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Southern New England Telecommunications
Corp, SNET, said it expects to have good earnings in 1987
against 4.46 dlrs per share or 139.2 mln dlrs in 1986.
The company also said it expects capital spending to rise
to about 355 mln dlrs in 1987, up from 289 mln dlrs a year ago.
However, senior vice president of finance Daniel Miglio
told a meeting of analysts that there was some uncertainty in
its earnings outlook because SNET is currently involved in
negotiations with state regulators on its rate of return on
equity which currently stands at 16.2 pct.
The company also said it expects its SNET Systems business,
which is composed of some of its non-regulated businesses, to
be profitable by the end of the year.
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Stryker Corp said it acquired
Hexcel Medical Corp, a wholly owned subsidiary of Hexcel Corp.
The terms of the transaction were not disclosed.
The sale completes Hexcel's plan to sell all its medical
products businesses, Hexcel said.
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Old Stone Corp said it
completed the previously announced acquisition of First Federal
Savings Bank of North Carolina, a Shelby, N.C., savings bank,
for common stock.
The final purchase price, expected to be between seven mln
and 7.5 mln dlrs, will be based on an exchange of common stock
valued at 1.5 times the book value of First Federal as of the
March 31 closing date, the company said.
At February 28, First Federal had 129 mln dlrs in assets
and 120 mln dlrs in deposits. Old Stone is a Rhode Island-based
financial services company with assets of 3.9 billion dlrs.
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Moore Medical Corp said it
plans to acquire privately-held Penta Products, a wholesale
distributor of generic durgs, for undisclosed terms.
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Upland Minerals and Chemicals Corp said
it agreed to acquire Consolidated Brazilian Mines International
Inc, a public company with one mln acres of diamond and gold
properties in Brazil.
Terms were not disclosed.
Consolidated owns 42 mining concessions in three regions of
eastern and northern Brazil -- Gammara, Santo Antonio and
Diamazon, the company said.
Upland also said the previously announced acquisition of
Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining
concern, will produce revenues of 9.6 mln dlrs a year for the
next 25 years.
New York-based Upland is traded over-the-counter.
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Inspeech Inc said it acquired
Norma Bork Associates Inc and Bork Medical Services Inc for
undisclosed terms.
These firms, with combined revenues of about one mln dlrs,
are providers of speech pathology, physical therapy and
occupational therapy services.
Reuter
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Qtly div 10 cts vs 10 cts prior
Pay April 24
Record April 14
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Bank of New York said it raised its
prime lending rate a quarter point to 7-3/4 pct.
It said the move is effective immediately.
Reuter
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Shr 54 cts vs 40 cts
Net 11,105,000 vs 8,310,000
Sales 282.7 mln vs 290.3 mln
Avg shrs 20,599,000 vs 20,760,000
NOTE: Per-share results restated for May 1986 three-for-two
stock split
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Manufacturers National Bank of Detroit
said it increased its prime rate to 7-3/4 pct from 7-1/2 pct,
effective immediately.
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Upland Minerals and Chemicals Corp said
it agreed to acquire Consolidated Brazilian Mines International
Inc, a public company with one mln acres of diamond and gold
properties in Brazil.
Terms were not disclosed.
Consolidated owns 42 mining concessions in three regions of
eastern and northern Brazil -- Gammara, Santo Antonio and
Diamazon, the company said.
Upland also said the previously announced acquisition of
Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining
concern, will produce revenues of 9.6 mln dlrs a year for the
next 25 years.
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Toll Brothers Inc said it
declared a two-for-one split of its common stock and said it
filed a registration statement with the Securities and Exchange
Commission for a proposed public offering of 5,700,000 shares
of common as adjusted for the split.
The record date for the split is April 10, and certificates
representing the additional shares will be mailed April 20.
The company said its stock price will be adjusted to
reflect the split on April 21.
Reuter
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Shr loss 22 cts vs loss 20 cts
Net loss 2,127,334 vs loss 1,629,432
Revs 1,306,658 vs 1,091,023
Avg shrs 9.7 mln vs 8 mln
Year
Shr loss 36 cts vs loss 35 cts
Net loss 3,519,251 vs loss 2,805,569
Revs 5,081,953 vs 4,410,954
Avg shrs 9.8 mln vs 8.1 mln
Reuter
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Oper shr 29 cts vs eight cts
Oper net 222,143 vs 76,605
Revs 4,872,279 vs 3,276,404
12 mths
Oper shr 17 cts vs 28 cts
Oper net 111,280 vs 301,623
Revs 13.9 mln vs 11.1 mln
NOTE: 1986 yr figures excludes extraordinary item of
574,363 dlrs, or 60 cts per share, for termination of its non
contributory pension plan.
1985 yr figures excludes 537,950 dlrs, or 42 cts per share,
representing insurance proceeds from a fire that occurrred in
1983.
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Shr loss 33 cts vs nil
Net loss 603,430 vs profit 4,295
Revs 748,628 vs 5,730
NOTE: Per-share results give retroactive effect to
one-for-50 reverse stock split in March 1987
1986 loss includes recurring expenses of 317,062 dlrs
related to acquisitions and initial advertising campaigns
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Mellon Bank NA of Pittsburgh and
Republic Bank of Dallas have both raised their prime lending
rates to 7-3/4 pct from 7-1/2, effective immediately.
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Gulf barge freight rates continued to
show a firmer tone in the nearbys on the assumption that
changes in the Gulf posted prices will encourage increases in
both PIK-and-roll activity and barges shipments, with a total
of 21 barges traded this morning on the ST Louis Merchants'
Exchange call session, versus nine yesterday, dealers said.
Quotes included -
- This week Mississippi River (Granite City, MLA if P/O)
traded at 175 pct of tariff, five percentage points above
yesterday's bid.
- Next week Mississippi (Alton/Granite City, MLA if P/O) bid
five points higher at 175 pct, offered at 190.
- Five barges each week April MidMississippi River
(Dubuque/south) traded at yesterday's bid of 170 pct.
- April Illinois River (ex Chicago) 160 pct bid, offered 10
points higher at 170.
- May same section 140 pct bid, offered five lower at 145.
- May MidMississippi River (Dubuque/south) bid 2-1/2 points
higher at 142-1/2 pct, offered at 145.
- June/July lower Mississippi River (Memphis/Cairo) offered at
120 pct, no bids.
- June/Aug upper Mississippi River (Lacrosse/Savage) offered
at 150 pct, no bids.
- Oct/Nov MidMississippi (Dubuque/south, L/H Nov
Clinton/south) 170 pct bid/177-1/2 offered - no comparison.
- December Illinois River (ex Chicago) 122-1/2 pct bid/127-1/2
offered - down 2-1/2 points on offer.
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Crime Control Inc said it reached a
definitive agreement under which a subsidiary of Hawley Group
Ltd will buy assets and assume certain liabilities of Crime
Control for 51.3 mln dlrs.
Of this amount, it said about 47 mln dlrs would be
available for distribution to the company's banks, debenture
holders and shareholders. The balance would be used to pay
various state taxes and other expenses relating to the
transaction, and to establish reserves to provide for certain
unassumed obligations of the company.
Crime Control said it would use proceeds to pay its bank
lenders approximately 28.6 mln dlrs, representing about 87 pct
of the principal amount of all its indebtedness to bank
lenders.
