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Madagascar's vital rice crop is estimated at 2,286,000 tonnes of paddy this year, up from 2,138,000 in 1986, the Ministry of Agriculture said. The Trade Ministry said rice imports quadrupled in local currency value during the first nine months of last year as the government established a buffer stock of the country's staple food. Rice imports increased to 82.4 billion Malagasy francs during the first nine months of last year from 20 billion in the same period of 1985, the ministry said, without disclosing the tonnages involved. REUTER
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President Leon Febres Cordero said Ecuador would honour its debt when it had the capacity to make payments, but said foreign banks had calculated oil would have to be 25 dlrs a barrel for Ecuador to meet its commitments. Ecuador said on Friday that last week's earthquake was forcing it to reaffirm an earlier decision -- based on the slide in world oil prices -- to suspend debt payments to private foreign banks, which hold two-thirds of its 8.16 billion dlr foreign debt. "All legitimate debt is a commitment of honour," the president said during a visit to the quake zone. "A government as a sovereign entity has dignity and prestige to maintain." Private foreign banks and the World Bank had calculated oil would have to be at least 25 dlrs a barrel for Quito to be able to meet its commitments, Febres Cordero said. He added that Ecuadorean crude was now selling for 15 to 17 dlrs a barrel after having been sold for many months at 12 dlrs a barrel and as low as seven dlrs before that. Meanwhile, Ecuador announced an austerity program and a price freeze on key consumer goods as a result of the earthquake, which killed at least 300 people. Presidency Minister Patricio Quevedo said the budget would be cut by five to 10 pct, government hiring would be frozen and salaries of top officials, including the president and cabinet, would be reduced. He also said a price freeze would be imposed on 20 basic consumer items, mainly food staples, while the price of gasoline would rise by between 69 and 80 pct and bus fares would rise by 20 pct. Gasoline supplies would also be limited. Reuter
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The Bank of England said it had revised its estimate of the shortage in the money market today up to 1.15 billion stg before taking account of its early operations. Earlier, the bank forecast the deficit at 1.05 billion stg and gave 90 mln stg assistance at an early round of bill offers. REUTER
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Banque Paribas, which arranged a 220 mln dlr loan for Ecuador last year to pre-finance oil exports, wants to adjust the terms of the facility to help the country recover from a devastating earthquake, bankers said. But the French bank's plan, which would effectively postpone repayment of about 30 mln dlrs of the loan for several months, is running into stiff resistance from many of the 52 members of the loan syndicate. The pipeline that carries all Ecuador's oil exports was ruptured in the March 5 tremor and will take some five months to repair at a cost of about 150 mln dlrs to repair. President Leon Febres Cordero on Friday estimated total damages caused by the quake at one billion dlrs and said that Ecuador as a result would maintain January's suspension of interest payments on its foreign commercial bank debt. Payments were halted in January because of the drop in the price of oil, which accounts for nearly two-thirds of Ecuador's export earnings and 60 pct of government revenue. Although sympathetic to Ecuador's plight, many banks in the Paribas facility feel that emergency financial relief is a job for international financial organizations and not for commercial banks, bankers said. The 18-month oil-financing facility, which was signed last October 28, is one of the few purely voluntary credits for a Latin American nation since the region's debt crisis erupted in August 1982. Because it was a voluntary deal, many bankers feel strongly that the orginal terms must be adhered to. Otherwise, they fear, the gradual re-establishment of normal market conditions for Latin borrowers will be set back. "There's a lot of reluctance by the other banks. They feel it's a different facility, and so any kind of suggestion of a restructuring would look bad," one banker commented. Reuter
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The Bank of Japan is satisfied with the yen around its current range, a senior central bank official told reporters. He said the pledge by major industrial nations in Paris last month to cooperate to hold exchange rates around current ranges applied in both directions, a dollar fall or a dollar rise. Unilateral intervention itself cannot ensure currency stability, but it can be useful when coordinated with other policies and with other central banks, he said. The Bank of Japan is rather confident currency stability will continue for some time, the senior bank official said, but declined to be more specific. Finance Minister Kiichi Miyazawa told parliament on Friday the current dollar/yen exchange rate is not necessarily satisfactory for the Japanese economy. Asked what factors might destabilize the markets, the official cited a lessening of market fear about intervention, a completely unexpected change in the economy of Japan, the U.S. Or West Germany, or resumption of comments by government officials seeking to talk the dollar up or down. The senior bank official said he expects Japan's gross national product (GNP) to grow three pct or slightly more in the fiscal year beginning in April. That would be little changed from the performance expected this year. Domestic demand may grow nearly four pct in 1987/88, but the external sector will have a negative impact on GNP of nearly one percentage point, he said. He said there was virtually no room for further monetary policy action to boost the economy. The economy's performance in the future very much depends on fiscal policy, he added. The central bank's monetary policy has already done its part in stimulating the economy, the senior bank official said. The Bank of Japan has cut its discount rate five times over the last year and a half. Although the central bank does not see any imminent risk of inflation, there could be some problems in the future, he said. "We are sitting on a barrel of powder, but fortunately it may still be wet," he added. Liquidity among private households and especially the corporate sector has increased substantially, he said. The liquidity is the reason for the recent boom of stock exchange prices, the bank official said. This inflow of funds into the stock exchange, occurring also in other countries, may continue, he said. REUTER
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Bank of China has taken a stake in Luxembourg-based finance company BAII Holdings SA, a spokesman for BAII said. The stake was between three and five pct but no further details of the deal, which was announced simultaneously in Paris, London and Hong Kong, were immediately available. BAII, which is 50 pct Arab owned, is looking to expand its activities in the Far East and recently established a wholly-owned merchant banking subsidiary in Hong Kong, the spokesman said. The group had earnings of 15.4 mln dlrs in 1985. REUTER
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Saudi Arabian Oil Minister Hisham Nazer said OPEC's December agreement to stabilize oil prices at 18 dlrs a barrel was being implemented satisfactorily and there was no immediate need to change it. Nazer, in an interview with Reuters and the television news agency Visnews, said Saudi Arabia was producing around three mln barrels per day (bpd) of crude oil, well below its OPEC quota. Saudi Arabia, the world's largest oil exporter, will continue to restrain production as long as other OPEC members adhere to the pact, Nazer said. The 13-nation OPEC agreed in December to cut its production ceiling by 7.25 pct to 15.8 mln bpd and abide by fixed prices averaging 18 dlrs a barrel from February 1. Nazer, in his first interview since succeeding Ahmed Zaki Yamani last October, said: "I do not foresee any need for new measures before the 25th of June when our (next OPEC) meeting will take place as scheduled." Nazer said OPEC was producing below 15.8 mln bpd and all members were abiding by its agreements. "We've heard news every now and then of violations but they were not at all verified," he said. OPEC production curbs have boosted world oil prices from a 13-year low of around eight dlrs a barrel last August to near 18 dlrs after announcement of the December pact. Spot market prices slipped some two dlrs in February but have firmed in the past two weeks to near OPEC levels as traders gained confidence in OPEC price and output discipline. Nazer said Saudi Arabia would continue to produce below its 4.133 mln bpd quota if necessary to defend the 18 dlr price. "As long as all the OPEC members adhere to the program as devised in December, Saudi Arabia will continue to adhere to the agreement," he said. Current production of three mln bpd includes oil from the Neutral Zone shared with Kuwait, but not sales from floating storage, Nazer said. King Fahd of Saudi Arabia, in an interview with Reuters and Visnews on March 11, said the kingdom wanted oil price stability and called on non-OPEC producers to avoid harmful competition with OPEC. "Saudi Arabia doesn't decide prices by itself but certainly desires price stability," he said. Nazer said the output level did not mean the kingdom had returned to a role of "swing producer" within OPEC. Saudi Arabia allowed its output to sink as low as two mln bpd in August 1985 to compensate for slack demand and over-production by some OPEC states. "Saudi Arabia is not playing that role. It is being played by OPEC membership as a whole because the reduction in the 15.8 mln bpd share of OPEC in the market is being shared by other members of OPEC," Nazer said. Nazer said OPEC estimated demand for its oil during third quarter this year would be around 16.6 mln bpd. But he said if circumstances changed "I am sure then the OPEC members will consult with each other and take the necessary measures." Oil analysts say the OPEC pact could come under strain when demand for petroleum products generally falls in the northern hemisphere spring and summer. Nazer said he was satisfied with the extent of cooperation from non-OPEC producers. Norway, Egypt and the Soviet Union agreed to help OPEC by restraining production or exports after he visited them on OPEC's behalf earlier this year. "We did not ask any country to do anything. These were programmes they thought were necessary to stabilise market conditions and to help themselves attain better pricing conditions," Nazer said. He said it was up to countries that declined to cooperate -- such as Britain -- to come up with their own proposals if they saw fit.
