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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.
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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.
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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.
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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.
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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.
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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..
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
Qtly div 20 cts vs 16 cts prior
Pay April 24
Record April 10
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
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0,
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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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[
0,
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