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Qtly div 51 cts vs 51 cts prior
Pay April one
Record March 23
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Shr 516 cts vs 347
Final div 135 vs 125 making 190 vs 180
Pre-tax 133 mln rand vs 137 mln
Net 260 mln vs 172 mln
Tax 76 mln vs 42 mln
Att to outside shareholders 96 mln vs 53 mln
Pref div 1 mln vs same
Turnover 3.14 billion vs 2.56 billion
Div pay May 8, register March 27.
Note - Full name is Anglo American Industrial Corp Ltd.
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Permian Basin Royalty Trust
said that as of December 31, 1986, its estimated proved
reserves totaled 18.5 mln barrels of oil and 52.9 mln MCF, or
thousand cubic feet, of gas.
This compares with yearend 1985 proved reserves estimates
of 26.4 mln barrels of oil and 78.6 mln MCF of gas, Permian
said.
Permian said December 1986 future net revenues from proved
reserves were 335.6 mln dlrs, down from 814.2 mln dlrs in 1985.
Permian said the present value of estimated future net
revenues discounted at 10 pct is 165.3 mln dlrs, compared with
374.3 mln dlrs.
It said the downward revisions in both proved reserves and
estimated future net revenues resulted from decreased prices for
oil and gas.
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Shr 516 cts vs 347
Final div 135 vs 125 making 190 vs 180
Pre-tax 133 mln rand vs 137 mln
Net 260 mln vs 172 mln
Tax 76 mln vs 42 mln
Att to outside shareholders 96 mln vs 53 mln
Pref div 1 mln vs same
Turnover 3.14 billion vs 2.56 billion
Div pay May 8, register March 27.
Note - Full name is Anglo American Industrial Corp Ltd.
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Unocal Corp said it raised the
contract price it will pay for most grades of crude oil 50 cts
a barrel, effective today.
The increase brings Unocal's posted price for the U.S.
benchmark grade West Texas Intermediate to 17.50 dlrs a barrel.
It also brought the price for West Texas Sour to 17.50 dlrs a
bbl. Light Louisiana Sweet was also raised 50 cts to 17.85
dlrs/bbl.
Unocal last changed its crude postings on March four, and
brings it price in line with other major companies, which have
been raising prices steadily in recent weeks.
The increase also represents the latest in a series of
increases that began with USX Corp's <X> Marathon Petroleum
Corp's notification yesterday evening that, effective today, it
raised its crude postings 50 cts a barrel, bringing its
contract price for WTI to 17.50 dlrs a barrel.
Earlier today, Sun Co <SUN>, Phillips Petroleum <P> and
Diamond Shamrock <DIA> also said they raised their crude
postings 50 cts a barrel, bringing their WTI contract price to
17.50 dlrs a barrel.
Contract prices have risen in response to higher spot
market prices, oil traders said.
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Baird Corp <BATM> said the
Massachusetts State Court for Suffolk County has lifted a
temporary restraining order prohibiting Mark IV Industries Inc
from further purchases of Baird stock.
According to filings with the Securities and Exchange
Commission, Mark IV owns at least 17.6 pct of Baird's stock and
may attempt to acquire Baird, Baird said.
Baird said the court also issued an order enjoining Baird
from enforcing the Massachusetts Anti-Takeover Statute against
Mark IV industries.
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Oper shr profit 60 cts vs loss 55 cts
Oper net profit 928,000 vs loss 88,000
Revs 48.7 mln vs 39.7 mln
Avg shrs 3.7 mln vs 1.5 mln
Year
Oper shr loss 1.17 dlrs vs loss 60 cts
Oper net profit 2,537,000 vs profit 587,000
Revs 178.8 mln vs 117.6 mln
NOTE: Per share figures come after preferred dividends.
Excludes fourth quarter and full year 1986 extraordinary
gains of 29 cts and 71 cts per share, respectively.
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<Counsel Corp> said it plans a
three-for-two stock split, pending shareholder approval at the
April 28 annual meeting.
The company said it recently reported 1986 profit of 5.9
mln dlrs, or 1.51 dlrs a share, before extraordinary items,
compared with 2.2 mln dlrs, or 81 cts, in 1985.
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Southland Corp's Citgo Petroleum Corp
said it raised the contract price it will pay for crude oil 50
cts a barrel, effective today.
The increase bring's Citgo's posted price for the West
Texas Intermediate and West Texas Sour grades to 17.50 dlrs a
barrel. The Light Louisiana Sweet South Onshore grade was also
raised 50 cts to 17.85 dlrs a barrel, and Light Louisiana Sweet
North was increased to 17.75 dlrs a barrel.
Citgo last changed its postings on March four.
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The Cannon Group Inc said its
financial statements will show substantial losses for fiscal
1986 and "significant downward adjustments in previously
reported stockholders' equity."
The company also said its 1986 audit being conducted by
<Arthur Young and Co> will cover the year ended January 3,
1987, instead of the nine-month period ended September 27, 1986
as previously announced.
It said it anticipates the results of the audit will be
available in mid to late April 1987.
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<Eager Technology Inc> said it signed a
letter of intent to acquire Nuclad Inc, a private Colorado
corporation, and its subsidiaries.
Terms of the acquisition were not disclosed.
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The San Juan Basin Royalty
Trust said proved reserves as of December 31 were estimated at
283.1 thousand cubic feet of gas and 1,087,000 barrels of oil.
In the year-ago period, it said proved reserves were
estimated at 346.4 thousand cubic feet of gas and 1,974,000
barrels of oil.
It said the present value of future net revenues discounted
10 pct was 156.2 mln dlrs compared with 446.8 mln dlrs in the
year-ago period.
It also said that about 60 net infill wells are not
economical to drill at December 31 prices.
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<Interconnect Capital Corp>
said it sent a letter to the board of Gates Learjet Corp,
offering to buy the company for 7.07 dlrs a share.
Gates Corp, which owns 64.8 pct of Gates Learjet, agreed
earlier this week to sell its shares to a partnership formed by
privately-held <Cobey Corp> and a unit of Bear Stearns Cos Inc
<BSC> for 6.50 dlrs a share or 51 mln dlrs. The proposal is
subject to approval by Gates Learjet's board.
A spokesman for privately-held Interconnect said it made
the new proposal to Gates Learjet's board, but would not say if
it had held talks with the parent company's board.
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Seal Inc said it acquired
Ademco Ltd, a United Kingdom company which distributes mounting
and laminating equipment and supplies, for a combination of
cash and stock valued at 2.6 mln dlrs, based on current
exchange rates.
Seal said it will pay up to an additional 1.3 mln dlrs
contingent on the market price of Seal's common on December 31,
1988, and on certain earnings targets by the acquired business.
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Brazil's state-oil company,
Petrobras, cancelled a 40 mln dlr crude oil purchase from Saudi
Arabia after the Saudis refused to accept credit guarantees
from the Bank of Brazil, a Petrobras official said.
Export director Carlos Santana told a press conference the
Saudis were the first suppliers of oil to impose such
conditions after Brazil's decision to halt interest payment of
its commercial debts last month.
The shipment of 2.2 mln barrels represents two days of oil
consumption in Brazil.
But Santana said if the Saudis change their minds and
decide to respect the terms of the contract, then Petrobras
will lift the order to cancel the shipment.
Santana said if the Saudis do not accept Brazil's terms by
Monday then Petrobras will negotiate elsewhere.
"Petrobras has been Saudi Arabia's traditional client since
1955. If they do not accept our conditions now, it will be much
better for us, because with the market prices more or less the
same, buying from Iraq and China is an advantage," he said.
Iraq and China have barter deals with Brazil, importing
Brazilian goods in exchange for oil, but the Saudis buy nothing
from Brazil, he said.
