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peru will sell about 40 state-owned firms
to trim a projected 740 mln dlrs loss this year among
government-owned companies.
Some companies would be sold in their entirety and others
would be privatised only partially, according to jose palomino,
president of the government's state company holding firm, the
national development council (conade).
He told reporters in a radio interview that the aim was to
slim a projected public sector firm deficit of 11 billion
intis. He did not say if foreigners would be allowed to buy all
or part of the companies.
Independent economists warn that the deficit could push
inflation to between 60 and 100 pct in 1987, against the
govenment target of 40-50 pct.
Palomino said aeroperu, the government flagship airline
with a 10-jet fleet, would issue stock for purchase by private
investors. The company in 1986 registered its first profit in
eight years, earning about 44.6 mln intis in pre-tax profits.
Peru has about 140 non-financial state firms. Palomino said
the government would soon publish a list of those to be sold,
including those whose shares would be offered on the lima stock
exchange.
Last november, palomino said conade's plans included the
possible sale of a company producing palm oil and another
manufacturing electrical appliances. Shares could also be sold
in a copper mine, empresa nacional tintaya sa, in the southern
state of arequipa.
Neither Palomino nor conade's general manager, enrique
estremadoyro, were available for comment on whether foreigners
would be allowed to purchase the companies. Their secretaries
said they were out of their offices.
Jose antonio almenara, the general manager of the lima
stock exchange, where shares of the state-owned firms could be
sold, told reuters that the only foreigners who could purchase
stock at the exchange had to be tax-paying residents of peru.
He said foreign stockholders cannot remit profits abroad
until at least july 1988.
Reuter
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Shr loss 28 cts vs loss 80 cts
Net loss 2,150,000 vs loss 3,722,000
Sales 1,478,000 vs loss 2,097,000
Reuter
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Qtr ends Jan 31
Shr 23 cts vs eight cts
Net 309,963 vs 110,356
Revs 2,503,451 vs 1,351,076
Nine mths
Shr 62 cts vs 25 cts
Net 851,776 vs 331,666
Revs 6,739,351 vs 4,107,713
Reuter
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Period end Jan 31
Shr loss one cts vs profit eight cts
Net loss 52,198 vs profit 602,766
Revs 18.6 mln vs 7,833,424
Nine mths
Shr profit 10 cts vs profit six cts
Net profit 809,243 vs profit 393,372
Revs 36.3 mln vs 18.7 mln
Reuter
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Shr two cts vs three cts
Net 369,000 vs 347,000
Revs 21.3 mln vs 14 mln
NOTE: Per shr reflects payment of preferred dividends.
Reuter
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Shr profit two cts vs loss 1.05 dlrs
Net profit 1,666,000 vs loss 18,306,000
Revs 29.1 mln vs 28.3 mln
Avg shrs 69.1 mln vs 17.5 mln
Year
Shr loss 21 cts vs loss 2.72 dlrs
Net loss 7,571,000 vs loss 45,517,000
Revs 117.4 mln vs 123.3 mln
Avg shrs 35.4 mln vs 16.7 mln
NOTE: Results include losses of nil vs 473,000 dlrs, or
three cts a share, in quarter and 921,000 dlrss, or three cts a
share, vs 1,137,000 dlrs or seven cts a share, in year from
discontinued operations
Reuter
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Qtly div 15 cts vs 15 cts in prior qtr
Payable May 11
Record April 10
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The U.S. Agriculture Department said
private U.S. exporters reported sales of 350,000 tonnes of corn
for delivery to unknown destinations during the 1986/87
marketing season.
The marketing year for corn began September 1.
This is the second day running that exporters have reported
corn sales to unknown destinations. Yesterday, they reported
sales of 150,000 tonnes to unknown.
Reuter
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Shr 38 cts vs 47 cts
Net 2,253,664 vs 2,806,820
Revs 5,173,318 vs 5,873,904
NOTE: 1987 qtr includes 126,117 dlrs, or two cts per share,
from gains on sale of property, vs gain 29,812, or less than
one cent per share, for prior qtr.
Reuter
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Shr nil vs nil
Net loss 77,879, vs loss 65,501
Revs 3,895,741 vs 4,872,163
Nine mths
Shr profit nine cts vs profit two cts
Net profit 488,898 vs profit 118,208
Revs 13.0 mln vs 15.8 mln
Reuter
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Shr loss three cts vs profit two cts
Net loss 54,791 vs profit 28,866
Sales 137,9810 vs 338,886
Avg shrs 1,602,717 vs 1,331,739
Reuter
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Period ended Jan 31
Shr loss 89 cts vs loss 82 cts
Net loss 5,187,000 vs loss 5,362,000
Revs 128.4 mln vs 50.3 mln
Six mths
Shr loss 1.27 dlrs vs loss 1.04 dlrs
Net loss 7,015,000 vs loss 6,790,000
Revs 264.7 mln vs 97.3 mln
NOTE: Full name is Great American Management and Investment
Inc
Reuter
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Norstar Bancorp said it reached an
agreement in principle to buy United National Bank of Callicoon
through a stock exchange valued at 20 mln dlrs.
Under terms of the agreement, Norstar would buy all 201,660
shares of United's common stock at a rate of three Norstar
shares for each United share.
With year-end assets of 90 mln dlrs, United has branches
six upstate New York cities, all of which will become part of
Norstar Bank of the Hudson Valley, N.A.
Norstar is an 11.1 billion dlr multibank financial services
company.
Reuter
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Oper shr profit one ct vs loss 1.14 dlrs
Oper net profit 435,000 vs loss 19.9 mln
Year
Oper shr loss 28 cts vs loss 2.78 dlrs
Oper net loss 10 mln vs loss 46.5 mln
NOTE: Excludes investment gains of one ct per share vs 12
cts in the quarter, and gains 10 cts per share vs 13 cts in the
year. Excludes loss from discontinued operations of three cts
per share in fourth quarter 1985, and loss of 21 cts per share
vs loss 2.72 dlrs in the year.
Reuter
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Qtly div 82 cts vs 82 cts prior
Pay April 25
Record April one
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The European Community may decide to
increase the cereals co-responsibility levy and extend its
scope to cover cereal substitutes if the Commission's 1987/88
farm price package is opposed by member states, Edgar Pye,
vice-president of the British agricultural merchants'
association UKASTA, said.
At the moment the Commission is proposing the rate of levy
remain unchanged at three pct - but Pye, addressing a feed
manufacturers' dinner in Glasgow, said this could change if its
controversial plans to cut cereal prices and introduce an oils
and fats tax are blocked
Pye said UKASTA would continue to fight the cereals levy
"tooth and nail."
However, a test case in the European Court of Justice
contesting the legality of the current regulation applying the
levy, which is being backed by the EC feed manufacturers'
organisation FEFAC, was not now expected to be heard until the
end of 1987, he said.
Reuter
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Qtr ended Jan 31
Shr 10 cts vs three cts
Net 194,842 vs 54,200
Revs 22.2 mln vs 11.2 mln
Six mths
Shr 50 cts vs 28 cts
Net 965,924 vs 502,008
Revs 43.8 mln vs 21.6 mln
Note: Current six mths revs include 16.8 mln dlrs in revs
from John F. Beasley Construction Co, a wholly owned unit.
Reuter
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Oper shr loss 26 cts vs profit 22 cts
Oper net loss 672,879 vs profit 596,760
Revs 2,188,678 vs 2,364,280
Nine mths
Oper shr loss 1.60 dlrs vs profit 92 cts
Oper net loss 4,278,055 vs profit 2,472,532
Revs 5,896,322 vs 7,497,782
Note: Oper net excludes tax gains of 596,000 dlrs for
year-ago qtr and 2,173,000 dlrs for year-ago nine mths.
Reuter
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From April through December 1986,
the Commodity Credit Corporation (CCC) issued 3.85 billion dlrs
worth of generic certificates and about 1.8 billion had not
been exchanged by January 1, 1987, the U.S. Agriculture
Department said.
The department said an additional 4.3 billion dlrs in
certificates has been authorized for issuance during
January-August, 1987.
These certificates will provide ample free supplies of corn
and wheat for the remainder of the crop year, the department
said in a summary of its Agricultural Outlook report.
Freeing of stocks through certificates is making U.S. grain
more competitive on world markets, it said.
The department said last summer, for example, certificates
were exchanged for 215 mln bushels of corn. This helped
increase marketable supplies, so farm-level corn prices
averaged about two dlrs per bushel -- somewhat lower than they
would have otherwise.
The lower prices probably led to an increase in usage of 40
to 50 mln bushels, it said.
The department said government spending on farm programs in
fiscal year 1987 is projected to fall half a billion dlrs from
1986's 25.8 billion dlrs.
