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Guinness Plc <GUIN.L> will seek an
injunction in the U.K. High Court today to freeze the assets of
former Chairman Ernest Saunders in its attempts to recover 5.2
mln stg paid to a Jersey company as part of the company's
takeover battle for <Distillers Co Plc>, a spokesman said.
He said the court move aimed to freeze Saunders' assets up
to the value of the sum it wanted to recover. It was uncertain
whether the court would reach any decision on the request
today. Guinness said last week it planned to take legal action
to recover the funds, paid to non-executive director Thomas
Ward via the Jersey company.
Lawyers representing Ward have said he saw the funds as his
reward for services performed during the takeover of
Distillers.
Guinness is also planning a resolution at the annual
meeting in May to remove both Saunders and Ward from the
company's board.
REUTER
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BASF AG <BASF.F>
said net profit of its U.S. Operating company, BASF Corp, rose
last calendar year to 105 mln dlrs from 39 mln in 1985.
Turnover rose by by more than one billion dlrs to 3.6
billion, the parent company said in a statement. The rise,
however, partly reflected the inclusion of the first full
business year of three acquisitions made in 1985. Excluding
these, BASF Corp turnover rose four pct from 1985.
Acquisitions were the high-performance connecting materials
operations of Celanese Corp, Inmont Corp bought from United
Technologies and American Enka bought from AKZO NV <AKZO.AS>.
BASF said it expected a U.S. Investment of 240 mln dlrs in
1987, part of a five-year programme totalling one billion.
U.S. Projects completed in 1986 included the second acrylic
acid plant in Freeport, Texas, a technical centre in
Southfield, Michigan, in which paint lines from automotive
plants can be refitted, and the new agricultural research
centre in Research Triangle Park in Durham, North Carolina.
BASF said that work this year had begun in Geismar,
Louisiana, on plants for production of special amines and
polytetrahydrofuran, as well as for expansion of capacity for
producing tetrahydrofuran.
REUTER
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Shr 22.7p vs 20.3p.
Final div 8.25p, making 11.75p vs 11p.
Pre-tax profit 101 mln stg vs 92 mln.
Attributable profit 45 mln vs 39 mln.
Turnover 2.14 billion stg vs 2.11 billion.
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Nippon Steel Corp <NSTC.T> plans to
reduce its dividend to three yen in the year ending March 31
1987 from the five yen of 1985/86, a company spokesman said.
The company estimated parent company current losses at 15
billion yen in 1986/87, including a gain of 95 billion yen from
the sale of securities. This compares with a 36.07 billion yen
profit a year earlier.
Sales in 1986/87 are seen at 2,150 billion yen, down from
2,685 billion a year ago.
Poor business prospects were attributed to the yen's rise
and slow world steel demand. Nippon is expected to report
parent company results in late May.
Total 1986/87 crude steel production is estimated at 25.57
mln tonnes, down from 27.98 mln a year earlier.
Crude steel production is likely to be below 1986/87 output
but forecasts for profits and sales in the year starting April
1 are unavailable yet, he said.
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A strong performance from all BAT
Industries Plc's <BTI.L> major sectors enabled the group's 1986
pretax profits to pass the one billion stg level for the third
year running, Chairman Patrick Sheehy said in a statement.
The group earlier reported a 19 pct rise in profits to 1.39
billion, which Sheehy said was achieved without any help from
exchange rate fluctuations or acquisitions.
Good results were achieved by its Argos and Saks Fifth
Avenue in retailing and by Wiggins Teape and Appleton in paper.
Tobacco accounted for about 50 pct of profit with a four
pct gain to 764 mln stg and a two pct increase in world volume.
The results were largely in line with analysts expectations
and BAT shares firmed by two pence to 537p at 0955 GMT.
BAT said the U.S. Brown and Williamson unit held most of
its 1985 gains and increased profit 18 pct in dollar terms.
Financial services saw profits double to 282 mln with both
Eagle Star and Allied Dunbar achieving further growth.
Allied Dunbar reported a 51 pct rise in life annual
premiums to 39 mln stg. BAT said it increased new business by
38 pct in the last nine months after a relatively slow first
quarter. Its permanent health insurance was now the market
leader and its Unit Trust group was now the second largest in
the U.K.
Eagle Star general premiums rose 32 pct to 1.03 billion.
Its life activities also grew 39 pct with better underwriting
results in the second half.
Cash flow was strong and the gross debt to equity ratio
dropped to 41 pct from 51 pct. The net ratio, at 26 pct, left
the group strongly placed to pursue its further development.
Profits from paper and pulp grew 29 pct to 217 mln stg,
nearly three times the 1982 level, with Wiggins Teape's sales
rising 36 pct to pass one billion stg.
BAT said in 1986 it had sold 88 BATUS stores in the U.S.
For 644 mln dlrs and sold Grovewood Securities for 142 mln stg.
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Taiwanese investment in the U.S. Is
expected to nearly double to 80 mln U.S. Dlrs in calendar 1987
and rise to 400 mln dlrs a year by 1991, a five-year forecast
by the Economic Ministry showed.
Taiwanese investment in the U.S. Last year totalled 46 mln
dlrs, the ministry document said. The investment was mainly in
electronics, trading, food and service industries.
Lee Ming-Yi, deputy director of the ministry's Industrial
Development and Investment Centre, said the forecast rise is
due to planned government incentives and growing willingness
among Taiwanese to invest abroad.
Lee told Reuters the incentives, to be introduced in May or
June, include bank loans and a reduction in capitalisation
requirements for businesses seeking to invest in the U.S. To 10
mln Taiwan dlrs from 20 mln.
He said the moves to encourage investment in the U.S. Are
part of Taiwan's efforts to cut its trade surplus with
Washington, which rose to a record 13.6 billion U.S. Dlrs in
1986 from 1985's 10.2 billion.
Taiwanese manufacturers can create jobs for Americans and
avoid import quotas if they set up plants in the U.S., He
added.
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Div 4.7p making 8.7, an increase of 13.9 pct
Shr 16.3p vs 17.9p adjusted
Pretax profit 37.09 mln stg vs 34.55 mln
Net 22.12 mln vs 24.13 mln
Interest payable 8.10 mln vs 5.35 mln
Share of associated co's 6.88 mln vs 5.42 mln
Turnover 1.22 billion stg vs 1.10 billion
REUTER
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Shr net basis 24.8p vs 24.5p
Shr nil basis 22.7p vs 20.9p
Div 5p making 7.6p vs 6.5p
Pretax profit 57.78 mln stg vs 50.61 mln
Net after tax 37.47 mln vs 36.49 mln
Outside shareholders interests 1.75 mln vs 1.32 mln
Extraordinary debit 370,000 vs 1.93 mln
Turnover 533.59 mln vs 555.81 mln
Profit breakdown by activity -
Electrical equipment 28.59 mln stg vs 27.60 mln
Engineering 10.75 mln vs 11.13 mln
Industrial services 18.78 mln vs 16 mln
Corporate finance 340,000 vs 4.12 mln
Making total pre-tax profit 57.78 mln vs 50.61 mln.
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Babcock International Plc <BABK.L> said
in a statement accompanying final results for 1986, showing
pretax profits up to 37.09 mln stg from 34.55 mln in 1985, that
overall further progress is expected in 1987.