Santana said despite a strike threat by oil industry
workers and a two-week stoppage by Brazilian seamen, Petrobras
oil stocks are "reasonably balanced."
Saudi Arabia is Brazil's second biggest oil supplier, with
an average 115,000 bpd. Iraq is the main supplier with 235,000
bpd. China comes third, with 58,000 bpd.
"If the Saudis wish to stop our trade relationship, fine, I
am sure that if they do, we will be getting dozens of offers
from elsewhere," Santana added.
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The U.S. House Ways and Means Trade
Subcommittee unanimously approved a toned-down version of
legislation designed to toughen U.S. trade laws and wedge open
foreign markets to more U.S. goods.
The measure now goes to the full House Ways and Means
Committee next week, but major changes are not expected,
congressional sources said.
"This product could very well be toughening our trade policy
and doing it in a manner that opens markets without this
frightening word 'protectionism'," Ways and Means chairman Dan
Rostenkowski, an Illinois Democrat said.
The trade subcommittee backed away from mandating specific
retaliation against foreign countries for unfair foreign trade
practices as the House had approved in a trade bill last year.
But it held over for the full Ways and Means Committee
debate on a controversial plan by Rep. Richard Gephardt to
mandate a reduction in trade surpluses with the U.S. by
countries such as Japan, South Korea and Taiwan.
Gephardt, a Missouri Democrat, has not decided the exact
form of his amendment, an aide said. Last year the House
approved his idea to force an annual 10 pct trade surplus cut
by those countries.
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There were no shipments of U.S.
grain or soybeans to the Soviet Union in the week ended March
12, according to the U.S. Agriculture Department's latest
Export Sales report.
The USSR has purchased 1.0 mln tonnes of U.S. corn for
delivery in the fourth year of the U.S.-USSR grain agreement.
Total shipments in the third year of the U.S.-USSR grains
agreement, which ended September 30, amounted to 152,600 tonnes
of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of
soybeans.
Shipments to the USSR in the second year of the agreeement
amounted to 2,887,200 tonnes of wheat and 15,750,100 tonnes of
corn.
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The World Bank said it has approved
a 140 mln dlr loan for India to help lessen that country's
dependence on imported oil and spur development of its own
petroleum resources.
The bank said the loan will be used to boost production by
injecting gas in the partially depleted Assam oil fields and to
assist exploration in other areas, including drilling 10
exploratory wells.
The bank said the recipient of the 20-year loan will be Oil
India Ltd (OIL), which is the smaller of two public Indian
petroleum exploration and production companies.
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U.S. bank reserve, monetary and
discount window borrowings data released by the Federal Reserve
today clearly indicate that policy is "on hold" and may not be
changed for weeks or even months, economists said.
"The Fed is keeping policy at dead center and it is not
about to change policy unless something fairly dramatic occurs
on the economy," said John Williams of Bankers Trust Co.
"These numbers contain no hint that a policy shift is in
prospect, nor do economic or financial developments argue for
policy change," said William Griggs of Griggs and Santow Inc.
Fed data released today were all in line with economists'
expectations and similar to the numbers of recent weeks.
The Fed said net discount window borrowings in the two
weeks ended Wednesday averaged 191 mln dlrs, up from 381 mln
dlrs in the February 25 statement period, but little changed
from 160 mln dlrs in the period before that.
It said that banks' net free reserves in the latest two
weeks averaged 660 mln dlrs versus 675 mln dlrs previously.
Finally, the Fed said that the M-1 money supply fell 800
mln dlrs in February, with the broader M-2 measure down 1.6
billion dlrs and M-3 up an even three billion dlrs.
Analysts said that M-1 last month grew at a negative 1.3
pct annual rate compared with minus 0.7 pct for M-2 and actual
positive growth of 1.0 pct annualized for M-3.
February levels of M-2 and M-3 left the aggregates 18.2 and
20.8 billion dlrs under their respective upper growth limits
set by the Fed for 1987. The annual growth target for both is
5-1/2 to 8-1/2 pct. There is no M-1 target.
"In the near term, there is absolutely no reason for the
Fed to ease policy, even apart from the slowdown in money
growth," said Stephen Slifer, economist at Lehman Government
Securities Inc.
Economists generally expect a modest pickup in monetary
growth in March after February's anemic growth rates. However,
they stress that money growth will not be strong enough to
prevent the Fed from dropping interest rates further if the
economy shows evidence of weakness.
Commenting on February's decline in the key M-2 aggregate,
Slifer said the main cause was a 3.2 billion dlr drop in money
market deposits at banks. This number has risen three to four
billion dlrs a month for a long while, he said, so February's
weakness is not likely to persist. Slifer expects modest M-2
and M-3 growth rates of 3-1/2 to four pct during March.
Griggs said that M-2 and M-3 in coming months should return
to the five to seven pct annualized growth region and so
continue to present no problem for the Fed.
Economists said the Fed appears to be very comfortable with
its current policy stance and it is likely to wait for perhaps
several more months of economic data before deciding whether or
not to ease its grip on reserves.
Given the economy's fragility in many sectors, the analysts
agreed that there is almost no chance that the Fed will choose
to raise, rather than lower, interest rates when it next
changes policy.
"Discount window borrowings in the past week were about as
low as the Fed can get them, although Fed funds held above six
pct," said Williams of Bankers Trust. Funds averaged 6.12 pct
in the week to Wednesday, up from 6.06 pct in the prior week.
The Fed added reserves indirectly via one billion dlrs of
customer repurchase agreements last Friday, 2.5 billion dlrs on
Monday and two billion dlrs on Wednesday. On Tuesday, it added
reserves directly through two-day System repurchases.
Williams and Griggs agreed the Fed will let the funds rate
be largely market-driven. They said it is focusing instead on a
borrowings target of around 300 mln dlrs.
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The World Bank said it approved a
140 mln dlr loan for India to help lessen that country's
dependence on imported oil and spur development of its own
petroleum resources.
The bank said the loan will be used to boost production by
injecting gas in the partially depleted Assam oil fields and to
assist exploration in other areas, including drilling 10
exploratory wells.
The bank said the recipient of the 20-year loan will be Oil
India Ltd (OIL), which is the smaller of two public Indian
petroleum exploration and production companies.
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WEintraub Entertainment Group Inc
said it agreed to acquire Cannon Group's Screen Entertainment
film library.
The library was purchased in May 1986 as part of Cannon's
acquisition of Screen Entertainment Ltd from Bond Corp Holdings
Ltd. The library has over 2,000 theatrical motion pictures.
Terms call for the price to be established through an
appraisal process beginning immediately and not to exceed 175
mln dlrs or be below 125 mln dlrs.
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Gerber Scientific Inc said
its GST Acquisition Corp purchased 444,646 shares of its 84 pct
owned Gerber Systems Technology pursuant to a January 15 tender
offer.
Following the purchase, Gerber made a capital contribution
to GST of all the shares it owned resulting in 95.6 pct
ownership by GST.
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Venezuela will lend Ecuador 50,000
barrels per day of crude oil over the next few months to help
it meet its export commitments, Energy and Mines Minister
Arturo Hernandez Grisanti said today.
He said that under the terms of this loan, agreed during a
visit here this week by Ecuador's Deputy Energy Minister
Fernando Santos Alvite, Ecuador will begin repaying the loan in
August.
Hernandez Grisanti said the loan will go part way to
offsetting the loss of Ecuador's 140,000 in exports caused by
earthquake damage to 25 miles of pipeline last week.
Ecuador was forced to suspend exports after the pipeline
connecting its jungle oil fields with the pacific port of Balao
was put out of action.