It also said it would propose to acquire all of its 20 mln
dlrs worth of outstanding 10 pct convertible subordinated
debentures for an aggregate of approximately 15.4 mln dlrs and
propose liquidation of the company with shareholders receiving
an estimated 54 cts a share.
As reported earlier, Crime Control is in default on
approximately 33 mln dlrs of bank debt and in default under the
indenture governing its convertible subordinated debentures.
On January 19, 1987, Crime Control, which installs,
services and monitors electronic surveillance systems, said it
retained Rothschild Inc to arrange for the sale of the company.
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Argentine subproducts shipments
during January/December 1986 totalled 5,618,315 tonnes, against
4,815,188 tonnes in the same period of 1985, the Argentine
Grain Board said.
Breakdown was as follows: cotton 26,992 (41,933), sunflower
1,403,230 (1,190,862), linseed 261,600 (309,191), groundnutseed
23,595 (22,809), soybean 3,275,225 (2,415,492), bran/pollards
wheat 606,352 (659,271), fiber cotton 3,256 (107,752), wheat
flour 18,065 (67,878), rape nil (nil), the board added.
Shipments during December 1986 amounted to 418,755 tonnes,
against 257,844 tonnes in the same month of 1985.
The breakdown, was as follows, in tonnes:
Cotton 3,002 (6,234), sunflower 86,612 (38,347), linseed
23,954 (38,290), groundnutseed nil (nil), soybean 264,650
(104,571), bran/polards wheat 37,724 (49,946), fiber cotton 987
(2,121), wheat flour 1,826 (18,335), rapeseed nil (nil), the
board said.
The ten principal destinations during January/December
1986, with comparative figures for the same period of 1985 in
brackets, were as follows, in tonnes:
Holland 2,444,260 (2,234,049), Belgium 546,423 (595,635),
Italy 430,029 (338,766), Czechoslovakia 365,897 (236,836), Cuba
253,067 (222,842), Iran 250,646 (192,430), West Germany
232,049) (158,491), Bulgaria 207,030 (300,488), Spain and
Canary Islands 176,287 (113,751), Corea 163,304 (37,416), the
board added.
REUTER
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Shr loss 27 cts vs loss 81 cts
Net loss 998,764 vs loss 1,491,590
Revs 2,712,614 vs 1,237,850
Avg shrs 3,727,063 vs 1,838,294
Year
Shr loss 1.79 dlr vs loss 2.11 dlrs
Net loss 4,559,004 vs loss 3,882,235
Revs 8,510,004 vs 3,720,640
Avg shrs 2,544,271 vs 1,838,294
Reuter
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Oper shr loss 1.10 dlrs vs loss 8.63 dlrs
Oper net loss 5.1 mln vs loss 42.1 mln
Revs 23.1 mln vs 63.3 mln
Year
Oper shr loss 4.71 dlrs vs loss 14.09 dlrs
Oper net loss 22.0 mln vs loss 67.2 mln
Revs 114.6 mln vs 221.8 mln
Avg shrs 4,910,330 vs 4,851,650
NOTE: Current year excludes gain of 12.1 mln dlrs from
disposal of discontinued operations.
Shr figures after preferred dividend requirements.
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<Royal Bank of Canada> said it is
raising its U.S. base lending rate by 1/4 pct to 8-1/4 pct,
effective tomorrow.
The move is the first change in the bank's U.S. dollar base
lending rate since last August, when it lowered the rate 1/2
point.
It follows the announcement yesterday of a 1/4 point rise
to 7-3/4 pct of two of the largest U.S. banks' prime rates.
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<The Harris Trust and Savings Bank> said
it has increased its prime rate to 7-3/4 from 7-1/2 effective
immediately.
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The Soviet Union would likely be more
interested in purchasing new crop wheat than in booking any
grain for immediate shipment if offered a subsidy on U.S.
wheat, an executive with a major grain export company said.
Lower prices and the desire to delay any big purchases
until the condition of winter and spring crops is better known
make new crop wheat more attractive, said George Hoffman,
director of commodity analysis for The Pillsbury Company.
"Pillsbury is assuming that they (Soviets) will be offered
a subsidy and that it will be a subsidy that they can respond
to," Hoffman told Reuters in an interview at an agribusiness
education conference here. But if there are too many
constraints placed on a subsidy offer, the USSR will take less
than an anticipated four mln tonnes, he said.
Hoffman said Pillsbury's internal statistics put Soviet
Union wheat purchases at only two mln tonnes under a subsidy
offer. However, if a subsidy is offered at competitive levels,
Moscow would likely buy more, he said.
"If we give the Soviets the same deal as the Chinese, I
expect they'll take it," said Vernon McMinimy, director of
commodity research for A.E. Staley Manufacturing Co.
McMinimy told Reuters spring weather and its impact on
crops will determine how much wheat Moscow would buy under a
subsidy offer.
Soviet winter crops did not get off to a good start because
of a dry autumn last year, and because of the severe winter
"they probably have had more damage due to winter weather than
normal," McMinimy said.
Reuter
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Shr 2.02 dlrs vs 1.94 dlrs
Net 14.7 mln vs 13.9 mln
Revs 265.6 mln vs 235.1 mln
Year
Shr 2.83 dlrs vs 3.36 dlrs
Net 20.7 mln vs 24.1 mln
Revs 739.1 mln vs 686.9 mln
NOTE: Current year includes loss equal to 12 cts/shr from
takeover defense and loss of 13 cts from loss of investment tax
credits.
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Egypt has been authorized to purchase
about 125,000 tonnes of U.S. wheat flour under an existing PL
480 agreement, the U.S. Agriculture Department said.
It may buy the wheat flour, valued at 23.0 mln dlrs between
April 8 and August 31, 1987 and ship it by September 30, the
department said.
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Seven tugs will attempt to refloat the
South Korean motor bulk carrier Hyundai New World tonight,
Lloyds shipping intelligence service said in its latest update.
The vessel grounded close to Itaqui port in Brazil last
night after undocking from Ponta da Madeira terminal.
Lloyds said the 200,000 dwt vessel is carrying about
180,000 tons of ore.
Five holds are partially flooded and there is some leakage
of bunkers from double bottom tanks. At low water tide the
vessel has a list of five degrees to port and the list
increases as the tide rises.
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Shr loss 3.31 dlrs vs profit 94 cts
Net loss 6,073,000 vs profit 1,823,000
Revs 58.9 mln vs 69.2 mln
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TCF Banking and Savings FA said it
is raising its prime rate to 7-3/4 pct from 7-1/2 pct effective
today.
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<Campeau Corp> and the <Edward J.
DeBartolo Corp> have closed on their previously-announced
purchase of five of the regional shopping centers of Allied
Stores Corp.
Campeau said it and the DeBartolo Association will each
hold a 50 pct ownership interest in the shopping centers.
Campeau separately announced that, as required by a bank
agreement, it has contributed an additional 50 mln dlrs of
capital to Allied.
Campeau acquired Allied Stores Corp earlier this year, the
company said.
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The Commodity Credit Corporation
(CCC) interest rate on loans disbursed in April will carry a
six pct ionterest rate, the U.S. Agriculture Department said.
