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The International Wheat Council (IWC)
lifted its estimate for 1986/87 world wheat and coarse grain
production by one mln tonnes to a record 1,377 mln, compared
with 1,351 mln tonnes the previous season.
In its monthly market report, the IWC said it is leaving
unchanged its forecast of world wheat production for the coming
1987/88 season at between 520 and 530 mln tonnes against a
record 534 mln in 1986/87. The one mln tonne upward revision in
1986/87 wheat production reflects several minor adjustments.
The IWC raised the 1986/87 coarse grain trade figure two mln to
87 mln tonnes. It left wheat trade unchanged at 86 mln.
The IWC 1986/87 estimate for world trade in wheat and
coarse grain is thus estimated two mln tonnes higher at 173 mln
against 169 mln the previous season with the forecast three mln
rise in Soviet imports offset by small reductions elsewhere.
The IWC said the area harvested for wheat in 1987/88 is
likely to be down from last year as low world prices and
restrictive national policies measures begin to take effect.
At least four of the five major exporters expect to see a
drop in wheat sowings without offset in other countries. There
is still potential for even higher average wheat yields but the
IWC said there are increasing signs world output may level off.
Although it is still early to assess the coarse grain
outlook, the IWC said barley acreage is likely to fall in the
European Community but increase in Canada. U.S. Maize area is
expected lower but oat sowings could rise.
After damage to its maize crop last year, the Soviet Union
plans to expand this area by as much as 50 pct to over six mln
hectares in a year when many frost damaged wheat fields are
likely to be resown to this and other spring crops. Improved
weather and a further increase in the use of intensive
cultivation methods could therefore see a marked rise in Soviet
maize output in 1987, the IWC said.
Any reduction in world coarse grain output would be
bolstered by the large carryover stocks from 1986/87, the IWC
said.
It left its estimates of wheat and coarse grain stocks at
endof different marketing years unchanged at 178 and 210 mln
tonnes, respectively, against 160 and 167 mln a year earlier.
After record world durum wheat production of 218.8 mln
tonnes last season, the IWC said there are already signs of
another large crop this coming season with higher output
expected in the EC, Canada, the U.S. And North Africa.
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The Bank of Japan was thought to have
bought a small amount of dollars at around 149.30/40 yen,
dealers said.
The dollar fluctuated marginally after the small-scale
intervention, believed to total several tens of mlns of dlrs,
they said. Large-scale buying by foreign banks or by a life
insurance company earlier pushed the dollar upwards, they said.
Trading was not very active and dealers were watching for
further central bank intervention to smooth out any sharp
movements, but underlying dollar sentiment is still bearish.
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The release of U.K. February trade data
showing that the current account surplus was a provisional 376
mln stg, up from a 73 mln surplus in January, has boosted hopes
of an early cut in interest rates, analysts said.
Market forecasts had been for a worse outcome, with
expectations of a deficit in visible trade averaging about 750
mln stg, against the official figure of 224 mln stg, sharply
narrower than January's 527 mln deficit.
"The figures are unreservedly good," Chase Manhattan
Securities economist Andrew Wroblewski said.
Sterling rebounded on the trade figures, reversing a weaker
morning trend, to stand at 72.1 pct of its trade weighted index
against a basket of currencies at midday, unchanged from
yesterday's close but 0.3 points above the 1100 GMT level.
The market had feared that a deteriorating non-oil trade
pattern would undermine international support for sterling,
which has been the motor behind the recent fall in U.K.
Interest rates. Money market sources said the market had begun
to doubt that a widely expected drop in bank base lending rates
to 9.5 pct from the present 10.0 pct was really on the cards.
But sentiment now looks to have turned about again.
There now looks to be no danger that the Chancellor of the
Exchequer Nigel Lawson's forecast of a 1987 current account
deficit of 2.5 billion stg will be exceeded, Wroblewski said.
Seasonally adjusted figures showed imports rose in February
to 7.16 billion stg from 6.73 billion in January.
Exports rose to a record 6.93 billion from 6.20 billion.
However, Chris Tinker, U.K. Analyst at brokers Phillips and
Drew said the faster rise in exports than imports would prove
partly aberrational in coming months. He forecast the
Chancellor's Budget tax cuts would increase consumer
expenditure on imported goods.
However, Warburg Securities economist Ian Harwood said his
firm was sharply revising its 1987 current account deficit
forecast in the light of the latest data, cutting one billion
stg off the expected full year total to about 1.75 billion stg.
He said news of strong growth in exports of non-oil goods
confirmed recent bullish surveys among members of the
Confederation of British Industry.
The growth in imports appears to be flattening, even if
January's bad weather had curbed consumer spending on overseas
goods and import-intensive stock building among manufacturers,
Harwood said.
U.K. Government bonds, or gilts, surged by more than 1/2
point on the better-than-expected news, as earlier worries
about the figures evaporated.
Sterling peaked at a high of 1.6075 dlrs, before settling
to a steady 1.6050 about 1300 GMT, nearly a cent higher than
the European low of 1.5960.
However, analysts noted that the turnabout in market
sentiment still looks highly vulnerable to political news.
Morning weakness in sterling and the gilt market was
largely attributed to a newspaper opinion poll showing that the
Conservative government's support was slipping.
LONDON, March 26 - The Bank of England said it provided 15
mln stg in assistance to the money market this morning, buying
bank bills in band two at 9-13/16 pct.
Earlier the Bank revised its money market liquidity
forecast from a flat position to a deficit of around 350 mln
stg.
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An exchange loss of 7.6 billion
ringgit in 1986 pushed Malaysia's outstanding external debt up
to 50.99 billion ringgit, from 1985's 42.3 billion, the Central
Bank said in its annual report.
Bank Negara said although Malaysia's net borrowing dropped
in 1986, its external debt rose due to the 30 pct appreciation
of the basket of currencies against which the ringgit is
pegged.
The basket comprises principally the U.S. Dollar, yen,
mark, Swiss franc, French franc, sterling, guilder, Canadian
and Singapore dollars, it added.
Bank Negara said growth in external debt, which declined
progressively from a peak of 58 pct in 1982 to 13.6 pct in
1985, rose by 20.2 pct in 1986.
Malaysia's debt serving ratio of 17.6 pct of its exports in
1986 is within the prudency limit of 20 pct, Bank Negara
Governor Jaafar Hussein told reporters.
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Efforts by governments to control wheat
surpluses by cutting support prices have met with only partial
success, the International Wheat Council (IWC) says in its
latest monthly report.
Faster results could be achieved by a policy of reducing
both price and areas, as employed in the United States, the IWC
says in a survey of support prices in the five main wheat
exporters - Argentina, Australia, Canada, the EC and the U.S.
In some countries, for example Australia and Argentina,
which are highly dependent on wheat shipments for export
income, there may be problems in reducing production.
A policy of cutting wheat production could lead to
unemployment, with job prospects outside agriculture limited.
Alternative crops may offer inferior returns which could then
lead to lost export revenue and balance of payments problems.
The IWC outlines three courses of action open to
governments in wheat exporting countries.
They could continue to support prices in the hope that when
the world economy improves demand for wheat will rise and
surpluses wil be reduced or eliminated.
Alternatively, support could be limited to wheat which
could be easily sold, without needing to be stored for a long
period.
This option may prove to be the most politically
unattractive and would result in many producers abandoning
wheat production, the report said.
The third option would be for governments to distinguish
between the commercial and social aspects of agriculture,
possibly varying support prices according to farm size or
overall production.
The IWC review covers support prices in the major exporting
countries since 1982. At some time during that period all the
producers cut support prices in response to growing surpluses.
These changes did not always result in lower export
subsidies as on several occasions currency fluctuations more
than offset lower prices in the domestic currency.
For example between 1985/86 and 1986/87 the EC intervention
price for bread wheat fell from 209.30 to 179.44 European
currency units (Ecus). It dollar terms, the currency in which
most export transactions are denominated, the intervention
price however rose to 193 dlrs from 168. The high cost of
supporting farm prices has put a strain on national exchequers
and some governments are now searching for ways to cut
expenditure, the report says.
The proportion of world wheat output produced by the five
major exporters declined in the period covered by the survey
from 40 pct in 1982 to 35 pct in 1987. This was partly due to
increased production in China and India.
The period saw an upward trend in yields, although this was
countered in the Argentina, the U.S. And Australia by lower
acreages.
