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Philip Crosby Associates Inc
said its fourth quarter and annual earnings report will be
delayed two more weeks.
The company cited the recent in-house embezzlement and a
subsequent review by auditors of its international situation as
reason for the delay.
Philip Crosby, however, said it believes its December
estimate calling for earnings per share between 10 cts and 15
cts, on revenues of 11 mln dlrs, was still valid.
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Shr nil vs loss 10 cts
Net profit 2,936 vs loss 170,866
Revs 4,147,248 vs 1,091,392
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Pacific Resources Inc said it has
installed a CALM (Catenary Anchor Leg Mooring) single-point
mooring terminal off the southwest coast of Oahu at its
Hawaiian Independent Refinery at a cost of 3.5 mln dlrs.
The system transfers crude and fuel oils from tankers to
the refinery's tank farm and carries refined products to ships
for export, PRI said.
Company chairman Robert G. Reed said the new mooring system
will permit 24-hour service in most kinds of weather and will
reduce ship turnaround time. He said the mooring is the first
of its kind in the U.S.
The new system can accomodate vessels up to 150,000
deadweight tons, or one mln barrels of cargo, PRI said.
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Qtr ends Jan 31
Shr 22 cts vs 19 cts
Net 4,549,000 vs 3,666,000
Revs 8,903,000 vs 7,791,000
Avg shrs 20.9 mln vs 19.9 mln
Six mths
Shr 42 cts vs 41 cts
Net 8,641,000 vs 7,928,000
Revs 17.5 mln vs 14.6 mln
Avg shrs 20.8 mln vs 19.4 mln
NOTE: earnings were restated to reflect the three-for-two
stock split on April one, 1986.
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The United States has signed a
Public Law 480 agreement with Honduras to provide for the sale
of 12.0 mln dlrs worth of U.S. agricultural commodities, the
U.S. Agriculture Department said.
The agreement, signed March 11, provides for the sale of
about 75,000 tonnes of wheat/wheat flour worth 8.5 mln dlrs,
15,000 tonnes of corn/sorghum worth 1.5 mln dlrs and 6,000
tonnes of tallow worth 2.0 mln dlrs, the department said.
The commodities will be supplied in the current fiscal
year, ending September 30, and sales will be by private U.S.
traders on a competitive bid basis.
Purchase authorizations will be announced as issued.
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Missouri Republican Senators John
Danforth and Christopher Bond have introduced a bill that would
allow wheat and feedgrain producers along the Mississippi and
Missouri Rivers hurt by flooding last year to collect at least
92 pct of their deficiency payments this year without planting.
Danforth aide Austin Schlick said the bill was similar to a
provision included in a House Agriculture Committee-passed
emergency disaster assistance bill scheduled to be taken up by
the House tomorrow.
Schlick said flooding destroyed a number of levees along
the two rivers last October, leaving farmland there vulnerable
to further damage this year.
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The Commodity Credit Corporation
(CCC) has accepted a bid on an export bonus to cover the sale
of 8,000 tonnes of barley to Cyprus, the U.S. Agriculture
Department said.
The barley is for shipment May 5-20 and the bonus of 39.32
dlrs per tonne was made to Harvest States Cooperatives, the
department said.
The bonus will be paid in the form of commodities from the
inventory of CCC stocks.
The department said an additional 42,000 tonnes of U.S.
barley are still available to Cyprus under the Export
Enhancement Program initiative announced on August 26, 1986.
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Lynch Corp subisidiary Lynch
Entertainment Corp said it formed a general partnership called
Coronet Communications Co, which has acquired WHBF-TV station,
in Rock Island, Ill.
The company said the price for the station, a CBS
television network affiliate, was 20 mln dlrs. The company also
said the other partner is Lombardo Communications Inc, a
wholly-owned corporation of Phillip Lombardo.
Lynch said it will pursue further acquisitions of media and
entertainment entities with emphasis on broadcasting and cable
television operations.
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Schlumberger Ltd said it terminated an
agreement in principle for Fujitsu Ltd to buy 80 pct of its
Fairchild Semiconductor operations.
The company said the rising political controversy in the
U.S. concerning the venture made it unlikely that the sale of
the Fairchild stake could be completed within a reasonable
time.
The sale has been opposed by the U.S. Commerce Department
and the U.S. Defense Department, in part on national security
grounds.
The company said termination of the agreement opened other
possibilities, including a possible leveraged buyout of the
semiconductor maker by Fairchild management.
In the interim, Fairchild would continue its ongoing
business within Schlumberger, the oilfield services concern
said.
Last October, Schlumberger announced the sale of the
Fairchild stake and said it would take a 200 mln dlrs charge in
the fourth quarter from the sale. The company ended up
recording special charges of 2.1 billion dlrs in the fourth
quarter, leading to a loss of 2.02 billion dlrs for the year.
Schlumberger never announced a price for the sale, but
industry analysts have estimated the value of the deal at about
200 mln dlrs.
The proposed sale was under antitrust review by the U.S.
Justice Department. Additionally, Commerce Secretary Malcolm
Baldridge and other U.S. officials have voiced reservations
about the transaction since it was announced.
Government officials have expressed concern that the sale
could reduce the competitiveness of U.S. chip makers by putting
key advanced technology into Japanese hands.
New, high-technology semiconductors are used in
supercomputers, which are faster and more powerful than
existing computers.
Schlumberger is an oilfield services company controlled by
French interests and headquartered in New York. Fujitsu Ltd is
a computer and telecommunications company based in Japan.
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Henley Group Inc said it
declared a special dividend distribution of one Fisher
Scientific Group Inc share for every 16 Henley shares.
Previously, it said it would pay one fisher share for every
20 outstanding, but it changed the ratio because of the
reduction in its outstanding shares to 109 mln from 129 mln.
It said the distribution of about 20 pct of Fisher's common
stock will be made April six to holders of record March 26.
Fisher will trade on NASDAQ under the symbol <FSHG>.
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GenCorp said its first quarter
earnings from operations rose four pct as sales increased six
pct to 650 mln dlrs from 614 mln a year earlier.
However, the company reported net income declined to 17 mln
dlrs, or 77 cts a share, in the quarter ended February 28 from
19 mln dlrs, or 84 cts a year earlier. This year's net included
700,000 dlrs from the sale of assets while last years was
increased 3.0 mln dlrs by such sales.
GenCorp said lower operating profits for the tire and
plastics and industrial products segments were essentially
offset by higher wallcovering results.
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U.S. exporters will have the
opportunity to sell an additional 300,000 tonnes of U.S. durum
wheat to Algeria under the Export Enhancement Program, EEP, the
U.S. Agriculture Department said.
The department said the sales will be subsidized with
commodities from the Commodity Credit Corporation, CCC,
inventory and the subsidy will enable U.S. exports to compete
at commercial prices in the Algerian market.
Algeria has already purchased 300,000 tonnes of U.S. durum
wheat under a previous export enhancement initiative announced
November 10, 1986, it said.
Details of the latest initiative, including an invitation
for offers from exporters, will be issued in the near future,
the department said.
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Shr 37 cts vs 35 cts
Net 4,346,000 vs 4,202,000
Revs 232.0 mln vs 223.2 mln
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Shr loss nine cts vs profit 35 cts
Net loss 299,000 vs profit 1,025,000
Sales 9,704,000 vs 9,659,000
Avg shrs 3,792,138 vs 2,892,138
Year
Shr profit one ct vs profit 58 cts
Net profit 45,000 vs profit 1,705,000
Sales 25.4 mln vs 17.8 mln
Avg shrs 3,567,138 vs 2,892,138
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Qtr ends March One
Shr profit 10 cts vs loss 2.20 cts
Net profit 687,000 vs loss 14.5 mln
Revs 68.3 mln vs 54.8 mln
Avg shrs 7,018,000 vs 6,577,000
Six mths
Shr profit 38 cts vs loss 1.95
Net profit 2,596,000 vs loss 12.8 mln
Revs 129.9 mln vs 113.3 mln
Avg shrs 6,964,000 vs 6,568,000
NOTE: figures for qtr and year prior include pre-tax
restructuring charge of 22.5 mln.
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Period ended Jan 31
Shr 16 cts vs 10 cts
Net 901,000 vs 562,000
Nine mths
Shr 1.77 dlrs vs 19 cts
Net 9,886,000 vs 1,122,000
NOTE: Full name is Chicago Dock and Canal Trust
1987 nine months earnings include gain from dispositions of
real estate of 7,666,000 dlrs, or 1.33 dlrs a share
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McGraw-Hill Inc said it bought
<Medecines et Sciences Internationales SA>, a French Healthcare
publisher, from Harper and Row Publishers Inc.
The sum of the deal was not disclosed.
It said the French company publishes original titles by
French authors, as well as translations of American, British
and German Medical books. The company will be consolidated with
McGraw-Hill France, it said.
