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South Korea will pay about 20 pct more for ethylene imported from Japan in the second quarter of the year because increased plastic production in both countries has boosted demand and tightened supplies, chemical industry sources said. South Korea has agreed to pay Japanese trading houses just over 400 dlrs C and F per tonne, up from an average of 350 dlrs in the first quarter and throughout 1986, they said. South Korean demand for imported ethylene this month has risen to 17,000 tonnes from 10,000 last month, and the country may face difficulties covering the extra volume, they said. <Korea Petrochemical Industries Corp>, a producer of high density polyethylene (HDPE) and polypropylene, will more than double its ethylene requirements to 9,000 tonnes a month from 4,000 when it completes a plant expansion at the end of this month, the sources said. <Honan Ethylene Corp's> import requirements have risen to 8,000 tonnes a month from 6,000 tonnes last year to meet strong demand from <Honan Petrochemical Co>, which makes HDPE and ethylene glycol, and <Hangyang Chemical>, which produces low-density polyethylene and vinyl chloride monomer, they said. But Japan's ethylene plants are already operating at almost full capacity of 4.5 mln tonnes a year just to fulfill domestic demand, the sources said. "And even if Japan had the additional ethylene, there is a logistical problem of finding extra appropriate-sized vessels to ship it to Korea," said one trading house source. Japanese trading companies are looking to alternative sources to supply South Korea's needs, including Saudi Arabia, Qatar and Mexico, they said. But long-haul voyages are expensive as the product has to be shipped at a temperature of minus 103 degrees centigrade to keep it in a liquid form, they said. Japan has no plans to invest further in the ethylene industry in order to cope with the additional demand, despite rising prices, trading house sources said. South Korea has two projects in hand which will increase its ethylene production capacity by 500,000 tonnes a year by the end of 1989, so the strong demand surge for imports is only a medium-term trend, they said. REUTER	[ 0, 0, 0, 0, 0, 0, 0, 1, 0, 0 ]
The Belgian National Bank cut interest rates on one, two and three-month treasury certificates to 7.30 pct from 7.40 pct effective immediately, the bank said in a telex message. The Bank last adjusted its short-term treasury certificate rates on March 23, when it also reduced rates for all three periods by 0.10 points. A National Bank spokesman said the latest adjustment would bring the rates closer in line with currently prevailing interbank interest rates. The spokesman said it was too early to predict whether the move would herald a reduction in discount rate, which currently stands at eight pct, when the Bank holds its regular weekly meeting at which the rate is discussed next Wednesday. The discount rate generally moves in tandem with the three-month treasury certificate rate. However, there is no formal link and the discount rate was not adjusted following the March 23 changes. REUTER	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
A Swedish Finance Ministry committee forecast that British Petroleum Plc <BP.L> may have to close its refinery in Gothenburg because of an anticipated worsening of the Swedish petroleum industry's competitiveness. It said in a report that the future of the Swedish refining business was bleak due to the steady drop in domestic oil consumption since the mid-1970s, a possible tightening of rules on sulphur content and competition from Norway's Mongstad facility of <Den Norske Stats Olieselskab> (Statoil) <STAT.OL> when its expansion is completed in the 1990s. The committee said the BP refinery, which lacks a de-sulphurisation plant, was likely to be closed or sold unless costly investments were made to enhance the facility's capacity to refine a broader range of products. But the committee noted that capacity utilisation had in recent years been above that of the European refining industry on average. The BP plant, in which Sweden's state-owned <OK Petroleum AB> has a 22 pct, started up in 1967 and has an annual capacity of 4.7 mln tonnes. There was nobody at British Petroleum immediately available for comment.	[ 0, 0, 1, 0, 0, 0, 0, 0, 0, 0 ]
The Bundesbank did not intervene as the dollar was fixed lower at 1.8162 marks after 1.8270 yesterday, dealers said. The dollar firmed slightly from its opening 1.8135/45 marks in very quiet pre-weekend trading and dealers said they expected business to remain thin this afternoon. "Trading is at an absolute nil, nobody wants to get involved ahead of next week's meetings," one dealer with a U.S. Bank said, referring to the Group of Seven industrial nations and the International Monetary Fund meetings in Washington. Dealers saw the dollar staying at current levels but possibly rising above 1.83 marks on any supporting remarks emerging from the meetings. "But the dollar's medium-term direction is soft," one dealer said. The dollar could well come under renewed pressure after the international forums as attention returned to the U.S. And the U.K.'s trade dispute with Japan, dealers said. Cross currency trading was also subdued though sterling's rise above 1.60 dlrs helped it to firm against the mark. It was fixed higher at 2.924 marks after yesterday's 2.910. The pound was seen staying between 2.90 and 2.93 marks for the next days, dealers said. Eurodollar deposit rates were steady from this morning, with six month funds unchanged at midpoint 6-11/16 pct. Six month euromarks stayed at midpoint 3-7/8 pct. The Swiss franc firmed to 119.86 marks per 100 at the fix from 119.71 yesterday and the yen rose to 1.244 marks per 100 from 1.243. The French franc was little changed at 30.050 marks per 100 after 30.055 yesterday. REUTER	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
Shr 8.4 rupees vs seven Pretax profit 650.7 mln vs 555.6 mln Net profit 390.7 mln vs 325.6 mln Sales 8.24 billion vs 7.07 billion Div 34 pct vs 30 pct Tax 260 mln vs 230 mln Dividend payable on June 3 The company is 51 pct subsidiary of Unilever Plc.The full name of the company is HINDUSTAN LEVER LTD <HINU.BO>. REUTER	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
The Bank of England said it has revised its estimate of today's shortfall to 750 mln stg from 700 mln. REUTER	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
The Bank of England said it has operated in the money market this morning, purchasing 170 mln stg bank bills. This compares with the Bank's revised estimate of a 750 mln stg shortfall. In band two the Bank bought 72 mln stg at 9-13/16 pct, in band three 52 mln at 9-3/4 pct and in band four 46 mln at 9-11/16 pct. REUTER	[ 0, 0, 0, 0, 0, 1, 1, 0, 0, 0 ]
West German Finance Minister Gerhard Stoltenberg said the currency agreement reached in Paris in February had been successful and would be continued. Stoltenberg told journalists before he attends next week's International Monetary Fund meeting in Washington that: "The ... Strategy to stabilise currencies around current levels has proven its worth and will also determine future developments." Stoltenberg declined to comment specifically on what he would consider to be an undervalued dollar but said a dollar around 1.80 marks created problems for West Germany's exports. Stoltenberg said studies by international organisations had made it clear that especially in the U.S. And in Japan major efforts remained necessary to support adjustments in foreign trade balances via necessary corrections to economic policy. "No-one would benefit if, after years of over-valuation, the U.S. Dollar fell into the other extreme, that is, strong under-valuation," he said. Stoltenberg said West Germany had a keen interest in a swift agreement between the U.S. And Japan concerning the current trade dispute over semi-conductors. Asked whether he believed the markets would test the Paris currency accord, Stoltenberg did not comment specifically but noted that much of what had been discussed in Paris had not been published. The Paris declaration did not state the levels at which central banks of the major industrialised countries would intervene. Stoltenberg said that everything had been carefully considered. He said he had nothing further to add. Stoltenberg also appeared to suggest that West Germany was now no longer under any pressure from the U.S. Government to stimulate its economy. He declined to respond specifically to a question on this subject but said, "You must attach particular importance to the consensus which was reached in Paris." The minister nevertheless added that he would make clear during his trip to Washington that West Germany's nominal trade figures gave a false impression about actual trade flows. Stoltenberg noted that in 1986 Bonn's exports fell by a nominal two pct while its nominal imports fell by 10.7 pct. West Germany's imports dropped largely because of foreign currency developments and the cheaper price of oil and led to a record trade surplus last year. However, Stoltenberg said that in real terms West Germany's exports by volume had increased by 1.5 pct while real imports had risen by a much stronger 6.2 pct. In this way West Germany had made its contribution to economic stability, Stoltenberg added. Stoltenberg noted the government expected imports to rise by a real four to five pct in 1987 with exports stagnating. He said it was too early to revise official forecasts for West Germany's economic growth this year. The government has forecast an unchanged 2.5 pct rise in Gross National Product. The Kiel Institute, a leading research body, is still expecting growth of three pct but some other research institutes have revised forecasts down to below two pct. Stoltenberg said the wide range of predictions showed how many imponderables had to be taken into account and said no drastic changes in official forecasts were needed. REUTER	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
