utterance
stringlengths 0
13.4k
| label
listlengths 10
10
|
|---|---|
The Bank of England said it had revised
its estimate of the shortage in the money market up to 1.3
billion stg from 1.2 billion before taking account of its early
operations.
The Bank has provided 689 mln stg assistance so far today.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Internatio-Mueller NV <INTN.AS> said it
will acquire <Promac Controls Inc> of Canada but declined to
comment on the amount of the payment, which will be in cash.
Promac, which produces measurement and regulating
equipment, has a work force of 50 and had 1986 turnover of five
mln guilders, an Internatio spokesman said.
He said the takeover fits into the company's drive for
expansion in the U.S and Canada and further acquisitions are
possible.
Promac Controls will be part of Internatio's
electrotechnical sector.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
A total of 126,031 tonnes of U.K.
Intervention feed wheat was sold to the home market at this
week's tender, provisional results show, the Home Grown Cereals
Authority (HGCA), said.
Actual prices were not reported but the wheat was sold at,
or above, the March intervention price of 119.17 stg per tonne.
Grain traders sought to buy about 340,000 tonnes.
REUTER
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Dutch steel concern
<Hoogovens Groep BV> said it had reached agreement with NV
Philips Gloeielampenfabrieken <PGLO.AS> on its takeover of
Cirex, a specialised Philips precision wax moulding unit.
Neither party would reveal financial details of the deal,
initially announced in October.
Hoogovens said Cirex turnover had grown in recent years to
30 mln guilders in 1986 and it expected further expansion.
The unit delivers mainly to the car industry.
Hoogovens said the acquisition would strengthen its
position as a supplier to industry of high-value metal
products.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Lightning strikes hit the grain sector
of the port of Rotterdam today after employers turned down
union demands for shorter working hours in a new labour
agreement, transport union FNV spokesman Bert Duim said.
Around 140 grain handlers stopped work, 125 of them at the
two Europoort locations of Graan Elevator Mij (GEM), which
handles about 95 pct of grain, oilseeds and derivatives passing
through Rotterdam.
GEM managing director Pieter van der Vorm said the
facilities were 40 pct operational.
The employers had invited the unions for talks later today,
but details of the labour agreement would not be on the agenda,
Van der Vorm said.
It is barely one month since the end of an eight-week
campaign of lightning strikes against redundancies in
Rotterdam's general cargo sector, which stevedoring companies
said cost them millions of guilders.
REUTER
| [
0,
0,
0,
0,
1,
0,
0,
1,
0,
0
]
|
Swedish mining and metals group
Boliden AB said it would buy the mining equipment operations of
the U.S. Allis-Chalmers Corp, amounting to more than 50 pct of
group sales, for 600 mln crowns.
Boliden president Kjell Nilsson told a news conference the
acquisition of the Allis-Chalmers unit, which he described as
the world's leading producer of equipment for the mineral
processing industry, would yield positive synergy effects for
Boliden mining, metals and engineering operations.
Nilsson said the takeover will provide opportunities to
cooperate with the mining and materials handling operations of
Boliden's parent company, Trelleborg AB.
He said Allis-Chalmers was selling out because it needed
new cash after suffering big losses in its farm equipment
operation.
The deal is subject to approval by Allis-Chalmers' annual
meeting, company officials said.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Bank of Japan Governor Satoshi Sumita said
the present foreign exchange market instability will not last
long as there is caution in the market regarding the rapid
decline of the U.S. Unit.
He told reporters the major currency nations are determined
to continue their concerted intervention whenever necessary to
stave off speculative dollar selling in line with their
February 22 currency stability agreement in Paris.
Sumita also said he did not see the recent dollar drop as
anything like a free-fall.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Bond Corp Holdings Ltd <BONA.S> said it
has completed the 1.05 billion dlr purchase of the electronic
media interests of unlisted <Consolidated Press Holdings Ltd>.
The new company <Bond Media Ltd> now holds the television,
broadcasting and associated businesses previously held by Kerry
Packer's Consolidated, Bond Corp said in a statement.
Packer, who made the sale in January, will be a director of
Bond Media. As previously reported, Bond Media will be publicly
floated with a rights issue to Bond Corp shareholders. Bond
Media will be 50 pct owned by Bond Corp and is expected to be
listed by the end of May, it said.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Banks in Hong Kong are likely to raise
prime rates by half a percentage point to 6-1/2 pct following a
one-quarter point prime rate increase by two major U.S. Banks
yesterday, dealers said.
They told Reuters local banks may decide on the increase at
this weekend's routine meeting of the Hong Kong Association of
Banks.
G.C. Goh, chief dealer of the Standard Chartered Bank, said
prime rate increases by Citibank and Chase Manhattan Bank to
7-3/4 pct from 7-1/2 may prompt Hong Kong banks to follow suit.
Goh said local banks want to restore the prime to 6-1/2
pct, the level at beginning of 1987.
The banks raised the prime to the current six pct from five
pct on February 28 after cutting it 1-1/2 points from 6-1/2 on
January 15 in response to upside pressure on the Hong Kong
dollar, he said.
The medium and longer term interbank rates firmed today,
with three months ending at 5-1/16 to 4-7/8 pct against
yesterday's five to 4-13/16 close. The overnight rate, however,
fell to 3-1/2 to three pct from 4-1/2 to four because of
increased liquidity for a local stock issue.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Year to Dec 31
Shr profit 63.6p vs loss 8.7p
Final div 24p making 34p vs total 28.75p
Pretax profit 143.8 mln stg vs 3.5 mln
General underwriting loss on short-term business 79.8 vs
154.3
NOTE - Company's full name is Guardian Royal Assuance Plc
<GREX.L>
Underwriting profit on long-term insurance business 21.6
mln stg vs 19.1 mln
Loss on discontinued international professional indemnity
business nil vs 40.6 mln stg
Investment income 213.8 mln stg vs 193.6 mln
Less interest payable 11.8 mln stg vs 14.3 mln
Tax 38.8 mln stg vs 15.0 mln Minorities 3.3 mln stg vs 2.3
mln
Extraordinary item - contingency claims provisions on
discontinued international business nil vs 55.0 mln stg
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Swedish Match AB <SMBS.ST> said it was
selling one of its Portuguese subsidiaries, <Sociedade de
Iniciativa e Aproveitamentos Florestais Sarl> (SIAF), to the
Porto-based <Sonae Group> for an undisclosed price.