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Infinite Graphics Inc expects earnings
for the fourth quarter ending April 30 to exceed the 127,587
dlrs, or seven cts a share posted a year ago, Chairman Clifford
F. Stritch Jr. told a meeting of financial analysts.
Stritch also said the company's annual revenues should
exceed 6.0 mln dlrs, up from 4.1 mln dlrs in the previous
fiscal year.
He said the company, which markets advanced computer-aided
engineering, design and manufacturing systems, plans to double
its dealers to 50 during the coming fiscal year.
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Suburban Bancorp said a Cook
County Circuit Court ruled in favor of one of its companies,
Suburban Bancorp of Bartlett (formerly Bartlett State Bank) on
claims against six former directors.
Suburban Bank of Barlett claimed that the former directors
breached their fiduciary duties and were negligent in opposing
Suburban Bancorp's tender offer in January 1985, costing
Bartlett State Bank several hundred thousand dollars.
It said a hearing to determine the amount of damages owed
to the bank was set for April 21.
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Qtrly div eight cts vs eight cts prior
Pay June 1
Record May 15
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Shr six cts vs six cts prior qtr
Pay April 10
Record March 27
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CooperVision Inc <EYE> told the
Securities and Exchange Commission it has acquired 1,420,500
shares of Cooper LaserSonics Inc, or 6.5 pct of the total
outstanding common stock.
CooperVision said it bought the stake for 2.9 mln dlrs for
investment purposes.
It said it might buy additional Cooper LaserSonics common
shares, but said it does not plan to boost its stake above 10
pct of the total outstanding.
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DNA Medical Inc said Walter G.
Mize had bought about 9,400,000 shares, or about 33 pct of
DNA's outstanding stock, for 100,000 dlrs cash.
Under an agreement with Mize, DNA said he will also become
chairman, and may, at his option, expand the board to provide
him equal representation with the current board.
DNA also said it will submit a proposal at its annual
meeting for it to acquire three companies owned by Mize,
<Heritage Lite Meat Corp>, <National Lean Beef Corp> and
<Heritage Cattle <Corp>. DNA said the total value of the
transactions is 700,000 dlrs.
DNA said that when the transactions are approved by its
shareholders, it will issue additional shares of its common so
that Mize will own 80 pct of its issued and outstanding stock.
DNA said Mize will replace its current chairman, Donald
Holbrook, who will remain on the board.
The company also said it will continue in the medical
development business as "long as it is deemed to be
advantageous."
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Shr profit five cts vs loss 23 cts
Net profit 916,000 vs loss 2,886,000
Revs 20.0 mln vs 28.2 mln
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CityFed Financial Corp said
its City Federal Savings Bank has a preliminary agreement to
sell 14 consumer lending offices to <Goldome FSB> for
undisclosed terms.
Goldome is the largest mutual savings bank in the U.S.
CityFed said it decided to sell its consumer lending
offices outside its main market areas in New Jersey and Florida
to concentrate its resources to these markets.
The offices being sold operate under the name of City
Consumer Serices Inc in Arizona, Colorado, Illinois, Maryland,
New Mexico, Oregon and Virginia.
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Trans World Airlines said it told the
Securities and Exchange Commission it does not intend to seek
control of USAir Group or to acquire more of its stock at this
time.
TWA also said it is amending its application with the
Department of Transportation to seek control of USAir.
The amendment said TWA reserves the right to seek control
of USAir in the future, that it intends to maintain its 15 pct
stake, and that it also is seeking the flexibility to acquire
up to 25 pct of USAir.
TWA said all USAir stock owned by it would be in a voting
trust and voted in the same proportion as the vote of all other
USAir shareholders.
TWA filed a 13-D with the Securities and Exchange
Commission, reporting its holding of 4,023,200 shares of USAir.
TWA has said the stake amounts to about 15 pct.
TWA also said that by order of the federal court in
Pittsburgh, it is temporarily barred from buying additional
shares of USAir pending a hearing March 23 to reconsider
USAir's application to expand the temporary restraining order
to a preliminary injunction.
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First Bank System Inc said it has
found a potential buyer for First Bank Luverne and its office
in Pipestone, Minnesota.
The bank holding company said 215 Holding Co, a corporation
controlled by the family of the late Robert Short, will buy
First Bank Luverne. The bank has 59.2 mln dlrs in assets.
First Bank, which announced plans in 1985 to restructure
its banking assets by offering to sell 28 of its banks with a
total of 45 offices, said agreements have now been signed for
43 of these offices.
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American International Petroleum Corp
<AIPN> said it agreed to acquire for one mln dlrs the assets of
a western Louisiana oil and gas company. American International
would not identify the company.
American said assets included nine leases totalling 2,600
acres, various working interests in 15 oil and gas wells on
that property, all equipment and machinery necessary for
operation, and a 50 pct interest in a nine-mile gas pipeline.
Reuter
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Shr four cts vs 15 cts
Net 132,851 vs 501,537
Revs 10 mln vs 15.5 mln
Six mths
Shr 12 cts vs 24 cts
Net 409,383 vs 812,045
Revs 19.4 mln vs 29.1 mln
Reuter
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Shr 1.19 dlrs vs 1.38 dlrs
Net 1,499,234 vs 1,713,941
Revs 23.2 mln vs 10.3 mln
Reuter
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Shr profit four cts vs loss 58 cts
Net profit 119,000 vs loss 1,629,000
Sales 18.4 mln vs 17.0 mln
Reuter
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Shr 13 cts vs seven cts
Net 1,487,000 vs 778,000
Sales 64.4 mln vs 58.3 mln
Nine mths
Shr 66 cts vs 55 cts
Net 7,388,000 vs 6,127,000
Sales 223.0 mln vs 222.2 mln
NOTE: 1987 quarter and nine month earnings includes a gain
on sale of idle facilities of 406,000 dlrs, or four cts a share
1986 nine months earnings include gain on sale of idle
facilities of 377,000 dlrs, or three cts a share
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Shr 24 cts vs 13 cts
Net 771,000 vs 314,000
Revs 24.1 mln vs 11.3 mln
Avg shrs 3,234,000 vs 2,426,000
12 mths
Shr 65 cts vs 38 cts
Net 1,983,000 vs 904,000
Revs 71.5 mln vs 37.7 mln
Avg shrs 3,035,000 vs 2,371,000
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The Senate budget committee sits
down tomorrow to start drafting a fiscal 1988 budget, with the
budget writers expected to look at several proposals for fuel
taxes and other tax options to cut the budget.
In a briefing book for the drafting sessions, a number of
revenue raising tax options are proposed, including a five dlrs
a barrel fee on domestic and imported oil, a fee just on
imported oil, and a broad based tax on domestic energy
consumption based on five pct of value.
Other proposals include various excise taxes and
combinations of import surcharges or tariffs, including a 10
pct import across the board import surcharge that would raise
22 billion dlrs next year alone, more in later years.
The committee, however, will only include revenue numbers
in its proposed budget with the actual revenue decisions left
to the House and Senate tax-writing committees.
The committee will draft a budget which its chairman, Sen
Lawton Chiles, a Florida Democrat, said he hopes would raise at
least 18 billion dlrs in revenues, or about half the minimum 36
billion dlr deficit reduction he has in mind.
The House Budget Committee also plans to start drafting a
separate budget plan later this week, which would have to be
reconciled with the Senate version. The final budget would be
the fiscal 1988 spending and revenue blueprint.
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The trade surplus doubled in
february to 261 mln dlrs from January's 129 mln, but was below
the 628 mln of February 1986, official figures show.
The director of the Banco do Brasil's foreign trade
department (CACEX), Roberto Fendt, told reporters the upturn in
February confirmed a rising trend in exports, which totalled
1.53 billion dlrs against 1.26 billion in January and, after
excluding coffee and oil derivitives, was only slightly below
the same month last year.
Coffee earnings were down to 110 mln dlrs against 295 mln
in February 1986 because of lower prices, he added.
Fendt said that although the February results were lower
than the average expected for the rest of the year, the
government's target of an eight-billion-dlr surplus for 1987
should be achieved. This would compare with a 1986 surplus of
9.5 billion dlrs.
Exports this year are expected to total 22.5 billion dlrs
and imports 14.5 billion, he added. In 1986 exports totalled
22.4 billion dlrs and imports 12.9 billion.
Fendt said the rise in imports in February to 1.27 billion
dlrs from 1.12 billion in February last year was in line with
government plans to foster economic growth.
Fendt said that imports were running at levels well above
the traditional average for Brazil.
In the first two months of the year imports, excluding oil
and wheat totalled, 1.8 billion dlrs against 1.47 billion in
the same 1986 period.
This rise in import demand reflected the needs of Brazilian
industry to equip to raise production and is perfectly
compatible with the government's program for economic growth,
Fendt added.