The April rate is up from March's 5-7/8 pct and reflects
the interest rate charged CCC by the U.S. Treasury, the
department said.
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A committee of independent directors of
the Standard Oil Co unsuccessfully sought a delay in a tender
offer for Standard shares by British Petroleum Co plc,
according to offering documents.
BP's offering document for its 70 dlr per share offer
describes discussions with Douglas Danforth, who chairs a
special committee of independent directors responsible for
monitoring relations with BP. BP has been owner of a 55 pct
stake in Standard for several years.
According to the document, the committee's counsel said it
needed one to two months to evaluate the offering price.
Danforth, who is chairman of the Westinghouse Electric Co
<WX>, first learned of BP's interest in acquiring the rest of
Standard in a telephone call March five from Sir Peter Walters,
chairman of BP.
At a meeting march nine, Danforth informed BP that the
special committee had hired First Boston Corp <FBC> as its
financial adviser and also retained independent counsel.
Danforth's concerns that the special committee did not have
sufficient time were expressed to Walters in a telephone
conversation and reiterated in a letter from counsel on Monday
of this week.
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Mobil Corp said it raised its west
coast crude postings, effective today.
The Buena Vista light grade, at 26 degrees api gravity, was
raised 1.35 dlrs a barrel to 15.55 dlrs/bbl, while the
Huntington Beach light grade, at 16 degrees, was raised about
1.75 dlrs/bbl to 14.10 dlrs/bbl.
The heavier Wilmington grade, at 17 degrees, was increased
1.20 dlrs to 14.30 dlrs/bbl. Kern River crude, at 13 degrees,
was increased 1.00 dlr to 13.00 dlrs/bbl.
Mobil also said that effective today it changed its
gravity adjustment scale as follows: From 20 degrees to 34
degrees API, Mobil will adjust its price 0.015 of a ct per
one-tenth of an API degree. Below 20 degrees API, the company
will adjust its price 0.020 ct per one-tenth of a degree. Crude
grades from 34 degrees API to above 40 degrees are unaffected.
Reuter
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Strawbridge and Clothier said its
board declared a seven pct stock dividend, payable May 14 to
holders of record April 14.
Earlier, the company reported net income of 20.7 mln dlrs.
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Shr profit 12 cts vs loss 49 cts
Net profit 117,000 vs loss 506,000
Revs 1.1 mln vs 1.2 mln
Year
Shr profit seven cts vs loss 89 cts
Net profit 66,000 vs loss 921,000
Revs 4.4 mln vs 3.9 mln
NOTE:1986 reflects tax benefit of 24,000. 1985 reflects tax
benefit of 186,000 for quarter and 573,000 for year.
Reuter
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period ended February 28
Shr 26 cts vs 14 cts
Net 28.4 mln vs 15.2 mln
Revs 305.7 mln vs 179.6 mln
Six mths
Shr 50 cts vs 28 cts
Net 54.6 mln vs 30.3 mln
Revs 586.2 mln vs 359.8 mln
Avg shrs 100,362,000 vs 91,360,000
Reuter
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Century Business Credit Corp said it
received an offer from Stanley Tananbaum, chairman and chief
executive officer, to take the company private in a transaction
giveing shareholders 24.40 dlrs per share in cash.
There were 603,106 shares outstanding as of December 31.
The independent directors said they will engage an expert
to evaluate the fairness of the offer.
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Three for two stock split
Pay and record date subject to shareholder confirmation May
four
Qtly dividend 5-1/4 cts vs four cts
Pay May 15
Record May one
Note: dividends declared on pre-split shares.
Laidlaw Transportation Ltd
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Security Pacific National Bank and
Provident National Bank said they increased their prime lending
rates a quarter point to 7-3/4 pct.
They said the move is effective immediately.
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Qtly div 72 cts vs 70 cts prior
Payable June 10
Record May 15
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Emery Air Frieght Corp, which has
launched a 40 dlr a share tender offer for 83 pct of Purolator
Courier Corp, said it would sell some Purolator assets to help
pay the estimated 265 mln dlr cost of the stock purchase deal.
In a filing with the Securities and Exchange Commission,
Emery said it would sell or lease Purolator's air hub in
Indianapolis, Ind., which is currently under construction, and
would divest Purolator's Stant Inc subsidiary.
No indications of interest for the assets have been
received so far, Emery said.
Emery said it would operate Purolator as a subsidiary if it
succeeded in the takever, but would integrate its air hub.
It said it plans to finance its stock purchases with
borrowings from Chemical Bank, Morgan Guaranty Trust Co of New
York, Bankers Trust Co and Salomon Brothers Holding Co Inc, the
parent of Salmon Brothers Inc, Emery's financial advisor.
Emery said it already has a commitment letter from its
banks for up to 129.9 mln dlrs for the stock purchases. An
unspecified amount of internally generated funds would also be
used for the stock purchases, it added.
Reuter
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Shr 39 cts vs 31 cts
Net 232,991 vs 198,185
Revs 2.9 mln vs 2.3 mln
Year
Shr 2.20 dlrs vs 1.12 dlrs
Net 1.3 mln vs 715,113
Revs 11.3 mln vs 10.1 mln
NOTE:1986 revs includes 260,000 dlr finder's fee , net
includes 112,000 gain from sale of securities, 115,000
dividends, 78,000 dlrs from lease recalculations.
1985 revs includes 700,000 finder's fee and 75,000 gain
from sale of asset.
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Illinois Central Gulf Railroad, a
subsidiary of IC Industries Inc, said it will complete the sale
to the Chicago, Missouri and Western Railway of its 631-mile
line from Joliet, Ill., to St. Louis by April 30.
The Chicago, Missouri is a wholly owned subsidiary of the
Venango River Corp, a transportation holding company.
It said the purchase price of the line is 81 mln dlrs.
The Chicago, Missouri will employ 625 workers and start
operation immediately upon closing of the transaction.
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Japan appears to be relying less on
corn from China, Argentina and South Africa and more on
supplies from the United States, the U.S. Agriculture
Department said.
In its World Production and Trade report, the department
said in the past seven weeks reported U.S. corn sales of nearly
three mln tonnes to Japan are about three times the level
during this period last year.
Reports of short Argentine supplies and the apparent
unwillingness of the Chinese to sell at current world prices
may have caused Japanese buyers to turn to the United States
for corn supplies, the department said.
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The First National Bank of Boston, the
main banking unit of Bank of Boston, said it is raising its
prime lending rate to 7.75 pct from 7.50 pct, effective
immediately.
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Gencorp Inc said its board took no
action with respect to a two pct stock dividend at its annual
meeting yesterday due to the press of other business,
specifically the company's pending takeover offer by General
Acquisition Corp, formed by AFG industries inc and Wagner and
brown.
A spokesman said the two pct stock dividend, normally
issued everly year, was not issued in February because the
company was examining other dividend alternatives. Management
said it would give consideration to this matter at a later
time.
Yesterday, the company's chairman, A. William Reynolds, told
shareholders he would be presenting an alternative to the 100
dlrs a share takeover offer within a week.
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J.P. Morgan and Co Inc, parent of
Morgan Guaranty Trust Co of New York, said that it will place
1.3 billion dlrs of medium- and long-term loans to Brazil on a
non-accrual basis, matching similar action by BankAmerica Corp
<BAC> earlier today.