The predicted slowdown of the U.S. Automobile industry is
affecting the North American group although the improved
performance in the FATA European group during 1986 is expected
to continue into this year.
In the U.K. Overall profitability will improve when the
Central Electricity Generating Board's ordering programme for
both nuclear and fossil-fired fuels starts.
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China should tighten imports of ordinary
goods and restrict or even forbid import of goods which can be
made domestically, Premier Zhao Ziyang said.
He told the National People's Congress, China's parliament,
that the country's foreign exchange is limited and must be used
where it is most needed.
"We should expand production of import substitutes and
increase their proportion," he said.
On exports, China should increase its proportion of
manufactured goods, especially textiles, light industrial
goods, electronics and machinery, he said.
Zhao said China should lower the cost of exports and
control the export of goods that incur too much loss. In 1986
China had a trade deficit of 11.9 billion dlrs, down from a
record 14 billion in 1985.
Zhao said China should work to provide a more favourable
investment environment for foreign businessmen. It should use
foreign funds for production and construction, with stress on
firms making goods for export or import substitutes.
China should also earn more foreign exchange from tourists
and contracted labour abroad, he added.
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Kloeckner & Co KGaA, the
international trading group, said its 1986 domestic group net
profit fell by around 20 pct against 1985, adding that the
profit resulted largely from a writing back of reserves.
The company, which gave no 1986 profit figures, posted a
domestic group net profit of 41 mln marks in 1985.
It said the 1986 profit was made possible through a 40 mln
mark write-back of reserves that had been created to cover
possible price rises. These reserves were no longer necessary
because of recent declines in raw material prices.
Kloeckner attributed the profit decline to the fall in
prices as well as the lower value of the dollar.
It said it would pay an unchanged dividend on its ordinary
share capital, which is entirely in private hands and held
largely by family foundations.
Kloeckner's nominal 100 mark profit-participation
certificates, issued in October 1986, will pay a likely yield
of around 10 pct. Holders of the certificates are entitled to a
quarter of the 1986 payment, or around 2.50 marks, the company
added.
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Swire Pacific Ltd <SWPC.HKG> expects
continued growth in all divisions this year though it sees
problems in the marine sector, chairman Michael Miles said.
He told reporters:"1987 has started well for Cathay Pacific
Airways which looks forward to another good year... Swire
Properties expects further good results both from properties
under development for sale and from its investment property
portfolio."
He did not give any specific projections for earnings. The
company earlier reported 46 pct higher 1986 net profits at 1.78
billion H.K. Dlrs from a year ago.
Swire also had an extraordinary profit of 1.38 billion dlrs
mainly from the sale of a 15.25 pct interest in Cathay Pacific
Airways Ltd <CAPH.HKG>.
Miles said the company will use the money to develop its
business, primarily in Hong Kong.
Swire's stake in Cathay was first reduced to 54.25 pct from
70 pct when Cathay was publicly floated, and then cut to 50.25
pct when Cathay issued new shares amounting to 12 pct of the
enlarged capital to the state-owned <China International Trust
and Investment Corp>. Cathay last week reported its 1986
profits rose to 1.23 billion dlrs from 777 mln a year ago.
Miles said despite last year's rapid expansion in Cathay's
flights and fleet, load factor is still holding up at 70 pct.
He said Cathay's growth last year was the result of "a
marginal increase in the revenue load factor coupled with
savings in fuel costs."
"At present fuel prices are stable and will remain stable
for the rest of this year," he said, "though there might be a bit
of increase later this year.''
Miles said Swire is not abandoning its offshore oil service
operations, even though the marine sector is generally
depressed. "Obviously the marine industry is not getting any
better," he said.
The real estate market remained strong and Swire last year
revalued its property portfolio up 634 mln dlrs compared with
an increase of 864.4 mln dlrs the previous year.
Miles said he expects the property market to remain firm
but said the firm has no available land for a major housing
project such as its Taikoo Shing development on Hong Kong
island now near completion.
He said the company's 50 pct unit <Hongkong United Dockyard
Ltd> is negotiating with the government for the development of
an existing petroleum storage depot into a major housing
estate. "But it's not as big as Taikoo Shing," he said.
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Abu Dhabi's offshore Abu al-Bukhoosh
oilfield in the Gulf, shut since an aerial attack last
November, will reopen when new anti-aircraft defences are
ready, and this could be in the next two months, oil industry
sources said.
They said the Abu Dhabi government and Compagnie Francaise
des Petroles (Total) <TPN.PA>, whose Total Abu al-Bukhoosh
subsidiary owns 51 pct of the field, have agreed on the
reopening, but that a date has not been definitely fixed.
Unidentified planes hit the field, 100 miles off Abu Dhabi,
last November 25.
The raid killed eight workers and destroyed the main living
quarters and a bridge linking a wellhead to the main production
platform.
Western diplomats in the region say Iran was responsible
but Tehran has blamed its Gulf War enemy Iraq.
Abu al-Bukhoosh was producing 57,000 barrels per day (bpd)
at the time of the attack, but the sources said it would resume
at a maximum of half that level because of reduced staff and
the fact only four of five wellheads were now operable.
The sources said only 80 personnel can be housed in
remaining accomodations, the sources said.
Facilities being installed to protect the field include
aircraft detection equipment, anti-aircraft missiles, housing
for military personnel and helicopter landing pads, the sources
said.
Abu Dhabi is the largest oil producer in the United Arab
Emirates, accounting for about 800,000 bpd of its total 1.15
mln bpd production, the sources said.
They also said Iran was working to reopen its Sassan field,
part of the same reservoir as Abu al-Bukhoosh and located only
a few miles away. Sassan was heavily damaged by an Iraqi air
raid only 10 days before Abu al-Bukhoosh was attacked.
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<Rainbow Corp Ltd> said it has
lifted its stake in supermarket group <Progressive Enterprises
Ltd> to 52 pct from 44 pct.
It said in a statement it has bought an extra 9.4 mln
shares at prices ranging from 3.80 N.Z. Dlrs to 4.80.
Progressive is currently the subject of both a proposed
merger with Rainbow and a full takeover bid from <Brierley
Investments Ltd> (BIL). The BIL bid, launched on Monday, is at
4.20 dlrs a share. The Rainbow merger involves shareholders in
both Rainbow and Progressive being issued shares in a new
company, <Astral Pacific Corp Ltd>, on a one-for-one basis.
Rainbow chief executive Craig Heatley said, "In our opinion
BIL's actions over the last few days have been undertaken for
their own strategic purposes which conflict with the desire of
both companies to merge their interests."
BIL has said it is against the merger because it sees
Progressive shares as being worth twice as as much as
Rainbow's.
Progressive traded today at 4.42, Rainbow at 3.66 and BIL
at 4.30 at the end of morning trading on the New Zealand Stock
Exchange.
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The yen could rise to 140 yen to the
dollar, a leading Japanese businessman said.
Bumpei Otsuki, president of the influential Japan
Federation of Employers' Associations, (Nikkeiren), told
reporters: "The yen might rise as far as 140 (to the dollar).
The U.S. Economy is not good, and as long as the U.S. Economy
is not good, the U.S. Will put various pressures (on Japan)."
"The yen's level depends on the condition of the U.S.
Economy rather than Japan's economy, and as long as the
American situation is bad, the yen will continue to rise," he
said.