During 1988 and 1989, the cost escalation of the first half
of the 1980's will reverse. If current policy remains in force,
annual farm program spending by 1992 will be down from last
year's record by more than eight billion dlrs, it said.
The department said the President's budget proposals for
1988-1992 would cut farm program spending an additional 24
billion dlrs.
In 1987, foreign economic growth is expected to remain
close to 2.6 pct, the same as in 1986, but above the 2.4 pct
average of 1980-86, it said.
Partially because of this improvement, U.S. export volume
is expected to rise in fiscal 1987 for the frist time in seven
years, the department said.
Reuter
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Sen. Pete Domenici, a main sponsor
of legislation to set an oil import fee, said the
administration's energy security report was based on flawed
economic assumptions.
The New Mexico Republican said the report did not take into
account the last few weeks' drop in domestic oil production in
its statement that an oil fee would raise prices for consumers.
The report said a decline in economic growth as a result of the
fee would reduce tax revenues. "A five dlr (per barrel) oil
import fee will provide the stimulus to create jobs and
investment, " and raise revenues, he said.
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Upcoming changes being considered in
the U.S. Agriculture Department's transportation and loan
programs were outlined by a USDA official today.
Addressing the annual meeting of the National Grain and
Feed Association, Tom VonGarlem, assistant deputy administrator
for USDA's state and county operations, said the following
changes are under consideration by USDA.
Termination of USDA's Transportation Assistance Program for
wheat, barley and sorghum would be proposed this week.
Changes in USDA's reserve rotation program are also under
consideration, VonGarlem said. While the department has not
made any final decision, banning the use of pik and roll grain
in reserve rotation is under heavy consideration, he said.
Changes in loan rates will definitely be looked at for next
year's crop, he said, with the option of making soybean loans
partially in cash and in certificates under consideration.
VanGarlem said he will definitely not extend the 1987 crop
program signup, saying he sees no reason to do so at this time.
He also said wheat will not be considered for a cash bonus
under the Conservation Reserve Program.
Reuter
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There will be seven to eight billion
dlrs of generic certificates on the market by the end of
harvest, an Agriculture Department official said.
The Commodity Credit Corp will "depend heavily" on
certificates to relieve storage problems this year, Ralph
Klopfenstein, Deputy Administrator for Commodity Operations,
USDA, told participants at the National Grain and Feed
Association's annual convention.
Klopfenstein said that CCC will not be able to relocate
grain in any significant amount this fall, so certificates will
be used in various programs to relieve storage tightness.
Klopfenstein said certificates meet the goal of allowing
prices to go below loan levels and providing USDA with an
inventory management tool.
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Seven major U.S. farm groups took
the unusual step of releasing a joint statement urging
congressional leaders not to tinker with existing farm law.
Following meetings with House Agriculture Committee
Chairman Kika de la Garza (D-Tex.) and Senate Agriculture
Committee Chairman Patrick Leahy (D-Vt.), the groups issued a
statement saying lawmakers should "resist efforts to overhaul
the 15-month-old law, which is operating in its first crop
marketing year."
The farm groups included the American Farm Bureau
Federation, American Soybean Association, National Cattlemen's
Association, National Corn Growers Association, National Cotton
Council, National Pork Producers Council and the U.S. Rice
Producers Legislative Group.
The statement said Congress should not modify the 1985 farm
bill "so the law might have its intended impact of making
agriculture more competitive in export markets while at the
same time maintaining farm income."
"We strongly believe American farmers now need
predictability and certainty in farm legislation in order to
have any opportunity of making proper production and marketing
decisions," the groups said.
Reuter
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Shr profit six cts vs profit 17 cts
Net profit 269,000 vs profit 833,000
Revs 28.0 mln vs 30.8 mln
Nine mths
Shr loss 4.16 dlrs vs profit 74 cts
Net loss 20.0 mln vs profit 3,543,000
Revs 93.1 mln vs 117.7 mln
Note: Current qtr net includes writedown of 20.4 mln dlrs
of net investment in company's oil and gas properties.
Year-ago results restated to reflect reclassification of
coal mining and marketing segment as ongoing operation rather
than discontinued operation.
Reuter
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Shr one ct vs five cts
Net 42,469 vs 226,791
Sales 7,963,620 vs 6,886,414
Nine mths
Shr 12 cts vs 22 cts
Net 490,927 vs 949,650
Sales 24.0 mln vs 18.7 mln
Reuter
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Shr 14 cts vs 15 cts
Net 733,000 vs 788,000
Revs 31.9 mln vs 28.9 mln
Nine Mths
Shr 1.08 dlrs vs 1.20 dlrs
Net 5,560,000 vs 6,162,000
Revs 104.5 mln vs 97.2 mln
NOTE: 1987 net includes tax credits of 25,000 dlrs in the
third quarter and 100,000 dlrs in the nine months compared with
370,000 dlrs and 910,000 dlrs in the 1986 periods.
Reuter
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Qtly div class A nine cts vs 7.5 cts prior
Qtly div class B nine cts vs 7.5 cts prior
Pay April 30
Record March 31
Reuter
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Healthvest said it acquired the
Eastwood Hospital medical complex in Memphis from Healthcare
International Inc for 50 mln dlrs cash.
Healthcare International will continue to operate the
hospital under a lease agreement, the company said.
Reuter
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Ventra Management Inc, an over the
counter company, said it acquired Joint Venture Leasing Inc for
60 mln Venture shares, valued at 3.6 mln dlrs.
Joint Venture was organized in September 1986 to establish
leasing joint ventures with manufacturers and vendors of
computer equipment.
As a result of the acquisition and Joint Venture's backlog,
Ventra said it expects 1987 sales to be 30 mln dlrs with net
profits of 1.5 mln dlrs.
Ventra was organized in September 1986 and completed a
public offering of 30 mln shares in January 1987.
Reuter
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<Oxford Financial Inc> said it acquired
<Clancy Systems International Inc> for an undisclosed sum.
The company said Clancy has developed a fully automated
parking citation system, currently in use in Oklahoma City, the
University of California at Sacramento, and in a pilot program
in San Francisco.
Reuter
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Shr 1.03 dlrs vs 82 cts
Net 1,982,296 vs 1,359,273
Revs 2,403,481 vs 1,494,304
Investments 22.4 mln vs 11.5 mln
NOTE: Shr figures adjusted for 3-for-2 split Feb 23, 1987.
1985 results reflect operations for eight months ended Dec 31,
1985. Company began operating May 1985.
Reuter
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Qtly cash distribution 20 cts vs 20 cts prior
Pay April eight
Record March 27
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W.R. Grace and Co said it completed
the sale of its Bermans The Leather Experts retail business to
a new company in a management led buyout.
Grace received 99.3 mln dlrs cash and will record a pretax
gain of about 37 mln dlrs in the first quarter, the company
said. An additional pretax gain of 19 mln dlrs will be deferred
until realization is more fully assured, it said.
The diversified chemical and industrial company said the
sale completes its program to divest retail operations.
In addition to the cash payment, Grace received warrants to
buy up to 47.5 pct of the new company and has reinvested about
19 pct of the proceeds in debt of the new firm.
Financing was provided by Prudential Insurance Co of
America and affiliates.
Reuter
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Period ended Feb 28
Shr 61 cts vs 56 cts
Net 2,764,000 vs 2,540,000
Sales 60.4 mln vs 55.8 mln
Six mths
Shr 1.27 dlrs vs 1.15 dlrs
Net 5,741,000 vs 5,269,000
Sales 122.8 mln vs 109.9 mln
NOTE: Per-share data restated for 10 pct stock dividends
paid to holders of record Dec 26, 1986 and Dec 26, 1985
Reuter
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Taunton Savings Bank said its
board declared an initial cash dividend of six cts per share.
Taunton, which went public last June, said the rate was
based on 3,220,000 outstanding shares.
It said the dividend was payable April 15 to shareholders
of record March 31.
The company said it did not know if it would pay regular
dividends in the future.
Reuter
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Shr loss 14 cts vs loss one ct
Net loss 836,327 vs loss 34,926
Revs 8,939,390 vs 8,136,160
Year
Shr loss 34 cts vs loss nil
Net loss 2,008,103 vs loss 14,078
Revs 30.1 mln vs 28.0 mln
Note: Year-ago results restated to reflect acquisition of
Spartacus Inc in Febaruary 1986.
Reuter
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Oper shr 94 cts vs 93 cts
Oper net 8,889,000 vs 8,570,000
Revs 155.0 mln vs 123.4 mln
Avg shrs 9,450,000 vs 9,174,000
NOTE: Net excludes discontinued operations a gain of
4,679,000 dlrs, or 50 cts a share vs a loss of 720,000 dlrs, or
seven cts a share. 1986 net includes charge of 865,000 dlrs
from repeal of investment tax credits
Company corrects 1985 year per-share operating net in table
which originally ran march 10
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Shr 31 cts vs 31 cts prior
Payable April 24
Record March 31
Reuter
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Kansas Republican Congressman Pat
Roberts urged the Reagan administration to offer export
enhancement program, eep, subsidies to the Soviet Union.