The move, which follows Brazil's suspension of interest
payments on 68 billion dlrs of commercial bank debt on February
20, is expected to reduce first quarter net income by about 20
mln dlrs, of which four mln dlrs represents interest accrued
prior to 1987 but still uncollected, the bank said.
Morgan earned 233.9 mln dlrs in the first quarter of 1986.
Morgan also said that, based on current interest rates and
assuming cash interest payments are not received for the rest
of the year, 1987 net income would be reduced by about 72 mln
dlrs. 1986 net income was 872.5 mln dlrs.
Although U.S. banks do not have to put loans on nonaccrual
until they are over 90 days past due, Morgan said some of the
loans affected by the Brazil payment freeze may reach the
90-day limit during the second and third quarters.
Morgan said it assumes talks between Brazil and commercial
bank lenders will proceed "expeditiously" and interest payments
will resume at the earliest practicable date.
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Gould Inc said it has
completed the sale of its Systems and Simulations Division to
the unit's management for an undisclosed price.
Gould said the move is part of its plan to divest its
defense systems businesses and focus on its computer and
electronics sectors.
Gould added that it accounted for the division as a
discontinued operation.
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U.S. corn sales to Tunisia, Morocco
and other North African countries may face increased
competition from European Community (EC) corn sales, the U.S.
Agriculture Department said.
In its World Production and Trade report, the USDA said
sales of French corn for nearby delivery have been confirmed
with an export subsidy of about 145 dlrs per tonne, bringing
the French price to about 72 dlrs per tonne, FOB.
While this is about the same price as U.S. corn, EC corn
has lower transport costs, the department noted.
The French sales mark the beginning of commercial EC corn
exports which could reach 750,000 tonnes to North Africa and
the Middle East, areas which have traditionally purchased their
corn needs from the United States, the department said.
Department officials said the 750,000 tonnes of exports are
for the year up to September 30 1987.
They said export licenses for about 500,000 tonnes have
been issued so far.
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New Zealand may need about 100,000
tonnes of wheat this year, which would normally come from
Australia, but may be from the United States, the U.S.
Agriculture Department said.
In its report on Export Markets for U.S. Grains, the
department said with the deregulation of the New Zealand Wheat
Board, which normally imports wheat from Australia, there is
the possibility of wheat purchases from the united states since
the shipping cost between New Zealand and the Eastern Coast of
Australia and the West Coast of the United States are about
equal.
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There were five grain ships loading and
three ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
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Compagnie Generale Des Eaux
<EAUG.PA>, a French water, waste treatment and disposal,
heating, ventilation and air conditioning concern said it has a
5.0 pct stake in California Water Service Co.
In a filing with the Securities and Exchange Commission,
Compagnie Generale said it bought its 139,200 California Water
shares for a total of 7.0 mln dlrs for investment purposes.
While it said it might acquire more shares in the company,
it said it has no plans to seek control of it.
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Most major U.S. banks today matched
Tuesday's quarter-point prime rate cuts by Citibank and Chase
Manhattan Bank, the first prime rate boosts since mid-1984.
Most cited narrower spreads between the prime and funding
costs as justification. Analysts said the prime rate rises may
have been triggered partly by a desire by banks to enhance
profit margins given problems with developing country loans.
Commenting on the prime rate increases, U.S. Treasury
Secretary James Baker told a House Appropriations Committee
that "I hope it was a temporary blip upward."
Among the major banks which today announced prime rate
increases to 7-3/4 pct were Bankers Trust, Chemical Bank,
Continental Illinois National Bank, Harris Trust and Savings
Bank, Irving Trust, Manufacturers Hanover Trust Co, Marine
Midland, and Security Pacific National Bank.
Other banking companies announcing prime rate rises
included Pittsburgh National Bank, Texas Commerce Bank-Houston,
Provident National Bank, First National Bank of Boston, Florida
Federal Savings and Loan Association, and SunTrust Banks.
Reuter
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Shr three cts vs seven cts
Net 52.1 mln vs 112,713
Revs 5.1 mln vs 4.4 mln
Six months
Shr five cts vs 15 cts
Net 75,605 vs 244,119
Revs 9.5 mln vs 9.5 mln
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The Union Bank subsidiary of
Standard Chartered PLC said today it was raising its prime
lending rate to 7.75 pct from 7.50 pct, effective immediately.
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After an already steep fall in the past
week, U.S. interest rate futures may be in for further declines
in the near term, financial analysts said.
However, some analysts said recent sharp losses in bond
futures have left the bond market somewhat oversold, and the
contracts on long-term debt could stage a recovery before
resuming their decline.
Key to the near-term direction of futures will be the
course of the dollar, they said.
"As the dollar goes, so goes the bond market," said Dean
Witter analyst Karen Gibbs.
The recent decline in the dollar, which hit a 40-year low
against the Japanese yen Monday, was reversed Wednesday when
several large U.S. money center banks unexpectedly raised their
prime lending rates by a quarter point, to 7-3/4 pct.
"Even though the prime rate cut was good for the dollar,
foreign exchange traders are not convinced the dollar decline
is over," Gibbs said.
The dollar decline was key in recent weakness in debt
futures as it rekindled concern about a pickup in inflation.
Indeed, the falling dollar may have been a key topic at the
meeting of the Federal Reserve's policy making arm, the Federal
Open Market Committee, this week, analysts said.
"To the Fed, the combination of a falling dollar, a
steepening yield curve, and rising commodity prices look
suspiciously like the traces of expectations of accelerating
inflation," said Denis Karnosky, analyst at Carroll, McEntee
and McGinley Inc.
Such expectations could mean that "a shift in policy toward
restriction of bank reserves is likely to get very serious
consideration," at the FOMC meeting, he said.
Any such restriction of reserves will not be a highly
visible form of monetary tightening, Karnosky said.
Rather, the key to detecting a change will be found in
seasonal and adjustment borrowing at the discount window, he
said. Borrowings have held near a weekly average of 300 mln
dlrs over the past several months, he said.
In the meantime, however, "the market looks a bit
oversold," said Jim Wysoglad, analyst at Golden Gate Futures.
Wysoglad said a recovery from the oversold condition could
drive June bonds to a high near 99 before falling back to test
chart support near the recent low of 97-13/32.
Technician Leslie Keefe of Technical Data Corp of Boston
said that the key test for June bonds will be whether the
nearby contract holds above chart support at 96-24/32.
"All previous selloffs since mid-November have stopped and
buyers have surfaced at that level," Keefe said.
If that level is broken, and the dollar continues to
decline, Keefe said she expects the June bond contract to
decline to test support between 92 and 93, the primary uptrend
line dating back to 1984.
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The Federal Grain Inspection Service
Advisory Committee will meet here Monday, April 13, the U.S.
Agriculture Department said.
Items on the agenda for the meeting, which is scheduled to
begin at 0830 edt, are grain-quality issues, status of proposed
regulations, financial matters and safety matters, the
department said.
The Federal Grain Inspection Service Advisory Committee is
composed of 12 members representing the grain industry who
provide advice to the administrator of the Federal Grain
Inspection Service.