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Condere Corp, formed by former
managers of Armtek Corp, said it completed the acquisition of a
tire plant and other assets of Armtek for undisclosed terms.
In addition to a tire manufacturing plant, Condere bought
S. and A. Truck Tire Sales and Service Corp, which operates 51
Sears Truck Tire Sales and Service Centers through a licensed
agreement with Sears Roebuck and Co <S>.
The plant will supply tires to Armtek's Armstrong Tire Co
as well as to several Sears Centers. Condere said it expects
first year revenues to be 90 mln dlrs.
Reuter
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Qtrly div 34 cts vs 34 cts prior
Pay May 1
Record April 15
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Henley Group Inc said it plans
to issue 20 pct of the common stock of its Fisher Scientific
Group Inc unit to Henley Group shareholders.
The company said it intends to issue one share of Fisher
Scientific for each 16 Henley shares held to shareholders of
record March 26. The distribution is scheduled for April six,
the company also said.
It said the Fisher shares will trade in the
over-the-counter market under the symbol FSHG.
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Schlumberger Ltd most likely has an
alternate buyer lined up for its Fairchild Semiconductor unit,
Wall Street analysts said.
"I think its clear that in cancelling its agreement with
Fujitsu, Schlumberger has signaled that it has another deal in
the works," said Paul Johnson, a semiconductor analyst with
L.F. Rothschild.
"There are unquestionably other buyers out there," added
Kidder Peabody analyst Adam F. Cuhney. "A lot of companies have
looked at Fairchild and would be willing to buy it."
Among the companies that would be interested in bidding for
Fairchild are Advanced Micro Devices <AMD>, Sunnyvale, Calif.,
and LSI Logic Corp <LLSI>, Milpitas, Calif., industry analysts
said.
Top U.S. chipmakers like National Semiconductor Corp <NSM>,
Texas Instruments Inc <TXN> and Motorola Inc <MOT> might also
seek to buy Fairchild, but could possibly run into antitrust
problems, the analysts added.
Moreover, Fairchild's management is thought to be
considering proposing a leveraged buyout of the Cupertino,
Calif., company, analysts said.
In a brief statement announcing the termination of the
agreement with Fujitsu, Schlumberger said the decision opened
up other possibilities, including a possible buyout by
Fairchild management.
The company said it ended the deal, in which Fujitsu would
have bought 80 pct of Fairchild for an estimated 200 mln dlrs,
because rising opposition to the deal by the Reagan
administration made it unlikely that the sale could be
completed within a reasonable period of time.
Analysts questioned this explanation, however, arguing that
the companies did not need government approval to complete the
transaction. Both Schlumberger and Fujitsu are foreigned-owned
companies.
"Schlumberger would not have terminated the deal because
the U.S. government didn't want it," said Johnson of L.F.
Rothschild.
A spokesman for Schlumberger declined to elaborate on the
company's news release.
He said only that the company was reviewing a number of
possible alternatives for the Fairchild unit.
Officials at Fairchild and Fujitsu were not immediately
available for comment.
Analysts noted the significance of the government's
apparent success in preventing Fujitsu from taking control of
Fairchild.
Administration officials, including Commerce Secretary
Malcolm Baldrige and Defense Secretary Caspar Weinberger,
feared that the sale to Fujitsu would lead to Japanese control
of key semiconductor technology for supercomputers and military
weapons systems.
"The government really stood up for the semiconductor
industry," said Johnson of L.F. Rothschild. "That, I think, is
the real significance of this."
Consequently, analysts said, the Japanese government might
now feel more pressure to address U.S. complaints about
Japanese chipmakers' violation of the semiconductor trade
agreement signed last summer.
Reuter
| [
1,
0,
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0,
0,
0,
0,
0,
0,
0
] |
Brazil's trade surplus doubled
in February to 261 mln dlrs from January's 129 mln but was well
below the 628 mln dlrs of February last year, official figures
show.
Director of the Banco do Brasil's foreign trade department
(CACEX), Roberto Fendt, told reporters the upturn in February
confirmed a rising trend in exports which totalled 1.53 billion
dlrs against 1.26 billion in January and, after excluding
coffee and oil derivatives, was only slightly below the same
month last year.
Coffee earnings were down to 110 mln dlrs against 295 mln
in February, 1986, because of lower prices, he added.
Fendt said although the February results were lower than
the average expected for the rest of the year, the government's
target of an eight billion dlr surplus for 1987 should be
achieved. This would compare with a 1986 surplus of 9.5 billion
dlrs.
Exports this year are expected to total 22.5 billion dlrs
and imports 14.5 billion, he added. In 1986 exports totalled
22.4 billion dlrs and imports 12.9 billion.
Fendt said the rise in imports in February to 1.27 billion
dlrs from 1.12 billion in February last year was in line with
government plans to foster economic growth.
Fendt said imports were running at levels well above the
traditional average for Brazil.
Imports in the first two months of the year, excluding oil
and wheat, totalled 1.8 billion dlrs against 1.47 billion in
the same 1986 period.
This rise reflected industry's need for equipment to raise
production and is perfectly compatible with the government's
program for economic growth, Fendt added.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
SAFT, a unit of Cie Generale
d'Electricite of France, said it bought U.K.-based Alcad Ltd
from Penn Central Corp's Marathon Manufacturing Cos Inc.
Terms of the deal were not disclosed.
Alcad is one of the world's largest producers of
pocket-plate nickel-cadmium storeage batteries, used in
industrial and railroad applications to start engines and as
light sources, SAFT said.
SAFT said it expects to add 400 jobs at the U.K.
operations.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Silicon Valley Bancshares
said it declared a five pct stock dividend, payable May 1 to
shareholders of record April 1.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 16 cts vs 16 cts prior qtr
Pay May 15
Record April 17
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 19 cts vs 19 cts prior period
Pay April 15
Record March 31
Note: Full name Transamerica Income Shares Inc.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
McDermott International Inc said
the purchase of a 5.4 pct block of its stock was an apparent
violation of the laws of Panama, its country of incorporation.
The company said a detailed disclosure of an acquisition
offer must be made to the Panamanian National Securities
Commission or to the target's board before acquiring more than
five pct stake.
It said transfers of securities in violation of these
Panamanian regulations are invalid.
The company was not immediately available to say who had
acquired the 5.4 pct block of stock.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Corporate raider Carl Icahn
acknowledged that he is one of the targets of an investigation
by the Securities and Exchange Commission into possible
violations of securities laws.
Icahn, who heads and controls Trans World Airlines Inc
<TWA>, made the acknowledgement in a filing TWA was required to
make with the SEC disclosing its 14.8 pct stake in USAir Group.
The SEC issued a formal order launching the private
investigation on Nov 12, 1986, Icahn said in the SEC filing.
The order empowers SEC investigators to try to find out
whether any persons, including Icahn, violated securities laws
and related rules, Icahn said.
Specifically, the probe is examining the acquisition and
subsequent sale of more than five pct of the stock of certain
unspecified companies, he said.
Federal law requires individuals or groups of individuals
who have made shareholder agreements, to disclose stakes in
companies of at least five pct within 10 days.
Icahn has acknowledged that he has been subpoenaed in
connection with SEC probes, but this is the first time he has
disclosed that he is among those being investigated.
By making the disclosure in a filing with the SEC, which is
obviously already aware of its own probe, Icahn was also
alerting current and potential shareholders of TWA.
It is not uncommon for companies which are aware that they
or their officers are the targets of government probes to
acknowledge the existence of the otherwise secret
investigations to fulfill their legal disclosure requirements
to their shareholders.
Icahn said the SEC is looking into whether he and others
whom he did not name violated securities laws by acquiring and
selling more than five pct of a company's stock.
SEC investigations into those kinds of possible securities
law violations have been spawned by the agency's widening probe
into the Wall Street insider trading scandal, according to
published reports.
Making late filings of 13D forms, which disclose the amount
of stock over five pct an investor has in a company, or making
no filing at all could indicate a scheme to "warehouse" shares
of stock.
In a warehousing scheme, a group of investors acting in
concert would each amass stock in the company without
disclosing that they have an agreement among them.
By failing to disclose that they are acting together the
market is unware of the amount of stock of a company that is
controlled by a group acting in concert.
Last year, the SEC charged members of the wealthy Belzberg
family of Canada with taking part in a warehousing scheme while
it was accumulating stock in Ashland Oil Inc.
Reuter
| [
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0,
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0,
0,
0,
0
] |
SmithKline Beckman Corp said it is
pursuing a three-point stragey that will achieve a 10 pct
annual increase in operating earnings throughout the remainder
of the decade.
In 1986, SmithKline earned 521.1 mln dlrs or 6.78 dlrs per
share on revenues of 3.6 billion dlrs.
