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Japan's Minister of International Trade
and Industry, Hajime Tamura, will meet representatives from 151
of the nation's largest companies next week and appeal to them
to do their best to increase imports, ministry officials said.
The meeting was unveiled as part of a plan to boost imports
and help head off protectionist legislation in the U.S.
Senior officials from the Ministry of International Trade
and Industry told reporters that such personal appeals appeared
to have paid off in the past, as Japanese imports of
manufactured goods have climbed.
Leading domestic semiconductor makers will boost imports
and cut production of key memory microchips next month in an
attempt to help ward off U.S. Trade sanctions, company
spokesmen said.
The officials also said they expect the government's new
trade insurance law to boost imports and encourage Japanese
companies to set up production facilities overseas.
Under the new law, the government will insure Japanese
companies who pre-pay for imports against loss arising from
everything from war to bankruptcy of the foreign firm they are
dealing with. MITI estimated that it would help solve Japan's
trade problem to the tune of about $10 billion dlrs a year.
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The Bank of England said it had provided
the money market with a further 168 mln stg assistance in the
afternoon session. This takes the Bank's total help so far
today to 1.88 billion stg and compares with its estimate of a
record two billon stg shortage in the system.
The central bank purchased bank bills outright comprising
25 mln stg in band one at 9-7/8 pct, 138 mln stg in band two at
9-13/16 pct and three mln stg in band three at 9-3/4 pct.
It also bought two mln stg of treasury bills in band two at
9-13/16 pct.
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Hudson Foods Inc said it has
agreed in principle to acquire Thies Cos Inc, a poultry, beef
and pork products provider to midwest supermarkets and food
distributors with sales of about 69 mln dlrs for the year ended
November One.
The company said a definitive agreement is expected to be
signed in April. Terms were not disclosed.
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Ivory Coast maize output has risen
steadily during the last two decades and the country aims to
produce two mln tonnes annually "very rapidly," the official
daily Fraternite Matin reported.
It said the country reached self-sufficiency in maize three
years ago and harvested a record 530,000 tonnes in 1985
compared with only 200,000 tonnes 20 years earlier.
The daily did not detail 1986 output but said further
production increases are anticipated in the years ahead as part
of a policy of boosting domestic output to cut grain imports.
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Esso Malaysia Bhd, a unit of Exxon
Corp of the U.S., Reported net profit of 70 mln ringgit from
its petroleum and ammonia operations in 1986 compared with 48.7
mln in 1985. Chairman Gerald F Cox said the improved
performance was mainly due to product prices falling more
slowly than crude prices during the year.
He added that total sales volume increased as a result of
higher offtake by affiliated companies, while inland market
sales were maintained at around the previous year's levels.
But growth prospects in 1987 remained weak and 1986 results
are unlikely to be repeated in the current financial year.
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The Cabinet approved a plan for the
Port Authority of Thailand to buy six gantry cranes from
Metalna Co of Yugoslavia for about 13.4 mln dlrs, a government
spokesman said.
He said Thailand will pay for 25 pct of the cost of the
cranes in U.S. Dlrs and the rest by sales of rice, textiles and
other commodities to Yugoslavia.
The Bangkok Shipowners and Agents Association has appealed
to the government to scrap the purchase plan. It said it would
be an unnecessary expense as most vessels calling at the port
already have their own cargo handling equipment.
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Jewelmasters Inc said it expects to
report net income for the year ended January 31 20 to 25 pct
below analysts' estimates of 1,750,000 dlrs or 95 cts per share.
Jewelmasters sales sales for the year just ended were about
52.5 mln dlrs. In the prior year it earned 1,650,000 dlrs on
sales of 45.1 mln dlrs.
Jewelmasters said net income for the year was hurt by
disappointing sales in December and January, a high level of
advertising spending in the fourth quarter, higher than
expected opening expenses for 34 additional units and an
adjustment to inventory associated with a shift to a more
comprehensive inventory system.
Jewelmasters said it expects to report audited results for
the fourth quarter and year in about three weeks.
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Alpha Industries Inc said it has
sold its Microelectronics Division to Triax Corp for
undisclosed terms, retroactive to February One.
It said the division has yearly revenues of about 12 mln
dlrs and makes RF microwave components for the defense
electronics industry.
Alpha said it plans to concentrate on the high frequency
portion of the electromagnetic spectrum.
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British package courier <Interlink
Express Plc> does not plan to bid for the whole or part of
Purolator Courier Corp <PCC.N>, a spokesman said.
"There is no intention of making any sort of approach to
Purolator," the spokesman told Reuters, adding, "it would be a
case of David versus Goliath."
Interlink shares started trading in the U.K. Unlisted
Securities Market in October 1986. It posted pre-tax profits of
2.13 mln stg on turnover of 9.6 mln stg in the six months to
December 31, 1986. Purolator last year topped turnover of 465
mln dollars, the spokesman said.
between Purolator and Interlink in view of a takeover or
participation. He categorically denied press reports suggesting
Interlink was developing a buyout bid.
The reports said the proposed bid would be a price above
the 35 dlrs per share offered by <E.F. Hutton LBO Inc>. The
Hutton offer expires tomorrow.
The spokesman said Interlink was seeking to expand
business, first in continental Europe and later in the U.S. But
the company did not expect to gain foothold in the U.S. Market
until 1989 at the earliest, he said.
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South Korean Finance Minister Chung
In-yong will resist pressure for a currency revaluation to cut
South Korea's trade surplus with the United States when he
meets Treasury Secretary James Baker next week, Finance
Ministry officials said.
They said Chung would leave Monday to attend the
International Monetary Fund's Interim Committee meeting and to
hold talks with Baker and other U.S. officials on ways to
reduce the surplus.
The April 9 committee meeting is expected to review the
agreement by six industrialized nations in Paris last month
that newly-industrialized countries, such as South Korea and
Taiwan, should allow their currencies to increase in value.
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J.C. Penney Co Inc said its board
declared a two-for-one stock split and raised the quarterly
dividend 12 cts per share on a presplit basis to 74 cts.
Both are payable May One to holders of record April 10.
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Shr 31 cts vs 28 cts
Net 11.9 mln vs 10.9 mln
Revs 167.2 mln vs 154.0 mln
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The Bank of England said it had provided
the money market with late assistance of around 215 mln stg.
This takes the bank's total help today to some 2.096 billion
stg and compares with its forecast of a two billion stg
shortage in the system today.
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Cable and Wireless Plc <CAWL.L> said
proposals to resolve a dispute over entry to Japan's
telecommunications market were not acceptable.
A company spokesman said the proposals appear to have been
made in today's edition of the Japanese daily Asahi by Fumio
Watanabe, head of a telecommunications committee with the
Federation of Economic Organisations.
However, the suggestion still recommended a merger between
the two consortia tendering for contracts and would give Cable
a five pct stake, more than the three pct originally proposed
but less than the 20 pct it holds in its original venture, he
said.
The proposal would also offer a Cable nominee a seat on the
board of the merged company.
The spokesman said he believed Japan should accept
applications from the two rivals for fair review.