Venezuela has an output quota of 1.495 bpd, while Ecuador's
is 210,000 bpd. Santos Alvite said Ecuador will ask OPEC to
allow it to produce 100,000 bpd above its quota when the
pipeline is repaired to offset present production losses.
Hernandez Grisanti said also a first 300,000 barrels
shipment of Venezuelan crude oil will leave for Ecuador this
weekend to help meet domestic consumption needs.
The oil, part of a five mln additional crude oil loan by
Venezuela, will be processed at Guayaquil refineries.
"If we had not supplied oil to Ecuador the life of this
country would have ground to a halt," he said.
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First half ended December 31
Shr 55.01 cents vs 97.76
Int div 18 cents vs 16
Net 75.05 mln dlrs vs 55.68 mln
Turnover 156.94 mln vs 177.87 mln
Other revenue 72.50 mln vs 31.18 mln.
One-for-five rights issue at 11.50 dlrs a share
One-for-four bonus issue on capital enlarged by rights
issue
Shrs 99.36 mln vs 70.94 mln.
NOTE - Shr applies to total net 54.66 mln dlrs vs 69.48 mln
after extraordinaries loss.
Pre-extraordinaries net shr 75.53 cents vs 78.32
Div pay April 30. Div and rights issue reg March 30. Bonus
reg May 6. Net equity-accounts share of associates' earnings.
Pre-equity pre-tax earnings 59.52 mln dlrs vs 64.13 mln.
Pre-equity net 52.07 mln dlrs vs 43.35 mln after tax 3.45 mln
vs 16.34 mln, minorities 4.00 mln vs 6.44 mln, interest 33.89
mln vs 26.11 mln and depreciation 2.67 mln vs 2.72 mln but
before net extraordinary loss 20.39 mln vs 13.79 mln.
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Qtly div 30 cts vs 30 cts prior
Payable May one
Record April 10
NOTE:Bryn Mawr was reorganized as a holding company on
January 2, 1987, resulting in each share of Bryn Mawr Trust Co
being converted into three shares of the new holding company's
stock. The 30 cts dividend represents a 15 pct increase over
prior quarter.
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Price Co said it agreed to buy at
least 81 pct of the stock of <TSS-Seedman's INc> for about 50
mln dlrs.
The terms envision a purchase of the entire company, it
said.
The transaction is expected to close at the end of April.
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Finance Minister Kiichi Miyazawa told a
press conference he thinks exchange rates will remain stable
due to the currency accord reached in Paris last month by six
major industrialised nations but he did not say for how long.
The dollar has hovered around 153 yen since the six agreed
to cooperate to bring about currency stability.
Asked to comment on remarks by some U.S. Officials calling
for a further decline of the dollar, Miyazawa said only the
U.S. President and the U.S. Treasury Secretary can make
official statements about exchange rates.
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Two small shipping companies have
reached a pay deal with striking seamen, but union leaders said
most of Brazil's 40,000 seamen were still on strike.
A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay offer from the companies, Globo and
Flumar, which have less than 200 employees each.
The two-week strike comes as Brazil faces a debt crisis and
is delaying exports badly needed to earn foreign exchange.
Labour Minister Almir Pazzionotto said the government will
not force a settlement of the strike, which was ruled illegal
last Friday.
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CHOCK FULL O'NUTS CORP 2ND QTR JAN 31 LOSS
NEW YORK, March 12
Oper shr loss 38 cts vs profit 24 cts
Oper net loss 2,243,000 vs profit 1,192,000
Revs 43.6 mln vs 41.0 mln
Six mths
Oper shr loss 35 cts vs profit 28 cts
Oper net loss 2,090,000 vs profit 1,399,000
Revs 84.3 mln vs 72.9 mln
Note: Year-ago oper excludes loss from discontinued
operations of 1,028,000 dlrs for qtr and 1,076,000 dlrs for six
mths.
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The Adelaide Steamship Co Ltd <ADSA.S>
(Adsteam) said its one-for-five rights issue at 11.50 dlrs a
share will raise 228.5 mln dlrs for general working capital and
investment, both in Australia and overseas.
The group announced the issue with its first half earnings
and said in a statement that the rights issue will be followed
by a one-for-four bonus issue.
Adsteam's equity-accounted net earnings rose to 75.05 mln
dlrs in the half ended December 31 from 55.68 mln a year
earlier and interim dividend to 18 cents from 16.
Adsteam shares eased to 14.20 dlrs from an opening 14.60
and yesterday's close of 14.50 on the issue announcement.
The issue will be underwritten by <Morgan Grenfell
Australia Ltd> and <McCaughan Dyson Ltd> apart from the shares
to be taken up by Adsteam's associate and largest shareholder,
department store retailer <David Jones Ltd>.
New shares will not rank for the interim dividend but will
rank equally thereafter.
Adsteam said it expects to maintain an annual dividend rate
of 36 cents on capital enlarged to about 149 mln shares by both
issues from 99.36 mln.
Adsteam said its diverse industrial interests generally
performed well and its results, as the ultimate holding company
and beneficiary, reflected this solid performance.
David Jones, owned 49.2 pct by Adsteam, earned the largest
associates' net of 57.38 mln dlrs in the half against 40.29 mln
a year earlier, Adsteam's figures show.
Wholly-owned and joint venture companies also did well
apart from timber, building supplies and real estate, which
returned below-budget profits due to the housing downturn.
Adsteam said it sees 1987/88 as a year of reconstruction
and consolidation with the capital base boosted by the issue.
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The <Hearst Corp> is buying the Houston
Chronicle from Houston Endowment Inc for 400 mln dlrs.
The announcement was made jointly by Frank Bennack Jr,
president and chief executive officer of Hearst, and Richard
Johnson, president of the Chronicle.
The Houston Endowment is selling the paper to comply with
federal tax laws requiring charitable institutions to divest
themselves of profit-making subsidiaries by 1989.
The Chronicle has a daily circulation of over 425,000 and
is in competition with the Houston Post, owned by the <Toronto
Sun Publishing Corp>, with a circulation of about 316,000.
The acquisition gives Hearst its biggest newspaper holding
in Texas, where the California-based publisher already owns
papers in San Antonio, Beaumont and Laredo.
The chain also owns, among others, the flagship San
Francisco Examiner, the Los Angeles Herald Examiner and the
Seattle Post-Intelligencer.
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<Industrial Equity Ltd> (IEL) unit
<Acmex Holdings Ltd> said it proposed to make a formal takeover
offer for all the issued capital of <Cheetham Ltd>, a producer
of salt, animal feed and seeds.
Acmex said in a statement it would offer one share for
every two Cheetham shares or 3.40 dlrs cash for each share.
Acmex said it was presently entitled to 5.1 mln Cheetham
shares or 16.85 pct of its 30.27 mln issued shares.
The scrip offer values Cheetham at about 110 mln dlrs,
based on Acmex's current price of 7.20 dlrs, and the cash offer
at about 104 mln. Cheetham last traded at 3.10 dlrs.
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Australia's terms of trade fell by a
further 3.5 pct in the fourth quarter of 1986 after declining
0.8 pct in the third quarter and 2.7 pct a year earlier, the
Statistics Bureau said.
It said the seasonally adjusted current account deficit of
3.22 billion dlrs in the quarter would have dropped to 912 mln
if not for the terms of trade decline.
The fourth quarter decline followed a 1.1 pct fall in
export prices and a 2.4 pct rise in import prices, it said.
The Bureau noted Australia's terms of trade had fallen by
19.9 pct since the fourth quarter of 1983.
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Japan denied breaking a pact with the
U.S. On semiconductor trade but said prices set out in the pact
were too high and acknowledged difficulties in implementing the
accord.
"We are faithfully abiding by the ... Agreement but of
course there are some problems," a spokesman for the
International Trade and Industry Ministry told Reuters.