The Finance Ministry has asked Japanese commercial banks to moderate their dollar sales, bank dealers said. They said the Ministry had telephoned city and long-term banks earlier this week to make the request. One dealer said this was the first time the Ministry had made such a request to commercial banks. Finance Ministry officials were unavailable for immediate comment. Dealers said the Ministry has already asked institutional investors to reduce their sales of the dollar. REUTER	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
<Pioneer Sugar Mills Ltd> said it considered the proposed 2.20 dlrs a share cash takeover offer announced by CSR Ltd <CSRA.S> on March 31 to be too low in view of the group*hK!UiIe and prospects. CSR's bid for the 68.26 pct of Pioneer's 99.80 mln issued shares it does not already hold values the entire grop_j9culd make an alternative share offer but has not yet announced terms. Pioneer recommended in a statement that shareholders retain their stock, pending the board's response once it receives full details of the CSR offer. REUTER	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
West Germany's chemical industry fears mounting risks will hurt earnings but hopes 1987 turnover will stabilize around 1986's 140 billion marks, Josef Strenger, a board member of the industry association VCI, said. Strenger, management board chairman of Bayer AG <BAYG.F>, told a news conference at the Hanover trade fair the main dangers were stagnation in world trade, the lower dollar as well as crude oil and commodity prices. Prospects of higher operating costs were also seen harming earnings, he said. Turnover took a considerable downturn at the start of 1987 after falling 5.9 pct in 1986. The chemical industry, which relies heavily on exports, was badly hit by mark appreciation in 1986 and lower turnover was mainly due to foreign exchange losses, Strenger said. Exports fell 6.4 pct to 72 billion marks in 1986 and competition from U.S. And British firms increased. Savings from lower oil and commodity prices were eaten up by price competition and increased costs. Strenger said 1986 operating profits of German chemical firms were slightly worse than the year before but the improved financial and balance sheet structure, after three good years, neutralized the negative impact. Strenger said the industry would try to increase production in the U.S. To make up for lost export possibilities out of West Germany. The lower dollar was the main reason for an 8.3 pct fall in exports to North America, an 11.4 pct drop to Latin America and 22.6 pct plunge to the Middle East. Exports to Western Europe eased 3.5 pct and Far East exports, due to an economic revival in Japan, dropped 5.2 pct. Strenger noted that the industry had lost public confidence following several cases of chemical pollution of the Rhine late last year. REUTER	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
West German net currency reserves rose by 200 mln marks in the fourth week of March to 82.2 billion, following a rise of 300 mln marks in the previous week, the Bundesbank said. Non-currency reserves were unchanged at about 2.5 billion marks, bringing net monetary reserves to 84.7 billion. REUTER	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
U.K. Physical wheat values recovered from initial losses of one to two stg per tonne caused by overnight news of the release of an additional 300,000 tonnes of intervention feed wheat for U.K. Weekly home market tenders. Consumer buyers were attracted by the cheaper offers, traders said, and by early afternoon the market had recovered to one stg down to unchanged. U.K. Wheat futures also rallied to end the morning unchanged to 0.05 stg easier. In East Anglia, April deliveries of feed wheat traded at 123 and May at 124 but were subsequently bid one stg a tonne The market for denaturable wheat in Liverpool held comparatively steady with sellers holding back due to uncertain conditions. April deliveries made 127.50 and June 129.50 stg per tonne, basis Liverpool. The fob market for wheat started easier but here again selling pressure lifted around midday. Apr/Jun shipments traded fob east coast at 123 stg per tonne. This compared with 124 paid for April yesterday and 125 for May/June. REUTER	[ 0, 0, 0, 0, 1, 0, 0, 0, 0, 1 ]
Norwegian oil companies Norsk Hydro A/S <NHY.OL> and Saga Petroleum A/S <SAGO.OL> said they have applied for offshore exploration drilling licenses in Gabon on Africa's west coast. Saga Petroleum said it has applied for a 35 pct share and operatorship on one block, adding Finnish oil company Neste <NEOY.HE>(25 pct), Spain's Hispanoil (25 pct), and the World Bank's International Finance Corporation (IFS) (15 pct) have joined Saga to fill remaining shares in the application. Saga spokesman Roy Halvorsen told Reuters he expected Gabonese officials would reply to the application by Easter. Halvorsen said this is the first time Saga has applied to operate on OPEC-member Gabon's continental shelf, adding that Italian oil company Agip is heading a group of applicants in a separate bid for the same license. Norsk Hydro has also applied for an undisclosed share in a single exploration license in which U.S. Oil company Tenneco has already been assigned operatorship, company spokesman Bjoern Tretvoll said. REUTER	[ 0, 0, 1, 0, 0, 0, 0, 0, 0, 0 ]
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The departure of James Baker's closest aide, Deputy Treasury Secretary Richard Darman, will not change the course of Washington's domestic and international economic policies, U.S. officials said. Darman, who has worked alongside Baker for six years, was widely credited with helping him mastermind initiatives on currency management and international economic cooperation. U.S. Officials said Darman also played a key role in shepherding President Reagan's sweeping tax reform plan through the U.S. Congress. But they flatly dismissed suggestions that his departure, to the investment banking firm of Shearson Lehman Brothers, signaled the Baker team was breaking up, or that the Treasury Secretary himself might leave soon. "It really does not mean that, he took the opportunity as it came up," one official said. Another commented, "Baker will miss him, but he's not going to stand in his way." There has been widespread speculation since last autumn that Darman sought a Wall Street job. Officials said Darman felt the passage of tax reform late last year marked an appropriate moment to bow out. Baker acknowledged Darman would be sorely missed. "Dick Darman has contributed mightily to the success of this administration over the past six years and his departure represents a substantial loss," he said. U.S. Officials admitted Darman's absence would be an undoubted blow to Baker, who has relied on him for policy advice, both at the White House and, in Reagan's second term, at the Treasury. One aide once described Darman as "indispensable" to Baker. Baker is widely thought to want a more stable currency system and Darman is generally credited by officials of other nations as Baker's leading theorist on this issue, favouring target zones to limit currency fluctuations. Earlier this year, monetary sources said the U.S. Treasury unsuccessfully sounded out allies on a target zone system. But a U.S. Official disputed the assessment that, with Darman gone, Baker would abandon international initiatives. Baker's work as head of Reagan's Economic Policy Council, spearheading trade policy, and his skills in negotiating with the Democrat-controlled Congress will go on as before. Darman's strength was not as an economist, but as a political strategist "and that's Baker's strength too," the official said. There were already indications that Baker, who throughout his time in government has relied on a closely-knit circle of advisers, has moved swiftly to find a successor. One possibility is that Baker might turn to George Gould, who holds the number three Treasury position of Under-Secretary. Gould, another close confidante, has known Baker for years. Before joining the Treasury in November 1985, Gould was a partner at the Wall Steet firm of Wertheim and Co and formerly headed Donaldson, Lufkin and Jenrette Securities Corp. The Darman announcement came on the eve of the semi-annual meetings of the International Monetary Fund and the World Bank, where many policies Darman helped shape will be debated. He helped Baker devise the September, 1985 Plaza Agreement, when the United States, Japan, West Germany, France and Britain curbed the dollar's strength. The pact was a major turning point in U.S. Policy, ending a period of disdain for economic cooperation and intervention in currency markets. Darman also worked on some other Baker initiatives, like the Tokyo Summit agreement to intensify coordination of economic policies among the leading industrial countries and the recent Paris Agreement to stabilise currencies and stimulate global growth. These policies are collectively aimed at redressing the huge gap between Japan and West Germany's trade surpluses and the United State's massive trade deficit. That policy goal still remains a prime objective of the Reagan Administration and will not change with Darman's departure. REUTER	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
The top accepted rate of discount at the weekly U.K. Treasury bill tender rose to 9.5261 pct from 9.3456 pct last week. Applications at the lowest accepted price of 97.625 stg were allotted around 81 pct of the amount applied for, and applications above that price were allotted in full, the Bank of England said. A total of 100 mln stg of Treasury bills was offered for sale this week. Last week, the average rate of discount was 9.3157 pct. REUTER	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
The Bank of England said it has revised its estimate of today's shortfall to 800 mln stg from 750 mln, before taking account of 170 mln stg morning assistance. REUTER	[ 0, 0, 0, 0, 0, 1, 1, 0, 0, 0 ]
