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Metropolitan Financial Corp said it signed an agreement to acquire the stock of closely held Rothschild Financial Corp, St. Paul, Minn. Details of the purchase were withheld. It said Rothschild in 1986 originated 500 mln dlrs of mortgage loans, and its loan servicing portfolio stands at 1.4 billion dlrs. Officials of both companies estimated their combined efforts could produce originations of 800 mln dlrs and a loan servicing portfolio "well over 2.0 billion dlrs by yearend." Reuter
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The Bank of England said it gave the money market a further 663 mln stg assistance in the afternoon session. This takes the Bank's total assistance so far today to 928 mln stg and compares with its forecast shortage which it earlier revised up to 850 mln stg from 750 mln. The central bank purchased bills in band one at 9-7/8 pct comprising 267 mln stg bank bills, four mln stg local authority bills and one mln stg treasury bills. It also bought 378 mln stg bank bills and 13 mln stg of treasury bills in band two at 9-13/16 pct. REUTER
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The Austrian National Bank did not intervene on the foreign exchange markets today to support the dollar, deputy banking department chief Herbert Danzinger told Reuters. He denied a suggestion by a dealer at one Vienna bank that the National Bank had sold marks to support the U.S. Currency. Senior dealers at Creditanstalt and Girozentrale, Austria's two largest banks, said they would have been aware of any National Bank intervention. Any dollar purchases by the Bank today were for purely day-to-day purposes, they said. REUTER
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Hanson Trust Plc <HAN> said its U.S. subsidiary, Hanson Industries, sold PCR Inc, a specialty chemicals unit, for 6.25 mln dlrs in cash to <Chemical Partners Inc>. Hanson Industries said it acquired PCR Inc in 1986 as part of its purchase of <SCM Corp>. PCR Inc posted an operating loss in 1986 of 381,000 dlrs on sales of 13.2 mln dlrs, the company said. Reuter
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<Elders IXL Ltd>, of Australia, said wholly owned IXL Holdings Canada Inc extended its previously announced offer to acquire all outstanding shares of Carling O'Keefe Ltd to midnight April 23, 1987, from March 25. The 18-dlr-a-share offer is being extended for Elders to obtain Canadian federal government approval for the acquisition of control of Carling. Elders said its application to Investment Canada is still being processed under normal review procedures. Up to March 26, 19,962,000 shares or 92 pct of Carling's stock has been deposited under the offer, Elders said. Elders also said it arranged for a credit facility of up to 390 mln dlrs, shared equally between two Canadian banks, which would be available to acquire shares under the offer. Reuter
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Shr loss 35 cts vs loss seven cts Net loss 718,269 vs loss 145,216 Revs 1,394,080 vs 2,608,083 NOTE: full name of company is standard bred pacers and trotters Inc. Reuter
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Multivest Corp said it has ended talks on <Oryx Capital Corp>'s possible acqusition of Multivest and is starting an offer of 1.51 dlrs a share for all the oustanding shares of <T.B.C. Industries Inc>. Multivest said its T.B.C. tender offer is scheduled to expire April 30. Reuter
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Shr 77 cts vs 37 cts Net 13.5 mln vs 4.8 mln Revs 70.8 mln vs 60.8 mln Avg shrs 17.5 mln vs 12.9 mln NOTE: 1986 net includes gain of 18 mln dlrs from sale in Dec 1986 of a 50 pct interest in its cellular telephone operations to BellSouth Corp. Net income also reflects non-recurring charges of 8,400,000 dlrs recorded in the fourth qtr 1986, primarily reflecting revaluation of assets. Full name of company is mobile communications corp of america. Reuter
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Shr 23 cts vs 12 cts Net 1,535,000 vs 783,000 Rev 40.0 mln vs 28.7 mln Reuter
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Spartech Corp said it plans a one for five reverse stock split and has filed a registration statement with the Securities and Exchange Commission covering a planned 25 mln dlr offering of convertible subordinated debentures due 1999. Spartech said the debenture offering will be underwritten by Kidder Peabody and Co. The company said the split will be effective on stock of record April eight. Reuter
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Restaurant Associates Industries Inc said it expects to record a pretax gain of 3.3 mln dlrs in the first quarter from the sale and lease of real estate. The company said it received a 2.5 mln dlrs partial payment in connection with the sale of property in Manhattan and an additional one mln dlrs for early termination of the lease for its headquarters, which was relocated in February. The outstanding balance of about 8.5 mln dlrs on the sale of the property will be paid at closing scheduled for Sept 28, 1987, it said. In the first quarter ended March 31, 1986, Restaurant Associates reported net income of 313,000 dlrs or seven cts a share on sales of 40.8 mln dlrs. Reuter
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<Hudson's Bay Co> said it signed a letter of intent to sell its Hudson's Bay Wholesale unit to a private investment group. Terms were not disclosed. The company said Normal Paul, a member of the private investment group, will head Hudson's Bay Wholesale management. The unit's existing management group, headed by Ron McArthur, will also participate in ownership, the company said without elaborating. The wholesale unit is a major distributor of tobacco, confectionary and other products through 34 wholesale and 28 vending branches in Canada. 1986 sales were 798 mln dlrs. Hudson's Bay said the sale of its wholesaling unit is part of a program to concentrate financial and management resources on its core business of department stores and real estate. Reuter
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Shr loss 3.41 dlrs Net loss 354 mln vs loss 53 mln Revs 825 mln vs 830 mln Avg shrs 103.8 mln Year Shr loss 5.33 dlrs Net loss 426 mlnm vs loss 66 mln Revs 3.17 billion vs 1.83 billion Avg shrs 80 mln NOTE: The company had no shares outstanding in 1985. On March 16, it had 109,244,315 shares oustanding. Losses include pre-tax restructuring charges of 286 mln dlrs in both 1986 periods vs 47 mln dlrs in both 1985 periods 1986 year loss also includes charge of about 100 mln dlrs for amortization of good will Reuter
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Qtly div 36 cts vs 33 cts prior Pay May one Record April 14 Reuter
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Tokheim Corp, manufacturer of electronic petroleum marketing systems, said it expects shipments of Tokheim Convenience Systems (TCS), its new family of dispensers, to improve its sales trend throughout 1987. Tokheim said shipments of TCS will begin in the second quarter. Earlier, the company reported first quarter, ended February 28, earnings of 1.5 mln dlrs, or 23 cts a share, up from 783,000 dlrs, or 12 cts a share, in last year's first quarter. Sales rose as well, it said, to 40.0 mln dlrs, from 28.7 mln dlrs in the prior first quarter. Reuter
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Safety-Kleen Corp said it agreed in principle to acquire McKesson Envirosystems Co, a subsidiary of McKesson Corp. It said McKesson Envirosystems' current annual gross revenues are about 14 mln dlrs. The company collects flammable solvents from its industrial customers for a fee, after which it analyzes and processes the solvents before they are burned. Reuter
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The Commodity Credit Corporation, CCC, has accepted bids for export bonuses on 36,000 tonnes of durum wheat to Algeria, the U.S. Agriculture Department said. The department said the bonuses awarded averaged 40.42 dlrs per tonne and will be paid to exporters in the form of commodities from CCC inventories. The bonuses were made to Cam USA, Inc, the department said. The wheat is for shipment May 1-10, 1987. An additional 264,000 tonnes of durum wheat are still avaiable to Algeria under the Export Enhancement program initiative announced on March 16. Reuter
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Westinghouse Electric Corp said earnings per share growth will exceed sales growth and will be in the double digit range through 1989. In 1986, the company earned 4.42 dlrs a share on revenues of 10.7 billion dlrs. Speaking at a meeting for securities analysts, Douglas Danforth, Westinghouse's chairman, said the company's sales growth target is about 8.5 pct a year for 1988 and 1989, "given an economic environment that remains on a moderate growth course." He also said the company will make acquisitions, but he did not specify particular targets. Paul E. Lego, senior executive vice president told the analysts "our plans do not call for a multibillion dlr acquisition, even though our balance sheet can handle one. Despite this disclaimer, if we identify a major acquisition that has significnt value-creating for Westinghouse...we will consider it." He said the company would consider an acquisition candidate that is in an area compatable with Westinghouse's primiary businesses. Danforth said the corportation was focused in several key areas including defense electronics, financial services, broadcasting, electrical products and services for construction and industrial and utility markets. Danforth added that he expects Westinghouse's sales to grow faster than the markets the corportation serves and "surely faster than GNP." He said earnings per share growth is expected to consistently exceed the Standard and Poor's 500 index and return on equity will remain in the 18 to 21 pct range. Leo W. Yochum, senior executive vice president for finance, told the analysts "we will consider buying back stock" but there are no current plans for such a buyback. Yochum said that at the company's current level of earnings it could comfortably maintain higher debt levels and that Westinghouse will use its debt capacity to improve shareholder value. Last year, Westinghouse established a 790 mln dlrs restructuring reserve to be used for plant consolodation, assett writedowns and other items. Yochum said, the company spent 306 mln dlrs of that reserve in 1986 and will spend 344 mln dlrs of the reserves in 1987. The balance will be used in 1988. He also said, capital expenditures should be about 400 mln dlrs in 1987. Reuter
