serious
debt crisis brought on by a sharp deterioration in its trade
balance. The country needs all the foreign exchange it can get,
and shipowners have been quick to denounce seamen for the harm
the strike is doing to exports.
An advertisement placed in the newspapers by the Shipowners
Association read, "The seamen's strike is illegal, irrational
and unpatriotic."
The seamen respond that they cannot live on their present
salaries. According to officical pay lists available in the
union's office, the basic pay for ordinary seamen is 1,977
cruzados a month, while various allowances can bring their
total pay up to 4,000 cruzados a month.
At the other end of the scale, captains earn 7,993 cruzados
a month basic pay, which is brought up to 15,229 cruzados with
allowances.
"Brazil's seamen are the second worst paid in the world,
after Ghana's," dos Santos said. He said the seamen had not
received a pay increase since February 1986, and prices have
doubled since then with the collapse of the government's
Cruzado Plan price freeze.
Talks in Rio de Janeiro Wednesday involving Labour Minister
Almir Pazzionotto, seamen and employers failed to resolve the
dispute. The seamen are demanding pay raises of about 200 pct
but have been offered less than half that.
REUTER
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<Renouf Corp Ltd> said it sold its
10.83 pct stake in <NZI Corp Ltd> to <Brierley Investments
Ltd>, (BIL), for 207.7 mln N.Z. Dlrs.
Renouf managing director Mike Cashin said in a statement it
had been Renouf's intention to build up a long-term strategic
position in NZI. "But it became clear to us that it was in the
best interests of both NZI and ourselves for Brierley
Investments to acquire our holding," he said.
He said Renouf built up its NZI holding over the past six
months. The sale comprised 74.9 mln shares at 2.725 N.Z. Dlrs a
share and 2,095 warrants at 1,709 dlrs each.
The warrants are attached to a 150 mln Swiss franc note
issue. Each bond of 5,000 francs carries a detachable warrant
entitling the bearer to 2,486 NZI shares.
In its 1986 annual report BIL reported that it held a 19
pct stake in NZI.
NZI has 673.4 mln ordinary shares on issue. Total capital
including shares attached to warrants is 678.8 mln shares.
Cashin said the sale will result in a significant profit
and places Renouf in a good position to consolidate on recent
transactions and pursue other opportunities.
NZI shares were at 2.18 N.Z. Dlrs, BIL at 4.08 and Renouf
at 6.15 at the close of trading.
BIL executives were unavailable for comment.
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Group loss after financial income and expenses 1.08
Billion vs loss 71 mln crowns
Sales - 12.38 billion crowns vs 6.16 billion.
No proposed dividend vs 10 crowns.
Note - The company this year consolidated wholesale and
investment conglomerate Ahlsell AB.
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Saudi Arabia's 11 commercial banks are
reporting a further decline in profits for 1986 as increasing
provisions have to be set aside to cover the burden of non-
performing loans.
Bankers in the Saudi capital said the need to build
reserves for bad and doubtful debts may start to decline a
little this year.
But the kingdom's still sluggish economy and legal problems
hampering traditional lending operations mean earnings will
remain vulnerable.
One senior bank credit officer said "The work is largely
done in terms of identifying bad loans and making provisions,
but banks are still going to face difficulties earning money."
The sudden decline of Saudi Arabia's corporate sector in
1983 - culminating in a number of debt reschedulings - has
taken a heavy toll of bank profits, with first results now
appearing for 1986 showing a fourth successive year of broad
decline.
The cumulative net 1985 earnings of the kingdom's banks had
sunk to 827.9 mln riyals from 2.66 billion in 1982 before world
oil prices tumbled.
Of the kingdom's nine joint-venture banks which operate on
the Gregorian calendar year, four have already reported and
revealed a further profits decline - or net loss - for 1986 at
the expense of increased provisions.
The newest and smallest of the joint ventures, <United Saudi
Commercial Bank> (USCB) reported a 1986 net loss of 15.9 mln
riyals, marginally less than 1985's shortfall of 17.0 mln.
Profits before provisions were sharply higher, in part
reflecting an 18 pct staff cut last year. But the bank nearly
trebled the amount set aside against bad and doubtful loans to
60 mln riyals from 22 mln in 1985.
Other results released so far show <Saudi American Bank>
(SAMBA) reporting a 53.8 pct fall in 1986 net profit to 80.7
mln riyals, while <Al Bank Al Saudi Al Fransi>, known as Saudi
French, slid 14 pct to 94.9 mln riyals.
Both Saudi American, owned 40 pct by Citicorp's <CCI.N>
Citibank NA and Saudi French, 40 pct owned by Banque Indosuez,
increased provisions sharply.
<Arab National Bank>'s net profit fell 17.8 pct to 152.1
mln riyals and provisions were more than doubled to 86.6 mln
riyals.
Bankers said there are first signs that the number of non-
performing loans has stopped growing as the decline in the
Saudi economy bottoms out.
Few are willing to predict a sharp upturn in economic
activity, but one banker said "The top 50 pct of the Saudi banks
are now at or close to international levels on provisions."
From 1982 to 1985, the kingdom's largest bank <National
Commercial Bank> (NCB) stashed away 1.7 billion riyals in
provisions or 8.9 pct of its total loans and advances to the
private sector, bankers calculated.