European Community finance ministers and central bankers meet in Belgium this weekend to discuss strengthening Europe's joint currency float amid continuing worries about turbulence on foreign exchanges. Belgian Finance Minister Mark Eyskens, who will host the informal talks, told Reuters the ministers and central bank chiefs would discuss the situation on currency markets in the light of the February agreement among leading industrialised countries to stabilise exchange rates around present levels. In an interview, Eyskens said he felt the Paris accord between the United States, Japan, West Germany, France, Britain and Canada had proved itself "more or less workable." But doubts over its effectiveness and durability have been growing since fears of a trade war between the United States and Japan over computer microchips pushed the dollar to a record low against the surging yen early this week. The talks, at the Belgian resort of Knokke, are being held to coordinate the EC's positions on monetary issues and Third World debt ahead of the Spring meetings of the International Monetary Fund and World Bank in Washington next week. The EC gathering begins tonight with a dinner but the main discussions will take place tomorrow. Continued international currency turbulence could undermine plans for reinforcing the European Monetary System, the joint float holding eight EC currencies within narrow fluctuation bands, which will feature high on the weekend agenda. Eyskens has repeatedly said that Europe needs a period of calm on world currency markets, and in particular a more stable dollar, before it can set about strengthening the EMS to make it more resilient against exchange rate swings. The EMS has been taking a battering over the last year as the falling dollar has sent funds surging into the dominant EMS currency, the West German mark, forcing ministers to undertake two major realignments of parities within nine months. In the interview, Eyskens made clear he was hoping for a wide-ranging discussion on the future of the eight-year-old EMS on the basis of proposals for bolstering it drawn up by the EC's Monetary Committee and the Committee of Central Bank Governors. The committees were asked to come up with the proposals after the last reshuffle of EMS exchange rates in January. Eyskens repeated calls for the European Currency Unit, the fledgling EC currency at the core of the system, to take over the mark's dominant role in the EMS - a proposal that has met with a cool response in West Germany. He said EC Commission President Jacques Delors would report to the meeting on problems raised by plans to liberalise capital movements fully within the 12-nation bloc by 1992, such as the need for harmonising taxes and banking controls. Eyskens said liberalisation of capital movements without strengthening the EMS would be an element of destabilisation in the Community. He said the crucial issue in the debate was whether member states were willing to push further towards the EC's goal of monetary integration on the basis of an EMS that included management of exchange rates by some kind of common institution, instead of by national central banks as at present. Plans for the creation of such an institution, foreseen by the EMS's founding fathers, have been thwarted by the reluctance of some countries, notably West Germany, to gove up their sovereignty in the monetary field. EMS development has also been held up by Britain's refusal so far to join the system's core exchange rate mechanism. REUTER	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
The Bank of England said it has operated in the money market this afternoon, buying back bills totalling 347 mln stg. This brings the total help so far today to 517 mln stg and compares with the Bank's revised estimate of an 800 mln stg shortfall. The central bank purchased in band one 20 mln stg at 9-7/8 pct, in band two 254 mln at 9-13/16 pct, in band three 66 mln at 9-3/4 pct and in band four seven mln stg at 9-11/16 pct. REUTER	[ 0, 0, 0, 0, 0, 1, 1, 0, 0, 0 ]
Altex Industries Inc said it has agreed in principle to buy 82 pct of two privately-held affiliated computer retail companies for an undisclosed amount. Altex said the Denver-based companies had revenues of over seven mln dlrs last year. They are Integrated Management Data Systems Inc, which sells accounting software systems to the oil and gas industry, and Integrated Management Systems Micro Distribution Division Inc, which distributes micro-computer products. Altex said it expects to close the transaction, which is subject to financing, in July. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Tug crews are preventing the movement of foreign-flag container vessels in and out of the ports of Sydney, Melbourne and Fremantle, shipping sources said. They said maritime unions imposed bans on late Wednesday for reasons that are obscure but seem to be linked with claims for a pay rise above the 10 dlrs a week awarded by the Arbitration Commission nationally to all workers recently. Only about 10 vessels are being delayed but the bans will affect container terminal movements and will disrupt liner schedules, they said. The dispute goes to the Commission on Monday, they said. Reuter	[ 0, 0, 0, 0, 0, 0, 0, 1, 0, 0 ]
Qtly div eight cts vs eight cts in prior qtr Payable April 30 Record April 15 Company said its board intends to declare cash dividends quarterly and plans to pay a five pct stock dividend annually following the close of each fiscal year. The initial five pct stock dividend was paid December 22 to holders of record November 30. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Santa Fe Southern Pacific Corp may have more difficulty combining its two railroads than fending off a possible takeover by Henley Group <HENG>, which has accumulated almost a five pct stake in the real estate and railroad conglomerate, analysts said. Takeover speculation has surrounded Santa Fe since Henley disclosed its stake in the company earlier this week, but analysts and a Santa Fe official were skeptical a takeover is its intention. Analysts also said the company has strong defenses that would easily deter any suitor - one of those being its problems combining its two railroad properties, which hang in regulatory limbo. Richard Fischer of Merrill Lynch and Co Inc said that Santa Fe at December 31 had 580 mln dlrs in cash and cash equivalents, while its long-term debt to capital was just over 25 pct. "This gives them plenty of borrowing power," he said, which could be used against an unwanted suitor. Henley Group's Chairman Michael Dingman has said he wants to take major positions in undervalued natural resource companies. He also told Reuters in an interview he is seeking an acquisition of from two billion to eight billion dlrs. Santa Fe officials don't appear concerned that Henley might launch a takeover. "I would not characterize the atmosphere around here as one of concern," one Santa Fe executive said about Henley. "I think it's wrong to assume Dingman has formed a firm strategy with Santa Fe," said Mark Hassenberg, who covers Henley for DLJ Securities. Analysts say the potential of Santa Fe's land assets are likely to be realized slowly. They add that Santa Fe's efforts to merge its two railroads remain in regulatory limbo, sidetracking many of its strategic plans for the foreseeable future. These realities, they said, support the Henley Group's statement that its Santa Fe stake is only an investment. The more pressing problem facing Santa Fe is overcoming difficulties in merging its two railroads, the Atchison, Topeka and Santa Fe Railway Co and Southern Pacific Transportation Co. The merger would create the nation's second-longest railroad. Last July the Interstate Commerce Commission (ICC) denied the merger on anticompetitive grounds. The company since has granted trackage-sharing rights to four western railroads to meet the ICC's concerns and persuade it to reopen the hearings in its three-year-old struggle to merge the lines. "My guess is the commission will decide in three to six weeks whether to reopen hearings," Fischer said. "I believe they've made an effort to satisfy the ICC's objections," he said. "But in doing so they haven't pleased everyone. Before they had Burlington Northern on their side, now Burlington is opposed to the way trackage rights are set up." If the hearings are reopened, analysts predicted it will take six to nine months for everyone to have their say, and up to another year for the ICC to decide. Santa Fe is in the midst of a 50-mln-share stock buyback program begun in 1984. It has bought back 33.7 mln shares as of February 1, when it had 154.7 mln shares outstanding, a spokesman said. Among the shares repurchased were two stakes owned by Norfolk Southern, one of 3.4 mln shares bought in 1986 and another of 1.7 mln shares in 1985, one analyst said. James Voytko at Paine Webber believes Santa Fe could fight off the Henley Group with its cash and credit. Citing the share buybacks from Norfolk Southern, he said one of Santa Fe's options, if threatened, could be to buy the Henley stake. "It is indeed possible that Dingman sees this as a low-risk, opportunistic investment," Voytko said. "People who follow Santa Fe have given me values of 45 dlrs to 50 dlrs a share," said DLJ Securities' Hassenberg. "But I'm certain that in Dingman's mind, the company is worth more than that in breakup value." Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Japan should increase foreign access to its farm products market, while encouraging further development of domestic agriculture, a government report said. The white paper on agriculture for the year ended March 31 said active participation in writing world farm trade rules at the next round of General Agreement on Tariffs and Trade (GATT) talks will help prepare Japan to improve access. Agriculture Ministry sources said the paper marked an easing in Japan's tough position on agricultural imports which stressed the need for strict controls on some products to maintain self-sufficiency in food. Japan now produces only 30 pct of its annual grain needs, down from 61 pct some 20 years ago, official figures show. The paper said Japanese agriculture has been slow to improve productivity and demand/supply imbalances. The relative shortage of farmland in Japan is mainly responsible for higher domestic prices, it said. The strong yen has meant lower input material prices but has also resulted in higher agricultural imports which has worsened working conditions among part-time farmers, the paper said. This could make it difficult to improve the industry's structure, the paper said. To solve these problems and to reduce farm product prices to more reasonable levels, Japan should try to restructure the the agricultural sector to improve productivity and make it self-supporting, it said. Reuter	[ 0, 0, 0, 0, 1, 0, 0, 0, 0, 0 ]