The company said in its annual report that its
nonpharmaceutical business will play a major role in meeting
its earnings growth target, and will in fact grow faster than
its pharmaceutical business.
SmithKline, whose major product is the antiulcer medication
Tagamet, said in the report that it intends to improve earnings
from existing products, expand its product portfolio and
optimize its financial resources.
To bolster its position in the antiulcer market, in which
Tagamet has met stiff competition, SmithKline said its strategy
to develop an over-the-counter version of Tagamet is bolstered
by two joint ventures, one with <Wellcome PLC>, and one pending
venture in Japan.
SmithKline also said its Allergan Inc eye and skin care
products division can be a one billion dlr organization in the
next five years that can grow at more than seven to 10 pct
annually.
"Nondilutive acquisitions are a real possibility," Gavin
Herbert, president of the eye and skin care product group said
in the report. In 1986, Allergan had worldwide sales of 433 mln
dlrs.
It said its Smith Kline and French Laboratories
pharmaceuticals unit, with 1986 sales of 1.9 billion dlrs, will
file for Food and Drug Administration marketing approval for a
number of cardiovascular agents, including tissue plasminogen
activator, over the next two years.
It also said SK and F's U.S. sales force will be 20 pct
larger in 1987, with more than 1,000 sales personnel.
Smith Kline also said its small clinical laboratory testing
unit, with 1986 sales of 373 mln dlrs, performs 24 mln tests a
year, and sees increases in employee drug testing as well as in
testing for the AIDS antibody.
Smith Kline said that depending on its share price and the
cost of money, it may buy back more shares. In the last three
years, it has bought back about 25 pct of its shares.
SmithKline begins the year with a new management team,
including its new chief operating officer George Ebright.
Reuter
| [
0,
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0,
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] |
Ashland Oil Inc said it expects to
report a loss from operations in the second quarter.
The company also said it expects to report a 10 mln dlrs
net gain in the quarter from excess pension funds used to pay
down debt. "However, it is difficult to determine now whether
this gain will be sufficient to offset the expected operating
loss," the company said in a statement. A company spokesman
would not elaborate.
The company's Ashland Petroleum Co unit operated at a loss
in January and February since it was unable to raise product
prices enough to recover higher crude oil costs, Ashland said.
Although Ashland Petroleum and SuperAmerica, a retail
marketing operation, are having a difficult quarter, the
company's Valvoline, Ashland Chemical and coal businesses are
expected to report good results for the quarter ended March 31.
In the year-ago quarter, Ashland had income from operations
of 93.8 mln dlrs before corporate and interest expenses, taxes,
equity income and other items.
Net income in the quarter was 39.4 mln dlrs or 1.12 dlrs a
share on sales of 1.78 billion dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
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0
] |
Ameritrust Corp said it sold two mln
shares of its common stock to an investment group named
Clevebaco Ltd Partnership.
The partnership is controlled by Alfred Lerner, and a
subsidiary of the Progressive Corp <PROG> is the limited
partner, according to the company.
Ameritrust said it was advised that the Clevebaco group has
filed an application with bank regulatory authorities seeking
permission to acquire up to an additional three mln shares of
Ameritrust common stock.
The company said the group indicated to it that it had no
hostile takeover intent toward Ameritrust, and that the
purchase was for investment purposes.
Reuter
| [
1,
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0,
0,
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0,
0
] |
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
|
Shr 30 cts vs 53 cts
Net 868,000 vs 728,000
Revs 7,300,000 vs 6,500,000
Avg shrs 3,000,000 vs 750,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Farm subsidies and protectionist
moves threaten healthy trade on both sides of the Atlantic,
Michael Jopling, British minister of Agriculture, Fisheries and
Food, warned.
"It would not be sensible to provoke another dispute between
Europe and the United States," Jopling said in remarks prepared
for an evening speech.
"But some things are clear and they apply on both sides of
the Atlantic. We cannot continue to pile up stocks while world
demand shrinks," he said.
"Governments must not operate farm policies as if they were
purely domestic affairs with no impact on others. They also
have to recognize that they cannot in the long run develop a
healthy and stable farm sector on the basis of protectionism
and excessive subisdies.
"And above all, Europe and the United States have too many
common interests to make it worthwhile to engage in trade wars
and competitive export subsidies which end by benefitting no
one." He added, "It is crucial that the United States and the
European Community remain friends."
Jopling, who is a member of the EC agriculture committee,
was in Indiana to visit several farms prior to talks with U.S.
officials in Washington later this week.
Jopling also criticized a recent proposal still under
consideration by the EC for a tax on vegetable and fish oils.
He said his government would oppose such a move because "We
do not think it is correct that a shortage of funds to support
(EC) farmers should be alleviated by raising money at the
consumer's expense."
Reuter
| [
0,
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0,
0,
0,
0,
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0
] |
BankAmerica Corp Chairman A.W.
Clausen said the bank holding company is turning around and is
back on the road to profitability.
In a speech to the San Francisco Chamber of Commerce,
Clausen said he was "absolutely convinced" BankAmerica would
return to its position of preeminence.
"Fundamental to achieving that goal is to continue to
reduce costs dramatically, to get our arms around our loan loss
problems and begin to reduce charge-offs, and to enhance our
revenue generation," Clausen said.
Clausen said he doubts BankAmerica would be in a position
this year to make any acquisitions or experience any growth.
He said BankAmerica will continue to reduce staff and
operations, noting that expense growth in 1986 increased only
one pct over 1985 expenses.
Clausen also said it will continue to phase out its
overseas retail banking and concentrate on wholesale banking,
with emphasis on a premium list of multinational corporations.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 66 cts vs 66 cts
Pay May one
Record April 15
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 10 cts vs 10 cts
Pay April 30
Record April 10
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 26 cts vs 26 cts prior
Pay April 30
Record April 10
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr loss nine cts vs profit 14 cts
Net loss 773,000 vs profit 1,618,000
Revs 16.3 mln vs 26.7 mln
Six mths
Shr loss 56 cts vs profit 27 cts
Net loss 4,763,000 vs profit 3,398,000
Revs 29.3 mln vs 49.9 mln
Reuter
| [
0,
0,
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1,
0,
0,
0,
0,
0,
0
] |
A U.S. Commerce Department spokesman
said the agency would have no comment on Schlumberger Ltd's
announcement that it had terminated an agreement in principle
to sell its Fairchild Semiconductor Corp unit to Fujitsu Ltd.
Sclumberger had said that controversy surrounding the
venture made it unlikely the sale could be completed any time
soon. The sale was opposed by Commerce and the U.S. Defense
Department, in part on national security grounds.
Commerce chief spokesman B.J. Cooper said the department
had had no contact with Schlumberger about the deal.
A Defense Department spokesman said the agency was unaware
of Schlumberger's announcement and would have no immediate
reaction.
Officials last week told Reuters that Commerce Secretary
Malcolm Baldrige and Defense Secretary Caspar Weinberger had
joined forces to fight the planned sale because it could have
left the U.S. military overly dependent on foreign sources for
vital equipment used in high-technology weapons.
Administration opposition to the deal also stemmed from
ongoing trade tensions between the United States and Japan,
officials said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr profit one cts vs loss two cts
Net 74,000 vs loss 122,000
Revs 1.7 mln dlrs vs 1.4 mln
Nine months
Shr profit five cts vs loss 10 cts
Net profit 299,000 vs loss 624,000
Revs 5.1 mln vs 3.7 mln
NOTE:3rd qtr ended January 31. 1987 3rd qtr and nine months
includes 36,000 dlrs and 129,000 dlrs gains respectively from
tax loss carryforward.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Royal Bank of Canada's <RY> small
Brazilian commercial bank subsidiary Banco Royal do Canada
(Brasil) S.A. sees opportunities for its own growth with an
expected substantial increase in Brazilian exports to Canada,
Banco Royal president Michael Brennan said.
"They (Brazilian exporters) are very interested in the
Canadian market because it's an untapped market," Brennan told
reporters after a speech to the Brazil/Canada Chamber of
Commerce.
Brennan said Brazil is currently exporting products like
paper machinery and ships to Canada.
He said he hopes to see medium-term financing facilities
for Brazilian companies reinstated shortly, following an
agreement reached in January with international financial
authorities.
Brennan estimated Brazilian exports to Canada totalled
roughly 800 mln Canadian dlrs in 1985 while imports from Canada
reached about 700 mln dlrs.
Brennan said he expects Banco Royal profit to increase this
year from the three mln U.S. dlrs reported for fiscal 1986
ended September 30 but said he could not predict by how much
because of the country's uncertain financial climate.
Brennan said he expects his bank's growth to come from
increased exports to Canada. Banco Royal is the only
Canadian-owned commercial bank in Brazil although <Bank of
Montreal> has a Brazilian investment bank subsidiary, he said.