In Argentina a reduction in the sown area of about 20 per
cent was put down to low prices causing producers to switch to
other enterprises, particularly livestock while lower U.S.
Acreages are attributed to official incentives.
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U.S. Treasury Secretary James Baker
said that he opposes a Federal tax increase to help reduce the
budget deficit and favors spending cuts instead.
"I don't think it's (a tax increase) is a very good idea
and I'm quite confident that President Reagan doesn't think
it's a very good idea," Baker said in an interview on Cable
News Network's "Moneyline" television program.
He said U.S. taxpayers are taxed at a rate of 19 pct of GNP
which is traditionally where it has been, but the Federal
Government is spending at a rate of 24 pct of GNP. Baker said
spending cuts are clearly the best way to cut budget deficits.
Baker said he opposed a stock transactions tax proposed by
House Speaker Jim Wright, D-Tex, or other special taxes.
"The stock transfer tax would be a particularly unfortunate
approach to take," the Treasury Secretary said. He said the
United States has some of the most efficient capital markets in
the world and new taxes would impair efficiency.
On the international front, Baker said banks must do more
lending to developing countries. He was questioned about this
after the Standard and Poor's Corp downgrading today of the
debt of six major money center bank holding companies, largely
because of their heavy developing nation loan exposure.
Baker said that developing countries must adopt free market
economic policies such as in the United States. He said capital
flows will be required to support the needed reforms in the
economic systems of those countries.
The money must come either through equity or debt and Baker
said that developing nations' "investment regimes do not
support enough equity investment, so you've got to have some
debt there."
Commenting on the U.S. trade deficit, Baker said "I think
you're going to see a 15 to 20 billion dlr reduction this
year."
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Treasury Secretary James Baker said
he stood by the Paris agreement among leading industrial
nations to foster exchange rate stability around current
levels.
"I would refer you to the Paris agreement which was a
recognition the currencies were within ranges broadly
consistent with economic fundamentals," Baker told The Cable
News Network in an interview.
"We were quite satisfied with the agreement in Paris
otherwise we would not have been a party too it," he said.
Baker also noted the nations agreed in the accord to
"co-operate to foster greater exchange rate stability around
those levels."
He refused to comment directly on the current yen/dollar
rate but said flatly that foreign exchange markets recently
tended "to draw unwarranted inferences from what I say."
Baker was quoted on British Television over the weekend as
saying he has no target for the U.S. currency, a statement that
triggered this week's renewed decline of the dollar.
"I think the Paris agreement represents evidence that
international economic policy co-ordination is alive and well,"
Baker said.
The Treasury Secretary stressed however it was very
important for the main surplus countries to grow as fast as
they could consistent with low inflation to resolve trade
imbalances.
He added that Federal Reserve Board chairman Paul Volcker
has also "been very outspoken" in suggesting main trading
partners grow as fast as they can.
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No action has been taken yet
on the Reagan Adminstration's offer to escort Kuwaiti oil
tankers through the Gulf, but the issue is being discussed,
U.S. Secretary of Defence Caspar Weinberger said.
The offer was made to Kuwait in light of Iran's deployment
of Chinese-built missiles to cover the entrance to the Gulf.
Weinberger told reporters prior to a speech at Texas
Christian University that he did not think Iran and the United
States were moving towards a potential conflict, adding that
the Straits of Hormuz at the mouth of the Gulf were still "free
water."
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First Interstate Bancorp Chairman
Joseph Pinola said the bank holding company would lose about 16
mln dlrs per year, after taxes, if it had to put its medium and
long-term debt on non-accrual status.
In an interview, he said that could result in about a 4.5
pct decline in annual earnings per share.
Pinola said First Interstate, like other banks, has not yet
decided to put the loans, which Brazil stopped paying interest
on last month, on non-accrual status.
"None of us really wants to injure negotiations that might
be going on," he said.
First Interstate reported to the Securities and Exchange
Commission last week that it has about 339 mln dlrs in
medium-to long-term loans to Brazil.
It said on December 31, 1986 its nonperformind Brazilian
outstanding debt totaled about 4.1 mln dlrs.
First Interstate also has about 168 mln dlrs in short-term
loans or trade lines to Brazil.
Pinola said he believes the solution to the Brazilian debt
crisis will be more political than economic, which he said he
finds, "very disquieting and discomforting."
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Shr profit 61 cts vs loss 45 cts
Net profit 3,568,000 vs loss 2,598,000
Revs 34.6 mln vs 31.6 mln
Avg shrs 5,861,000 vs 5,776,000
Year
Shr profit 56 cts vs loss 32 cts
Net profit 3,374,000 vs loss 1,759,000
Revs 132.0 mln vs 131.6 mln
NOTE: 1985 quarter net includes 665,000 dlr tax credit.
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Mickelberry Corp said it has completed
the previously-announced sale of the 51 pct of its C and W
Group subsidiary that it had retained to N W Ayer Inc for
undisclosed terms.
Ayer bought the other 49 pct next year.
Mickelberry said it will report a gain on the transaction.
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Shr 26 cts vs 24 cts
Net 1,144,000 vs 1,063,000
Sales 23.2 mln vs 24.8 mln
Year
Shr 93 cts vs 1.40 dlrs
Net 4,046,000 vs 6,111,000
Sales 97.8 mln vs 104.0 mln
NOTE: Prior year net includes gain 286,000 dlrs from
discontinued operations in year and loss 375,000 in quarter and
gain 260,000 dlrs in year from disposal of discontinued.
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<Philips Electrical (Ireland) Ltd> has
arranged the sale of the one mln ordinary shares it holds in
its subsidiary <Unidare Aluminium Ltd>, Unidare said.
The placing has been arranged through <Allied Irish
Investment Bank Plc> at an ex-dividend price of 371 Irish pence
per share.
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Treasury Secretary James Baker said
he expected the U.S. Trade deficit to fall by 15 billion to 20
billion dlrs in 1987.
Commenting on the deficit during an interview on Cable News
Network, Baker said "I think you're going to see a 15 to 20
billion dlr reduction this year." The deficit was 170 billion
dlrs in 1986.
Baker noted that the benefits of a weaker currency take 12
to 18 months to affect the trade balance, and said it is now 18
months since the Plaza agreement to lower the dollar's value.
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2nd qtr
Shr profit 32 cts vs loss 95 cts
Net profit 28.0 mln vs loss 82.2 mln
Revs 950.2 mln vs 862.0 mln
1st half
Shr profit 65 cts vs loss 62 cts
Net profit 56.6 mln vs loss 53.5 mln
Revs 1.88 billion vs 1.67 billion
Avg shrs 92.2 mln vs 86.7 mln
NOTE: Period ended February 28.
Prior year net both periods includes pretax asset
writedowns of 114.6 mln dlrs and additions to reserves of 60.0
mln dlrs.
Prior year net includes tax credits of 53.7 mln dlrs in
quarter and 32.9 mln dlrs in half.
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Britain's visible trade deficit narrowed
to a seasonally adjusted provisional 224 mln stg in February
from 527 mln in January, The Trade and Industry Department
said.
The current account balance of payments in February showed
a seasonally adjusted provisional surplus of 376 mln stg
compared with a surplus of 73 mln in January.
Invisibles in February were put provisionally at a 600 mln
surplus, the same as in January.
Seasonally adjusted, imports rose in February to 7.16
billion stg from 6.73 billion in January. Exports rose to a
record 6.93 billion last month from 6.20 billion in January.
Trade Department officials said the improvement in
Britain's current account contrasted with most private
forecasts and they attributed much of the strength to imports
rising less quickly in February than might otherwise have been
expected.
The Department said exceptionally cold weather in January
reduced exports that month and that there had been an element
of catching up in the February figures.
The seasonally adjusted volume index, base 1980, a guide to
underlying non-oil trade, showed exports rising to 131.0 from
114.6 in January and imports rising to 142.2 from 136.5.
The value of British oil exports in February rose to 751
mln stg from 723 mln in Jnauary while oil imports rose to 425
mln from 352 mln.
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Shr 12 cts vs 10 cts
Net 19.6 mln vs 17.6 mln
Revs 276 mln vs 170.4 mln
Avg shrs 85.3 mln vs 84.8 mln
NOTE: Company owns 65 pct of <Bramalea Ltd>.
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Qtly div 44.5 cts vs 44.5 cts in prior qtr
Payable May one
Record April 10
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Foote Mineral Co said it has signed
a letter of intent to merge into <Rio Tinto-Zinc Corp PLC> for
cash.