Hilton Hotels Corp said its first quarter net income rose 37 pct, paced by strength in both hotels and gaming. Based on preliminary results, the company said, net income rose to about 24 mln dlrs, or 96 cts a share, from 17.4 mln dlrs, or 70 cts a share, in 1986's initial three months. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
<Pioneer Sugar Mills Ltd> said it considered the proposed 2.20 dlrs a share cash takeover offer announced by CSR Ltd <CSRA.S> on March 31 to be too low in view of the group*hK!UiIe and prospects. Pioneer recommended in a statement that shareholders retain their stock, pending the board's response once it receives full details of the CSR offer. REUTER	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
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The Bank of England said it has provided around 205 mln stg late assistance to the market, bringing the total help today to 722 mln which compares with the Bank's revised deficit forecast of 800 mln stg. REUTER	[ 0, 0, 0, 0, 0, 1, 1, 0, 0, 0 ]
West German Finance Minister Gerhard Stoltenberg said the currency agreement reached in Paris in February had been successful and would be continued. Stoltenberg told journalists before he attends next week's International Monetary Fund meeting in Washington that: "The ... Strategy to stabilise currencies around current levels has proven its worth and will also determine future developments." Stoltenberg declined to comment specifically on what he would consider to be an undervalued dollar but said a dollar around 1.80 marks created problems for West Germany's exports. He said studies by international organisations had made it clear that especially in the U.S. And in Japan major efforts remained necessary to support adjustments in foreign trade balances via necessary corrections to economic policy. "No-one would benefit if, after years of over-valuation, the U.S. Dollar fell into the other extreme, that is, strong under-valuation," he said. Stoltenberg said West Germany had a keen interest in a swift agreement between the U.S. And Japan concerning the current trade dispute over semi-conductors. Asked whether he believed the markets would test the Paris currency accord, Stoltenberg did not comment specifically but noted that much of what had been discussed in Paris had not been published. The Paris declaration did not state the levels at which central banks of the major industrialised countries would intervene. Stoltenberg said that everything had been carefully considered. He said he had nothing further to add. Reuter	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
The average rate of discount at today's U.K. Treasury bill tender rose to 9.5195 pct from 9.3157 pct last week, the Bank of England said. This week's 100 mln stg offer of 91-day bills met applications of 327 mln stg, the bank said. Applications for bills dated Monday to Friday at the top accepted rate of discount of 9.5261 pct were allotted about 81 pct. Next week 100 mln stg of Treasury bills will be offered, replacing 100 mln stg of maturities. REUTER	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
Amid new concerns about inflation, interest rate increases and trade confrontations, finance ministers and central bankers meet next week to discuss a deteriorating global debt and economic situation. The meetings, under the auspices of the International Monetary Fund and World Bank, come as interest rates are turning higher and the already-weak dollar has sunk further, upsetting bond and stock markets. Uncertainty is growing about the vitality of the global economy and whether the heavily-indebted countries can continue to carry the burden of their growing debt without vast new assistance. Monetary and diplomatic sources said there are no signs any new debt initiative of the sort that Treasury Secretary James Baker unveiled 18 months ago in Seoul is in the works. The strategy has drawn a serious challenge from Brazil, which suspended interest payments on 67 billion dlrs of commercial bank debt last month. The Banks have responded by laying the groundwork for writing down Brazilian loans. Separately, French Prime Minister Jacques Chirac, in a visit earlier this week with President Reagan, sounded out the administration on a plan to funnel worldwide grain surpluses to the very poorest states. The French plan is certain to be discussed by the ministers in detail during next week's meetings and will undoubtedly be embraced by the developing countries. "There's interest on the part of some countries for looking at the support of the special problems of the very poorest countries, because their position is so extreme," a Reagan administration official said. He suggested Washington was open to disussing the issue. The meetings will also assess the success of the Baker debt initiative, which called for new funding to help debtor countries grow out of their problems. The largest industrial countries have been attempting to coordinate economic policy in the hope of controlling the decline of the dollar, U.S. trade and budget deficits and other problems. At the same time, the industrial countries see little evidence of a strengthening of economic activity and the Fund forecasts they will grow 2.5 pct. The United States sees 3.2 pct growth for itself, continuing its expansion for a fifth year, and has asked other industrial countries to stimulate their economies. These issues directly affect the debt problem and the ability of the debtor countries to grow out of their difficulties. In recent years, U.S. markets have absorbed the exports of developing country, allowing them to earn critical foreign exchange. But the United States wants to cut its trade deficit, running at a record 169.8 billion dlrs, and is pressing others to import more from developing countries. The discussions, from April six to 10, will be wide-ranging, touching everything from interest rates to the impact of development loans on the environment, according to monetary sources. The talks will include an examination of trade protectionist pressures in the wake of a decision by the Reagan administration to place some 300 mln dlrs in tariffs on microchip products from Japan, the sources said. The move accelerated the dollar's decline as financial markets grew alarmed that trade war was in the offing. There is concern that the action, prompted by U.S. charges that Japan has been selling computer chip products below fair market value and has kept its own market closed to imports, further undermining the international trading system. At the same time, the ministers will discuss the fundamental price weakness in basic commodities, the export mainstay of many developing countries. The so-called Group of Five industrial countries -- the United States, Japan, West Germany, France and Britain -- will gather for the first time since their February talks in Paris, where they agreed to keep the dollar from sliding further. The Five will be joined later by Italy and Canada for further debate on economic policy coordination. As part of the Paris accord, surplus countries such as Japan agreed to stimulate their economies, while America said it would reduce its federal budget deficit. Other major issues of the meetings include a U.S. bid to to have a larger say in approving loans of the Inter-American Development Bank, strengthening the link between loans and economic policy changes in debtor nations. Washington is also pressing the World Bank to take more account of the environment when making loan for dams and other projects. The new head of the Bank, Barber Conable, has said this issue is being reviewed and will be part of a reorganization plan for the Bank, now being prepared. Reuter	[ 0, 0, 0, 0, 0, 0, 0, 0, 1, 0 ]
Active timecharter fixing by Soviet operators to cover USSR grain imports featured the freight market, ship brokers said. At least two fixtures were reported on Soviet account to lift EC grain, with a 22,000 tonner booked from Tilbury for a voyage via lower Baltic Sea and redelivery passing Skaw at 4,000 dlrs daily and a 27,000 tonner from Ceuta for a voyage via the U.K. And redelivery Skaw-Cape Passero at 4,500 dlrs daily. The Soviets also secured a 34,000 tonner from Gibraltar for a trans-Atlantic round trip at 4,500 dlrs daily and a 61,000 tonner for similar business at 6,750 dlrs daily. Brokers said several other fixtures were also thought to be connected with Soviet grain, including a 69,000 tonner from Taranto for five to seven months at 6,500 dlrs daily. Similar fixing was reported yesterday at 6,000 dlrs. Other timecharter fixing included a 14,000 tonner from Indonesia to the U.S. Gulf at 2,800 dlrs daily and a combined carrier of 75,000 tonnes dw from the U.S. Gulf to Italy at 9,000 dlrs daily. Severel vessels were booked from Antwerp-Hamburg range, including a 61,000 tonner bound for Singapore-Japan at 7,500 dlrs daily and a 16,000 tonner destined for west coast India at 5,000 dlrs. Grain fixing was much quieter out of the U.S. Gulf, with no fresh business seen on the significant routes to the Continent or Japan, although tonnage was secured for at least five small corn cargoes from the Gulf to Jamaica at between 21 and 25 dlrs. Wheat from the River Plate and Buenos Aires to Sri Lanka received 26 dlrs. Market talk suggested 11 dlrs had been paid for grain from the U.S. North Pacific to Japan but no confirmation was available. Fairly active grain fixing emerged out of the Continent, however, with maize covered from Nantes to Egypt at 15 dlrs, and bagged flour from Greece to China at 27 dlrs. Barley cargoes were arranged from Immingham to the Red Sea at 17.25 dlrs and from Foynes to Jeddah at 17.25 dlrs. Reuter	[ 0, 0, 0, 0, 1, 0, 0, 1, 0, 0 ]
Canrad Inc said it acquired the Measurement Systems Division of <Page-Wilson Corp> for an undisclosed amount of cash. Canrad said the acquisition is expected to increase its annual revenues by about 10 mln dlrs. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Pantera's Corp said it closed on its agreement to acquire ten pizza restaurant locations in southeastern Colorado. It said the purchase price was 1,250,000 dlrs, which was paid by cash and stock. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