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Clearwater Fine Foods Inc, a Canadian company minority owned by Hillsdown Holdings PLC of London, has acquired Channel Foods Ltd, a Cornwall, England producer of chilled smoke fish and pate products, Hillsdown said. Privately held Clearwater was sold for three mln stg, the company said. Reuter
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Shr loss 1.30 dlrs Net loss 25.6 mln Revs 20.5 mln Note: Prior results not given. Shr and net include change in accounting policy, resulting in loss of 22.8 mln dlrs or 1.16 dlrs share. Results in U.S. funds Reuter
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NATO ambassadors met in emergency session today to discuss tension between members Greece and Turkey over a disputed area of the Aegean Sea on the Western Alliance's southern flank, Greek diplomatic sources said. They said no information had yet emerged from the meeting, called after statements from both countries that they were prepared to back rival oil exploration teams with warships. General Guven Ergenc, Secretary General of the Turkish General Staff, said today the Turkish research ship Sismik 1, escorted by an unspecified number of warships, would sail into disputed waters in the Aegean Sea tomorrow morning. Greek Prime Minister Andreas Papandreou said "The military readiness of our country is able now to give a very hard lesson if our neighbours (Turkey) were to carry out military actions." The row erupted when the Greek government said last month that it was taking control of a Canadian-led consortium which was already producing oil off the Greek island of Thassos and would drill in the same area after the takeover. REUTER
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Hanson Trust Plc <HNSN.L> said its U.S. Subsidiary, Hanson Industries Inc, is to sell PCR Inc, a speciality chemicals unit, for 6.25 mln dlrs cash to <Chemical Partners Inc>. PCR had sales of 13.2 mln dlrs in fiscal 1986 and an operating loss of 381,000 dlrs. Reuter
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The British government may revoke the licences of selected Japanese banks and securities companies operating in London's financial City when they come up for renewal next summer if progress is not made towards opening up Japan's markets to foreign competition, government sources said. "We can't say "yes, we are going to do it (revoke licences)" but this is definitely being considered," an official said. His comments came after the government was formally urged today by a cross-section of influential MPs to take joint retaliatory action with the United States against Japan. Britain has grown increasingly impatient with Japanese trade practices. "There's a sense of urgency here now, but the emphasis is on securing - not undermining - our interests in Japan," another government official told Reuters. Prime Minister Margaret Thatcher said on Thursday that Britain would not hesitate to use new powers contained in the Financial Services Act 1986 and the Banking Bill to retaliate against countries that do not offer reciprocal market access. She clearly had Japan in mind, government sources said. The U.K. Last year showed a trade defict with Japan of 3.7 billion stg, official figures show. A parliamentary motion, signed by 98 MPs, today urged the U.K. Government to "coordinate action with the President of the United States, and through the Department of Trade and Industry, to suspend all further applications from Japanese communications companies for equipment approval by the British Approvals Board for Telecommunications, and all further applications from Japanese financial institutions for licences" until authorities in Japan stopped imposing what the MPs called "restrictive conditions" on the bid by (Cable and Wireless PLC) (cawl.L) and its U.S. And Japanese partners for a stake in Japan's international telecommunications market. The motion for retaliatory steps came from a cross-section of MPs, reflecting the strength of feeling inside Parliament. Parliamentarians said their action would increase pressure on the Conservative government to take firm action. Officials said another option now being considered by the U.K. Is to refuse issuing new banking licences to Japanese institutions. That could be done under the government's proposed Banking Bill now moving through parliament. 58 Japanese financial institutions are authorised to deal in London, of which 29 are banks. In Tokyo, 14 London-based firms are authorised to do financial business, officials said. The new financial services and banking acts offer Britain an alternative for retaliation which would be otherwise denied under legally-binding international trade agreements. "The Financial Services Act gives (Trade and Industry Secretary Paul) Channon power to stop firms from engaging in investment, banking and insurance," one official said. "This point has been made to the Japanese at official level a number times," the official added. Britain and France are now working together to urge that the European Community take collective action against Japan, but by working within EC treaties, another official said. British Trade Minister Alan Clark said this week in a radio interview that the European Community should build barriers against Japanese imports through certification procedures similar to those facing European exporters in Japan. "There comes a point where you cannot resist any longer," he said, adding "(such barriers) can't be put in place overnight." Clark said the issue of reciprocity regarding visible trade "strikes at the basis of whether British industry is to have a fair access to an extremely large market (Japan) which is itself in a very dominant position (in) certain aspects of our own domestic market ... It is really a question of fairness." The situation is only likely to worsen following news that Japan's trade surplus with the rest of the world rose by more than 70 pct in February, year-on-year, to 8.14 billion dlrs from 5.7 billion in January, political sources said. But Clark said in his interview that the issues of visible trade and access to financial markets should be kept separate. Should Britain decide to act against Japanese financial institutions, it would most likely focus on the smaller, rather than larger ones, to minimise any risks to its role as a global business centre, government sources said. Japan's four largest securities houses are members of the London Stock Exchange. In Washington, White House officials said President Reagan was ready to impose retaliatory trade action against Japan for breaking its semiconductor agreement with the United States. There was no immediate indication when Reagan might act on the recommendations of his Economic Policy Council to curb Japanese exports to the United States but officials said the move could come today or early next week. Trade sources said the actions being weighed by Reagan included tariffs on a wide variety of Japanese exports which use semiconductors. REUTER
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LSB Industries Inc said it agreed to acquire Northwest Federal Savings and Loan Association for 1,500,000 dlrs. As part of the agreement, LSB said it also would transfer assets valued of not less than 30 mln dlrs to Northwest Federal, which is located in Woodward, Okla. Reuter
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Shr NA Net profit 2,000 vs profit 195,000 Revs 2,623,000 vs 2,577,000 Year Shr NA Net loss 425,000 vs profit 278,000 Revs 15.4 mln vs 8,637,000 Reuter
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Investor Paul Bilzerian disclosed he holds a 7.2 pct stake in Pay 'N Pak Stores Inc common stock and is considering seeking control of the retail building material firm. Bilzerian said he and a Tampa, Fla., investment firm he controls called Bicoastal Financial Corp "may acquire additional shares, or they may seek to acquire one or more positions on (Pay 'N Pak's) Board of directors or to acquire a controlling interest in the (company's) shares, by tender offer or otherwise." The statement was made in a filing with the Securities and Exchange Commission. Bilzerian said his course of action would depend on the company's prospects, market conditions and other factors. Bilzerian said he and Bicoastal made net purchases of 515,600 shares on the New York Stock Exchange Jan 26-March 25. His 7.2 pct stake makes up a total of 722,000 shares. Reuter