Earlier today Cable shares firmed on market speculation
that the dispute -- which is being treated by Britain's
government as a test case of how open the Japanese
telecommunications market is -- was near settlement.
Cable shares at 1350 GMT were quoted at 375p compared with
a close last night at 364p.
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U.K. Chancellor of the Exchequer Nigel
Lawson said the United States and Japan must work to avert a
possible trade war, and he added that a trade war would not be
in the interests of Britain.
Lawson told journalists that "the prospects for the (U.K.)
economy look very very good - providing we can avoid a trade
war." He stressed that "a heavy responsiblity in different ways
lies on Japan and the United States to ensure that we do avoid
such a trade war."
Asked whether he believed such a trade war could be
averted, Lawson replied, "I very much hope so."
Britain last week warned that it would retaliate if Japan
did not move soon to open its markets to outside competition.
Prime Minister Margaret Thatcher gave notice that the U.K.
Would fight the Japanese government's attempt to prevent (Cable
and Wireless Plc) (CAWL.L) from taking a significant position
in a new Japanese international telecommunications venture.
But British officials are now trying to dampen
anti-Japanese rhetoric, to try to keep developments under
control.
The British Conservative government will on Thursday
consider what legal options are available to it to try to
increase U.K. Access to Japanese markets, officials said.
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<Gruppo Ferruzzi> is studying a
project which could result in a public share offer of up to 49
pct of its French unit <European Sugar (France)> and could
raise around 400 mln dlrs, Ferruzzi chairman Raul Gardini said.
Gardini told Reuters the operation under consideration was
aimed at "international markets" and that the figure of 400 mln
dlrs given in some press reports "was probably about right."
European Sugar, wholly-owned by Ferruzzi unit Eridania
Zuccherifici Nazionali SpA <ERDI.M>, is expected to absorb the
European corn wet milling business of CPC International Inc
<CPC.N> which Ferruzzi recently agreed to buy.
Ferruzzi announced last week it had agreed in principle to
buy the CPC operation for 630 mln dlrs.
A Ferruzzi spokesman later confirmed that the group was
studying the transfer of the CPC business to European Sugar
along with a possible share offering in the Paris unit, but
gave no details.
The flotation plan has been interpreted by financial
analysts as a means of helping finance the acquisition of the
CPC business.
In London yesterday, chairman of Belgian starch producer
<Amylum NV> Pierre Callebaut told Reuters that since Ferruzzi
was "apparently still organising finance," his company might
still succeed with its rival bid for the CPC business.
Gardini, commenting on Callebaut's remarks, said the 630
mln dlrs agreed for the CPC acquisition would be paid "at the
date foreseen in the preliminary contract."
Gardini could not reveal the date in question nor give any
indication of the likely timing of an offering of shares in
European Sugar, but it was announced last week that Ferruzzi's
purchase of the CPC business was expected to be completed by
September 30.
Callebaut said yesterday that Amylum was surprised and
disappointed that its 675 mln dlr bid cash offer for CPC's
European business was apparently rejected in favour of
Ferruzzi's lower bid.
Gardini, commenting on Callebaut's remarks, said "Amylum
should know that one succeeds in a bid by making the right
offer at the right moment - exactly as Ferruzzi did in the case
of the acquisition of CPC's European business."
Gardini said it was not Callebaut's business to concern
himself with the European Sugar capital raising operation under
study, he added.
Asked about press reports that Ferruzzi might follow up the
European Sugar flotation with the sale of 49 pct of the CPC
business, Gardini said: "We do not exclude having minority
partners in the CPC business." He declined to elaborate.
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Treasury Secretary James Baker said
the agreement among the industrial countries reached in Paris
last month should foster stability of exchange rates at around
current levels.
In testimony before the House Appropriations Committee,
Baker outlined many of the measures taken designed to achieve
more balanced growth and a reduction of trade imbalances during
the Paris meeting.
"These measures should also foster greater stability of
exchange rates around current levels," he said.
Baker reiterated that the ministers at the Paris meeting
agreed that their currencies were within ranges "broadly
consistent with underlying economic fundamentals and that
further substantial exchange rate shifts could damage growth
and adjustment prospects."
He added: "In these circumstances, we agreed to cooperate
closely to foster stability of exchange rates around current
levels."
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GAF Corp said it has made an all
cash merger proposal to Borg-Warner Corp at 46 dlrs per share
for all the company's common stock.
Following a meeting yesterday with Borg-Warner officials
and investment bankers, GAF said, it is today delivering a
letter to the Borg-Warner board outling the terms of the
proposal that would be made by tender offer, pursuant to a
mutually acceptable merger agreement to be approved by the
Borg-Warner board and conditioned on that board's
recommendation of the tender offer and merger.
GAF, in its letter, stated it intends to finance the
proposed acquisition entirely with its own funds and bank
borrowings under a syndicated bank loan from a group of banks
led by Chase Manhattan Corp's <CMB> Chase Manhattan Bank.
Last week, GAF increased its ownership of Borg-Warner
shares to 19.9 pct of those outstanding Minstar Inc <MNST> sold
its 12.4 pct holding.
GAF emphasized "the amicable nature of the proposed
transaction," which it characterized as a partnership.
GAF said it wanted to discuss with the Borg-Warner board
key roles for Borg-Warner's senior management in the new
organization, board representation for Borg-Warner directors on
a newly constituted board, and a company name change.
GAF said it will be filing an amendment to its 13-D with
the U.S. Securities and Exchange Commission.
Borg-Warner has about 85.6 mln common shares outstanding.
Minstar chairman Irwin L. Jacobs sold his stake after
Borg-Warner after the company failed to respond to his
mid-February offer for a negotiated agreement at a minimum
price of 44 dlrs a share.
In November, Jacobs had offered to enter into acquisition
talks with Borg-Warner based on a price of between 43 and 48
dlrs a share.
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Shr loss 11 cts vs loss eight cts
Net loss 500,000 vs loss 500,000
Sales 47.4 mln vs 37.5 mln
Year
Shr profit 70 cts vs profit 89 cts
Net profit 4.4 mln vs profit 5.3 mln
Sales 195.5 mln vs 148.3 mln
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Year
Oper shr 1.23 dlrs vs 1.85 dlrs
Oper shr diluted 1.23 dlrs vs 1.79 dlrs
Oper net 6,799,000 vs 9,321,000
Revs 7,474,000 vs 12.4 mln
Avg shrs 4,503,000 vs 4,350,000
Avg shrs diluted 4,508,000 vs 5,206,000
NOTE: Net excludes gains from discontinued operations of
386,000 dlrs vs 903,000 dlrs.
1986 year net excludes gain 1,910,000 dlrs from sale of
discontinued operations.
Net includes tax credits of 9,450,000 dlrs vs 11.9 mln dlrs.
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Opoer shr profit 17 cts vs loss 96 cts
Oper net profit 2,293,000 vs loss 7,110,000
Sales 116.0 mln vs 108.3 mln
Year
Oper shr loss 2.03 dlrs vs loss 2.12 dlrs
Oper net loss 13.8 mln vs loss 11.6 mln
Sales 454.0 mln vs 446.4 mln
NOTE: Net excludes gains from discontinued operations of
10.2 mln dlrs vs 1,985,000 dlrs in quarter and 4,262,000 dlrs
vs 1,320,000 dlrs in year.