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Turkey's trade deficit rose to 3.65 billion dlrs in 1986 from 3.39 billion in 1985 following increased imports from Western countries, figures from the State Statistics Institute show. Exports were down 6.3 pct at 7.45 billion dlrs, compared with 7.95 billion in 1985, while imports were down 2.1 pct at 11.10 billion dlrs from 11.34 billion. Total trade with Mid-East Gulf states fell some 40 pct due to lower oil prices, with imports at 1.55 billion dlrs, compared with 2.74 billion, and exports at 1.65 billion after 2.72 billion. Exports to Organisation for Economic Cooperation and Development countries rose to 4.29 billion dlrs from 4.11 billion in 1985, while imports were 4.56 billion after 3.55 billion. Turkey's trade deficit in December narrowed to 216 mln dlrs from 340 mln in November, and compared with 277 mln in December 1985. Reuter
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Bearer shares of Schweizerische Aluminium AG <ALUZ.Z> (Alusuisse) fell sharply as trading resumed after a one-day suspension on Friday, when the firm disclosed plans for a capital cut. The bearers, held mainly by foreign investors, dropped 30 Swiss francs to 460. But volume was not particularly heavy. Registered shares were less affected, slipping five to 165. The participation certificates fell to 43 francs from 45.50. Alusuisse made a net loss of 688 mln francs, after a restated 756 mln loss in 1985, and set a 50 pct capital cut. The company said it could break even this year. REUTER
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The Bank of England said it provided the money market with a further 30 mln stg assistance. This brings the Bank's total help so far today to 120 mln stg and compares with its upward revised estimate that the system would face a shortage of some 1.15 billon stg. The central bank bought bills for resale to the market in equal amounts on April 1, 2 and 3 at an interest rate of 10-7/16 pct. REUTER
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Egypt and the Soviet Union are expected to sign an agreement in Moscow next week settling Cairo's three billion dlr military debt, Egyptian officials said. One official, who asked to remain anonymous, told Reuters a draft agreement would reduce to zero from two pct future interest payable on the 10 year-old debt, and set a 25 year repayment term. Talks are due to begin in Moscow on Wednesday. Economy Minister Youssri Mustapha, who leaves for Moscow on Tuesday, met President Hosni Mubarak and Egyptian ambassador to Moscow Salah Bassiouni to discuss the issue. One official said Egypt would propose a new exchange rate for trade with the Soviet Union. Current commerce is based on a rate set in the 1960s of 0.38 Egyptian pounds to the dollar which Moscow sees as unreasonable. The fluctuating official rate is about 1.36 pounds to the dollar. The officials said part of the debt would be paid in exports of goods such as textiles, leather and furniture. Egypt wants to settle the debt problem partly to open the door for new cooperation, mainly in modernising Soviet-built steel, aluminium and fertiliser plants under a five-year development plan ending June 30 1992. Egypt, which already imports Soviet coal, wood, newsprint and glass, also wanted a debt deal to allow purchases of currently blocked spare parts for its ageing Soviet military hardware, the officials said. An estimated 65 pct of Egypt's arsenal is still made up of Soviet-supplied equipment, one official said. Cairo stopped repaying Moscow for arms purchases in 1977 when then-president Anwar Sadat broke with its long-standing ally and turned to the U.S.. REUTER
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Peru will put into effect today a foreign exchange rationing system for imports designed to stop a slide in the country's international reserves, a government decree in the Official Gazette said. Under the system, importers will be required to present a bill from the foreign seller of goods and apply for a license for foreign exchange. The central bank will have 10 days to decide whether to issue the required foreign exchange. Net international reserves now total about 800 mln dlrs compared to 1.54 billion dlrs a year ago. The system will be effective until the end of 1988. A ceiling for foreign exchange availability will be set by a council with members from the central bank, the economy ministry and the planning and foreign trade institutes. The central bank will issue licenses to procure foreign exchange in accordance with guidelines set by the council. Peru's reserves fell sharply due to a drop in the trade surplus to about five mln dlrs in 1986 from 1.1 billion in 1985, according to preliminary central bank estimates. Total exports dropped to 2.50 billion dlrs last year against 2.97 billion in 1985. Reuter
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The United States wants Taiwan's currency to appreciate faster to reduce Taiwan's trade surplus with the U.S., A senior trade official said. Board of Foreign Trade director Vincent Siew told reporters on Saturday U.S. Officials told him in Washington last week that unless Taiwan allowed its dollar to rise faster it would face retaliation. Siew returned from Washington on Friday after the U.S responded to Taiwan's request to increase its textile export quotas by promising further talks in May. Taiwan's surplus with the U.S. Hit a record 13.6 billion U.S. Dlrs in 1986. Washington signed a three-year accord with Taipei last year limiting textile export growth to 0.5 pct a year. Siew said the Taiwan dollar had risen by about 15 pct against the U.S. Dollar since September 1985. It surged last week amid indications Washington was seeking a major rise in its value. It rose four cents against the U.S. Dollar on Saturday to close at 34.59. Western trade sources told Reuters Taiwan and the U.S. Have been holding talks on the currency issue but added it is not clear how far Washington wants to see the Taiwan dollar rise. REUTER
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Saudi Arabia has dropped its condition that Brazil secure international bank guarantees before Saudia Arabia would ship it oil, state-oil company Petrobras said in a statement. Petrobras said the Saudis will accept Banco do Brasil credit guarantees. Petrobras cancelled a 40 mln dlr crude oil purchase from the Saudis yesterday after they refused to accept a letter of credit from the official Bank of Brazil. The Saudis had demanded that Brazil get credit guarantees from leading international banks. Petrobras said the Saudis had been advised that if they did not change their mind by Monday, Petrobras would negotiate the purchase of oil with other producers. The Petrobras statement said the shipment of 2.2 mln barrels will be made by the Saudis on March 24 as scheduled. The shipment was part of a contract signed in February for the Saudis to supply Brazil with 125,000 barrels per day until June. REUTER
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Banca della Svizzera Italiana <BISZ.Z> said it planned a one-for-12 rights issue at 300 pct of nominal value to raise about 50 mln francs new capital. The rights issue would have a theoretical value to shareholders of 140 Swiss francs per bearer share and 45 per registered share. BSI was also seeking shareholder authorization for 200,000 new participation certificates of a nominal value of 100 francs without rights for shareholders, to back future convertible or warrant bonds or for other purposes. Existing 500-franc "B" tranche certificates would be split five-for-one. The split would improve the marketability of the existing certificates, chief executive Giorgio Ghiringhelli told a news conference. The new bearer shares would be priced at 1,500 francs, compared with a closing price last Friday of 3,325 on the Zurich Stock Exchange, while the registered shares would be issued at 300 francs against a market price of 900. REUTER
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Britain and West Germany told their European Community partners they would strongly oppose major elements of proposals to rid the EC of its farm surpluses. At a meeting of EC foreign ministers, Britain called for a full debate on a proposed tax on edible oils and fats that has already angered EC consumer groups and unleashed Washington-led protests from exporters to the EC, diplomats said. West Germany, also opposed to the oils and fats tax, will advise the meeting formally later today it cannot countenance other proposals that could hit German farmers, they added. They said West Germany's objections were put in a letter this weekend from Chancellor Helmut Kohl to Jacques Delors, the president of the EC's Executive Commission which had put forward the proposals last month in a bid to avoid a new EC cash crisis. Kohl reiterated German objections to proposed cereals production curbs but reserved his harshest criticism for a proposed dismantling of Monetary Compensatory Amounts (MCAs) - a system of cross-border subsidies and taxes which level out foreign exchange fluctuations for farm exports. Kohl made clear the dismantling would mainly hit German farmers who, without MCAs, would find it much more difficult to export to weaker currency states, which means virtually all other 11 EC states, diplomats said. Britain initiated the discussion on the proposal to impose a hefty tax on domestic and imported oils and fats because it could seriously damage EC trade relations. The diplomats said the United States had been the most outspoken among foreign critics of the proposal, describing it as a breach of the EC's obligations under the world trade body GATT. But protests had also come from other exporters to the EC, such as Senegal, Malaysia, Indonesia, Brazil, Argentina, Iceland and Norway, they added. Britain has often lined up against West Germany on the farm reform issue in the past but is keen to avoid measures that could spark a damaging trade war with the U.S. Foreign ministers were unlikely to take a decision on either the oils and fats tax or the MCA proposals today, diplomats said. But their discussion should make clear that neither has a chance of surviving when it comes up for substantive consideration by EC farm ministers later this month, they added. REUTER