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Deak International, a foreign currency
and precious metals firm, announced the acquisition of Johnson
Matthey Commodities of New York from Minories Finance Limited,
a unit of the Bank of England.
The purchase valued at 14.8 mln dlrs follows the recent
acquisition of London's Johnson Matthey Commodities Limited,
Deak said. The New York firm will be known as Deak
International Trading Ltd, the company said. Arkadi Kuhlmann,
president and chief executive officer of Deak International,
said the purchase will expand Deak's operations in precious
metals and wholesale non-ferrous metals trading.
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Shr loss 1.92 dlrs vs profit five cts
Net loss 5.6 mln vs profit 136,598
Revs 1.4 mln vs. 2.5 mln
Year
Shr loss 3.81 dlrs vs profit 21 cts
Net loss 10.8 mln vs profit 435,176
Revs 7.6 mln vs 9.4 mln
NOTE:1986 4th qtr includes write-off of about 373,000 dlrs
or 13 cts and writdown of assets of 4.0 mln dlrs. 1986 year
includes 4.1 mln dlrs 1st qtr writedown.
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Crown Resources Corp said it plans to
sell its Oklahoma-based oil and gas unit as part of its
strategy to focus on developing precious metals properties.
The company said it bought the Wyona Water Flood Oil and
Gas unit in 1984 for 650,000 dlrs.
Crown said the Wyona field is fully developed with 28
producing wells.
Current oil production is 80 barrels a day, it said, adding
that no gas was produced for sale in 1986.
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M.D.C. Holdings Inc said it sold
substantially all the assets of its oil and gas unit, Mizel
Petro Resources Inc, and affiliated partnerships, for 38 mln
dlrs in cash to <Parker and Parsley Petroleum Co>, Midland,
Texas.
The company said that, subject to certain post-closing
adjustments, it expects to post a small profit on the sale.
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Shr six cts vs three cts
Net 1.7 mln vs 3.1 mln
Revs 187.3 mln vs 129.7 mln
NOTE:Increase in earnings due to elimination of preferred
dividend requirements.
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Fidelcor Inc's Fidelcor Business Credit
Corp subsidiary said it reached a definitive agreement to
acquire a substantial portion of the Bank of New England Corp's
<BKNE> Lazere Financial Corp's assets.
Terms of the acquisition were not disclosed. The
acquisition is subject to approval of the Federal Reserve
Board.
Fidelcor said it would acquire most of Lazere's loan
portfolio and other assets, including its Miami office. It said
it plans to hire the majority of Lazere's 100 employees.
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Shr loss 3.51 dlrs vs loss 6.14 dlrs
Net loss 3.2 mln vs loss 6.6 mln
Year
Shr loss 2.38 dlrs vs loss 5.17 dlrs
Net loss 692,872 vs loss 4.5 mln
NOTE:1986 loss includes loss of 301,000 for discontinued
oeprations vs a loss of 5.5 mln dlrs net of a 1.4 mln credit in
1985. 1985 4th qtr includes loss of 3.5 mln dlrs for
discontinued operations. share amts relfect dividend
requirements.
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Shr 86 cts vs 79 cts
Net 4,042,000 vs 3,549,000
Revs 59.7 mln vs 47.3 mln
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Shr loss 27 cts vs loss 2.27 dlrs
Net profit 2,150,000 vs loss 14,700,000
Revs 121.3 mln vs 69.8 mln
Note: shr after payment of preferred stock dividends
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Two executives of a Memphis, Tenn.,
investment advisory firm told the Securities and Exchange
Commission they have acquired 132,000 shares of Killearn
Properties Inc, or 10.4 pct of the total outstanding.
The executives, O. Mason Hawkins and William Reid, who work
for Southeastern Asset Management Inc, said they bought their
Killearn stock with personal funds as an investment.
While they said they might increase their stake Killearn
Properties, they said they have no plans to seek control of it.
Reuter
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Shr loss 42 cts vs loss five cts
Net loss 4.0 mln vs loss 446,000
Revs 58.9 mln vs 70.3 mln
NOTE:1986 net includes gain of 40 cts from discontinued
operations. 1985 net includes gain of 22 cts from discontinued
operations.
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Qtr ended March 14.
Shr profit 32 cts vs loss 1.30 dlrs
Net profit 2,704,000 vs loss 7,589,000
Rev 105.2 mln vs 82.3 mln
NOTE: Qtr net includes extraordinary gain of 1.1 mln dlrs.
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N.Y. GRAIN FREIGHTS - April 1
Tradax took Y.S. Tonnage 52,000 tonnes U.S. Gulf to Japan
early May dates 16.00 dlrs 11 days all purposes
Tradax took Dimitrios 76,000 tonnes any grains 4,952,000
grain cubics U.S. Gulf to Holland May 1-10 8.50 dlrs 12 days
all purposes
ADM took Ymuiden Maru 93,500 tonnes DWCC 4,726,937 grain
cubics U.S. Gulf to Holland April 20-30 lumpsum 675,000 dlrs 11
days all purposes
Dreyfus took Golden Crown 20,000 tonnes U.S. Gulf to East
Coast Mexico April 6-10 10.00 dlrs 1,500 discharge
Marubeni took NYK TBNs 52,000 tonnes HSS seven times U.S.
Gulf to Japan July 1987-January 1988 dates 14.25 dlrs 9,000
load 6,500 discharge
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American Barrick Resources Corp said it
sold two coal supply agreements and certain mining equipment,
representing substantially all of the assets of its two Ohio
coal mines, to Peabody Coal Co, of Kentucky.
Terms were not disclosed.
Proceeds from the sale combined with the sale of the
company's remaining coal assets should result in full recovery
of its investments in the operations, the company said without
further elaborating.
The sale will complete the planned disposition by American
Barrick of all its non-gold assets, it said.
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N.Y. TANKERS - April 1
Citgo took West Virginia 62,000 tons dirty April 9
Caribbean to U.S. Gulf worldscale 63
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The U.S. House Agriculture Committee
approved proposals to extend the life of the Export Enhancement
Program, EEP, through fiscal 1990 and urged the Reagan
administration offer EEP wheat to the Soviet Union.
The proposals were approved as amendments to a
comprehensive trade bill moving through Congress this year.
In addition to the amendments on EEP, the committee
approved several proposals which could restrict imports of
lamb, casein, sugar-containing products and tobacco. Those
amendments affecting imports face an uncertain future because
the House Ways and Means Committee, which has overall
jurisdiction over trade legislation, will oppose them,
Congressional sources said.
The effect of the EEP amendments would be to extend the
life of the program five years through fiscal 1990 rather than
the current three years through fiscal 1988.
The amendments, offered by Rep. Dan Glickman, D-Kan., also
would increase funding for the program to 2.5 billion dlrs from
1.5 billion now.
Furthermore, the committee passed an amendment offered by
Rep. Glickman which instructs the U.S. Agriculture Department
to value EEP bonus commodities at market value, not acquisition
value. Glickman said the change would make the program 30 pct
less expensive to operate.
The provision on EEP wheat to the Soviet Union, offered by
Rep. Bob Smith, R-Ore., does not require the administration
make an offer, but urges such action.
The committee approved an amendment, offered by Rep. Glenn
English, D-Okla., requiring the Secretary of Agriculture to
begin discussions with other major grain producing countries
aimed at jointly reducing world grain production.