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Shr loss nil vs profit nil
Net loss 90,656 vs profit 892
Revs 2,194,242 vs 2,481,784
Avg shrs 19.5 mln vs 16.1 mln
Nine mths
Shr profit nil vs loss one ct
Net profit 42,824 vs loss 149,150
Revs 6,364,992 vs 6,503,811
Avg shrs 19.5 mln vs 16.1 mln
NOTE: Net includes tax credits of 98,338 dlrs vs 81,492
dlrs in quartrer and 193,193 dlrs vs 226,560 dlrs in nine mths.
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Shr loss 89 cts vs loss 17 cts
Net loss 13.9 mln vs loss 1,996,000
Revs 204,000 vs 2,087,000
Note: 1986 includes writedown of 12.5 mln dlrs for the
costs of mineral properties and deferred exploration and
development Bullmoose Lake in the Northwest Territories.
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Shr 17 cts vs 17 cts
Net 777,000 vs 595,000
Revs 12.9 mln vs 11.7 mln
Year
Shr 68 cts vs 48 cts
Net 2,957,000 vs 1,614,000
Revs 49.4 mln vs 38.6 mln
Avg shrs 4,344,204 vs 3,337,284
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Shr loss 11 cts vs profit 12 cts
Net loss 286,817 vs profit 292,014
Revs 9,972,379 vs 9,413,304
Year
Shr profit 63 cts vs profit 57 cts
Net profit 1,547,893 vs profit 1,481,703
Revs 43.9 mln vs 41.0 mln
Avg shrs 2,474,820 vs 2,617,768
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Treasury Secretary James Baker said
that the current expansion, which he noted was in its fifth
year, will continue in the period ahead.
He told the House Appropriations Committee that "there is
every prospect that the current expansion will continue
unabated through 1987 and the years beyond."
Baker said interest rates over the period have continued to
decline and that "policies of the Federal Reserve assure that
ample credit was available.
He said that the administration's longer term forecast
envisioned that "we will maintain and improve upon our progress
in bringing down the rate of inflation."
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EC ministers have approved financial
packages for several Mediterranean states totalling 1.6 billion
European currency units, an EC official said.
The packages, part of special EC trade agreements with
Tunisia, Egypt, Lebanon, Israel, Algeria, Morocco and Jordan
until 1992, include 615 mln Ecus in grants, he said.
They include one billion Ecus in loans from the European
Investment Bank, the EC long-term financing arm. The framework
for the transfers was signed yesterday by EC farm ministers
after being agreed in principle by foreign ministers earlier.
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The Soviet Union featured prominently in
U.K. Grain exports outside the EC for the period July 1/March
13, taking a combined total of 1.10 mln tonnes of wheat and
barley out of all-destination U.K. Exports of 7.16 mln tonnes,
the Home Grown Cereals Authority said, quoting provisional
Customs and Excise figures.
The Soviet total comprises 634,000 tonnes of wheat and
472,000 tonnes of barley. Grain traders said the figures
understate shipments already made by several thousand tonnes
and they expect total U.K. Grain exports to the USSR this
season to reach 2.5 mln tonnes, comprising 1.5 mln wheat/1.0
mln barley.
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Shr loss 23 cts vs loss 11 cts
Net loss 1,128,412 vs loss 548,054
Sales 9,827,784 vs 12.1 mln
Nine mths
Shr loss 19 cts vs profit 11 cts
Net loss 926,924 vs profit 527,004
Sales 32.3 mln vs 37.5 mln
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Oper shr 89 cts vs 1.31 dlrs
Oper net 3,345,000 vs 4,885,000
Sales 126.8 mln vs 120.1 mln
Year
Oper shr 1.67 dlrs vs 2.15 dlrs
Oper net 6,299,000 vs 8,013,000
Sales 380.9 mln vs 352.1 mln
NOTE: Share adjusted for five pct stock dividend.
Prior year net both periods excludes gain 1,998,000 dlrs
from reversion of overfunded pension plans.
Year net includes pretax LIFO inventory charge 600,000 dlrs
vs credit 900,000 dlrs.*Tax rate 40.6 pct vs 32.0 pct due to
impact of Tax Reform Act of 1986.
Bad debt writeoffs for year up one mln dlrs pretax from the
year before.
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Treasury Secretary James Baker said
that the agreement in Paris to cooperate in exchange rate
changes showed that the process of coordination agreed to at
the Tokyo summit was working.
He told the House Appropriations Committee the meeting
"demonstrated that the process is working."
He noted that the industrial surplus countries committed
themselves to strengthen their growth prospects while the
deficit countries agreed to reduce their domestic imbalances.
Baker said that for its part, Japan announced a cut in its
discount rate to 2.5 pct and committed itself to prepare a
comprehensive economic program to stimulate domestic demand
after the Diet completes action on the current budget.
He said the United States must also do its share pressing
for reductions in the federal budget deficit through spending
cuts.
"And we must continue to oppose protectionist pressures,"
he added.
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Dutch chemicals group Akzo
NV <AKZO.AS> said it hoped to consolidate its core activities
this year by making small acquisitions in the US.
Akzo chairman Aarnoud Loudon told a news conference on its
1986 report that the company wanted to achieve the same level
of US investments it had before it divested its fibre firm
American Enka in December 1985, when US investments represented
20 pct of Akzo's total capital.
The US expansion plans were not an attempt to compensate for
losses in guilder income through the lower dollar, Loudon said.
He said a more important factor was the speed of growth in
the US, adding "It's the largest industrial market in the world."
But he said the company would also be looking at possible
acquisitions in Europe.
Despite its highly liquid cash flow, Akzo did not plan
acquisitions on a scale that would negatively influence the
company's debt/equity ratio, Loudon said.
The chairman said in the past two years Akzo had spent 1.1
billion guilders on acquisitions, of which nearly two thirds
were in the United States.
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Shr losses not given
Net loss 7,800,000 vs loss 5,400,000
Sales 181.2 mln vs 182.0 mln
Year
Shr losses not given
Net loss 17.8 mln vs loss 4,900,000
Sales 566.3 mln vs 523.3 mln
NOTE: Company operating in Chapter 11 bankruptcy.
1986 year net includes four mln dlr LIFO charge and
3,400,000 dlr credit from pension plan termination.
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Capitol Bancorp said it has sold its 80
pct interest in CAP Mortgage Co Inc for 3.1 mln dlrs, adding
this is expected to result in an after tax gain of about
900,000 dlrs to be reported in the first quarter.
Capitol Bancorp said the CAP Mortgage interest was sold to
Michael M. Bronstein, president of CAP Mortgage, and Robert
Fox, president of Fox Properties Inc. Bronstein already held
the other 20 pct of CAP Mortgage's stock.