Brennan said he expected Brazil to be able to reach an
equitable agreement with foreign banks on restructuring its 68
billion U.S. dlr foreign debt, because the Brazilian economy is
essentially healthy. He said he believed Brazil might be in a
position to resume debt repayments within a year.
Brennan said he could not comment on the impact of Brazil's
interest payment moratorium on the Royal Bank of Canada.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div eight cts vs eight cts
Pay June one
Record May 15
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 10 cts vs nine cts
Net 217,000 vs 192,000
Revs 3,325,000 vs 2,506,000
Year
Shr 31 cts vs 43 cts
Net 660,000 vs 932,000
Revs 12.2 mln vs 10.7 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Central Pennsylvania Savings
Association said it made a 30 pct investment in <Pinnacle
Mortgage Investment Co>.
Terms were not disclosed.
Pinnacle, incorporated in 1985, generates about 60 mln dlrs
in closed mortgage loans annually.
Central Pennsylvania also said its directors recently
approved a letter of intent to acquire Hamilton-Reliance
Savings Association of Norristown, Pa.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Harbour workers returned to work
this morning after a strike in support of pay claims closed New
Zealand's 15 ports for 24 hours yesterday.
But the Harbour Workers Union told reporters the pay
dispute is not settled and the union's national executive will
meet here tomorrow to decide its next moves.
"Obviously we will be considering further industrial action,"
Union secretary Ross Wilson said in a radio interview.
The union rejects employers offers of a 7.5 pct pay rise
over 15 months. It wants 7.0 pct over 12 months.
Reuter
| [
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0,
0,
0,
0,
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] |
Atcor Inc said the magnitude of any
earnings recovery in fiscal 1987 depends on the direction of
steel pricing and how fast the company's severe operating
problems in its consumer segment are resolved.
Atcor's consumer segment represents about 25 pct of its
sales. In a letter to shareholders the company said that that
part of its business continues to be unprofitable.
Atcor said it does not expect performance improvements in
the first quarter to be sustained throughout the year due to
increasing raw material costs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 14 cts vs four cts
Net 1,474,000 vs 286,000
Revs 15.5 mln vs 1.4 mln
Avg shrs 10.6 mln vs 7.5 mln
Nine mths
Shr 38 cts vs eight cts
Net 3,387,000 vs 588,000
Revs 33.4 mln vs 2.9 mln
Avg shrs 8.8 mln vs 7.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Pacific Lighting Corp said it is
considering the sale of its land development line of business
and will be initiating discussions with potential buyers.
The book value of the company's investment in land
development operations is 224 mln dlrs. The Pacific Lighting
Real Estate Group earned 24.2 mln dlrs and employed 800 people
during 1986, the company said.
Alternatives to the sale being considered include a master
limited partnership and an initial public offering of the
equity in the land development companies, it said.
Proceeds from the sale would likely be invested in Pacific
Lightings' new specialty retailing line of business and its oil
and gas operations, the company said.
The investment banking firm Morgan Stanley has been
retained to advise Pacific Lighting on the disposition of the
land development operations.
Completion of a transaction, it one is made, is expected by
the end of the year, the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
MLX Corp said a subsidiary has
tentatively agreed to acquire a sintered friction materials
business in Milan, Italy, from a unit of Abex Corp for
undisclosed terms.
The deal will close after obtaining Italian government
approvals, expected in late April.
The business, which will operated under the name S.K.
Wellman, will become a member of MLX's specialty friction
materials group. The business is a manufacturer of high-energy
friction materials for heavy-duty transmissions and clutches.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtr ended Dec 31
Oper shr loss two cts vs loss 92 cts
Oper net loss 28,045 vs loss 1,040,700
Sales 4,943,584 vs 5,613,400
Nine mths
Oper shr profit 11 cts vs loss 93 cts
Oper net profit 124,434, vs loss 1,054,000
Sales 22.6 mln vs 26.3 mln
(Mouduline International Inc)
Note: oper data does not include 1986 gains from tax
benefit carryforwards of 30,000 dlrs, or three cts per shr, in
qtr and 110,000 dlrs, or ten cts per shr, in nine mths.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 12.5 cts vs six cts
Pay March 31
Record March 24
Note: Co also declares 12.5 ct qtly div on special shares
issued in December, 1986, with same pay and record dates.
Reuter
| [
0,
0,
0,
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0,
0,
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USP Real Estate Investment
Trust said it will post a first-quarter gain of 2,258,216 dlrs
on the sale of the Spanish Villa Apartments in Savannah, Ga.,
which was completed last week.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Oper shr primary 28 cts vs 17 cts
Oper shr diluted 24 cts vs 17 cts
Oper net 1,826,000 vs 1,104,000
Revs 205.4 mln vs 171.1 mln
Avg shrs primary 6,512,462 vs 6,510,462
Avg shrs diluted 10.3 mln vs 10.3 mln
Year
Oper shr primary 83 cts vs 76 cts
Oper shr diluted 77 cts vs 74 cts
Oper net 5,393,000 vs 4,955,000
Revs 719.9 mln vs 633.5 mln
Avg shrs primary 6,511,591 vs 6,508,379
Avg shrs diluted 10.3 mln vs 9,122,722
Note: Revs includes investment income 2,323,000 dlrs vs
2,239 dlrs for qtr and 10.1 mln dlrs vs 6,612,000 dlrs for 12
mths. 1986 revs also include unrealized loss on equity
securities of 59,000 dlrs for qtr and 1,155,000 dlrs for 12
mths.
Oper net excludes extraordinary gain of 875,000 dlrs vs
284,000 dlrs for qtr and 1,053,000 dlrs vs 462,000 dlrs for 12
mths.
Reuter
| [
0,
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0
] |
Centel Corp said it sees 1987 first
quarter results below those of 1986 due to regulatory limits on
telephone earnings and 15 cts to 20 cts a share dilution from
1986 acquisitions.
In the annual report, Chairman Robert Reuss told
shareholders telephone profits will continued to be limited by
ceilings imposed by regulators as well as deregulation and
structural changes within the industry that have slowed growth
in the investment base for setting rates.
As such, its first quarter 1987 results will be below last
year's first quarter of 1.11 dlrs a share, he said.
"Several of the company's telephone units may be faced with
a reduction in the rates of return authorized by their
regulators," Reuss said. "This could result in some rate
reductions and refunds to customers."
Reuss said he is encouraged by the prospects for progress
in Centel's business communications, cable television and
cellular telephone units.
Centel is asking shareholders at the annual meeting to
approve the tripling to 120 mln in authorized shares.
Reuter
| [
0,
0,
0,
1,
0,
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0,
0,
0,
0
] |
Qtr ended Jan 31
Shr one ct vs nine cts
Net 29,000 vs 349,000
Revs 7,892,000 vs 4,721,000
Note: nine mth data unavailable
.
Reuter
| [
0,
0,
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0,
0,
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0,
0,
0
] |
Trans World Airlines Inc, which
disclosed that it does not intend to seek control of USAir
Group at this time, said it still believes a combination of the
two airlines would have benefits to both.
In a filing with the Securities and Exchange Commission,
TWA, which is controlled by Carl Icahn, said it continues to
closely watch the developments of USAir, which has an agreement
to acquire Piedmont Aviation Inc <PIE>.
TWA said it spent 178.2 mln dlrs to acquire its 4,043,200
USAir shares, which amount to 14.8 pct of its total outstanding
common stock.
TWA said it would not buy more USAir Group stock, at least
for the moment.
But it said it still believes a TWA-USAir combination would
"create certain synergies that would be mutually beneficial to
both carriers."
TWA stressed that it reserved the right to revive its
takeover attempt and said it may continue to explore the
feasibility and strategies of gaining control of USAir.
Further purchases of USAir stock would require the approval
of the Department of Transportation, TWA said.
Because of Department of Transportation rules, TWA also
said it put its USAir stock into a voting trust with Fleet
National Bank as the voting trustee.
The voting trust agreement requires the bank to vote in
favor of any acquisition agreement between TWA and USAir and to
opposed any other merger of USAir.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Adobe Resources Corp and High Plains Oil
Corp said they reached an agreement in principle under which
High Plains will be merged into a unit of Adobe.
Under terms of the agreement, the companies said each share
of High Plains common stock not owned by Adobe or held in the
High Plains treasury will be exchanged for 1.12 shares of newly
issued Adobe common.
The exchange, they said, will be made on the effective date
of the merger, which must be approved by both companies' boards
and High Plains' shareholders.
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The European Community (EC) delivered
warnings to both Japan and the United States over trade
frictions which have hit relations between the Community and
its main trading partners.
EC foreign ministers meeting here issued a statement
deploring Japan's continued trade imbalance and appealed for
greater effort by the country to open its markets.