Between 1982 and 1985, <Riyad Bank>, NCB's rival as the
second biggest of the two all-Saudi shareholding banks, had
covered 12.8 pct of its loans and advances. Both banks operate
on an Islamic year that does not coincide with the other nine.
Although the Saudi Arabian Monetary Agency (SAMA) has been
tightening supervision, there is still no standardised rule for
declaring loans as non-performing.
Bankers say this makes comparison of profit figures
difficult because some banks still book non-accruing interest
as revenue while others follow more conservative practices in
force in major world financial centres.
Bankers generally said NCB, Riyad Bank and the
joint-ventures SAMBA, Saudi French and Arab National Bank rank
as the strongest earners.
Other banks such as <Saudi British Bank>, 40 pct owned by
the <British Bank of the Middle East>, are disadvantaged by a
relatively low deposit base.
Saudi British slashed 1985 profit 91 pct to just 9.1 mln
riyals and 1986 accounts due soon are expected to show another
low figure. But the bank has traditionally been one of the most
conservative in making provisions.
Bankers said SAMA has proved it is not prepared to see a
Saudi bank go under and not only supported <Saudi Cairo Bank>
after its troubled 1985 accounts came to light but also made
available cheap deposits to <Saudi Investment Bank> and USCB.
The banks can on-lend these to generate profit, but
generally banks are awash with liquidity since they are
unwilling to risk incurring fresh non-performing loans.
And while banks in more liberal financial markets can
attempt to diversify away from traditional lending,
conservatism in Saudi banking has made it difficult to generate
fee income from new investment banking products.
One banker said "Operating earnings in the Kingdom are not
good."
Reflecting the caution in new lending, the amount of
advances is showing a declining trend, while the days when
banks had ample funds in interest-free current accounts to
invest are disappearing as Saudi customers seek a better return
on their money.
In 1979, the ratio of interest-bearing accounts to current
accounts was 27 to 73 pct. Today, only about 40 pct of customer
funds are held on current account.
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Guinness Plc <GUIN.L> , the
brewing group, has challenged a 5.2 mln stg payment to a U.S.
Lawyer who says he organised its controversial takeover of
Scotch whisky maker <The Distillers Co Plc>.
But attorneys for lawyer Thomas Ward, a member of the
Guinness board, told a court yesterday in the Channel Island of
Jersey that Ward saw the payment as his reward for services in
last year's 2.7 billion stg takeover.
Britain's Department of Trade and Industry is investigating
the takeover.
Guinness says its former chairman Ernest Saunders and Ward
"breached their fiduciary duty" in authorising the payment to
Ward, via a Jersey-based company, Marketing and Acquisitions
Consultants and has gone to the Jersey court to recover it.
MAC said in defence documents that Ward was the main
negotiator in the battle for Distillers against rival bidder
Argyll <AYLL.L> Group Plc.
"The bid would not have been successful but for the ...
Services of Mr Ward," MAC attorneys said in the documents
submitted in court. "The payment was, in all the circumstances,
reasonable, proper and fully earned."
REUTER
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Japanese corporate earnings will rise 8.9
pct in fiscal 1987/88 for the first year-on-year increase in
three years, partly because of the yen's stable exchange rate,
the Nomura research institute said.
Sales of all industries are predicted to rise 1.9 pct in
the year, which starts April 1, the research arm of Nomura
Securities Co said in a statement.
Recurrent profits were estimated to fall 20 pct in the
current fiscal year with sales forecast to drop 14 pct.
The forecast assumes an average rate of 148.5 yen to the
dollar in 1987/88, compared with 160 yen in the current year.
Corporate efforts to cope with the yen's appreciation, such
as cutting production costs, are expected to bear fruit next
fiscal year, the institute said. The economy should also
benefit from pump-priming expected from the government and a
halt in rising prices of manufactured goods, it said.
Recurrent profits of manufacturing industries are projected
to rise 29.6 pct next fiscal year against an estimated 40.1 pct
fall in the current year.
Non-manufacturing sector profits will decline 4.5 pct in
1987/88 against an estimated 2.2 pct rise in the current year,
it said.
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Swedish mining and metals group
Boliden AB <BLDS ST> forecast a return to profitability during
1987 after recording a 1.08 billion crown 1986 loss burdened by
a massive write-off.
The company, which consolidated the Swedish wholesale and
investment conglomerate <Ahlsell AB> this year, said the result
included restructuring costs and write-offs of 802 mln crowns.
"These costs have arisen as a results of a change of
direction for the group. They are mainly one-off but they have
burdened the annual accounts," the company said in a statement.
Boliden said the company's liquid assets were 1.36 billion
crowns at year-end which together with an investment portfolio
of 1.60 billion made it one of the most liquid Swedish
companies.
As a result of the 1986 losses, the board proposed
cancelling dividend for the year although it predicted a return
to profitability during 1987, the statement added.
Swedish tyres, process equipment and components firm
<Trelleborg AB> has taken a majority stake in Boliden since the
beginning of this year. Trelleborg then said it had no plans
for consolidating Boliden.
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China's wheat imports in January were
218,000 tonnes, down from 393,000 in January 1986, the China
Daily Business Weekly said, quoting customs figures.
It said imports of sugar were 25,165 tonnes, down from
54,000, but exports of rice rose to 71,144 tonnes from 20,000.