He said the high semiconductor prices recommended by the
agreement were leaving Japanese manufacturers piling up stocks
of unsellable products. "We are aiming to reduce production in
Japan but of course this takes time," he said.
The spokesman said some Japanese companies were selling
chips in Europe and Asia below stipulated prices, but added: "It
is only a matter of time before we solve this problem."
The eight month old pact aims to stop Japan selling large
quantities of chips at knock-down prices to the United States
and other countries and to increase U.S. Semiconductor sales in
Japan.
The U.S. Senate Finance Committee this week called on
President Reagan in a non-binding resolution to retaliate
against Japan for violating the agreement.
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International Trade and Industry Minister
Hajime Tamura told a parliamentary session Japan's small- and
medium-sized enterprises are seriously suffering from the yen's
rise and can only stand levels around 170 yen.
He also said he still believes a dollar exchange rate level
plus or minus 10 yen from 170 yen would be within levels agreed
upon last month in Paris by six major industrial nations.
Finance ministers of Britain, Canada, France, Japan, the U.S.
And West Germany agreed on February 22 to cooperate in
stabilizing exchange rates around the current levels. The
dollar had closed here at 153.77 yen on February 20.
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China's grain exports in January totaled
386,157 tonnes, down 22.1 pct from January 1986, customs
figures show.
They gave no detailed breakdown.
The official China Economic News quoted the figures as
showing tea exports rose 9.7 pct to 8,474 tonnes during the
month.
Imports of wool rose 117.6 pct to 10,248 tonnes over the
same period, the figures show.
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Switzerland had a trade deficit of 629.7
mln Swiss francs in February compared with a revised 209.4 mln
deficit in January and 723.2 mln shortfall in February 1986,
the Federal Customs Office said.
February imports were 6.00 billion francs against exports
of 5.37 billion.
Imports rose in real terms by 5.1 pct against February 1986
while exports rose by a real 4.6 pct, the office said.
But a further improvement in the terms of trade left the
deficit smaller than last year.
Last February's figure had also been hit by the import of
two passenger aircraft.
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Japanese shipbuilders have applied to the
state's Fair Trade Commission to form a cartel to restrict
tonnage built to about half of total capacity for the year
starting April 1, officials of the Shipbuilders Association of
Japan said.
Under the plan, 33 yards capable of building ships of more
than 10,000 gross tons will curtail operations to three mln
compensated gross registered tonnes (CGRT) a year against
capacity of about six mln CGRT.
The Transport Ministry estimates new orders at 3.3 mln CGRT
in the year to March 1988 and 3.1 mln the following year.
The industry has curtailed production due to oversupply
nearly every year since 1977/78, under cartel or Transport
Ministry guidelines. The latest guidelines call for a ceiling
of four mln CGRT in the year to March 31.
The cartels, self-imposed and self-regulated, are not
legally binding, but industry finds it in its own interest to
stick to them.
The slowdown in orders has been caused by the strong yen
and a protracted worldwide shipbuilding slump.
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Group shr 53 yen vs 22
Net profit 3.58 billion vs profit 1.47 billion
Pretax profit 4.94 billion vs loss 248 mln
Operating profit 5.36 billion vs profit 789 mln
Sales 127.34 billion vs 130.22 billion
Nine months ended January 15
Group shr 134 yen vs 119
Net 9.10 billion vs 8.03 billion
Pretax 19.78 billion vs 14.77 billion
Operating 17.35 billion vs 16.00 billion
Sales 430.06 billion vs 446.26 billion
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Group 1986 net profit 541 mln Swiss
francs vs. 529 mln
Dividend 105 francs per 250 francs nominal share vs. 100,
21 francs per 50 franc nominal participation certificate vs 20
Group Turnover 8.36 billion francs vs. 8.45 billion
Cash Flow 956 mln francs vs. 941 mln
Parent company net profit 153.8 mln francs vs. 135.3 mln
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The short-term effect of foreign exchange
rate movements in correcting international trade imbalances
appears to be waning, and long-term efforts are required to cut
Japan's chronic dependence on external demand, the Bank of
Japan said in a monthly report.
Japan's trade surplus in nominal terms is likely to remain
high in the near future, the central bank said.
Fundamental adjustments will be needed as long as Japan
hopes to benefit from a better international allocation of
resources and maintain the free trade system, it added.
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Net Loss 688 mln Swiss francs vs. Loss
756 mln
Gross sales 5.93 billion vs. 8.51 billion
Operating income 198 mln francs vs 256 mln
Net extraordinary charges 592 mln vs 472 mln
Note - Company plans 50 pct capital reduction, banks to
convert 300 mln francs of credit facilities to subordinated
loans. No immediate plans for capital increase. Company full
name Schweizerische Aluminium AG.
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<County Ltd>, which is acting in concert
with Tesco Plc <TSCO.L> in its 151.4 mln stg for supermarket
chain operator <Hillards Plc>, has purchased 300,000 Hillards
ordinary shares at 316p per share, a statement said.
These purchases, together with those made by County on 10
March, represent about 4.8 pct of Hillards issued ordinary
share capital, it said.
Tesco's offer, made on March 10, values each Hillards
ordinary share at 305.5p, a 37.6 pct premium over the previous
day's closing price. A cash alternative of 290.55p will be
made available.
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Indonesian Energy Minister Subroto said
he sees the oil market continuing bullish, with underlying
demand expected to rise later in the year.
He told a press conference in Jakarta at the end of a
two-day meeting of South-East Asian Energy Ministers that he
saw prices stabilizing around 18 dlrs a barrel.
"The sentiment in the market is bullish and I think it will
continue that way as demand will go up in the third or fourth
quarters," Subroto said.
Asked about the prospect for oil prices, he said: "I think
they will stabilise around 18 dlrs, although there is a little
turbulence ..."
"Of course the spot price will fluctuate, but the official
price will remain at 18 dlrs," he added.
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Indonesian Energy Minister Subroto said
OPEC is deliberately under its production ceiling of 15.8 mln
barrels to defend its 18 dlr a barrel price target.
He told reporters at an energy conference in Jakarta that
OPEC had decided to maintain its price level of 18 dlrs.
"We are deliberately defending the price, so OPEC production
is less than 15.8 (mln) at the moment," he stated.
Asked if OPEC would increase production if prices went
above 18 dlrs a barrel, he said this would be decided at the
next OPEC meeting in June. "We will discuss the market situation
then," he added.
He said a meeting of the OPEC Differentials Committee had
been postponed because "there is no need for the meeting."
He did not elaborate. The committee had originally been due
to meet in Vienna this week.
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A Foreign Ministry official dismissed
arguments made by senior U.S. Government officials seeking to
block the sale of a U.S. Microchip maker to a Japanese firm.
"They appear to be linking completely unrelated issues,"
Shuichi Takemoto of the Foreign Ministry's North American
Division told Reuters.
U.S. Commerce Secretary Malcolm Baldrige has asked the
White House to consider blocking the sale of <Fairchild
Semiconductor Corp> to Japan's Fujitsu Ltd <ITSU.T>, U.S.
Officials said yesterday.
Baldrige expressed concern that the sale would leave the
U.S. Military dependent on a foreign company for vital high
technology equipment. Pentagon officials said Defence Secretary
Caspar Weinberger also opposes to the sale.
U.S. Officials have also said the sale would give Fujitsu a
powerful role in the U.S. Market for supercomputers while
Japan's supercomputer market remains closed to U.S. Sales.
Takemoto said national security should not be an issue
since the planned purchase of Fairchild from its current owner,
Schlumberger Ltd <SLB>, does not include Fairchild's main
defence-related division.