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The Federal Reserve is expected to enter the U.S. government securities market to add reserves today, economists said. They said the Fed would probably supply temporary reserves indirectly by arranging one to two billion dlrs of customer repurchase agreements. After averaging 6.21 pct yesterday, federal funds were opened at 6-1/8 pct and remained at that level. Reuter
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Allegheny International Inc said it sold three overseas subsidiaries to Reil Corp Ltd, a North Sydney, Australia, investment group. Terms were not disclosed. The units sold were Sunbeam Corp Ltd Australia, Sunbeam New Zealand Ltd and Victa (U.K.) Ltd. The units make and distribute various products, including lawn mowers, small appliances and sheep shearing equipment. They employ a total of about 1,750. Reuter
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Galactic Resources Ltd, earlier reporting a 1986 loss of 25.6 mln U.S. dlrs, said it adopted a more conservative accounting policy, similar to other gold producers' accounting for exploration costs. As a result, the company retroactively charged all past exploration and related administration costs incurred on its properties against expenses in 1986, 1985 and 1984. Under the new policy, all future exploration and related administration costs will be written off to expenses rather than capitalized as an intangible asset, it said. Galactic said the accounting change resulted in a 22.8 mln U.S. dlr charge against 1986 earnings. It did not immediately disclose the affect of the change on prior years' results. The new accounting policy is not expected to adversely affect working capital position, future cash flows or the company's ability to conduct ongoing business operations, it said. Galactic said the charge includes 9.9 mln U.S. dlrs of costs concerning its Summitville Mine leach pad and 8.9 mln U.S. dlrs in waste removal costs, dyke construction and other mine developments. Galactic said under the prior accounting policy, the Summitville mine expenses would have been amortized over the life of the mine and charged against future earnings. The change will also result in lower depreciation and amortization charges against income of about 52 U.S. dlrs an ounce of gold produced in future periods, based on total estimated reserves of 617,000 ounces. Galactic said March leaching production at Summitville is expected to exceed 2,500 ounces, raising gold equivalent production since the June 5, 1986 start of leaching to 65,000 ounces. Reuter
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Mars Store Inc said it expects to report a loss of about 800,000 dlrs for the fourth quarter and about 1.1 mln dlrs for the fiscal year ended January 31. As a result of the loss, the company said it has decided to discontinue the operations of its Big Value Outlets division, which will result in a yet undisclosed one time charge against earnings for the year. The estimated 1.1 mln dlrs year loss or about 50 cts a share, compares with earnings of 871,000 dlrs or 42 cts a share recorded last year. "The fourth quarter loss was affected by an abnormally high inventory shrinkage, lower than planned sales and higher markdowns related to increased promotional activity, all of which reduced fourth quarter gross margins," the company said. In order to concentrate on the company's core business, the operation of discount and promotional department stores, Mars said, it has decided to close the Big Value division. Reuter
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Honeywell Inc said it has completed the sale of 57.5 pct of its Honeywell Information Systems <HIS> computer business to <Compagnie des Machines Bull> of France and <NEC Corp> of Japan for 527 mln dlrs in cash. Honeywell said it will use much of the money to reduce short-term debt incurred last December when the company purchased the Sperry Aerospace Group. Honeywell said the sale of HIS has created a new dedicated computer company jointly owned by Bull, NEC and Honeywell. The new privately held company, named Honeywell Bull, is 42.5 pct owned by Honeywell Inc, 42.5 pct by Bull and 15 pct by NEC, the new company said. Honeywell added that terms of the agreement with NEC and Bull allow it to reduce its current 42.5 pct stake in the new company to 19.9 pct at the end of 1988 by selling just over half its shares to Bull. Book value at the time will determine the move's pricing, Honeywell said. Honeywell chairman and chief executive officer, Edson Spencer, said the move is the last major step in Honeywell's restructuring. "As the leading worldwide supplier of of automation and controls for buildings, industry, aerospace and defense, Honeywell is now focusing its management, technical and financial resources on high market share business," Spencer said. Honeywell said it expects to be Honeywell Bull's largest customer, purchasing computers for its own internal data processing, for integration into Honeywell buidling and industrial automation systems and for resale to the U.S. governement. Honeywell said HIS's Federal Systems Division is now a wholly owned unit of Honeywell Inc, and has been named Honeywell Federal Systems Inc. Honeywell said it accounted for HIS as a discontinued operation in 1986, and will account for its future interest on a cost basis, recording any dividends as received. Honeywell Bull said it will continue to develop its product line and build its business in integrated systems for networking, database management and transaction processing. The new company said its board will have nine members, including the chairman and chief executive officer. Bull will have four members, Honeywell two and NEC one, the new company, which began worldwide operations today, said. It added that Jacques Stern, Bull's chairman and chief executive officer, will serve as Honeywell Bull's chairman of the board, while Jerome Meyer, formerly executive vice president of Honeywell Information Systems, was named president and chief executive officer. Reuter
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U.S. dealers said the New York Federal Reserve Bank has intervened in the foreign exchange market today buying dollars against yen. Fed officials do not comment on such intervention, but dealers said it appeared that the Fed had intervened when the dollar reached 147.50 yen in New York. The dollar subsequently hovered at 147.55/65 yen. Dealers said they were uncertain about the size of the intervention, but some said it was only for a small amount. They were also uncertain whether the Fed intervened on its own account, or if it executed orders for the Bank of Japan. Reuter
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Shr 22 cts vs 45 cts Net 3,100,000 vs 5,100,000 Revs 103.4 mln vs 98.2 mln Reuter
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Qtrly div eight cts vs eight cts prior Pay May 15 Record April 10 Reuter
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The Agriculture Department's widening of Louisiana gulf differentials will affect county posted prices for number two yellow corn in ten states, a USDA official said. All counties in Iowa will be affected, as will counties which use the gulf to price corn in Illinois, Indiana, Tennessee, Kentucky, Missouri, Mississippi, Arkansas, Alabama and Louisiana, said Ron Burgess, Deputy Director of Commodity Operations Division for the USDA. USDA last night notified the grain industry that effective immediately, all gulf differentials used to price interior corn would be widened on a sliding scale basis of four to eight cts, depending on what the differential is. USDA's action was taken to lower excessively high posted county prices for corn caused by high gulf prices. "We've been following this Louisiana gulf situation for a month, and we don't think it's going to get back in line in any nearby time," Burgess said. Burgess said USDA will probably narrow back the gulf differentials when and if Gulf prices recede. "If we're off the mark now because we're too high, wouldn't we be as much off the mark if we're too low?" he said. While forecasting more adjustments if Gulf prices fall, Burgess said no other changes in USDA's price system are being planned right now. "We don't tinker. We don't make changes lightly, and we don't make changes often," he said. Reuter
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Greece bought a total of 55,000 tonnes of French maize when it tendered yesterday, initially for 30,000 tonnes of April delivery, trade sources said. They said 25,000 tonnes, to be shipped from Bordeaux, were sold at 1,603 francs per tonne fob, 15,000 tonnes from Rouen at 1,596 francs fob and 15,000 tonnes from Sete at 1,607 francs fob. Reuter
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Drought has resulted in a reduction in China's estimated wheat crop this year to 87.0 mln tonnes, 2.0 mln below last year's harvest, the U.S. Agriculture Department's officer in Peking said in a field report. The report, dated March 25, said imports in the 1987/88 season are projected at 8.0 mln tonnes, 1.0 mln tonnes above the the current season's estimate. Imports from the United States are estimated at 1.5 mln tonnes compared to only 150,000 tonnes estimated for the 1986/87 year, it said. After travelling to major wheat producing areas and obtaining more information on the planted area, the total planted area was estimated down 290,000 hectares due to the dry fall, it said. The report said to compensate for the below normal precipitation irrigation has increased as has the use of fertilizer. While there are pockets where irrigation is not possible, most of the wheat crop has access to some water and therefore has emerged from dormancy and is doing well, the report said. It said scattered rain in many parts of China in the past 10 days has improved the situation but information on hail damage in Anhui is incomplete. Reuter
