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U.S. and Japanese officials meet
tomorrow to try to settle a dispute over semiconductor trade
and to cut short the 300 mln dlr penalty tariffs President
Reagan has ordered imposed on Japanese exports.
But U.S. officials held out little hope that any accord
could be reached before the tariffs of 100 per cent - up from
about five per cent - are to take effect on April 17.
The Customs Bureau last week started to levy a bond on the
Japanese goods that Reagan ordered penalized. The penalties
would be retroactive to March 31.
Reagan said on March 27 when ordering the tariffs that he
hoped the Japanese would soon end their unfair practices in
semiconductor trade and that sanctions could be lifted.
Technical meetings are to be held today and tomorrow, with
meetings at a more senior level scheduled for Thursday and
Friday. Public hearings on the sanctions are set for April 13.
The Japanese aides here for the technical talks include
Shigeru Muraoka, director-general of international trade policy
of the Ministry of International Trade and Industry (MITI), and
Masashi Yamamoto, deputy director-general of the information
and machinery bureau.
Meeting with them will Glen Fukushima, director of the
Japan office of the U.S. Trade Representative's Office, and Jim
Gradoville, of trade representative's office of industry and
services.
The two sides in the Thursday and Friday talks will be
headed by Deputy U.S. Trade Representative Michael Smith and
MITI vice minister Makoto Kuroda.
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Ameron Inc said its board
adopted a rights plan designed to protect shareholders from
potentially unfair takeover tactics.
The plan calls for distribution of one right for each of
its outstanding common shares and each right entitles the
holder to buy one/one-hundredth of a share of newly authorized
Series A Junior Participating cumulative Preferred stock at an
exercise price of 55 dlrs, Ameron said.
It said the rights are exercisable if a group acquires 20
pct or more of its common stock or announces a tender offer for
30 pct or more of its shares.
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FCS Laboratories said its merger
talks with another unidentified company in the health care
field ended without agreement.
The talks began last August, the company said.
The company also said it will no longer actively seek out
potential merger partners, but will respond to serious
inquiries.
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The U.K. government hopes for a
breakthrough on the deadlock with Japan over trade policies
during next week's visit to Tokyo by Corporate Affairs Minister
Michael Howard, political sources said.
Howard, who leaves for Japan tomorrow, told Reuters he will
try to promote understanding on trade issues during his visit.
Meanwhile, Britain will re-examine a letter from Japanese
Prime Minister Yasuhiro Nakasone promising personal help in
solving the row over a U.K. firm's bid to win a significant
role in Japan's telecommunications market, government sources
said.
Tensions have risen following Britain's decision to arm
itself early with new statutory powers which it says could be
used against certain Japanese financial institutions.
Britain reacted optimistically at first to the letter from
Nakasone to Prime Minister Margaret Thatcher, seeing it as a
signal that he would work towards ensuring a satisfactory
outcome to the bid launched by Cable and Wireless Plc,
government officials said.
But this view has since been clouded by reports from Tokyo
that Nakasone's assurances really constituted little more than
politeness in the face of British anger, they added.
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World Bank President Barber Conable
expressed concern that trade protectionism, at the heart of a
new showdown between the United States and Japan, might spread
throughout the industrial world.
But in an interview with Reuters, Conable said the action
by the United States to slap tariffs on certain electronic
goods from Japan did not mean the countries were heading for a
full-scale trade war.
Conable said the World Bank has been pressing developing
countries to open their markets, arguing that a free trading
environment increased the possibility of global economic
growth.
"We have, in fact, been making adjustment loans to many
countries in the developing world which have encouraged the
opening of their markets and we want to be sure that the
developed world doesn't close at the same time," he said.
He said the U.S. action against Japan was "a significant
retaliatory step but it did not constitute a basic change in
trade policy."
The interview came just before next week's semi-annual
meetings of the Bank and the International Monetary Fund.
Referring to Brazil's recent interest payments moratorium,
Conable also said the global debt situation was very serious
and must be closely watched.
He said the Bank, which in the past has concentrated on
making loans that assist the basic underpinnings in the
developing world such as dams, roads and sewers, will
increasingly make assistance available for economic reform.
The Bank has increased these loans, in part because of the
debt crisis that has found countries desperately in need of new
funds for balance of payments adjustment and economic reforms
aimed at opening their markets, encouraging foreign investment
and reducing government's role in the economy.
"We're comfortable with adjustment lending, we expect,
however, that it will never reach a majority of our portfolio,"
Conable said.
He made clear, however, that adjustment lending would
continue to increase as a proportion of overall Bank lending
for some time.
He noted, "the problem of debt was a severe one and many
countries are asking for adjustment assistance because of the
problem of debt."
Conable, is a a former Republican Congressman from New York
chosen by President Reagan for the Bank position last year. He
is an associate of Treasury Secertary James Baker who launched
the U.S. strategy for shoring up indebted nations in October,
1985 which included a call for increased adjustment lending by
the World Bank.
Conable also said that he expected the result of a major
study of the Bank's organization to be completed in the next
several weeks.
He said the decision to seek a reorganization was based, in
part, on the fact that the Bank had come under fire from the
poorest countries for not doing enough to help and from the
richest countries because of inefficiency.
the reorganization is considered a major initiative by
Conable, and is being closely-watched by the agency's 151
member-countries as an indication of his management style and
priorities.
"I want to be sure this institution is viewed by those who
must support it as soundly constituted so that it will be
permitted to grow," Conable said.