<General Partners> said it was prepared to raise its bid for GenCorp Inc to 110 dlrs cash per share from 100 dlrs per share. In a letter from General Partners to A. William Reynolds, chairman and chief executive officer of GenCorp, the company stated that if GenCorp could prove the company was worth more, General Partners would be willing to consider an even higher price. General Partners also left open the possibility of an alternative to an all-cash offer. General Partners told GenCorp if it believed shareholders would be better served by a smaller cash price with a security representing a continuing long-term interest in GenCorp's prospects, it would be willing to discuss an alternative. Specifically, General Partners said it was prepared to discuss an acquisition giving shareholders a continuing interest in Aerojet General, a valued business of GenCorp. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Oper shr loss 6.07 vs loss 7.64 dlrs Oper net loss 6,235,000 vs loss 4,801,000 Sales 70.1 mln vs 60.6 mln Avg shrs 1,028,000 vs 629,000 NOTE: 1986 earnings exclude a gain on restructuring of 3,143,000 dlrs, or 3.01 dlrs a share Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Net 90,501 vs 56,960 Assets 42.0 mln vs 34.9 mln Deposits 35.9 mln Loans 27.6 mln vs 23.9 mln NOTE: earnings per share and 1985 deposits figure not supplied by company. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
R.R. Donnelly and Sons Co said it reached an agreement with Adams-Russell Co Inc <AAR> to sell Adams its Rockford, Ill., cable system for an undisclosed price. R.R. Donnelly said it expects the deal to close in about 120 days, subject to regulatory approvals and other conditions. The cable system serves about 51,000 subscribers in the communities of Rockford, Loves Park, Machesney Park, Cherry Valley, Morristown and Winnebago County, Ill., R.R. Donnelly said. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Shr 18 cts vs 13 cts Net 2,133,000 vs 1,384,000 Revs 14.1 mln vs 11.7 mln Nine mths Shr 49 cts vs 36 cts Net 5,657,000 vs 3,728,000 Revs 39.7 mln vs 31.8 mln Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Greece has agreed to buy between 27,000 and 33,000 tonnes of Spanish corn, a spokesman for Cargill's Spanish unit Compania Industrial y de Abastecimiento S.A. (CINDASA) said. He told Reuters the sale price was around 28.95 pesetas per kilo but that the final quantity and delivery date has not yet been set. The corn will be shipped in the coming days from Valencia. He said CINDASA will also ship 6,000 to 7,000 tonnes of Spanish corn to Italy in the second half of this month. The CINDASA spokesman said other corn shipments this month will include between 15,000 and 30,000 tonnes bound initially for Rotterdam and Ghent and destined for unspecified northern European countries. He said shipments of 35,000 to 50,000 tonnes of low specific gravity barley were also expected this month and added that Greece, the Netherlands, Ireland and Belgium were considering imports of Spanish flour for milling. Market sources said the corn exports, the absence of imports from the rest of the EC and the delay in shipments of corn from the U.S. Had pushed domestic corn prices up by around 0.25 pesetas a kilo today compared with yesterday. Reuter	[ 0, 1, 0, 0, 1, 0, 0, 0, 0, 0 ]
Period ended Jan 31 Oper shr loss 66 cts vs loss 1.29 dlrs Oper net loss 1,309,000 vs loss 2,522,000 Sales 25.1 mln vs 19.9 mln Year Oper shr loss 65 cts vs loss 97 cts Oper net loss 1,287,000 vs loss 1,882,000 Sales 113.4 mln vs 76.6 mln NOTE: Earnings exclude a loss on sale of discontinued operations of 17,000 dlrs, or one ct a share vs a gain of 1,383,000 dlrs, or 70 cts a share in the quarter and gains of 300,000 dlrs, or 15 cts a share vs 1,941,000 dlrs, or 1.00 dlr a share for the year Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Turkey's Central Bank set a lira/dollar rate for April 6 of 781.95/785.86 to the dollar, up from 782.50/786.41. It set a lira/D-mark rate of 430.15/432.30 to the mark, down from 428.30/430.44. REUTER	[ 0, 0, 0, 0, 0, 0, 1, 0, 0, 0 ]
Dutch dairy and general foods manufacturer Koninklijke Wessanen NV <WESS.AS>, said it is planning further world-wide acquisitions and forsees strong profit growth over the next 10 years. Company chairman Gerrit van Driel told journalists at the presentation of Wessanen's 1986 report he already expected 1987 first quarter profits to show an increase. The company last month reported a 16 pct increase in 1986 net profits to 72.7 mln guilders, after 62.3 mln in 1985. This was achieved despite a 25 pct drop in the dollar's guilder value, van Driel said. Van Driel said profits would have been nine mln guilders higher if the US currency had remained at its average 1985 level of 3.20 guilders. Turnover, at 3.7 billion guilders in 1986, was 450 mln guilders down because of the lower dollar and lower raw material prices. Total 1985 turnover was 4.2 billion guilders. US activities accounted for 34 pct of 1986 turnover, compared with 22 pct in 1982. Wessanen now has 15 separate businesses in the US out of a total of 62 world-wide. Van Driel said the company would continue an active takeover policy in the US, but would be wary about paying more than its current price/earnings ratio of 17 times net profit. He added that Wessanen teams were seeking acquisition possibilities in Brazil, Taiwan, Thailand and China. He said the company had an ample cashflow of 100 mln guilders and would if necessary make new share issues. Van Driel said he expected a 1987 US turnover of 700 mln dlrs. He said <Balanced Foods> and <Green's Dairy>, taken over late last year, have a combined annual turnover of 126 mln dlrs which was not included in the 1986 account. All sectors saw strong growth in 1986, resulting in a 13 pct increase in operating income to 120 mln guilders. Key to this growth was the successful introduction of new products, which were greatly enhanced by a number of consumer-oriented US acquisitions, van Driel said. Consumer products represented 50 pct of total 1986 turnover, compared with 35 pct in 1982, van Driel said. The company, which is already listed on the London, Zurich, Basle and Geneva stock exchanges as well as Amsterdam, aims to be quoted in Frankfurt and Dusseldorf in May, van Driel said. Van Driel stressed that while these listings would not be accompanied by new share issues, they provided easy vehicles for the company to raise capital for future expansion. He estimated that 33 pct of the company's shares were in foreign hands. The company's 1986 US turnover of about 750 mln dlrs made a listing on one of the New York exchanges a logical next step, van Driel said without elaborating. Despite EC dairy restrictions Wessanen, which produces around 10 pct of all Dutch cheese, saw good growth prospects for its dairy sector within Europe, van Driel said. 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 30-273 days 5.00 pct 5.00 pct 30-89 days 274-294 days 5.92 pct 5.83 pct 90-100 days 295-344 days 5.00 pct 5.00 pct 101-181 days 345-360 days 5.93 pct 5.82 pct 182-195 days 5.00 pct 196-274 days 5.90 pct 275-295 days 5.00 pct 296-360 days Reuter	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
MONEY RATES - INTERNATIONAL SUMMARY - APR 3 U.S. Fed funds 5-15/16 Broker loan 7.50-7.25 30 60 90 T-bills 5.40/38 5.40/38 5.44/43 Cds dir 5.95 6.00 6.00 Comm paper dir 6.15 6.15 6.09 INTERNATIONAL CALL 1 MONTH 3 MONTH Ldn 10 9-7/8 10 9-15/16 10 9-7/8Fft 3.60/70 3.80/90 3.85/95 Par unav unav unav Zur 7/8 1-1/8 3-1/8 1/4 3-1/2 5/8 Ams 5-5/16 7/16 5-3/8 1/2 5-3/8 1/2 Tok 3.7500 8125 3.8750 9375 4.0000 0625	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
K mart Corp said it agreed to sell most of the U.S. Kresge and Jupiter stores to McCrory Corp, a subsidiary of privately held Rapid American Corp. It said the agreement covers 76 stores in 21 states including inventory and fixtures. The price depends on the amount of the inventory that will be in the stores on the closing date. K mart said it will continue to operate the stores until early June, when McCrory will take over with no interruption of service. The newly acquired Kresge and Jupiter stores will be renamed McCrory 5 and 10. McCrory currently operates 1,250 stores in 38 states. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Tandy Corp said consolidated sales and operating revenues for the third quarter, ended March 31, totaled nearly 776.0 mln dlrs, up 12 pct from 693.4 mln dlrs last year. The company said third quarter earnings will be released in the latter part of April. Tandy said March sales and oprating revenues totaled 164.4 mln dlrs, up 11 pct from March 1986's 238.8 mln dlrs. It said U.S. retail operations revenues rose to 225.8 mln dlrs last month from 202.7 mln dlrs a year earlier. Sales of U.S. stores in existence more than one year increased 10 pct. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