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qtr ends Jan 31
Shr nil vs nil
Net 2,213 vs 16,288
Revs 1,418,019 vs 795,522
Avg shrs 6,650,000 vs 4,150,000
Nine mths
Shr two cts vs three cts
Net 118,984 vs 103,384
Revs 4,066,605 vs 2,741,241
Avg shrs 6,650,000 vs 3,969,444
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0,
0,
0,
0,
0
]
|
Oper shr profit 18 cts vs loss 38 cts
Oper net profit 577,000 vs loss 1,147,000
Revs 16.3 mln vs 19.8 mln
Avg shrs 3,227,625 vs 3,057,206
NOTE: 1986 net excludes 485,000 dlr tax credit.
Reuter
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Shr loss 28 cts vs loss 29 cts
Net loss 2,086,477 vs loss 1,466,907
Revs 218,864 vs 60,000
Avg shrs 7,510,781 vs 4,990,168
Reuter
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The Kansas City Board of Trade,
KCBT, has asked federal futures regulators to modify a proposal
to raise the Chicago Board of Trade's, CBT, speculative
position limits on wheat futures contracts, saying the plan
would put the the Kansas exchange "at a serious competitive
disadvantage."
The Commodity Futures Trading Commission, CFTC, last month
proposed raising CBT wheat speculative limits to 1,200
contracts all months net from 600 contracts, and to 900
contracts for any single month from 600 contracts.
At the same time, CFTC proposed leaving KCBT's wheat
speculative position limits unchanged.
"Higher limits for CBT wheat than for KCBT wheat would
significantly impair the KCBT's ability to compete with the CBT
for speculative interest," Michael Braude, president of the
Kansas exchange, said in a letter to CFTC.
A CFTC spokesman said the commission took into account open
interest affected by existing speculative limits in proposing
to raise CBT's limits.
KCBT said the CFTC proposal would reduce hedging
efficiency, constrain growth of intermarket spreading and of
the exchange's wheat options contract and impair its ability to
attract large speculators.
The Kansas City exchange asked the commission to amend its
proposal to change the limits for KCBT wheat to the exact same
bushel amount as specified for CBT wheat.
CFTC will consider public comments on the proposal until
June 3.
Reuter
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Gruppo Ferruzzi is studying a
project which could result in a public share offer of up to 49
pct of its French unit European Sugar (France) and could raise
around 400 mln dlrs, Ferruzzi chairman Raul Gardini said.
Gardini told Reuters the operation under consideration was
aimed at "international markets" and that the figure of 400 mln
dlrs given in some press reports "was probably about right."
European Sugar, wholly-owned by Ferruzzi unit Eridania
Zuccherifici Nazionali SpA, is expected to absorb the European
corn wet milling business of CPC International Inc which
Ferruzzi recently agreed to buy.
Ferruzzi announced last week it had agreed in principle to
buy the CPC operation for 630 mln dlrs.
A Ferruzzi spokesman later confirmed that the group was
studying the transfer of the CPC business to European Sugar
along with a possible share offering in the Paris unit, but
gave no details.
The flotation plan has been interpreted by financial
analysts as a means of helping finance the acquisition of the
CPC business.
Reuter
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Gandalf Technologies Inc said it
acquired a significant minority equity interest in privately
held Data/Voice Solutions Corp, of Newport Beach, Calif., for
undisclosed terms.
Gandalf did not specify the size of the interest.
Data/Voice is a three-year-old designer and manufacturer of
a multiprocessor, multiuser MS-DOS computing system that
Gandalf plans to integrate with its private automatic computer
exchange information system, Gandalf said.
Reuter
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Keycorp said it has signed a
definitive agreement to acquire Commercial Security Bancorp
<CSEC> by exchanging Keycorp common valued at 63 dlrs for each
Commercial Securities share.
Keycorp said this gives the transaction an indicated value
of 102 mln dlrs.
Keycorp said the amount of its stock to be exchanged will
be based on the daily average closing price of the shares for
an unspecified period prior to the closing of the acquisition.
Based on a maximum of about 2.75 Keycorp shares and a
minimum of about 1.8 Keycorp to be exchanged, the agreement
provides that if the average price of Keycorp common is less
than 21.50 dlrs a share during the pricing period, the
agreement will terminate unless a new conversion ratio can be
negotiated.
Keycorp said the transaction is designed to be tax free to
Commercial Security shareholders. The company said it will
treat the merger as a pooling of interests.
It said the proposal is subject to approval by Commercial
Security shareholders and various regulators.
Keycorp said the merger is expected to become effective as
soon as possible after December 31, 1987, the date Utah's
interstate banking law becomes operational.
Keycorp said Richard K. Hemingway and certain members of
the Hemingway family who own about 30 pct of Commercial
Security's outstanding shares have agreed to vote in favor of
the transaction and not dispose of their stock.
Based in Salt Lake City, Commercial Security ended 1986
with assets of 830.3 mln dlrs, net loans of 496.6 mln dlrs and
deposits of 707.9 mln dlrs. It had net income of 5.1 mln dlrs
or 3.16 dlrs a share on 1.6 mln average shares outstanding last
year.
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Exxon Corp said in its annual report
that it raised production in 1986 although it did not replace
all oil and gas produced.
The company said that it added about four pct to production
bringing it to 1.8 mln bpd, the highest level since 1979, based
largely on increased production of oil overseas but additions
to its reserves from new discoveries and reserve acquisitions
did not replace all of the oil and gas produced.
The company said that the average price for oil and gas
declined 41 pct in 1986 from the previous year sparking a 38
pct decline in its earnings from exploration and production.
Exxon's earnings from exploration and production in 1986
fell to 3.1 billion dlrs from 4.9 billion dlrs in 1985.
Exxon said that its principal gains in production came from
the Gulf of Mexico, Alaska, the North Sea, Malaysia and from
oil sands in Canada.
Exxon also said that it acquired 11.2 mln acres for
expoloration spread over 10 countries including the U.S, Europe
and the Far East.
But capital expenditures for exploration and production
were cut to 4.6 billion dlrs from 7.6 billion the previous year
and further reductions were expected in 1987.
Exxon said that its net share of crude oil and natural gas
liquids produced from offshore fields in the North Sea reached
a new high of 422,000 bpd.
The light, sweet crudes produced from these North Sea
fields also gave the company trading gains as Exxon was able to
sell much of this crude and replace it with cheaper, lower
quality crude oil for its refineries which have been upgraded
over the past several years.
The trading gains and lower acquisition costs gave Exxon
more of a spread in its refinery operations and added to
earnings gains from refining and marketing.
Exxon said earnings from refining and marketing operations
rose to nearly two billion dlrs in 1986, up from 872 mln dlrs
in 1985.
The company said petroleum sales slipped slightly to 4.043
mln barrels per day from 4.082 mln bpd in 1985 while crude runs
rose to 3.0 mln bpd from 2.9 mln bpd the previous year.
Exxon's refinery operations benefited from a three year 500
mln dlr upgrading program to its Baytown, Texas refinery
completed last October and an 850 mln dlr upgrading project in
Rotterdam both of which emphasize utilizing lower grade crudes
to extract higher proportions of light products.