SIAF, a subsidiary of Swedish Match since 1946, had a
turnover last year of 62 mln crowns, the Swedish group said in
a statement.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Year 1986
DIV 18.1p making 28.5p vs 23.74p
PROFIT AFTER TAX 17.4 mln stg vs 14.1 mln
TAX 0.7 mln stg vs 0.2 mln
Bonus distribution rose to new record level of 125.1 mln
stg vs 114.9 mln in 1985
Full name of company is Sun Life Assurance Society Plc
<SULL.L>.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Financial markets welcomed public
spending cuts announced by Ireland's new minority government in
its budget, saying the move would lead to lower interest rates.
Finance Minister Ray MacSharry, making cuts across the
board, reduced the Exchequer Borrowing Requirement to 1.85
billion punts, 10.7 pct of GNP, compared with 2.15 billion
punts or 13 pct of GNP last year.
Allied Irish Banks foreign exchange dealer John Kearney
commented: "I would see interest rates coming down by two to 2.5
pct in the next three months."
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Year 1986
Shr 64.2p vs 14p
Div 16p making 23.5p vs 17.5p
Pretax profit 180.4 mln stg vs 37.7 mln
Net after tax 137.1 mln vs 34.9 mln
Minorities 10.5 mln vs 7.2 mln
General premium income 1.99 billion stg vs 1.78 billion
Long term premium income 704.5 mln vs 576.6 mln
General insurance underwritng loss 78.3 mln vs 183.4 mln
Long term insurance profits 27.3 mln vs 20.9 mln
Investment and other income 231.4 mln vs 200.2 mln.
Company's full name is Sun Alliance and London Insurance
Plc <SUNL.L>.
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Swedish mining and metals group
Boliden AB <BLDS.ST> said the takeover of the U.S.
Allis-Chalmers Corp's <AH.O> mining machinery division made it
the world's leading maker of such equipment.
President Kjell Nilsson, announcing the 600 mln crown deal,
told a news conference Boliden would now become a truly
international concern with operations in Brazil, Chile and
other big minerals-producing nations.
He said the Allis-Chalmers' division, accounting for some
50 pct of the U.S. Group's sales, would fit in well into
Boliden.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The prospect that other banks will
follow industry leaders Citibank and Chase Manhattan in raising
their prime rate is likely to cast a pall over the credit
markets today, economists said.
Bond prices had been making a smart recovery from two days
of heavy selling when Citibank surprised the market by
announcing a quarter-point increase in its prime rate to 7-3/4
pct. Chase Manhattan quickly followed.
Prices quickly fell by a full point, even though the dollar
- the market's overriding concern of late - rose sharply on the
news.
Citibank cited the higher cost of money, especially in the
Euromarket, as the reason for raising its prime rate.
Part of this rise in market rates has been caused by fears
of a tighter Federal Reserve policy to defend the dollar, but
economists said it is too early to tell whether the Fed, whose
policy-making federal open market committee, FOMC, meets this
week, is already tightening its grip on credit.
"The Fed seems to have been a bit slow in meeting the
banking system's reserve needs this statement period, but I
wouldn't conclude anything until I've seen the Fed data," said
Jeffrey Leeds of Chemical Bank.
REUTER^M
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Monetary compensatory amounts, MCA's,
will be unchanged for the week starting April 6, EC Commission
officials said.
Cereals MCA's are plus 2.4 points for West Germany and the
Netherlands, minus two points for Denmark, minus eight points
for France, minus nine for Ireland, minus 5.7 for Italy, minus
25.7 for Britain, minus 44.1 for Greece and minus 10.5 for
Spain.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
]
|
U.S. Supreme Court Justice Sandra Day
O'Connor early this morning lifted an Appeals Court injunction
blocking the planned merger of Delta <DAL> Airlines
Inc and Western Airlines <WAL>, the Court said.
O'Connor's action came hours after a three-judge panel of
the 9th U.S. Circuit Court of Appeals in San Francisco had
blocked the merger until a dispute over union representation
had been settled by arbitration.
A Supreme Court spokesman said O'Connor granted a stay of
the injuction, allowing the merger, worth nearly 860 mln dlrs,
to go through as planned later today.
The Supreme Court spokesman provided no other details. Each
of the nine Supreme Court justices has jurisdiction over a
particular regional Appellate circuit and has the power to
provisionally overturn its rulings without comment.
The Appeals Court ruling surprised officials of
Atlanta-based Delta, which had been preparing for the merger
for months and had already painted Delta logos on airplanes
belonging to Western, which has headquartera in Los Angeles.
"Our plans were to finalize the merger at midnight tonight,"
Delta spokesman Bill Berry told the Atlanta Constitution late
last night. "There was really very little that remained to be
done."
The ruling in San Francisco came in a lawsuit that had been
filed in a Los Angeles federal court in which the Air Transport
Employees union sought to force Western's management to fulfill
a promise that it would honor union contracts if a merger took
place.
The airlines argued that Western's promise could not be
enforced in a takeover by a larger company.
After learning of the appeals court ruling, Delta officials
last night spread the word by telephone that Western employees
should report for work today in their old uniforms, not in new
Delta outfits.
Delta announced last September that it was purchasing
Western. The merger took place in December, and Western has
been operated as a Delta subsidiary since then. The Western
name was to have disappeared at midnight last night.
At issue is whether the Western unions would continue to
represent Western employees after the integration of the two
airlines.
While all but eight pct of Western's 11,000 employees are
unionized, only Delta's pilots are union members.