In addition, Takemoto said tension over the supercomputer
trade should not affect the sale as Fairchild does not make
supercomputers.
Analysts noted that Fairchild does make sophisticated
microchips used in supercomputers. Fujitsu makes similar chips
and supplies them to U.S. Supercomputer makers, they said.
Takemoto also dismissed U.S. Fears that the proposed
takeover would violate U.S. Antitrust law, saying "the purchase
would not result in Fujitsu monopolising the U.S. Semiconductor
market."
Two separate issues appear to have come together to boost
pressure to block the purchase, industry analysts said.
The move is in part an attempt to force Japan to open its
domestic market to more U.S. Supercomputer sales, they said.
U.S. Officials have repeatedly charged that the Japanese
public sector is closed to U.S. Supercomputer sales despite
U.S. Firms' technological lead in the field.
"The United States believes Japan will only react when
bullied, and this is a bullying ploy," Salomon Brothers Asia
analyst Carole Ryavec said.
However, the analysts said more is at stake than
supercomputer sales as the U.S. Fears it is losing its vital
semiconductor industry to Japanese competitors.
"The real issue is xenophobia in (the U.S.) Silicon Valley,"
said Tom Murtha of brokerage James Capel and Co.
U.S.-Japanese tension over the semiconductor trade has
failed to subside despite recent efforts by Japan's Ministry of
International Trade and Industry (MITI) to get Japanese firms
to abide by a bilateral pact aimed at halting predatory pricing
and opening Japan's market.
A MITI official said that while Japan is faithfully abiding
by the agreement, problems remain in halting the sale of
microchips in Europe and Southeast Asia at prices below those
set by the pact.
"It is only a matter of time before we solve this problem,"
he told Reuters.
Despite the furore, Fujitsu will proceed with talks on the
acquisition in line with the basic agreement reached with
Schlumberger last year, a Fujitsu spokeswoman told Reuters.
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The Bank of England said it invited an
early round of bill offers to help ease tight conditions in the
money market.
The bank estimated today's liquidity shortage at about 1.10
billion stg.
Bills maturing in official hands and the treasury bill
take-up would drain 1.21 billion stg from the system while a
rise in the note circulation and below target bankers' balances
would take out 265 mln and 180 mln respectively, the bank said.
Against this, exchequer transactions would add a net 535
mln stg.
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A total of 1.886 mln hectares was sown
to wheat in Britain, excluding Northern Ireland, up to December
1, 1986 for the 1987 crop, a Ministry of Agriculture census
shows.
It compares with 1.925 mln planted in the same period 1985.
The barley area was unchanged at 952,000 ha, but oilseed
rape increased to 393,000 from 333,000 ha.
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Kampuchea harvested more than two mln
tonnes of rice paddy in 1986, up on the crops of the previous
two years, the official SPK news agency said yesterday.
Diplomats said estimates put the 1985 harvest at less than
one mln tonnes, slightly up on 800,000 in 1984.
SPK said Kampuchea planned to expand planting from 1.5 mln
to 1.93 mln hectares and boost rice paddy output to 2.5 mln
tonnes this calendar year.
Two mln tonnes of paddy would produce some 1.3 mln tonnes
of milled rice, above the 1.25 mln tonnes Kampuchea says is the
minimum its 7.5 mln people need.
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Finance Minister Kiichi Miyazawa told a
parliamentary session the current dollar/yen exchange rate is
not necessarily satisfactory for the Japanese economy.
Miyazawa said the Paris currency accord among six major
industrial nations last month does not necessarily mean the yen
should stay stable around current levels in the future.
The Paris agreement was aimed at stopping a further rapid
fluctuation of exchange rates, he said.
The accord stipulated that current rates reflect
fundamentals of the six nations - Britain, Canada, France,
Japan, the U.S. And West Germany.
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The Bank of England said it provided the
market with 478 mln stg of early assistance to help ease a
liquidity shortage it estimated at 1.10 billion stg.
It made outright purchases of seven mln stg of band one
bank bills at 10-3/8 pct and 30 mln stg of band two bank bills
at 10-5/16 pct.
In addition, it bought 294 mln stg of paper for resale to
the market on March 30 and 147 mln stg for resale on April 8,
in both cases at an interest rate of 10-7/16 pct.
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Trading in shares of Schweizerische
Aluminium AG, Alusuisse, <ALUZ.Z> was suspended on the Zurich
stock exchange after today's announcement by the company that
it would cut its share capital by 50 pct, the bourse said.
The bourse said trading would resume again on Monday.
Alusuisse bearer shares closed at 490 francs yesterday,
registered shares at 170 francs and the participation
certificates at 45.50.
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Brazil's state oil company
Petrobras has cancelled a 40 mln dlr crude oil purchase from
Saudi Arabia after the Saudis refused to accept credit
guarantees from the Bank of Brazil and did not disclose
reasons, a Petrobras official said.
Export director Carlos Santana told reporters the Saudis
were the first suppliers of oil to impose such conditions after
Brazil's decision to halt interest payment of its commercial
debts last month. The shipment of 2.2 mln barrels represents
two days of consumption.
He said the Saudis reported they would no longer accept
letters of credit from the Bank of Brazil or even from Saudi
banks and that Brazil would have to obtain credit guarantees
from leading international banks.
In February, Brazil had contracted to buy 125,000 bpd from
the Saudis until June. Saudi Arabia is Brazil's second biggest
oil supplier, with an average 115,000 bpd. Iraq is the main
supplier with 235,000 bpd. China comes third, with 58,000 bpd.
"If the Saudis wish to stop our trade relationship...I am
sure that if they do, we will be getting dozens of offers from
elsewhere," Santana added.
Santana said if the Saudis change their minds and decide to
respect the terms of the contract, then Petrobras will lift the
order to cancel the shipment.
The Saudis had put similar conditions on a previous
shipment, he added. "We telexed them saying that if they
insisted, we would rather cancel the contract and buy the
product elsewhere," Santana said.
After Petrobras threatened to cancel the contract, the
Saudis changed their minds and decided to accept the Bank of
Brazil's credit guarantees, he said.
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A Mannesmann AG <MMWG.F> spokesman
said the company has lodged an application with the Federal
Cartel Office for approval of a possible majority stake in car
parts company <Fichtel und Sachs AG>.
He described the application as a precautionary move and
said no agreement on buying a majority stake had yet been
reached. Until now Mannesmann has said only that it wanted to
buy a 37.5 pct stake in Fichtel from the heirs of Ernst Wilhelm
Sachs, the grandson of the firm's founder.
The spokesman declined to say from whom it may buy the
other shares to create a majority stake in the firm.
Fichtel's other principal shareholders are Commerzbank AG
<CBKG.F>, with 35.01 pct, and Salzgitter AG <ISLG.F>, with
24.98 pct. Spokesmen declined to comment directly on the
possibility of selling Fichtel shares to Mannesmann.
Mannesmann said in January it hoped to take a 37.5 pct
stake in Fichtel's holding company Sachs AG in the first
quarter.
Last week a spokesman said Mannesmann had a letter of
intent on the 37.5 pct stake but completion was being delayed
by legal questions surrounding the inheritance.
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Sandoz AG <SANZ.Z> would
have reported a percentage rise in net profits "close to double
figures" rather than the actual two pct had it not been for
November's warehouse fire, a senior company official said.
The official, who declined to be identified, told Reuters
Sandoz had made a substantial addition to reserves to cope with
the consequences of the accident at Schweizerhalle, which
caused severe pollution of the Rhine.
Sandoz today reported without comment a rise in net profits
to 541 mln francs from the previous 529 mln and a five pct
increase in dividend to 105 francs per 250 franc nominal share.
This year began well, with the performance in January and
February at least equal to the same period last year, the
official said.