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Harper and Row Publishers Inc said its board of directors decided to take no action on two takeover bids that the company has received. Instead, it appointed a committee of independent directors to study strategic alternatives for the 170-year-old firm. The alternatives include continuation of the company's existing business plans, possible business combinations, sales of stock, restructuring and the sale of all or part of the company. Kidder Peabody and Co Inc has been retained to advise on the alternatives, Harper and Row added. Private investor Theodore Cross last week offered 34 dlrs a share for Harper and Row, prompting a rival bid of 50 dlrs a share from another publishing firm, Harcourt Brace Jovanovich Inc <HBJ>. After carefully considering the two offers at a meeting on Friday, the Harpers and Row board decided not to act on them. The directors unanimously expressed their strong desire to preserve the company's independence and take advantage of its "considerable future prospects," according to director Winthrop Knowlton, former chief executive and now chairman of the newly established independent committee. "However, given the significant current interest in the company, we also feel that we should carefully review all the options available. The committee will consider all the pertinent facts and alternatives... We intend to make a careful and informed decision but will proceed expeditiously to a conclusion," Knowlton said. Pending its deliberations, Harper and Row's board has postponed indefinitely a special meeting of stockholders that had been scheduled for April 2 to discuss a proposal to recapitalize the company's stock in order to create two classes of shares with different votinmg rights. Reuter
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The Federal Home Loan Bank Board (FHLBB) announced the acquisition of Home Savings and Loan Association in Seattle, Washington, by InterWest Savings Bank of Oak Harbour, Washington. The FHLBB said Home Savings was the 12th troubled savings institution requiring federal action this year. It said Home Savings had assets of 150.6 mln dlrs in assets and InterWest had assets of 342.9 mln dlrs. Reuter
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U.S. Commerce Secretary Malcolm Baldrige predicted Congress will pass a reasonable trade bill this year and said tough protectionist legislation could prompt a trade war. "The mood of the Congress right now is as tough on trade as I've ever seen it in six years in Washington," Baldrige said in a weekend television interview. "I think we'll still be able to get a reasonable trade bill out in spite of that because the whole Congress is trying to work together with the administration, but there is a hardening trade attitude," he said. President Reagan opposes protectionist legislation but agreed to support a trade bill when it became apparent that opposition Democrats would pass such legislation. However, Baldrige warned measures that would penalize trading partners such as Japan, South Korea and Taiwan for failing to cut their trade surpluses with the U.S. could lead to retaliation and he said he would urge Reagan to veto any such bill. When asked if there is a rising danger of a worldwide trade war, Baldrige said: "Yes, I don't think there's any question about that." Reuter
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Leading industrial nations will meet again next month to review their accord on currency stability, but U.S. Officials said financial markets are convinced for now the countries will live up to commitments to speed up economic growth. The narrow currency movements of recent weeks strongly suggests the six leading industrial countries have tamed the normally unruly financial markets and next month's talks seem likely to build on that stability. A Reagan administration official said the Paris agreement last month was the main reason markets were calm. But he said in an interview that financial markets also understood, "That all six countries concluded that the measures to be taken over a period of time in the future should foster stability of exchange rates around current levels. That is in fact what has happened since Paris." Monetary analysts said stability has been helped in part by the decision of industrial nations to bury the hatchet and cease to quarrel over short-term policy objectives. Instead they have focused on medium-term policy goals, but left room to adjust their agreements with periodic meetings. The official refused to comment, however, on whether the agreement included a secret pact to consider further coordinated interest rate cuts -- a measure industrial nations have taken jointly several times in the past year. On February 22, the United States, Japan, West Germany, France, Britain and Canada agreed that major currencies were within ranges broadly reflecting underlying economic conditions, given commitments by Washington to cut its budget deficit and by Toyko and Bonn to boost economic growth. The shake-up would strengthen the U.S. Position in future international talks. "I think these changes will strengthen the President's hand politically and the stronger he is politically the better off we are with the Congress and the better off we are in international fora," said the official, an Administration economic policymaker. "So it would be beneficial to the continued conduct of our initiatives." But the official also said the Administration would resist calls for a tax increase to cut the budget deficit -- a target Europeans say is crucial to help curb economic instability. Currency analysts believe the Paris agreement set secret short-term target ranges for their currencies with a specific agreement to defend those bands with intervention. According to market sources, the ranges agreed were 1.60 to 1.90 marks to the dollar, and 140 to 155 yen to the dollar. There is no official confirmation that specific bands were set, although the agreement used the term "ranges", for the first time in an international economic agreement. The Paris accord stated the six would cooperate closely to foster currency stability around current levels. Last week, dealers said the Federal Reserve intervened to stop the dollar rising against the mark, which had breached 1.86 to the dollar. British authorities are also understood to have intervened to curb sterling's strength. International monetary sources say finance ministers and central bankers, who will review market performance and their own economic prospects, will reassemble again in Washington just before the April 9 policymaking meeting of the International Monetary Fund. The sources said Italy, which refused to join the Paris pact, was invited back by Treasury Secretary James Baker. Since Paris, there are signs West German growth is slowing, while U.S. Officials said they were giving Japan until April to show that an economic stimulus package was in the offing. Signs of concern about German prospects emerged recently when Bundesbank (central bank) president Karl Otto Poehl told bankers he would consider cutting West German interest rates if the Fed was ready to follow suit. A Reagan Administration official said this would show there had been some change in approach on the part of the central bank in Germany. But he declined to comment on the prospects for action by the Fed and the Bundesbank. "If there is such a provision it is private and if I talked about it, it would no longer be private," said the official, who asked not to be identified. Public comments by Fed officials suggest the central bank is keeping credit conditions broadly unchanged, but if the major economies continue to show sluggish growth and the U.S. Trade deficit remains stubbornly high, further coordinated action could be on the April agenda. REUTER
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Calny Inc said it has received an offer to be acquired by PepsiCo Inc, which already owns 9.9 pct of Calny stock, for 11.50 dlrs per share, subject to approval by PepsiCo and Calny boards and Calny shareholders. The company said its board intendsd to schedule a meeting in the near future to review the proposal and it has asked <Oppenheimer and Co Inc> to assist it in evaluating the offer and advise Calny on its alternatives. Calny is the largest franchisee of PepsiCo's Taco Bell restaurants, operating 143 in California, Oregon, Texas and Washington as well as 15 La Petite Boulangerie bakeries in Seattle. Calny earned 1,192,000 dlrs on sales of 56.2 mln dlrs for the nine months ended November Four. On December Four, Calny rejected as inadequate an investor group led by former president and chairman Robert A. Larive's second offer to acquire it because the bid was inadeuqate and subject to too many contingencies. The group offered 11.50 dlrs and one dlr of 10 pct preferred stock per Calny share. Reuter
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Indonesia will build a crude palm oil terminal at a new port on Batam island, south of Singapore, Research and Technology Minister Yusuf Habibie said. The terminal will be able to handle 2.1 mln tonnes of crude palm oil from new plantations in northern Sumatra and western Kalimantan (Borneo), he said. A tender for engineering work on the Asia Port project will be offered mid-year. Habibie did not say when the terminal was expected to be operational. Reuter
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<Warburg, Pincus Capital Corp> said it has started a tender offer for up to 2,500,000 common shares of Symbion Inc at 3.50 dlrs each. In a newspaper advertisement, The firm said the opffer is not conditioned on receipt of any minimum number of shares but is conditioned on holders of nor more than 400,000 Symbion sharesseeking to receive the fair value of their shares under provisions of the Utah Business Corporation Act. Warburg said receipt of 2,500,000 shares would raise its interest in Symbion to about 59.3 pct from 25.8 pct currently and give it control. Warburg said it reserves the right to buy more than 2,500,000 shares if the offer is oversubscribed but has no present intention of doing so. It said it has asked Symbion to provide its shareholder list to help in disseminating the offer. The firm said the offer, proration period and withdrawal rights expire April 22 unless extended. Reuter