To cope with the negative impact of the strong yen,
Japanese enterprises must strive to cut costs by all means,
including holding down wages as much as possible, Otsuki said.
He rejected recent calls from some government quarters for
wage increases this year as a means of raising private
consumption and thus boosting domestic demand.
"We have to keep wages as low as possible," he said.
He also said the yen's large and rapid rise is depressing
the outlook for the Japanese economy, noting that in addition
to hurting exporters it is also damaging domestic market
manufacturers through cheap imports.
Parts of the service sector are also threatened, Otsuki
said.
Tertiary industries provide services to manufacturers and a
downturn in manufacturing profits will adversely affect service
industries, he said.
It is also doubtful whether the tertiary sector can fully
employ those put out of work in the manufacturing sector, he
said.
Profits of service sector companies are likely to fall in
the business year ending in March 1988, leading to a possible
recession in the Japanese economy, he said.
Otsuki said economic growth is unlikely to pick up beyond
levels experienced in 1986.
The government's Economic Planning Agency said last week
the economy grew at 2.5 pct in 1986, the worst performance
since 1974 when the economy shrank 1.4 pct due to the first oil
price crisis.
In order to stimulate domestic demand and boost the
economy, tax reforms aimed at bringing down the cost of land
and reforming the nation's housing stock are needed, along with
steps to bring down the high cost of commodities, he said.
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The Bank of Japan bought a modest amount
of dollars this morning, possibly around 200 to 300 mln,
dealers said.
One dealer said the central bank bought about 200 mln dlrs
through brokers and the rest through banks. The buying began
when the dollar was at about 149.60 yen, and helped drive the
U.S. Currency up to around 150, he said.
Another said the central bank seemed to be trying to push
the dollar up above 150 yen. But heavy selling at around that
level quickly pushed the dollar back down towards 149 yen,
dealers said.
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Bank of Japan governor Satoshi Sumita
said the central bank has no intention of cutting its discount
rate again as a way of preventing the yen's rise.
He told a press conference that the growth of Japanese
money supply remains high.
The bank will have to watch closely various developments
resulting from its already eased monetary stance, such as the
sharp rise in real estate and stock prices, he said.
Although the yen's rise will have a greater deflationary
impact on the economy, the economy is not likely to slow down
much further, Sumita said.
"I don't think we should change our economic outlook at the
moment," Sumita said.
Sumita has said in the past that he expects the economy to
show a gradual upturn in the second half of the year.
The governor said the six major industrial nations are
expected to review last month's pact on currency stability when
they meet next in April.
Dealers said they expect the six - Britain, Canada, France,
Japan, the U.S. Amd West Germany - to meet just before the
IMF/World Bank interim committee meeting in Washington starting
on April 9.
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The Bank of England said it had revised
its forecast of the liquidity position in the money market
today to a surplus of 150 mln stg after it estimated a flat
position earlier this morning.
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The Bank of England said it had not
operated in the money market during the morning session.
Earlier, the Bank revised its forecast of the liquidity
position in the system today to a surplus of 150 mln stg from
its original estimate of a flat position.
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Bank of Japan governor Satoshi Sumita
said that current exchange rates are almost within the levels
agreed to by six major nations last month in Paris.
Asked whether a dollar/yen rate of 148 or 149 reflected
economic fundamentals, he said current rates almost reflect
fundamentals.
Sumita told reporters major nations have cooperated to
bring about currency stability in line with the Paris
agreement, which stipulated that they would closely cooperate
to that end. He repeated the central bank will intervene if
necessary, adding he did not think a dollar free-fall was
likely.
But Sumita said he could not say exactly what currency
levels would be considered in line with underlying economic
fundamentals.
In Paris on February 22, Britain, Canada, France, Japan,
the U.S. And West Germany agreed to cooperate to hold
currencies around their then current levels.
Sumita said he could not find any specific reasons behind
the fall of the dollar to a record low against the yen
yesterday. But he said the market rushed to sell dollars as it
nervously reacted to statements abroad and to developments
surrounding trade tensions.
U.S. Treasury Secretary James Baker said over the weekend
that the Paris pact did not encompass fixed tragets for the
dollar. U.S. Trade Representative Clayton Yeutter called
U.S/Japan relations on certain key trade issues very strained.
The market reacted nervously because the dollar has been
moving narrowly against the yen since mid-January, Sumita said.
He added he does not expect the yen/dollar exchange rate to
remain unstable because the market is concerned about a sharp
rise of the yen.
The Bank of Japan will keep a close watch on exchange rates
in line with the Paris accord, he added.
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The Ministry of International Trade and
Industry (MITI) has asked about 30 Japanese trading houses and
exporters to refrain from excessive dollar selling, trading
house officials said.
The officials told Reuters MITI asked them to moderate
their foreign exchange trading because the excessive rise in
the yen will have unfavourable effects on the economy. It made
the request by telephone.
A MITI official said the ministry has conducted a survey of
foreign exchange trading by trade houses and exporters. But he
said it was not aimed at moderating dollar selling.
The trading house officials said MITI had asked them to
undertake foreign exchange transactions with due consideration
to the adverse effects excessive exchange rate movements would
have on the economy.
The MITI official said MITI undertakes such surveys when
exchange rates fluctuate widely. A similiar survey was made
when the currency fell to the previous record low of 149.98 on
January 19. It hit a new record low of 148.20 yen yesterday.
He said the survey showed currency transactions by trade
houses and exporters contributed little to the dollar fall.
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The Bank of Japan intervened to stem
strong yen rises against the dollar during London trading this
morning, dealers said.
The Bank of Japan here declined comment.
The Bank of England was also rumored to be buying dollars
against the yen this morning but it also declined comment.
Dealers said the intervention halted a sudden late morning
drop to a low of 148.65 yen, holding the dollar steady until
midsession at about 148.80.
The Bank of England was strongly rumored to have intervened
on behalf of the dollar against the yen yesterday, but it gave
no confirmation.
Overnight reports from Tokyo said that the Bank of Japan
was aggressively supporting the dollar, but failed to push it
back to the perceived target level of 150 yen.
Selling during the London trading morning was largely
attributed to Japanese institutions.
Dealers here were loath to quantify the scale of Bank of
Japan action this morning. One U.S. Bank trader said it could
have been up to 500 mln dlrs, but said this was largely a
guess.
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BICC SEEKS ACCELERATED EARNINGS GROWTH LONDON, March 25 - BICC
Plc <BICC.L>, which earlier announced a 10 pct rise in 1986
pre-tax profits, said it was determined to achieve higher
levels of performance, quality and service to accelerate its
improvement in earnings.
BICC said in a statement that sales in BICC Cables were
down on 1985 due to a sharp drop in demand for cable in the oil
and chemical industries after the oil price drop. But profits
in Balfour Beatty were substantially improved.
Profits increased in BICC Technologies and in BICC
International in local currency terms, while Associated British
Cables had another excellent year, the company said.
BICC shares were last quoted at 357p, up from 344p at
yesterday's close, in buoyant response to results which were
ahead of market expectations, dealers said.
BICC pre-tax profits rose to 101 mln stg in 1986 from 92
mln in 1985, with turnover rising from 2.11 billion stg in 1985
to 2.14 billion stg in 1986.