Delta had maintained that the three unions having contracts
with Western -- The Association of Flight Attendants and the
Teamsters, as well as the Air Transport Employees -- would be
"extinguished" after today.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The Bank of England said it has revised
its estimate of today's shortfall to around 1.25 billion stg
from 1.3 billion before taking account of 775 mln stg morning
assistance.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Citadel Holding Corp said it
has settled its litigation with Great Western Financial corp.
The company said under the terms, Great Western has agreed
not to acquire or seek to acquire any voting securities of
Citadel or propose a merger with Citadel for five years, and
Citadel has paid Great Western six mln dlrs.
Citadel said it is continuing to pursue its claims against
Salomon Inc <SB>, which represented it in connection with the
disputed proposed merger with Great Western that was the
subject of the litigation.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
British Petroleum Co PLC said it has
started its previously announced 7.4 billion dlr offer to
purchase the 45 pct interest in Standard Oil Co that it does
not already own for 70 dlrs per share.
In a newspaper advertisement, the company said the offer,
which is not conditioned on receipt of any minimum number of
shares, and associated withdrawal rights will expire April 28
unless extended.
BP said it is asking Standard Oil for the use of its
shareholder list in disseminating the offer, on which the
Standard board has not yet taken a position.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Visual Technology Inc said a group
led by <Hambrecht and Quist Group> has acquired majority
ownership of Visual for 9,250,000 dlrs in equity financing.
The company said Hambrecht and Quist president William R.
Hambrecht and three other Hambrecht and Quist representatives
have been named to the Visual board, with Robert M. Morrill,
managing partner of the Boston office of Hambrecht's Hambrecht
and Quist Venture Partners unit named chairman. Clifford G.
Zimmer Jr. remains president and chief executive officer.
Visual also said about nine mln dlrs of its debt has been
converted to equity.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
Shr loss nil vs profit nil
Net loss 17,000 vs profit 31,000
Revs 5,429,000 up 27 pct
Year
Shr profit four cts vs profit five cts
Net profit 523,000 vs profit 421,000
Revs 18.3 mln vs 11.6 mln
Avg shrs 15.2 mln vs 8,941,000
NOTE: Year net includes tax credits of 131,000 dlrs vs
194,000 dlrs.
1986 net both periods includes charge 264,000 dlrs from
settlement of overtime wage dispute and addition to provision
for uncollectible accounts.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Oper shr loss 24 cts vs profit 24 cts
Oper net loss 716,000 vs profit 729,000
Revs 3,673,000 vs 7,826,000
Avg shrs 2,930,000 vs 2,930,000
Year
Oper shr profit nil vs profit 1.31 dlrs
Oper net profit 10,000 vs profit 3,200,000
Revs 12.9 mln vs 26.3 mln
Avg shrs 2,930,000 vs 2,454,521
NOTE: Net excludes realized investment gains of 2,000 dlrs
vs 13,000 dlrs quarter and 104,000 dlrs vs 6,000 dlrs year.
1985 net both periods excludes 57,000 dlr extraordinary
gain.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 40 cts vs 36 cts
Net 2,309,000 vs 2,076,000
Revs 28.2 mln vs 30.4 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Peoples Ban Corp said it expects to
report first quarter earnings of over six mln dlrs, including a
gain of 1,600,000 dlrs from the settlement of a dispute with
the Internal Revenue Service and the sale of four banking
offices in Vancouver, Wash.
The company said it expects to report "normal" earnings for
the rest ofd the year of 4,500,000 to five mln dlrs per
quarter.
Peoples earned 105,000 dlrs in last year's first quarter
and in all of 1986 lost 1,768,000 dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 1.61 dlrs vs loss 47 cts
Net loss 19.2 mln vs loss 5,716,000
Revs 46.4 mln vs 11.0 mln
Year
Shr loss 2.01 dlrs vs loss 29 cts
Net loss 24.5 mln vs loss 3,548,000
Revs 150.2 mln vs 24.4 mln
NOTE: 1985 net includes tax credits of 7,336,000 dlrs in
quarter and 10.2 mln dlrs in year.
Results include 64.7 pct stake in Pacific Lumber Co from
December 1985 through February 1987 and 100 pct thereafter.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
French cereals exports through Rouen port
rose to 751,563 tonnes between March 1 and March 25 from
603,413 tonnes in the same 1986 period, freight sources said.
The Soviet Union took 263,051 tonnes of wheat and barley,
Saudi Arabia 90,944 tonnes barley, China 87,259 wheat, Algeria
64,896 wheat, Bangladesh 30,000 wheat, Morocco 27,500 maize,
Greece 26,700 wheat and barley, Spain 25,124 wheat, Poland
24,683 wheat, Brazil 24,082 wheat, Italy 21,659 wheat, Cyprus
20,700 wheat and maize, Israel 16,500 maize and the U.K. 8,797
tonnes wheat.
Six ships are loading 120,000 tonnes of wheat, the sources
said. They include 30,000 tonnes for China, 31,000 for the
Soviet Union, 25,000 for Turkey, and 35,000 for Italy. Another
ship is loading 17,000 tonnes of colza for the Soviet Union.
Another 12 ships should arrive to load 344,000 tonnes of
cereals by the end of the week. Six are to load 186,000 tonnes
of wheat for the Soviet Union. Two will load 60,000 tonnes of
barley for Saudi Arabia, one 28,000 tonnes of wheat for China,
two 25,000 tonnes of wheat each for Algeria and Turkey and one
20,000 tonnes of wheat for Italy. Another is expected to load
20,000 tonnes of colza for the Soviet Union.
Flour exports through Rouen rose to 23,457 tonnes in the 25
day period from 5,500 in the equivalent 1986 period, the
sources said.
Sudan took 19,327 tonnes and west coast Africa 4,130.
Four ships are currently loading 32,000 tonnes, including
24,000 for Egypt, 6,000 for Tanzania and 2,000 for Mauritania.
A ship is expected later this week to load 12,000 tonnes
for China.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
1,
0,
1
]
|
The United Nations Food and Agriculture
Organization, FAO, said it approved emergency food aid worth
more than 14.3 mln dlrs for drought victims in Ethiopia.