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ZIM Energy Corp said it has entered into an agreement for a group consisting of <Strategy and Development Inc>, <Norsk Vikingolje A/S> of Oslo and MIS Gas Corp -- which already owns one third of ZIM -- to buy 15 to 20 mln new common shares at 20 cts each in association with <Polo Energy Corp> and <Jaguar Petroleum Corp>. The company said the investor group also bought about 6.3 mln shares from ZIM management. It said James Mitchell, William Richardson and Steven Duin have resigned as officers and directors. ZIM said Chemclear Inc <CMCL> has unilaterally canceled an agreement to merge with ZIM, and ZIM's board is studying the possiblity of a claim against Chemclear. The company said it expects to report a loss for the year of about 3,125,000 dlrs due to lower oil and natural gas prices, unsuccessful well workover programs and excessive overhead and corporate expenses. It said it plans a dramatic reduction in overhead costs that should improve results. The company said Michel Billard has been named chairman and Robert Berckmans has been named president and chief executive, and Berckmans and two others have joined the board. ZIM said it has agreed to acquire the remaining interest in its Buccaneer and Blue Dolphin Pipeline affiliates for about one mln dlrs in cash and stock. It gave no further details. Reuter
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Bluefield Supply Co said its board declared its second liquidating dividend of 1.71 dlrs per share, payable March 16 to shareholders of record March 13. The company paid an initial liquidating dividend of 15.75 dlrs per share on January Eight. Reuter
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Shr 33 cts vs 48 cts Shr diluted 33 cts vs 44 cts Net 4,435,000 vs 6,410,000 Revs 839.3 mln vs 751.8 mln 1st half Shr 55 cts vs 94 cts Shr diluted 55 cts vs 88 cts Net 7,374,000 vs 12.6 mln Revs 1.68 billion vs 1.51 billion Reuter
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Dixons Group Plc <DXNS.L> has sold 8.3 mln shares in Woolworth Holdings Plc <WLTH.L> through Salomon Brothers U.K. Equity Ltd, a statement from Salomon said. The shares were placed with about 45 to 50 institutions in Europe and the Far East. Dixons retains one mln Woolworth shares, a Dixons spokesman added. Industry sources said Dixons acquired the Woolworth shares in connection with its unsuccessful bid for the company last year. Dixons paid an average price of 695p per share which compares with 819p today. Woolworth closed on Froday at 833p. A Dixons spokesman said the decision to retain one mln shares reflected Woolworth's buoyant prospects. REUTER
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Joule' Inc said its board declared a three-for-two stock split, payable April 30, record March 31. Reuter
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Whippany Paper Board Co Inc said shareholders at a special meeting approved a merger into NPN Inc for 2.50 dlrs per share. NPN acquired control of Whippany in a recent tender offer. Reuter
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Privately-held <Pilot Air Freight> said it met with officials of Northern Air Freight Inc to try to negotiate a friendly acquisition of Northern, but Northern's management had no interest in the proposal. Northern has annual revenues of about 60 mln dlrs and is based in Seattle. Reuter
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Shr 35 cts vs 44 cts Net 1,311,000 vs 1,619,000 Revs 125.2 mln vs 117.2 mln NOTE: American Building Maintenance Industries Inc. Reuter
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Renouf Corp International said it has extended the expiration of its offer to pay 31 dlrs a unit to buy all outstanding units of Benequity Holdings a California Limited Partnership to March 24 from March 13. As of March 13, Renouf said, about 3,847,375 units had been tendered. Renouf pointed out this exceeds the minimum number sought in the offer, but its statement gave no reason for the extention. Benequity has 5.7 mln units outstanding. Reuter
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Shr 32 cts vs 21 cts Net 4,717,000 vs 2,587,000 Revs 72.9 mln vs 37.9 mln Avg shrs 14.7 mln vs 12.6 mln Year Oper shr 75 cts vs 41 cts Oper net 10.7 mln vs 4,642,000 Revs 188.9 mln vs 106.6 mln Avg shrs 14.2 mln vs 1.4 mln NOTE: 1985 year net excludes 495,000 dlr tax credit. Reuter
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Shr profit 17 cts vs loss two cts Net profit 520,000 vs loss 51,000 Sales 11.1 mln vs 6,897,000 1st half Shr profit 34 cts vs profit 12 cts Net profit 951,000 vs profit 320,000 Sales 20.6 mln vs 14.9 mln Reuter
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Shr 16 cts vs 22 cts Net 1,574,000 vs 1,725,000 Sales 104.2 mln vs 116.0 mln Avg shrs 10.1 mln vs eight mln 1st half Shr 37 cts vs 37 cts Net 3,675,000 vs 2,925,000 Sales 244.5 mln vs 230.6 mln Avg shrs 10.0 mln vs eight mln Reuter
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Shr profit two cts vs loss 16 cts Net profit 558,000 vs loss 580,000 Sales 66.2 mln vs 29.5 mln Avg shrs 4,476,000 vs 3,615,000 Year Shr loss 61 cts vs loss 79 cts Net loss 1,760,000 vs loss 2,180,000 Sales 158.4 mln vs 76.3 mln Avg shrs 4,475,000 vs 2,751,000 Reuter
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Shr profit four cts vs loss two cts Net profit 247,970 vs loss 57,341 Revs 2,393,622 vs 2,627,612 Avg shrs 5,958,423 vs 2,440,100 Year Shr profit 71 cts vs loss 35 cts Net profit 3,213,310 vs loss 849,180 Revs 14,571,434 vs 9,099,767 Avg shrs 6,177,666 vs 2,440,083 NOTE: 1986 earnings include a loss from carryforward of investment tax credits of 85,000 dlrs in the quarter and a gain of 250,000 dlrs, or four cts a share for the year Reuter
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Shr profit nine cts vs loss 58 cts Net profit 738,000 vs loss 4,643,000 Sales 50.9 mln vs 43.8 mln Year Shr profit 1.50 dlrs vs loss 61 cts Net profit 12.1 mln vs loss 4,875,000 Sales 195.3 mln vs 174.2 mln NOTE: 1985 net both periods includes 4,952,000 dlr provision for plant closing. 1985 net includes gains on sale of West Los Angeles real estate of 650,000 dlrs in quarter and 1,471,000 dlrs in year. 1986 year net includes gains on sale of West Los Angeles real estate of 9,903,000 dlrs. Reuter
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Shr profit seven cts vs loss five cts Net profit 303,000 vs loss 205,000 Revs 16,945,000 vs 7,695,000 Nine mths Shr profit 27 cts vs profit 19 cts Net profit 1,161,000 vs profit 787,000 Revs 39.2 mln vs 22.8 mln NOTE: Profits include gains of 130,000 dlrs, or three cts a share, in quarter and 490,000 dlrs, or 11 cts a share, vs 52,000 dlrs, or one cent a share, in nine months from tax loss carryforward Reuter
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Banca della Svizzera Italiana <BISZ.Z> said it expected business to be good again this year after 1986's 15.2 pct increase in net profit to 42 mln Swiss francs. Chief Executive Giorgio Ghiringhelli told reporters he expected almost all important sectors to expand well in 1987. An important exception would be its securities business, which would grow more slowly. Ghiringhelli also said the bank planned to convert its representation in London into a subsidiary at the end of this year and further expand activities at its New York subsidiary, particularly in private banking. Reuter
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Brazilian bank workers voted to launch a nationwide strike this month, compounding labour unrest arising from the failure of the government's anti-inflation plan. At a rally in this city, about 100 km northwest of Sao Paulo, about 5,000 bank workers voted to strike on March 24 unless their demand for 100 pct pay rises is met. Wilson Gomes de Moura, president of the national confederation which groups the bank employees' 152 unions representing 700,000 workers, told Reuters the indefinite stoppage would affect all banks. The vote came as a stoppage by seamen entered its third week and as 55,000 oil workers threatened action against the state-owned petroleum company Petrobras. Reuter
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Becor Western Inc said <Investment Limited Partnership> of Greenwich, conn., and Randolph W. Lenz are offering to acquire Becor for 15.50 dlrs per share, subject to Becor's receipt of at least 110 mln dlrs from the proposed sale of its Western Gear Corp subsidiary. Becor said it has also received expressions of interest from other parties seeking information about Becor. Becor had previously agreed to sell Western Gear for at least 110 mln dlrs and to be acquired by BCW Acquisition Inc for 10.45 dlrs in cash and four dlrs in debentures per Becor share. BCW was formed by Becor executives and <Goldman, Sachs and Co>. Both deals are subject to shareholder approval. Reuter
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Clark Equipment Co said it was informed by Arthur M. Goldberg acting on behalf of a group of investors that the group had accumulated 1,262,200 shares, or about 6.7 pct of Clark's outstanding common stock. It said Goldberg recently approached Clark to repurchase the shares. However, negotiations for the block repurchase were unsuccessful and have been terminated. Reuter
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<Avia Group International Inc> stockholders filed a class a action suit in Multnomah County Circuit court seeking to halt the sale of Avia to Reebok International Ltd <RBOK>. Avia stockholders also seek to receive compensation from the defendants, who include most of Avia directors, according to court papers. The suit grew out a meeting of several dozen dissatisfied minority stockholders of Avia following the announcement of Reebok's proposed acquisition of Avia and the sudden drop in the price of Avia stock. The complaint was filed on behalf of Clem Eischen, a Portland-area resident, who owns 500 shares of Avia, and Robert Withers, also of the Portland-area, who owns 954 shares, and other individuals who held stock at the time of Reebok's announcement. A jury trial has been requested. "The actions of the small group that contral Avia have hurt the little guy," said Eischen. The stockholders, according to a statement, have organized a steering committee. The complaint reviews the price action of Avia stock from March 1986 and noted the plaintifs who purchased stock between 19 dlrs and 25 dlrs per share. The price fell from 24 dlrs to 16.50 dlrs a share following the Reebok announcement. The complaint asked the defendants be enjoined from proceeding with the Reebok acquisition of Avia. It also requests damages to be determined at the time of trial. Avia said it had not seen the court papers and said it had no comment on the suit. Reuter