REUTER

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Shr net basis 21.4p vs 17.5p
Div 6.1p making 9p vs 6.5p
Pretax profit 37.2 mln stg vs 31.9 mln
Net after tax 25.7 mln vs 20.3 mln
Minority interest 700,000 vs 1.1 mln
Extraordinary debit 1.9 mln vs 3.5 mln
Turnover 827 mln vs 766.9 mln
Note - The company said the sale of the minority holding in
OCL in 1986 has transformed the balance sheet and enables it to
accelerate development.
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<Dart Group Corp> said it has
raised its offer to acquire Supermarkets General Corp to 42.00
dlrs in cash and three dlrs in exchangeable preferred stock per
Supermarkets General share from 41.75 dlrs per share in cash.
The company said it would also be willing to negotiate a
plan with the Supermarkets General board under which
Supermarkets General shareholders would have a common stock
interest in the combined company. It said it remains willing
to negotiate all terms of the proposed acquisition.
The original bid was worth about 1.62 billion dlrs.
Dart said the preferred stock in the new bid would be
exchangeable for a new class of Supermarkets General debt
securities that would be developed by Dart and Supermarkets.
The new proposal would be subject to approval by the
Supermarkets General board, it said. The new bid was contained
in a letter to the Supermarkets General board.
In Woodbridge, N.J., Supermarkets General -- responding to
a previous letter to its board by Dart -- said "Your conduct
indicates to us that no transaction involving trust and
confidence can be entered into with you. Your propaganda and
missstatements will not panic our board."
Dart, in its previous letter, had alleged that Supermarkets
General executives were seeking millions of dollar in severance
and tax payments from Dart.
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] |
Oper shr 28 cts vs 1.16 dlrs
Oper net 194,000 vs 1,255,000
Sales 27.5 mln vs 30.5 mln
Year
Oper shr 2.68 dlrs vs 63 cts
Oper net 1,880,000 vs 684,000
Sales 100.5 mln vs 115.6 mln
Avg shrs 700,086 vs 1,079,165
NOTE: 1986 net excludes tax credits of 1,042,000 dlrs in
quarter and 1,603,000 dlrs in year.
Net excludes discontinued operations gain 330,000 dlrs vs
loss 385,000 dlrs in quarter and gain 485,000 dlrs vs loss
2,692,000 dlrs in year.
Reuter
| [
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] |
Olson Industries Inc said
it is in final negotiations on the sale of its remaining egg
operations and expects the sale to generate a charge of about
two mln dlrs against 1987 net income.
The company said, however, that the sale will generate
substantial cash flow to pay off bank debt and improve working
capital, eliminate unmanageable effects on profits of the price
instability of the egg business and allow it to concentrate on
its plastics packaging business.
Reuter
| [
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The U.K. Based commodity house E.D.
And F. Man Ltd and Singapore's Yeo Hiap Seng Ltd jointly
announced that Man will buy a substantial stake in Yeo's 71.1
pct held unit, Yeo Hiap Seng Enterprises Ltd.
Man will develop the locally listed soft drinks
manufacturer into a securities and commodities brokerage arm
and will rename the firm Man Pacific (Holdings) Ltd.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 16 cts vs eight cts
Net 4,834,000 vs 2,052,000
Revs 34.9 mln vs 16.0 mln
Avg shrs 31.1 mln vs 26.8 mln
Nine mths
Shr 26 cts vs 13 cts
Net 8,006,000 vs 3,310,000
Revs 80.9 mln vs 34.5 mln
Avg shrs 30.8 mln vs 26.3 mln
NOTE: Share adjusted for two for one stock split.
Current year net includes capitalized software costs of
1,295,000 dlrs in quarter and 3,701,000 dlrs in nine mths.
Reuter
| [
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] |
Shr loss 4.14 dlrs vs loss 19 cts
Net loss 37.1 mln vs loss 1,712,000
Revs 27.3 mln vs 33.4 mln
Year
Shr loss 5.51 dlrs vs loss 73 cts
Net loss 49.3 mln vs loss 6,544,000
Revs 109.0 mln vs 141.9 mln
NOTE: 1986 net both periods includes 34.8 mln dlr
weritedown of assets of services segment and Southeast Asian
joint venture.
Reuter
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4th qtr
Shr 15 cts vs eight cts
Net 1,800,000 vs one mln
Year
Shr 51 cts vs 1.10 dlrs
Net 6,200,000 vs 13.2 mln
NOTE: Net includes loan loss provisions of 14 cts shr vs 18
cts in quarter and 24 cts shr vs 36 cts in year.
Reuter
| [
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Duriron Co Inc said it has
completed the acquisition of Valtek Inc for 11.75 dlrs per
share following Valtek shareholder approval yesterday.
Reuter
| [
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0,
0,
0,
0,
0,
0,
0,
0
] |
Qtly div 17 cts vs 17 cts
Pay April 24
Record April 7
Note: year ago adjusted to reflect March 19 three-for-two
stock split.
(Washington Federal Savings and Loans Association)
Reuter
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Rowley-Scher Reprographics Inc
said it expects to report an operating loss and a loss from the
sale of its Mid South Repro subsidiary for the year ending
MArch 31.
Last year, the company reported earnings of 977,000 dlrs.
Rowley-Scher did not disclose details of the sale of Mid
South Repro.
It said the sale has eliminated an unprofitable operation.
The company also said it will open two new reprographic
centers in the Washington/Baltimore area within the next three
weeks, brining the total there to 11, and a new downtown Boston
location in the same time period, brining the number in the
Boston area to four.
Reuter
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|
<Dixons Group PLC> said only about
852,000 shares of Cyclops Corp common stock, or 20 pct on a
fully diluted basis, were tendered and not withdrawn under its
bid for all shares that expired yesterday, but the companmy has
still decided to accept all shares validly tendered.
The company said it now has about 22 pct ownership of
Cyclops on a fully diluted basis and expects to proceeds toward
completion of its proposed acquisition of Cyclops.
Last week, before extending its Cyclops offer for one week
at the request of the Securities and Exchange Commission,
Dixons had reported that 54 pct of Cyclops' stock had been
tendered in response to its 90.25 dlrs per share offer which
expired at 2400 EST yesterday.
Yesterday, CAYACQ Corp dropped certain conditions of its
92.50 dlrs a share offer for Cyclops and firmed up the
financing for the proposed transaction. CAYACQ, an investor
group led by Audio/Video Affiliates Inc and Citicorp, raised
the value of its offer from 80 dlrs per Cyclops share on Friday.
Reuter
| [
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Shr 17 cts vs seven cts
Net 4,678,000 vs 1,856,000
Revs 110.5 mln vs 61.7 mln
Avg shrs 27.0 mln vs 25.0 mln
Reuter
| [
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<Renouf Corp International> said it
now owns 93.4 pct of Benequity Holdings a California Limited
Partnership.
Renouf said it has accepted for payment all 3,914,968
units of Benequity Holdings tendered in response to its 31 dlrs
per unit offer. Along with the 1,449,550 units already held by
Renouf, it now owns 93.4 pct of the 5,745,706 units outstanding.
Reuter
| [
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Papua New Guinea
(PNG) provides the most exciting new prospect in the
Asia-Pacific region for oil production, energy analyst Fereidun
Fesharaki said here.
The recent successful find at Iagifu is likely to put PNG
on the list of major oil exporters by the early 1990s, he told
the Australian Petroleum Exploration Association annual
conference.