Trade Representative Clayton Yeutter yesterday opposed the
amendment, saying such commodity agreements do not work.
Among the host of amendments to restrict imports approved
by the panel, the most significant would require quotas on
imports of goods containing more than 25 pct of a bulk farm
product that is subject to U.S. quotas. The amendment, offered
by Rep. Arlan Stangeland, R-Minn., is aimed primarily at
curbing imports from Canada of products containing sugar and
foreign foods containing dairy products. It also may affect
peanut, cotton and tobacco imports, Committee sources said.
Another amendment would place a quota on U.S. imports of
casein, a dairy product shipped to the U.S. primarily by New
Zealand and Ireland.
The panel also voted to apply to lamb imports the same
countercyclical import quota law which is operating for U.S.
beef imports.
Other miscellaneous amendments included:
-- Urging the administration consider retaliating against
Japan and South Korea if those countries do not remove
restrictions on beef imports.
-- Boosting the amount of U.S. grain which must be shipped
each year under a food aid program called Section 416 to
800,000 tonnes from 500,000 tonnes now.
-- Requiring the Agriculture Secretary conduct a study of
the Canadian Wheat Board import licensing system for wheat to
determine if it is a non-tariff trade barrier.
-- Requiring the Agriculture Secretary reimburse the
National Corn Growers Association up to 500,000 dlrs for the
costs of defending the U.S. feedgrains program against a
Canadian countervailing duty case this year.
-- Urging the administration oppose the Canadian decision
to apply a duty on U.S. corn imports, and a proposal by the
European Community to apply a vegetable oils tax.
-- USDA conduct a study of the findings of a National
Commission on Agricultural Export Policy, which recommended a
reorganization of USDA's trade policy apparatus.
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<Novamin Inc> said
its board will recommend to shareholders the takeover offer
made by Breakwater Resources Ltd.
Breakwater is offering to exchange one Breakwater share for
each two shares of Novamin, the company said.
Breakwater will issue about 3.7 mln shares for all Novamin
shares presently issued and outstanding. Additional shraes of
Breakwater will be issued if warrants and options of Novamin
are exercised.
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Newmont Mining Corp said it completed
the previously announced reduction of its share in <Peabody
Holding Co Inc> to 49.97 pct from 61.47 pct.
Newmont realized 116.8 mln dlrs in the transaction.
For 1986, Newmont reported net income of 74.2 mln dlrs.
Peabody, the largest coal producer in the U.S., had net income
of 100.8 mln dlrs on sales of 1.4 billion dlrs in 1986.
Newmont doubled its ownership in Peabody in January by
purchasing 30.74 pct interest held by the Williams Cos for 320
mln dlrs.
The reduction resulted from completion of an earlier
announced agreement by Peabody to sell a 15.01 pct interest in
the company to Eastern Gas and Fuel Associates in exchange for
all the coal properties owned by Eastern.
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Shr loss 26 cts vs profit eight cts
net loss 2.8 mln vs profit 897,000
Revs 27.0 mln vs 30.0 mln
Nine months
Shr loss 51 cts vs profit 46 cts
Net loss 5.4 mln vs profit 4.9 mln
Revs 88.4 mln vs 99.8 mln
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Shr loss 64 cts vs loss 1.70 dlrs
Net loss 13.4 mln vs loss 35.6 mln
REvs 47.9 mln vs 72.1 mln
NOTE:1985 includes loss of 941,000 from discontinued
operations and 5.8 mln dlrs from disposal of net asset solds.
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Shr loss 56 cts vs loss 71 cts
Net loss 809,000 vs loss 1.0 mln
Revs 5.3 mln vs 5.3 mln
Year
Shr loss 1.51 dlrs vs profit 61 cts
Net loss 2.2 mln vs loss 2.3 mln
Revs 26.5 mln vs 29.1 mln
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Revlon Group Inc told the Securities
and Exchange Commission it had net profits of 16,465,000 on
sales of 1.61 billion dlrs for the year ended Dec. 31, 1986.
Revlon in a filing with the SEC compared the results to the
five months ending Dec. 31, 1985. In that period, it lost 28.4
mln dlrs on sales of 262.4 mln dlrs.
Earlier today, MacAndrews and Forbes Group Inc began an
18.50 dlr a share cash offer for all common stock of Revlon it
does not own. Revlon today rose 3/8 to 19-1/4 in active
trading. MacAndrews controls 31.8 pct of the voting power.
For 1986, Revlon said the loss applicable to common stock
after preferred dividends is 9.5 mln dlrs. The net loss per
share was 24 cts, compared to a net loss of 99 cts per share
last year.
Revlon said it had a 1986 operating profit of 64.3 mln
dlrs, compared to a loss of 13.3 mln dlrs in the year earlier
period.
The 1986 net includes a provision for estimated loss on
dispositions of 57.0 mln dlrs, compared to 15.1 mln dlrs the
year earlier. Earnings in 1986 before extraordinary items were
7.4 mln dlrs.
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LIfetime Corp said Retirement Housing
Corp has accepted its previously announced acquisition offer.
Retirement will operate autonomously as a separate
subsidiary.
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Manufacturers Hanover Corp said it
placed 1.4 billion dlrs of medium- and long-term loans to
Brazilian borrowers on non-accrual as of yesterday, meaning
that income will be recorded only when actual cash payments are
received.
As a result, net income for the first quarter will be
reduced by 18 mln dlrs.
If Brazil, which suspended interest payments on its term
debt on February 20, continues to defer interest payments for
the rest of the year, net income for the whole of 1987 would be
reduced by a total of 72 mln dlrs.
U.S. bank accounting guidelines do not require loans to be
placed on nonaccrual unless interest payments are past due 90
days or more. However, Manufacturers Hanover said that, in
light of current circumstances, it was more appropriate to
record income on its Brazilian loans only when cash payments
were received.
It added that it believes Brazil will reach agreement with
its banks on a debt restructuring and that all interest
payments will be received later in 1987.
The company earned 102.1 mln dlrs in first-quarter 1986 and
410.7 mln dlrs for the whole of the year.
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<Galveston Resources Ltd> said it agreed
in principle for an option to earn up to a 50 pct interest from
<Hemlo Gold Mines Inc> in certain mining properties known as
the Interlake Property, subject to regulatory approvals.
Galveston said it will earn up to a 50 pct interest by
spending a minimum of one mln dlrs in exploration and
development work by December 31, 1989.
It expects work will commence shortly and continue during
the 1987 exploration season.
Galveston also said it granted Hemlo Gold options to
acquire up to two mln Galveston shares.
It said the options can be exercised at 10 dlrs a share up
to December 31, 1987, then at 12.50 dlrs a share until December
31, 1988, and then at 15 dlrs a share until December 31, 1989.
Separately, Galveston said it agreed in principle with
<Noranda Inc> unit Noranda Explorations Ltd for an option to
earn up to a 50 pct interest in a major mineral property
located at the Baie Verte Peninsula, Newfoundland.
Galveston can earn a 50 pct interest by spending six mln
dlrs in exploration and development work on the property by
December 31, 1989.
The company also said it granted Noranda an option to
purchase two mln Galveston shares.