The aid will include 30,000 tonnes of wheat and 1,200
tonnes of vegetable oil for farmers in the Wollo and Illubabor
regions.
FAO said it has also approved more than 1.4 mln dlrs of
food aid for 8,000 families in Sri Lanka. In addition, 583,225
dlrs of aid will be made available to Malawi to feed 96,700
people displaced from Mozambique and a further 340,200 dlrs for
cyclone victims in Vanuatu in the South Pacific.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Investor Martin T. Sosnoff said
Southmark Corp and affiliate Pratt Hotels Corp have ended talks
with his MTS Acquisition Corp on a possible joint venture for
the acquisition of Caesars World Inc.
Sosnoff said the talks had not been actively pursued since
they were announced March 20, but it had been agreed that
unless the discussions were formally terminated, Pratt and
Southmark would not initiate a competing tender offer for
Caesars World or take any other action that would hamper
Sosnoff's current offer to acquire all Caesars shares he does
not now own for 28 dlrs each.
Sosnoff said his 28 dlr per share bid for Caesars, which is
scheduled to expire May 15, still stands, and he remains
receptive to negotiating a transaction to buy Caesars on
friendly terms.
Pratt recently made an apparently unsuccessful bid to
acquire control of Resorts International Inc <RTB>, seeming to
lose out to Donald Trump.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
CPC International Inc
said said it has agreed in principle to sell interests in its
grocery products operations in Hong Kong, Malaysia, the
Philippines, Singapore, Taiwan and Thailand to <Ajinomoto Co
Inc> of Japan for 340 mln dlrs.
The company said the move will reduce Asian overhead and a
substantial part of the proceeds will be used to reduce debt.
It said as part of the agreement, its current direct
investment in its existing non-consolidated joint venture with
Ajinomoto will be converted into a cooperative arrangement for
the long-term utilization of technology and trademarks.
The company said the change in the Japanese arrangement
will give Ajinomoto full equity ownership while leaving CPC a
continuing earnings stream and cash flow.
The transactions are subject to definitive agreements and
government approvals.
CPC said not included in the 340 mln dlr consideration are
proceeds from the sale of some smaller Asian investments,
including a 51 pct equity interest in an oat-based food venture
to an Australian partner.
The company said the actions being taken under its
restructuring program, including the sale of its European corn
wet milling business and other assets, overhead reductions and
other expense items and the Asian transactions, will have a
one-time positive effect on 1987 earnings.
CPC said "Although the extent cannot yet be determined, the
company expects that 1987 earnings per share will increase by
substantially more than the previously estimated 20 pct
increase over 1986." In 1986 CPC earned 2.30 dlrs per share.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Energy Development Partners Ltd said
it has completed the acquisition of May Energy Partners Ltd for
1,817,697 depositary units following approval yesterday by May
Energy unitholders.
Energy Development said May Petroleum Inc <MAYP>, general
partner of May Energy, will distribute about 35 Energy
Development units for each 100 May Energy Partners units to
holders of 100 May Energy Partnners units or more and cash to
others.
Energy Development said the transaction increases its units
outstanding to 12.6 mln and raises total proved reserves as of
the end of 1986 27 pct. Angeles Corp <ANG> is general partner
of Energy Development.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Schering-Plough corp said it is
considering the sale of its Dr. Scholl's businesses in Europe,
Latin America and the Far East, which had sales of about 150
mln dlrs in 1986.
The company said the transaction is not expected to have a
material impact on earnings. It said it has engaged Merrill
Lynch and Co Inc <MER> to assist in the sale process.
Schering said it will retain Dr. Scholl's businesses in the
U.S., Canada and Puerto Rico, which had sales of about 135 mln
dlrs last year.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 28 cts vs 31 cts
Net 8,117,095 vs 8,954,904
Sales 146.7 mln vs 133.0 mln
Avg shares 29.0 mln vs 28.9 mln
First half
Shr 48 cts vs 53 cts
Net 13.8 mln vs 15.2 mln
Sales 273.0 mln vs 242.1 mln
Avg shrs 29.0 mln vs 28.9 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Oper shr loss 2.27 dlrs vs loss 1.62 dlrs
Oper net loss 12.7 mln vs loss 12.1 mln
Revs 60.0 mln vs 26.2 mln
Year
Oper shr loss 5.16 dlrs vs loss 1.56 dlrs
dOper net loss 29.0 mln vs loss 12.4 mln
Revs 139.3 mln vs 110.0 mln
NOTE: 1985 operating losses exclude profits of 19.5 mln
dlrs, or 2.64 dlrs a share, in quarter and 20.6 mln dlrs, or
2.74 dlrs a share, in year from discontinued operations
1985 loss in both periods includes pre-tax charge of 16.9
mln dlrs on write down of oil properties.
1986 year loss includes pre-tax charge of 23.0 mln dlrs for
write down of oil and gas properties.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The Bundesbank will not hold a press
conference after its regular fortnightly council meeting
tomorrow, a spokesman said in answer to enquiries.
Bundesbank vice-president Helmut Schlesinger will chair the
meeting, as president Karl Otto Poehl has a private engagement.
The next meeting is scheduled for April 16.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
|
Oper shr loss 19 cts vs profit one ct
Oper net loss 1,495,000 vs profit 50,000
Revs 52.3 mln vs 48.9 mln
NOTE: Earnings exclude gains from utilization of tax loss
carryforwards of 82,000 dlrs, or one ct a share vs 300,000
dlrs, or three cts a share
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
Manufacturers Hanover Trust Co became
the third major U.S. bank to increase its prime rate to 7-3/4
pct from 7-1/2, matching a move initiated yesterday by Citibank
and Chase Manhattan.
The bank, the main subsidiary of Manufacturers Hanover
Corp, said the new rate is effective today.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Qtly div 30 cts vs 30 cts prior
Pay April 30
Record April 15
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Medar Inc said it
acquired Automatic Inspection Devices Inc, a subsidiary of
Owens-Illinois Inc, Toledo, Ohio, through an exchange of stock
for 80 pct of the company.