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Cistron Biotechnology Inc said it will pay a stock dividend declared prior to the initial public offering of its common stock in August 1986 to stockholders of record prior to the common offering. Payment of the dividend was contingent on the closing bid price of the common stock averaging two dlrs or more per shares for the trading days within any consecutive ten day period ending before February 29, 1988. The company said that the contingency has been fulfilled. Payment of the stock dividend increases Cistron's outstanding common stock to 21,390,190 shares from 16,185,354 shares. Reuter
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Qtr ends Feb 28 Shr 18 cts vs 10 cts Net 2,051,000 vs 901,000 Revs 25.8 mln vs 19.2 mln Avg shrs 10.7 mln vs 9,059,600 12 mths Shr 87 cts vs 63 cts Net 9,020,000 vs 5,680,000 Revs 94.4 mln vs 73.7 mln Avg shrs 10.3 mln vs 9,059,600 Reuter
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Shr loss eight cts vs loss 24 cts Net loss 1,150,000 vs loss 3,450,000 Revs 55.7 mln vs 78.1 mln Reuter
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The Federal Reserve entered the U.S. Government securities market to arrange one billion dlrs of customer repurchase agreements, a Fed spokesman said. Dealers said Federal funds were trading at 6-1/8 pct when the Fed began its temporary and indirect supply of reserves to the banking system. Reuter
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<Southam Inc> said it agreed to sell its 49 pct interest in Sun Publishing Co Ltd, which publishes The Brandon Sun, to majority shareholder publisher Lewis D. Whitehead. Terms were not disclosed. Southam said the proposed sale resulted from an offer made by Whitehead, whose family has had majority control of the newspaper since 1905. The Brandon Sun has daily circulation of 19,100. Reuter
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Glamis Gold Ltd said it will ask shareholders at an April 1 extraordinary general meeting to approve a one-and-one-half for one common share split. Record date for the split will be set in the near future, the company said. Reuter
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Nuclear Metals Inc said a delay in receiving certain new orders will result in negligible earnings per share for its fiscal second quarter. However, the company said it has been assured that the orders will be placed beginning in its fiscal third quarter and that it expects a strong rebound in earnings for the third and fourth quarters. Reuter
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First Sarasota Bancorp said its shareholders approved the acquisition of its City Commercial Bank subsidiary by First Union Corp's <FUNC> First Union National Bank of Florida. The purchase price of the outstanding shares is about 8.6 mln dlrs. The transaction, subject to regulatory approval, is expected to be completed during the second quarter of 1987. After completing the City Commercial acquisition and four other acquisitions having combined assets of 248 mln dlrs, First Union will have assets of 28.6 billion dlrs. Reuter
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Jamaica bought U.S. corn, wheat and rice at its tender earlier this week using PL-480 funds, a U.S. Department of Agriculture official said. The purchase consisted of the following cargoes - - Cargill sold 1,503.5 tonnes of number two soft red winter (SRW) wheat for May 5/30 shipment at 117.44 dlrs per tonne FOB Gulf ports. - Continental Grain 8,250 tonnes of number two northern spring/dark northern spring (NS/DNS) wheat (14.5 pct protein) for April 15/May 10 at 123.97 dlrs FOB Gulf, excluding Brownsville. - Nichemen 10,000 tonnes number two SRW wheat for June 12/July 7 at 103.43 dlrs FOB Gulf. - Nichemen 10,000 tonnes number two NS/DNS wheat (14.0 pct protein) for May 25/June 20 at 121.89 dlrs FOB Gulf. - Cargill 10,000 tonnes number two SRW wheat for April 10/May 5 at 120.88 dlrs FOB Gulf. - Cargill 8,469.5 tonnes number two SRW wheat for May 5/30 at 117.44 dlrs FOB Gulf. - Louis Dreyfus 4,500 tonnes number three yellow corn (15.0 pct maximum moisture) for April 10/May 5 at 76.09 dlrs FOB Gulf. - Louis Dreyfus 5,300 tonnes same corn April 20/May 15 at 75.89 dlrs FOB Gulf. - Louis Dreyfus 5,300 tonnes same corn May 10/June 5 at 75.49 dlrs FOB Gulf. - Louis Dreyfus 5,300 tonnes same corn June 1/25 at 75.49 dlrs FOB Gulf. - Loius Dreyfus 3,700 tonnes number two yellow corn (14.5 pct maximum moisture) for Apirl 10/May 5 at 76.29 dlrs FOB Gulf. - Louis Dreyfus 3,700 tonnes same corn for May 10/June 5 at 75.68 dlrs FOB Gulf. Exporters have not received final PL-480 approval on their sale of a total of 9,500 tonnes of U.S. number five or better long grain brown rice (10 pct maximum broken) for April 10/May 25 shipments. But the USDA official said he saw no hold-up in obtaining that approval. Reuter
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Hungary's economy and hard currency trade have failed so far this year to reverse a two-year unfavourable trend, the official Hungarian news agency MTI said. Industrial production in January and February was only 1.3 pct up on the same 1986 period, MTI said, while hard currency exports fell six pct as imports rose 10 pct. Hungary's hard currency trade fell into a deficit of 539.4 mln dlrs last year from a surplus of 295.3 mln in 1985 and 1.2 billion in 1984. MTI quoted a government spokesman saying last December's wage freeze decree would expire on April 1 as envisaged. Gross domestic product grew a sluggish one pct in 1986 after stagnating in 1985 and growing 2.6 pct in 1984. REUTER
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Shr profit nil vs loss nil Net profit 68,895 vs loss 160,893 Revs 3.3 mln vs 104,801 Reuter
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LSB Industries Inc said it entered into an agreement to acquire Northwest Federal Savings and Loan Association of Woodward, Oklahoma. Upon completion of the acquisition, LSB would pay about 1.5 mln dlrs to the shareholders of Northwest and transfer to Northwest Federal certain assets having a net current appraised value of not less than 30 mln dlrs. At completion of this transaction, Northwest Federal would be a subsidiary of LSB's non-consolidated wholly-owned financial subsidiary. The acquisition is subject to obtaining approvals, waivers and forbearances from the Federal Home Loan Bank Board and other government approvals. Reuter
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Shr 73 cts vs 55 cts Net 26.0 mln vs 17.1 mln Revs 673.3 mln vs 394.5 mln Avg shrs 29.3 mln vs 22.4 mln Reuter
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President Reagan was ready to impose retaliatory trade action against Japan for breaking its semiconductor agreement with the United States, White House officials said. There was no immediate indication when Reagan might act on the recommendations of his Economic Policy Council to curb Japanese exports to the United States, but officials said the move could come today or early next week. Trade sources said the actions being weighed by Reagan include tariffs on a wide variety of Japanese exports which use semiconductors. The sources said the tariffs could be slapped on personal computers, television receivers and laser-printers, with the aim of penalizing Japan's major electronic firms, including NEC Corp, Hitachi Ltd, Toshiba Corp and Fujitsu Ltd. They said Reaan could also delay invoking sanctions for a week or two, giving Japan a final opportunity to end the dumping practice, but added that negotiators had already held extensive talks with the Japanese to no avail. Reuter
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Shr 42 cts vs 42 cts Net 19.1 mln vs 19.5 mln Revs 184.9 mln vs 185.1 mln 12 mths Shr 2.17 dlrs vs 2.53 dlrs Net 97.0 mln vs 111.8 mln Revs 793.3 mln vs 828.8 mln Avg shrs 40.9 mln vs 40.5 mln NOTE: Year-ago restated. Reuter
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Shr loss two cts vs loss 1.38 dlrs Net profit 34,000 vs loss 3,296,000 Revs 3,121,000 vs 1,546,000 Year Shr profit 28 cts vs loss 1.61 dlrs Net profit 1,088,000 vs loss 3,546,000 Revs 5,266,000 vs 4,169,000 Note: Current qtr per share figure adjusted to reflect provision for preferred stock dividends. Reuter
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Shr loss 16 cts vs loss seven cts Net loss 3,450,000 vs loss 1,508,000 Sales 56,000 vs 1,187,000 Avg shrs 22,568,000 vs 20,591,000 Year Shr loss 38 cts vs loss 29 cts Net loss 7,977,000 vs loss 6,005,000 Sales 3,699,000 vs 2,391,000 Avg shrs 21,111,000 vs 20,578,000 Reuter
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Greece and Turkey's NATO allies today called on both countries to avoid any action that could aggravate an explosive situation in the Aegean and "avoid recourse to force at all costs." After an emergency meeting of NATO ambassadors, a statement was issued saying "the present situation damages the interests of Greece and Turkey, and of the Alliance as a whole." Secretary-General Lord Carrington also offered himself as a mediator in the dispute on the Western Alliance's southern flank. The meeting was called after reports that warships of both countries were sailing towards a disputed oil exploration zone of the Aegean. The statement said the tensions in the area had reached a serious level and called on both countries to begin immediate discussions. "Any intensification would make things worse," it added. No attempt was made at the meeting to resolve the complex dispute which was aimed at damage-limitation. Carrington said, "I am of course anxious to help in any way I can, provided that both Greece and Turkey, and the other allies, wish me to do so." REUTER