The company is expected to give fuller details of its
results at a news conference on April 22.
Sandoz has insisted that it is adequately insured to cover
any liability arising from the accident.
The official said the addition to reserves was to cover the
"one pct" of claims somehow not covered and any voluntary
gestures it wanted to compensate for the effects of pollution
from the fire.
Sandoz has not given any figure for claims, which have been
flowing in from Switzerland and other countries bordering the
Rhine since the accident.
However, the official said the final figure would be "much
less than that cited in earlier comments." He gave no further
details.
In line with fellow chemical giant Ciba-Geigy <CIGZ.Z>,
which reported last month, Sandoz profit and turnover were also
hit by the falling dollar, the official said.
Sales in local currency terms were up by 14 pct, with
market share increases in the United States and Japan. But this
was more than offset by a 15 pct negative foreign exchange
effect, which produced the reported one pct drop in turnover to
8.36 billion francs,the Sandoz official said.
Net profit at Ciba-Geigy dropped by 21 pct to 1.16 billion
francs, while sales fell by 12 pct to 15.95 billion francs.
The third major Swiss chemical company, F. Hoffmann-La
Roche and Co <HOFZ.Z> has not yet reported its results.
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Schweizerische Aluminimum AG <ALUZ.Z>
(Alusuisse) may be able to break even this year after cleansing
its balance sheet for 1986, chief executive Hans Jucker said.
"The threshold of profitability has returned to the
foreseeable future," he said. "We expect already in 1987
approximately to break even. That presupposes, however, that
our industrial environment does not worsen."
He said Alusuisse would no longer face the burden of past
losses.
Alusuisse made a net loss of 688 mln Swiss francs in 1986
after a restated 756 mln loss in 1985.
Gross sales were 5.93 billion francs after 8.51 billion and
net turnover 5.65 billion after 8.00 billion.
Alusuisse had originally reported a 692 mln francs loss for
1985.
But Jucker and Finance Director Hermann Haerri told a news
conference the new management installed a year ago had decided
to restate the previous five years' accounts to eliminate
rights on Australian bauxite previously in the books as an
asset.
Together with other one-off charges, Alusuisse took an
gross extraordinary charge in 1986 of 698 mln francs, up from
472 mln in 1985.
It also had 106 mln extraordinary income in 1986 remaining,
after provisions, from the sale of its Maremont Corp subsidiary
in the United States. There were no extraordinary gains in
1985.
Jucker said the losses, plus those carried forward from
1985, had wiped out the company's remaining reserves and
exceeded legally allowed levels, forcing Alusuisse to adopt a
50 pct capital cut, to be approved by shareholders on April 22.
Jucker said he knew shareholders would find this "radical
elimination of the mortgages of the past" painful, but said the
foundation had been laid for a successful new company strategy.
Haerri said despite the losses, the company's liquidity was
strong. Bank debt had been cut by about one-third to 2.56
billion francs against the end-1985 level of 3.85 billion.
Cash flow improved substantially to 323 mln francs from 111
mln and represented 5.7 pct of turnover against a mere 1.4 pct
in 1985.
In addition, to reassure other creditors, Alusuisse had
arranged with three major Swiss banks -- Union Bank of
Switzerland <SBGZ.Z>, Swiss Bank Corp <SBVZ.Z> and Credit
Suisse <CRSZ.Z>, to convert 300 mln francs of credits into a
subordinated loan.
The main sources of losses in 1986 were book losses and not
cash losses, Haerri said. Existing credit lines were used only
to a small extent, and the parent company had been granted a
new credit line of 200 mln francs from a consortium of Swiss
banks that would cover most of the loans falling due in 1987.
Haerri said the company had been criticized for maintaining
bauxite rights as an asset, and so had restated the accounts.
That left the 1985 account with a 756 mln franc loss
instead of 692 mln, 1984 with a 68 mln profit instead of 169
mln, 1983 with a 217 mln loss instead of 82 mln and 1982 with a
479 mln loss instead of 179 mln.
The new accounts show 1985 with shareholders' equity of
1.15 billion francs instead of 1.75 billion, and similar
alternations were made for previous years.
After 1986 losses, shareholder's equity stood at only 895
mln francs.
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Current profits of Japan's major firms in
the October-December quarter rose four pct from a year earlier
to 5,654 billion yen against a 2.6 pct year-on-year rise in the
preceding quarter, the Finance Ministry said.
The improved earnings resulted mainly from a 22.5 pct
profit increase in non-manufacturing industries, supported by
an 88.7 pct rise for construction firms and a 138 pct gain in
real estate, according to a ministry survey.
Total sales of the 15,308 firms with capital of 10 mln yen
or more which responded to the poll, fell one pct to 217,217
billion yen against a 1.2 pct fall the previous quarter.
Current profits of manufacturing industries in the fourth
quarter dropped 13.7 pct to 2,394 billion yen against a 22.1
pct fall in the preceding quarter, the ministry said.
Plant and equipment investments of all firms polled fell
3.9 pct to 8,004 billion yen, compared with a 1.4 percent fall
the previoius quarter.
Ministry officials said the survey showed that the Japanese
economy is in a delicate stage in which it is hard to tell if
economic growth has stopped deteriorating or if the economy is
heading for a recovery.
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The U.S. Is to lend Sudan 57 mln dlrs
to buy 309,000 tonnes of wheat and 73,000 tonnes of wheat
flour, according to an agreement signed here.
Under the agreement Sudan will receive 50 mln dlrs for the
commodities and the rest for sea transportation.
The loan is repayable in 40 years, including a 10-year
grace period. Interest will be two pct for the grace period and
three pct over the repayment period of 30 years.
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Finance Minister Kiichi Miyazawa told a
parliamentary session the current dollar/yen exchange rate is
not necessarily satisfactory for the Japanese economy.
Miyazawa said the Paris currency accord among six major
industrial nations last month does not necessarily mean the yen
should stay stable around current levels in the future.
The Paris agreement was aimed at stopping a further rapid
fluctuation of exchange rates, he said.
The accord stipulated that current rates reflect
fundamentals of the six nations - Britain, Canada, France,
Japan, the U.S. And West Germany.
REUTER
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International Trade and Industry Minister
Hajime Tamura told a parliamentary session Japan's small- and
medium-sized enterprises are seriously suffering from the yen's
rise and can only stand levels around 170 yen.
He also said he still believes a dollar exchange rate level
plus or minus 10 yen from 170 yen would be within levels agreed
upon last month in Paris by six major industrial nations.
Finance ministers of Britain, Canada, France, Japan, the U.S.
And West Germany agreed on February 22 to cooperate in
stabilizing exchange rates around the current levels. The
dollar had closed here at 153.77 yen on February 20.
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0,
0,
0,
0,
1,
0,
0,
0
] |
Two small shipping companies have
reached a pay deal with striking seamen, but union leaders said
most of Brazil's 40,000 seamen were still on strike.
A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay offer from the companies, Globo and
Flumar, which have less than 200 employees each.
The two-week strike comes as Brazil faces a debt crisis and
is delaying exports badly needed to earn foreign exchange.
Labour Minister Almir Pazzionotto said the government will
not force a settlement of the strike, which was ruled illegal
last Friday.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Finance Minister Kiichi Miyazawa told a
press conference he thinks exchange rates will remain stable
due to the currency accord reached in Paris last month by six
major industrialised nations but he did not say for how long.
The dollar has hovered around 153 yen since the six agreed
to cooperate to bring about currency stability.
Asked to comment on remarks by some U.S. Officials calling
for a further decline of the dollar, Miyazawa said only the
U.S. President and the U.S. Treasury Secretary can make
official statements about exchange rates.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
Indonesian Energy Minister Subroto said
he sees the oil market continuing bullish, with underlying
demand expected to rise later in the year.