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 U.K. MONEY MARKET GIVEN 451 MLN STG AFTERNOON HELP LONDON, March 16 - The Bank of England said it provided the money market with a further 451 mln stg assistance. This brings the bank's total help today to 571 mln stg and compares with its estimate of the deficit in the system which was earlier revised down to 1.10 billion stg from 1.15 billion. The central bank bought 108 mln stg of bills for resale to the market in equal amounts on April 1, 2 and 3 at 10-7/16 pct. It also made outright purchases comprising 326 mln stg of bank bills in band one at 10-3/8 pct, 15 mln stg of bank bills in band two at 10-5/16 pct and two mln stg of local authority bills in band one at 10-3/8 pct. REUTER 
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Zambia's talks with the World Bank and International Monetary Fund (IMF) on a financial rescue package have run into difficulties on the issue of food subsidies, an official newspaper said. The Times of Zambia, which is run by the ruling United National Independence Party (UNIP), quoted official sources as saying the IMF and World Bank had refused to continue financing food subsidies and were pressing the government to explain how it proposes to pay for them. President Kenneth Kaunda tried to abolish maize subsidies last December, in line with IMF recommendations, but the move caused maize meal prices to double overnight and led to riots. The subsidies were immediately restored as part of moves to quell the disturbances. The Times of Zambia said another major issue in the government's current talks with the IMF and World Bank was the remodelling of Zambia's foreign exchange auction. The central bank's weekly auction of foreign exchange to the private sector has been suspended since the end of January, pending modifications to slow down the rate of devaluation and dampen fluctuations in the exchange rate. The kwacha slid to around 15 per dollar under the auction, losing 85 pct of its value in 16 months, but since the end of January has been revalued to a fixed rate of nine per dollar. Banking sources said Zambia was persuaded by the World Bank and IMF to lift its proposed ceiling of 12.50 kwacha per dollar on the currency's devaluation once the auctions restart. Reuter
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Oper shr profit 17 cts vs profit 10 cts Oper net profit 5,146,000 vs profit 2,691,000 Revs 269.5 mln vs 274.4 mln Avg shrs 20.5 mln vs 17.0 mln Nine mths Oper shr profit 14 cts vs loss 45 cts Oper net profit 4,131,000 vs loss 7,148,000 Revs 802.8 mln vs 766.0 mln Avg shrs 20.4 mln vs 16.9 mln NOTE: Net excludes discontinued operations loss 1,667,000 dlrs vs profit 42,000 dlrs in quarter and loss 2,123,000 dlrs vs profit 1,334,000 dlrs in nine mths. Net excludes gains on insurance recovery of 54,000 dlrs vs 91,000 dlrs in quarter and 1,289,000 dlrs vs 218,000 dlrs in nine mths. Prior year net excludes 1,103,000 dlr loss from change in accounting for textiles inventories. Prior year results for discontinuance of apparel segment and change in accounting for textile inventories. Share adjusted for stock dividends. Net includes pretax unrealized loss provision recoveries related to marketable securities of 580,000 dlrs vs 824,000 dlrs in quarter and recovery 640,000 dlrs vs provision 366,000 dlrs in nine mths. Prior nine mths net includes pretax gain on sale of marketable securities of 493,000 dlrs. Net includes tax credits 5,738,000 dlrs vs 494,000 dlrs in quarter and credit 4,194,000 dlrs vs provision 11.2 mln dlrs in nine mths. Reuter
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Diamond Shamrock Corp said it will accept about 27 pct of the 73,653,000 shares of its common stock tendered in response to the company's offer to pay 17 dlrs a share for 20 mln shares. The company said it expects to mail checks representing the purchase price of the 20 mln shares purchased later this week and will be returning unpurchased shares shortly thereafter. Reuter
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Shr loss 2.70 dlrs vs loss 25 cts Net loss 60.6 mln vs loss 3,122,000 Revs 101.0 mln vs 167.7 mln Note: 1986 includes charge of 44.1 mln dlrs due to writedown of oil and gas interests, writeoff of goodwill and patents, provision against disposal of surplus inventory, losses on disposition of operating units and writedown of assets held for disposal. Reuter
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With the April 15 tax return deadline less than a month away, confused taxpayers will be converging on H and R Block Inc's offices to interpret the new tax codes. Financial results for the nation's largest tax preparer are expected to be good in fiscal 1987 but next year could be a "bonanza," analysts say. "For the short term the key word is confusion, Block Vice President Tom Bloch said in an interview. "When Congress drastically changes laws, confusion results and tax preparers benefit," Bloch said. "Next year, when taxpayers take the new forms and place them side by side to compare them, more people will throw their hands up and say 'I'm going to get help,'" he said. "Tax forms will look very different next year," he added. Kidder Peabody analyst Herbert Buchbinder expects Block's fiscal 1987 year (to end April 30) to show good gains over fiscal 1986 earnings of 60.1 mln dlrs or 2.41 dlrs a share on revenues of 606.7 mln dlrs. He estimates Block's fiscal 1987 earnings at 2.75 to 2.80 dlrs. "Next year, Block could have a bonanza," Buchbinder said. Based on estimates of a larger work force, Block could show a gain of more than five pct in tax forms prepared, he said. In the 1986 tax season, Block prepared 9,215,300 U.S. tax returns, up 1.5 pct over the previous year. The Internal Revenue Service estimates about 100 mln individual income tax returns will be filed for the 1987 tax season, up from last year's 94 mln forms. Professional tax preparers accounted for just over 43 million forms, according to the IRS. For the longer term, while confusion will continue to bring clients into Block's 8,866 tax preparation offices worldwide, there are some changes in the act that will have a negative effect, Bloch conceded. Certain changes in filing requirements will shorten the tax return, and in some cases, simplify the form, he noted. In addition, some low income wage earners will be taken off the tax rolls, he said. Block is currently analyzing its price structure to try to offset some of the negatives. Last tax season, the average cost for each return in the U.S. amounted to 48.05 dlrs and 45.73 dlrs worldwide, Bloch said. This tax season, rates will be up about three or four pct, in line with the inflation rate, he said. Block expects "some expansion" this tax season of its electronic filing system which directly feeds into the IRS and can speed up the refund process. Block can choose where and by how much it wants to expand into the seven cities made available for the direct filing by the IRS, Bloch noted. The IRS estimates about 90,000 returns will be directly filed this tax season, up from the 26,000 returns injected in the 1986 tax season. First Kansas City analyst Jonathan Braatz said that Block will benefit greatly from lower tax rates in fiscal 1988. Braatz expects Block's advertising budget to be about the same as last year which will be helped a bit by lower costs for television ads. "They may get a little more bang for their buck," he said. He estimates Block has about 150 mln dlrs cash on its balance sheet sheet, and says if interest rates rise it could be of great benefit to them. Reuter
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Qtly div eight cts vs five cts prior Pay April 24 Record April Three Reuter
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Aldershot Resources Ltd said it signed an interim agreement to acquire 100 pct of the outstanding shares of Intracoastal Refining Inc of Conroe, Texas. Aldershot will pay a certain number of shares of common stock based on book value, and up to a maximum of one mln shares under a formula linked to the next five years' pre-tax net revenues. The transaction is subject to completion of a definitive agreement and to regulatory approval. Reuter
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<Derlan Industries Ltd> said it acquired 80 pct of Aurora Industries Inc of Montgomery, Illinois for an undisclosed price. Closing is subject to completion of legal formalities, Derlan said. Reuter
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Marion Laboratories Inc said its board declared a two-for-one common stock split in the form of a dividend, with distribution April 21, record March 25. The board also said it intends to increase the regular quarterly dividend by 43 pct, to five cts a share, reflecting the split. It said the increase will be declared at the May 1987 board meeting and reflected in regular payments beginning in July 1987. Reuter
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<Dart Group Inc> said it is preparted to negotiate all terms of its proposed acquisition of Supermarkets General Corp. Early this month, Dart made an unsolicited offer of 41.75 dlrs a share in cash for Supermarkets General's stock. Releasing a letter sent friday to Supermarkets General, Dart said "we believe that an agreement can be reached which will be in the best interests of Supermarkets General, its stockholders, management, employees and customers. "To that end, we are prepared to negotiate all terms of an acquisition agreement," Dart said. Dart said it urges a meeting with Supermarkets General officials be held promptly. The letter pointed out the company has not heard from Supermarkets General since making the offer "other than on this past Monday when we were informed that our offer would be seriously considered and that you would get back to us on a timely basis to arrange a meeting." Dart said it has "acted openly and amicably" in an effort to facilitate its proposed acquisition, adding it has not purchased additional Supermarkets General stock since prior to submission of its offer. Dart said it continues to be interested in acquiring Supermarkets General in a friendly manner, noting it has given the company "the tune that you suggested in order to allow you to evaluate the available options." Dart now owns 1.9 mln Supermarkets General shares, slightly less than five pct of those outstanding. Reuter