It gave no more details.
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The French 1986 current account balance
of payments surplus has been revised slightly upwards to 25.8
billion francs from the 25.4 billion franc figure announced
last month, the Finance Ministry said.
This compares with a 1.5 billion deficit in 1985, and while
it is the first surplus since 1979, is substantially lower than
the 50 billion surplus forecast by the previous socialist
government before they lost office in March last year.
Net long-term capital outflows rose sharply to 70.5 billion
francs last year from 8.8 billion in 1985, largely due to a
major program of foreign debt repayment, the ministry said.
In the fourth quarter alone the unadjusted surplus rose to
14.1 billion francs from 6.6 billion the previous quarter, but
the adjusted surplus fell to 7.4 billion from 9.1 billion.
Fourth quarter medium and long-term foreign debt repayments
exceeded new credits by 11 billion francs.
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Rowntree Mackintosh Plc <RWNT.L>
announced it made a pretax profit of 84 mln stg in the 53 weeks
ending January 3, 1987, compared with 79.3 mln stg in the
previous year.
Turnover was up to 1.29 billion stg from 1.2 billion. A
final dividend of 9.2p was proposed, after a final 8.2p last
year. Earnings per share rose to 35p from 34.8p.
The results were broadly in line with market expectations,
leaving shares at 499p in early trading, up one pence from
yesterday's close, but slightly off pre-announcement opening
levels.
Profit on ordinary activities after tax was 66.2 mln stg,
up from the previous year's 60.7 mln.
The U.K. Remained Rowntree's largest centre for trading
profits, accounting for 47.9 mln stg, up from 45.3 mln in 1985.
Profit from its second largest geographical area, North
America, slipped to 34.7 mln stg from 37.2 mln. North American
profits were affected by the fall of the value of the dollar.
Operations in continental Europe made 7.8 mln stg in
trading profit, up from 3.4 mln, with 4.0 mln stg made in
Australasia, up from 2.3 mln, and 11.3 mln stg from the rest of
the world, against 13.1 mln in the previous year.
Extraordinary items amounted to a 11.3 mln debit after a
16.5 mln debit previously. A company spokesman said this
represented additional provisions for the cost of
rationalisation plans announced in earlier years.
Rowntree expects North American operations will this year,
ahead of company expectations, be of the same order as those
from the U.K. And the rest of Europe combined, the statement
said. A spokesman said no specific figures had been forecast.
Acquisitions will continue to be sought worldwide,
including further moves in the speciality retailing business
which Rowntree first entered in 1983, the statement said.
Rising profit from Europe this year was forecast by
chairman Kenneth Dixon in a statement. He added the performance
of seven businesses bought last year was encouraging.
The U.K. Confectionery side gained market share and
increased trading margins. The Sun-Pat British grocery concern
increased profit and Rowntree's small health food business,
Holgates, raised earnings 10-fold, the statement said.
Offsetting factors included currency movements, which cost
the company nearly 5.0 mln stg. Sales tax hurt Canadian profits
on confectionery operations, and the company faced strong
competition in the U.K. Snack and Mid East export markets.
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China's trade deficit in January fell to
310 mln dlrs from 460 mln in January 1986, the China Daily
Business Weekly said.
Quoting customs figures, the paper said exports fell to
1.75 billion dlrs from 1.84 billion and imports fell to 2.06
billion from 2.3 billion.
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Net 190.9 mln Swiss francs vs 150.4 mln
Turnover 5.24 billion vs 5.38 billion
Dividend 160 per bearer vs 155 francs, 32 francs per
registered vs 31 francs, 16 francs per participation
certificate vs 15.50 francs
Cash flow 294.3 mln vs 242.6 mln
Note - Confirms forecast of results issued in January.
Operating profit 337.6 mln vs 265 mln
Depreciation 103.4 mln, up 12.2 pct
Capital spending 84.6 mln, down 15.7 pct.
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The Bank of England said it had invited
the discount houses to make an early round of bill offers to
help offset a large liquidity shortage in the money market.
It estimated the shortage at around 1.55 billion stg, one
adverse factor being the unwinding of a sale and repurchase
agreement, with the market having to buy back bills worth 542
mln stg from the Bank.
Bills maturing in official hands and the treasury bill
take-up would drain 957 mln stg wile exchequer transactions and
a note circulation rise would take out 15 mln and 25 mln
respectively. Above target bankers' balances would add 10 mln.
REUTER
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Shr 5.1p vs 4.2p, making 15.3p vs 12.7p for nine months.
Pre-tax profit 506 mln stg vs 452 mln, making 1.51 billion
stg vs 1.35 billion.
Net profit before minorities 320 mln vs 268 mln, making 960
mln vs 807 mln.
Note - Company's full name is British Telecommunications
Plc <BTY.L>.
Third quarter turnover 2.40 billion stg vs 2.11 billion,
making 7.01 billion vs 6.16 billion for nine months.
Operating profit 578 mln vs 520 mln, making 1.72 billion vs
1.56 billion.
Net interest payable 72 mln vs 68 mln, making 208 mln vs
203 mln.
Tax 186 mln vs 184 mln, making 552 mln vs 547 mln.
Minorities nil vs nil, making two mln vs nil.