Automatic Designs and manufactures a line of machine vision
systems for the packaging, pharmaceutical, electronics and
consumer goods industries.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Allis-Chalmers Corp said it
expects cash proceeds from the proposed sale of its solids
processing equipment and minerals systems businesses to exceed
90 mln dlrs, with no material gain or loss anticipated from the
planned sale.
Closing of the sale to Boliden AB of Sweden would be part
of the overall restructure of Allis-Chalmers, which was
announced on March Four, the company said.
Allis-Chalmers said the business entities included in the
transaction had total sales of about 250 mln dlrs in 1986, with
total employment of about 4,300.
The solids processing equipment business involves
manufacture of crushing and related equipment for mining. It
consists of operations in Sweden, Australia, Brazil, France,
Great Britain, Spain and Appleton, Wis.
The minerals systems business has operations in West Allis,
Wis., and Lachine, Quebec, Canada.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
One grain vessel was awaiting berth
at Bahia Blanca, four at Buenos Aires and five at Rosario, on
March 31, National Grain Board figures show.
The situation at these ports was as follows, giving the
number of ships loading, awaiting berth and expected
respectively.
Bahia Blanca - 4, 1, 1
Buenos Aires - 1, 4, 9
Rosario - 6, 5, 7
The tonnage of grain and oilseeds to be loaded onto ships
loading, awaiting berth and expected at each port was as
follows.
Bahia Blanca - Wheat 161,360.
Buenos Aires - Maize 104,304, Wheat 14,330.
Rosario - Wheat 50,400, maize 157,040, subproducts 50,100,
sunflowerseed 1,000 and millet 3,100.
REUTER
| [
0,
0,
0,
0,
1,
0,
0,
1,
0,
0
]
|
Irving Trust Co said it is raising its
prime rate to 7-3/4 pct from 7-1/2, effective immediately.
It becomes the fourth U.S. bank to raise the rate,
following Citibank, Chase Manhattan and Manufacturers Hanover
Trust.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Conrac Corp said its board has
rejected MArk IV Industries Inc's tender offer for all Conract
shares at 25 dlrs each, and no Conract director of officer
plans to tender any shares.
The company said financial advisor <Goldman, Sachs and Co>
determined the price to be inadequate.
It said its board has instructed management to explore and
develop with financial and legal advisors alternative courses
of action to maximize shareholder values.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Taft Broadcasting Co said the
sale of its independent television stations to TVX Broadcast
Group, which had been set for yesterday, did not occur.
TVX and its investment bankers, Salomon Inc's <SB> Salomon
Brothers, advised Taft the closing would not be consumated as
scheduled, the company said.
TVX and Salomon also advised Taft they hope to be able to
close in near future, the company said, adding it is prepared
to close at any time.
A Taft spokeswoman referred all questions to TVX and
Salomon.
Taft agreed in November to sell the stations in
Philadelphia, Washington, Miami, Fort Worth-Dallas and Houston
TVX Broadcast for 240 mln dlrs.
At the time, Taft said the transaction would result in an
after tax charge of 45 to 50 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Thyssen AG <THYH.F> expects a fall of
between 15 and 20 pct in consolidated turnover in 1986/87,
chief executive Dieter Spethmann said.
He told journalists the exact decline would depend on
dollar developments. The Thyssen group did over 50 pct of its
business outside West Germany.
Spethmann made no comment on 1986/87 group earnings. World
group net profit fell to 370.1 mln marks in the year ended
September 1986 from 472.4 mln a year earlier on group sales
which fell to 40.00 billion marks from a previous 44.32
billion.
Last week Spethmann told the annual meeting Thyssen
expected to post a good profit in 1986/87 despite expected
losses in the mass steel-making operations this year.
Spethmann said engineering turnover would not be lower this
year, but lower steel prices would result in a drop in steel
turnover and sales volume. This would also affect Thyssen's
trading operations, he said.
Spethmann also categorically denied a magazine article
published this week which spoke of a dispute between him and
Heinz Kriwet, management board chairman of Thyssen Stahl AG,
over planned job cuts in steel plants in the Ruhr area.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Cyclops corp said it has
reconstituted its board to include three <Dixons Group PLC>
executives following Dixons' acquisition of 83 pct of Cyclops'
4,061,000 shares in a 95 dlr per share tender offer.
Cyclops said remaining on the six-member board are chairman
and chief executive W.H. Knoell, president and chief operating
officer James F. Will and senior vice president William D.
Dickey.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Southmark Corp said it has completed the
purchase of Georgia International Life Insurance Co from
Capital Holding Corp <CPH> for cash and Southmark securities
worth over 85 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Valhi Inc, formed by the March 10 merger
of Amalgamated Sugar Co into LLC Corp, said it had unaudited
pro-forma earnings of 72 mln dlrs, or 61 cts a share, for the
six months ended December 31.
Valhi said these results were prepared as if the merger had
occurred July 1, 1986, and on substantially the same basis as
the pro-forma financial information in LLC's and Amalgamated's
joint proxy statement dated February 10.
Valhi said it has about 117 mln common shares outstanding
with about 85 pct held by <Contran Corp>.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div 10 cts vs 10 cts prior
Pay May 13
Record April 29
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
VMS Strategic Land Trust declared an
initial dividend of 30 cts a share payable May 15 to
shareholders of record April 20.
The dividend represents a 12 pct annual return based on the
company's original offering price in December of 10 dlrs a
share. The return is guaranteed through December 31, 1988, the
company said.
The trust invests in short term junior preconstruction
mortgage loans and has total principal amount of investments of
approximately 105.7 mln dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Chemical Bank, the main bank subsidiary
of Chemical New York Corp, said it is raising its prime lending
rate to 7-3/4 pct from 7-1/2 pct, effective immediately.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Cash grain dealers reported slow country
movement of corn and soybeans across the Midwest, with even
corn sales from PIK-and-roll activity seen earlier this week
drying up.