The options can be exercised at 10 dlrs a share until
December 31, 1987, then at 12.50 dlrs a share until December
31, 1988, and then at 15 dlrs a share until December 31, 1989.
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Shr loss 15.29 dlrs vs loss 2.80 dlrs
Net loss 221.3 mln vs loss 40.4 mln
Revs 146.3 mln vs 260.7 mln
Note: 1986 loss includes extraordinary loss of 171.6 mln
dlrs or 11.85 dlrs shr related to writedown of certain
petrochemical assets and reduced by tax gain of 4.2 mln dlrs or
28 cts shr.
1985 results restated.
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Deutsche Bank AG <DBKG.F> has seen a
slow start to 1987 after posting record profits in 1986,
management board joint spokesman F. Wilhelm Christians said.
Credit business declined in the first few weeks of the
year, and the interest margin was squeezed further. The weak
German bourse saw earnings on commission fall sharply, and
trading in securities also fell. But earnings from currency
dealing were still satisfactory, he told a news conference.
Deutsche group partial operating profits rose to 3.78
billion marks in 1986 from 2.92 billion in 1985 on a balance
sheet of 257.22 billion marks after 237.23 billion.
Profits were swollen by earnings from the placement of the
former Flick group, which have been estimated at some one
billion marks, and from record profits in trading on the bank's
own account, not included in partial operating profits.
Earnings from the Flick transaction were booked through a
subsidiary, and therefore showed up as part of the interest
surplus in a section current earnings from securities and
participations.
In the group this nearly doubled to 2.64 billion marks from
1.45 billion.
As usual the bank did not detail total operating profits.
But it said that total operating profits, including own
account trading, rose 24.9 pct or 4.5 pct without the Flick
transaction in the group, and 35.1 pct or seven pct in the
parent bank.
Banking analysts said this put group total operating
profits at some 6-1/2 to seven billion marks, and parent bank
operating profits at over five billion marks.
Christians said Deutsche used the extraordinary earnings
from Flick to pay a record five mark bonus on top of its
unchanged 12 mark dividend.
The bank had decided against raising the dividend itself
because of the uncertain business outlook at the end of 1986,
and developments so far this year showed that was correct,
Christians said.
West German banks rarely raise dividends unless they are
sure they can maintain the increased payout in subsequent
years, preferring to use bonuses for one-of profits.
The bank also used its extraordinary earnings to continue a
high level of risk provision, Christians said.
Disclosed group risk provisions rose to 867 mln marks in
1986 from 765 mln in 1985.
Under German law, disclosed provisions do not necessarily
reflect the full amount of risk provisions.
Management board joint spokesman Alfred Herrhausen said
Deutsche's total debt exposure to problem countries had fallen
to over six billion marks in 1986 from 7.4 billion in 1985
because of the fall in the dollar.
He agreed with a questioner who asked if over two thirds of
such problem country debt had been written off.
Deutsche Bank posted a sharp rise in holdings of "other
securities," to 4.64 billion marks from 2.71 billion in the
parent bank.
Christians said this 1.93-billion-mark rise was partly due
to its increased activity in international share placements,
with some shares such as those from Fiat SpA's international
placement last year remaining on its books.
Herrhausen said that no concrete measures were planned to
place these shares and conclude the original placement.
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Deutsche Bank AG <DBKG.F> has agreed
to take over the outstanding 25 pct in <Deutsche Bank (Asia)
AG>, the former <European Asian Bank AG>, from
Creditanstalt-Bankverein <CABV.VI>, Deutsche management board
joint spokesman Alfred Herrhausen told a news conference.
Euras broke even in 1986 and required no funding from
Deutsche, he said. He gave no details of the deal with
Creditanstalt.
Press reports that Deutsche was planning a takeover of
Lloyds Bank plc <LLOY.L> were without foundation, he said.
Herrhausen said Deutsche had taken part in the recent
capital increase of <Morgan Grenfell Group plc>, but had no
plans to raise its 4.4 pct share in Morgan Grenfell.
<Banca d'America e d'Italia SpA>, in which 98.3 pct was
acquired from Bankamerica Corp <BAC.N> late last year, would be
consolidated this year, and contribute to further expansion of
Deutsche's business, management board joint spokesman F.
Wilhelm Christians said.
Following a ruling earlier this year from the Federal High
Court, Deutsche had included its non-bank holdings in the
balance sheet section "participations," Christians said.
But Christians said the bank still regarded shares in these
non-bank companies as an investment rather than an active
participation.
Parent bank total participations rose to 6.45 billion marks
in 1986 from a comparable 4.57 billion in 1985 including a rise
to 3.79 billion from 2.34 billion in bank participations.
Herrhausen said the grouping of holdings in the balance
sheet in this was was not a first step to floating them off in
a separate holding company.
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A world recession is unlikely this
year as fiscal and monetary policy in most industrialized
countries is supporting the economy, Deutsche Bank AG <DBKG.F>
management board joint spokesman Alfred Herrhausen said.
But growth rates will be smaller than last year, with 1.5
to 2.5 pct likely in most industrialized countries, he told a
news conference.
Herrhausen said he was confident private consumption would
support economic growth in West Germany this year, with net
income increases turning into purchasing power as long as
inflation did not revive.
Herrhausen said he did not expect interest rates to rise in
West Germany this year, but there was little room for further
falls. Rates in the U.S. were however rising, as evidenced by
the latest prime rate moves, but this rise would be moderate.
Herrhausen said he did not expect any major narrowing of
the U.S. Trade and budget deficits in the next few months.
One success of the Paris agreement in February to foster
currency stability was that U.S. Officials have stopped talking
down the dollar, he noted.
The recent stability would last until markets decided to
test the resolve of central banks, he said.
He noted that central banks had spent some 10 billion dlrs
this week to stabilize the dollar against the yen in the first
such test.
"A massive attack on the mark, which could come if we get
bad news out of the U.S., Would require a much higher
intervention amount, raising the danger of inflation," he said.
Turning to the international debt problem, Herrhausen said
Brazil's unilateral debt moratorium had surprised banks.
But the move showed that a real solution to debt problems
was only possible with the involvement of all parties.
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Singapore's major banks are
diversifying and gradually shifting their asset holdings from
loans to debt instruments, banking sources said.
The banks following the trend are the <Overseas Union Bank
Ltd>, <United Overseas Bank Ltd>, <Oversea-Chinese Banking
Corporation> and the <Development Bank of Singapore Ltd>.
The shift towards securitisation has been helped by
volatile financial markets which have developed hedging
facilities such as floating rate notes and bonds for risk
management, said Overseas Union General Manager Loh Hoon Sun.
Loh told Reuters in an interview that Singapore banks see
limited growth in credit risk. More and more of them are
switching from term lending to major growth areas such as
stockbroking and fee based income, he said.
Major local banks ventured into stockbroking after being
granted seats on the stock exchange. Bankers said they are now
moving into the new government securities market and the Stock
Exchange of Singapore Dealing and Quotation System.
One foreign banker said the Development Bank and the
Overseas Union Bank Ltd have become major players in the equity
market in Singapore.
Loh said the banks' participation in the stock market has
increased business transactions and provided long term growth
for the market. The banks are not competition for individual
stockbroking firms because of the increased business they
generate, he added.