Ministers also issued a statement saying they were
disturbed by moves in the U.S. to limit imports of textiles and
warned that the Community would react to any such moves.
EC External Trade Commissioner, Willy De Clercq has already
written to his U.S. counterpart, special U.S. Trade
Representative Clayton Yeutter, outlining the EC's concerns.
The ministers' said they were "very disturbed" by the U.S.
moves, adding, "the adoption of such measures would not fail to
have a negative effect on the process of multilateral
negotiations just started as well as on bilateral relations."
Any unilateral U.S. moves would leave the EC no option but
to react according to the laws of the world trade body, the
General Agreement on Tariffs and Trade (GATT), they said.
In a separate statement on Japan, the EC ministers said
they "deplore the continued aggravation of the imbalance in
trade ... (and) expect Japan to open up its market more."
The statement added that the EC continued to insist that
the Japanese government must boost imports and stimulate
demand.
Ministers also called on the European Commission to prepare
a report on U.S.-Japanese trade for July this year to enable
them to take action where necessary.
One diplomat said the call for a report showed ministers
were determined not to let the Japanese question drop. "It wil
be back on the table again and again," the diplomat said.
De Clercq told journalists, "There is a certain nervousness,
a growing impatience within the Community on trade relations
with Japan."
But diplomats said the Community is keen to continue
talking with Tokyo to try and solve the problem rather than
embark on a costly and damaging trade war.
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TransAmerica Natural Gas Corp said it
is seeking two billion dlrs in punitive and actual damages in a
lawsuit it filed today against Coastal Corp, its chairman and
certain Coastal affiliates.
TransAmerica, a privately held company that has been in
bankruptcy since 1983, said its suit alleges that Coastal and
its chairman, Oscar S. Wyatt Jr, unlawfully interfered with
agreements it previously reached with its creditors, causing
the company significant damage.
TransAmerica also said its suit, filed in state district
court in Harris County, Texas, seeks injunctions against Wyatt
and Coastal to enjoin them from interfering with its
contractual agreements with its creditors.
The company alleged that beginning in mid-1986, Coastal and
its chairman took various steps to acquire its gas and other
assets.
Coastal has used TransAmerica's bankruptcy proceedings to
engineer a hostile takeover attempt, the company charged.
In its suit TransAmerican alleged that Coastal and Wyatt
are "notorious corporate raiders who have been restrained in
the past from taking over other corporations in their attempt
to create a stranglehold position from which they could control
and raise gas prices..."
"It is obvious that Coastal's efforts to improperly take
over TransAmerican is a thinly veiled attempt to control a
larger share of the Texas gas market to the detriment of end
users and consumers," the company alleged.
Coastal could not be reached for comment. Company name is
Transamerican.
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Caesars World Inc said it filed a
lawsuit against Martin T. Sosnoff and MTS Acquisition Corp
regarding its March 9 unsolicited tender offer for Caesars
World stock.
The company said it filed in the Federal Court in the
Central District of California, charging the tender offer,
which its board rejected, violated federal securities laws and
federal margin regulations.
The suit charges the offering materials are materially
false and misleading and misstate and conceal material
information required to be disclosed to shareholders.
The suit also charges the offer is illusory and designed to
manipulate the market in Caesars World stock to enable Sosnoff
to sell the Caesars World stock he already owns for a
substantial profit.
The complaint seeks, among other things, to enjoin the
tender offer and to require MTS and Sosnoff to correct false
and misleading statements in the offer.
Caesars World is expected to seek a friendly suitor,
restructure operations, or buy back Sosnoff's holdings in an
attempt to fight off the bid.
Sosnoff holds about 13.6 pct of the company's stock.
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Harris Associates L.P., a Chicago
investment advisor, said it raised its stake in Centerre
Bancorporation to 508,062 shares, or 6.6 pct of the total
outstanding, from 427,061 shares, or 5.5 pct.
In a filing with the Securities and Exchange Commission,
Harris said it bought 81,001 Centerre common shares between Jan
2 and March 4 at prices ranging from 36.00 to 39.75 dlrs a
share.
It said its dealings in the company's stock are on behalf
of its clients.
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Shr profit one ct vs loss 14 cts
Net profit 279,000 vs loss 1,896,000
Sales 199.6 mln vs 142.4 mln
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Aero Services International Inc
said it signed an agreement with Dibo Attar, who controls about
39 pct of its common stock, under which three nominees to
Aero's board have been selected by Attar.
In addition to Attar, the nominees are Stephen L. Peistner,
chairman and chief executive officer of <McCrory Corp> and
James N.C. Moffat III, vice president and secretary of
<Eastover Corp>.
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Underlying dollar sentiment is bearish,
and operators may push the currency to a new low unless Japan
takes steps to stimulate its economy as pledged in the Paris
accord, foreign exchange analysts polled by Reuters said here.
"The dollar is expected to try its psychological barrier of
150.00 yen and to fall even below that level," a senior dealer
at one leading bank said.
The dollar has eased this week, but remains stable at
around 151.50 yen. Six major industrial countries agreed at a
meeting in Paris in February to foster currency stability.
Some dealers said the dollar may decline in the long term,
but a drastic fall is unlikely because of U.S. Fears of renewed
inflation and fears of reduced Japanese purchases of U.S.
Treasury securities, needed to finance the U.S. Deficit.
Dealers generally doubted whether any economic package
Japan could adopt soon would be effective enough to reduce its
trade surplus significantly, and said such measures would
probably invite further U.S. Steps to weaken the dollar.
Under the Paris accord, Tokyo promised a package of
measures after the fiscal 1987 budget was passed to boost
domestic demand, increase imports and cut its trade surplus.
But debate on the budget has been delayed by an opposition
boycott of Parliamentary business over the proposed imposition
of a five pct sales tax, and the government has only a slim
chance of producing a meaningful economic package in the near
future, the dealers said.
If no such steps are taken, protectionist sentiment in the
U.S. Congress will grow, putting greater downward pressure on
the dollar, they said.
The factors affecting the U.S. Currency have not changed
since before the Paris accord, they added.
"Underlying sentiment for the dollar remains bearish due to
a still-sluggish U.S. Economic outlook, the international debt
crisis triggered by Brazil's unilateral suspension of interest
payments on its foreign debts and the reduced clout of the
Reagan administration as a result of the Iran/Contra arms
scandal," said a senior dealer at a leading trust bank.
"There is a possibility that the dollar may decline to
around 140.00 yen by the end of this year," said Chemical Bank
Tokyo branch vice president Yukuo Takahashi.
But operators find it hard to push the dollar either way
for fear of possible concerted central bank intervention.
Dealers said there were widespread rumours that the U.S.
Federal Reserve telephoned some banks in New York to ask for
quotes last Wednesday, and even intervened to sell the dollar
when it rose to 1.87 marks.
The Bank of England also apparently sold sterling in London
when it neared 1.60 dlrs on Wednesday, they said.
But other dealers said they doubted the efficacy of central
bank intervention, saying it may stimulate the dollar's decline
because many dealers are likely to await such dollar buying
intervention as a chance to sell dollars.
However, First National Bank of Chicago Tokyo Branch
assistant manager Hiroshi Mochizuki said "The dollar will not
show drastic movement at least to the end of March."
Other dealers said the U.S. Seems unwilling to see any
strong dollar swing until Japanese companies close their books
for the fiscal year ending on March 31, because a weak dollar
would give Japanese institutional investors paper losses on
their foreign holdings, which could make them lose interest in
purchases of U.S. Treasury securities.
U.S. Monetary officials may refrain from making any
comments this month to avoid influencing rates, they said.
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The Australian dollar rose more than 40
points and money market interest rates retreated on the better
than expected improvement in the February current account
deficit, but economists and dealers were cautious about
identifying it as the start of a downward trend.
The current account deficit narrowed to 750 mln dlrs in
February from 1.23 billion in January. It hit 13.82 billion
dlrs in 1985/86 to end-June.
The currency jumped to 0.6858/63 U.S. Dlrs and traded as
high as 0.6875 before retreating to around 0.6864/69.
"It's got 69 cents written all over it," one dealer said.
Foreign exchange dealers said some buyers had gone long on
the dollar expecting a lower figure and sold it down about 30
points to 0.6820 U.S. Dlrs before the release.
The 750 mln dlr deficit was at the lower end of forecasts
and analysts said the market would welcome any figure below one
billion dlrs for March.
Banque National de Paris <BNPP.A> senior dealer Peter
Nicolls cautioned that in the long term the currency and
interest rates were too high for import substitution and export
industries.
Nicolls said he expected the dollar to go as high as 0.6875
and perhaps to 69 cents tomorrow.
<Lloyds Bank NZA Ltd> chief economist Will Buttrose said
the 42 mln dlr trade surplus was encouraging as were imports at
2.77 billion dlrs, down from 2.99 billion in January.