Speaking at a House foreign agriculture subcommittee,
Roberts said the U.S. has offered eep to China and Poland, and
should also include the Soviet Union.
Rep. Roberts said there had been some talk that the issue
of an eep to Moscow had not been raised within the Reagan
administration recently because Secretary of State George
Shultz was out of the country.
"That very well may be the case," said Tom Kay, U.S.
Agriculture Department Foreign Agricultural Service
administrator. However, Kay told Reuters later that his reply
to Roberts was not based on any particular knowledge.
Rep. Roberts urged Kay to convey to top officials of the
USDA that some in Congress favor a wheat eep to Moscow.
"I'd be delighted to deliver the message," Kay replied.
Earlier, Kay had repeated Agriculture Secretary Richard
Lyng's statement last week that "the door is not yet closed on
an eep to the Soviet Union."
Reuter
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Period ends February 28
Shr 89 cts vs 87 cts
Net 119.5 mln vs 114.6 mln
Revs 872.3 mln vs 917.4 mln
Year
Shr 2.87 dlrs vs 3.32 dlrs
Net 383.4 mln vs 413.6 mln
Revs 4.45 billion vs 4.45 billion
NOTE: Full name Public Service Enterprise Group Inc.
Reuter
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Shr profit 49 cts vs loss 41 cts
Net profit 543,000 vs loss 457,000
Revs 10.4 mln vs 14.2 mln
Year
Shr loss 71 cts vs loss 2.11 dlrs
Net loss 781,000 vs loss 2,325,000
Revs 38.9 mln vs 44.9 mln
Reuter
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Shr loss 12 cts vs loss 99 cts
Net loss 1,476,000 vs loss 11,965,000
Sales 83.4 mln vs 110.9 mln
Year
Shr loss 1.79 dlrs vs loss 1.90 dlrs
Net loss 21,720,000 vs loss 22,969,000
Sales 259.0 mln vs 317.3 mln
Reuter
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Distillate fuel stocks held in
primary storage fell by 7.35 mln barrels in the week ended
March 13 to 112.74 mln barrels from a revised 120.09 mln the
previous week, the American Petroleum Institute (API) said.
In its weekly statistical bulletin, the oil industry trade
group said gasoline stocks fell 2.89 mln barrels to 248.44 mln
barrels from a revised 251.33 mln, and crude oil stocks dropped
4.39 mln barrels to 325.13 mln from a revised 329.52 mln.
It said residual fuel stocks fell 250,000 barrels to 35.73
mln from 35.98 mln barrels.
API said refinery runs in the week rose to 11.80 mln
barrels per day (bpd) from a revised 11.70 mln and refinery use
of operating capacity was 75.7 pct, up from a revised 75.0 pct.
Crude oil imports in the week rose to 3.66 mln bpd from a
revised 2.67 mln, API added.
Reuter
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Qtly div 31 cts vs 31 cts prior
Pay April 24
Record March 31
Reuter
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Shr 48 cts vs 64 cts
Net 1,959,404 vs 2,621,778
Revs 5,132,626 vs 8,167,401
Reuter
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Shr profit 14 cts vs loss 55 cts
Net profit 864,000 vs loss 2.1 mln
Revs 24.2 mln vs 1.5 mln
Six months
Shr profit seven cts vs loss 74 cts
Net profit 434,000 vs loss 2.7 mln
Revs 42.5 mln vs 2.9 mln
NOTE:1986 2nd qtr and six months includes loss of 600,000
dlrs and 285,000 dlrs respectively from discontinued operations
and exclude operations of Action DRug Co Inc acquired by
company's 81 pct owned subsidiary, Technodyne, in August 1986.
1987 net includes gain of 2.0 mln dlrs from sale of
building and extraordinary gain of 411,000 dlrs from tax loss
carryforward.
Share earnings for both periods reflect preferred stock
dividends.
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Shr profit 14 cts vs loss 17 cts
Net profit 686,000 vs loss 831,000
Revs 24.2 mln vs 1.5 mln
Six mths
Shr profit 22 cts vs loss 17 cts
Net profit 1,062,000 vs loss 812,000
Revs 42.5 mln vs 2.9 mln
NOTE: Quarter ends January 31.
1986 excludes extraordinary gain of six cts per share in
the quarter and 10 cts in the six months. 1985 excludes
discontinued operations loss of six cts a share in the quarter
and loss of two cts in the six months.
Company is 81.5 pct owned by Electro Audio Dynamics <EAD>.
Reuter
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Period ended January 31
Shr 22 cts vs 16 cts
Net 518,564 vs 374,198
Revs 2,090,724 vs 1,614,079
Reuter
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Duff and Phelps Selected Utilities Inc
said it approved payment of higher monthly dividends.
The closed end-investment company approved payment of 4.5
cts on April 10, record March 31; of five cts, payable May 11,
record April 30; and of 5.5 cts, payable June 10, record May
29.
Duff and Phelps first monthly dividend of four cts was paid
on March 10, it noted.
Reuter
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Qtr ends Jan 31
Shr loss three cts vs loss six cts
Net loss 93,000 vs loss 191,000
Revs 338,000 vs 554,000
Six mths
Shr loss four cts vs loss seven cts
Net loss 108,000 vs loss 219,000
Revs 854,000 vs 1,283,000
NOTE: Company is 80 pct owned by Technodyne Inc <TND>, a
subsidiary of Electro Audio Dynamics Inc <EAD>.
Reuter
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Lennar Corp said it completed the
previously announced acquisition of Development Corp of America
<DCA>.
Consequently, it said the American Stock Exchange suspended
trading of Development Corp's common stock, 10 pct subordinated
debentures due 1993 and 12 pct subordinated debentures due
1994.
Lennar said the debentures will continue to be traded
over-the-counter.
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Shr 10 cts vs 10 cts
Net 358,941 vs 299,838
Revs 8,645,289 vs 4,532,175
Avg shrs 3,446,752 vs 2,921,173
Nine mths
Shr 23 cts vs 12 cts
Net 705,799 vs 491,076
Revs 21.5 mln vs 11.0 mln
Avg shrs 3,093,491 vs 4,068,000
Note: Net includes tax credits of 164,000 dlrs vs 123,634
dlrs for qtr and 311,000 dlrs vs 207,719 dlrs for nine mths.
Reuter
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Qtly div 41.5 cts vs 41.5 cts prior
Pay April 28
Record March 31
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Shr loss nine cts vs profit 23 cts
Net loss 418,000 vs profit 1,037,000
Revs 2,872,000 vs 4,700,000
Six mths
Shr profit nine cts vs profit 52 cts
Net profit 418,000 vs profit 2,365,000
Revs 6,853,000 vs 9,379,000
NOTE: Includes tax loss carryforward gains of 164,000 dlrs
vs 551,000 dlrs in quarter, and gains of 365,000 dlrs vs
1,016,000 dlrs in the six months.
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U.S. Agriculture Secretary Richard
Lyng told representatives of several of the largest grain
exporting firms and two farm organizations that he was not in a
position to comment on their request that the Reagan
administration offer subsidized wheat to the Soviet Union,
according to participants in today's meeting.
"He (Lyng) simply told us he was not in any position to talk
about an EEP (export enhancement program) initiative to the
Soviet Union," said Glen Hofer, vice president of the National
Council of Farmer Cooperatives.
Another participant in the meeting, who asked not to be
identified, said Lyng was "unresponsive" to the group's request.
Participants in the meeting included Cargill Inc,
Continental Grain Co, Louis Dreyfus Corp, Union Equity
Cooperative Exchange, the National Association of Wheat
Growers, the National Council of Farmer Cooperatives, among
others, participants said.
Deputy Agriculture Secretary Peter Myers and Under
Secretary Daniel Amstutz also attended the 30-minute meeting.
Hofer described Lyng as "sympathetic but noncommittal," and
said he thought he detected "a sense of frustration" on Lyng's
part at not being able to respond more positively to the
group's urging.
A grain industry representative said some participants were
"puzzled" by USDA's apparent reluctance to bring before the
cabinet council an EEP wheat offer to the Soviets.
"There is a feeling that there is more receptivity (to the
idea) within the cabinet council now than there ever has been,"
this official, who asked not to be identified, said, referring
to an EEP wheat offer to the Soviets.
This official said there was not a significant amount of
pressure being exerted by lawmakers on Lyng to make an EEP
offer to Moscow.