Reuter
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China's application to join the General
Agreement on Tariffs and Trade (GATT) is seen as a test case by
the Soviet Union, which will probably demand to follow China, a
top European Community official said.
Willy de Clercq, External Relations Commissioner of the
European Communities, told a news conference that China's
application would involve long and difficult negotiations.
China formally applied to join GATT in July 1986 and in
February presented a memorandum backing its application, which
De Clercq said was now being studied. Questions would then be
presented to China.
"After China, other important state-trading countries
including the Soviet Union, will probably demand accession.
China's application could be considered a test case," he said.
He said the EC strongly backed China's application, but
others among GATT's 92 contracting parties took a tougher line.
Among the numerous problems of a huge centrally-run economy
entering a free trade system are tariffs and reciprocity and
the expectation that China will practice an open-trade policy
without trade discrimination, de Clercq added.
De Clercq noted the different dimensions of the Chinese
economy and those of Hungary and Yugoslavia, the two current
Socialist GATT members.
On China's import potential, he said a foreign exchange
shortage would force China to import less this year and next
than in the past, with an emphasis on technological equipment
and capital.
During his visit, De Clercq has met top Chinese leaders and
today signed an agreement to open a European Community
Commission office in Peking.
REUTER
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Shr loss 53 cts vs loss 32 cts
Net loss 1,548,000 vs loss 929,000
Revs 9,362,000 vs 11.3 mln
12 mths
Shr loss 82 cts vs profit 17 cts
Net loss 2,408,000 vs profit 452,000
Revs 40.9 mln vs 39.5 mln
NOTE: full name of company is Rocky Mount Undergarment Co
Inc.
Reuter
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The Senate's Democratic and
Republican leaders praised President Reagan for retaliating
against Japan for violating a semiconducter accord but dashed
cold water on ideas it was the first shot in a trade war.
Senate Democratic Leader Robert Byrd and Republican leader
Bob Dole both told the Senate Reagan's decision was long
overdue and urged Japan to open its markets to U.S. goods and
stop dumping on world markets.
Each noted in separate speeches that they saw no trade war
over the issue, despite concerns in financial markets.
"That fear has no basis in fact," Byrd said.
Reuter
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DYR Liquidating Corp,
formerly Dyneer Corp, said its board declared a third
liquidating dividend of one dlr per share payable to
shareholders of record on April 14 and said it will file a
certificate of dissolution on that date.
The company said shareholders of record on that date will
acquire beneficial interests in the liquidating trust that will
be formed to hold all of the company's assets.
It said it has asked the American Stock Exchange to suspend
trading in its common stock at the close on April 6 to ensure
settlement of all traded by April 14.
DYR said it expects its stock to be withdrawn from
registration under the Securities Exchange Act of 1934 shortly
after April 14.
DYR said the pay date for the dividend will be April 28.
Reuter
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Shr 1.24 dlrs vs 19 cts
Shr diluted 1.11 dlrs vs 19 cts
Net 11.9 mln vs 1,830,000
Revs 79.3 mln vs 46.1 mln
NOTE: 1986 net includes pretax charge 8,300,000 dlrs from
increases and reserves and writeoffs of low-yielding assets and
pretax gain 20.8 mln dlrs from sale of Multi-Family subsidiary.
Another 3,800,000 dlrs of gain from the Multi-Family sale will
be recognized in 1987 if Multi-Family meets targeted operating
results.
Reuter
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Peat Marwick and KMG Main Hurdman said
their merger will be completed tomorrow.
The new firm, to be known as KPMG Peat Marwick, will rank
among the largest public account and consulting firms in the
U.S. based on combined 1986 revenues of 1.35 billion dlrs,
1,825 partners and a total staff of 16,500 in 136 offices.
KPMG was created as part of the merger announced last
September of Peat Marwick International Klynveld Main Goerdeler
to form Klynveld Peat Marwick Goerdeler.
Reuter
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Loans and advances from the Dutch
Central Bank to the commercial banks fell 1.01 billion guilders
to 9.5 billion guilders in the week ending March 30, the Bank's
weekly return showed.
Dealers said payments by the Dutch state, partly in the
form of civil service wages, had outweighed payments to the
State, causing the money market deficit to ease.
The Treasury's account with the Bank dropped 960 mln
guilders to 6.5 billion guilders.
Liabilities in gold or foreign currency rose 200 mln to
11.9 billion guilders.
Dealers said it was more likely that the alteration in this
item on the weekly return indicated normal commercial foreign
exchange business rather than intervention by the Central Bank.
The Bank itself does not disclose information on
intervention.
Seasonal variation brought bank notes in circulation up 190
mln guilders to 29.7 billion guilders.
Total gold and currency reserves rose 173 mln guilders to
56.4 billion guilders.
Call money and period rates were barely changed in the
week. Today all were traded at 5-3/8 to 5-1/2 pct.
REUTER
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Borg-Warner Corp in a statement said it
has received GAF Corp's 46 dlrs a share acquisition proposal
and will have no comment until its board of directors has had a
chance to examine it thoroughly.
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CRI Insured Mortgage Investments
II Inc said it expects to distribute about 1.55 to 1.65 dlrs
per share from operations for all of 1987 and about 1.68 to
1.75 dlrs including the proceeds of the gain from the sale of
the Brighton Meadows mortgage through January 31.
The company today paid a dividend of 1.1646 dlrs per share.
Its first two quarterly payments, in September and December,
were 42.5 cts each.
CRI said it has not yet declared a distribution on the Park
Meadows loan disposition.
Reuter
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Audio/Video Affiliates Inc said it
will receive an undisclosed amount from <Dixons Group PLC> in
connection with the termination of Cyacq Corp's 92.50 dlr per
share tender offer for Cyclops Corp <CYL>.
The company said the amount from Dixons is in lieu of
reimbursement expenses for the Cyacq tender. Citicorp <CCI>
was the other partner in Cyacq.
The payment was in connection with Dixons' previously
-announced agreement to increase its tender price for Cyclops
to 95.00 dlrs per share, Cycacq's ending of its competing bid
and the ending of litigation between the parties.
Reuter
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Republic Savings and Loan
Association and <Pioneer Savings> of Racine, Wis., said they
have signed a definitive agreement to combine the two
associations into a publicly held holding company to be called
Republic Capital Group Inc.
The associations said they would form the company by
exchanging Republic's stock for shares in the holding company,
which Pioneer savers could purchase when Pioneer converts from
mutual to stock ownership.
The associations added that they would remain independent,
but wholly owned, units of the holding company.
The associations said they would continue to do business
using their present names and management.
The combination of Republic's 459 mln dlrs in assets with
Pioneer's 125 mln dlrs would make the new holding company the
fifth largest savings and loan organization in Wisconsin, they
said.
The associations said the move is subject to approval by
the Federal Home Loan Bank Board and the Wisconsin Commissioner
of Savings and Loan, as well as Republic's shareholders and
Pioneer's depositors.
Reuter
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Shr 19 cts
Net 653,000
Revs 45.6 mln
Note: Prior results not given due to November, 1986
acquisition of 56 pct stake in Continuous Colour Coat Ltd
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Brougher Insurance Group Inc
said it plans to sell 40 pct of the stock of its subsidiary,
Intercontinental Corp, for one mln dlrs to three European
insurance companies.