But he warned that the outlook for rural and iron and coal
exports remained poor. "We should remember we are paying
something like seven to eight billion dollars simply to service
our foreign debt and that is not going to go away in the near
term," Buttrose said.
Buttrose said he expected a March deficit of around 900 mln
dlrs, and added "Any figure under a billion dollars will be
acceptable (to the markets)."
ANZ Banking Group Ltd <ANZA.S> senior economist Ian Little
said the big question was whether the improvement in exports
could be sustained. February FOB exports rose to 2.82 billion
dlrs from a revised 2.74 billion in January.
Interest rates responded quickly to the deficit news, with
90-day bank bill yields falling to 16.42-16.45 pct from early
highs of 16.50 and yields yesterday as high as 16.65.
Longer term yields fell with 10-year bonds at 13.66/68 pct
from 13.74 before the release and highs of 13.87 yesterday.
The stock market was easier at midsession but brokers said
the current account data had little impact on trading.
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Hongkong and Shanghai Banking Corp
<HKBH.HK> is close to a deal on the sale of a commercial
building in Hong Kong's Mongkok business district, a bank
spokesman said.
He said the 21-storey Wayfoong Plaza was likely to be sold
for about 280 mln H.K. Dlrs but declined to identify the buyer.
The spokesman gave no further details.
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Taiwan's balance of payments surplus
widened to a record 16.62 billion U.S. Dlrs in calendar 1986
from 9.35 billion in 1985, the central bank said.
A bank official attributed the increase mainly to Taiwan's
growing trade surplus, which increased to a record 16.8 billion
U.S. Dlrs in 1986 from 11.2 billion in 1985.
He said the deficit on invisible trade narrowed to 740 mln
U.S. Dlrs from 1.97 billion.
Invisible earnings rose to 6.77 billion from 5.09 billion
while invisible spending climbed to 7.51 billion from 7.06
billion, he said.
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The European Community (EC) yesterday
warned Japan and the United States, its main trading partners,
that friction over trade issues is affecting the EC's relations
with both countries.
EC foreign ministers issued a statement deploring Japan's
continued trade imbalance and appealed for the country to make
a greater effort to open up its markets. They also said they
were disturbed by a draft bill before the U.S. Congress that
would impose permanent quotas on textile imports and were
prepared to react. The U.S. Administration has already
distanced itself from the bill.
EC External Trade Commissioner Willy De Clercq has written
to his U.S. Counterpart, Trade Representative Clayton Yeutter,
outlining the EC's concerns.
The statement said ministers were very disturbed by U.S.
Moves towards protectionism. "The adoption of such measures
would not fail to have a negative effect on the process of
multilateral negotiations just started, as well as on bilateral
relations," it said.
Any unilateral U.S. Moves would leave the EC no option but
to react according to the laws of the General Agreement on
Tariffs and Trade, it said.
In a separate statement on Japan, the EC ministers said
they "deplore the continued aggravation of the imbalance in
trade (and) expect Japan to open up its market more."
The statement said the EC would continue to insist that
Japan boost imports and stimulate domestic demand.
Ministers also called on the EC Commission to prepare a
report on U.S.-Japanese trade for July this year to enable them
to take appropriate action where necessary.
One diplomat said the call for a report showed ministers
were determined not to let the Japanese question drop. "It will
be back on the table again and again," the diplomat said.
De Clercq, talking to journalists during the meeting, said,
"There is a certain nervousness, a growing impatience within the
Community concerning trade relations with Japan."
The EC is not satisfied with Japan's inability to cut its
trade surplus, and the Commission has adopted a tough approach
on imports of goods such as Japanese photocopiers, where it has
imposed 20 pct anti-dumping duties.
But diplomats said the EC is keen to negotiate with Tokyo
to solve the problem rather than embark on a costly and
damaging trade war, and the ministers called for more
cooperation with Japan in industry and research.
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Buoyed by low fuel prices and
favourable currency factors, Cathay Pacific Airways Ltd's
<CAPH.HK> 1986 profits are expected to surpass the airline's
forecast of one billion H.K. Dlrs, stock analysts said.
Analysts said they expect the airline to show net earnings
of between 1.1 billion and 1.25 billion dlrs when it reports
results tomorrow for its first year as a public company.
Cathay, 51 pct owned by Swire Pacific Ltd <SWPC.HK>, made
its earnings forecast in the prospectus for its flotation in
May last year.
Cathay is expected to pay a 13-cent final dividend, making
a total of 19 cents for the year, as forecast in the
prospectus, analysts polled by Reuters said.
They said the airline's performance improved in the second
half of the year after it reported interim profits of 503 mln
dlrs.
The weakness of the local currency, pegged at 7.80 to one
U.S. Dollar, and low fuel prices moved further in the company's
favour from the assumptions made in the prospectus at the time
of the flotation, James Capel (Far East) Ltd said.
James Capel estimates average fuel prices for the airline
industry in 1986 at 63 U.S. Cents per gallon, 27 pct below the
1985 level. It said a one pct movement in fuel prices would
affect Cathay's net profits by 10 mln dlrs and forecast profits
of 1.25 billion dlrs.
Analysts said the company's estimates of fuel price and
currency movements set out in its prospectus were conservative.
"This is reflected in their interim results which showed
that profit margin has increased," said Frederick Tsang of
Mansion House Securities (F.E.) Ltd.
Cathay's six-month turnover rose 19.8 pct from year-earlier
levels, but profits rose 69 pct.
The rise in oil prices in late 1986 had little impact on
the company's fuel oil bill last year, as aviation fuel prices
usually lag behind crude price movements by several months,
analysts said.
By last September the yen had risen some 54 pct against the
Hong Kong dollar from the end of 1985, the mark 43 pct and
sterling 12 pct.
"Overall the weakness of the Hong Kong dollar against
Cathay's major trading currencies helped push passenger yields
in the first half up 7.2 pct," said James Capel. "This should
continue through the second half to enable passenger yields to
end the year up 7.6 pct."
A strong performance from the 2.9 billion dlrs in cash
under management also improved profits, James Capel said.
A general improvement in air traffic last year contributed
to Cathay's revenue increase, but the company's load factor
declined because of increased competition and an expansion of
its fleet and services.
James Capel estimated Cathay's passenger-kilometres flown
last year rose six pct from 1985 and freight-kilometres flown
climbed 17 pct, though the airline's load factor probably fell
to 68.8 pct from 70 pct.
"Cathay added new planes, and was forced to fly some routes
last year because of the threat of competition from Dragon Air,"
said Tsang. "This affected its load factor."
Fear of possible competition from fledgling carrier <Hong
Kong Dragon Airways Ltd> may have contributed to Cathay's
decision to resume service to New Zealand last year, analysts
said.
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<Independent Newspapers Ltd> (INL)
said it bought two more community newspapers in Houston, Texas,
through a subsidiary there, for an undisclosed sum.
INL said in a statement <Houston Community Newspapers Inc>
bought the South West Advocate and the South Bend Advocate,
with combined circulation of 74,000 copies, and associated
assets, from <The Advocate Communications Corp Inc>.
INL publishes Wellington's morning and evening newspapers
as well as New Zealand provincial dailies and newspapers in
Rhode Island. Just under 40 pct of INL is owned by <News Ltd>,
an Australian subsidiary of News Corp Ltd <NCPA.S>.
Production and administration of the two publications would
be transferred to the company's existing centre in Houston. INL
said the acquisition took effect on March 1.
INL chairman Alan Burnet said the purchase would enable the
subsidiary to offer advertisers a combined distribution of nine
community newspapers to 340,000 homes in the greater Houston
area. Trading conditions in the area are particularly difficult
because the city's economy depends to a large extent on the
fortunes of the petroleum industry, but the situation should
improve in the medium to long term and the investment will
prove to be sound, he said.
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A government study has concluded the
U.S. Will be dependent on oil from the middle east into the
next century and must take steps to reduce its vulnerability,
the New York Times said.
The newspaper said the inter-agency government study found
a serious oil-dependency problem due to steadily falling
domestic production and rising demand for imported oil.
The study concluded that by 1995 the U.S. Will be relying
on foreign countries for 50 pct of its oil, more than the peak
of 48 pct reached in 1977 and far above the 33 pct rate during
the 1973-74 Arab oil embargo.
The U.S. Now imports about 38 pct of its oil needs, up from
27 pct a year ago, the New York Times said.
It said recommendations sent to the White House by Energy
Secretary John Harrington include financial incentives to raise
domestic oil production by one mln barrels a day from the
current 8.4 mln barrels.
The newspaper said the administration has placed increased
emphasis on stockpiling oil reserves. It said the view now held
is that the Strategic Petroleum Reserve to be tapped in times
of shortages, should be increased by 100,000 barrels a day,
rather than 35,000 as called for in the 1988 budget.