Fesharaki, leader of the Energy Program at the East-West
Center in Honolulu, Hawaii, was speaking on the Asia-Pacific
petroleum outlook.
With domestic demand of around 12,000 barrels per day (bpd)
and prospects of production of over 100,000 bpd by late 1991,
PNG would become an Ecuador-level crude exporter, Fesharaki
said.
The Iagifu wells in the Papuan Basin have recorded the best
oil flows in more than 60 years of exploration in PNG.
The PNG government's Geological Survey in a paper
distributed at the conference estimates Iagifu reserves at
about 500 mln barrels.
PNG enjoys the most liberal tax regime in the region with
no secondary taxes, Fesharaki said.
"We expect a much larger oil search in Papua New Guinea, and
discovery of much larger volumes of oil, similar in quality to
(light) Bass Strait crude," Fesharaki said.
There are also large pockets of high quality condensates to
be produced, notably in the Juha field near Iagifu which is
capable of producing 30,000 to 40,000 bpd, he said.
But prices should be somewhat higher than the present
levels to justify development of the Juha field, he said.
The PNG Geological Survey paper noted there are five large
prospective but little-explored sedimentary basins in PNG.
REUTER
| [
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Qtly div three cts vs three cts prior
Pay April 30
Record April 16
Reuter
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McFarland Energy Inc
said its board and that of Petrominerals Corp have approved a
definitive agreement for McFarland to acquire Petrominerals in
an exchange of stock.
McFarland said it would exchange one common share for each
5.4 Petrominerals shares. McFarland said former holders of
Petrominerals will have a 25 pct interest in the combined
company.
The merger is still subject to approval by shareholders of
both companies.
Reuter
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<Timminco Ltd> said it acquired
Universal Adhesives Inc, of Memphis, for undisclosed terms, in
a move to expand Timminco's operations into the United States.
The company said Universal Adhesives, with five U.S.
plants, has annual sales of 12 mln U.S. dlrs, which will double
Timminco's presence in the North American adhesives market.
Timminco said Universal Adhesives will complement the
company's Canadian-based industrial adhesives division and is a
key step in its long-term goal for expansion in the specialty
chemical field.
Reuter
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Shr 32 cts vs 29 cts
Net 3,320,206 vs 2,990,695
Revs 13.5 mln vs 14.9 mln
Reuter
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The Bank of England said it revised up
its forecast of today's surplus in the money markets to 250 mln
stg from its earlier estimate of a 150 mln.
The central bank has not operated in the market today.
REUTER
| [
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0,
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1,
1,
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0,
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] |
Shr five cts vs 51 cts
Net 2,300,000 vs 22,500,000
Revs not given
Note: Prior shr and net include 20.3 mln U.S. dlr gain on
sale of equity holdings
Results in U.S. funds
Reuter
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Qtly div 26 cts vs 25 cts prior
Pay April 15
Record March 31
NOTE: One Valley Bancorp of West Virginia Inc.
Reuter
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Shr 31 cts vs 26 cts
Net 3,516,000 vs 2,972,000
Revs 40.0 mln vs 36.3 mln
Avg shrs 11.4 mln vs 11.2 mln
Nine mths
Shr 89 cts vs 73 cts
Net 10.0 mln vs 8,146,000
Revs 116.8 mln vs 105.0 mln
Avg shrs 11.3 mln vs 11.1 mln
Reuter
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NVHomes LP said its board declared
a two-for-one split of Class A units, payable to shareholders
of record on April 20.
It said certificates will be distributed about two weeks
after the record date.
Reuter
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Shr 19 cts vs 10 cts
Net 653,464 vs 287,606
Revs 10.6 mln vs 7,600,000
Year
Shr 68 cts vs 46 cts
Net 2,309,181 vs 1,408,813
Revs 38.4 mln vs 26.0 mln
Reuter
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Mthly div 7.3 cts vs 7.5 cts in prior month
Payable April six
Record Marcxh 30
Reuter
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Mthly div 8.5 cts vs 9.2 cts in prior month
Payable April six
Record Marcxh 30
Reuter
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Shr 48 cts vs four cts
Net 882,000 vs 82,000
Sales 968,000 vs 784,000
Six mths
Shr 53 cts vs 11 cts
Net 970,000 vs 202,000
Sales 2,001,000 vs 1,521,000
NOTE: 1986 net includes a gain of 26 cts a share from the
sale of a funeral home, and tax credits of 20 cts. 1985 net
includes tax credits of one cent in the quarter and 3.7 cts in
the six months period.
Reuter
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Shr 10 cts vs 20 cts
Net 146,000 vs 230,000
Revs 3,766,000 vs 3,271,000
Avg shrs 1,458,000 vs 1,125,000
Nine mths
Shr 15 cts vs 58 cts
Net 212,000 vs 653,000
Revs 10.6 mln vs 9,561,000
Avg shrs 1,458,000 vs 1,125,000
Reuter
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<Brierley Investments Ltd>, (BIL),
said its offer of 4.20 N.Z. Dlrs per share for supermarket
group <Progressive Enterprises Ltd> still stands, although
<Rainbow Corp Ltd> said today it has 52 pct of Progressive.
BIL said in a statement it will review events on a daily
basis.
Rainbow announced earlier that it had increased its stake
in Progressive to 52 pct from 44 pct through the purchase of
9.4 mln shares at between 3.80 and 4.80 N.Z. Dlrs per share.
BIL chief executive Paul Collins said: "All Rainbow has done
is to outlay a substantial amount of cash to purchase shares
from parties who presumably were supportive of the merger."
Rainbow has proposed a merger with Progressive to form a
new company, <Astral Pacific Corp Ltd>. Under the merger,
shareholders in both Progressive and Rainbow will be issued
shares in the new company on a one-for-one basis.
"Quite simply, Rainbow should now bid for the balance of
Progressive Enterprises at 4.80 N.Z. Dlrs per share," Collins
said.
Reuter
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Oper shr 32 cts vs seven cts
Oper net 2,599,000 vs 550,000
Revs 94.4 mln vs 69.4 mln
NOTE: Net excludes tax credits of 1,405,000 dlrs vs
3,538,000 dlrs.
Reuter
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Norway has offered 10 new offshore blocks
to foreign and domestic applicants in the first phase of the
country's eleventh concession round, government officials said.
Company shares in each of the licences proposed by the Oil
and Energy Ministry are not final. The ministry has given the
companies 10 days to accept or decline the proposed shares.
French companies Ste Nationale Elf Aquitaine <ELFP.PA> and
Total Cie Francaise des Petroles <TPN.PA>, which were expected
to receive operatorships following France's agreement last
autumn to purchase gas from Norway's Troll field, were not
offered operatorships in this round, industry sources said.
Three eleventh round blocks were awarded in the
Haltenbanken exploration tract off central Norway, including
the Smoerbukk West field where Den Norske Stats Oljeselskap A/S
<STAT.OL> (Statoil) was appointed operator.
Statoil will share the licence with subsidiaries of U.S.
Oil companies Tenneco Inc <TGT.N> and Texas Eastern Corp
<TET.N> and the Italian oil company <Agip SpA>'s Norwegian
subsidiary.
E.I. Du Pont de Nemours <DD.N> subsidiary Conoco Norway Inc
was named operator on Haltenbanken block 6406/8 and will share
the licence with Statoil.