The company said at the time of the acquisition, its assets
will include only lithium and ferrosilicon operations. Foote,
which is 83 pct owned by Newmont Mining Corp <NEM>, has signed
a letter of intent to sell its Cambridge operations and said it
is in talks on the sale of its manganese operations with
several companies. Foote said Newmont has informally indicated
it would vote in favor of the Rio Tinto proposal.
Foote said terms of the agreement, including price for the
proposed cash transaction, have not been released because they
are subject to a continuing due diligence investigation.
The company said a definitive merger agreement is expected
to be negotiated within six weeks and shareholders are expected
to vote on the deal at a meeting expected to be held in June or
July.
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Hong Kong recorded a 3.51 billion
H.K. Dlr deficit in February after a 2.54 billion dlr surplus
in January as imports climbed and exports slid, the Census and
Statistics Department said.
The deficit compared with a deficit of 1.76 billion dlrs in
February 1986.
Imports rose to 24.12 billion dlrs, up 2.6 pct from
January's 23.52 billion dlrs and 42 pct above the 16.98 billion
dlrs recorded in February 1986.
Total exports for the month fell 20.9 pct to 20.61 billion
dlrs from 26.06 billion in January.
February exports were still 35.4 pct above the 15.22
billion dlrs recorded in the same month last year.
Re-exports, the territory's traditional entrepot trade,
outpaced domestically produced exports for the first time since
March 1985.
Re-exports fell 11.6 pct to 10.62 billion dlrs from 12.0
billion dlrs in January but were 54 pct above February 1986's
6.88 billion dlrs. Domestic exports slid 28.9 pct to 9.99
billion dlrs from January's 14.05 billion dlrs but were up 19.7
pct over the 8.35 billion dlrs recorded in February 1986.
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Shr profit 1.44 dlrs vs profit 83 cts
Net profit 39.0 mln vs profit 22.5 mln
Sales 816.1 mln vs 865.3 mln
Year
Shr loss 95 cts vs profit eight cts
Net loss 25.6 mln vs profit 2,223,000
Sales 2,142,118 vs 2,234,768
NOTE: Current year net both periods includes prtax
provisions for restructuring operations of 4,868,000 dlrs in
quarter and 38.1 mln dlrs in year.
Latest year net includes 1,825,000 dlr tax credit and
2,600,000 dlr posttax loss from debt extinguishment.
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The Bank of Spain provided 1,145 billion
pesetas in assistance funds which bankers said reflected fears
of fresh increases in overnight rates.
The daily auction was the biggest of the year and comes
after the previous record set last June 6 of 1,240 billion
pesetas.
A spokesman for one of Spain top five banks said higher
overnight call money rates were expected in the short term in
view of disappointing money supply figures for February.
The M-4 money supply, measured as liquid assets in public
hands, rose 16.7 pct last month against 8.1 pct in January and
compared with this year's eight pct target. Money supply growth
was 11.4 pct last year.
The central bank on Tuesday raised overnight rates by a
quarter of a percentage point to 14 pct on demand for 746
billion pesetas. Rates stood at 12.1 pct at the start of the
year and have been increased to drain liquidity on rising
demand for funds. "The policy is proving counter-productive and
rates will have to come down in the long-term," the bank
spokesman said in reply to Reuters enquiries.
He said higher rates were fuelling an influx of short-term
speculative capital from abroad.
"At least 800 mln dlrs of current excess liquidity in the
system is convertible pesetas from West Germany and other
countries with much lower rates," he said.
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Ethyl Corp said its subsidiaries
completed the acquisiton of Nelson Research and Development Co
<NELR>.
The merger was approved following completion on Jan 27 of a
tender offer valued at approximately 55 mln dlrs, the company
said.
It added that Nelson, based in Irvine, Calif., will be
operated as a wholly-owned subsidiary of Ethyl.
Nelson designs and develops new drugs, Ethyl said.
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One hundred members of Britain's ruling
Conservative Party have signed a motion calling for trade
sanctions against Japan to force Tokyo to open its domestic
market to British goods.
The government announced last week that Japan had a 5.9
billion dlr trade surplus with Britain in 1986.
The Department of Trade and Industry said the government
was drawing up contingency plans to force Japan into opening up
its domestic markets but a spokesman said such moves were very
much a last resort.
Ideas being considered included blocking Japanese companies
from trading in Britain and revoking licenses of Japanese
operations in the London financial district.
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The release of U.K. February trade data
showing that the current account surplus was a provisional 376
mln stg, up from a 73 mln surplus in January, has boosted hopes
of an early cut in interest rates, analysts said.
Market forecasts had been for a worse outcome, with
expectations of a deficit in visible trade averaging about 750
mln stg, against the official figure of 224 mln stg, sharply
narrower than January's 527 mln deficit.
"The figures are unreservedly good," Chase Manhattan
Securities economist Andrew Wroblewski said.
Sterling rebounded on the trade figures, reversing a weaker
morning trend, to stand at 72.1 pct of its trade weighted index
against a basket of currencies at midday, unchanged from
yesterday's close but 0.3 points above the 1100 GMT level.
The market had feared that a deteriorating non-oil trade
pattern would undermine international support for sterling,
which has been the motor behind the recent fall in U.K.
Interest rates. Money market sources said the market had begun
to doubt that a widely expected drop in bank base lending rates
to 9.5 pct from the present 10.0 pct was really on the cards.
But sentiment now looks to have turned about again.
There now looks to be no danger that the Chancellor of the
Exchequer Nigel Lawson's forecast of a 1987 current account
deficit of 2.5 billion stg will be exceeded, said Wroblewski.
Seasonally adjusted figures showed that imports rose in
February to 7.16 billion stg from 6.73 billion in January.
Exports rose to a record 6.93 billion from 6.20 billion.
However, Chris Tinker, U.K. Analyst at brokers Phillips and
Drew said that the faster rise in exports than imports would
prove partly aberrational in coming months. He forecast the
Chancellor's Budget tax cuts would increase consumer expediture
on imported goods.
However, Ian Harwood, economist at Warburg Securities, said
his firm was sharply revising its 1987 current account deficit
forecast in the light of the latest data, cutting one billion
stg off the expected full year total to about 1.75 billion stg.
He said news of strong growth in exports of non-oil goods
confirmed recent bullish surveys among members of the
Confederation of British Industry.
The growth in imports appears to be flattening, even if
January's bad weather had curbed consumer spending on overseas
goods and import-intensive stock building among manufactureres,
Harwood said.
U.K. Government bonds, or gilts, surged by more than 1/2
point on the better-than-expected news, as earlier worries
about the figures evaporated.
Sterling peaked at a high of 1.6075 dlrs, before settling
to a steady 1.6050 dlrs about 1300 GMT, nearly a cent higher
than the European low of 1.5960.
However, analysts noted that the turnabout in market
sentiment still looks highly vulnerable to political news.
Morning weakness in sterling and the gilt market was
largely attributed to a newspaper opinion poll showing that the
Conservative government's support was slipping.
The Marplan poll, published in "Today," showed Conservative
support had fallen to 36 pct, from 38 pct last month, while the
Alliance of Liberals and Social Democrats had rallied to 31
pct, from 21 pct, to run neck and neck with the Labour Party,
whose own support fell from 38 pct.
The poll was taken after the Budget, which was greeted
enthusiastically by financial markets but seems to have left
the voters indifferent, political observers said.
Another regular poll is due tomorrow, and eonomists warn
that today's improved sentiment could be dented if support for
Prime Minister Margaret Thatcher slips again.
This upsetting of the markets' political perceptions, which
are all but discounting a Conservative victory in the upcoming
general election, made them more sensitive to the trade data,
Harwood said. "The news did come as a very, very substantial
relief," he said.
However, on the interest rate front, economists caution
that Lawson might be wary of leaving sterling vulnerable by
encouraging another base rate fall. They noted Lawson had
already got an inflation-reducing cut in mortgage rates in
response to lower base rates, so domestic political reasons for
lower rates have been curtailed.
REUTER
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South Korea is studying a plan to buy
more coal from the United States and to start importing Alaskan
crude oil to help reduce its huge trade surplus with the United
States, Energy Ministry officials said today.
They said the plan would dominate discussions at two-day
energy talks between officials of the two countries in
Washington from April 1.
Huh Sun-yong, who will attend the talks with three other
Seoul government officials, told Reuters that Seoul was
"positively considering buying a certain amount of Alaskan oil
beginning this year as part of our government's overall plan to
reduce a widening trade gap between the two countries."