Some dealers said the USDA may further adjust the posted
county price at the Gulf to take into account high barge
freight rates as a way to keep corn sales flowing, but added
the current plan probably will be given a few weeks to see if
it will work as hoped.
Corn and soybean basis values continued to drop on the
Illinois and MidMississippi River due to the strong barge
freight rates. Toledo and Chicago elevators were finishing
loading the first corn boats of the new shipping season,
supporting spot basis values at those terminal points.
CORN SOYBEANS
TOLEDO 5 UND MAY UNC 1 UND MAY UNC
CINCINNATI 1 UND MAY UNC 1 OVR MAY UP 2
NEW HAVEN 12 UND MAY UNC 2 UND MAY DN 1
N.E. INDIANA 10 UND MAY UNC 2 OVR MAY DN 1
CHICAGO 1/2 OVR MAY UNC 5 UND MAY UNC
SENECA 51/2 UND MAY DN 1 7 UND MAY UNC
DAVENPORT 61/2UND MAY DN61/2 61/2UND MAY DN11/2
CLINTON 5 UND MAY DN 3 UA
CEDAR RAPIDS 11 UND MAY DN 3 13 UND MAY DN 2
HRW WHEAT
TOLEDO 58 LB 35 OVR MAY UP 1
CHICAGO 57 LB 25 OVR MAY UNC
CINCINNATI DP 10 OVR MAY UNC
NE INDIANA DP 8 OVR MAY UNC
PIK CERTIFICATES - 103/104 PCT - UNC/ DN 2
NC - NO COMPARISON UA - UNAVAILABLE
UNC - UNCHANGED DP - DELAYED PRICING
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
Cash grain dealers reported slow country
movement of corn and soybeans across the Midwest, with even
corn sales from PIK-and-roll activity seen earlier this week
drying up.
Some dealers said the USDA may further adjust the posted
county price at the Gulf to take into account high barge
freight rates as a way to keep corn sales flowing, but added
the current plan probably will be given a few weeks to see if
it will work as hoped.
Corn and soybean basis values continued to drop on the
Illinois and MidMississippi River due to the strong barge
freight rates. Toledo and Chicago elevators were finishing
loading the first corn boats of the new shipping season,
supporting spot basis values at those terminal points.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Marine Midland Banks Inc said it is
raising its prime lending rate to 7-3/4 pct from 7-1/2 pct,
effective immediately.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
30-69 days 5.00 pct 5.00 pct 30-124 days
70-88 days 5.92 pct 5.90 pct 125-150 days
89-123 days 5.00 pct 5.00 pct 151-173 days
124-150 days 5.93 pct 5.92 pct 174-182 days
151-349 days 5.00 pct 5.00 pct 183-349 days
350-360 days 5.98 pct 5.94 pct 350-360 days
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
The Turkish Central Bank set a
lira/dollar rate for April 2 of 780.00/783.90 to the dollar,
down from the previous 777.00/780.89. The Bank also set a
lira/mark rate of 429.15/431.30 to the mark, up from the
previous 430.50/432.65.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
The Federal Reserve is buying one
billion dlrs of Treasury bills for customer account for
delivery today, a spokesman for the bank said.
Fed funds were trading at 6-3/16 pct at the time of the
purchase, which came several hours before the Fed normally
transacts business for its customers.
Economists said the purchase was almost certainly related
to the investment of proceeds from recent central bank
intervention in the foreign exchanges.
The Bank of Japan alone is estimated to have bought about
six billion dlrs in March in a bid to prop up the dollar.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Privately-held investment firm
<Dubin Clark and Co> said it has signed a definitive agreement
for an investment group it heads to acquire Roberts
Consolidated Industries from <Beecham Group PLC> for 45 mln
dlrs.
Roberts makes and distributes accessories, adhesives and
tools used in carpet installation.
Dubin Clark said its group includes Roberts management and
London investment company <J. Rothschild Holdings PLC>. It
said Ronald J. Dubin will become vice chairman of Roberts and
J. Thomas Clark chairman.
REUTER^M
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Mercantile Bancorp said its Mercantile
Bank N.A. raised its prime rate to 7-3/4 pct from 7-1/2 pct,
effective immediately.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Autospa Corp said it has signed an
agreement to purchase 2,400,000 shares of eight pct convertible
preferred stock of Cardis Corp -- representing voting control
-- for 15 mln dlrs.
The company said the preferred purchase will be financed by
an investment group led by Autospa.
It said it will also receive from Cardis five-year options
to buy 2,400,000 Cardis common shares at 6.25 to seven dlrs
each, depending on the time of exercise, and warrants to
purchase about 3,200,000 shares at 6.60 to 7.60 dlrs each.
The company said the exercise of all options and warrants
by Autospa would result in a tital investment of 50 to 55 mln
dlrs. Execution of a definitive agreement is expected by April
22, it said, subject to the completion of financing
arrangements, and closing is expected by May 15.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
French farmers are planning to cut their
maize sowings by between 100,000 and 150,000 hectares this year
from the 1.87 mln ha harvested in 1986, the French Maize
Producers' Association, AGPM, said.
It said its first estimate of planting intentions indicated
cuts of 15 to 20 pct in plantings in the northern region of
Picardy and the Paris Basin, which harvested 192,000 ha last
year.
In the centre-west region of Poitou-Charentes, plantings
were estimated four to seven pct up on last year's harvested
244,000 ha.
Planting intentions in the south-east ranged between nine
pct less and two pct more than last year's 125,000 ha. In the
south-west the AGPM said producers intended to plant a similar
area to last year's 671,100 harvested hectares, provided water
supplies are adequate in the Midi-Pyrenees region after the
last two years of drought.