Norsk Hydro A/S <NHY.OL> will operate nearby block 6407/10
with partners Statoil, Norsk Agip A/S, Royal Dutch/Shell
Group's <RD.AS> A/S Norske Shell and <Deminex> unit Deminex
(Norge) A/S.
Statoil has been offered the operatorship on a new block in
the relatively unexplored Moere South exploration area south of
Haltenbanken, with A/S Norske Shell, Texas Eastern and
<Petroleo Brasileiro SA> (Petrobras) also offered stakes in the
block.
Norwegian companies landed operatorships on all six blocks
opened in the Barents Sea area off northern Norway. The blocks
were awarded in three licenses, each covering two blocks.
Statoil will head exploration on blocks 7224/7 and 7224/8,
sharing the licence with Exxon Corp's <XON.N> Norwegian
subsidiary Esso Norge A/S, The British Petroleum Co PLC's
<BP.L> BP Petroleum Development (Norway) Ltd, Shell, Norsk
Hydro and Saga Petroleum A/S <SAGP.OL>.
Blocks 7219/9 and 7220/7 were awarded to Norsk Hydro, the
operator, Statoil, Mobil Corp's <MOB.N> Mobil Exploration
Norway, Petrofina SA's <PETB.BR> Norske Fina A/S and BP.
The third Barents Sea licence, covering blocks 7124/3 and
7125/1, went to Saga Petroleum A/S, the operator, Statoil,
Atlantic Richfield Co's <ARC.N> Arco Norge A/S, Total Marine
Norge A/S and Amerada Hess Corp <AHC.N>.
The oil ministry withheld awards on four strategic blocks
included in the eleventh round's second phase.
The ministry is accepting applications for phase two blocks
until early April and the awards will likely be announced this
summer, officials said.
REUTER
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Perception Technology Corp said
it expects to take a charge of about 686,000 dlrs or 19 cts per
share against earnings for the second quarter ended March 31
due to the bankruptcy proceeding of customer T.C. of New York
Inc.
Perception said it has outstanding lease receivables from
T.C. of about 2,480,000 dlrs.
It said the exact amnount of the charge will depend on the
extent of recovery of the leased equipment involved and on
arrangements that might be made with the bankruptcy court on
the equipment.
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Reuters Holdings Plc <RTRS.L> said it
had agreed in principle to buy <I P Sharp Associates Ltd> of
Toronto for 30.4 mln stg.
Sharp is a time-sharing network and database company
specialising in finance, economics, energy and aviation. It
operates a global packet-switching network and global limits
systems for foreign exchange trading.
Sharp shareholders will be offered cash, shares or a
mixture of the two in settlement. The acquisition, which is
subject to Canadian government approval, would be through
amalgamation into a specially-created company.
Reuters said it had been given options by a number of Sharp
shareholders covering 67 pct of the common stock pending
completion of a Reuters review of the company.
Sharp operates 38 offices in 20 countries. In 1986 it
reported revenue of 55 mln Canadian dlrs with a pretax loss of
1.6 mln compared with a 1.9 mln profit in 1985.
However, Sharp said that internal accounts showed the
company was in profit in the first two months of 1987.
End-1986 net assets totalled 11.85 mln dlrs.
A Reuters statement said the acquisition would fit
perfectly into its package for the banking and securities
industries.
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Horizon Bank said its board
declared a three-for-two stock split, payable April 21 to
holders of record April Seven.
Reuter
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Waste Management Inc said its
wholly owned subsidiary, WMX Acquisition Corp, ended its tender
offer to buy shares of ChemLawn Corp at 35 dlrs a share.
All shares tendered to Waste Management will be returned to
shareholders as soon as practical, it said.
Earlier this week, ChemLawn agreed to accept a merger
proposal at 36.50 dlrs a share from Ecolab Inc in a transaction
valued at about 370 mln dlrs.
Reuter
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Shr loss 1.44 dlrs vs loss 1.50 dlrs
Net loss 10.1 mln vs loss 8,866,000
Revs 122.3 mln vs 112.5 mln
Avg shrs 7,671,855 vs 6,520,928
Reuter
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United Medical Corp said it
has reached a definitive agreement to sell its hospital
distribution unit to <Myriad Group Inc> for undisclosed terms,
with closing expected in the next several weeks.
Reuter
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British Prime Minister Margaret Thatcher
denied in an interview published in Saudi Arabia today that her
government's oil policy contributed to weakness in world oil
prices.
She said the government was determined not to intervene to
influence production decisions by oil companies operating in
the North Sea.
"We believe these must be a matter for the commercial
judgment of the oil companies," she told the Arabic language
daily al-Sharq al-Awsat in an interview coinciding with a visit
to London by King Fahd of Saudi Arabia.
Thatcher said this policy had not contributed to the fall
in oil prices as North Sea production was now about the same as
in 1984 when prices were close to 30 dlrs a barrel.
British production was on a plateau and was unlikely to
increase in the future, she said.
"We naturally share the concern of Saudi Arabia and other
OPEC members about the harmful effects of oil market volatility
for both producer and consumer countries," Thatcher said.
"On our part, we are careful to avoid any actions which
might add to such volatility."
REUTER
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The Bundesbank bought large amounts
of dollars for yen in an apparent attempt to hold the dollar
above 149 yen, dealers said.
The dollar intervention was in concert with some other
central banks, they said.
Dealers said the Bank of Japan and Bank of England
supported the dollar against the yen earlier today and that
these two banks and the U.S. Federal Reserve were also active
yesterday.
The Bundesbank declined to comment on the dealers' remarks.
Dealers said the intervention underlined the determination
of central banks to keep currencies within recent ranges
following last month's agreement in Paris by six leading
countries to foster currency stability.
One dealer said he had been repeatedly in contact with the
Bundesbank during the morning to see if it wanted to buy
dollars after the Japanese and U.K. Central bank moves.
He said the Bundesbank told him it was observing the
situation to see if it should intervene in consultation with
other central banks.
Since the Paris agreement on February 22 the dollar had
until yesterday traded in a 1.8150-1.8700 mark range, and above
150 yen, with traders reluctant to push the dollar down to test
central banks' resolve to defend currency stability.
But the test came this week with the dollar falling below
1.81 marks and 150 yen. Dealers said a reviving trade dispute
between Washington and Tokyo and growing sentiment that the
dollar would have to fall further to narrow the obstinate U.S.
Trade deficit were behind the weakness.
This week's intervention showed central banks were prepared
to cooperate to defend the Paris pact, dealers said.
Dealers said it was significant the West German and British
central banks were supporting the dollar against the yen.
That showed the pact involved multilateral cooperation by
central banks to foster currency stability, they said.
But it was unclear how such cooperation was being arranged
and how frequent consultations between central banks were.
REUTER
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CrossLand Savings FSB said it has
acquired Western Savings and Loand Co with the assistance of
the Federal Savings and Loan Insurance Corp.
CrossLand said Salt Lake City based Western has been
combined with its two Florida-based thrift subsidiaries. The
parent company contributed 50 mln dlrs in cash to the resulting
1.7 billion dlr asset subsidiary which will operate under the
name CrossLand Savings FSB with headquarters in Salt Lake City.
CrossLand said Western, with assets of 400 mln dlrs,
operated 13 branch offices in the states of California, Oregon,
Utah and Washington.