Reminded that Senate Agriculture Committee Chairman Patrick
Leahy (D-Vt.) had written two letters to Lyng urging such an
offer, this official said Lyng had received virtually no phone
calls from lawmakers on the subject.
But Hofer said other important matters at the White House,
rather than an absence of political pressure, might have
restrained Lyng.
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<Paperboard Industries Corp> said it
planned to make an unconditional 21 dlr a share cash offer for
<Belkin Inc>'s 7.6 mln common and 2.3 mln non-voting shares.
Paperboard said Balaclava Enterprises Ltd, owned by Morris
Belkin, agreed to tender 98.2 pct of Belkin's common shares.
It added that in case of a competing offer of more than 23
dlrs, it had the right to match it. If it did not match the
offer, Balaclava could accept the competing bid.
The two companies manufacture linerboard and boxboard from
recycled fibre. Their combined revenues are about 500 mln dlrs.
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|
Shr 46.5 H.K. Cents vs 29.3
Final div 14 cents, making 20 cents (no comparison)
Net 1.23 billion dlrs vs 777.5 mln
Turnover 9.06 billion dlrs vs 7.52 billion
Note - Dividend payable May 29, books close May 11 to 22.
Note - Company floated in April 1986 and is now 50.23 pct
owned by Swire Pacific Ltd <SWPC.HK>, 16.43 pct by Hongkong and
Shanghai Banking Corp <HKBH.HK> and 12.5 pct by <China
International Trust and Investment Corp>.
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The Reagan administration will
consider curbing foreign takeovers of security-sensitive
industries such as semiconductors and computers, the New York
Times said, quoting an unnamed senior administration official.
"I think there's a strong sentiment here that some
industries are not totally up for grabs," the paper quoted the
official as saying.
"Two of the most visible (industries) are semiconductor and
computer companies," said the official, who the newspaper said
was a central figure in the opposition to Japan's Fujitsu Ltd
<ITSU.T> takeover bid for <Fairchild Semiconductor Corp>.
The Fairchild-Fujitsu deal was abandoned on Monday, and
industry analysts said the move was a victory for the Reagan
administration in its drive to beat back Japanese competition
in the important computer chip manufacturing industry.
Officials told Reuters last week that Commerce Secretary
Malcolm Baldrige and Defence Secretary Caspar Weinberger fought
the planned sale of Fairchild by French-controlled Schlumberger
Ltd <SLB> to Japan's largest computer maker because it could
have left the U.S. Military dependent on foreign sources for
vital technology.
The New York Times quoted Baldrige as saying the time had
come to limit takeovers in security-sensitive areas.
"Everybody wants an open investment policy, but there have
to be some exceptions for the national interest," Baldrige was
quoted as saying.
The newspaper said Baldrige and Weinberger are expected to
bring the takeover issue before a top-level interagency
policymaking group, such as Treasury Secretary James Baker's
Economic Policy Council or the president's National Security
Council.
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"Endaka," the strong yen, has usurped
"Godzilla Versus the Sea Monster" as Japan's favourite horror
story.
The yen's 40 pct surge against the dollar over the last two
years has frightened foreigners with tales of the 40 dlr melon,
the 120 dlr taxi ride from the airport and rents of 15,000 dlrs
a month.
But "endaka," like many Japanese products, is for foreign
consumption, locals and long-time foreign residents said.
"It's not really that expensive. I don't pay attention to
the cost of living," said Cheryl Richmond, a 25-year-old
Canadian teacher of English in Tokyo.
Richmond said she earns 1,635 dlrs a month by "chatting" 40
hours a week in English to Japanese who hope to learn the
language. For 326 dlrs a month she rents a sunny, quiet
two-room flat some 20 minutes by train from Shinjuku, one of
Tokyo's prime business and entertainment districts, and has
managed to send home an average of 320 dlrs a month.
She spends less than 6.50 dlrs a day on food despite eating
out once a day.
"For lunch I buy the teishoku (daily special) which comes
with soba (buckwheat noodles) or pork cutlet, pickles, miso
soup, rice and tea," although she takes only coffee for
breakfast and a sandwich for dinner.
No one argues that Tokyo is cheap, but long-time residents
see no need to spend the 2,000 to 15,000 dlrs a month spent by
foreign firms to house executives in Western-style homes.
The companies feel otherwise. They say they must pay the
price to bring over the best people needed to back up their
push into Japan's increasingly lucrative markets.
"You can't expect people to move from New York or Sydney and
trade down. It's not reasonable," said a spokesman for
International Business Machines Corp (IBM), which supports
Western lifestyles for more than 350 foreigners in Tokyo.
Tokyo is the world's most expensive city for business
travellers, a survey issued this month by Employment Conditions
Abroad said. It found that businessmen visiting Tokyo spend on
average more than 300 dlrs a day.
While the businessmen have little choice but to come here,
many tourists, especially those from Europe, are opting to
visit sunnier and cheaper climes in Southeast Asia.
The Japan Tourist Bureau estimates "endaka" caused an 11.5
pct drop in the number of foreign visitors to Japan last year.
Those who came tried to cut back on expenses, chiefly by
curtailing shopping, it said.
To help combat "endaka" and the slump in tourism, the Tourist
Bureau prepared a pamphlet, "Economical Travel in Japan."
It gives budget-saving tips on finding medium-priced
business hotels and Japanese-style inns, cheap sushi and public
baths while getting a "revealing glimpse of Japanese in their
daily lives."
Residents of Okubo House, a transit hotel in Tokyo's
Shin-Okubo love hotel district, offer even more savvy advice.
For 9.80 dlrs a night, Scott Perry, a 23-year-old budding
English teacher from New Zealand, shares an unheated,
berth-sized twin-room in the Japanese "flop house."
Perry has budgeted 26 to 33 dlrs a day while he looks for
work. "Normally I eat 'teishoku' for 400 yen but sometimes I'll
splurge at Shakey's where for 550 yen you can eat unlimited
pizza for at least two hours."
Still, there are the extras that dent the budget. "I had to
spend 600 yen today to dry-clean my suit coat," he said.
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Trade sources here confirmed earlier
tentative reports that Bangladesh had bought 200,000 tonnes of
optional origin feed wheat late last week and over the weekend.
They said the Continental Grain Co, of the United States,
won the contract to supply the wheat from the EC and other
parts of Europe.
It will supply 100,000 tonnes at a rate of 96.92 U.S. Dlrs
a tonne as a first consignment by April 7. It will supply the
remaining 100,000 tonnes at a rate of 93.42 dlrs by April 16.
REUTER
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The Philippines' Social Security System
(SSS) is planning to buy eight mln shares in diversified brewer
<San Miguel Corp> (SMC), SMC chief financial officer Ramon del
Rosario said.
He told reporters the government organisation had expressed
interest in one seat on SMC's 15-man board and was preparing to
invest 800 mln pesos, assuming a purchase price of 100 pesos a
share.
The shares involved in the proposal were part of the block
of 38 mln shares owned by the United Coconut Planters Bank
(UCPB) and sequestered by the government.
The block is split between class A and class B stock.
SMC also proposed to sell a further five mln shares to A.N.
Soriano Corp, the family company of San Miguel president Andres
Soriano, del Rosario said.
The shares are worth some 500 mln pesos at recent prices.
Del Rosario said the 14 mln B shares in the block which are
open to foreign ownership would probably be sold to
unidentified foreign purchasers.
He said SMC and UCPB would meet later this week to try to
resolve disputes over the pricing of the shares.
President Corazon Aquino earlier this month established an
arbitration panel to settle a row over the disposal of the
shares.
Their initial sale to Soriano through SMC Hong Kong unit
Neptunia Corp was blocked by the Presidential Commission on
Good Government.
The commission sequestered the stock on suspicion that the
real owner of the block was Eduardo Cojuanco, the former
chairman of San Miguel and the UCPB and a close associate of
deposed former president Ferdinand Marcos.
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Shr 21.6 H.K. Cents vs 12
Final div six cents vs three, making nine cents vs 5.5
Net 121 mln dlrs vs 67.42 mln
Note - Extraordinary gains 72 mln dlrs vs 2.7 mln. Special
bonus four cents vs nil. Dividend payable May 25, books close
April 28 to May 6.
REUTER
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More U.S. And European firms will be
falling prey to Japanese corporations bulging with cash and
eager to extend their reach further overseas, according to
merger and acquisitions specialists polled by Reuters.
Already, rich Japanese companies have pounced on U.S.
Banks, steel and other businesses.
In the latest attempt, Fujitsu Ltd <ITSU.T> -- Japan's
biggest computer maker -- unsuccessfully bid for <Fairchild
Semiconductor Corp>, a U.S. Microchip maker which supplies
components for supercomputers.