Meanwhile, the oilseed plant breeding association, AMSOL,
said sunflower plantings in France this year are indicated at
between 900,000 and 950,000 ha against 829,000 harvested last
year, while soya plantings are indicated at 80,000 ha against
last year's harvested 48,000.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Shr loss 40 cts vs loss 1.30 dlrs
Net loss 3,619,000 vs loss 11.3 mln
Revs 24.1 mln vs 34.1 mln
Year
Shr loss 4.36 dlrs vs loss 2.09 dlrs
Net loss 38.7 mln vs loss 16.8 mln
Revs 104.6 mln vs 133.9 mln
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 1.05 dlrs vs profit three cts
Net loss 4,477,000 vs profit 107,818
Revs 10.9 mln vs 13.8 mln
Year
Shr loss 79 cts vs profit three cts
Net loss 3,364,058 vs profit 123,880
Revs 50.9 mln vs 57.2 mln
Note: Full name Progressive Savings and Loan Association.
Current year figures include 5.1 mln dlr incrase to
reserves for estimated real estate and loan losses.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Allied Supermarkets Inc said it filed a
registration statement with the Securities and Exchange
Commission for a proposed merger with <The Vons Companies>, a
supermarket, combination store operator.
Allied said the statement covers 140 mln dlrs of senior
subordinated discount debentures and 100 mln dlrs of
subordinated debentures, principal amounts, with a proposed
aggregate offering price of about 100 mln dlrs for each issue.
Drexel Burnham Lambert Inc and Donaldson, Lufkin and
Jenrette Securities Inc are co-underwriters of both issues,
which Allied expects to offer in early June, Allied said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The Bank of Finland said it has revised
the weightings in its currency basket with effect from today.
Weightings match the respective country's share in Finland's
foreign trade.
Weights in percentages compared with former weights.
Dollar 9.0 (8.8)
Sterling 14.3 (13.8)
Swedish crown 20.4 (20.6)
Norwegian crown 5.2 (5.2)
Danish crown 5.2 (5.3)
German mark 19.3 (19.6)
REUTER^M
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Shr 19 cts vs 18 cts
Net 1,230,041 vs 1,153,280
Sales 10,909,729 vs 9,675,355
Six mths
Shr 31 cts vs 29 cts
Net 2,019,930 vs 1,857,357
Sales 21.0 mln vs 17.8 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 51 cts vs 36 cts
Net 2,543,285 vs 1,686,559
Sales 153.2 mln vs 120.7 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss one ct vs loss 2.16 dlrs
Net loss 30,000 vs loss 12.4 mln
Revs 27.4 mln vs 38.3 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Linear Films Inc said its fourth
quarter earnings for the period ended March 31, will be lower
than the 1,235,000 dlrs or 19 cts a share reported in the
year-ago quarter on sales of 11.8 mln dlrs.
The company attributed the lower earnings to narrowing
profit margins on stretch film.
Linear also said it is increasing its stretch film prices
by six pct effective April 15.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr three cts vs six cts
Net 54,965 vs 106,147
Revs 2,124,983 vs 1,915,928
Avg shrs 2,206,017 vs 1,878,438
Year
Shr 14 cts vs eight cts
Net 302,388 vs 157,690
Revs 7,952,360 vs 7,495,936
Avg shrs 2,139,991 vs 2,051,178
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
1st Source Bank said it
completed its merger with <Community State Bank> of North
Liberty, Ind.
The bank said Community State Bank's shareholders approved
the merger at a meeting last Saturday, while Monday the
directors of 1st Source also approved the move.
The merger would add Community Bank's 20 mln dlrs in assets
to 1st Source's more than one billion dlrs in assets, 1st
Source said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
First National Bank Corp,
the newly formed parent of First National Bank in Mount
Clemens, Mich., and Bankers Fund Life Insurance Co, said it
reached an agreement to buy a branch in Clinton Township from a
nonrelated financial institution.
It said the acquisition brings to 10 the number of bank
branches in Macomb County. Terms were not disclosed.
Separately, the newly formed holding company also said it
named Arie Guldemond as chairman and Harold Allmacher as
president and chief executive officer.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Georgia-Pacific Corp said its second
quarter results will include a gain of 60 mln dlrs pre-tax, or
34 cts per share after-tax, from the sale of its interest in
<Georgia Gulf Corp>.
The company said it is selling warrants for about 1.8 mln
shares of Georgia Gulf common stock to Goldman Sachs and Co in
connection with the 4.8 mln share offering of Georgia Gulf.
It said it received the warrants when it agreed to sell its
commmodity chemical operations to Georgia Gulf in 1984.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Continental Illinois Corp said it has
raised its prime rate to 7-3/4 from 7-1/2.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Shr loss 4.87 dlrs vs profit 16 cts
Net loss 50,422,000 vs profit 1,788,000
Revs 113.4 mln vs 173.7 mln
Note: Current year figures include 33.3 mln dlr after-tax
writedown of land and improvements, a 5.6 mln dlr increase in
allowance for doubtful accounts and after-tax gain of three mln
dlrs on debt retirement.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr profit one ct vs loss nine cts
Net profit 177,061 vs loss 1,364,878
Revs 5,913,334 vs 487,121
Avg shrs 18.6 mln vs 15.9 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div six cts vs six cts prior
Pay April 23
Record April Nine
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Biotechnology Development Corp
said its Medicontrol Corp subsidiary received a 500,000 dlr
investment by Monsanto Co's G.D. Searle and Co subsidiary.
The company said the investment was made pursuant to an
option Searle held, and increases Searle's stake in Medicontrol
to 19.8 pct with a total investment of one mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Chase Manhattan Corp said Chase
Trans-Info, a subsidiary of its Chase Manhattan Bank N.A. unit,
has bought Borg-Warner Corp's Traffic Services business,
including an Illinois processing center, for an undisclosed
sum.
Borg Warner Traffic Services provides freight bill
pre-audit, payment and information services to industry through
Borg-Warner Acceptance Corp.
Chase Trans-Info, which offers similar services, is now the
largest provider of information services for the transportation
industry.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Mountain States Resources Corp
said it acquired two properties to its strategic minerals
holdings.
The acquisitions bring to its land position a total of
5,100 acres of titanium, zirconium and rare earth resources,
the company said.
Both properties, located in southern Utah, consist of
approximately 1,430 acres of unpatented mining claims and one
state lease, it said.