To facilitate the acquisition, CrossLand said, Western was
converted from a mutual to a stock association in a voluntary
supervisory conversion. Crossland and the FSLIC executived an
assistance agreement indemnifying CrossLand from certain losses
that could occur in connection with Western's loan portfolio.
The company said James J. Heagerty, chairman and chief
executive officer of CrossLand Savings FSLA in Bradenton, Fla.,
will serve in that capacity for the new subsidiary resulting
from the merger.
Western's president, Christopher J. Sumner, will be
president of the combined unit, CrossLand said.
Reuter
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The Bank of England said it drained
liquidity from the money market when it sold 167 mln stg of
treasury bills due March 27 at rates between 9-9/16 and 10 pct.
Earlier, the bank estimated a surplus of around 250 mln stg
in the system today.
REUTER
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Shr profit 1.17 dlrs vs loss 12 cts
Net profit 11.3 mln vs loss 1,038,000
Revs 104.6 mln vs 128.7 mln
NOTE: Current year net includes gain 9,500,000 dlrs from
the sale of its specialty restaurants unit, charge 1,200,000
dlrs from addition to insurance reserves, 4,600,000 dlr tax
credit and 660,000 dlr charge from debt repayment.
Reuter
| [
0,
0,
0,
1,
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0,
0,
0,
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0
] |
Commerzbank AG <CBKG.F> said it will
acquire <Linotype GmbH>, Europe's largest manufacturer of
type-setting and printing communications technology from Allied
Signal Inc <ALD.N> and float off the shares in the company.
Commerzbank declined to say how much it had paid for
Linotype.
Linotype's group turnover in 1986 rose 15 pct to more than
500 mln marks, the bank said. The group's net return on capital
was seven pct.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtly div three cts vs three cts prior
Pay May One
Record April Eight
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
|
Shr 40 cts vs 41 cts
Net 1,979,000 vs 2,101,000
Revs 67.7 mln vs 63.6 mln
12 mths
Shr 36 cts vs 20 cts
Net 1,798,000 vs 1,034,000
Revs 239.4 mln vs 233.2 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr profit one ct vs loss nil
Net profit 200,052 vs loss 56,782
Revs 2,394,198 vs 706,393
Avg shrs 17.8 mln vs 19.8 mln
Year
Shr profit one ct vs profit one ct
Net profit 258,125 vs profit 164,553
Revs 4,225,731 vs 3,027,892
Avg shrs 17.9 mln vs 19.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div three cts vs three cts prior
Pay May 20
Record April 20
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
About half of Brazil's 40,000 seamen
have returned to work after accords with 22 companies, and the
national strike which began on February 27 looks close to
ending, a union spokesman said.
The spokesman, speaking from strike headquarters in Rio de
Janeiro, estimated that 80 ships were strike-bound.
The seamen have settled for 120 pct pay increases with the
individual companies but are still discussing the issue of
overtime payments with the shipowners' association, Syndarma.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
1,
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The House Ways and Means Committee
completed action on legislation to toughen U.S. trade laws,
chairman Dan Rostenkowski said.
The committee's consideration of one of the most
controversial provisions, a plan to force major trade surplus
countries to cut their trade imbalance with the United States,
was deferred until the full House considers the trade bill, its
sponsor Rep. Richard Gephardt said.
Gephardt, a Missouri Democrat, told Reuters he was not
certain the exact form his trade surplus reduction proposal
would take. Last year the House approved his plan to force a 10
pct surplus cutback each year for four years, by countries such
as Japan.
The Ways and Means Committess' trade bill forces President
Reagan to retaliate against unfair trade practices that violate
international trade agreements but it allows him to wave
retaliatory tariffs or quotas if the action would hurt the U.S.
economy.
The trade bill gives U.S. Trade Representative Clayton
Yeutter more authority in trade negotiations and in decisions
to grant domestic industries import relief.
It also gives him authority to decide whether foreign trade
practices are unfair and violate U.S. trading rights. These
powers are currently held by President Reagan.
The administration has strongly objected to this transfer
of authority from Reagan to Yeutter.
The bill also extends U.S. authority to negotiate
multilateral trade agreements. The bill will be wrapped into
other trade legislation and voted on in the House in April.
Reuter
| [
0,
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0,
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0,
0,
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0,
1,
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] |
Shr 82 cts vs 76 cts
Net 4,200,000 vs 3,954,000
Sales 58.7 mln vs 60.6 mln
Year
Oper shr 2.68 dlrs vs 2.47 dlrs
Oper net 13.8 mln vs 13.0 mln
Sales 274.3 mln vs 276.8 mln
NOTE: Prior year net excludes loss 1,120,000 dlrs from
discontinued operations and loss on disposal of 922,000 dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
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] |
CPC International Inc officials said
the sale of the company's European corn wet milling business
will remove about 700 mln dlrs of debt and liabilities from
CPC's balance sheet.
They told analysts the deal, expected to close in
September, and cash flow from other operations will reduce
total debt by about one-third this year. At the end of 1986,
CPC's debt totaled about 1.5 billion dlrs.
The officials also said the company has no current plans to
sell its U.S. or North American corn wet milling businesses.
CPC's 1987 capital spending is budgeted at about 250 mln
dlrs, down from about 361 mln dlrs last year, the officials
told analysts.
Reuter
| [
0,
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0,
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1,
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0,
0,
0
] |
Thermo Process Systems Inc said
its proposed acquisition of the Surface Combustion Division of
privately-held <Midland-Ross Corp> has been terminated because
mutually satisfactory terms could not be established.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
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0
] |
Utilicorp United Corp
said it expects to report 1987 first quarter earnings of about
12 mln dlrs or about 1.12 dlrs a share and revenues of about
190 mln dlrs.
In the comparable quarter a year ago, Utilicorp earned 8.5
mln dlrs or 87 cts on revenues of 203 mln dlrs.
There are 9.6 mln shares outstanding this year, up from the
8.5 mln shares in 1986, Utilicorp's president Richard Green
told financial analysts here.
First quarter 1987 results include one month contribution
of West Virginia Power, which became a division on March 1,
1987, Green said in remarks prepared for delivery to analysts.
Higher earnings for the period reflected reduced operating
and maintenenace expenses and about 10 mln dlrs in rate
increases in Iowa, Minnesota, Kansas and Colorado, he said.
However, Utilicorp's Missouri Public Service division is
experiencing the effect of a 5.9 pct rate reduction authorized
in September 1986, he noted.
Of Utilicorp's total revenues expected for the 1987 first
quarter, about 43 mln dlrs will be derived from electric
operations and about 147 mln dlrs will come from gas
operations, he said.
Operating income derived from electric operations in the
first three months of 1987 is estimated to be eight mln dlrs,
while the contribution from gas operations will be about 10 mln
dlrs, Green said.
Green told analysts that Utilicorp received regulatory
approval from various states and the Federal Energy Regulatory
Commission to reincorporate in Delaware, effective April one.
Utilicorp signed an agreement with Cominco Ltd of Vancouver
to extend the deadline to May 31, 1987, for completion of the
company's purchase of West Kootenay Power and Light of British
Columbia, due to a longer than expected regulatory approval
process, he said.
Hearings were completed in February and a decision by the
British Columbia Utilities Commission on the 60 mln dlrs
purchase by Utilicorp is pending, he said.