The newspaper said Harrington may propose restoring the
depletion allowance to major producers.
"The administration also plans to renew its efforts to
...Repeal the windfall profits tax, remove bars to drilling on
the outer continental shelf and repeal the law that limits the
use of natural gas in industrial and utility boilers," it added.
The New York Times quoted Senator Don Nickles of Oklahoma
as saying the study greatly underestimated potential U.S.
Demand for imported oil in the next decade and overestimated
the amount of domestic oil which would be produced.
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China's grain imports will rise
in 1987 because of a serious drought and increasing demand, but
will be not be as large as in the past, Chinese officials and
Japanese traders told Reuters.
They said foreign exchange constraints and national policy
would not allow a return to large-scale imports, which peaked
at 16.15 mln tonnes in 1982.
An agricultural official of the Shanghai government put
maximum imports at about 10 mln tonnes this year, against 7.73
mln in 1986 and 5.97 mln in 1985.
Officials said grain imports rose in 1986 because of a poor
harvest and rising domestic demand, but remained below exports,
which rose to 9.42 mln tonnes from 9.33 mln in 1985.
"China is short of foreign exchange," the Shanghai official
said. "We cannot rely on imports, even at current low world
prices. Only if there is a major disaster will we become a
major importer."
A Japanese trader in Peking said Chinese grain imports
would rise and exports fall this year because of the drought,
low world prices and rising domestic demand for human and
animal consumption.
"At current prices, China loses yuan on every tonne of grain
it exports, though it earns foreign exchange which it badly
needs," the trader said.
The People's Daily said last Saturday a serious drought is
affecting 13.3 mln hectares of arable land, which will reduce
the summer grain harvest from last year's level.
The paper added that leaders in some areas were not paying
enough attention to agriculture, especially grain, making it
difficult to achieve the 1987 grain output target of 405 mln
tonnes against 391 mln in 1986.
"All areas must spare no effort to raise the autumn harvest
area, especially of corn, sweet potatoes, paddy rice and
high-yield cash crops," it said.
It added factory production might have to be reduced to
provide electricity for agriculture if it was needed to fight
the drought.
Since January, the press has devoted much attention to
grain, stressing that growth in output is vital to China's
economic and political stability and that prices paid to
farmers are too low.
Officials in east China have repeatedly said stable grain
production is a key state policy and outlined the measures
being taken in their areas to encourage output.
The Shanghai official said that in one suburb, 10 pct of
the pre-tax profits of factories are used to subsidise
agriculture. He said rural industries in other suburbs also set
aside money for grain and pay the salaries of some of the
70,000 workers available to help farmers.
Chu Jinfeng, an official of Fengbing county outside
Shanghai, said factory workers get 60 yuan a month and three
years unpaid leave to grow grain and can keep the profits.
Pan Huashan, an official of the agricultural department of
Zhejiang Province, said rural industry also subsidises grain
output in his province.
"In addition, we are setting up grain production bases,
raising the level of science and technology on the farms and
improving the supply of raw materials, roads and other
infrastructure," he said.
The Shanghai official said rural residents who work in
industry or commerce usually keep their land to farm in their
spare time, or let other family members farm it. In some cases,
they lease the land to grain farmers.
The China Daily said last month that grain output should
reach between 425 and 450 mln tonnes by 1990 and between 480
and 500 mln by 2000. It said growing grain should be made
profitable.
"The advantages the state promises grain growers actually
yield tangible profits for them and are not siphoned off by
intermediate agencies because of bureaucracy or corruption.
Only this will boost enthusiasm," it said.
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Schlumberger Ltd's <SLB.N> decision to
end an agreement in principle for Fujitsu Ltd <ITSU.T> to buy
80 pct of its <Fairchild Semiconductor Corp>, and the political
furore that surrounded the proposed sale, will make Japanese
companies more cautious in their efforts to acquire U.S. High
technology firms but will not halt such attempts, industry
analysts said.
The collapse of the deal will not be a critical blow to
Fujitsu but it will boost the cost of future U.S. Expansion by
the Japanese firm, said analysts polled by Reuters.
"The acquisition of Fairchild is not essential to Fujitsu's
North American operations, but it would have been a great
boost," James Capel and Co analyst Tom Murtha said.
French-controlled Schlumberger said yesterday it was ending
the agreement because mounting political controversy in the
U.S. Made it unlikely that the sale of the Fairchild stake
could be completed in a reasonable time.
The sale was opposed by the U.S. Commerce Department and
Defence Department, partly on national security grounds.
Fujitsu's acquisition of Fairchild would have given the
Japanese computer maker control of a comprehensive North
American sales and distribution system and access to
microprocessor technology, an area where Fujitsu is weak,
analysts said.
The deal would also have given Fujitsu 14 additional
microchip production facilities worldwide, eight of them in the
U.S., A report by the Capel firm said.
"It was an entry point, a port for semiconductors and a
marketing channel for other things," said Barclays de Zoete Wedd
analyst Rick May.
Several analysts said the purchase would not have given
Fujitsu access to critical defence technology.
"(Fairchild) simply doesn't have key technology -- that's a
thing of the past," May said.
The failure could be a blessing in disguise for Fujitsu as
it might have had to spend several hundred million dollars to
modernise Fairchild's production lines, Capel's Murtha said.
The failure of the deal will doubtless encourage Japanese
firms to take a lower profile in attempts to acquire U.S. High
tech firms but they are unlikely to stop, analysts said.
Most analysts said Fujitsu was likely to go the more costly
route of expanding its own production and distribution
facilities in the U.S., Although some said it could use the
estimated 200 mln dlrs set aside for buying Fairchild to try to
acquire some less politically symbolic firm.
"It may slow the pace of Japanese acquisitions, but the
necessity of expanding their production and design capacity in
America remains," said Capel's Murtha. "The Japanese will
continue to shop for bargains, but it will be harder to find
ones that are politically acceptable."
Japanese firms are likely to favour joint ventures or
smaller equity stakes in firms to avoid the political backlash
that blocked the Fairchild sale, analysts said. "They're not
going to slow up, they're just going to buy smaller pieces ...
Because of the political risk," said Barclays de Zoete's May.
Several Japanese firms have already taken 10 to 30 pct
shares in smaller U.S. High technology firms such as super
minicomputer makers, he said.
Opposition of the sort that blocked Fujitsu could end up
harming U.S. Firms and undermining a trend toward multinational
tie-ups, some analysts said.
"This is not really of benefit to U.S. Firms either," said
Jardine Fleming (Securities) Ltd analyst Nick Edwards. "The
pooling of resources in semiconductors is a positive move --
why should the government step in to prevent it?"
Japan's Minister of International Trade and Industry Hajime
Tamura told a press conference that interference by U.S.
Government officials in the Fairchild deal was inappropriate.
"This is entirely a private sector matter and not a matter
for governments' comment," Tamura said. "I think it was improper
for U.S. Government officials to intervene to the extent they
did," he said.
A spokesman told Reuters the ministry's view is that
international investment flows ought to be free and that such
flows are of increasing importance in line with the growing
closeness of U.S.-Japanese economic ties.
REUTER
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Japan has complained to the secretariat
of the General Agreement on Tariffs and Trade (GATT) that South
Korea's five-year plan to cut its trade deficit with Japan
breaks GATT rules, Trade Ministry officials here said.
They said Japan submitted a report earlier this month
alleging South Korea's plan to import less from Japan and more
from the U.S. And elsewhere was tantamount to creating
non-tariff trade barriers.
South Korea unveiled the plan in November. It said it hoped
to narrow its trade deficit with Japan to two billion dlrs by
1991.
South Korea's trade deficit with Japan was a record 5.45
billion dlrs in 1986, and rose to 752 mln dlrs in the first two
months of 1987 from 727 mln in the same 1986 period.
The plan envisages giving incentives to importers not to
import Japanese goods, and to exporters to sell more to Japan.
The officials said they believed the Japanese action, one
step short of filing a suit, was designed to bring South Korea
to the negotiating table and stop the plan.
The Seoul government wants Tokyo to ease various import
restrictions and simplify customs inspections for South Korean
goods to help reduce the trade deficit.
REUTER
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Spot volume in the Australian foreign
exchange market jumped to a record 22.63 billion dlrs a day in
January from 16.18 billion in December and 8.27 billion a year
earlier, the Reserve Bank said in its monthly bulletin.
The previous record was 17.51 billion dlrs last August.
The peak broke a steady trading trend of 15 to 17 billion
dlrs a day seen in the second half of 1986.
Including forward deals, total deliverable volume was 27.01
billion dlrs a day (13.43 billion against the Australian
dollar) against 19.56 billion (8.48 billion) in December and
9.92 billion (5.88 billion) a year earlier, the bank said.
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