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<Plaza Group> said it completed a transaction in which it merged its wholly owned subsidiary, Flyfaire International Inc, into Shefra Inc, a public company, in return for a controlling interest in Shefra. With completion of the merger, Shefra changed its name to Flyfaire International Inc. Flyfaire, with annual sales of 100 mln dlrs, is engaged in the wholesale vacation travel business. Reuter
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Qtly div 14-1/2 cts vs 14-1/2 cts prior Pay June One Record April 24 Reuter
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Valhi Inc reported earnings of LLC Corp and the Amalgamated Sugar Co for the six month period ended December 31. Effective March 10, Amalgamated merged into LLC, which changed its name to Valhi. The following results reflect the operations of the companies prior to the merger. LLC Corp reported net income of 18.4 mln dlrs or 60 cts a share on revenues of 55.6 mln dlrs compared to 23.2 mln dlrs or 75 cts a share on revenues of 79.3 mln dlrs a year ago. This year's net includes an extraordinary loss of 201,000 dlrs and a gain of 4.7 mln dlrs. 1985's net included an extraordinary gain of 6.3 mln dlrs, Valhi said. Amalgamated reported net income of 10.65 dlrs per share or 69.7 mln dlrs on revenues of 371.3 mln dlrs compared to a net loss of 700,000 dlrs or 10 cts a share on revenues of 254.7 mln dlrs last year. Valhi said effective December 31, it changed its fiscal year-end from June 30 to December 31. Reuter
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Central Bank president Francisco Gros denied rumours that foreign creditors had filed court actions against Brazil to seek payment of its 109-billion dlr debt. "There is no court action against Brazil," Gros said in a television interview. Brazil last month suspended interest payments on its 68 billion dlr debt to commercial banks and yesterday suggested an extension of short-term credit lines for 60 days until May 31. Media reports said some banks rated as small among Brazil's 700 creditors had filed lawsuits against the decision to suspend interest payments. Gros said negotiations with the commercial creditors would start within two weeks, when he and Finance Minister Dilson Funaro attend council meetings of the International Monetary Fund (IMF) in Washington. "Brazil is facing the issue very carefully. We are seeking a negotiation that will give the country space to grow, because only with growth will we be able to meet our commitments," Gros said. REUTER
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The price of gold bullion and share prices of North American gold stocks are benefiting from continued weakness in the U.S. dollar, analysts said. "There's been a tug of war between the (currency) speculators and the central banks over the U.S. dollar and it looks like the game has gone to the speculators," said John Ing at Maison Placements Canada Inc. The dollar remained close to post-World War II lows today against the Japanese yen despite buying by several central banks, including the Federal Reserve, dealers said. A drop in the dollar means uncertainty and gold is the traditional hedge against uncertainty, Ing noted. Another analyst, Richard Cohen at Brown Baldwin Nisker Ltd, noted that "a lot of foreign investors are holding U.S. dollars. If they see they are losing money, they move back into gold." A dollar decline also has inflationary implications, Ing said, adding that Maison Placements sees inflation rising to a four pct annual rate from the current level of about three pct. Ing predicts gold will peak at 510 dlrs this year from its current level of about 416 dlrs per ounce. Cohen sees an average price of 425 dlrs, and another analyst, Michael Pickens, at Yorkton Securities, puts the average at 450 dlrs, with a possible spike above 500 dlrs. However, gold stocks in the U.S. and Canada have risen far faster in recent months than the price of the metal itself, causing concern among analysts that a correction lies somewhere in the future. But for now, all analysts say there is no sign the buying pressure is slowing down. "The stocks have run an incredible way," Cohen said. On U.S. markets today, ASA Ltd <ASA> rose 4-1/8 to 61-1/2, Campbell Red Lake Mines <CRK> was up 1-3/8 and Newmont Gold <NGC> increased 1-1/2 to 31-1/4. The Toronto Stock Exchange gold index today was up 268 points at 8067.90. Hemlo Gold gained 1-1/4 at 26-3/4, LAC Minerals was up 1-5/8 at 41, Placer Development rose 1-1/4 at 43-3/8 and Lacana Mining gained 1 at 18. Ing pointed out that the TSE gold index has gained 51 pct since December 31, 1986, while the price of bullion has increased six pct. "Canadian golds have been the top performing index this year," he noted. In the U.S., there is "too much money chasing too few stocks," Pickens said. And many investing institutions such as pension funds and insurance companies still have excess cash, he added. Cohen also noted that today's silver price break through six dlrs an ounce indicates small investors are entering the precious metals market and he expects the ratio between gold and silver prices to narrow. Reuter
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Southwestern Bell Corp said its board voted a three-for-one stock split and increased the dividend 8.8 pct to 1.60 dlrs a share. On a post-split basis, the increased dividend will be 58 cts a share, payable May One to holders of record April 10. Southwestern Bell said the stock split is its first. It said shares will be mailed May 22, record May Four. Reuter
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Honeywell Bull Inc, owned by Honeywell Inc <HON>, <Cie des Machines Bull> and <NEC Corp>, said it expects its 1987 revenues to increase 15 to 20 pct over its current level of about 1.9 billion dlrs. Honeywell Bull president Jerome Meyer also told the press conference the company was profitable, adding the company aimed to improve profits over time. Honeywell Inc earlier today received 527 mln dlrs in cash for the sale of 57.5 pct of its computer business to Bull and NEC. Honeywell will retain a 42.5 pct interest in Honeywell Bull and Bull will own an equal amount. NEC owns 15 pct of the company. Meyer, who had been executive vice president of Honeywell Information Systems, said Honeywell Bull would work closely with NEC and Bull in both developing new products and marketing computers to multi-national companies. "We haven't been growing as fast as we'd like, but we are going to turn that around," Meyer said. He said business was soft in the U.S. He said the company was reorganizing its distribution programs and its staff, reassigning and laying off selected employees. He also said the company was hiring new workers. Honeywell Bull chairman Jacques Stern, who is also chairman of Bull, said he believed the computer industry could be a fast growing market for companies that provide the type of computers customers want. "I don't believe in the slump of the market," he said. The computer company would offer open systems so that customers would not be tied to a specific vendor or architecture, and it will also focus on tying computers together through communications networks. Reuter
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Hanson Industries, the U.S. arm of Hanson Trust PLC, said contracts have been exchanged in London for the sale of Bond's Delivery Service to Rockwood Holdings PLC for about 6.0 mln dlrs in cash. Completion is subject to Rockwood shareholder approval. In its most recent financial year, Bond's which was purchased by Hanson Trust Plc in its acquisition of Imperial Group PLC in April 1986, made 960,000 dlrs pre-tax profit on sales of 13.6 mln dlrs. Net tangible assets are 5.2 mln dlrs, Hanson said. Reuter
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Westinghouse Electric Corp <WX> said it is still open to a merger of its radio operations with General Electrics Co's <GE> NBC radio operations. "We have left the door open and GE is reassessing the merger and so are we," Westinghouse chairman Douglas Danforth told Reuters at the conclusion of a meeting before analysts. Danforth said he continues to see value in a merger between Westinghouse's radio operation and those of NBC. Discussions with NBC on the merger of the two companies' radio units were suspended in December. Danforth reaffirmed that Westinghouse is interested in acquisitions, saying the company is leaning toward acquisitions in the 300 mln to 500 mln dlr range. He said, however, that larger acquisitions are possible if they are the right fit. Danforth, who earlier today said he expects earnings growth in the double-digit range through 1989, said he is comfortable with analysts' predictions of 4.80 dlrs to 5.30 dlrs a share this year. In 1986 the company earned 4.42 dlrs a share. He said the company has targeted waste energy systems and hazardous waste removal, as some of the emerging growth areas for the company. Reuter