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Ended Jan three Shr profit five cts vs NA Net profit 58,088 vs loss 279,718 Revs 6,310,841 vs 5,468,893 Year Shr profit 12 cts vs loss 74 cts Net profit 126,321 vs loss 773,090 Revs 23.1 mln vs 19.1 mln NOTE: Loss per share not given for quarter. Reuter
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Qtr ends Feb 28 Shr 37 cts vs 35 cts Net 4,346,000 vs 4,202,000 Revs 232,006,000 vs 223,151,000 Reuter
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Shr 52 cts vs 25 cts Net 5,154,000 vs 2,496,000 Revs 17.7 mln vs 14.4 mln Nine months Shr 1.16 dlrs vs 70 cts Net 11.5 mln seven mln Revs 50.3 mln vs 41.2 mln NOTE: 1987 periods include pretax investment income of 2.9 mln dlrs in capital gains distributions from mutual fund investment. Reuter
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Thermo Electron Corp said it has entered into talks with underwriters on the possible public sale of a minority interest in its packaged cogeneration systems subsidiary, Tecogen Inc. The company also said it plans to offer convertible subordinated debentures publicly. It gave no further details. Reuter
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Net 3.1 mln vs not given Note: results not comparable with last year due to November 1986 acquisition of Bank of British Columbia. Subsidiary of <Hongkong and Shanghai Banking Corp> Reuter
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Oper shr profit 45 cts vs profit 56 cts Oper net profit 1,492,000 vs profit 1,842,000 Sales 36.5 mln vs 38.5 mln Year Oper shr profit 48 cts vs loss 2.44 dlrs Oper net profit 1,596,000 vs loss 8,084,000 Sales 131.1 mln vs 144.5 mln NOTE: 1986 year net includes pretax provision for loss on sale of subsidiary of 1,600,000 dlrs. 1985 year net includes pretax loss 6,600,000 dlrs from plant closing provision. 1986 net excludes tax credits of 1,295,000 dlrs in quarter and 2,712,000 dlrs in year. 1986 net both periods excludes charge 9,400,000 dlrs for estimated settlement and expenses connected with Chapter 11 bankruptcy. Reuter
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The Bank of England said it provided the money market with late assistance of around 550 mln stg. This takes the Bank's total help today to some 1.12 billion stg and compares with its estimated deficit of around 1.10 billion. REUTER
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 RENOUF EXTENDS BENEQUITY HOLDINGS <BH> OFFER repeat NEW YORK, March 16 - Renouf Corp International said it has extended the expiration of its offer to pay 31 dlrs a unit to buy all outstanding units of Benequity Holdings a California Limited Partnership to March 24 from March 13. As of March 13, Renouf said, about 3,847,375 units had been tendered. Renouf pointed out this exceeds the minimum number sought in the offer, but its statement gave no reason for the extention. Benequity has 5.7 mln units outstanding. Reuter 
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U.S. Agriculture Secretary Richard Lyng said it is too late to implement a full 0/92 acreage provision, or "decoupling," for 1987 grain crops. "I think there's a chance we'll see that legislation (0/92) passed, (but) not for 1987 crops. It's too late," Lyng told the National Grain and Feed Association convention here. Lyng added that there seems some support in Congress for 0/92 and there was a good chance a pilot 0/92 program will be passed as part of a pending disaster bill. But he indicated that it is already too late in the year to alter the 1987 crop program. Sign-up for spring crops closes the end of this month. Overall, Lyng predicted very little change will be legislated in the 1985 farm bill this year. Reuter
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Salant Corp said it and its Thomson Co Inc and Obion Co Inc subsidiaries have filed a joint reorganization plan with the U.S. Bankruptcy Court and expect to emerge from Chapter 11 bankruptcy in the near future. The company said a hearing on the adequacy of the associated disclosure plan is scheduled for April Nine and completion of the plan is subject to approval by creditors, equity security holders and the bankruptcy court. Salant said it has reached agreement for Ray W. williams to continue as president and chief executive officer for five years from the effective date of the reorganization plan and has substantially concluded talks for a new 15 mln dlr unsecured credit, effective the same date. The company said the committee of its unsecured creditgors and the committee of its equity security holders have approved the terms of the plan. As previously announced, creditors will receive 450 mln dlrs in cash, 500 dlrs of 13-1/4 pct senior subordinated debentures and four common shares for each 1,000 dlrsd of allowed unsecured claims. Salant today reported earnings for the year ended November 29 of 1,596,000 dlrs, after a 1,600,000 dlr pretax provision for loss on the sale of a subsidiary but before a 9,400,000 dlr post-tax charge attributable to costs and expenses of Chapter 11 and the settlement of pre-Chapter 11 claims, as well as a 2,712,000 dlr tax credit. A year before, it lost 8,084,000 dlrs after a 6,600,000 dlr pretax provision for plant closings. Reuter
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Shr 11 cts vs 13 cts Net 1,965,577 vs 2,474,357 Revs 38.3 mln vs 34.7 mln 1st half Shr 61 cts vs 22 cts Net 11.3 mln vs 4,132,129 Revs 84.4 mln vs 66.2 mln Reuter
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West German exports to the United States fell below four billion marks worth in January for the first time since mid-1984, provisional Bundesbank data showed. The figures showed exports were 3.85 billion marks in January, sharply down from December's 4.40 billion and the lowest since the 3.56 billion exported to the U.S. In July 1984. This compared with 4.86 billion marks in January 1986. Total West German exports to Western industrialised countries also fell in January to 34.76 billion marks from December's 36.45 billion, also posting the lowest monthly total since July 1984. West German exports to the European Community were 21.60 billion marks in January, down from 22.14 billion in December and 22.94 billion in January last year, the figures showed. Exports to developing nations and centrally-planned economies also slackened. Separately, Commerzbank AG said in a report that the focus of West German exports this year was likely to shift to Europe because of an expected downturn in growth in the dollar area. This was one of the strengths of West German exports compared with Japan, which depended in large part on the U.S., OPEC and developing country markets, it added. REUTER
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U.S. lawmakers are gearing up for a showdown between protectionists and free traders as a major trade bill winds its way through committees to a vote by the full House of Representatives in late April. In a move to toughen U.S. enforcement of trade laws, a key House subcommittee last week approved a toned down version of legislation to require President Reagan to retaliate against foreign countries that follow unfair trade practices. This bill will be the cornerstone of congressional efforts to restore competitiveness of American industries and turn around last year's record 169 billion dlrs trade deficit. Several lawmakers have argued the new trade bill made too many concessions to Reagan and said they intend to back amendments to "get tough" with countries that violate trade agreements or keep out U.S. products. On the other hand, congressmen known for their allegiance to free trade, said the bill ties Reagan's hands too much in trade disputes and they will seek to restore his negotiating powers. Republican Bill Frenzel of Michigan said the subcommittee's bill was not one "that a free trader like me could endorse in all respects," but he emphasized there was a consensus among trade lawmakers to work toward a bill Reagan and Republicans would ultimately endorse. Frenzel said the goal of trade legislation was, "to make our trade policy stronger without violating our international trade agreements. You'll find a lot of people who think we have not done the former enough. You'll find poeple who think we haven't avoided violating agreements." In a key concession made at the urging of the powerful chairman of the House Ways and Means Committee, the trade subcommittee backed off a requirement that would have forced Reagan to automatically impose quotas or tariffs on imports from countries that engage in unfair trade practices. It also agreed he may waive any retaliation if it would hurt the U.S. economy. Ways and Means chairman Dan Rostenkowski, an Illinois Democrat, insisted the more moderate approach was necessary if the House wanted to pass a bill Reagan would sign into law. Reagan last year had blocked Senate consideration of a tough House trade bill he branded as protectionist and this year only reluctantly agreed to support a trade bill when he saw Democratic leaders were determined to pass a bill. As an indication of his success, White House spokesman Marlin Fitzwater told reporters Friday the administration still did not like some provisions. But he added, "Generally we feel very good about the bipartisan consideration of the trade legislation. I think we are progressing very well." The first battle will take place next week when the full House Ways and Means Committee considers an amendment by Rep. Richard Gephardt, a Missouri Democrat, to force countries such as Japan, South Korea and Taiwan to cut their trade surpluses with the United States. The subcommittee limited the Gephardt plan to provide only that the existence of a large trade surplus with the United States will trigger an investigation of unfair trade practices, but would not automatically set off retaliation. Rep. Phil Crane, an Illinois Republican and staunch free trader, said he will try to further weaken the Gephardt plan. Organized labor has pressed lawmakers for more relief from imports where jobs have been lost to foreign competition. AFL-CIO president Lane Kirkland this year angered the administration in a statement that any trade bill Reagan would sign would not be worth passage in Congress. But Rostenkowski set the tone of the trade debate in a statement, "I'm not trying to write legislation to please Lane Kirkland. I'm trying to write legislation that will be signed by the president." In writing the bill, the subcommittee rejected calls for trade relief for specific industries such as textiles. Rep. Ed Jenkins, a Democrat from Georgia, agreed to hold off his fight. He intends to push separately a bill to protect the domestic textile and shoe industry, an aide said. Reagan vetoed a similar measure last year. House Speaker Jim Wright, a Texas Democrat, is one of the most influential proponents of aid for specific industries beset by low priced foreign competition. Wright Thursday renewed his call for import relief for the domestic oil industry and announced his support for a Senate plan to trigger a temporary oil import tariff when imports reach half of domestic consumption. For the most part, the trade bill's provisions toughen U.S. enforcement of trade laws. The bill forces the administration to act rapidly on complaints of unfair trade practices such as dumping products in the United States at prices below the cost of production. It also forces the administration to act rapidly when an industry complains that a surge in imports threatens its existence. Congressmen said the change would have required the U.S. International Trade Commission to impose limits on car imports in 1981. Reuter