The parent company said it signed a letter of intent to
sell the stock to <WASA Europeiska Forsakrings AB> of Sweden,
<Europeiske Reiseforsikring A/S> of Norway, and <Europeiska
Rejseforsikrings A/S> of Denmark.
Brougher said it expects to realize a net after-tax gain of
approximately 330,000 dlrs, or 12 cts per share, from issuing
stock of Intercontinental.
Reuter
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Rep. Pat Roberts, R-Kan., predicted
the Reagan administration within the next ten days to two weeks
will offer subsidized wheat to the Soviet Union under the
Export Enhancement Program, EEP.
Roberts made the comment at a press conference held by
Republican members of the House Agriculture Committee.
He did not say on what he based the comment, but an aide
said Roberts had been in touch with top Republican officials
recently.
The possibility of an expansion of EEP to include wheat to
Moscow has been rumored for some time, and some industry
sources believe a decision on the issue will be made by the
Reagan administration before Secretary of State George Shultz
goes to Moscow in April.
Reuter
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Sun City Industries Inc said preliminary
unaudited results of ongoing operations for the fiscal year
ended January 31, 1987 are expected to rise over 580 pct to
700,000 dlrs or 70 cts per share from the 125,313 dlrs or 12
cts reported last year.
Total net income is expected to reach 2.4 mln dlrs, which
includes 1.7 mln dlrs of net income realized from sale of
property. The combination will result in record earnings of
2.40 dlrs a share, the wholesale distributor and processor of
eggs said.
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The St Lawrence Seaway said the first
ship of the season passed through the St Lambert lock here this
morning, officially opening the 2,300-mile-long waterway's 1987
shipping season.
The seaway has said it expects little increase in freight
levels this year from last year when it moved 37.6 mln tonnes
of freight between Montreal and Lake Ontario and 41.6 mln
tonnes on the Welland Canal, which links Lake Erie and Lake
Ontario. The canal is scheduled to open tomorrow.
Officials expect the waterway to lose nine to ten mln
Canadian dlrs this year, about the same as the estimated
deficit for fiscal 1986-87, which ends today.
Reuter
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Acton Corp said it has agreed to
sell its five Michigan cable television systems to Wisconsin
Cablevision Inc for about 9,500,000 dlrs, resulting in a gain
of about six mln dlrs.
The company said the sale is subject to review by local
authorities. The systems have about 7,500 subscribers.
Acton said proceeds will be used to retire bank debt.
The company said it has also entered into a 15.5 mln dlr
bank credit agreement that will allow it to complete the
prepayment of all its obligations to members of its present
bank syndicate.
The company said the new credit will also allow it to
prepay some other debt and redeem its Class C Series Two
preferred stock.
It said the new facility has allowed it to take full
advantage of an early payment discount of about 13 mln dlrs in
principal and interest which was negotiated with its banking
syndicate in connection with an April 1986 financial
restructuring.
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Exxon Corp said that 1986's 15 pct
increase in earnings per share to 7.42 dlrs a share were
partially based on its streamlined operations which compensated
for the weakness in its exploration earnings and the lowest
crude oil prices in a decade.
Exxon said economies introduced in its operations from
reductions in personnel and other savings, such as reductions
in exploration expenses, were reflected in an 880 mln dlr
reduction in consolidated operating costs from 1985.
The company said its more efficient operations would be
necessary to offset more adverse oil market conditions ahead.
The company also said that its share repurchase plan
contributed to the per share gains over 1985.
In a breakdown of costs, Exxon said that operating expenses
slipped to 9.2 billion dlrs in 1986 from 9.7 billion dlrs the
previous year and exploration expenses, including dry holes,
slipped back to 1.2 billion dlrs from 1.5 billion dlrs over the
same period as the number of wells drilled was lower.
The company was also able to use lower interest rates to
reduce its interest expenses to 614 mln dlrs in 1986 from 627
mln dlrs the previous year.
Exxon said that the ratio of debt to capital was cut by 1.6
pct in 1986 from the previous year to 19 pct.
On December 31, 1986 Exxon's total debt of 7.87 billion
dlrs was down slightly from the previous year's 7.9 billion
dlrs and long term debt stood at 4.3 billion dlrs, down from
4.8 billion dlrs in 1985.
Exxon's policy of repurchasing shares on the market for its
treasury also contributed to earnings results by a reduction of
shares to 722.6 mln shares from 754.1 mln shares the previous
year.
Reuter
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U.S. Trade Representative Clayton
Yeutter said the stock market overreacted to a U.S. decision
last week to proceed with tariffs on some Japanese computer
products.
Speaking to reporters prior to testifying at a House
Agriculture Committee hearing, Yeutter said it is "difficult to
comprehend" that a trade decision affecting only 300 mln dlrs
in goods caused the stock market collapse yesterday.
"I have a hunch a lot of other things were involved in that
(stock market fall), including simple profit-taking," Yeutter
said.
Yeutter said Japan would be sending a senior official from
its trade ministry to Washington next week for talks on the
computer chip dispute.
"We will be glad to have him here, but that's not going to
affect a decision that's already been made," Yeutter said.
The decision announced last week would apply higher tariffs
on a range of Japanese products in retaliation for the alleged
failure of Tokyo to honor an agreement with the U.S. on
semiconductor trade.
Reuter
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Unfavorable late winter weather
conditions in the main wheat growing areas of Yugoslavia
indicate dimmed prospects for the emerging winter wheat crop,
the U.S. embassy's agricultural officer in Belgrade said.
The officer, who travelled through an area from Belgrade to
Subotica, said in a field report dated March 27 the wheat crop
had been set back at least three weeks because of a cold spell
that followed a period of warm weather.
He said unseasonably warm weather in late February that
brought the wheat crop out of winter dormancy early was
followed by three weeks of unusually cold weather.
Damaging effects were seen in the fields, most of which
show stands with a yellow-brown cast indicating extensive leaf
and possible root damage from repeated freezings, he said.
The report said that since much of the early growth in
February was from late seeding rather than from normal
development, his view was that the damage may be more extensive
than some local observers say.
The most seriously affected fields were late-seeded fields
on normal maize soils. Stands in these fields were thin and
chances of recovery appeared less favorable, he said.
However, he said soil moisture conditions were favorable
and many of the fields had already been top-dressed, which
would aid recovery.
Reuter
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USX Corp's Texas Oil and Gas Corp
subsidiary and Consolidated Natural Gas Co have mutually agreed
not to pursue further their talks on Consolidated's possible
purchase of Apollo Gas Co from Texas Oil.
No details were given.
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Hal Weiss, chairman,
president and chief executive officer, of Rocky Mount
Undergarment Co Inc, said he expects the company to show a
profit for the first quarter fiscal 1987.
Weiss said sales for 1987 have been strong following a net
loss of 1,548,000 dlrs, or 53 cts a share, for the fourth
quarter of fiscal 1986. The company reported a net loss for the
year of 2,408,000 dlrs, or 82 cts a share.