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The Bank of England said it had bought
bills worth 1.059 billion stg from the market for resale on
March 31 at rates of interest between 10-7/16 pct and 10-17/32
pct.
Earlier, the Bank said it estimated the liquidity shortage
in the market today at around 1.55 billion stg.
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Shr 35.0p vs 34.8p
Div final div 9.2p vs 8.2p
Pretax profit 84.0 mln stg vs 79.3 mln
Net after tax 66.2 mln vs 60.7 mln
Turnover 1,290.4 mln vs 1,205.2 mln
Trading profit 105.7 mln stg vs 101.3 mln, consisting -
U.K 47.9 mln vs 45.3
Europe 7.8 mln vs 3.4 mln
North America 34.7 mln vs 37.2 mln
Australasia 4.0 mln vs 2.3 mln
Rest of world 11.3 mln vs 13.1 mln
REUTER
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Taiwan's new controls on currency
inflows, implemented today, are a desperate bid to stem a flood
of speculative money prompted by the local currency surge
against the U.S. Dollar, local and foreign bankers said.
The central bank now has to clear remittances exceeding one
mln U.S. Dlrs earned from exports, shipping and insurance and
bank lending plus remittances of more than 10,000 dlrs from any
other source.
Petitioners have to show their remittances relate to
genuine commercial transactions.
Meanwhile, traders are no longer required to report all
outward payments concerning invisible trade, including freight,
insurance and royalties, to the central bank.
But bankers said they believed the new controls would be
ineffective since businessmen could split up remittances into
smaller units or simply remit money through Taiwan's
flourishing currency black market.
The bankers said the controls, announced on March 6, are a
panic reaction to U.S. Pressure, which has intensified over the
past week, for a faster appreciation of the Taiwan dollar to
slow the growth of Taiwan's exports to the U.S.
The government has denied local press reports Washington is
pressing for an exchange rate of up to 28 dlrs.
The Taiwan dollar opened four cents up today at 34.70.
"I don't think the central bank has a final target," said an
executive with a U.S. Bank. Other bankers and economists said
they are wary of making any firm predictions about how far the
Taiwan dollar will rise.
Taiwan's trade surplus with the U.S. Hit 13.6 billion U.S.
Dlrs last year against 10.2 billion in 1985. The surplus
widened in the first two months of the year to 2.35 billion
dlrs from 1.87 billion in the same period last year.
Economists estimate up to five billion dlrs in speculative
money flowed into Taiwan in 1986.
This inflow helped boost foreign exchange reserves to more
than 51 billion dlrs from just under 25 billion this time last
year and provided further upward pressure on the currency.
The Taiwan dollar has appreciated by almost 15 pct against
the U.S. Currency since September 1985, further encouraging
speculators.
Central bank governor Chang Chi-cheng said last week
Washington's pressure plus rising foreign exchange reserves
meant a further strengthening in the currency is inevitable.
Many local bankers argue the only effective solution to the
currency problem is to drop foreign exchange controls and allow
the local dollar to find its own level.
"Lifting exchange controls is the final answer, but the
central bank is not prepared to do it. It simply does not want
to take the risk," said one local banker.
He said he believed the new restrictions are a temporary
measure designed to buy time as the central bank grapples with
the exchange rate problem.
The restrictions are a bureaucratic imposition and skirt
around the real issue, he said.
Taiwan needs a fundamental restructuring of foreign
exchange controls, said an executive with a western bank.
"The controls will create more paperwork, but the extra bank
charges will not outweigh the profits of speculation," said the
manager of a European bank.
Economists criticised the controls, saying they could
antagonise Washington, which is pushing for further economic
liberalisation in Taiwan.
"Instead of liberalising outflows, the government has
restricted inflows," said Kate Newman, an economist with Vickers
da Costa.
A local banker, who declined to be named, said, "It's
basically ridiculous. It's a backward movement and goes against
the government's liberalisation programme."
Taiwan last year eased some of its financial regulations to
enable Taiwan nationals to invest in foreign government bonds,
treasury bills and certificates of deposit and to allow
individuals to take 5,000 U.S. Dlrs in cash out of the country
each year.
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Shr, net basis 27.47p vs 22.15p
Div 6.5p vs 5.4p making 10.1p vs 8.4p
Pretax profit 46.1 mln stg vs 35.6 mln
Net after tax 30 mln vs 23.3 mln
Extraordinary items debit 3.8 mln vs debit 2.3 mln
Interest payable 2.7 mln vs 4.0 mln
Net borrowings 7.6 mln vs 16.1 mln
Turnover 478.9 mln vs 464.1 mln
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Glynwed International Plc <GLYN.L> in a
statement accompanying their results that present indications
are that 1987 has started well and it is confident that the
year will be one of further progress.
The company added that results in the U.S. Were poor and
the deterioration in the South African economy left its Falkirk
Industries unit with a loss of one mln stg. But it said there
was a continuing improvement in its core businesses.
The extraordinary items debit of 3.8 mln stg arose on the
closure and disposal of various businesses.
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British Telecommunications Plc <BTY.L>
expects to announce satisfactory results for its 1986/87
financial year ending March, chairman Sir George Jefferson said
in a third quarter statement.
Full year results will be published in June. In the 1985/86
financial year, pre-tax profit rose to 1.81 billion stg from
1.48 billion in the previous period.