Nomura Securities Co Ltd <NMSC.T> and Daiwa Securities Co
Ltd <DSEC.T>, Japan's two largest brokerage firms, are seeking
a niche in the U.S. And European securities markets, while the
country's huge banks are looking for strongholds in overseas
banking, the takeover specialists said.
Major trading houses, which see their profits evaporating
in the heat of increased competition in merchandise trade, all
have foreign businesses on their shopping lists.
Among manufacturers, car parts makers are under the most
pressure to buy up overseas companies and follow the big auto
makers they subcontract for as these move offshore.
"The timing is favourable for Japanese parties to buy up
potential overseas businesses, especially in the U.S. --
Japan's largest market and where political risks are minimal," a
takeover specialist at one trading company said.
Japanese companies have become among the world's richest
after a series of boom export years and as the yen has climbed
against the dollar by some 40 pct in the past 18 months.
But the yen's strength, which has also raised the costs of
Japan's exports and allowed its Asian neighbours to move into
its traditional markets, has frozen Japanese corporate growth,
the specialists said.
Looming trade friction is also threatening to erect more
barriers against Japanese exports.
Japanese firms see overseas acquisitions as a way to avoid
the gloomy growth outlook and put their excess cash to work.
Domestic interest rates, now at record lows, offer little
investment opportunity.
"Japanese interest in acquisitions has been continuous, but
the recent economic factors have become a driving force," said a
banking industry source.
So far, though, the Japanese are being cautious.
While mergers and acquisitions among U.S. Firms number in
the thousands, Japanese buyouts of overseas companies have
totalled just a few dozen, one merchant banker said.
Another merchant banker said that a flurry of Japanese
acquisition activity was originally expected five years from
now, but that time span appeared now to be too long.
Japanese firms are becoming more aggressive now, he said.
A turning point seemed to be Dainippon Ink and Chemicals
Inc's <DIAC.T> takeover bid for <Sun Chemical Corp> of the U.S.
Last year, which some analysts saw as somewhat hostile, he
added.
Dainippon Ink bought Sun Chemical's graphic arts group for
550 mln dlrs late last year, after an earlier unsolicited bid
for the whole company. Sun Chemical refused to sell its entire
business after learning that Dainippon planned to liquidate all
but its graphic arts-related businesses.
Hostile takeovers are considered unethical and frowned upon
by the Japanese, the trading company official says. "Japanese
people don't like fighting. They prefer peaceful amicable
deals." But now after some experience overseas, Japanese
companies are acquainted with local practice, he adds. "This is
a healthy progression."
However, the experts do not expect the Japanese to run the
board meetings of any giant U.S. Or European concerns.
"Japanese companies are not fully confident in managing a
large U.S. Or European corporation," one banker said. "They will
expand their operations only gradually, a typical way for
Japanese business."
A foreign merchant banker also noted, "There are not many
mega-deals left to do in the United States. A lot of the big
deals there have already been done."
But medium-size and small concerns are potential targets of
Japanese companies, the specialists said.
Japanese will be aiming for new businesses in
high-technology areas. "Japanese companies had used technology
and quality to get where they are and are unlikely to deviate
from that trend," one takeover specialist said.
Many are watching the results of the first acquisitions. If
these succeed, activity could build, the specialists said.
But few such specialists are going to sit back and wait
until the action begins. Already, they said, Japanese trading
houses, long-term credit and commercial banks, brokerages and
foreign merchant banks have set up research sections to act as
go-betweens in deals or find good buys for themselves.
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Kuwaiti Oil Minister Sheikh Ali
al-Khalifa al-Sabah said in a newspaper interview that no OPEC
member was exceeding oil production quotas allocated by the
13-nation group.
Sheikh Ali told Kuwait's daily al-Anba "All OPEC states,
without exception, are producing within the quotas allocated to
them. Some of them are producing less."
Some oil industry sources had said the United Arab
Emirates, which had been generally been producing over its
quota since OPEC returned to quotas last September, was still
pumping more than its allotted amount in the first months of
this year.
Ecuador had also publicly stated it was over its quota, but
an earthquake early this month stopped that. Iraq has rejected
its quota, but oil sources say it may be having problems
marketing at official prices all the oil it wants to sell.
OPEC agreed in December to cut overall oil production by
7.25 pct to 15.8 mln barrels per day (bpd) for the first six
months of this year and abide by fixed prices around 18 dlrs a
barrel from February 1.
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Shr 20.3p vs 19.1p
Div 6.0p vs 5.15p making 9.5p vs 8.0p
Turnover 1.93 billion stg vs 1.91 billion
Pretax profit 125.2 mln vs 102.2 mln
Tax 42.5 mln vs 31.1 mln
Trading profit 138.0 mln vs 122.7 mln
Trading profit includes -
UB Foods Europe 88.7 mln vs 78.4 mln
UB Restaurants 10.3 mln vs same
UB Foods U.S. 43.8 mln vs 39.1 mln
Other 3.9 mln vs 3.5 mln
Unallocated costs 8.7 mln vs 8.6 mln
Interest 12.8 mln vs 20.5 mln
Note - full name of company is United Biscuits (Holdings)
Plc
Minority interests 0.1 mln vs same
Extraordinary charges 6.8 mln vs 14.3 mln
Extraordinary charges and credits include -
Surplus on bid for Imperial Group Plc 4.9 mln vs nil
Costs of Philadelphia bakery closure nil vs 19.6 mln
REUTER
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U.K. Chancellor of the Exchequer Nigel
Lawson said he expected British interest rates to fall soon in
response to his fiscal 1987/88 budget, but he did not say by
how much.
"I would be very surprised if there is not a very early
further fall in interest rates," Lawson said in a radio
interview.
Analysts said they foresaw U.K. Base rates falling as early
as today by as much as one full percentage point after Lawson's
announcement yesterday that the public sector borrowing
requirement in fiscal 1987/88 and 1988/89 was to fall to 1.0
pct of GDP, or some four billion stg.
British banks' base lending rates fell a half percentage
point on March 9 to the current 10.5 pct.
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Officials of five Thai commercial banks
are expected to meet tomorrow to seek agreement on cutting
interest rates, banking sources said.
They said they expect Thai banks to opt for a cut to spur
domestic loan demand to help reduce persistent high liquidity
on the money market.
Many bankers have been urging an average half percentage
point cut in deposit rates and a one point cut in lending
rates, they said.
Six major Thai major banks reduced minimum loan and
overdraft rates by 0.50 to 0.75 percentage point on February 16
but the move has not substantially increased loan demand, the
sources said.
Excess liquidity has been hitting bank profits since early
last year despite five interest rate cuts in 1986. The current
gross 7.25 pct interest rate for one-year fixed bank deposit
and the 11.5 pct minimum loan rate are the lowest in a decade.
Bankers said the Thai banking system is saddled with about
40 to 50 billion baht of surplus funds which have created
problems for many banks in managing their money effectively.
Profits of many Thai banks fell sharply last year partly
because of a mismatch of loan demand and bank deposit growth.
The Bank of Thailand estimated overall lending by the Thai
banking system grew 3.8 pct in 1986 against a 12 pct expansion
in bank deposits.
Reports of a possible new round of interest rate cuts have
further buoyed the Thai stock market this week.
The Securities Exchange of Thailand (SET) Index on Monday
recorded its biggest daily advance in recent years, shooting up
4.57 points to a new seven-year high of 223.02.
Brokers and market analysts said Thai stocks will register
more gains as long as liquidity remains in the money market.
Thai and foreign bankers said the liquidity problem will
grow if the Bank of Thailand does not extend permission for
local banks to hold foreign exchange positions up to 40 pct of
bank capital.
If the regulation is not extended beyond its April 3 expiry
date, many commercial banks will have to reduce foreign
exchange holdings to a maximum 20 pct.
Bankers said such that could add another five billion baht
of surplus funds to the local money market.
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Cathay Pacific Airways Ltd <CAPH.HK>
forecast another good year in 1987 in view of good growth in
both passenger and cargo traffic volumes early this year over
the year-earlier period.
The airline did not quantify its performance in early 1987
but said it would take delivery of one Boeing Co <BA.N> 747
freighter and one Boeing 747-300 passenger plane in September
and November respectively after it took a 747-300 last month.
It earlier reported a 58.7 pct increase in 1986 net profit
to 1.23 billion H.K. Dlrs and announced a final dividend of 14
cents a share.
But Cathay Pacific recorded sharp increases in net finance
charges to 124.9 mln dlrs from 44.4 mln a year.
A spokesman for the firm linked the rise to two aircraft
deliveries in 1986.
However, the company said in a statement good returns from
funds placed with investment managers had partly offset higher
interest costs resulting from additional lease financing and
other borrowing.