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Endotronics Inc said it expects to incur "substantial losses" for the second quarter ending March 31 and fiscal year ending Sept 30, 1987. As one factor behind the anticipated loss, Endotronics cited a dispute by one of its Japanese distributors, <Yamaha Inc>, over payment of a 3,686,000 dlr promissory note. In a Form 8-K filing with the Securities and Exchange Commission, Endotronics said the note was for overdue accounts receivable from sales of instruments to Yamaha and another Japanese distributor during the company's 1986 fiscal year. Endotronics said at its present reduced level of operations it will exhaust all currently available cash and credit facilities in early May 1987. It said this assumes full use of the remaining 1,250,000 dlrs available under a line of credit from Celanese Corp, which requires approval of Celanese Corp <CZ>. The company said its ability to obtain funding was adversely affected by a suit filed March 4 by two of its shareholders seeking to represent a class of holders against three officers of Endotronics. Endotronics said the complaint against it alleges violations of the federal securities laws in connection with statements made in the company's annual and quarterly reports. The company also said the Securities Division of the Minnesota Department of Commerce is conducting an inquiry into the company's Japanese sales for fiscal 1986 and trading by insiders and brokers in the company's common shares. It said similar inquiries are being conducted by the Securities and Exchange Commission. The investigations will hurt the company's ability to obtain funding, it said. As a result of the dispute over payment of the promissory note, the law suit challenging its financial data and the various investigations concerning insider trading, the company said it no longer expects that anticipated declines in instrument sales in Japan in fiscal 1987 will be offset by increased instrument sales in other foreign countries and the United States. Reuter
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Texas Air Corp said under a settlement of class action litigation with <Mutual Shares Corp>, former minority shareholders of Continental Airlines Inc will receive an additional 3.75 dlrs per share. In February, Texas Air acquired the minority interest in Continental that it did not already own for 16.50 dlrs per share. Mutual had challenged the adequacy of the price. Texas Air said any former Continental holder who has sought appraisal rights under Delaware law may continue to seek the appraisal remedy in Delaware Chancery Court or accept the settlement and drop the appraisal process. Texas Air said the settlement has other terms relating to employee shareholdrs of Continental, who will receive options from Texas Air. It did not give details. The company said the settlement is subject to approval by the Delaware Chancery Court, which is expected to take about 60 days. Reuter
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The Commodity Credit Corportion, CCC, has accepted a bid for an export bonus to cover the sale of 15,000 tonnes of U.S. wheat to West African countries, the U.S. Agriculture Department said. The dark northern spring wheat is for shipment May 15-June 15, 1987. The bonus of 40.05 dlrs per tonne was made to Peavey Company and will be paid in the form of commodities from the CCC inventory, it said. An additional 315,500 tonnes of wheat are still available to West African countries under the Export Enhancement Program initiative announced October 30, 1986, it said. Reuter
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Lowrance Electronics Inc said results from operations in the third and fourth quarter may not be comparable to the first and second quarters, which were strong because of orders for new sonar equipment. For the six months ended Jan 31, the company reported net income almost tripled to 951,000 dlrs or 34 cts a share as sales rose 38 pct to 20.6 mln dlrs. The company, which went public Dec 23, also said it expects to be able to fill back orders from the first two quarters because of improved supply of computer chip components. Reuter
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Capitol Bancorp said it expects to restate its results for 1986 to a loss of about one mln dlrs due to a reclassification of loans recommended by auditor Ernst and Whinney. The company said the restatement also reflects a substantial increase in reserves of its principal subsidiary, Capitol Bank and Trust Co. It said it expects to earn 2,250,000 to 2,750,000 dlrs for the first quarter of 1987. Capitol said to maintain an adequate capital ratio it will seek additional equity capital in the near future. It also said it has delayed its annual meeting until May due to the restatement of annual earnings. Capitol said its board raised the quarterly dividend to 23 cts from 22 cts a share, payable April 28, record MArch 31. The company originally reported 1986 earnings of 7,700,000 dlrs. It earned 3,848,000 dlrs in last year's first quarter. The annual meeting had been scheduled for the second week of April. Reuter
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The European Monetary System marks its eighth anniversary still vulnerable to turmoil in world money markets despite creating an island of currency rate stability in Europe, economists say. But many economists say the system, which holds eight European Community currencies within narrow fluctuation bands, remains in its infancy. Its new currency, the European Currency Unit (Ecu), has been a runaway success with investors and borrowers alike seeking an alternative to the volatile dollar. And on Wednesday, the long term vision of the Ecu as Europe's common currency took a step nearer to becoming reality when Belgium minted the world's first Ecu coin. But economists say members such as West Germany have so far blocked a second stage of development envisaged by the system's founding fathers, ex-West German Chancellor Helmut Schmidt and former French President Valery Giscard d'Estaing. Under this phase, originally due to have started two years after the EMS was set up, decision-making was to have been transferred from national governments and central banks to an autonomous European Monetary Fund. But members have jealously guarded their sovereignty in economic and monetary matters. "The basic problem of the EMS is that governments are not prepared to make the quantum leap to a situation where certain decisions are taken in common," said one economist who has closely watched the system's development. The result is that the EC is often divided over policy on third currencies, accentuating what the economists say is the system's greatest weakness, its vulnerability to a weak dollar. Over the past 18 months, as the U.S. Dollar plunged and investors moved into strong currencies, the resulting sharp rise of the West German mark severely strained the system. Another frustration has been Britain's failure to lend the EMS political support by keeping the pound, still a major world currency, outside the system. No change in the British government's attitude is expected before the country's next general elections, due by mid-1988. Meanwhile, the system's last realignment, the 11th since it was set up, prompted European finance ministers to ask the EC's highly-secretive Monetary Committee and Committee of Central Bank Governors to come up with suggestions for reinforcing it. Their ideas are due to be unveiled when finance ministers hold an informal meeting in Belgium early next month. But economists said the proposals are unlikely to involve more than tinkering with technical details. They are sceptical about the chances for any fundamental change. "Technical measures won't be enough to protect the EMS against external factors such as dollar weakness. For that we must take the step forward to the institutional level," said Leo de Corel of Kredietbank's economic research department. Economists say the system's fortunes now will depend largely on the success of an agreement last month among major industrial nations to stabilise exchange rates. If the dollar resumes its slide the EMS could be in for more turbulence, they predict. REUTER
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Intermagnetics General Corp said it completed the purchase of the advanced products department of Air Products and Chemicals Inc <APD>. Terms were not disclosed. The department, which makes cryogenic equipment, will continue operating at its present location in Allentown, Pa., the company said. It will market its products as APD Cryogenics Inc. Reuter
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Italy's Ferruzzi SpA has taken a 67 pct stake in Spanish sunflower seed and cotton mill Cooperativa Agricola del Guadalete SA (GUADALCO), sources at GUADALCO said. The Italian firm's Spanish subsidiary, Ferruzzi Espana SA, took the majority equity stake, with the remaining 33 pct retained by GUADALCO. Ferruzzi plans to set up a sugar division and import some 30,000 tonnes of industrial sugar from its French factories in its first year of operation. GUADALCO has a processing capacity of 250 tonnes a day of sunflower seeds and 12,000 tonnes a day of raw cotton. Reuter
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Net 38 mln vs 5.7 mln Revs 1.71 billion vs 1.69 billion NOTE: Fully owned subsidiary of Hoechst AG. Reuter