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Shr loss eight cts vs loss eight cts Net loss 655,457 vs loss 566,429 Rev 258,712 vs nil Year Shr loss 31 cts vs loss 26 cts Net loss 2,725,882 vs loss 1,759,675 Rev 349,070 vs nil NOTE: Company's full name is Computer Network Technology Corp. 1985 revenues n.a. because 1986 was initial year of product revenue. Reuter
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The Baltic International Freight Futures Exchange (BIFFEX) said it agreed to pursue negotiations with other futures markets on the Baltic Exchange with a view to merging into a new futures exchange. Legal advisers have already been instructed to implement amalgamation of the London Potato Futures Association, the Soya Bean Meal Futures Exchange and the London Meat Futures Exchange. The London Grain Futures Market has also discussed merging with the other markets. The aim of the merger is to seek Recognised Investment Exchange status as required by the 1986 Financial Services Act. Reuter
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Period ended February 28 Oper shr profit six cts vs loss 15 cts Oper profit 474,000 vs loss 1,175,000 Revs 17,946,000 vs 9,271,000 Note: Current shr and net exclude tax gain of 513,000 dlrs or five cts share full name <Canadian Satellite Communications Inc> Reuter
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Finance Minister Edouard Balladur, Industry Minister Alain Madelin and Telecommunications Minister Gerard Longuet met for more than an hour today to discuss the imminent sale of the French telephone switching group <Cie Generale de Constructions Telephoniques>, a spokesman for Longuet said. No decision was announced as a result of the meeting, and the French government has given itself until the end of next month to choose between the candidates. The sale of CGCT, which controls 16 pct of France's telephone market, has been priced at 500 mln francs, and three international consortia are battling for the right to buy it. West Germany's Siemens AG <SIEG.F> has teamed up with the French group Jeumont-Schneider, in opposition to a bid from the U.S. Group ATT <T.N> and the Dutch Philips Telecommunications BV <PGLO.AS> in association with the French telecommunications firm SAT <Societe Anonyme de Telecommunications>. A third bid has been lodged by Sweden's AB LM Ericsson <ERIC.ST>, allied with French defence electronics group Matra <MATR.PA> and Bouygues SA <BOUY.PA>. Reuter
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Shr 35 cts vs 40 cts Net 9,246,000 vs 10,719,000 Sales 367.9 mln vs 315.1 mln Nine mths Shr 1.03 dlrs vs 1.13 dlrs Net 27,490,000 vs 30,160,000 Sales 1.06 billion vs 915.3 mln Reuter
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Qtly div 13-1/2 cts vs 11-1/2 cts prior Pay June 15 Record May 22 Reuter
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Doskocil Cos Inc said its shareholders approved a one-for-10 reverse stock split, which is expected to become effective by April 30. The company said the reverse split will reduce the its outstanding shares to about six mln from 60 mln. Reuter
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Consumer energy costs rose 1.9 pct in February following a sharp rise last month, the Labor Department said. The February increase in the overall energy costs, including petroleum, coal and natural gas, followed a 0.2 pct drop in December and a 3.0 pct rise in January, it said. Energy prices were 12.2 pct below year-ago levels. The department's Consumer Price Index showed that the cost of gasoline rose in February by 4.2 pct, after a 6.6 pct rise in January. Gasoline prices were nonetheless 18.0 pct below their levels as of February 1986. Also, the category including fuel oil, coal and bottled gas rose in February by 3.8 pct, putting it 14.9 pct under the year-ago figure. The index also showed that natural gas and electricity were unchanged last month, but down 3.5 pct from the February 1986 figure, the department said. The index has been updated o reflect 1982-84 consumption patterns; previously, the index was based on 1972-73 patterns. Reuter
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A cold air mass working its way south from Canada may pose a threat to developing hard red winter wheat in Oklahoma, according to Eugene Krenzler, wheat specialist for the Oklahoma Cooperative Extension. "There is some threat. Some of the crop is far enough along so that it's probably vulnerable," Krenzler said. Accu Weather meteorologist Dale Mohler said cold air moving from the north could put temperatures in the middle 20's fahrenheit as early as tonight, depending on development of a low pressure area over southeast Colorado which could stall the system. If impeded by the low-pressure area, the cold air could hit Oklahoma and Texas as late as Monday morning. Temperatures could stay in the mid-20's for up to eight hours, Mohler said. Krenzler said less than 10 pct of the Oklahoma wheat crop has advanced to boot stage. The closer to that stage the more vulnerable the head of the wheat is to cold weather, he said. "We can handle probably an hour or so down to 25 or 26 degrees (fahrenheit)," Krenzler said, "as long as we don't have a lot of wind." "If we do get six hours down below 25 degrees I'd say we have a good chance of significant damage to the heads," he said. Krenzler said early planted stands in the north-central and southwestern parts of the state are probably most vulnerable. Crops in the panhandle of Oklahoma and Texas are less developed and have some snow cover protection from the cold, he noted. Reuter
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Shr 27 cts vs 34 cts Net 174,390 vs 222,720 Revs 4,948,622 vs 4,516,042 Note: Current net includes non-recurring loss on investments of 82,034. Full name is Education Systems and Publications Corp. Reuter
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McLean Industries Inc said its two shipping subsidiaries -- UNITED States Lines Inc and United States Lines (S.A.) Inc -- have agreed in principle to dispose of substantially all their remaining operating shipping assets. The units have been operating under protection of Chapter 11 of the U.S. Bankruptcy Code since last November. McLean said U.S. Lines has a letter of intent with CSX Corp's <CSX> Sea-Land Corp subsidiary to transfer assets of its Transpacific/Hawaii/Guam Service to Sea-Land. McLean said Sea-Land has tentatively agreed to pay 125 mln dlrs for six vessels, certain port facilities, and various other equipment used in U.S. Lines' Transpacific service and theree Lancer class vessels and subsidy rights owned by the two McLean subsidiaries. As previously announced, U.S. Lines (S.A.) will transfer its South American Service to <Crowley Maritime Corp>'s American Transport Lines Inc subsidiary in return for a fixed lease payment for the four Lancer class vessels and a participation based on American Transport's South American revenues. McLean said the agreement also calls for Crowley to release U.S. Lines (S.A.) for any damages and unpaid charter hire for three vessels leased to U.S. Lines (S.A.) by Crowley which have been returned to Crowley. McLean said the minimum lease payments will be seven mln dlrs and estimated revenue participation during the first four years at about 16 mln dlrs. In addition, U.S. Lines (S.A.) subsidiaries in Brazil and Argentina will be sold to American Transport. The company said both agreements in principle have been approved by directors of the companies involved, but still need court, regulatory and lender approval. McLean said it is requesting the bankruptcy court to schedule a hearing on its motion to approve the agreements, adding that the court has granted the company's request to extend for 90 days the period for the shipping companies to file a proposed plan of reorganization. It said the planned transactions will leave McLean with no significant shipping assets except 12 New York class vessels, which are not in operation and are expected to be sold. McLean said its shipping units are returning the vessels operating in foreign commerce to United States ports to permit the planned transfer to purchasers. The company said U.S. Lines will maintain its weekly service from the U.S. West Coast to Hawaii and Guam until the vessels are transferred and the transaction is completed. Reuter
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The United States said it was doing what it could to ease tension in the Aegean as Greek and Turkish warships headed for a possible clash over oil drilling rights on the sea's continental shelf. State Department spokesman Charles Redman told reporters, "We have urged both sides to exercise restraint and avoid any actions which might exacerbate the situation." "In the light of the most recent developments, we are consulting with the parties and with other interested allies on means to reduce tensions," he added. Redman declined to elaborate on what Washington was doing, but he said an emergency meeting of NATO ambassadors in Brussels on the subject was only one path it was pursuing. He also refused to say which side was to blame for the renewed confrontation, saying Washington was still trying to ascertain all the facts, as Prime minister Andreas Papanderou said Greece was prepared to tackle any aggressor. "The crucial point here is that these are two friends and allies. We don't want to see tension rise and we are doing what we can to see if we can help here," Redman said. Reuter