It added that the airline last year also saw aviation fuel
prices fall to an average 4.59 dlrs a gallon from 6.76 dlrs in
1985.
Passengers carried by Cathay Pacific totalled 4.2 mln last
year, up from 3.85 in 1985, with the passengers kilometre
travelled rising to 14.02 billion from 12.56 billion. But
passenger load factor was down to 69.1 pct from 71.0 pct.
The airline's cargo operations recorded growth of 21 pct in
total tonnage over the previous year and a 35.9 pct rise in
revenue to 1.79 billion dlrs.
Cathay Pacific floated its shares in April, 1986 and is now
50.23 pct owned by Swire Pacific Ltd <SWPC.HK>, 16.43 pct by
Hongkong and Shanghai Banking Corp <HKBH.HK> and 12.5 pct by
<China International Trust and Investment Corp>.
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Shr basic 39.2p vs 36.0p
Shr fully diluted 37.2p vs 34.3p
Div 7.0p making 10.5p vs 8.5p
Pretax profit 82.19 mln stg vs 68.82 mln
Tax 27.25 mln vs 27.42 mln
Minority interest 986,000 debit vs 124,000 credit
Extraordinary items 411,000 credit vs 219,000 debit
REUTER
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Global trading of yen bond futures is
just around the corner and they are expected to be listed soon
on the London International Financial Futures Exchange (LIFFE)
and the Chicago Board of Trade (CBOT), bond managers said.
"Internationalisation of the yen through expansion of
overseas portfolios in yen assets is the key to the success of
global trading of yen bond futures," said Katsuyuki Okayasu,
general manager of Yamaichi Securities Co Ltd's bond division.
"But Tokyo-based orders are necessary for a primary stimulus
for the LIFFE yen bond futures market," said Tetsuya Dezuka,
deputy general manager of the money market section of New Japan
Securities Co Ltd, one of the most active yen bond brokers in
London.
Healthy growth of yen bond futures markets depends
basically on substantial liquidity in cash yen bond markets
overseas and on the yen becoming attractive to traders there,
dealers said.
Outstanding yen cash bonds worldwide stand at around
140,000 billion yen, with most held in Japan, they said.
An agreement between CBOT and LIFFE in early February on
mutual settlements is expected to link U.S. Treasury bond
futures trading in London and Chicago, enabling a continuous
12-hour session, bond managers here said, adding the move was
made with yen bond futures trading in mind.
LIFFE is preparing for an early listing of yen bond futures
after receiving approval from Japan's Finance Ministry last
December.
But futures markets will never take root unless they are
backed by substantial liquidity in cash bond markets, dealers
said.
Daily transactions in the London yen cash bond market now
stand at 200 to 300 billion yen, but the extent of investor-
linked transactions is unknown, securities bond managers said.
"Japanese corporations have been actively setting up their
financing companies in London, suggesting they increasingly are
engaging in, not only fund raising, but management there,"
Dezuka said.
The steep increase in the number of branches of Japanese
securities houses in London and the growing numbers of U.S. And
U.K. Brokers coming to Tokyo has helped the London market's
growth, dealers said.
Internationalisation of the yen is also likely to be
promoted by yen bond trading in Chicago and New York later this
year, securities managers said.
The recent removal of a key regulatory obstacle by the U.S.
Securities and Exchange Commission will allow the CBOT to apply
to the Commodity Futures Trading Commission for a yen bond
futures contract, they said.
The ruling removed a regulation which prohibited trading
futures of designated foreign government debt securities not
located in the issuing country.
Fundamental Brokers Inc, a major U.S. Brokers' broker, has
decided to launch yen bond broking on its display system in New
York as early as April.
CBOT's start of an evening session, planned for the end of
April, will also multiply yen bond futures trading, a Nomura
Securities Co Ltd bond manager said. But there are still
obstacles to trading on the London market.
"Problems concerning cash bond delivery and clearing are
major obstacles for an early launching at LIFFE," said Koki
Chiyojima, deputy general manager of Nikko Securities Co Ltd's
bond administration division.
Nikko Securities Co Ltd, one of the big four Japanese
securities houses, is responsible for corresponding with LIFFE
on these matters.
Japan's Finance Ministry will start issuing bonds with
coupon payment of either March and September, or June and
December from April 1, matching futures delivery months.
The ministry now pays coupons in January, June, July and
December. When delivery months and coupon payments do not
match, a 20 pct withholding tax is imposed on interest earned
by non-resident bond holders, a deterrent to LIFFE, securities
managers said.
LIFFE is likely to wait until the outstanding amount of
bonds with matching months increases to over several billion
yen, bond managers said.
These bonds will be used for deliveries, as they are
expected to be the cheapest deliverable issues due to low
interest rates, they said.
Market participants here expect a clearing organisation to
be set up by the time they have substantial deliverable cash
issues, making overseas listings probable in the latter half of
1987.
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Six months to Dec 31.
Shr 16 H.K. Cents vs 11
Interim div seven cents vs five
Net 211.03 mln dlrs vs 138.69 mln
Turnover 583.83 mln dlrs vs 441.04 mln
Note - Dividend payable May 4, books close April 21 to 27.
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The Bank of England said it had invited
an early round of bill offers from the discount houses after
forecasting a shortage in the system of around 1.1 billion stg.
Money market dealers speculated that the central bank could
be taking the opportunity to signal a reduction in U.K. Base
lending rates by cutting the rates at which it intervenes in
the discount market.
Most operators are expecting a base rate cut today,
possibly of one point, following yesterday's budget in which
the U.K. Public sector borrowing target for 1987/88 was slashed
by three billion stg.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.11 billion stg while a rise in note circulation and
bankers' balances below target will take out around 120 mln stg
and 20 mln stg respectively.
Partly offsetting these outflows, exchequer transactions
will add some 140 mln stg to the system today.
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The Singapore government has taken
over 82 mln dlrs worth of Goodwood Park Hotel Ltd shares and
loan stock certificates belonging to the company's chairman,
Khoo Teck Puat, banking sources said.
Khoo is a major shareholder of the <National Bank of Brunei
Bhd> (NBB), which closed in November after the Brunei
authorities alleged 90 pct of its loans of 1.3 billion Brunei
dlrs had been extended to Khoo-related firms without
documentation or guarantee.
The Goodwood securities are now held by the Commercial
Affairs Investigation Department, the banking sources said. The
department declined to comment.
The government move is aimed at protecting Goodwood's
minority shareholders and securing Goodwood deposits at the
NBB, the banking sources said.
Goodwood had a total of 87.3 mln dlrs in fixed deposits,
bank balances and accrued interest due from NBB as of last
November, according to Goodwood's annual report.
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The state-owned Philippine National Bank
(PNB) will fund Toyota Motor Corp's <TOYO.T> planned purchase
of its bankrupt former local partner's manufacturing facilities
for at least 193 mln pesos, a bank official told reporters.
Toyota has informed the Philippine government it plans to
produce cars again here in joint venture with a local partner.
It proposes to invest about 400 mln pesos in the
manufacture of car spare parts and other items, and generate
about 100 mln pesos in export earnings over five years.
The banker said today a letter of intent was signed three
weeks ago but the sale requires approval from government
agencies charged with selling private sector assets taken over
by state-owned banks.
Official sources said Toyota's application was likely to be
approved.
Toyota severed ties with its Philippine partner of 20
years, <Delta Motor Corp>, in 1984 because the local company
was suffering financial difficulties. PNB later foreclosed on
Delta's assets.
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The Bank of England said it had invited
those discount houses wishing to use borrowing facilities to do
so at 1430 GMT today at a rate of 10 pct for 14 days.
This compares with the Bank's present band one dealing rate
of 10-3/8 pct.
The Bank of England's announcement was quickly followed by
Barclays Bank and National Westminster Bank which announced a
half-point cut in their base rates to 10 pct from 10-1/2 pct.
Dealers said the lowering in base rates had been widely
expected following yesterday's U.K. Budget in which Chancellor
of the Exchequer Nigel Lawson announced a three billion stg cut
in the Government's public sector borrowing target for 1987/88
to four billion stg.
Many in the market had expected a full one point cut in
base rates today but some were not surprised by the
authorities' caution, dealers added.
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Net profit 25.5 mln Swiss francs vs 22.2
mln
Turnover 717 mln vs 739 mln
Cash flow 75.4 mln vs 58.1 mln
Proposed dividend 70 francs vs same
Note - Company plans one for two rights issue of 40,000
participation certificates of nominal 50 francs. Conditions not
yet set.
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The sale of the government's 25.55 pct
stake in VEBA AG <VEBG.F> is still expected this month, banking
sources closely linked with the transaction said.