Rocky Mount recorded net income of 248,000 dlrs, or eight
cts per share, for the first quarter of fiscal 1986.
Weiss attributed the poor year to problems involving
management, manufacturing operations, financial condition and
credibility among its suppliers.
Weiss predicted the pattern of quarterly lossses which
characterized 1986 will be reversed and 1987 will see the
company return to profitability.
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The Chubb Corp said it completed the
previously-announced merger of its subsidiary with and into
Sovereign Corp <SOVR>, a life insurance holding company.
Under the terms of the merger, Sovereign stockholders
wil receive, in a tax free exchange, 0.1365 of a share of Chubb
common stock for each share of Sovereign held, the company
said.
This equals 9.11 dlrs per share of Sovereign stock based on
the closing price of Chubb common stock on March 30.
Reuter
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The Japanese ambassador to the U.S.
Suggested that Prime Minister Yasuhiro Nakasone make efforts to
present "advanced' proposals on trade issues when he visits
Washington next month.
Ambassador Nobuo Matsunaga made the recommendation at a
meeting with Nakasone, Kyodo News Service said.
Matsunaga also advised that the prime minister should be
prepared to discuss U.S.-Japan economic issues.
Matsunaga cited issues such as a U.S.-Japan micro chip
trade pact, foreign access to the Kansai international airport
project, and a new international telecommunications firm.
Matsunaga returned on Sunday to report to Japanese leaders
on recent U.S. Developments over trade, in preparation for
Nakasone's visit to Washington, April 29 to May 5.
Kyodo quoted Nakasone as telling reporters after meeting
the envoy, "I entirely accept what ambassador Matsunaga
recommended." Nakasone did not elaborate.
The U.S.-Japan trade dispute intensified last week when
President Ronald Reagan said the U.S. Would impose heavy
tariffs on Japanese imports in retaliation against alleged
Japanese breach of the computer chip trade pact.
Meanwhile, Nakasone's ruling Liberal Democratic Party (LDP)
is to consider measures to boost imports and open up the
Japanese market, such as government purchase of supercomputers
and expanding foreign access to the Kansai airport project,
party sources said.
The LDP international economic affairs council was
responding to Nakasone's request for measures to reduce Japan's
increasing trade surpluses with the U.S. And Europe, they said.
REUTER
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U.S. Agriculture Secretary Richard
Lyng declined to confirm statements made today by a farm state
congressman that the United States will offer subsidized wheat
to the Soviet Union within the next 10 days to two weeks.
When asked to clarify comments by Rep. Pat Roberts of
Kansas that the administration would soon offer Export
Enhancement wheat to the Soviet Union Lyng said, "well it won't
be today," and then added, "we have no official comment one way
or the other."
Lyng would not comment on whether a wheat subsidy offer to
the USSR is under more active consideration at the USDA, saying
that any remarks by him would be tantamount to an official
announcement and could be construed inappropriately.
Reuter
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<New Harding Group Inc>,
formerly Harding Carpets Ltd, said it declared its first
dividend since fiscal 1978 of 10 cts per subordinate voting
share and multiple voting share, pay April 15, record April 8.
The company said the dividend establishes a new policy for
the payment of quarterly dividends.
New Harding earlier reported profit of 653,000 dlrs or 19
cts a share for first quarter ended January 31. It said prior
results were not comparable due to the company's November, 1986
acquisition of a 57 pct stake in Continuous Colour Coat Ltd.
Reuter
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Investor David F. Laroche said he has
decided to drop the condition to his tender offer for 170,000
shares of NECO Enterprises Inc at 26 dlrs each that at least
170,000 shares be tendered.
He said he has extended the expiration of the offer until
April 14.
Thorugh March 27, he said 45,696 NECO shares had been
tendered.
Laroche said he may obtain a short-term loan of up to one
mln dlrs from Amoskeag Bank to help finance the purchase of
shares under the offer, bearing interest of up to nine pct.
Reuter
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Chevron Corp said its Chevron
U.S.A. Inc unit and Tokyo-based Nippon Oil Co Ltd agreed to
conduct a joint-venture oil exploration and development program
on selected Chevron leaseholds in the United States.
About 50 onshore and offshore exploratory wells will be
drilled under the agreement and Chevron will be the operator of
the project and pay some costs, the company said.
It said Nippon will contribute an initial investment of
more than 100 mln dlrs.
The Japanese government will also participate in the
venture by providing financing to Nippon through the Japanese
Oil Corp, Chevron said.
It said drilling will begin during the second quarter.
Properties to be evaluated are located in California,
Colorado, Kansas, Oklahoma, Mississippi, Montana, North Dakota,
Texas, Utah, and Wyoming, along with Federal Outer Continental
Shelf leases offshore Southern California and in the Gulf of
Mexico, Chevron said.
Reuter
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Telecast Inc said it closed on
the financing portion of its previously-announced acquisition
of approximately 14,600 hotel rooms from <Dynavision Inc>.
The three mln dlr financing package was provided by Sanwa
Business Credit Corp, a subsidiary of <Sanwa Bank Ltd> of
Japan, the company said.
Reuter
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Shr profit 18 cts vs loss 21 cts
Net profit 766,000 vs loss 510,000
Sales 32.4 mln vs 25.5 mln
Year
Shr profit 71 cts vs loss 23 cts
Net profit 2,337,000 vs loss 747,000
Sales 132.1 mln vs 119.6 mln
NOTE: Prior year results pro forma for acquisition of C and
D Power Systems divisions of Allied-Signal Inc <ALD>.
Reuter
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Consolidated net loss 5.54 billion francs vs loss 10.93
billion.
Consolidated net turnover 131.06 billion francs vs 122.14
billion.
Consolidated debt 54.3 billion francs vs 61.9 billion.
Net loss car making 4.14 billion francs vs loss 10.99
billion.
Net loss industrial vehicles 990 mln vs loss 1.54 billion.
Note - The company said the consolidated net loss was after
costs and provisions for restructuring of 3.90 billion francs,
which includes exceptional items arising from the planned sale
of its stake in American Motors Corp <AMO> to Chrysler Corp
<C>.
Full company name is Regie Nationale des Usines Renault.
Reuter
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Tunisia is expected to tender shortly for
100,000 tonnes of soft wheat for shipment between April and
June, covered by COFACE export credits, trade sources said.
Over 300,000 tonnes of French soft wheat have been sold to
Tunisia since the beginning of the 1986/87 campaign, of which
225,000 to 250,000 tonnes have already been shipped, they said.
Reuter
| [
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Shr loss 48 cts vs loss 35 cts
Net loss 1,587,000 vs loss 1,063,000
Revs 45.3 mln vs 50.9 mln
Avg shrs 3,322,032 vs 3,054,457
Year
Shr profit three cts vs loss 19 cts
Net profit 112,000 vs loss 587,000
Revs 211.2 mln vs 199.3 mln
Avg shrs 3,220,163 vs 3,038,361
NOTE: Net includes tax credits 1,411,000 dlrs vs 929,000
dlrs in quarter and tax provision 689,000 dlrs vs credit
1,288,000 dlrs in year.