He told a press conference in Jakarta at the end of a
two-day meeting of South-East Asian Energy Ministers that he
saw prices stabilizing around 18 dlrs a barrel.
"The sentiment in the market is bullish and I think it will
continue that way as demand will go up in the third or fourth
quarters," Subroto said.
Asked about the prospect for oil prices, he said: "I think
they will stabilise around 18 dlrs, although there is a little
turbulence ..."
"Of course the spot price will fluctuate, but the official
price will remain at 18 dlrs," he added.
REUTER
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Indonesian Energy Minister Subroto said
OPEC is deliberately under its production ceiling of 15.8 mln
barrels to defend its 18 dlr a barrel price target.
He told reporters at an energy conference in Jakarta that
OPEC had decided to maintain its price level of 18 dlrs.
"We are deliberately defending the price, so OPEC production
is less than 15.8 (mln) at the moment," he stated.
Asked if OPEC would increase production if prices went
above 18 dlrs a barrel, he said this would be decided at the
next OPEC meeting in June. "We will discuss the market situation
then," he added.
He said a meeting of the OPEC Differentials Committee had
been postponed because "there is no need for the meeting."
He did not elaborate. The committee had originally been due
to meet in Vienna this week.
REUTER
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
The short-term effect of foreign exchange
rate movements in correcting international trade imbalances
appears to be waning, and long-term efforts are required to cut
Japan's chronic dependence on external demand, the Bank of
Japan said in a monthly report.
Japan's trade surplus in nominal terms is likely to remain
high in the near future, the central bank said.
Fundamental adjustments will be needed as long as Japan
hopes to benefit from a better international allocation of
resources and maintain the free trade system, it added.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
Burma's paddy production fell to 729.4
mln baskets in fiscal year 1986-1987 (to end March) from 737.3
mln in 1985-1986, a cabinet report to parliament said.
A basket is a local measure equal to 46 lbs.
Paddy output in 1984-1985 was 699.1 mln baskets, it said.
Burma's "Green Revolution" sparked by the introduction of
high-yield variety paddy strains in the mid-1970s appears to
have hit a plateau with production levelling off over the past
two years, economists said.
REUTER
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
] |
The Bank of England said it provided the
money market with a further 168 mln stg of assistance to help
offset a shortage it now estimated at 1.05 billion stg, revised
down from 1.10 billion.
It bought 21 mln stg of bank bills outright, 20 mln in band
one at 10-3/8 pct and one mln in band two at 10-5/16 pct. In
addition, it bought 98 mln stg of bills for resale on March 30
and 49 mln stg for resale April 8 at an interest rate of
10-7/16 pct. All these rates are the same as for today's
earlier help.
So far today, the bank has provided the market with
assistance worth 646 mln stg.
The bank also announced the rates applicable to temporary
lending facilities rolled over today.
The average mid-market rate for lending rolled over for one
week is 10-15/16 pct and for two weeks 10-5/8 pct.
REUTER
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
Shr 19 cts vs 32 cts
Net 586,000 vs 802,000
Sales 14.2 mln vs 15.1 mln
Avg shrs 3,006,372 vs 2,506,250
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 39 cts vs 1.34 dlrs
Net 1,392,000 vs 4,686,000
Sales 81.9 mln vs 81.7 mln
Year
Shr 10 cts vs 97 cts
Net 355,000 vs 3,375,000
Sales 270.4 mln vs 272.8 mln
NOTE: Share adjusted for three pct stock dividend in
January 1987.
Pretax net profits 3,052,000 dlrs vs 4,498,000 dlrs in
quarter and loss 572,000 dlrs vs profit 2,922,000 dlrs in year.
Latest year net includes pretax gains of 166,000 dlrs in
quarter and 4,420,000 dlrs in year from pension plan
reversions.
Prior year net includes gain 1,549,000 dlrs on sale of
property.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
First Boston Inc said it has started
its previously-announced tender offer for all common shares,
2.19 dlr cumulative preference shares and 11.25 dlr convertible
preferred shares of Allegheny International Inc at 24.60 dlrs,
20.00 dlrs and 87.50 dlrs respectively.
In a newspaper advertisement, the company said the offer
and withdrawal rioghts will expire April Nine unless extended.
The offer is conditioned on receipt of at least a majority of
Allegheny voting power on a fully diluted basis and on receipt
of at least two thirds each of the preference and preferred
shares.
A merger approved by the Allegheny board in which remaining
common, preference and preferred shares would be acquired at
the tender prices is to follow the offer.
Receipt of the minimum amounts under the offer would give
First Boston sufficient voting power to assure approval of the
merger without the affirmative vote of any other shareholder,
the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Employers in Rotterdam port's
strike-hit general cargo sector have been served with an
injunction until May 7 preventing them from continuing with
plans for 350 redundancies this year, an employers'
organisation spokesman said.
An Amsterdam court yesterday ruled there had been a legal
fault in the employers' redundancy procedure.
The employers' spokesman said they were likely to restart
the redundancy procedure afresh next week in an attempt to
pre-empt the May 7 final court ruling.
Port and transport union representative Paul Rosenmuller
described the court ruling as a victory for the union, but
added there was still a long way to go before the dispute that
has hit the general cargo sector for the past eight weeks was
resolved.
Rosenmuller said there would be a meeting of the sector's
4,000 workers this afternoon to decide on further action in the
campaign of lightning strikes that began on January 19 in
protest at planned redundancies of 800, starting with 350 this
year.
The employers said there were no immediate plans for
meetings with the union either on the proposed redundancies or
on a new work practice agreement in the sector.
Meanwhile, discussions on a new work agreement in the
port's grain sector, due to resume next week, are stalemated,
although agreement could be close in the coal and ore sector,
the employers' spokesman added.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Harbour workers said they will
strike for 24 hours on Monday, effectively closing all New
Zealand's ports.
The strike is over deadlocked wage negotiations.
A Harbour Employees Workers' Union spokesman told reporters
there will be no ship movements in and out of ports from
midnight on Sunday (1200 hrs GMT March 15).
There will be no loading or unloading involving harbour
board workers and the Cook Strait ferries, which provide a
vital link between New Zealand's North and South Islands, will
not run, he added.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Two small shipping companies reached
a pay deal with striking seamen late yesterday, but union
leaders said most of Brazil's 40,000 seamen were still on
strike.
A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay raise offer from the companies, Globo
and Flumar, which have less than 200 employees each.
The two-week strike comes as Brazil faces a debt crisis and
is delaying exports badly needed to earn foreign exchange.
Labour Minister Almir Pazzionotto said the government will
not force a settlement of the strike, which was ruled illegal
last Friday.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Strong winds and high seas
forced the closure of Egypt's main port of Alexandria and a
nearby oil terminal, port officials said.
Tanker loading at the Suez-Mediterranean Arab Petroleum
Pipelines Co in Sedi Kerir, southwest of here, stopped and
officials said five tankers were at anchorage awaiting improved
weather.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Shr loss 4.22 dlrs vs profit nil
Net loss 5,568,000 vs profit 11,000
Revs 42.2 mln vs 37.5 mln
Year
Shr loss 3.74 dlrs vs profit 1.02 dlrs
Net loss 4,898,000 vs profit 1,384,000
Revs 139.0 mln vs 132.7 mln
NOTE: 1986 net both periods includes 1,603,000 dlr loss
from discontinued operations due to settlement of lawsuit and
redemption of preferred.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr one ct vs two cts
Net 22,000 vs 58,000
Sales 951,000 vs 901,000
Year
Shr four cts vs 12 cts
Net 88,000 vs 293,000
Sales 4,014,000 vs 3,533,000
NOTE: Net includes tax credits of 46,000 dlrs vs 84,000
dlrs in quarter and credit 19,000 dlrs vs provision 37,000 dlrs
in year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
<Service Control Corp> said it has
started a tender offer for all shares of <American Service
Corp> at 37 dlrs each.