A spokesman for the Finance Ministry said no exact date had
yet been set for the privatisation, which the government has
tabled for the second half of March. However, he added a
scandal at Volkswagen AG <VOWG.F>, VW, over currency losses "has
nothing to do" with the timing of the VEBA sale.
Finance Minister Gerhard Stoltenberg has said the sale of
the Federal government's stake in VW, originally scheduled for
later this year, may be delayed because of the currency affair.
A banker involved in the VEBA placement said "Nothing has
changed in the planning. I still presume that it will take
place in the second half of March."
This banker said there would be no reason to postpone the
issue of the 10 mln VEBA shares for a few days. He added that
the consortium which is arranging the deal had completed its
preparatory work, although the price had not been decided.
The VEBA share has been weaker ahead of the placement but
West German stocks have been generally bearish and news of the
VW scandal last week put further pressure on the market.
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Sony Corp <SNE.T> group net income is
expected to be down 65 pct for the five months ending March 31
from the same period a year ago at around 10 billion yen, if
the yendollar rate remains at the present level, managing
director Tsunao Hashimoto told a press conference.
Sony will have an irregular five-month business term ending
March 31, as its financial year will be changed to run from
April 1 to March 31 from the current October 31 year end.
Group sales in the same period are estimated at about 550
billion yen, down five pct from a year earlier, he said.
The company earlier reported net income of 7.65 billion yen
in the three month period ended January 31, down 59.2 pct from
a year earlier, on sales of 343.06 billion, down 6.3 pct.
The gloomy profits and sales resulted from the yen's recent
appreciation against the dollar and a sharp drop in market
prices due to severe sales competition at home and abroad.
The yen rose 26 pct to an average of 159 yen to the dollar,
reducing the company's total sales in the three month period by
40 billion yen, Hashimoto said.
Sales of 8-mm video camera/recorders totalled 300,000 units
in the three months, unchanged from a year earlier, while
Beta-format video tape recorders (vtrs) sales fell to 300,000
from 350,000. Sales of compact disc players rose to 450,000
from 300,000 and those of the Walkman rose to 2.25 mln from
1.30 mln but colour television sales fell to 950,000 from one
mln due to lower exports to China.
Sales of 8-mm vtrs had already exceeded Beta-format vtrs
sales since the beginning of fiscal 1986, Hashimoto said.
Overseas sales accounted for 68.2 pct of the total in the three
months compared with 71.3 pct a year earlier.
Overseas production will account for 35 pct of its total
production in 1990 from the present 20 pct.
Hashimoto also said parent current profit in the five-month
period is estimated at around 17 billion yen, down 33 pct from
a year earlier, on sales of 400 billion, down 12 pct.
Sony is hoping to retain at least 1985/86 levels of group
net profits and sales in the new financial year starting April
1 1987, he added. The company made 41.9 billion yen group net
profit in the year ended November 31 1986, down 42.6 pct from a
year earlier, on sales of 1,325 billion, down 6.7 pct.
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NV KLM Royal Dutch Airlines <KLM.AS>
is "absolutely not" negotiating a takeover of U.S. Regional
carrier Air Atlanta, a KLM spokeswoman said in a comment on an
article in the leading Dutch evening paper NRC Handelsblad.
"U.S. Law requires that at least 75 pct of shares in a U.S.
Airline be owned by American firms or persons," the spokeswoman
added.
The newspaper said that Air Atlanta, which flies to 11 U.S.
Cities, has a fleet of five Boeing jets with passenger capacity
of 110 and employs 400 people, is making losses.
She said KLM had started talks with Vendex International NV
<VENN.AS> on their jointly owned courier service XP Express
Parcel Systems, but declined to confirm an NRC Handelsblad
report saying it wanted to buy the Vendex stake in XP.
KLM said last week it is negotiating a minority stake in
British courier service <IML Air Services Group Ltd>, a
subsidiary of British and Commonwealth Shipping Plc <BCOM.L>,
to strengthen its position in the fast-growing worldwide
door-to-door delivery market.
The KLM spokeswoman said she expected further announcements
about the talks with Vendex to be made early next week.
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The joint committee of Taiwan's maize
importers awarded contracts to five U.S. Companies to supply a
total of 462,000 tonnes of maize for delivery between May 10
and October 10, a committee spokesman said.
Cigra Inc won a contract for a cargo of 56,000 tonnes,
priced at 79.41 U.S. Dlrs per tonne fob pacific northwest port,
for delivery on July 5 and 20.
Continental Grain Co of New York received three shipments,
totalling 143,000 tonnes, price ranging from 90.95 to 95.75
U.S. Dlrs per tonne c and f Taiwan for delivery between May 10
and October 10.
Cargill Inc of Minnesota took two shipments, totalling
83,000 tonnes priced between 92.00 and 92.93 U.S. Dlrs per
tonne c and f Taiwan for September 5-20/September 10-25
delivery. United Grain Corp of Oregon won three contracts to
supply 93,000 tonnes priced from 92.32 to 93.19 U.S. Dlrs per
tonne c and f Taiwan for delivery between May 10 and July 30.
Garnac Grain Co Inc of New Jersey received two shipments,
totalling 87,000 tonnes at 88.90 to 92.29 U.S dlrs c and f
Taiwan for delivery between July 10 and August 10.
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The Bank of England said it revised up
its estimate of the deficit in the system today to 1.3 billion
stg from 1.1 billion.
The Bank has not provided any assistance to the market so
far today but earlier invited the discount houses to use their
borrowing facilities at 1430 GMT today and set the terms at 10
pct for 14 days.
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Chancellor of the Exchequer Nigel Lawson
said he was content with the current level of sterling and
welcomed today's announcement of a further half point cut in
British bank base lending rates to 10 pct.
However, he said he wanted to see a gradual approach to
declines in domestic U.K. Interest rates, although optimism in
financial markets might push for big moves quickly.
He told a briefing of economic journalists that "I don't
think we should rush anything." Lawson stressed the themes of
"gradualism and steadiness" as economic policy.
Lawson acknowledged that today's fall in interest rates
were in response to his budget for fiscal 1987/88, unveiled
yesterday to Parliament and which set a lower target for the
key Public Sector Borrowing Requirement (PSBR) of 1.0 pct of
GDP.
Lawson said the two recent cuts in base rates, both made
this month in the form of half percentage point declines, were
"perfectly consistent" with monetary conditions now in Britain.
He supported that by saying the narrow M0 money supply
aggregate was "safely inside" its flucuation band of two to six
pct set for both 1986/87 and 1987/88. In his budget, Lawson set
no explicit target range for the broader sterling M3.
Turning to the question of Britain eventually joining the
exchange rate mechanism of the European Monetary System (EMS),
Lawson repeated that "it is most unlikely we will enter before
the next election."
He said Britain was keeping the subject of full EMS
membership under constant review. But he would not indicate
what the chief considerations for this were for the government.
Prime Minister Margaret Thatcher late last year said a
decision on whether or not to join depended on the strength of
the U.K. Economy. But she later said such a move depended on
other EMS countries scrapping residual capital controls.
Although Lawson denounced what he said was "the current wave
of election fever" in Britain, he added: "It is more likely that
there will be an election this year" than not.
He said he supported an early election only because it
would clear the air. "Ideally, we (the government) should have a
full term," but events could force a premature poll, Lawson
said.
The government, which has been in power since 1979, must
call an election by June 1988. Speculation is rising for either
a June or an early autumn election, political sources said.
The decision to cut basic tax by only two pence in 1987/88
"was the right balance, economically and politically," he said.
Lawson's decision to restrict the fall in the standard rate
of tax to two-pence surprised many analysts, who had predicted
that with Treasurys coffers full of tax revenue would have
allowed the government to reach its goal of 25 pct in one move.
But it was being praised today by political analysts as a
shrewd move which, while advancing towards that aim, could not
be seized upon by opposition parties as overtly trying to bribe
the electorate.
Lawson told journalists he had been surprised by how much
the PSBR had undershot his original assumption of 7.1 billion
stg for 1986/87 -- by some three billion stg.
Returning to changing levels of interest rates, Lawson
stressed that "they are not an objective (for the government) -
they are an instrument of policy." Consequently the Treasury had
no precise target for domestic borrowing levels, he said.
But "there may be interest rate consequences" from changes in
the level of government borrowing, he added.
Lawson said he did not think that the U.K.'s relatively
high level of real interest rates had hurt investment in
Britain.
He said conditions created by London's role as a leading
financial centre had caused sterling interest rates to be
higher in real terms than in other countries.
Three factors had caused the higher level in relative
interest rates in Britain, Lawson said.
First, control of credit in Britain rested on interest
rates alone, due to the freedom of its financial markets.
He said the second reason was political uncertainty caused
by proposed spending plans of the opposition Labour Party.