1986 year revenues include 18.7 mln dlrs from gain on sale
of Quality Sausage Co Inc.
1986 net includes costs of 900,000 dlrs in quarter and
1,200,000 dlrs in year from proposed merger.
Reuter
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Arvin Industries Inc said higher
interest costs from borrowings to make acquisitions will
produce earnings flat with last year's 59 cts a share results.
Arvin said it might earn 57 cts to 60 cts a share in the
quarter.
These results also reflect the seasonally low sales pattern
of automotive replacement parts in that period.
Arvin forecast about 85 cts a share net in the second
quarter compared with 68 cts in last year's period.
The company said revenues for full year 1987 it will exceed
1.4 billion dlrs, net earnings will increase more than 30 pct,
while per share earnings should increase 12 to 18 pct.
Arvin's 1986 revenues were 995.6 mln, net reached 41.2 mln
and earnings per share 2.46 dlrs.
It based these forecasts due to the addition of Schrader
Automotive Inc and Maremont Corp, both acquired last year.
Chairman James Baker said 1987 quarterly comparisons will
not conform to historical patterns for the year because the
acquisitions of Schrader and Maremond occurred in different
quarters.
He said Arvin will complete the purchase of Systems
Research Laboratories in the second quarter of 1987. This will
also increase revenues.
Reuter
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|
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|
Shr loss 23 cts vs loss 15 cts
Net loss 1,121,664 vs loss 640,862
Sales 37,485 vs nil
NOTE: Company in development stage.
Reuter
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The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
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Shifts from mild to very cold
weather in East Germany damaged winter barley and late sown
winter wheat in central regions and barley north of Berlin, the
U.S. agricultural officer in East Berlin said.
In a field report, the officer said indications were that
winter kill might well be more than 100,000 hectares compared
with 38,000 last year.
He said the damage was probably more limited in southern
and central regions and most widespread in the north.
Damage was most severe on plants above the ground where
little or no snow cover was present, he added.
The officer said heavy frosts at night followed by sunshine
during the day led to some heaving, particularly for well
developed plants and for winter barley.
Furthermore, as the ground surface thawed, some standing
water occurred in the fields.
The officer said repairing damage will probably call for
special measures this spring in fields with damaged plants and
where stands are thin. Harrowing, as well as well-timed
applications of nitrogen, will be necessary, he added.
Reuter
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Qtrly Class A div five cts vs five cts prior
Qtrly Class B div four cts vs four cts prior
Pay May 29
Record April 30
NOTE: company changed date for its annual shareholders'
meeting to June 24 from June 15 due to a scheduling conflict.
Reuter
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Shr profit 10 cts vs loss two cts
Net profit 140,332 vs loss 21,290
Revs 4,202,305 vs 1,692,976
Avg shrs 1,400,945 vs 1,106,500
Reuter
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Treasury Secretary James Baker said
the United States and the five other industrialized nations
signing the recent Paris Accord remain committed to fostering
the exchange rate at around current levels.
But he declined to comment on what he believed to be an
appropriate level of the dollar in world markets.
"I'm not going to comment on that because invariably the
exchange markets read either more or less into my remarks than
I might intend," he said in response to a question from the
House Appropriations Committee.
Baker said the six nations participating in the Paris
meeting in February had "acknowledged that the currencies are
within ranges that are broadly consistent with the economic
fundamentals and we and the others as well remain prepared to
cooperate closely to foster stability in exchange rates around
those levels."
Reuter
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The May Department Stores Co said it
has signed an agreement to sell its Sycamore Specialty Store
Division to an investment group that includes Syacmore senior
management.
May said it expects to close the deal, which includes the
entire division and its 1,000 employees, in April.
Sycamore has 111 women's apparel stores in Indiana, Ohio,
Illinois, Kentucky and Michigan, May said.
May added that the Indiana National Bank of Indianapolis
provided a portion of the deal's financing.
Reuter
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Qtrly div 26 cts vs 27 cts prior
Payable April 27
Record April 10
NOTE: full name of company is cpl real estate trust
investment.
Reuter
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National Bancshares Corp of Texas
said it has completed the previously-announced sale of 90,000
credit card accounts of to Lomas and Nettleton Financial Corp
<LNF> for 45.6 mln dlrs, resulting in a gain of 5,800,000 dlrs.
Reuter
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Grain trade analysts expect a sharp
drop in corn acreage, with most expecting a more modest decline
in soybeans, in the U.S. Agriculture Department, USDA,
plantings intentions report due out at 1500 est (2100 gmt).
The average trade guess for 1987 planted corn acreage was
66.06 mln acres, ranging from 60.7 to 69.0 mln, all well below
the 76.67 mln planted last year due to improved incentives by
the USDA for farmers to retire acres. Corn acres totalled only
60.22 mln in 1983, when the PIK program was introduced.
The average soybean planted acreage quesstimate was 59.49
mln, ranging from 58.0 to 63.0 mln and compared with the 61.48
mln planted in 1986
With substantial grain stocks, less interest was expressed
among analysts in the USDA stocks report also scheduled today.
Reuter
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CPL Real Estate Trust
Investment said its regular quarterly dividend distribution
will be lower than its present 26 cts per share, and could be
significantly lower starting with the third quarter of 1987.
The company, which lowered the payout from 27 cts to 26 cts
this current quarter, said it did not know how low the payout
would go.
The company said the reason for the cutbacks was because it
would not be purchasing a property it had anticipated, and
alternative investments will produce significantly lower yields
than anticipated.
Reuter
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Reichhold Chemicals Inc said
it is part of a group that has purchased PCR Inc from Hanson
Trust PLC's SCM Corp subsidiary.
It said other group members include Jacksonville, Fla.,
businessman Jack C. Demetree and managers of PCR.
Reichhold said it made a "modest" cash investment. PCR
makes high-performance materials for a variety of industries.
Reuter
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Shr 13 cts vs 17 cts
Net 553,000 vs 728,000
Revs 6.9 mln vs 7.5 mln
Nine months
Shr 17 cts vs 18 cts
Net 732,000 vs 776,000
Revs 18.5 mln vs 18.2 mln
NOTE:Share earnings reflect 5-for-4 stock split effective
July 31.
Reuter
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Treasury Secretary James Baker told
the House Appropriations Committee that he believes the
president remains opposed to an oil import fee.
He said Reagan last year rejected the idea and he added:
"In my personal view he is not likely to change his thinking
on that."
He said Reagan last year opposed the idea because the
energy industry was divided on the issue, a tax would require a
new bureacracy to administer and the resulting higher energy
prices would harm U.S. competitiveness.
Reuter
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Syria may have bought 80,000 tonnes of
French soft wheat, some traders here said.
But others said it may instead have given payment
guarantees to allow for the shipping of an old contract to go
ahead.
Syria has bought around 320,000 tonnes of soft French wheat
since the beginning of the 1986/87 campaign, of which only
121,000 tonnes had been exported by the end of last month.
The country also bought around 30,000 tonnes of EC soft
wheat 12 days ago at 80 to 81 dlrs a tonne, fob, they said.
Reuter
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