In a newspaper advertisement, the company said the offer
and withdrawal rights expire April Nine unless extended. The
American Service board has approved the offer, which is to be
followed by a merger at the same price.
Service Control said the offer is conditioned on receipt of
at least 534,806 shares. It said holders of 534,819 shares
have agreed to tender their shares under the offer and have
granted Service Control an option to buy them at 37 dlrs each.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Dreyer's Grand Ice Cream said
it has restated its previously-reported fourth quarter loss to
904,000 dlrs or 13 cts per share because it has now decided to
take a charge of about 700,000 dlrs to provide for losses of
Midwest Distributing Co, which was acquired December 30.
Dreyer's said the restatement reduces net income for the
full year to 5,914,000 dlrs or 80 cts per share.
The company said the restatement does not indicate any
change in its thinking on the benefits of the acquisition or
future prospects in Midwest Distributing's markets.
Dreyer's Grand previously reported 1986 earnings of
6,614,000 dlrs or 90 cts per share, down from 7,960,000 dlrs or
1.08 dlrs a share. For the first nine months of the year, it
had earned 6,818,000 dlrs or 92 cts per share, up from
6,354,000 dlrs or 86 cts a share a year before.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Oper shr nine cts vs three cts
Oper shr diluted eight cts vs three cts
Oper net 15 mln vs five mln
Revs 518 mln vs 622 mln
NOTE: Oper net excludes extraordinary income of seven mln
dlrs vs four mln on tax loss carryforward, offset by writedowns
of three mln dlrs vs eight mln on U.S. oil and gas properties
and other assets.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
A Volkswagen AG
<VOWG.F> spokesman said the group had no immediate comment on
reports of greater than expected losses at its Spanish
subsidiary Sociedad Espanola de Automoviles de Turismo (SEAT).
German newspapers reported that Werner Schmidt, SEAT
supervisory board chairman, had told journalists that SEAT
losses for 1986 were around 27 billion pesetas, or about 386
mln marks, almost double original expectations.
According to the Boersen-Zeitung newspaper, Schmidt said VW
would invest 42 billion pesetas in SEAT this year and in the
years to 1995 would spend 462 billion on its new Spanish unit.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
|
Oper shr 63 cts vs 47 cts
Oper shr diluted 56 cts vs 38 cts
Oper net 3,284,955 vs 2,176,925
Revs 31.6 mln vs 23.0 mln
NOTE: Current oper net excludes writedown of 344,039 dlrs,
or seven cts a share, on unidentified investment.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The Bank of England said it has revised
its estimate of today's shortfall to one billion stg, before
taking account of 646 mln stg morning assistance.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
Caesars World Inc said its board
unanimously rejected a 28 dlr a share takeover offer by New
York investor Martin T. Sosnoff.
Caesars said Sosnoff's offer to by all its outstanding
shares of common stock was inadequate and not in the best
interests of its shareholders.
The company recommended that shareholders reject Sosnoff's
offer, made through his <MTS Acquisition Corp>, and not tender
any of their shares.
Caesars said it will explore a variety of alternative
transactions but did not elaborate.
Caesars, in a brief statement, did not say whether it would
seek to buy back its shares held by Sosnoff.
A Caesars spokesman said the company would not comment
further on its decision.
On Wednesday, Sosnoff told the Securities and Exchange
Commission that he controls 13.6 pct of the company's stock.
Sosnoff also informed the SEC that Caesars had offered to
buyout his holdings several times during the past year.
No one from the Sosnoff organization was immediately
available for comment.
Caesars said its financial advisor, Drexel Burnham Lambert
Inc, had determined that Sosnoff's offer was financially
inadequate for shareholders other than Sosnoff.
The company said other factors it considered in rejecting
the offer were its financial condition, future prospects,
current market conditions and the numerous conditions on which
Sosnoff's bid was conditioned.
Caesars' stock opened up 1/8 point at 28-1/8. That is 1/8
point above Sosnoff's offer price.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Group profit after net interest items
742 mln crowns vs 741 mln.
Sales 11.25 billion crowns vs 10.22 billion.
Estimated profit per share 10 crowns vs 9.20.
Proposed dividend four crowns vs 3.38.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Conseco Inc said it has signed a
definitive agreement to acquire Western National Life Insurance
Co from Beneficial Corp for 275 mln dlrs in cash.
Western National had assets of 1.9 billion dlrs at the end
of 1986 and 1986 premium and investment revenues. Western
issues structured settlement annuities for the settlement of
personal injury and damage claims and sells tax-sheltered
annuities.
The acquisition is subject to regulatory approval.
Conseco said the acquisition would raise its assets to 2.7
billion dlrs and annual revenues to about 800 mln dlrs.
Beneficial had previously announced plans to leave the
insurance business. On March Three, it said it agreed in
principle to sell its American Centennial Insurance Co,
Beneficial International Insurance Co, Consolidated MArine and
General Insurance Co Ltd, Consolidated Life Assurance Co Ltd,
Wesco Insurance Co and Service General Insurance Co
subsidiaries to a management-led group for 98 mln dlrs in notes
mostly contingent on performance of the units and 10 mln dlrs
in cash.
Conseco had 1986 operating earnings of 4,968,000 dlrs on
revenues of 84.9 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr profit seven cts vs loss 24 cts
Net profit 151,000 vs loss 523,000
12 mths
Shrs loss 1.70 dlrs vs loss 44 cts
Net loss 3,670,000 vs loss 947,000
Assets 99.7 mln vs 102.6 mln
Deposits 91.1 mln vs 90.6 mln
Loans 44.3 mln vs 51.7 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Net 1986 profit 132.6 mln guilders vs 117.3 mln
Turnover 1.6 billion guilders vs same
Earnings per share 16.00 guilders vs 15.80 on capital
expanded by 11 pct to 8.21 mln outstanding shares.
Proposed dividend per share 5.50 guilders vs 5.00
Note - Full company name is Koninklijke Nederlandse
Papierfabrieken NV.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 64 cts vs 52 cts
Net 56,900,000 vs 46,400,000
Sales 1.31 billion vs 1.13 billion
Avg shrs 88.2 mln vs 89.3 mln
Nine mths
Shr 2.09 dlrs vs 1.59 dlrs
Net 185,900,000 vs 141,300,000
Sales 3.84 billion vs 3.36 billion
Avg shrs 88.9 mln vs 89.1 mln
NOTE: 1986 period ended February 23
Prior year amounts restated to reflect discontinued
furniture operations
Earnings include gains from discontinued operations of 1.5
mln dlrs, or two cts a share in the 1986 quarter and gains of
8.5 mln dlrs, or 10 cts a share in the fiscal 1987 nine months
vs 3.0 mln dlrs, or four cts a share a year earlier
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
About 220 men in Rotterdam port's
grain sector stopped work this afternoon in an unofficial
protest at the slow progress of negotiations over a new work
practice agreement, a spokesman for the port and transport
union FNV said.
Negotiations between the union and employers, which are due
to resume early next week, are currently stalemated with the
union refusing to accept sweeping changes in working hours and
practices in return for a 1.5 pct pay increase.
The FNV spokesman said the action did not yet have official
backing, but added that next week matters might be different.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
1,
0,
0
] |
Novell Inc said the dividend to
effect its previously announced two-for-one stock split will be
distributed April 13.
As stated at the time of the original announcement, the
company said the payment will be made to holders of record
March 31.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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