The stock of Philip Morris Cos rose today following recommendations by First Boston Corp and Morgan Stanley and Co, traders said. Philip Morris gained 1-3/4 to 88-1/4. First Boston's analyst was unavailable for comment. Morgan Stanley's David Hill said he just assumed coverage of Philip Morris and placed it on his recommended list becasue of its attractive earnings growth and because the stock is selling at a discount to the market based on Morgan's figures. Hill expects Morris to earn 7.75 dlrs a share this year and 9.50 dlrs in 1988. In 1986, Morris earned 6.20 dlrs a share. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Pakistan is not emerging as a major wheat exporter as world market prospects are not good enough, Sartaj Aziz, Special Assistant on Food and Agriculture to the Pakistani Prime Minister, said in an interview. No exports are planned for the next 12 months or so and plans last year to sell one mln tonnes to Iran came to nothing because they could not agree a price, he said. Aziz forecast that Pakistan may have exportable surpluses of one mln tonnes or a half mln tonnes over the next few harvests in years when the weather is favourable. The government does not wish to increase output much above this because of low world prices, and the land would be better used for other crops. Aziz said the Pakistani government does not want area sown to wheat to increase from the current seven mln hectares. Some 10 pct of that area which gives low yields could be switched to more profitable crops such as oilseeds. The aim is to concentrate on raising yields from the current 1.8 to 1.9 tonnes per ha to at least 2.5 tonnes per ha over the next five to seven years, he said. Aziz said the current 1986/87 crop, harvesting of which is just beginning, is expected to yield around a record 14.5 mln tonnes. This compares with a target of 14.7 mln and last year's yield of 14.0 mln. He said rains some six weeks ago helped the crop but more recent rains reduced prospects slightly. The long-term wheat production target is for some 17 mln tonnes by mid-1993, taking into account Pakistan's annual population growth rate of more than three pct. Current consumption is some 12.5 mln tonnes. The current wheat reserve is 2.5 mln tonnes, Aziz said. This compares with a minimum reserve commitment of one mln tonnes, which Pakistan will maintain at all costs, and a "strategic reserve" target of two mln tonnes. Despite the fact that stocks are a half-mln tonnes over target, the surplus will not be exported at present, he said. The government wants to keep an extra "safety margin" until it sees what effect the abolition of a 44-year-old wheat rationing system will have on domestic consumption. New exports will be considered only in about a year's time when the 1987/88 crop can be gauged as well, he said. The new domestic policy, introduced on March 15, is for the government to supply unlimited quantities of wheat at two rupees per kilo. With other costs this means a price in Pakistani markets of between 2.30 and 2.50 rupees per kilo. Under the old system, introduced during World War Two and due to be phased out by April 15, some 50 mln ration cards were issued enabling poor people to buy wheat cheaply. Aziz said following the introduction of a government support price in the 1970s the system become so corrupted that only 20 to 25 pct of subsidised wheat was actually reaching the consumer, the rest being diverted illicitly to the mills. The ration system had also not had the stabilising effect on the internal wheat market that was intended, Aziz said. Prices have already begun to fall with the introduction of the new system. The wheat price in Karachi, the most expensive Pakistani city, had dropped from 3.11 rupees per kilo on March 1 to 2.85 rupees on March 30. Aziz said he does not expect the change in system to have a major effect on total consumption, but it may encourage better use of side-products such as bran. Reuter	[ 0, 0, 0, 0, 1, 0, 0, 0, 0, 1 ]
<Kleer-Vu Industries> said the company's board authorized the sale of its Neslemur Co, its cosmetic and toiletries company. The company said it is evaluating two separate proposals and will complete the sale within 10 days. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Memory Protection Devices Inc said it completed its acquisition of the assets and liabilities of Bogen, a division of <Lear/Siegler>, for 9,200,000 dlrs in cash. Under the newly-structured company, Memory said it expects to report consolidated sales of 18 mln dlrs to 20 mln dlrs and should be profitable before allowing for extraordinary items related to the acquisition. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Du Pont Co said it agreed to sell its Cleveland chemical plant, the oldest site currently operated by the company, to two employees. Terms were not disclosed. Closing is expected in the second quarter, following approval of definitive agreements. Products made at the plant represent less than 1/10 of one pct of Du Pont's annual sales, it said. Quilon chrome complexes and Volan bonding agents will be supplied by the plant to Du Pont under contract. Established in 1866, the plant was acquired by Du Pont in 1928. The plant no longer fits the company's long-term strategy, Du Pont said Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
The Bank of Spain said it raised its rate for overnight call money to 14.5 pct from 14 pct with immediate effect at today's daily auction for assistance funds. The move followed comments yesterday by central bank governor Mariano Rubio, who said money supply growth was too fast. The bank said later that it was leaving its rate for special assistance funds from its second window unchanged at 16 pct, surprising operators who had expected an increase there too. REUTER	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
Shr 1.00 dlr vs 34 cts Net 16.9 mln vs 5,696,000 Revs 371.3 mln vs 303.2 mln Avg shrs 16.9 mln vs 16.3 mln Nine mths Shr 3.55 dlrs vs 1.66 dlrs Net 59.3 mln vs 27.1 mln Revs 1.02 billion vs 912.8 mln Avg shrs 16.7 mln vs 16.3 mln Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Qtly div 14-1/2 cts vs 14 cts prior Pay May 4 Record April 17 Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Shr three cts vs three cts Net 141,224 vs 118,192 Sales 5,849,695 vs 3,717,794 Avg shrs 4,975,000 vs 4,925,000 Year Shr 15 cts vs 10 cts Net 720,126 vs 474,879 Sales 18.2 mln vs 11.5 mln Avg shrs 4,959,932 vs 4,902,778 NOTE: 1985 year net includes gain of 58,000 dlrs, or one cent a share, from tax loss carryforward Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Gerber Products Co said it has given management of its CWT Inc trucking subsidiary 60 days to pursue a leveraged buyout of the subsidiary. It said CWT Inc, which has operations in the Midwest and Southeast, has annual revenues of approximately 135 mln dlrs. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Shr 31 cts vs 31 cts Net 226,000 vs 173,000 Assets 73.1 mln vs 62.5 mln Deposits 54.6 mln vs 51.5 mln NOTE: earnings per share for 1987 affected by issuance of 166,750 shares of common stock in December 1986. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Shr seven cts vs four cts Net 161,000 vs 107,000 Revs 5,852,000 vs 4,794,000 Nine mths Shr 23 cts vs 24 cts Net 553,000 vs 610,000 Revs 18.2 mln vs 14.2 mln Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
N.J. Nicholas Jr., president and chief operating officer of Time Inc, told security analysts the company is now engaged in talks to join a consortium of cable companies that will invest in Cable News Network. Nicholas declined to give any details, but said an announcement might be ready in a few days. He also declined to say whether the investment would be made by Time Inc or American Television and Communications Corp, a public company in which Time owns a majority stake. Cable News Network is owned by Turner Broadcasting System <TBS>. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
The Student Loan Marketing Association said its rates on short-term discount notes were as follows: MATURITY NEW RATE OLD RATE MATURITY 5-14 days 5.65 pct 5.60 pct 5-14 days 15-78 days 5.00 pct 5.00 pct 15-81 days 79-85 days 5.83 pct 5.75 pct 82-88 days 89-360 days 5.00 pct 5.00 pct 89-174 days 5.85 pct 175-180 days 5.00 pct 181-360 days Reuter	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
The Federal Home Loan Mortgage Corp adjusted the rates on its short-term discount notes as follows: MATURITY RATE OLD RATE MATURITY 31 days 5.95 pct 6.00 pct 32 days Reuter	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
Ended Jan 31 Shr loss 50 cts vs loss one ct Net loss 2,475,739 vs loss 68,691 Revs 3,689,770 vs 3,292,733 Year Shr loss 50 cts vs loss two cts net loss 2,472,582 vs loss 112,936 Revs 14.8 mln vs 13.2 mln NOTE: Current periods include charge of 2.25 mln dlrs or 45 cts for restaurant closings. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Ended Jan 31 Shr nine cts vs eight cts Net 246,000 vs 369,000 Revs 20.4 mln vs 11.2 mln Avg shrs 2,123,000 vs 1,882,000 NOTE: 1985 restated. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Time Inc's chief financial officer, Thayer Bigelow, told security analysts the company is "comfortable" with Wall Street estimates that 1987 earnings will be in a range of 3.75 dlrs to 4.25 dlrs per share. In 1986, Time reported earnings of 5.95 dlrs per share, including a number of special items. Bigelow said in adjusting the 1986 results for the special items and also removing the earnings of American Television and Communications Corp <ATCMA>, Time earned 2.35 dlrs per share in 1986. Turner Broadcasting System Inc said the investment by the cable consortium would be in Turner Broadcasting, not directly in CNN. The consortium would infuse up to 550 mln dlrs in Turner Broadcasting in return for a 35 pct equity interest. Ted Turner, Chairman, would retain a 51 pct interest, a Turner Broadcasting spokesman said. Bigelow said the company is continuing its previously announced 10 mln share repurchase program and has bought back 4.1 mln of its own shares. He said 700,000 shares were purchased in the first quarter of 1987 at an average price of 81 dlrs per share. Bigelow said the company will always have a share buyback program in place whenever it believes it is a better long-term investment than starting or acquring a business. But he did not give any specifics on further repurchases beyond the 10 mln shares already announced. On the subject of acquisitions, Richard Munro, chairman and chief executive said the company is not interested in investing in over-the-air broadcasting, but continues to look at all areas in which it is currently engaged. Munro said book publishing is an area that interested Time. In 1986 the company purchased Scott and Foresman, its biggest acquisition ever. N.J. Nicholas, president and chief operating officer, said the company might be interested in a relatively small book business. He said following the recent agreement for the sale of Harper and Row to the News Corp Ltd <NWS>, "there may be pieces that Murdoch doesn't want," referring to News Corp chairman Rupert Murdoch. Asked if the company's SAMI business is for sale, Munro said it is a "delicate subject", and "we're looking at all the options." SAMI is a marketing information service for the food industry. Published reports have stated it could be worth as much as 500 mln dlrs. Bigelow said that Time's Home Box Office added subscribers last year and the trend is continuing in the first quarter of 1987. However, he said, HBO's results in the quarter will be down slightly, but in the first quarter of 1986 there was a special gain in the HBO unit. Nicholas said that HBO and Cinemax had combined subscriber growth of 800,000 for last year. He also said the tax rate in 1987 will remain at just under 50 pct because of the repeal of investment tax credits and higher state and local taxes. He said he sees a decrease in the tax rate in 1988 of five or six percentage points. Munro said the company does not plan to increase its dividend. Trygve Myhren, chairman and chief executive of American Television and Communications, said the unit is looking at getting involved in the home shopping video area. "It would be foolish not to be a player there," he said. He said the company had talks with Home Shopping Network Inc <HSN> prior to that company's public offering last year, but nothing came of the talks. 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 30-273 days 5.00 pct 5.00 pct 30-273 days 274-294 days 5.90 pct 5.92 pct 274-294 days 295-344 days 5.00 pct 5.00 pct 295-344 days 345-360 days 5.93 pct 5.93 pct 345-360 days Reuter	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