Huh said however that South Korean refineries considered
the Alaskan oil economically uncompetitive.
Reuter
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British Petroleum Co PLC said it has
scheduled a New York press conference for 1300 EST/1800 gmt
today at which senior management will discuss the company's
proposed acquisition of the 45 pct of Standard Oil Co <SRD>
that it does not already own for 70 dlrs per share.
The offer is worth about 7.4 billion dlrs.
Reuter
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The Bank of England said it operated in
the money market this afternoon, buying 226 mln stg in bills.
In band one, the central bank bought 37 mln stg treasury
bills and 72 mln stg bank bills at 9-7/8 pct together with 117
mln stg band two bank bills at 9-13/16 pct.
This brings total money market help so far today to 241 mln
stg and compares with the Bank's revised estimate of a 350 mln
stg shortfall.
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MCO Holdings Inc said its
shareholders and those of MAXXAM Group Inc have approved the
proposed merger of the two companies.
MCO said one MAXXAM shareholder has filed an objection to
the proposed settlement of shareholder actions related to the
merger in the Delaware Court of Chancery. A hearing on the
settlement proposal is scheduled for March 27... The merger is
subject to court approval of the settlement as well as to other
conditions.
Reuter
| [
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Shr 34 cts vs 29 cts
Net 16.7 mln vs 13.3 mln
Sales 678.7 mln vs 531.0 mln
Avg shrs 48.9 mln vs 45.8 mln
1st half
Shr 81 cts vs 69 cts
Net 39.5 mln vs 31.7 mln
Sales 1.71 billion vs 1.35 billion
Avg shrs 48.9 mln vs 45.8 mln
NOTE: Twelve and 28-week periods.
Reuter
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<Carolian Systems International Inc>
said it anticipates profit for fiscal 1987 ending June 30 will
be lower than fiscal 1986 earnings of 410,000 dlrs, despite an
expected revenue increase of 37 pct to more than 3.5 mln dlrs.
After an extraordinary expense associated with the
December, 1986 withdrawal of a planned common share offering,
"we expect to be modestly profitable for the year, but below the
410,000 dlrs earned in fiscal 1986," the company said.
Carolian previously reported fiscal six month profit of
12,933 dlrs, excluding an extraordinary loss of 17,210 dlrs,
compared to earnings of 69,829 dlrs in the prior year.
The company said it anticipated fiscal 1987 earnings to be
lower due to withdrawal of its share offering, computer
equipment shipment delays and costs associated with sales staff
expansion.
A strengthening Canadian dollar against U.S. currency will
also adversely affect revenues and earnings, since 85 pct of
revenues are generated by sales outside Canada, said Carolian,
a leading supplier of utility software for Hewlett-Packard
computer systems.
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Treasury Assistant Secretary David
Mulford reaffirmed U.S. backing for the Paris Agreement among
six industrial nations to cooperate closely to foster exchange
rate stability around current levels.
In testimony prepared for delivery before a Senate banking
subcommittee, Mulford said there was broad recognition in Paris
that "further substantial exchange rate shifts could damage
growth and adjustment prospects."
But he also said while there are clear understandings among
the countries regarding cooperation, "We have refrained from
establishing a system of target zones or ranges."
Mulford also said the six nations have not spelled out the
way in which they intend to deal with possible market
developments.
He said governments must retain flexibility in dealing with
exchange market pressures and efforts to establish rigid
exchange rate objectives "or to specify too precisely the goals
of intervention" would hurt official attempts to react to
market pressures, he said.
Accordingly, Mulford said setting specific currency
objectives and intervention to achieve those objectives would
be counterproductive.
Commenting on the trade deficit, Mulford reiterated the
Treasury position that the current account deficit will decline
from 148 billion dlrs last year to around 130 billion dlrs this
year, due to the exchange rate adjustments of the past 18
months.
But he added trade imbalances would also be corrected by
commitments from West Germany and Japan to stimulate their
economies and by U.S. efforts to cut the budget deficit and
enhance U.S. competitiveness.
He also said some newly industrialized countries should let
their currencies appreciate.
Reuter
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French operators have requested licences
to export 675,500 tonnes of maize, 245,000 tonnes of barley,
22,000 tonnes of soft bread wheat and 20,000 tonnes of feed
wheat at today's European Community tender, traders said.
Rebates requested ranged from 127.75 to 132.50 European
Currency Units a tonne for maize, 136.00 to 141.00 Ecus a tonne
for barley and 134.25 to 141.81 Ecus for bread wheat, while
rebates requested for feed wheat were 137.65 Ecus, they said.
Reuter
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Neoax Inc said it has
agreed to sell the assets and business of its Novatronics
Division to Veeco Instruments Inc <VEE> for 20 mln dlrs.
Neoax said it expects a gain of about nine mln dlrs on the
transaction which is expected to becomleted during the second
quarter, adding the gain will be sheltered by its tax loss
carryforwards.
Novatronics makes military-specification power supplies and
avionics components for various prime government defense
contractors. It had 1986 sales of 21 mln dlrs.
Reuter
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Qtly div nine cts vs 7.5 cts in prior qtr
Payable April 15
Record March 31
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Don Gevirtz, chairman of The Foothill
Group Inc, told Reuters the company's first quarter results
will be up sharply over last year's eight cents a share.
"First quarter results will be dramatically better," he
said following a presentation to analysts. He cited a sharp
drop in non-earning assets, healthy asset growth and lower
expenses.
He declined to predict specific results for the first
quarter. In the 1986 first quarter, the commerical finance
company earned 606,000 dlrs, or eight cts per share.
Gevirtz also declined to predict full year results, but
said, "We expect an excellent year." In 1986 Foothill earned
3,239,000 dlrs, or 41 cts per share.
Analysts expect Foothill to record earnings of 65 cts to 85
cts a share in 1987.
During the presentation Gevirtz said Foothill has reduced
to less than five pct the company's level of non-performing
assets, which was as high as eight pct in previous years.
David Hilton, chief financial officer, said the company's
general and administrative expenses in 1987 will be reduced to
about 3.0 to 3.5 pct of average assets from 4.3 pct in 1986.
The company had average assets of 399.8 mln dlrs from
continuing operations and 29.8 mln dlrs from discontinued
operations in 1986, according to its annual report.
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The Bank of France intervened on the
market to buy dollars and sell yen to support the U.S.
Currency, dealers said.
A major French bank said it acted for the central bank in
buying between five and 15 mln dlrs against yen.
A dealer at another bank said his bank had been asked to
publicise the intervention, to send a clear signal to the
markets that central banks were acting in concert to maintain
the exchange rates agreed to be appropriate at last month's
meeting of the Group of Five and Canada in Paris.
The dollar was being quoted at 6.0950/70 francs in early
afternoon dealings after a fix of 6.09425 francs.
The major French bank said it sold yen at a rate of 149.28
against the dollar.
The U.S. Currency was subsequently being quoted at
149.25/35.
The Bank of Japan was reported in the market overnight to
bolster the credibility of the Paris accord following several
days of pressure against the dollar.
Pressure developed after U.S. Treasury Secretary James
Baker repeated earlier statements that the Reagan
administration had no targets for the dollar, apparently
undermining the assumption that the agreement in Paris had
fixed broad fluctuation ranges for major currencies.
Baker later said his remark had been misinterpreted.
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Standard Oil Co said British
Petroleum Co Plc's proposed offer of 70 dlrs a share for the 45
pct of Standard's stock not held by BP is being referred to a
special committee of the company's board.
This committee, which is composed of the independent,
non-exective directors of the company, was formed in April 1986
for the purpose of monitoring the relationship between Standard
Oil and BP.
Standard said the group will consider BP's offer in due
course noting the committee has retained the First Boston Corp
and Cravath Swaine and Moore as advisers.
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Anchor Glass Container Corp said
first quarter net income is now expected to exceed the 3.1 mln
dlrs earned before extraordinary items in the year earlier
quarter.
Previously, the company had said first quarter results
would likely be lower than for the 1986 period due to
production disruptions caused by the large number of production
line changes scheduled during the first quarter, its statement
pointed out.
While the disruptive effects of the production line changes
had occurred in line with expectations, Anchor Glass said,
first quarter operating results were helped by lower than
anticipated operating costs and improved margins on sales as a
result of a more favorable product mix.
The company said its income performance for the full year
remains very good.