Jefferson said good progress was made in the latest nine
months, while most customers were able to maintain their normal
level of calls during the recent strike by company engineers.
The statement said a positive cash flow of 381 mln stg for
the first nine months will diminish in the final quarter due to
corporation tax and dividend payments.
Earlier, the company reported third quarter pre-tax profit
for the period ended December 31 of 506 mln stg compared with
452 mln a year earlier. Nine month pre-tax was 1.51 billion stg
against 1.35 billion.
British Telecom shares were last quoted at 246-1/2p, level
with late yesterday, in the wake of results which were in line
with market expectations, dealers said.
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Shr 7.67p vs 5.34p
Div 1.5p vs 1.08p
Pretax profit 30.12 mln stg vs 12.40 mln
Net interest payable 2.55 mln vs 200 stg
Net after tax 19.58 vs 7.44 mln
Turnover excluding VAT 257.66 mln vs 74.09 mln
Note - The company said it intends to issue a second
interim statement for the six months to July 1987 and to pay a
related dividend in early 1988.
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Consolidated attributable net 1986 profit 360 mln francs vs
279.8 mln.
Parent company net profit 191 mln vs 150.9 mln.
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Consolidated attributable net profit of
Ste Lyonnaise des Eaux <LYOE.PA> is likely to rise by at least
10 pct this year from the 360 mln francs reported for 1986,
Chairman Jerome Monod told a news conference.
Group turnover should rise about seven pct from the 15.7
mln reported for this year, while group investments should
total around 1.8 billion francs, somewhat above the 1.3 billion
annual average of the past three years, he added.
Investments will be aimed mainly at developing the group's
leisure industry, health and communications activities, Monod
said.
In the leisure sector the group planned a joint development
with Club Mediterranee <CMI.PA>, Club Med, of a 200 hectare
pleasure park at Puisaye in the Yonne department of Eastern
Central France, he said.
Wholly-owned subsidiary Lyonnaise de Developpement
Touristique would carry out the construction work and financial
planning of the development which would be leased to Club Med
as operator of the complex, he said.
He gave no financial details but said leisure sector
investments would total about 100 mln francs over the next
three years.
Investments in the communications industry would go mainly
to develop the group's cable television activities and its 25
pct owned Metropole Television affiliate. Metropole recently
won the concession to operate a sixth television channel in
France.
Financing requirement of Metropole would be about 700 mln
francs over the next four years, of which Lyonaise des Eaux
would provide about 175 mln, Monod said.
Monod said Metropole aimed to win a 15 to 20 pct audience
share and to capture about 10 pct of the national television
advertising market.
Total investment by the group in the communications sector,
including cable activities, would be between 300 mln and 400
mln francs over the next five years, mainly concentrated in the
coming year.
Investment in cable operations would total between 150 mln
and 200 mln over the five years, with the aim of widening the
audience to 280,000 subscribers from 12,000, and boosting
turnover to around 450 mln francs a year from 10 mln.
REUTER
| [
0,
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Great Universal Stores Plc <GUS.L> said
it has made an agreed offer for <Pantherella Plc>, valuing the
company at 8.2 mln stg and each Pantherella ordinary share at
205 pence.
The offer is based on eight new "A" non voting ordinary
shares in GUS plus 95.16 stg for every 100 ordinary
Pantherella.
The new GUS shares will not receive the eight pence per
share interim dividend in respect of the year ending March
1987, the statement said.
GUS has received irrevocable undertakings to accept the
offer in respect of 39.1 pct of Pantherella shares from the
company's directors and their families.
The Pantherella board estimates the company, which
manufactures socks, will show a 1986 pretax profit of about
690,000 stg.
REUTER
| [
1,
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0,
0,
0,
0,
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0,
0
] |
Shr loss 17.4 H.K. Cents (no comparison)
Dividend nil (no comparison)
Net loss 11.49 mln dlrs.
Notes - Net excluded extraordinary losses 27.91 mln dlrs.
Property valuation reserve surplus 67 mln dlrs.
Results reflected trading in subsidiary <Humphreys Estate
Group> but excluded influence of a bulk of properties which the
firm bought late last year from Hongkong Land Co Ltd <HKLD.HK>
for 1.4 billion dlrs.
Company controlled by Bond Corp Holdings Ltd of Australia.
REUTER
| [
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[
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1,
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] |
|
Canada had a trade surplus of 533 mln dlrs
in January compared with an upward revised 965 mln dlrs surplus
in December, Statistics Canada said.
The December surplus originally was reported at 964 mln
dlrs. The January surplus last year was 1.19 billion dlrs.
January exports, seasonally adjusted, were 9.72 billion
dlrs against 10.39 billion in December and 10.89 billion in
January, 1986.
January imports were 9.19 billion dlrs against 9.43 billion
in December and 9.71 billion in January 1986.
Reuter
| [
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<Kidston Gold Mines Ltd> attributed
the rise in 1986 net profit to higher prices and an increase in
gold sales to 237,969 ounces from 206,467 ounces in 1985.
The <Placer Development Ltd> offshoot, which operates
Australia's largest gold mine, in North Queensland, earlier
reported net profit rose to 60.50 mln dlrs from 50.76 mln in
the 1985 period of 10 months from the start of production.