The Federal Reserve is expected to take no reserve-management action in the U.S. Government securities market during its usual intervention period, economists said. They said that, if the Fed does act, it will likely add temporary reserves indirectly by arranging one to 1.5 billion dlrs of customer repurchase agreements. Federal funds, which averaged 6.14 pct yesterday, opened at 5-15/16 pct and remained there in early trading. Analysts believe this probably is about where the Fed wants the funds rate to be. Reuter	[ 0, 0, 0, 0, 0, 1, 1, 0, 0, 0 ]
The Panama Canal Commission, a U.S. government agency, said in its daily operations report that there was a backlog of 30 ships waiting to enter the canal early today. Over the next two days it expects -- 4/03 4/04 Due: 36 28 Scheduled to Transit: 38 38 End-Day Backlog: 28 18 Average waiting time tomorrow -- Super Tankers Regular Vessels North End: 19 hrs 8 hrs South End: 20 hrs 16 hrs Reuter	[ 0, 0, 0, 0, 0, 0, 0, 1, 0, 0 ]
Land's End Inc said its board declared a dividend of 10 cts a share payable April 30, record April 13. It is the company's first dividend since it became a public entity last October. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Allwaste Inc said it agreed in principle to acquire all outstanding stock of a company in the industrial service business for 1.98 mln dlrs in common stock. It did not identify the company to be acquired. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Soo Line Corp said it agreed to sell its Lake States Transportation Division to the newly formed Wisconsin Central Ltd. The division conducts rail operations over about 2,000 miles of railroad in Minnesota, Wisconsin, Michigan and Illinois. Soo Line said in January it was seeking bids for the property. Terms were withheld, but Soo has estimated that the transaction will result in a one-time after-tax loss of 8.0 to 15.0 mln dlrs. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
The British Petroleum Co Plc <BP.L> said it had no plans to close its refinery in Gothenburg, despite forecasts by a Swedish finance ministry committee that it might be planning such a move. The committee said the refinery's future looked bleak because the Swedish petroleum industry's competitiveness was expected to worsen unless it invested, and because of the effects of a possible tightening of rules on sulphur content. But BP said the unit, in which Sweden's <OK Petroleum AB> has a 22 pct stake, had performed well both technically and financially up to and including the first quarter of 1987. Current restrictions on sulphur emissions and known future plans for both Sweden and export markets did not cause it any serious problems, it said in a statement. The refinery started up in 1967 and has an annual capacity of 4.7 mln tonnes. REUTER	[ 0, 0, 1, 0, 0, 0, 0, 0, 0, 0 ]
Pope and Talbot Inc said it expects first quarter earnings to total about one dlr per share, compared with a year-earlier loss of nine cts per share. Each of the company's business segments contributed to the sharp improvement, Pope and Talbot said. The wood products company also said it expects to release first quarter results later this month. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Stars to Go Inc said it completed its acquisition of 650 video centers previously owned by CVS International Inc and located in Circle K Corp <CKP> stores. In conjunction with the acquistion, Circle K also granted it the exclusive right to install video cassette rental centers in all existing 3,500 Circle K stores, as well as in future stores, for a period of seven years, Stars to Go said. The company also said it currently has a total of 4,650 centers in operation and expects to increase the total to 6,000 by June 30. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Qtrly div 38 cts vs 33 cts Pay June 1 Record May 7 NOTE: company said this is the largest dividend increase in 15 years. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Warburg, Pincus Capital Co L.P., an investment partnership, said it told representatives of Symbion Inc it would not increase the 3.50-dlr-per-share cash price it has offered for the company. In a filing with the Securities and Exchange Commission, Warburg Pincus said one of its top executives, Rodman Moorhead, who is also a Symbion director, met April 1 with Symbion's financial advisor, L.F. Rothschild, Unterberg, Towbin Inc. In a discussion of the offer, Warburg Pincus said Moorhead told the meeting there are no plans to raise the 3.50 dlr bid. Moorhead told the Rothschild officials that Warburg Pincus considers the offered price to be a fair one, Warburg Pincus said. Last Month Warburg Pincus launched a tender offer to buy up to 2.5 mln Symbion common shares. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
The European Commission's decision to release an additional 300,000 tonnes of British intervention feed wheat for the home market will provide only moderate relief in an increasingly tight market, traders said. Some operators had been anticipating a larger tonnage, pointing out that at this week's U.K. Intervention tender the market sought to buy 340,000 tonnes but only 126,000 tonnes were granted. The new tranche of intervention grain is unlikely to satisfy demand, they said, and keen buying competition for supplies in stores is expected to keep prices firm. The release of the feed wheat followed recent strong representations by the U.K. Grain trade to the Commission. There has been growing concern that rising internal prices, triggered by heavy exports, were creating areas of shortage in interior markets. The latest EC authorisation will add 70,000 tonnes at the April 14 tender and a further 30,000 tonnes later in the month. The remaining 200,000 tonnes will be made available in May and June. News of the release produced an early downward reaction in local physical markets, but by midday some sections had halved early two stg losses while others were unchanged. Ministry of Agriculture figures for March indicate 1.85 mln tonnes of wheat and 1.74 mln tonnes of barley remain in the free market. However, some traders believe these figures are overstated and, while some may still be held on the farm, the bulk of wheat is already sold. Some of the grain is also off the market in futures stores. A total of 2.10 mln tonnes of intervention wheat has been sold for export or to the home market since the season started July 1, leaving an unsold balance in intervention of about 1.59 mln tonnes. Intervention barley sales have reached just over 1.0 mln tonnes, leaving about 753,000 tonnes, traders said. This season's U.K. Export performance has surpassed all early expectations and has created the present nervous situation in domestic markets where the fear now is free market supplies may not last out until new crop becomes available in August. The market is sticking to its recent prediction of total barley and wheat exports of around 10.5 mln tonnes, a new record and nearly double the previous record of 5.9 mln tonnes achieved in the 1984/85 season. Traders expect U.K. Wheat exports to reach 6.0 mln and barley around 4.50 mln tonnes. The Soviet Union has booked a record total of 2.5 mln tonnes of British wheat and barley this season, but only 1.28 mln had surfaced in Customs export figures by March 25, traders said. Other EC countries have bought large amounts of British grain and for the July 1/March 25 period had taken 2.59 mln tonnes of wheat and 2.06 mln tonnes of barley. This compares with 1.28 mln and 868,700 tonnes last season. The market is expecting prices, particularly wheat, to stay buoyant for the remaining few months of the season. If supplies become more difficult and prices strengthen further, feed compounders may increase cereal substitute usage, traders said. Reuter	[ 0, 0, 0, 0, 1, 0, 0, 0, 0, 1 ]