It also said Anchor Hocking Corp <ARH> has converted the
entire principal balance of its Anchor Glass convertible
subordinated note to 576,694 Anchor Glass common shares.
Anchor Glass said the conversion decreased its total debt
and increased stockholders' equity by about 9.4 mln dlrs and
increased common shares outstanding to 13,902,716.
It said the conversion will also reduce its annualized net
interest expense by about 1.1 mln dlrs, or 600,000 dlrs after
taxes.
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Qtly div five cts vs 2-1/2 cts prior
Pay June 10
Record May 29
NOTE: Prior payment adjusted for two-for-one stock split
declared recently.
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Qtly div seven cts vs seven cts prior
Pay May Eight
Record April 17
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The Bank of England said it provided
about 25 mln stg in late help to the money market, bringing the
total assistance today to 266 mln stg.
This compares with the bank's revised estimate of a 350 mln
stg money market shortfall.
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PHLCORP Inc said for November 14
through December 31, its first reporting period after emerging
from reorganization proceedings, it earned 86,000 dlrs on
revenues of 47 mln dlrs, excluding 2,300,000 dlrs in gains on
the sale of real estate and 800,000 dlrs in tax credits.
The company is the successor to Baldwin-United Corp.
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Foote Mineral Co said it signed a
letter of intent to merge into Rio Tinto-Zinc Corp PLC for
cash.
Foote, 83 pct owned by Newmont Mining Corp, said Newmont
has informally indicated it would vote in favor of the Rio
Tinto proposal.
Foote said terms of the agreement, including price for the
proposed cash transaction, have not been released because they
are subject to a continuing due diligence investigation.
The company said a definitive merger agreement is expected
to be negotiated within six weeks and shareholders are expected
to vote on the deal at a meeting expected to be held in June or
July.
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Cross and Trecker said it
agreed to acquire the Alliance Automation Systems division of
Gleason Corp <GLE> for an undisclosed amount of cash.
It said the Gleason division manufactures automated
assembly and test systems used in the production of small to
medium size components for a number of industries, including
automotive, electronic and appliance.
Alliance Automation had 1986 sales of about 35 mln dlrs and
employs 200.
Reuter
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Oper shr profit seven cts vs loss 12 cts
Oper net profit 216,000 vs loss 401,000
Sales 21.4 mln vs 24.9 mln
NOTE: Current year net excludes 142,000 dlr tax credit.
Company operating in Chapter 11 bankruptcy.
Reuter
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Shr loss five cts vs loss six cts
Net loss 473,784 vs loss 489,257
Revs 268.8 mln vs 81.7 mln
Avg shrs 9,245,247 vs 8,035,326
Year
Shr loss 17 cts vs loss 20 cts
Net 1,512,534 vs loss 1,553,592
Revs 1,448,310 vs 515,225
Avg shrs 8,745,132 vs 7,619,863
Reuter
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Treasurer Paul Keating forecast
economic growth at slightly under two pct in the financial year
ending June this year, down from the 2.25 pct forecast
contained in the 1986/87 budget delivered last August.
Australia's terms of trade also fell, by 18 pct, over the
past two years, he told Parliament. Terms of trade are the
difference between import and export price indexes.
Despite the figures, the budget forecast of about 1.75 pct
annual growth in employment would be met, Keating said.
Unemployment is currently at 8.2 pct of the workforce.
"This government is dragging Australia through a trading
holocaust the kind of which we have not seen since the Second
World War," Keating said.
"We are not pushing this place into a recession. We are not
only holding our gains on unemployment, we are bringing
unemployment down," he said, adding that the government had help
the country avoid recession.
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Qtly div 14 cts vs 14 cts prior
Pay April Eight
Record March 26
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Qtrly div 25 cts vs 25 cts
Pay May 15
Record April 15
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Computer Associates
International Inc said its board has declared a two-for-one
stock split, payable May Seven, record April Seven.
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The St Lawrence Seaway between Lake
Ontario and Montreal is still scheduled to open for the
shipping season on March 31, a Seaway official said.
The Great Lakes could have been open for traffic earlier
this month due to the mild Winter, but scheduled repairs to the
Welland Canal joining Lake Erie with Lake Ontario will keep
that section closed until the April 1 opening, she said.
One lock system in the four-lock Soo Canal joining Lake
Superior with Huron was opened on the morning of March 22, but
only three commercial vessels have been locked through so far,
according to an U.S. Army Corps of Engineers official.
The Soo Canal is currently only open for daylight vessel
movement, with 24 hour movement allowed beginning March 29, she
added.
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A large Dutch animal feed compounder
will begin formal legal proceedings early next month as a test
case on the way the EC grain co-responsibility levy is applied,
a spokesman for Dutch grain and feed trade association, Het
Comite, told Reuters.
Het Comite has been co-ordinating national actions against
alleged distortions caused by currency factors in the levy and,
since December, has lodged more than 80 individual cases with
the Business Appeal Court in The Hague.
The basic complaint is that the levy does not take account
of currency cross-rates of exchange and therefore compounders
in countries with strong currencies may have to pay more in
their own currency than is paid to them by producers in another
country.
Het Comite has obtained a temporary agreement that
companies can pay the amount they receive toward the levy
rather than paying a full guilder amount to the Dutch grain
commodity board.
The spokesman said Het Comite will provide financial and
legal backing to the test case in the Business Administration
Court in the Hague. Oral proceedings are to begin on April 10.
The spokesman said Het Comite finally selected the company
for the test case from among the 80 lodged "because the bill
(the firm) received from the commodity board for payment of the
levy contained significant currency distortions and involved
grain from a wide variety of origins." The name of the company
is not being made public.
The Administration Court is not expected to make a final
ruling on the case in the near future. The Het Comite spokesman
said it was very likely it would refer questions to the Appeal
Court in Luxembourg, and "as a result it could easily be another
nine to 12 months before the matter is finally resolved."
Meanwhile, the actions by Dutch animal feed compounders are
putting pressure on the commodity board to urge the Dutch
government to follow through on earlier statements and seek a
complete review in Brussels of the way in which the levy is
collected, the spokesman said.
Het Comite, as a member of FEFAC, the association of
European animal feed manufacturers, is also a party to actions
protesting the whole levy in the Luxembourg appeal court.
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<Z-Seven Fund Inc> said it expects to
earn six dlrs a share in 1987, up from 4.20 dlrs a share in
1986.
The company said the 1986 net earnings were up 30 pct from
3.22 dlrs in 1985. Net asset value in 1986 rose 35 pct to 16.09
dlrs a share from 11.89 a year earlier, adjusted for a
three-for-two stock split.
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British Petroleum Co PLC's
announcement that its U.S. subsidiary intends to tender for the
45 pct of Standard Oil Co <SRD> it does not already own,
catapulted U.S. oil stocks sharply higher this morning, traders
and analysts said.
"It raises the specter of additional consolidation in the
industry and that is what is boosting the other oils," analyst
Rosario Ilacqua of L.F. Rothschild said.
Sanford Margoshes of Shearson Lehman Brothers said "this
deal shows that British Petroleum, a conservative investor that
knows the oil business, is clearly confident in the U.S. oil
industry, and that shines well on the U.S. companies."
More
| [
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Shr 15 cts vs 11 cts
Net 900,334 vs 482,705
Revs 28.7 mln vs 18.8 mln
Avg shrs 6,195,527 vs 4,551,105
Shr 51 cts vs 31 cts
Net 2,713,912 vs 1,402,696
Revs 98.7 mln vs 67.9 mln
Avg shrs 5,369,833 vs 4,551,105
NOTE: Share adjusted for three-for-two stock split
effecitive March 2, 1987.
Weston said earnings for the firstg quarter will be about
flat due to the recent substantial addition of management and
technical staff and an expansion in the Southeastern and
Northwestern U.S.
The company said full-year earnings and revenues are
expected to be higher. The company today reported 1986
earnings of 2,713,912 dlrs, up from 1,402,696 dlrs in 1985, and
revenues of 98.7 mln dlrs, up from 67.9 mln dlrs.
Weston earned 492,000 dlrs in last year's first quarter.
Reuter
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Blockbuster Entertainment Corp said it
agreed to buy <Southern Video>, a Blockbuster licensee in San
Antonio.
Blockbuster said it will issue 80,460 shares of its common
stock for all the net assets of Southern Video.
The company said after the acquisition is complete, it
intends to open additional Blockbuster Video Superstores in the
San Antonio market.