Sales of silver also rose to 165,968 ounces from 109,516.
Kidston said in a statement it will spend about 5.5 mln
dlrs to upgrade its mill grinding circuit to a mill-ball,
mill-crushing circuit to boost output by 25 pct from end-1987.
REUTER
| [
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Shr 48.4 cents vs 40.6
Yr div 37 cents vs 15
Net 60.50 mln dlrs vs 50.76 mln
Turnover 134.54 mln vs 100.63 mln
Other income 1.02 mln vs 920,000
Shrs 125 mln vs same.
NOTE - Company paid total 37 cents in previously declared
quarterly divs vs 15. Net is after tax 173,000 dlrs vs 285,000,
interest 9.67 mln vs 8.05 mln and depreciation 11.76 mln vs
9.59 mln.
REUTER
| [
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] |
China has closed the second round of
bidding by foreign firms for offshore oil exploration rights,
the China Daily has reported.
It quoted a spokesman for the China National Offshore Oil
Corp (CNOOC) as saying China signed eight contracts with 15
foreign firms for blocks in the Pearl River mouth and south
Yellow Sea covering a total area of 44,913 sq km.
Second round bidding began at the end of 1984 and only one
well has so far produced results -- Lufeng 13-1-1, 250 km
south-east of Shenzhen, with an output of 6,770 barrels a day.
The well was drilled by a group of Japanese companies.
The spokesman added CNOOC was ready to enter into contracts
for offshore blocks before third round bidding began. He did
not say when this would be, but added the contracts would not
be bound by restrictions imposed during the second round.
China has signed 36 oil contracts and agreements with 37
companies from 10 countries since 1979, when offshore
exploration was open to foreigners. Eleven contracts were
terminated after no oil was discovered.
Foreign firms have invested 2.1 billion dlrs on offshore
China since 1979.
REUTER
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The Bank of England does not favour the
introduction of rules to shield companies from hostile takeover
attempts, its governor, Robin Leigh-Pemberton, said.
Instead, merchant banks advising bidding companies must
show restraint and responsibility to avoid the excesses that
have marred recent takeovers, he told the Yorkshire and
Humberside Regional Confederation of British Industries' annual
dinner.
Leigh-Pemberton also called on companies to improve ties
with institutional investors, suggesting representatives of
those institutions be granted seats on the boards of directors
of companies they invest in.
"Boards cannot expect protection from unwelcome predators,
for that is but a short step from saying that they should be
protected from their own shareholders -- who are, after all,
the proprietors of the company," Leigh-Pemberton said.
He added takeovers and mergers had an important role to
play in furthering economies of scale, integration and more
efficient market penetration. "The degree of success or failure
(of a takeover) has not in my experience depended on whether or
not the takeover was contested," he said.
Leigh-Pemberton noted there had been excesses in takeover
activity in the recent past. "The aim is to pressurise a
company's management into action dedicated solely to a
favourable impact on the share price in the short-term, partly
or even primarily at the expense of the future," he said.
Such bids "often depend for their success on creating a
highly-charged and artificial situation in the share market,
and give rise to temptations, on both sides of the battle, to
engage in aggressive, even manipulative tactics that are
immensely damaging to the interest of the shareholders," he
said.
In a clear reference recent events, he said "those in the
City who act for companies or individuals .. Must, I suggest,
be ready to accept a full measure of responsibility -- even if
it entails opprobrium -- for the transactions that may result."
They "should exercise the most careful judgment at the
outset with respect to the clients for whom they act and the
activities contenplated. Those who sow wind cannot expect the
whirlwind to visit elsewhere," he added.
REUTER
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Ecuador will ask OPEC to raise its oil
export quota by 100,000 barrels per day to 310,000 to
compensate for lost output due to last week's earthquake,
deputy Energy Minister Fernando Santos Alvite said.
Santos Alvite, who arrived in Caracas last night to discuss
an aid plan for Ecuador, did not say when the Organisation of
Petroleum Exporting Countries (OPEC) would be approached.
The additional output would be related to plans now under
discussion for Venezuela and Mexico to lend Ecuador crude while
it repairs a pipeline damaged by the quake.
Earlier, Venezuelan Energy and Mines Minister Aturo
Hernandez Grisanti said his country would supply an unspecified
part of Ecuador's export commitments.
But Santos Alvite told reporters he hoped a first cargo of
300,000 barrels could leave Maracaibo this weekend to supply
refineries near Guayaquil. He added Ecuador also wanted to make
up for 50,000 bpd it shipped to Caribbean destinations. Mexico
might supply Ecuador's South Korean market.
Ecuador may be unable to export oil for up to five months
due to extensive damage to a 25 mile stretch of pipeline
linking jungle oilfields to the Pacific port of Balao.
REUTER
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The Bank of England said it provided the
market with a further 442 mln stg assistance during the morning
to offset a liquidity shortage it estimated at 1.60 billion
stg, revised up from 1.55 billion
The bank bought outright eight mln stg of band one treasury
bills and five mln stg of band one bank bills at 10-3/8 pct.
It bought a further 429 mln stg of bills for resale to the
discount houses on April 2 at an interest rate of 10-7/16 pct.
So far today, the bank has given the market assistance
worth a total of 1.501 billion stg.