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Corning Glass Works said it bought a 50 pct interest in Technology Dynamics Inc, a Woodinville, Wash., company involved in research and development of fiber-optic sensors. The purchase price was not disclosed. Privately held Technology Dynamics plans to introduce its first line of fiber-optic sensors later this year, Corning Glass said. Reuter
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Shr loss 29 cts vs loss 15 cts Net loss 513,542 vs loss 263,708 Revs 38,000 vs nil Year Shr loss 24 cts vs loss 10 cts Net loss 417,552 vs loss 142,010 Revs 171,000 vs nil Reuter
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Shr loss 57 cts vs profit 3.02 dlrs Net loss 3,606,000 vs profit 8,294,000 Revs 15.3 mln vs 23.9 mln Note: Net includes gains from sale of USPCI Inc <UPC> stock of 1.5 mln vs 20.5 mln Year-ago net includes loss from discontinued operations of 10.3 mln. Reuter
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Shr loss 47 cts vs loss 63 cts Net loss 1,450,000 vs loss 1,930,000 Revs 14.7 mln vs 13.3 mln Note: Year-ago resulted restated to exclude Michigan cable systems sold in 1985. Reuter
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Shr loss nine cts loss 12 cts Net loss 585,866 vs loss 455,866 Avg shrs 6,841,638 vs 3,651,505 Year Shr loss 34 cts vs loss 54 cts Net loss 2,158,709 vs loss 1,931,397 Avg shrs 6,296,701 vs 3,586,914 Note: Company has no revs as it is in product development stage. Shr and avg shrs data reflect 1-for-25 reverse split in November 1986. Reuter
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Oper shr two cts vs 10 cts Oper net 162,300 vs 773,400 Revs 16.6 mln vs 16.5 mln Avg shrs 8,282,480 vs 8,045,493 NOTE: Excludes gains of 138,000 dlrs or two cts/shr vs 733,000 dlrs or nine cts from benefit of tax loss carryforwards. Reuter
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Premier Yu Kuo-Hua ordered financial officials to quicken the pace of relaxing foreign exchange controls and study the possibility of suspending the controls, a cabinet statement said. The statement quoted Yu as telling Finance Ministy and Central Bank officials the relaxation was needed to help reduce Taiwan's surging foreign exchange reserves, which reached a record 53 billion U.S. Dollars this month. Finance Minister Robert Chien told reporters his ministry and the Central Bank would work jointly on new measures to ease the controls, but he did not give details. Yu said the government could maintain the framework of the foreign exchange controls while finding ways to ease them. The controls would be used during emergency. Taiwan's reserves have resulted largely from its trade surplus, which hit 15.6 billion dlrs in 1986 and 10.6 billion in 1985. About 95 pct of the surplus was from Taiwan's trade with the United States, according to official figures. But he said that while easing the controls would help reduce the reserves, it would not do so substantially in a short time. Economists and bankers said the new decision resulted from growing pressure from the United States, Taiwan's largest trading partner, which buys almost half the island's exports. Lu Ming-Jen, economic professor at Soochow University, told Reuters: "The decision came a little bit late. But it was better than never." Ko Fei-Lo, Vice President at First Commercial Bank, said the government should rapidly relax its foreign exchange controls and open its market wider to help balance trade with its trading partners, especially the United States. "The liberalisation in both imports and foreign exchange controls will not only help our trading partners, but also help our own economic problems," he said. He said the mounting foreign exchange reserveshelped boost Taiwan's money supply by 48.22 pct in the year to end-February. REUTER
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Japanese computer chip makers reacted angrily to news the United States plans to take retaliatory action against them for allegedly failing to live up to an agreement on trade in computer microchips. Electronic Industries Association of Japan (EIAJ) Chairman Shoichi Saba stated: "EIAJ believes that it is premature and even irrational to attempt an assessment of the impact of the agreement and our efforts to comply with it only six months after concluding the agreement." "We urge U.S. Governmental authorities to reconsider the decision made, to evaluate fairly the results of Japanese efforts in implementing the objectives of the agreement, and to resist emotional biases," he said. Yesterday, Washington announced plans to slap as much as 300 mln dlrs in tariffs on Japanese imports in retaliation for what is sees as Japan's failure to comply with the terms of the pact. The agreement, struck late last year after months of heated negotiations, called on Japan to stop selling cut-price chips on world markets and to buy more American-made semiconductors. To salvage the pact, Tokyo has instructed its chip makers to slash production and has helped establish a multi-lateral organisation designed to promote chip imports. Saba said that Japanese chip companies have pledged three mln dlrs over the next five years to the new organisation and expressed regret that no American company has seen fit to join. "This suggests that American semiconductor manufacturers may not be really interested in participating in the Japanese market," he said. REUTER
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Shr 21 cts vs 20 cts Fin Div 8.0 cts gross vs 9.0 cts Group net 104.8 mln dlrs vs 100.9 mln Note - Fin div pay June 6, record May 19. REUTER
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Shr 26.9 cts vs 25.1 cts Fin Div 8.0 pct gross vs 8.0 pct Group net 106.1 mln dlrs vs 99.0 mln Note - Fin div pay May 25, record April 18. REUTER
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Shr 8.7 cts vs 7.7 cts Fin div 9.0 cts vs 9.0 cts Group net 23.5 mln dlrs vs 20.8 mln Turnover 212.7 mln dlrs vs 595.4 mln Note - Fin div pay May 27, record May 23. REUTER
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Shr 8.43 cts vs 9.61 cts Int div nil vs nil Group net 7.8 mln dlrs vs 8.9 mln Turnover 30.6 mln dlrs vs 33.5 mln Note - The company said group net profits for the year ending this Aug 31 should amount to 13.5 mln dlrs. REUTER
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A leading U.S. Banker said the dollar was likely to fall another five to 10 pct this year and an improvement in the huge American trade deficit would be only temporary at current world exchange rate levels. Kurt Viermetz, Worldwide Treasurer of <Morgan Guaranty Trust Co>, told Arab currency traders meeting here that the steady depreciation of the dollar had not gone far enough to rein in U.S. Deficits on a lasting basis. Speaking at the 14th annual congress of the Interarab Cambist Association, Viermetz said an agreement reached last month among major industrial nations to steady the dollar around current levels left many questions unanswered. "I cannot see any chance for a real turnaround (rise) in the dollar," Viermetz said. "I believe there is room for a further fall of five to 10 per cent in 1987." The United States, West Germany, Japan, France, Great Britain and Canada -- G-6 -- agreed in Paris in late February to stabilise major currencies around current levels. The accord came after months of transatlantic argument, with Tokyo and Bonn claiming Washington's policy of talking the dollar lower had made life impossible for West German and Japanese exporters. The Paris accord also brought a pause to the continued slide of the dollar engineered by a meeting in New York in September 1985 when industrial nations agreed to depress the value of the currency to help redress global trade imbalances. But Viermetz said Morgan Guaranty's economic models showed that with no further change in exchange rates -- and continued sluggish growth in West Germany and Japan -- the U.S. Trade deficit would improve only temporarily. He said the deficit might fall to 145 billion dlrs this year from 165 billion in 1986 and further improve to 120 billion in 1988 but by 1990, it would be back around 160 billion dlrs. "This is clearly unacceptable for the monetary authorities and politicians in Washington," he said. Viermetz said it was only natural that markets should attempt to test the credibility of the Paris accord, struck when the dollar was trading at about 1.83 marks and 152.50 yen. Immediately before the historic 1985 New York agreement or "Plaza Accord," the dollar had been trading at 2.84 marks and 240 yen. Viermetz said he believed major nations in Paris wanted to see the dollar hold within a "loose range" of 1.75 to 1.90 marks and 145 to 155 yen, with any attempt to push the U.S. Currency lower being countered by central bank intervention. The dollar ended in New York yesterday at 147.15/25 yen -- its lowest level against the Japanese currency in roughly 40 years. It closed at 1.8160/70 marks. Viermetz also said he did not see the U.S. Federal funds rate falling below six pct for fear of provoking an uncontrolled fall in the dollar. But at the same time, worries about the international debt crisis would mean there was little chance of a rise above 6-3/4 pct since this would increase loan costs to the third world. The Middle East foreign exchange conference brings together more than 200 traders and bank treasury chiefs from the Arab world and Arab banks in European and U.S. Financial centres. Formal discussions, which end today, have also centred on the role of Arab banks in world financial markets, with bankers urging them to adapt to a new global trend towards securitisation of business. Hikmat Nashashibi, President of the Arab Bankers Association, said Arab banks have to shake off their old mentality of commercial banking and concentrate more on investment banking. REUTER