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Contel Corp said it has agreed in
principle to acquire <Walker County Telephone Co> of LaFayette,
Ga., for an undisclosed amount of common stock.
Walker has 7,600 customers in northeast Georgia.
The company said the agreement is subject to approval by
regulatory agencies, both boards and Walker shareholders.
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Treasury Assistant Secretary David
Mulford said the Paris agreement among leading industrial
nations is intended to produce "reasonable stability" in exchange
markets over the next few months.
He told a Senate Banking subcommittee the Group of Five
nations and Canada agreed in Paris to "see if there can't be a
period of reasonable stability instead of volatility" to give
time for the committments in Paris to take place.
Asked by Sen Phil Gramm (R-Tex) whether U.S. intervention
was not in fact overvaluing the dollar, Mulford replied that
the administration judged that after economic adjustments,
current exchange rates reflect underlying economic
fundamentals.
In particular, the stability sought by the nations would
allow West Germany and Japan to stimulate their economies
domestically and the U.S. to cut its budget deficit, Mulford
said in his testimony.
He stressed that a further sharp fall in the dollar would
hurt the ability of Germany and Japan to boost growth.
Mulford noted that half of West Germany's economy was
affected by international developments.
He also said increased Japanese domestic growth would
result in more U.S. exports to Japan and would not necessarily
lead to greater Japanese capital flows to the U.S., as Gramm
asserted, if Japan reformed its domestic capital market.
Commenting on the Paris agreement, Mulford said, "I think
exchange rates ought to be stabilized so (Germany's and
Japan's) efforts can be carried out.
Mulford rejected Gramm's argument that faster domestic
growth in Germany and Japan would result in an even lower
dollar.
Mulford said the administration wanted to achieve a pattern
of higher growth overseas as a way of improving the U.S. trade
deficit.
Otherwise, he said, the trade deficit would be resolved
either through a much lower dollar or a U.S. recession, both
alternatives he termed unacceptable and undesirable.
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Thermo Process Systems Inc said
it completed its purchase of Thermo Process Services Inc, a
subsidiary of Thermo Electron Corp <TMO>.
Thermo Process Systems said it issued 2,590,000 shares of
its common stock to Thermo Electron in connection with the
sale.
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Siemens AG's <SIEG.F>
fully-owned subsidiary Siemens Informations Systems Inc. Has
raised its stake in Telecom Plus Communications Inc. By 65 pct
to 100 pct, a Siemens spokesman said.
He added that Telecom Plus Communications was the largest
independent supplier of telephone exchange systems in the U.S.
And had achieved a turnover of 234 mln dlrs in 1986.
The stake had been acquired from Telecom Plus International
Inc. The spokesman declined to comment on U.S. Newspaper
reports that the purchase price of the remaining stake totalled
173 mln dlrs.
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Fruehauf Corp, which went private in
December through a leveraged buyout, said the predecessor
company had a 1986 loss of 60.9 mln dlrs compared to earnings
of 70.5 mln dlrs in 1985.
Sales of the predecessor company were 2.68 billion dlrs
compared to 2.56 billion dlrs in 1985, including the sales by
the operations which are divestiture candidates.
Fruehauf said in connection with the buyout acquisition,
the predecessor company incurred about 97 mln dlrs in expenses
charged against 1986 operations.
In addition to the direct expenses, Fruehauf said operating
results were adversely affected by an unquantifiable amount due
to the disruption related to a proxy contest and attempted
hostile takeover which started in early 1986.
Fruehauf said its board rescheduled the annual meeting to
June 18 from May 7 to allow for completion and distribution of
the 1986 results to shareholders.
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Michigan General Corp said
it agreed to sell substantially all of the assets and certain
liabilities of its Krestmark subsidiaries to LCB Holdings Inc
for 6.5 mln dlrs cash.
Sale of Texas-based Krestmark, a maker of doors, door
frames and other products, will allow Michigan General to
concentrate on retailing through its Diamond Lumber and
Savannah Wholesale units.
Proceeds of the sale will be used to reduce debt. The deal
is subject to execution of a definitive agreement.
Krestmark had revenues of about 40 mln dlrs and operating
losses of three mln dlrs in 1986, the company said. It has been
accounted for as a discontinued operation since last September.
Dallas-based LCB is a privately-held maker of structural
steel joists and rack and storage handling systems.
Michigan General also said its Diamond Lumber homebuilding
products retail unit closed nine unprofitable stores in the
first quarter and reduced its headquarters staff by 10 pct. The
nine closed stores, which had pretax operating losses of 1.7
mln dlrs in 1986, are being sold to provide cash for
operations.
About 4.5 mln dlrs of inventory from the stores is being
transferred to other locations, the company said.
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Rabbit Software Corp said it
agreed in principle to merge with <CTI Data Inc>, a privately
owned communications company.
According to terms, CTI holders and employees will receive
200,000 shares of Rabbit stock and royalties on sales of CTI
Products. CTI will become a wholly owned subsidiary of Rabbit.
The deal is subject to completion of a definitive merger
agreement, receipt of third party approvals and other
conditions, the company said.
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Shr loss 60 cts vs loss 43 cts
Net loss 3,012,000 vs loss 2,114,000
Revs 102.8 mln vs 134.9 mln
Year
Shr loss 1.48 dlr vs loss four cts
Net loss 7,338,000 vs loss 180,000
Revs 354.9 mln vs 469.2 mln
NOTE: 1986 4th qtr and year net includes a loss of 623,000
dlrs and a gain 1,910,000 dlrs or 39 cts per share for an
extraordinary item.
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Qtly div 25 cts vs 25 cts prior
Pay May 15
Record April 15
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Shr loss two cts vs loss four cts
Net loss 44,000 vs loss 85,000
Sales 370,000 vs 299,000
Nine mths
Shr loss seven cts vs loss three cts
Net loss 134,000 vs loss 56,000
Sales 1,211,000 vs 1,069,000
NOTE: Prior nine mths net includes 10,000 dlr loss on sale
of marketable securities.
Prior quarter net includes 1,000 dlr tax credit.
Current year net includes provisions for loss on investment
in preferred stock of 4,000 dlrs in quarter and 15,000 dlrs in
nine mths.
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Bank of Boston Corp expects first
quarter earnings will range between 90 cts and one dlr a share,
up from 79 cts a share last year, Chairman William Brown said.
He told shareholders the company has a 190 mln dlr exposure
in loans to Brazil if that country defaults on its debt
payments. If a default does occur, it would first quarter
earnings by about five cts a share, which would bring the
bank's in the lower level of the estimated range, he added.
Brown noted the 1986 first quarter net included a 17 cts
gain from loan restructurings which will not appear this year.
Brown said the bank's other nonperforming assets, not
including its Brazilian exposure, could rise to over 700 mln
dlrs at the end of this quarter compared with 669 mln dlrs a
year earlier and 614 mln dlrs at the end of 1986.
He said the increase includes all of its Equadorian loans
which he expects will be ultimately repaid after the company
recovers from an earthquake earlier this year.
Brown said the increase also includes some Mexican and
Venezuelan loans as those nations are also facing credit
problems.
Brown said the Bank of Boston remains "cautiously optimitic
about the full year even if our Brazilian exposure were to be
on nonaccural all year." In 1986, the bank earned 3.69 dlrs a
share, or 232.8 mln dlrs on net interest revenues of 1.08
billion dlrs.
President Ira Stepanian told the shareholders's meeting the
bank's total loans to Argentina, Brazil and Mexico totaled 875
mln dlrs at the end of 1986, 37 pct of its primary capital.
Brazil loans total 300 mln dlrs, of which about two-thirds are
affected by its suspension of interest payments on its medium
and long term foreign debt.
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The Federal Reserve is expected to
enter the U.S. government securities market to add reserves
during its usual intervention period today, economists said.
With federal funds trading at a steady 6-3/16 pct, most
economists expect an indirect injection of temporary reserves
via a medium-sized round of customer repurchase agreements.
However, some economists said the Fed may arrange more
aggressive system repurchase agreements.
Economists would also not rule out an outright bill pass
early this afternoon. Such action had been widely anticipated
yesterday but failed to materialize.
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The Bank of France intervened to buy
small amounts of dollars and sell yen in Paris today to
stabilise the exchange rates agreed at last month's meeting of
Finance Ministers of the Group of Five and Canada, foreign
exchange dealers said.
But they said recent central bank intervention in the
foreign exchange markets appeared to be a limited reaction to
temporary pressures rather than a major defence operation.