REUTER
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Jacobs Suchard AG <JACZ.Z> hopes for
another excellent year in 1987 after a 27 pct increase in 1986
net profit. Results in the first few months show it heading in
the right direction, company president Klaus Jacobs said.
The group reported 1986 net profit of 190.9 mln Swiss
francs compared with 150.4 mln in 1985 and raised its dividend
per bearer share to 160 francs from 155 francs.
Jacobs said the increase in profit, which far exceeded the
company's target of five pct real annual growth, had been made
possible by restructuring measures introduced in January 1986
which had also made some major acquisitions possible last year.
Hermann Pohl, general director in charge of economic
affairs, said the 2.7 pct decline in group turnover to 5.24
billion francs was due to currency factors.
A 5.2 pct negative currency influence was partially offset
by growth in operations and by structural changes within the
group.
Turnover in the coffee business fell to 3.10 billion francs
from 3.56 billion in 1985 while turnover in the chocolate
sector rose to 2.14 billion francs from 1.82 billion. The
tonnage sold in both sectors declined due to higher prices and
lower consumer demand, especially in France and West Germany.
Jacobs Suchard increased its market share in West Germany
to 44.9 pct from 39.9 pct in 1985, largely as a result of
acquisitions. Market share in France was little changed at 25
pct against 25.3 pct.
Pohl said the group's average tax rate rose to 32.5 pct
from 28.8 pct because of the higher profits and despite
write-offs on the losses of new acquisitions. A further
increase in tax levels was expected in future.
Taxes jumped 51.3 pct to 92 mln francs in 1986 from 61 mln
the previous year.
REUTER
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A Japanese real estate company
said it will launch a campaign to sell land in U.S. Farming
areas to rich Japanese.
Higashi Nippon House said it would offer around 2,200 acres
of land in Illinois, California, Florida and Indiana from early
April to gauge response. It set up International Farm Corp of
America in Chicago last September to oversee the operation.
American farmers would continue as working tenants and part
of the profits from harvests of rice, corn, soybean and oranges
would go to the Japanese investors as rental.
Japanese Agriculture Ministry officials told Reuters sales
were limited to farmers to keep land in agricultural use.
"Two years ago, I began to seek my own farmland in Japan,"
said Isao Nakamura, president of Higashi Nippon. "However, sale
of Japanese farmland is strictly controlled by the government,
so I began to look for the land in the U.S to make my dream to
own farm land come true."
Nakamura said hundreds of companies exist in the U.S. To
sell farmland to investors as more and more farmers face
difficulties due to the recession in U.S. Agriculture.
REUTER
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Taft Broadacasting Co said its
board of directors unanimously decided not to accept the
pending buyout proposal of <Theta Corp>, an investor group led
by Dudley Taft.
The decision was based on, among other things, the advice
of its financial advisors, Goldman Sachs and Co, that the offer
of 145 dlrs per share was inadequate.
Taft said the board concluded that the offer failed to
recognize fully the future propsects of the company and
directed management to explore alternatives including possible
financial restructuring.
Reuter
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U.S. Treasury Secretary James Baker
declined comment on the February 22 Paris accord between the
six major industrial nations under which they agreed to foster
exchange rate stability.
Asked by reporters after a speech before the National
Fitness Foundation banquet what, if any, currency intervention
levels had been set in Paris, Baker replied: "We never talk
about intervention."
Baker also declined to comment on his views about the
foreign exchange markets' reaction to the accord.
Reuter
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Shr 22 cts vs 13 cts
Net 1,063,000 vs 639,000
Sales 7,489,000 vs 4,656,000
Year
Shr 55 cts vs 28 cts
Net 2,633,000 vs 1,343,000
Sales 23.3 mln vs 17.9 mln
Reuter
| [
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Shr loss 44 cts vs profit 1.13 dlrs
Net loss 1,544,000 vs profit 3,912,000
NOTE: Cash flow 1,010,000 dlrs or 29 cts shr vs 2,835,000
dlrs or 82 cts shr.
Reuter
| [
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Southwest Realty Ltd said it believes it
could make all of its scheduled montly debt service payments
for 1987 despite the falloff in its rental operations, but
making the payments would probably severely impair its
liquidity and restrict its ability to maintain the quality of
its properties.
The company today reported a 1986 loss of 1,544,000 dlrs
compared with a 1985 profit of 3,912,000 dlrs.
Southwest said in addition to its monthly scheduyled debt
service payments, a 1,743,000 dlr loan on one of its Houston
properties is due to mature on April One.
Southwest said a commitment to reduce the interest rate and
extend the Houston loan for one year has been accepted.
It said talks are underway with lenders on other Houston
properties to obtain partial debt service moratoriums which, if
granted, would cut 1987 cash deficits from 1986 levels. The
loan renegotiations could involve bankruptcy or other
litigation connected with the specific properties involved and
could involve the suspension of interest and principal payments
to some of the lenders. Southwest said if the attempts to
restructure debt do not succeed, it could lose one or more of
the properties.
Southwest said the Houston properties made up about 10 pct
of its current value equity as of December 31 of 14.20 dlrs per
share, down from 16.68 dlrs a year before.
The company said depending on the success of the talks and
operating results for 1987, one or two more properties could
become subject to similar negotiations. The two additional
properties comprised about 11 pct of its current value equity
at year-end, Southwest said.