Reuter
| [
0,
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0,
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] |
Tseng Laboratories Inc said it
expects first quarter 1987 sales to exceed total sales for the
entire 1986 year, and said it expects earnings for the quarter
to grow at a faster rate than sales.
Tseng posted total revenues for 1986 of 4,255,731, and net
income of 258,125, or 14 cts per share.
Jack Tseng, president of the company, attributed the high
expectations to increased orders from major costomers, as well
as accelerated business from its growing reseller network.
Tseng posted first quarter 1986 sales of 549,950, and net
income of 19,163, the company said.
Reuter
| [
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0,
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0,
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0,
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] |
Stockholder Systems Inc said it has
agreed in principle to acquire privately-held Software Concepts
Inc, which provides software for check processing, mortgage
application processing and safe deposit box accounting, for
undisclosed terms.
Software Concepts had revenues of about 3,200,000 dlrs for
the year ended June 30.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 11 cts vs five cts
Net 656,000 vs 314,000
Sales 8,868,000 vs 6,499,000
Avg shrs 5,823,000 vs 5,705,000
1st half
Shr 22 cts vs 13 cts
Net 1,296,000 vs 795,000
Sales 17.3 mln vs 13.5 mln
Avg shrs 5,809,000 vs 5,973,000
NOTE: Share adjusted for five-for-four split in February
1987.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr loss two cts vs profit six cts
Net loss 103,000 vs profit 319,000
Revs 4,357,000 vs 6,494,000
Avg shrs 5,415,185 vs 5,646,185
Year
Shr profit 22 cts vs profit 10 cts
Net profit 1,236,000 vs profit 570,000
Revs 22.2 mln vs 24.8 mln
Avg shrs 5,638,596 vs 5,646,185
NOTE: 1986 net includes tax credits of 30,400 dlrs in
quartger and 58,000 dlrs in year.
Reuter
| [
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] |
Qtly div five cts vs five cts prior
Pay April 30
Record April 10
NOTE: B.F. Saul Real Estate Investment Trust.
Reuter
| [
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Maytag Co said it expects capital
spending in 1987 to increase to about 60 mln dlrs from 49 mln
dlrs in 1986.
Maytag chairman and chief executive officer Daniel Krumm
said the company plans a "significant" investment at its
Admiral refrigerator plant in Galesburg, Ill., as well as
continued spending for product improvement and increased
efficiency at other Maytag facilities.
Earlier, the company reported 1986 net income of 111.2 mln
dlrs, or 2.57 per share, versus net income of 124.9 mln dlrs,
or 2.89 dlrs a share, in 1985.
Reuter
| [
0,
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The Travelers Corp's Travelers
Mortgage Services said it signed a letter of intent to buy two
subsidiaries of the privately-held <Equitable Life Assurance
Society of the U.S.>
The company said it plans to acquire the Equitable
Relocation Management Corp and the Equitable Realty Network
Inc.
The company said the acquisitions will give it broader
distribution of its corporate relocation service and mortgage
programs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
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] |
Oper shr seven cts vs loss nil
Oper net 988,000 vs loss 52,000
Revs 2,267,000 vs 791,000
NOTE: Net excludes gains from discontinued operations of
65,000 dlrs vs 75,000 dlrs.
Current year net includes gain 1,025,000 dlrs from sale of
cellular telephone investment.
Prior year figures restated for discontinued operations.
Reuter
| [
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] |
A group led by Dallas investor
Harold Simmons told the Securities and Exchange Commission it
had reduced its stake in McDermott International Inc by one
pct, to under five pct.
The group had said in a March 10 filing, announcing
acquisition of 5.4 pct of the firm's stock, that it might
consider seeking control of the company.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 12 cts vs eight cts
Net 1,440,000 vs 830,000
Revs 15.9 mln vs 11.2 mln
Avg shrs 12,342,000 vs 10,826,000
Reuter
| [
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] |
Iranian Prime Minister Mir-Hossein
Mousavi said Iran had "more effective" missiles at its disposal
than the shore-to-sea missiles which had provoked U.S. Concern,
Tehran Radio reported.
A U.S. State Department spokesman said last week Iran had
acquired Chinese-made Silkworm missiles which posed a greater
threat to shipping in the Gulf than the weapons previously
used.
Tehran Radio, monitored by the British Broadcasting Corp,
quoted Mousavi as saying that Tehran officially announced after
its forces overran southern Iraq's Faw peninsula in February
last year that it had shore-to-sea missiles.
"The fact that the Americans, after so much delay, are now
thinking of expressing their concern with panic is because
Reagan needs this sensation now," said Mousavi, speaking after a
cabinet meeting in Tehran.
"We also announce today that these missiles are not the
limit of our war capabilities in the Gulf," he added.
Mousavi said the security of the Gulf region had nothing to
do with the U.S. But Iran would resort to any action to defend
the Gulf, "even those actions which are not thought probable by
Westerners."
Reuter
| [
0,
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Tricentrol Plc <TCT.L> said it will
concentrate most of its efforts this year on its proven oil and
gas reserves in order to maximise benefits to shareholders in
the mid to long-term.
It said in a statement "We are confident that substantial
development funds will be available to Tricentrol and that we
will be able to minimise further disposal of our interests."
Tricentrol wrote off 57.5 mln stg on the reorganisation of
its North American operations last year, when oil prices
plunged. The group incurred a 1986 net loss of 3.7 mln stg
against a 25.4 mln profit the previous year.
Reuter
| [
0,
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0,
1,
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] |
Qtrly div 41.5 cts vs 41.5 cts prior
Pay May One
Record April 6
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Argentine port workers began an
indefinite protest against safety conditions at the port of
Buenos Aires, stopping work for one hour per shift, a press
spokesman said.
He said three port workers had died over the last month in
accidents. He said the decision to take action was made after a
port worker died yesterday after being electrocuted.
Reuter
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[
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|
The Federal Reserve will probably
intervene in the government securities market to add reserves
today, economists said.
They expected the Fed will supply temporary reserves
indirectly via 1.5 to two billion dlrs of customer repurchase
agreements.
Fed funds hovered at a relatively high 6-1/4 pct this
morning after averaging 6.14 pct on Tuesday.
Early this afternoon the Fed also is expected to supply
reserves permanently, effective Thursday, by offering to buy
all maturities of Treasury bills.
Reuter
| [
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] |
India is reported to have bought two
white sugar cargoes for April/May shipment at its tender today
near 227 dlrs a tonne cost and freight and could be seeking a
third cargo, traders said.
A British operator is believed to have sold one of the
cargoes, while an Austrian concern is thought to have featured
in the second cargo sale, they said.
Reuter
| [
0,
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<Novamin Inc> said it received a
proposed takeover offer from Breakwater Resources Ltd involving
a swap of one Breakwater share for two Novamin common shares.
It said the proposal also called for conversion of
outstanding Novamin warrants into Breakwater common shares on
the same basis, provided the exercise price was paid by the
warrant holders.
Novamin, a mineral exploration company, said directors
would meet next Tuesday to deal with the proposal, which, it
said, was subject to approval by Breakwater directors.
Reuter
| [
1,
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0,
0,
0,
0,
0,
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Feb 28 end
Shr 18 cts vs 13 cts
Net 1,541,000 vs 1,122,000
Sales 36.7 mln vs 33.5 mln
Avg shrs 8,517,000 vs 8,441,000
NOTE: Share adjusted for five pct stock dividend in August
1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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