Thirdly, he said "we do not have as long a track record of
low inflation" as did the U.S., Japan and West Germany.
Lawson foresaw London becoming the world's pre-eminent
financial centre, because it was more international in
character and more favourably placed in time zones than New
York or Tokyo.
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Dixons Group Plc <DXNS.L> said its
tender offer for all of the common shares in <Cyclops Corp> of
the U.S. Expired at midnight yesterday and that it had accepted
approximately 2.3 mln shares in the company at 90.25 dlrs each.
This represents just over 54 pct of the outstanding shares
on a fully diluted basis. But including shares already owned,
Dixons now holds a total of 56 pct of the fully diluted
outstanding shares.
The company said it is now entitled to subscribe for all
the authorised but unissued and unreserved shares of common
stock of Cyclops, which total some 5.4 mln shares, at 90.25
dlrs each.
Dixons said it has waived its condition that 80 pct of the
fully diluted outstanding shares be validly tendered and not
withdrawn.
Dixons launched the agreed 384 mln dlr offer on February 17
this year in the wake of its unsuccessful battle to take over
the U.K. Retail store chain Woolworth Holdings Plc <WLUK.L>.
Dixons shares were last quoted at 390p, up on last night's
close of 380p.
On Friday, <CYACQ Corp>, an investor group formed by
Audio/Video Affiliates Inc <AVA> and Citicorp <CCI>, said it
would increase the price it was offering for all Cyclops shares
to 92.50 dlrs from 80.00 dlrs each if Cyclops would provide it
with confidential information given to Dixons and if it were
satisfied that any rights Dixon might have to recover fees or
expenses from Dixons or to buy Cyclops stock would be rescinded
or proved invalid.
Audio/Video's offer is scheduled to expire March 20.
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Iraq said its warplanes hit two ships
off the Iranian coast in attacks last night and early today.
The planes "dealt accurate and effective blows to both
maritime targets before they returned safely to base," a
military spokesman told the Iraqi new agency INA.
There was no immediate confirmation of the attacks from
Persian Gulf shipping sources.
The last confirmed Iraqi attack on shipping was on March 8,
when an Iranian tanker was hit by a missile south of Iran's
Kharg island oil export terminal.
Gulf shipping sources yesterday reported an Iranian warship
had set the Cypriot supertanker Pivot on fire with a missile.
They said there were no injuries on board and the ship
headed for the Gulf Emirate of Fujairah under its own power
after the fire was put out.
The Pivot was the 18th ship hit this year in the maritime
extension of the 6-1/2 year-old Iran-Iraq war.
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New Zealand's inflation and interest
rates should decline and the balance of payments improve
significantly in the fiscal year to the end of March 1988, the
Institute of Economic Research (NZIER) said.
The independent institute said in its quarterly March issue
that it was also revising its fiscal 1987 real gross domestic
product (GDP) forecast to a fall of 0.5 pct against the one pct
drop forecast in December.
Government figures show GDP grew at an annual 1.8 pct in
the quarter to September and 3.4 pct in the June quarter.
The NZIER said the sharp improvement in the June and
September quarters was due mainly to a new tax structure and
the introduction of a 10 pct value-added goods and services tax
and is not expected to continue in the second half of 1986/87.
The government's tight fiscal position is not expected to
change, it said.
Annual inflation, measured by the consumer price index, is
forecast to fall to nine pct by next March from 18.2 pct in
calendar 1986, it said.
"Falling inflation is likely to give significant scope for
reductions in nominal interest rates; real interest rates are
also expected to ease (albeit slightly) as the balance of
payments deficit and hence the call on overseas capital, falls
away," the NZIER said.
Short-term interest rates are forecast to remain between 20
and 25 pct until the June quarter, but will decline over the
second half of 1987/88 to between 16 and 18 pct. Long-term
rates are expected to fall to between 14 and 16 pct.
Five year government bond rates are currently 18.40 pct and
the key indicator 30-day bank bills 26.53 pct.
The local dollar is expected to depreciate steadily in the
early part of the coming year and, by next March, reach 57.5 on
the Reserve Bank's trade weighted index, which is based on a
basket of currencies. The index now stands at around 66.4.
"A marked improvement in the balance of payments is
forecast," the NZIER said. "The current account deficit is
expected to fall from 7.5 pct of GDP in 1985/86 to 4.5 pct in
1986/87 and 2.5 pct in 1987/88."
The current account deficit is forecast to shrink to 1.32
billion N.Z. Dlrs in 1987/88 from 2.40 billion in 1986/87 and
3.33 billion in 1985/86.
The 1987/88 budget deficit is forecast to be 2.8 billion
dlrs against an expected 2.9 billion dlrs in 1986/87 and 1.87
billion in 1985/86.
This compares with the government's 1986/87 deficit figure
of 2.92 billion against an earlier forecast of 2.45 billion.
"Conditions in the coming year are sufficiently subdued to
contribute to marked improvements in both the balance of
payments and the rate of inflation ...," the NZIER said.
"Overall, these are significant gains for the New Zealand
economy and, if they continue to be improved upon, bode well
for future prospects."
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<General Partners>, controlled by
privately-held Wagner and Brown and by AFG Industries Inc, said
it has started a tender offer for all common shares of GenCorp
Inc and associated defensive preferred share purchase rights
for 100 dlrs a share.
GenCorp stock closed yesterday in composite tape trading at
90.50 dlrs a share, up two dlrs on the day.
In a newspaper advertisement, General Partners said the
offer and withdrawal rights expire April 14 unless extended.
General Partners said the offer is conditioned on receipt
of sufficient financing to buy all shares on a fully diluted
basis and receipt of enough shares to give General Partners at
least 51 pct voting power, again fully diluted.
It said the offer is also conditioned on GenCorp redeeming
the defensive rights or General Partners being satisfied that
the rights have been invalidated and General Partners obtaining
from the Federal Communications Commission a special temporary
authorization allowing completion of the acquisition of GenCorp
shares.
General Partners said it would set up voting trust
arrangements pending review of its long-form application for
FCC approval of its acquisition of control of GenCorp's
broadcasting subsidiary.
The partnership said the offer is further conditioned on
GenCorp management withdrawing its proposals to amend the
company's articles of incorporation and code of regulations to
provide for an increase in authorized common shares, a
classified board of directors and the elimination of cumulative
voting. The latter two changes would make it harder for
minority shareholders to elect directors.
General Partners said it is asking GenCorp for its
shareholder lists for help in disseminating the offer.
GenCorp has about 22.3 mln shares outstanding, making the
value of the offer about 2.23 billion dlrs.
Last fall, AFG and Wagner and Brown offered to acquire
<Lear Siegler Inc> for about 1.44 billion dlrs but withdrew the
offer when higher bids emerged and due to complications of the
Tax Reform Act of 1986. Lear Siegler eventually went private
for 1.66 billion dlrs.
GenCorp is involved in tire and plasticmaking and aerospace
as well as broadcasting. The company faces challenges to its
two television and 12 radio station licenses, partly becuase it
failed to inform the FCC about allegedly improper foreign
payments and political contributions.
GenCorp has agreed to sell its New York-area television
station WOR to MCA Inc <MCA> for 387 mln dlrs and its Los
Angeles station KHJ to Walt Disney Co <DIS> for 217 mln dlrs.
An investor group challenging the Los Angeles license would
also receive 103 mln dlrs from Disney.
For the year ended November 30, GenCorp earned 130 mln dlrs
on sales of 3.10 billion dlrs.
A GenCorp spokesman said the offer came as a surprise and
the company was not yet in a position to comment on the bid.
Reuter
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Texaco Refining and Marketing, an
operating subsidiary of Texaco Inc, said it would cease to post
crude oil prices for West Texas crudes at the end of this month
following a decision to discontinue purchase of crude oil from
leases, a Texaco spokesman in Houston said.
But it will continue to purchase quantities of U.S. and
foreign crude oil for use in its refinery system, he added.
The spokesman also said Texaco Trading and Transport Inc
would continue to acquire and market Texaco lease production as
well as other lease production. The company will continue to
post a Louisiana price, it said.
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Matrix Science Corp said its
board declared a two-for-one stock split and a six-cent per
share (pre stock split) dividend, payable May 7 to stockholders
of record April 16.
The company said the dividend is in addition to the ten cts
per share dividend paid January 2, 1987, making the post stock
split annual dividend eight cts per share.
Reuter
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Shr loss 69 cts vs loss 1.45 dlrs
Net loss 2,015,000 vs loss 4,268,000
Revs 16.6 mln vs 16.9 mln
Year
Shr loss 1.21 dlrs vs loss 59 cts
Net loss 3,514,000 vs loss 1,839,000
Revs 58.8 mln vs 61.4 mln
Reuter
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