Reuter
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Qtly div 12-1/2 cts vs 12-1/2 cts prior
Pay April One
Record March 20
Reuter
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Pope, Evans and Robbins Inc said it
has repurchased 780,000 common shares from Putnam Mills Corp
principals Sidney and Peter Kaplan for 2.25 dlrs per share.
It said the purchase price will be applied against the
1,700,000 dlrs Putnam Mills currently owes Pope Evans for
merchandise. Pope Evans has about 7.6 mln shares outstanding.
The company also said it has agreed in principle to acquire
privately-held Pat Fashions Industries Inc for 18 mln dlrs in
cash and notes, with financing to come partly from bank
borrowings, subject to approval by the Pope Evans board and Pat
shareholders.
Pat Fashions imports apparel from the Far East and makes
apparel domestically as well. In the year ended November 30,
Pat earned 5,400,000 dlrs pretax on sales of 83.0 mln dlrs.
Reuter
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Baird Corp said the Massachusetts state
court for Suffolk county has granted it a temporary restraining
order prohibiting Mark IV Industries Inc <IV> from further
purchases of Baird stock until Mark IV complies with the
Massachusetts Anti-Takeover Statute.
The company said Mark IV currently owns at least 17.6 pct
of Baird stock and has indicated that it may attempt to acquire
Baird.
Baird said the U.S. District Court in Boston has denied
Mark IV's application for a temporary restraining order to
prevent enforcement of the Massachusetts takeover law.
Reuter
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|
Shr 616 cts vs 481
Final div 150 cts vs 140, making 230 vs 195
Pre-tax 705.4 mln rand vs 485.2 mln
Net 591.7 mln vs 458.0 mln
Tax 79.2 mln vs 82.2 mln
Attrib to outside shareholders 123.7 mln vs 52.3 mln
Reuter
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Taft Broadcasting Co vice chairman
Dudley Taft and Narragansett Capital Inc <NARR> said they
intend to pursue their effort to acquire Taft Broadcasting
despite the rejection yesterday of their 145 dlr per share
offer by the Taft Broadcasting board.
Dudley Taft and Narragansett, in a joint statement, said
they intend to explore alternatives to achieve the acquisition,
including further talks with Taft Broadcasting.
They said they are confident that the Taft Broadcasting
board will conclude that the resolution of the company's
current "unstable situation" as quickly as possible is in the
best interests of all parties.
They said the Taft board did not conclude that their offer
was not fair to Taft shareholders. Taft Broadcasting
yesterday, however, said financial advisor Goldman, Sachs and
Co found the offer to be inadequate.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 24 cts vs 31 cts
Net 2,245,000 vs 2,885,000
Revs 50.7 mln vs 46.5 mln
Avg shrs 9,396,000 vs 9,270,000
Year
Oper shr 96 cts vs 99 cts
Oper net 8,994,000 vs 9,220,000
Revs 191.5 mln vs 174.7 mln
Avg shrs 9,394,000 vs 9,282,000
NOTE: 1985 year net excludes 1,360,000 dlr loss from
discontinued operations.
Share adjusted for three-for-two stock split.
Reuter
| [
0,
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Prime Minister Brian Mulroney said he
held "frank" discussions with the Canadian province premiers on
the pace of free trade talks with the United States, but the
longstanding issue of provincial ratification remains to be
settled.
Speaking to reporters after nearly five hours of meetings
with the 10 premiers, Mulroney said further discussions would
be held in June and September to discuss the role of the
provinces in approving any new trade deal.
But he maintained progress was being made in the sweeping
talks with the Unites States that got under nearly two years
ago.
"It appears reasonable progress is being made (in the
talks)," Mulroney said.
Alberta Premier Don Getty agreed, "Things are running pretty
quickly now."
The talks, launched by Mulroney's Progressive Conservative
government after concerns about protectionist sentiment in the
U.S., are aimed reducing the remaining barriers between the
world's largest trading partnership.
But the provinces are expected to play a major role in any
new trading arrangement, and some of the provincial leaders
complained of a lack of progress on reaching a ratification
formula.
"It's my view that we should be thinking about these things
right now, along with the questions of the substance of the
agreement," commented Ontario Premier David Peterson, who has
been highly critical of the talks in the past.
But Newfoundland Premier Brian Peckford said an agreement
was more likely to emerge by consensus and there would be no
need for a "hard and fast formula."
Peckford said it appears Canada is prepared to make
concessions to the United States on financial services in order
to make inroads on other bargaining areas, such as agriculture.
Canadian published reports, quoting government sources, say
the two countries are close to reaching a trade deal and it
will involve eliminating border tariffs and many non-tariff
barriers over the next 10 to 12 years.
A rough draft of the accord is expected to be presented to
the premiers at the June meeting while the finished document is
hoped to be presented to Congress in October.
"It's a very tight time frame," Ontario's Peterson said last
night. "But at this moment it is tough to say what will
transpire."
Reuter
| [
0,
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Shr profit eight cts vs loss 10 cts
Net profit 622,000 vs loss 564,000
Revs 7,508,000 vs 1,913,000
Year
Shr profit 15 cts vs loss 28 cts
Net profit 933,000 vs loss 1,548,000
Revs 19.8 mln vs 4,799,000
Reuter
| [
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