The company also announced the formation of Rare Tech
Minerals Inc, a wholly-owned subsidiary.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Qtly div 30 cts vs 30 cts prior
Pay April 27
Record April 13
NOTE: Company's full name is Republic Savings and Loan
Association of Wisconsin.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Speculation the United States will
offer subsidized wheat to the Soviet Union appears to have
reached a new level of intensity in the run-up to Secretary of
State George Shultz' visit later this month to Moscow.
Rumors of an impending deal have coursed through wheat
markets since officials from the two countries held their
customary, semi-annual grain talks in February. Moscow's
decision at that time to reenter the U.S. corn market
strengthened the perception of warming farm trade prospects.
Shultz is set to arrive in Moscow April 13.
Shultz' statement two weeks ago that he would not stand in
the way of a wheat subsidy offer under the Export Enhancement
Program, EEP, coupled with the announcement of his visit to
Moscow, was interpreted by many grain trade representatives
here as a clear signal that the Reagan administration was
preparing an offer.
Administration officials -- in and out of the U.S.
Agriculture Department -- have been extremely tight-lipped
about the prospects of a subsidy offer.
But USDA officials for the most part have abandoned the
contention the proposal is dormant, suggesting that an offer,
while not a "done deal," is a live possibility.
Prominent U.S. grain trade representatives -- many of whom
asked not to be identified -- continue to maintain that an
offer to subsidize four mln tonnes of wheat is imminent.
Others, who one month ago claimed a deal was not possible,
are saying they would not rule one out.
Rep. Pat Roberts, R-Kan., yesterday went so far as to
predict a subsidy offer would be made within the next ten days
to two weeks.
Aides to Roberts said he had spoken to Republican leaders
who had been in contact with administration officials.
Richard Fritz, director of international marketing at U.S.
Wheat Associates, said he was confident an export enhancement
offer would be made by the middle of this month.
Fritz also said he thought the value of the bonus would end
up being close to the offer Washington made Peking earlier this
year when USDA approved subsidies to China of around 36 dlrs
per tonne on one mln tonnes of wheat.
Some grain trade representatives say a four-mln-tonne wheat
subsidy offer might help stimulate more Soviet purchases of
U.S. corn and open the door to U.S. sales of soybeans.
As ever, one of the crucial sticking points in a wheat deal
would appear to be price.
Last summer the administration took the controversial step
of offering the Soviets subsidized wheat -- but were
embarrassed when Moscow spurned the proposal on the grounds
that the 15-dlr-per-tonne subsidy still left U.S. wheat prices
far above world market prices.
The administration's decision to set the subsidy level up
front instead of accepting bids from exporters appeared to be a
means of controlling the price while attempting to dampen
criticism, grain trade sources said.
Nonetheless, the pricing procedure did not prevent Shultz
from saying the Soviets were "chortling" because Washington was
offering Soviet housewives cheaper grain than that available to
U.S. housewives.
The conventional wisdom among grain trade representatives
here is that a general warming of relations between the two
countries since last summer, combined with continued hard times
in the U.S. grain belt, would favor a subsidy offer.
In addition, the USSR has made it clear it would consider
buying U.S. wheat if it were priced more competitively.
However, observers have not forgotten the circumstances
surrounding the administration's announcement of the wheat
subsidy offer last summer.
Up until the time of the announcment, congressional and
industry leaders were led to believe the White House had
decided to expand the Export Enhancement Program to include not
only the Soviets, but also a much broader list of countries.
Instead, the administration scaled back the offer to
include only the Soviets.
That last-minute change of heart adds a measure of
uncertainty even to the predictions of those most convinced
that the administration will not now pass up the opportunity to
sell four mln tonnes of wheat to the Soviet Union.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Oper net 94.4 mln vs 74.1 mln
Revs 1.3 bilion vs 1.2 billion
NOTE: THL is parent to SCOA Industries Inc, acquired in a
leveraged buyout in December 1985.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Mountain States Resources Corp
said it acquired two properties to add to its strategic
minerals holdings.
The acquisitions include a total of 5,100 acres of
titanium, zirconium and rare earth resources, the company said.
Both properties, located in southern Utah, consist of
approximately 1,430 acres of unpatented mining claims and one
state lease, it said.
The company also announced the formation of Rare Tech
Minerals Inc, a wholly-owned subsidiary.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Speculation the United States will
offer subsidized wheat to the Soviet Union appears to have
reached a new level of intensity in the run-up to Secretary of
State George Shultz' visit later this month to Moscow.
Rumors of an impending deal have coursed through wheat
markets since officials from the two countries held their
customary, semi-annual grain talks in February. Moscow's
decision at that time to reenter the U.S. corn market
strengthened the perception of warming farm trade prospects.
Shultz is set to arrive in Moscow April 13.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
The Federal Home Loan Mortgage Corp
adjusted the rates on its short-term discount notes as follows:
MATURITY RATE OLD RATE MATURITY
32 days 6.00 pct 6.10 pct 1 day
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Shr 39 cts vs 26 cts
Net 3,466,000 vs 1,913,000
Revs 27.7 mln vs 19.4 mln
Note: period ended February 28. REUTER
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
5.00 pct 30-69 days
5.92 pct 70-88 days
30-123 days 5.00 pct 5.00 pct 89-123 days
124-150 days 5.93 pct 5.93 pct 124-150 days
151-349 days 5.00 pct 5.00 pct 151-349 days
350-360 days 5.98 pct 5.98 pct 350-360 days
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Oper shr loss 4.71 dlrs vs loss 14.09 dlrs
Oper loss 22 mln vs loss 67.2 mln
NOTE: 1986 loss excludes gain on the sale of Gold Lance
Corp of 12.1 mln dlrs. Company is operating under chapter 11.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
|
Shr 12 cts vs 33 cts
Net 699,037 vs 1,349,077
Year
Shr 54 cts vs 55 cts
Net 2,748,280 vs 1,833,766
NOTE: Per shr amounts reported after preferred stock
dividend requirements.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.