Loh said the Stock Exchange of Singapore might expand
equity issues by as much as one billion dlrs this year because
of the increasing ability of foreign and local market
participants to absorb new issues.
Loh said <OUB Investment management Ltd>, a subsidiary of
the Overseas Union Bank Ltd, has teamed up with a U.K. Firm to
launch the Union Global Fund. The fund is for local investors
seeking capital growth through a diversified international
portfolio. It will invest in international shares with the
emphasis on U.S. And Japanese markets, he said.
<DBS Securities Singapore Pte Ltd>, a subsidiary of the
Development Bank of Singapore, has applied to the Hong Kong
Stock Exchange to set up a Hong Kong stockbroking firm.
Loh predicted fixed deposit and prime interest rates in
Singapore will stay low this year. As a result, banks will be
forced to provide fund management services for major clients
seeking better returns, he said.
Economic analysts and bankers are optimistic the major
banks will show profits in 1987, helped by higher income from
treasury and investment banking activities.
They expect the 1987 after-tax profits of Oversea-Chinese
and United Overseas to show stable growth of four to eight pct
against respective gains of four and seven pct in 1986.
Overseas Union's profits are expected to jump to over 40
mln dlrs from seven mln dlrs in 1986, economists said.
The Development Bank's after-tax profits rose 39.2 pct in
1986 mainly due to a dividend of 20.4 mln dlrs paid by
<National Discount Company Ltd> before it became a subsidiary
of the bank, they said.
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Westpac Banking Corp in New Zealand
said it will increase its indicator lending rate by 1.5
percentage points to 22.5 pct from April 7.
Westpac said in a statement the increase reflects high
costs of funding.
The bank said nervousness in the wholesale deposit market
is creating uncertainty about the immediate outlook for
interest rates. Liquidity is expected to remain tight over the
next month and this will put upward pressure on interest rates.
Base lending indicator rates of the other three trading banks
range between 21.0 pct and 21.5 pct.
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The <Sanwa Bank Ltd's> three-year business
plan foresees securities and international operations making a
greater contribution to operating profits, a bank official
said.
The bank's plan also emphasises retail and medium and
small-sized business operations, he told Reuters.
Officials at <Fuji Bank Ltd> and <Mitsubishi Bank Ltd>
outlined similar three-year plans.
They said lower interest rates and financial liberalisation
have cut profits from dealings with big firms to nearly
nothing.
"They don't need us, they can do their own financing," one
official said.
Sanwa Bank's plan forecasts that securities and
international operations will contribute 40 pct of total
operating profits by the end of the fiscal year ending March,
1990, compared with 30 pct in fiscal 1985, the Sanwa official
said.
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Agriculture Ministry officials said they
are not considering cuts in import duties on chocolate to help
ease friction with the United States over agricultural trade.
Japan has already lowered the duties sharply and we must
consider domestic market conditions, an official said.
Duties on chocolate were cut to 20 pct from 31.9 pct in
April 1983.
Washington has been demanding a cut to seven pct,
equivalent to its own duties, ministry sources said.
Japanese chocolate imports rose to 8,285 tonnes in calendar
1986 from 5,908 in 1985, official statistics show.
However, the ministry sources added it is possible the
government may make further cuts in response to strong U.S. And
European demand.
"Due to concern about the farm trade row with the U.S.,
Top-level government officials may press the ministry to cut
the duties," one said.
But he said it would be difficult for Japan to resolve its
overall trade row with Washington and reduce its trade surplus,
which reached 58.6 billion dlrs in 1986.
Agricultural trade issues between Japan and the U.S.
Include Japanese import restrictions on 12 farm products.
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Money market rates rates showed a harder
edge after news U.K. Chancellor of the Exchequer Nigel Lawson
has set a target for the pound against the mark and dollar, to
be maintained by a mixture of interest rates and intervention
in the foreign exchange markets.
Dealers said the market was surprised by the Chancellor's
disclosure of sterling target rates, around 2.90 marks and 1.60
dlrs, and nervous over the implications for domestic interest
rates, further reducing the propects for a near term cut in
U.K. Bank base rates. The key three months interbank sterling
rate gained 1/16 point at 10 9-7/8 pct.
The pound opened three basis points lower at 71.3 in trade
weighted terms, at around 1.59 dlrs and 2.91 marks.
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A Japanese businessman announced plans for
a new telecommunications firm in which Britain's Cable and
Wireless Plc would be a core company.
However, the plan, unveiled by senior Federation of
Economic Organizations official Fumio Watanabe, does not
specify what stake Cable and Wireless would have.
"The share holdings of the core companies should be equal,"
Watanabe said in a statement. "The actual percentage of
shareholdings should be agreed by the core companies."
He said the eight core companies will provide directors for
the firm.
"The new company shall immediately set to work on the
feasibility study of constructing a new cable for itself,"
Watanabe said.
Watanabe has acted as mediator between two rival groups,
one of which included C and W, seeking to compete against
<Kokusai Denshin Denwa Co Ltd>, which now monopolizes Japan's
overseas telephone business.
The Post and Telecommunications Ministry has said it wants
only one competitor to KDD and has backed Watanabe's efforts.
A British source, who declined to be identified further,
said the proposals could open the door to further talks between
C and W <CAWL.L> and the other firms involved.
C and W had earlier rejected a reported proposal which
would have given it a five pct share in the new
telecommunications firm, compared to the less than three pct
stake Watanabe originally proposed. C and W has a 20 pct stake
in one of the two firms Watanabe has proposed should merge.
The British source said the decision not to specify the
exact shareholdings of the core companies could leave the door
open for further discussion.
"It's probably a sensible approach on their part," the
British source told reuters.
C and W has also been pushing hard for permission to lay a
new cable between Japan and the U.S.
The proposed merger has sparked an international row, with
British government sources threatening retaliatory action
against Japan for what they see as discriminatory practices
against foreign firms.
The sources said last Friday that one option for Britain
would be to revoke licenses of Japanese banks and securities
companies operating in London.
The U.S. Has also attacked the original merger plans,
saying that both rival consortia should be licensed.
Asked about participation by other U.S. And European firms,
Watanabe said, "They will not be core companies but if they wish
they could participate." Under the Japanese law, total foreign
participation would be limited to one-third.
"It might be wise for C and W to join the new firm which has
the support of many influential backers and work within this
for the realization of their ideas," Watanabe told reporters.
The other core firms are Mitsubishi Corp <MITT.T>, Mitsui
and Co <MITS.T>, Sumitomo Corp <SUMT.T>, Matsushita Electric
Industrial Co <MC.T>, Toyota Motor Corp <TOYO.T>, C Itoh and Co
<CITT.T>, and <Pacific Telesis International Inc>.
Watanabe said that his latest proposal represented his
final effort.
If it fails to satisfy the British government, it will be
up to the Japanese government to explain its position, he said.
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The Bank of France is to inject liquidity
against first category paper at a tender this afternoon, a Bank
spokesman said.
Money market sources were divided as to whether they
thought the Bank of France would use the occasion to cut its
intervention rate, which has stood at 7 3/4 pct since it was
cut from eight pct on March 9.
Some thought a rate cut unlikely given foreign exchange
turbulence and the U.S. Prime rate rise to 7 3/4 pct, while
others still counted on a 1/4 point cut by the Bank of France.
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