A Bank of France spokesman declined all comment but sources
close to the central bank said it had also intervened
yesterday.
Dealers said the earlier intervention was in concert with
the Bundesbank and Bank of Japan.
The sources said the French central bank could have been in
the market again today in two-way operations, not necessarily
on its own account, but to counter short-term pressures arising
from the end of the Japanese financial year on March 31.
One major French bank said it bought between five and 15
mln dlrs for the central bank and sold yen at 149.28 to the
dollar.
Another bank said it had been asked by the Bank of France
to say it was in the market, a departure from the central
bank's usual insistence on confidentiality.
But other banks said they had seen no sign of intervention,
which they said appeared to be on a very limited scale.
"Even if 10 banks were buying five to 15 mln dlrs, you would
still be talking of a small overall amount," said one dealer.
Recent intervention by the Bank of Japan appeared mainly to
have been required to meet year-end window dressing demand for
yen. "This is a specific short term phenomenon rather than a
wider trend," the dealer said.
Operators have been extremely cautious about testing the
dollar's trading ranges against the West German mark and
Japanese yen.
These ranges were set in February's stabilisation agreement
reached here by U.S. Treasury Secretary James Baker and the
Finance Ministers of Japan, Germany, France, Britain and
Canada.
But speculative pressures started to build again this week
after Baker was quoted on British television at the weekend as
repeating earlier statements that Washington had no target for
the dollar.
Baker yesterday moved to defuse speculation he was talking
the dollar down, telling a Cable News Network interviewer and a
Senate committee he stood by the Paris agreement. Foreign
exchange markets had been misreading his comments, he said.
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British Petroleum Co PLC's
announcement that its U.S. subsidiary intends to tender for the
45 pct of Standard Oil Co <SRD> it does not already own,
catapulted U.S. oil stocks sharply higher this morning, traders
and analysts said.
"It raises the specter of additional consolidation in the
industry and that is what is boosting the other oils," analyst
Rosario Ilacqua of L.F. Rothschild said.
Sanford Margoshes of Shearson Lehman Brothers said "this
deal shows that British Petroleum, a conservative investor that
knows the oil business, is clearly confident in the U.S. oil
industry, and that shines well on the U.S. companies."
Philips Petroleum <P> gained 3/4 to 15-7/8, Occidental
Petroleum <OXY> one to 34-5/8, USX Corp <X>, with its Marathon
Oil Co unit, rose 1/2 to 28-3/8. Exxon <XON> climbed one to
88-3/8, Mobil <MOB> one to 50-1/4, Atlantic Richfield <ARC>
3-1/8 to 80-1/2, Amoco <AN> 1-7/8 to 84-1/8, and Amerada Hess
one to 33-5/8. BP gained 2-3/8 to 59-3/4.
Both analysts said the rise in Standard's price this
morning to above the proposed tender price of 70 dlrs a share,
is an indication that investors expect the bid to be sweetened.
Standard gained 6-3/4 to 71-5/8.
The analysts cited Royal Dutch/Shell Group's <RD> <SC> bid
for Shell Oil Co, which was sweetened before its successful
conclusion.
Margoshes said the BP action "is an articulation of the
underlying value of oil companies in the marketplace." But he
expressed skepticism that this will necessarily lead to
heightened merger or buyout activity in the oil group.
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<Norcen Energy Resources Ltd>,
41 pct owned by <Hees International Corp>, said earnings and
cash flow will improve in 1987, even if oil and gas prices
remain at 1986 levels.
The improvement will result from production increases,
lower taxes and royalties, reduced financing costs and from
operating efficiencies and downsizing put into place during
1986, the company said in the annual report.
Norcen previously reported 1986 earnings, excluding a 20.1
mln dlr writeoff, declined by 58 pct to 50.0 mln dlrs from
119.7 mln dlrs in in 1985.
Norcen's 1986 cash flow fell 10 pct to 204.9 mln dlrs from
228.9 mln dlrs in the prior year.
It said the sharp decline in oil prices during 1986 was the
most significant factor for Norcen's reduced performance.
"While financial results are far from the previous year's
record levels, it is clear that Norcen has withstood declining
prices and remains financially and operationally strong," Norcen
said. It did not give a specific 1987 profit forecast.
The company said it is well positioned to capitalize on
profitable opportunities in its core business areas, and will
continue to invest to increase revenue and asset values.
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Siemens AG <SIEG.F> rebutted U.S.
Criticism it is blocking American Telephone and Telegraph
Corp's <T.N>, AT and T, entry into French telecommunications
firm <Compagnie Generale Constructions Telephoniques>, CGCT.
Management board member Hans Baur told journalists that the
acquisition of a joint 20 pct stake in CGCT by AT and T and
Philips Gloeilampenfabrieken NV <PGLO.AS> had not been decided
on two years ago as claimed by AT and T.
The French government, which owns CGCT, had asked Siemens
at the start of 1986 to submit an offer for the stake in CGCT.
The result of the negotiations was still open.
Baur said Siemens had first made an offer last summer.
The Handelsblatt newspaper today quoted AT and T chairman
James E. Olson as saying that Siemens' attempt to stop AT and T
and Philips could lead to a resurgence of protectionism in the
U.S.
Baur said he expected the French government to decide on
the winning bid by the end of April. CGCT's share of the French
switchboard market amounts to around 16 pct.
The French government has limited CGCT participation by
foreign companies to 20 pct and set a price of 500 mln francs
for the whole company.
Bauer said the 20 pct limitation would only apply to the
initial stake. He did not rule out a stake increase later but
said Siemens' aim was to introduce its technology.
Bauer said Siemens and French telecommunications firm
<Jeumont-Schneider SA> submitted a joint offer at the start of
March because of the 20 pct limitation. Both companies will
form a joint venture to take over the whole of CGCT.
Siemens will have a 20 pct stake in the new company while
Jeumont-Schneider will own 80 pct. Apart from investing 100 mln
francs for the modernisation of CGCT, a new research centre
with was also being planned.
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Ford Motor Co neared General Motors
Corp last year in executive bonuses, while it topped the larger
automaker in profit sharing payments to workers.
Ford, which outstripped GM in earnings last year, said its
1986 incentive bonuses totaled 167 mln dlrs, slightly behind
General Motors' 169.1 mln.
General Motors, however, did not make any profit-sharing
payments to its workers, while Ford made a profit-sharing
distribution of 372 mln dlrs, or 2,100 dlrs per worker.
General Motors, which saw its earnings drop to 2.94 billion
dlrs from 1985's 3.99 billion, said the 1986 profit was "not
sufficient to generate a payout under the profit-sharing
formula."
Ford, which earned 3.28 billion dlrs in 1986, up from 2.51
billion in 1985, said it "recognizes employees' efforts and
fulfills its commitment to them in many ways, including
profit-sharing."
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Treasury Assistant Secretary David
Mulford said he did not believe that West Germany and Japan
have yet carried out their international responsibilities.
"I do not believe they have up to this time," Mulford told
a Senate banking subcommittee.
He said that for the U.S. trade deficit to continue
improving in the next two years, "We need more policy actions"
across the entire front of U.S. trade relations, including
Canada and the newly-industrialized countries (NICS).
In particular, he said, efforts by South Korea and Taiwan
to strengthen their currencies were still disappointing.
Mulford also said that OECD nations need to grow an average
three pct to help resolve the international debt crisis.
He noted that Japanese and European imports from Latin
nations were significantly smaller than imports into the U.S.
He stressed both Germany and Japan must continue to take
economic and structural measures to ensure stronger sustained
economic growth.
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Pier 1 Imports Inc said its
board declared a three-for-two split of its common stock and
its 25 cents preferred stock, and declared a regular quarterly
dividend of two cents per share on the pre-split shares of
common stock outstanding.
Pier 1 also declared a 12.5 pct annual dividend increase
for the post-split common shares. The split will be effected in
the form of a 50 pct stock dividend on both classes.
The company said shareholder approval is required for an
increase in authorized shares of common stock to 100 mln from
25 mln.
It said approval is also needed for an increase in
authorized shares of preferred stock from one million to five
million. It said voting will be conducted at its annual
shareholder meeting on June 24.
Pier 1 said there are currently 19.1 million shares of
common stock and 960,000 shares of 25 cts preferred stock
outstanding.
The split shares will be distributed on June 29 to
shareholders of record May 13. The two cts per share quarterly
cash dividend will be payable May 29 to shareholders of record
May 13.