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Lebanese central bank Vice Governor Meguerditch Bouldikian called for the establishment of an Arab fund to assist the Lebanese pound, which has lost more than 80 pct of its value against the dollar since January 1986. Bouldikian told an Arab exchange dealers conference the bank would continue to take measures to defend the currency. But he said Lebanon needed foreign support for its war-battered economy now more than ever before. "We expect a common effort between the central bank and Arab central banks and monetary authorities to create an Arab fund to support and preserve the value of the currency when needed," he said. Twelve years of civil war have devastated productive sectors of the Lebanese economy and created gaping trade and budget deficits. Bouldikian said recent government measures had succeeded in reducing demand for imports and increasing exports. "These are encouraging factors, but the war has not ended yet," he said. "We believe that with a just political solution acceptable to all sides, confidence will return and this will benefit the Lebanese pound and Lebanon." In the meantime, he said the central bank had four main goals: 1) to use surplus liquidity to finance the budget deficit 2) to increase the role of commercial banks and non-bank financing institutions in financing the deficit 3) to limit the transfer of Lebanese pounds into foreign currency deposits 4) to protect the financial health of commercial banks. REUTER
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A Turkish research ship, escorted by warships and air force planes, left for the Aegean to press Ankara's case in an escalating row with Greece over oil rights, the semi-official Anatolian News Agency said. The ship set off this morning from the Dardanelles port of Canakkale with flags flying and watched by sightseers, the agency said. Prime Minister Turgut Ozal said last night the ship would not go into international waters unless Greece did the same. "We are waiting for the first move from them," he told Turkish Radio in London. REUTER
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Greek Prime Minister Andreas Papandreou expressed "restricted optimism" about a crisis with Turkey over disputed oil rights in the Aegean Sea. Papandreou was speaking to reporters after briefing opposition political leaders on the latest developments in the row as a Turkish research ship escorted by warships and combat aircraft headed for the Aegean. He and other political leaders spoke of qualified optimism following a statement by Turkish Premier Turgut Ozal last night that the research vessel would not enter disputed waters as previously annnounced unless Greek vessels did so. The Prime Minister declined to answer reporters' questions about an announcement last night that Greece had asked the United States to suspend operations at one of the American military bases here due to the crisis. But Opposition leader Constantine Mitsotakis told reporters he thought the suspension would be temporary until the crisis is resolved. A U.S. Defence Department official in Washington said the station was still functioning. Communist Party leader Harilaos Florakis said here "the climate is calmer today." Greek newspapers reported that the Greek army, navy and air force had been moved to strategic Greek islands in the Aegean and to the land border with Turkey at the Evros River. But there was no official word on military movements apart from a comment by the government spokesman that the Greek navy was no longer in port. The United States, NATO and the United Nations all called on Greece and Turkey to exercise restraint. Greek U.N. Representative Mihalis Dounas said in a letter to the secretary-general that the dispute was of a legal nature and could be settled in the International Court in the Hague. REUTER
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Chinese Vice-Premier Tian Jiyun said plans to scrap the country's parallel currency, Foreign Exchange Certificates (FECs), had been postponed due to objections from foreign businessmen and others. But Tian told a news conference the Chinese government still considered FECs unsatisfactory. Asked about the current state of plans to abolish the FECs, Tian said: "We have decided to postpone the question. As to whether it will be done in the future, it will be done according to the evolution of the situation." He said many people, including foreign businessmen, had raised objections to the plan to abolish the certificates, and added: "It is rather complicated." The FECs were introduced in 1980 for use by foreigners in China. But they now circulate widely among local residents and there is a big black market in the currency, though it is theoretically at par with the ordinary Chinese currency, renminbi. Tian said the government still considered that the FECs had "many demerits and negative influences." Bank of China President Wang Deyan told Reuters earlier this month that he thought it unlikely that the certificates would be scrapped this year. Western diplomats and economists have said the Chinese authorities are having trouble finding a suitable alternative. Vice-Premier Yao Yilin announced at a similar press conference last year that the FECs would be abolished, saying the government had decided it was ideologically unacceptable to have two currencies circulating in China at the same time. REUTER
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Prime Minister Yasuhiro Nakasone sounded a conciliatory note in Japan's increasingly bitter row with the United States over trade in computer microchips. "Japan wants to resolve the issue through consultations by explaining its stance thoroughly and correcting the points that need to be corrected," he was quoted by Kyodo News Service as saying. While expressing regret over America's decision to impose tariffs on imports of Japanese electrical goods, Nakasone said Tokyo was willing to send a high-level official to Washington to help settle the dispute. Government officials said Japan would make a formal request next week for emergency talks and that the two sides would probably meet the week after, just days before the April 17 deadline set by Washington for the tariffs to take effect. Tokyo is expected to propose a joint U.S./Japan investigation of American claims that Japanese companies are dumping cut-price chips in Asian markets. Yesterday, Washington announced plans to put as much as 300 mln dlrs in tariffs on imports of certain Japanese electronic goods in retaliation for what it sees as Tokyo's failure to live up to their bilateral chip pact. That agreement, hammered out late last year after months of heated negotiations, called on Japan to stop selling cut-price chips in world markets and to buy more American-made chips. Nakasone's comments seemed distinctly more conciliatory than those of his Trade and Industry Minister, Hajime Tamura, who earlier today said Japan was ready to take "appropriate measures" if Washington went ahead with the sanctions. Ministry of International Trade and Industry (MITI) officials later sought to downplay the significance of Tamura's remark and said that his main message was that the two sides need to talk urgently about the issue. But they admitted that Japan was considering taking the United States to GATT, the Geneva-based international organization which polices world trade, if Washington imposed the tariffs. Any Japanese action would probably be taken under Article 23 of the General Agreement on Tariffs and Trade (GATT), they said. If that article were invoked, GATT would set up a panel to consider the legality of the U.S. Action. But officials here said they hope that can be avoided. "It may be wishful thinking but there is a possibility the United States may lift its decision at an early date," Tamura said. In announcing the U.S. Sanctions yesterday, President Ronald Reagan said he was prepared to lift them once he had evidence that Japan was no longer dumping chips in world markets and had opened up its own market to imports. Japanese government officials said they are confident they can make the pact work. They said that the export of cut-price Japanese chips through unregulated distributors has all but dried up after MITI instructed domestic makers to cut output. While acknowledging that it is harder to increase Japanese imports of American chips, MITI officials said that the ministry is doing all it can to ensure that happens. The Ministry recently called on Japan's major chip users, some of whom are also leading producers, to step up their purchases of foreign semiconductors. A spokesman for one of the companies, Toshiba Corp <TSBA.T> said his firm would do just that and could announce its plans in the next week or so. He expects other Japanese companies to do likewise. REUTER
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The Islamic Development Bank (IDB) and 20 Islamic Banks signed an agreement to establish a 50 mln dlr trade portfolio to finance trade among Islamic countries, IDB sources said. They said IDB's share in the portfolio, which will only finance exports and imports of the private sector, was limited to up to 25 mln dlrs. The sources said shares in the porfolio could be traded or redeemed by the IDB, adding that this was a major step in establishing an Islamic financial market. REUTER
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