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The Federal Reserve is expected to intervene in the government securities market to add reserves via two to 2.5 billion dlrs of customer repurchase agreements, economists said. Economists said the Fed will inject temporary reserves indirectly to offset pressure on the Federal funds rate associated with quarterly corporate tax payments to the Treasury department. Fed funds opened at 6-1/4 pct and remained at that level late this morning. Friday funds averaged 6.05 pct. Reuter
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Oper shr 42 cts vs 11 cts Oper net 1,433,000 vs 382,000 Revs 38.6 mln vs 20.1 mln Year Oper shr 60 cts vs 49 cts Oper net 2,033,000 vs 1,682,000 Revs 90.4 mln vs 73.0 mln NOTE: 1985 4th qtr and year excludes extraordinary credit of 349,000 dlrs or 11 cts per share. Reuter
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U.S. Trade Representative Clayton Yeutter said the Export Enhancement Program, EEP, should be used as a "tactical tool" and not as a general policy. Yeutter made the comment in response to a question whether the U.S. should expand the EEP to cover grain sales to the Soviet Union. He did not comment directly on the Soviet question, replying that any decision would be made at the highest levels of the Reagan administration, and "I don't want to preempt that." Yeutter told the National Grain and Feed Association EEP should continue to be used as a tactical tool against the European Community but not as a general policy. He said selective EEP use has been successful in pressuring the E.C. Reuter
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National Pizza Co said the seven Straw Hat Piza restaurants in Los Angeles and Bakersfield, Calif., that it announced plans to buy Friday are expected to generate annual sales of about 3,800,000 dlrs, not the eight mln dlrs the company originally announced. The company said it will convert the restaurants to Pizza Hut units. Closing is expected around March 31. Reuter
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Net profit 34 mln dlrs vs 43 mln dlrs. Turnover 1.82 billion dlrs vs 1.83 billion. NOTE: Company lowered to nine pct from 13.5 pct interest rate on outstanding subordinated loan for period august 1, 1987, to July 31, 1988. TBG, formerly known as <Thyssen-Bornemisza Group>, reports in dlrs since December 1, 1984, the start of the 1985 financial year. TBG said the decline in profits was mainly caused by losses in container rental activities. Reuter
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<AVAQ International Inc> said it intends to require Gates Learjet Corp <GLJ> to honor its agreement to sell its shares to the company. AVAQ said it made the statement in response to an offer by <Interconnect Capital Corp> for all of Gates Learjet shares after what it believed to be an agreement by Gates to accept its offer. AVAQ said it offered, pusuant to Gates' guidelines, six dlrs per share, plus the purchase of Gates Corp's promisary note for 23 mln dlrs. Interconnect said it offered 7.07 dlrs per share, plus the repurchase of the loan for 13 mlns, for an aggregate price in the 95 mln dlr range. Interconnect said it made the offer to the board of directors of Gates Learjet on March 9. AVAQ said Gates Corp and Gates Learjet approved its offer Feb 26. Reuter
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The Bank of Spain is relaxing exchange controls to help put Spanish banks on an equal footing with European Community competitors by the 1993 deadline for the ending of restrictions, a central bank spokesman said. "The measures to take effect by June were designed to lift restrictions on foreign currency operations, in line with deregulation in the banking industry," he said in a telephone interview. The spokesman said the relaxation of exchange controls highlighted a broader package of reforms announced last Friday. The central bank said in a statement the measures included increased provisions for high-risk borrowers and a provision for future pension fund obligations. It said the measures were the latest steps to deregulate Spain's financial sector, a move triggered by entry into the Community last year. Spain has five years to complete bank deregulation, a process that began in 1978 when the government allowed foreign banks to open branches. Since then 39 foreign banks have come into the market and they now control about 15 pct of the system's lending assets. Residents in Spain can now borrow freely in foreign currency up to the equivalent of 1.5 billion pesetas against a previous ceiling of 750 mln pesetas. The 750 mln peseta limit was set last March. Between that date and the end of last year some 430 mln dlrs flowed into the country on new foreign currency loans. The central bank spokesman said operations over 1.5 billion pesetas were technically subject to authorisation, but would be given clearance if the government failed to act in 15 days. Spanish banks will also be allowed to expand their foreign currency funding, formerly obtainable through deposits, by issuing certificates of deposit, bonds and commercial paper. They can also employ these funds to invest in foreign issues, while before they had to be converted into deposits. Foreign exchange operations can be in mixed currencies, instead of having to borrow and lend in the same currency. The central bank has also lifted the restriction on the amount of foreign exchange loans, which previously were limited to three times a bank's capital equity. The latest deregulation measures were welcomed by most bankers, in contrast to rulings issued earlier this month which imposed a 19 pct reserve requirement on new convertible peseta funds held by banks and freed short term deposit rates. The reserve requirement, which was already in place on normal peseta deposits, was intended to curb short-term foreign speculative capital which is entering the country and threatening the government's money supply growth target. A foreign banker said high reserve requirements, which now account for about 30 pct of deposits, placed Spanish banks at a disadvantage with European competitors. The government reduced fixed asset investment requirements to 11 pct from 23 pct to help offset the negative impact of interest rate deregulation. "The real problem is the freeing of interest rates," the banker said. "This is going to take a big bite out of profits." The ruling lifted a six pct ceiling on interest rates paid on deposits of up to 180 days. The chairman of one of Spain's leading banks said the measure was expected to bring a 20 pct drop in profits this year. REUTER
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Qtly div 20 cts vs 16 cts prior Pay April 24 Record April 10 Reuter
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Jan 31 end Shr 31 cts vs 44 cts Net 5,705,000 vs 8,101,000 Revs 50.6 mln vs 67.2 mln 1st half Shr 63 cts vs 71 cts Net 11.6 mln vs 13.2 mln Revs 80.9 mln vs 105.2 mln NOTE: Current half net includes 750,000 dlr charge from reorganization. Reuter
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Period ended January 31. Shr loss 22 cts vs profit one ct Net loss 4,700,000 vs profit 150,000 Sales 15.0 mln vs 16.7 mln Avg shrs 21,538,000 vs 19,259,000 Note: Prior qtr figures include gain of 1.1 mln dlrs, or six cts per share, from discontinued operations. Reuter
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Period ended Jan 31 Oper shr two cts vs eight cts Oper net 96,000 vs 449,000 Sales 37.6 mln vs 35.8 mln Avg shrs 5,317,900 vs 5,689,277 NOTE: Full name is Diversified Industries Inc Earnings exclude gains from utilization of tax loss carryforwards of 62,000 dlrs, or one ct a share vs 358,000 dlrs, or six cts a share Reuter
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Oper shr loss 20 cts vs loss 19 cts Oper net loss 7,001,000 vs loss 6,761,000 Revs 93.0 mln vs 90.6 mln Avg shrs 35.2 mln vs 34.8 mln Year Oper shr profit 10 cts vs profit 65 cts Oper net profit 3,419,000 vs profit 22.6 mln Revs 381.7 mln vs 385.0 mln Avg shrs 33.8 mln vs 34.9 mln NOTE: Net excludes debt retirement gain 2,001,000 dlrs vs loss 316,000 dlrs in quarter and losses 15.9 mln dlrs vs 1,714,000 dlrs in year. 1986 net includes tax crdits of 2,942,000 dlrs in quarter and 2,729,000 dlrs in year. Reuter
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Oppenheimer Industries Inc said it expects to report a loss for the year ended January 31 of about 980,000 dlrs, compared with a profit of 211,074 dlrs a year before. The company blamed the loss on the continuing depression in agriculture, the discontinuance of several programs due to the passage if the 1986 tax bill and the failure to close the sale of four ranches in the California Carrizo Plains during the year as expected. The company said the prospective purchaser forfieted a 500,000 dlr deposit It said it is in talks on a new contract. Reuter
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Shr 31 cts vs 26 cts Net 5,645,000 vs 4,737,000 Sales 55.2 mln vs 50.6 mln 1st half Shr 60 cts vs 53 cts Net 10.9 mln vs 9,659,000 Sales 110.4 mln vs 102.2 mln NOTE: Current year net both periods includes 474,000 dlr gain from land sale. Share adjusted for three-for-two split in August 1986. Reuter
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Tesco Plc <TSCO.L> said in a statement it expects pre-tax profits of 166 mln stg for the year ending February 28, 1987, before nine mln stg of net property profits. This compares with 122.9 mln stg pretax profits and a net 8.1 mln on property sales the previous year. It said the forecast was in its formal offer document sent to <Hillards Plc> shareholders today. On March 10 Tesco launched a 151.4 mln stg bid for Hillards. The offer, of 13 new Tesco ordinary shares for every 20 Hillards ordinary shares, valued each Hillards ordinary share at 305.5p. Reuter
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Business Computer Solutions Inc said it expects to report a profit for the fourth quarter ended February 28 -- its first quarterly profit ever -- of about 175,000 dlrs on revenues of about 750,000 dlrs. A year before, it lost 217,852 dlrs on sales of 469,274 dlrs. The company attributed the improved results to increased purchases of its ZFOUR language and development environment for computer software. Business Computer said it expects to report a full-year loss of about 500,000 dlrs on sales of about 2,100,000 dlrs. Last year it lost 1,079,000 dlrs on revenues of 720,000 dlrs. Reuter
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