"The increase in shares outstanding will broaden the base
of stock ownership in the company, and the dividend increase
reflects the directors' positive outlook for the future
prospects of Pier 1 Imports," said Clark Johnson, president and
chief executive officer.
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Shr 12 cts vs 15 cts
Net 282,000 vs 360,000
Revs 5,261,000 vs 5,348,000
Avg shrs 2,336,000 vs 2,335,000
Year
Shr 91 cts vs 1.04 dlrs
Net 2,149,000 vs 2,075,000
Revs 28.2 mln vs 28.3 mln
Avg shrs 2,356,000 vs 2,001,000
NOTE: 1986 quarter net includes 72,000 dlr charge from
repal of investment tax credit.
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Shr 16 cts vs 11 cts
Net 1,888,000 vs 1,307,000
Revs 7,365,000 vs 5,877,000
Year
Oper shr 58 cts vs 40 cts
Oper net 7,005,000 vs 4,866,000
Revs 27.1 mln vs 21.1 mln
NOTE: Prior year net excludes 263,000 dlr loss from
discontinued operations and 2,073,000 dlrs on disposal.
Share adjusted for stock dividends.
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Shr two cts vs one ct
Net 83,000 vs 32,000
Revs 11.2 mln vs 7,625,000
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Shr loss 97 cts
Net loss 1,364,453
Sales 737,971
NOTE: Company in development stage.
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HealthMate Inc said its
auditors, Laventhol and Horwath, indicated they will issue a
qualified opinion on the company's financial statements.
The company, which went public in March 1985, earlier
reported losses for the fourth quarter.
It said the auditor's statement, known as a "subject to"
opinion, cautions that, because of continuing operating losses
and negative cash flow, it must achieve profitable operations
or acquire additional equity capital or other financing to
continue in existence.
HealthMate reported a loss for the year of 1,512,534 dlrs,
or 17 cts a share on revenues of 1.4 mln dlrs. A year ago, it
had a loss of 1,553,592 dlrs, or 20 cts a share on revenues of
515,225 dlrs.
It said the increased sales reflect initial shipments of
its FluoroScan Imaging Systems, low radiation X-ray imaging
devices that recently were classified by Underwriters
Laboratories Inc.
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Shr loss five cts vs loss six cts
Net loss 473,784 vs loss 489,257
Revs 268,797 vs 81,725
Avg shrs 9,245,247 vs 8,035,326
Year
Shr loss 17 cts vs loss 20 cts
Net 1,512,534 vs loss 1,553,592
Revs 1,448,310 vs 515,225
Avg shrs 8,745,132 vs 7,619,863
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USAir Group Inc said the U.S.
Department of Transportation has issued an order allowing it to
purchase and hold in a voting trust the 9,309,394 Piedmont
Aviation Inc shares USAir is seeking in its current 69 dlr per
share tender offer.
The company said the new order supersedes an order issued
by the department last Friday that would have required USAir to
sell within one week of expiration of the tender any Piedmont
shares it held in excess of 51 pct of the Piedmont stock then
outstanding.
The company said the 9,309,394 Piedmont shares, together
with the 2,292,599 Piedmont shares already owned by USAir,
constitute about 50.1 pct of Piedmont's shares on a
fully-diluted basius but about 61.0 pct of shares currently
outstanding.
The shares are to be held in a voting trust pending the
department's review of USAir's application to obtain control of
Piedmont.
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Shr 34 cts vs 20 cts
Net 2,253,000 vs 1,332,000
Sales 89.7 mln vs 85.9 mln
Year
Shr 94 cts vs 64 cts
Net 6,191,000 vs 4,257,000
Sales 316.4 mln vs 286.7 mln
NOTE: Prior year net both periods includes 2,100,000 dlr
charge from sale of Craft Showcase stores.
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The Bundesbank's options for West
Germany monetary policy are limited for the foreseeable future
by the delicate stage of wage negotiations between unions and
employers, economists and money market dealers said.
Call money fell in quite active trading today, dropping to
3.40/50 pct from 3.55/65 pct yesterday, and below the 3.50 pct
treasury bill rate as a difficult month-end approached.
But dealers and economists said the Bundesbank was unlikely
to encourage lower rates in the foreseeable future largely for
fear of upsetting the current wage round.
One money market dealer for a major foreign bank said, "I
don't think the Bundesbank wants rates to go up whatever
happens. But it also does not want them to fall. Above all it
wants to wait to see how the unions wage round goes."
In West Germany, unions and employers prepare the ground
for triennial wage negotiations based on detailed assessments
of growth and inflation, economists said.
Ute Geipel, economist with Citibank AG, said if the
Bundesbank became more accommodating in monetary policy,
raising fears in some quarters of a return in inflation in the
medium term, unions would be obliged to curtail wage demands.
As a result the Bundesbank was concerned to make no move
that would interfere in the negotiating process, Geipel said.
In the current round, the country's most powerful union,
the IG Metall representing metalworkers and engineers, is
demanding a shortening of the working week to 35 hours from the
present 38-1/2 and an accompanying five pct increase in wages.
The engineering employers' association, Gesamtmetall, is
offering to bring in a 38-hour-week from July 1, 1988, and give
a two stage wage increase -- a 2.7 pct rise from April 1 this
year and another 1.5 pct from July 1, 1988.
The agreement forged by IG Metall -- Europe's largest
union, with 2.5 mln members -- and the employers would set the
benchmark for settlements in other industries such as the
public sector, banks and federal post office. Negotiations
began in December and unions are hopeful they may conclude by
early April, ahead of the traditional holiday period in June.
Though many economists said the unions' current warning
strikes and rhetoric were part of the negotiating strategy and
would not lead to a repeat of 1984's damaging seven-week
strikes, others said unions would not compromise greatly on
their positions and there could still be conflict.
This could extend the length of time in which the
Bundesbank would keep its activity low-key, economists said.
The money market head said the unions' humiliation by the
protracted financial problems of the Neue Heimat cooperative
housing venture would contribute to union obstinacy.
"The unions haven't forgotten that and they will put this
squarely onto the account in the negotiations," he said.
In addition, the newly-elected chairman of the IG Metall
union, Franz Steinkuehler, was more radical and determined than
his predecessor Hans Meyer and may be set for a longer battle
to achieve the best possible settlement for his membership.
More than 16,000 engineering workers at 45 firms, mainly in
south Germany, held warning strikes lasting up to two hours
yesterday. Firms hit included Zahnradfabrik Passau GmbH and
aerospace group Messerschmitt-Boelkow-Blohm GmbH.
Today, 28,000 employees from 110 companies came out in
warning strikes, a statement from IG Metall said.
Money market dealers said that overnight call money rates
would rise in the near future in any case and did not depend on
a politically-inhibited Bundesbank.
About eight billion marks were coming into the market
tomorrow from salary payments by the federal government.
As a result, some banks fell back on the Bundesbank's offer
to mop up liquidity via the sale of three-day treasury bills,
anticipating still lower rates before the month-end.
But a pension payment date by banks on behalf of customers
was due on Monday, other dealers noted. If banks were short of
liquidity until the bills matured on Tuesday, rates could soar,
perhaps to the 5.50 pct Lombard ceiling.
Banks were well stocked up with funds, having an average
52.1 billion marks in Bundesbank minimum reserves in the first
24 days of March, well above the 50.7 billion requirement.
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President Nobuo Ito of International
Telecom Japan Inc (ITJ), one of two rival firms seeking to
enter Japan's international telecommunications market, said it
will offer a stake in the company to 10 foreign firms.
But he declined to specify what share the firms would
take, and told Reuters they would not participate in its
management.
ITJ and International Digital Communications Planning Inc
(IDC), in which both Cable and Wireless Plc and Pacific Telesis
Group own 20 pct stakes, are set to merge into a new entity to
compete against Kokusai Denshin Denwa Co Ltd.
Reuter
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Siemens AG's <SIEG.F>
fully-owned subsidiary Siemens Informations Systems Inc. Has
raised its stake in <Telecom Plus Communications Inc.> by 65
pct to 100 pct, a Siemens spokesman said.
He added that Telecom Plus Communications was the largest
independent supplier of telephone exchange systems in the U.S.
And had turnover of 234 mln dlrs in 1986.
The stake had been acquired from Telecom Plus International
Inc. The spokesman declined to comment on U.S. Newspaper
reports that the purchase price totalled 173 mln dlrs.
Reuter
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