PBS Building Systems of America Inc, an Anaheim, Calif., company, told the Securities and Exchange Commission it has acquired 150,000 shares of Modulaire Industries, or 5.0 pct of the total outstanding common stock. PBS, whose subsidiaries design, make, sell and lease nonresidential relocatable modular buildings, said it bought the stake for 855,768.75 dlrs "to acquire an equity interest in Modulaire, while it evaluates Modulaire." Depending on several factors, PBS said it may decide to buy additional Modulaire common shares. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Boise Cascade Corp said it completed the previously announced sale of its Consumer Packaging Division to Sonoco Products Co <SONO> for approximately 175 mln dlrs. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Kentucky Central Life INsurance Co said the company said it will declare a 200 pct stock dividend on Monday. Accordingly, it said it filed a registration statement with the Securities and Exchange COmmission for a proposed offering of three mln shares of its class a non-voting common stock, which reflects the anticipated dividend. Proceeds will be used for general purposes. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Allied-Signal Inc said it agreed to sell its Amphenol Products unit to a subsidiary of LPL Investments Group <LPLI>, a Wallingford, Conn., investment company, for 430 mln dlrs cash. Closing is expected soon, pending appropriate approvals, the company said. LPL indicated that at closing, warrants will be sold which, when exercised, will reduce its stake in the subsidiary, Amphenol Acquisition Co, to 60 pct, the company said. Lisle, Ill.-based Amphenol had 1986 sales of about 500 mln dlrs. It makes brand name interconnection products. LPL also said Merrill Lynch and Co has committed to buy 175 mln dlrs of subordinated and preferred debt in the new LPL unit, according to Allied-Signal. Canadian Imperial Bank of Commerce has committed up to 340 mln dlrs in senior debt financing, it said. Allied-Signal said in December it was offering for sale Amphenol and six other operating units in its electronics and instrumentation sector. Merrill Lynch, Needham and Co and Lazard Freres served as financial advisors, it said. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Occidental Petroleum Corp's Occidental Chemcial Corp said it sold the Process chemicals division it acquired as part of the September 1986 purchase of Diamond Shamrock Chemicals to Henkel KGAA of Dusseldorf, West Germany. Terms were not disclosed. The division makes specialty industrial chemicals, it said. Later, industry sources said the division, which had worldwide sales of some 160 mln dlrs last year, was sold for just under 200 mln dlrs. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Lloyds Investment Managers Ltd, a London-based investment firm, said it raised it stake in Italy Fund to 760,500 shares, or 12.0 pct of the total outstanding common stock, from 466,000 shares, or 7.4 pct. In a filing with the Securities and Exchange Commission, Lloyds said it bought the additional 294,500 Italy Fund common shares since November 7 for a total of 3.3 mln dlrs. Another 70,000 shares of the stake are held by an affiliate, it said. It said its dealings in Italy Fund stock are for investment purposes only and that it has no current plans to increase or decrease its current stake. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Arthur Appleton, a Chicago investor, told the Securities and Exchange Commission he has acquired 39,000 shares of Sage Drilling Co Inc, or 5.1 pct of the total outstanding common stock. Appleton said he bought the stock for 116,554 dlrs for investment purposes. Depending on several circumstances, Appleton said he may buy more Sage common shares, or sell some or all of his current stake. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
CIS Technologies Inc said it executed a formal share purchase agreement with Swiss Reinsurance Co of Zurich, Switzerland. Under terms of the agreement, Swiss Re will acquire 5.5 mln newly issued CIS stock at 2.50 dlrs a share, or 13.8 mln dlrs. This purchase represents 30 pct of the outstanding shares. Swiss Re will acuqire 500,000 of the shares immediately and remaining shares will be bought after a due diligence report is completed by auditors. The transaction is expected to be complete by June 11. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Qtly div 42 cts vs 41.5 cts prior Payable APril 28 Record April 14 Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
The Federal Home Loan Bank Board said home mortgage rates fell from early February to early March to their lowest point in nine years, but the rate of decline was slower than it had been in recent months. The bank board said the average effective commitment rate for fixed-rate mortgages for single family homes and a 25 pct loan-to-price ratio with a maturity of at least 15 years was 9.48 pct in early March. The rate was four basis points lower than a month ago, only one-eighth the size of decline in the previous month, the bank board said. Rates for adjustable-rate mortgages decline eight basis points from early February to 8.43 pct in early March, the bank board said. The drop was far less than the 15 basis point decline in the previous period, the agency said. The average effective interest rate on all loans closed by major mortgage lenders declined nine basis points from early February to early March, the agency said. The fall brought the rate to 9.14 pct was the lowest since December 1977, it said. The effective rate for ARMS was 8.39 pct, 15 basis points below a month earlier. For fixed-rate loans it was 9.36 pct, 14 basis points below a month earlier, the agency said. Reuter	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
Beneficial Corp said the sale of its American Centennial Insurance Co subsidiary to <First Delaware Holdings Inc> was approved by the Delaware Insurance Department. Under the transaction, American Centennial will receive a cash infusion of 200 mln dlrs, including the settlement of tax sharing agreements with Beneficial Corp, Beneficial said. It will also receive 25 mln dlrs from Beneficial International Insurance Co, another Beneficial subsidiary being purchased by the management-led group of First Delaware, the company said. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
Shr 5.56 dlrs vs 3.88 dlrs Net 47.5 mln vs 33.2 mln Revs 254.5 mln vs 243.5 mln Note: shr after preferred dividends ITT Corp <ITT> owns 100 pct of ITT Canada common shares Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
The United Food And Commercial Workers said that more than 1,000 rank-and-file members of the union will demonstrate Monday at Dart Group Corp's headquarters protesting Dart's proposed 1.73 billion dlr takover of Supermarkets General <SGL>. Supermarkets is best known for its Pathmark chain of supermarket drug stores in the New York and New Jersey area and also owns Rickels home centers. The union said that it is firmly against the Dart bid because "workers have always ended up with a raw deal in the current takeover mania." A Union statement said: "We do not intend to allow our members to pick up the tab for Supermarket General's executives and the bankers or the Dart Group who stand to make millions." Dart is controlled by the Haft family of Washington, which last year made a bid for California-based Safeway Stores Inc. The Hafts lost, but walked away with at least 100 mln dlrs in profits, analysts estimate. The union said that Dart's Safeway bid forced a major restructuring at Safeway to pay the Hafts and their lawyers and caused a loss of thousands of jobs. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
FCS Laboratories Inc said merger discussions with an unnamed privately-held company in the health care field have ended without an agreement. The previously announced negotiations began last August, the company said. "It's disappointing to spend so much time on these negotiations and have them fail," said FCS chairman Nicholas Gallo III. "But the discussions could not produce a deal acceptable to our board in the context of the company's stronger financial position today as compared to six months ago." Gallo said FCS will stop actively seeking potential merger partners, but will respond to serious inquiries. "We are determined to follow our plan to restore this company to profitability," he said. "To continue actively searching for potential acquirers inherently forces us to postpone the implementation of critical decisions which are part of the plan." The company, which has 4,475,930 common shares outstanding, reaffirmed it expects to be profitable in the second half of the fiscal year ending September 30, 1987. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
The White House said the rise in interest rates was "unfortunate in a general sense" but reflected market forces. "There's always movement up and down and the basic fact is that we believe the economy is strong and growing and there will always be fluctuations in the interest rate, but the economy is sound and in good shape," spokesman Marlin Fitzwater said. Citibank raised its prime rate by one quarter of a point and the move was followed by other banks. Reuter	[ 0, 0, 0, 0, 0, 1, 0, 0, 0, 0 ]
Shr loss nine cts Net loss 1.4 mln Revs 630,118 dlrs NOTE:Due to change in fiscal year, prior 4th qth and year cannot be presented on comparable basis. 1986 loss includes writedowns approximating 1.4 mln dlrs. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Shr 1.1 cts vs 1.7 cts Net 26,708 vs 35,084 Revs 447,548 vs 243,161 NOTE:1986 net includes 4,300 dlrs gain from tax credit and 1985 includes gain of 8,300 dlrs gain from credit. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Shr nine cts vs 19 cts Net 188,000 vs 362,000 Revs 20.4 mln vs 11.3 mln NOTE:1985 restated for reversal of certain tax benefits. 1986 and 1985 reflects preferred stock dividend requirements. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Shr 20 cts vs 20 cts Net 1,981,000 vs 1,689,000 Rev 24.7 mln vs 19.6 mln Nine months Shr 59 cts vs 53 cts Net 5,855,000 vs 4,360,000 Rev 70.9 mln vs 51.9 mln NOTE: Fiscal 1986 per share data reflects dilutive effect of shares issued for April 1986 convertible debenture conversion. Company's full name is Richarson Electronics Ltd. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Shr loss five cts vs profit 72 cts Net loss 79,069 vs profit 829,737 Revs 14.4 mln vs 14.1 mln NOTE:1985 includes extraordainy credit of 11 cts. Reuter	[ 0, 0, 0, 1, 0, 0, 0, 0, 0, 0 ]
Mid-State Federal Savings and Loan Association said it and First Federal Savings and Loan Association of Brooksville <FFBV> reached a definitive merger agreement. As previously announced, Brooksville shareholders will get cash and stock in exchange for their shares. The transaction is expected to be completed during the summer 1987. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]
<Memotec Data Inc> said it completed the previously announced 488.3 mln dlr acquisition of Teleglobe Canada from the federal government. Memotec Data said Teleglobe, which has provided Canada's overseas telecommunications services since 1950, now becomes Teleglobe Canada Inc, a unit of Memotec. Teleglobe president and chief executive Jean-Claude Delorme will continue in the same post, the company said. In addition to the sale price, the government will receive Teleglobe's accumulated cash of 102 mln dlrs and a special 18 mln dlr dividend, making total proceeds 608.3 mln dlrs. Reuter	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]

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