However, he said "I don't believe there is anything
basically wrong with this institution and I don't believe it
has to have any redefinition of its purpose."
He said, however, that it was apparent that the debt
initiative proposed by Baker has given the Bank a central role
in dealing with the debt crisis.
Conable added that cooperation between the Bank and its
sister agency, the International Monetary Fund, was good and
that he talked often with IMF Managing Director Michel
Camdessus on a variety of issues.
On a personal level, Conable said that he not feel a need
to put his personal stamp on the Bank noting that "I don't have
a particular mission here except to be useful to the
institution and to the process of development."
He added, "so I don't feel a great calling to personalize
the institution."
On the development needs of sub-Sahara Africa, Conable said
that the Bank was constantly reviewing new ways for assisting
the region, noting that half of the recently agreed financing
of 12.4 billion dlrs for Bank's International Development
Association was earmarked for Africa.
Leading industrial nations are expected to consider new
forms of debt relief for the very poorest nations, like those
in the Sub-Sahara, during next week's meetings.
Reuter
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A steep drop in goods-producing jobs
detracted from U.S. March non-farm payroll employment and makes
it unlikely that the Federal Reserve will tighten monetary
policy to defend the dollar, economists said.
U.S. March non-farm payroll employment rose 164,000, less
than the gain of 220,000 to 290,000 the financial markets
expected. Manufacturing employment fell 25,000, compared with
February's 50,000 gain, while March construction employment
dropped 45,000 after being unchanged in February.
"The momentum of industrial activity is tapering off as we
end the first quarter," said Stephen Roach of Morgan Stanley
and Co Inc. "This sets the stage for more sluggish growth in
the second and third quarters."
"The Fed will view this as a caution flag on the economy,"
he said. "They will not ease as long the dollar is weak, but
clearly they can't tighten."
David Wyss of Data Resources Inc said that the downward
revision in February non-farm payroll employment to 236,000
from 337,000 means that employment gains in the first quarter
were weaker than expected.
While Wyss left his first-quarter forecast of real U.S.
gross national product growth at 3.5 pct, he said the March
jobs data suggested a downward revision in his second-quarter
growth forecast to 2.5 pct from 2.8 pct.
Bill Sullivan of Dean Witter Reynolds Inc said the average
monthly gain in non-farm jobs in the first quarter was only
237,000, compared with 254,000 in the fourth quarter of 1986.
"There's momentum in first quarter labor force activity,
but less than assumed," he said. "Gains in goods-producing jobs
were subdued at best. This rules out any possibilty of the Fed
tightening for exchange-related purposes."
In March, the average workweek fell back to its January
level of 34.8 hours from 35.0 hours in February. Manufacturing
hours also fell back to their January level, totalling 40.9
hours in March compared with 41.2 hours in February.
The Commerce Department noted that loss of manufacturing
jobs in March was concentrated in automobile, electrical and
electronic manufacturing.
Robert Brusca of Nikko Securities International said that a
13,000 decline in auto manufacturing employment accounted for
nearly half of the total drop in manufacturing jobs.
Economists said that a build-up in auto inventories
resulting from a steep drop in sales has finally caught up with
the labor force and may point to slower growth ahead.
Most expect an increase in inventories of as much as five
pct to offset a steep four to five pct drop in final sales in
the first-quarter GNP accounts.
Roach said he expects first quarter U.S. GNP to rise two
pct, to be followed by a gain of 1.0-1.5 pct at best in the
second and third quarters. He said the March drop in industrial
activity "is a reasonable response in light of the inordinate
contribution inventory accumulation made to GNP."
Economists said the employment data also suggest weak gains
in industrial production and personal income for March.
They expect only marginal gains, if not small declines, for
these indicators, compared with a February increases of 0.5 pct
in industrial production and 0.9 pct in personal income.
Steve Slifer of Lehman Government Securities said the drop
in March construction employment may also signal a drop in
March housing starts, which rose 2.6 pct in February to 1.851
million units at an annual rate from 1.804 million units in
January.
The rate of unemployment fell to 6.6 pct, its lowest level
since March 1980, from 6.7 pct in February. But Wyss pointed
out that this resulted from a drop in the labor force, which
fell to 119.2 mln in March from 119.35 mln in February.
"This just means that there were fewer people looking for
work, so the drop in unemployment doesn't mean much," he said.
He said the latest employment report will not concern the
Fed because it does points to GNP growth in the first half of
2.5-3.0 pct, but "it does suggest they can't afford to tighten
to quickly either."
The statistical factors used to smooth out seasonal
fluctuations in the jobs data may have understated March labor
force gains, just as seasonal factors probably overstated them
in January and February, Slifer said, but are consistent with
his forecast of 1.8 pct first quarter GNP growth.
Economic growth remains sluggish, but Silfer does not think
that the Federal Open Market Committee changed policy at their
meeting this week. "At some point they will be more inclined to
ease," he said. For the time being, however, the March
employment report "increases the likelihood they won't tighten,
regardless of the dollar."
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SciMed Life Systems Inc <SMLS> said
Bristol-Myers Co is analyzing the pending lawsuit brought
against SciMed by <Advanced Cardiovascular Systems Inc> to
determine whether to consummate its previously announced plans
to merge with SciMed.
The company said its was served the suit in Minneapolis on
March 31, the day after it announced its definitive merger
agreement with Bristol-Myers.
SciMed said the suit, which alleges that SciMed infringed
on Advanced Cardiovascular patents, is without merit.
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Iraq said its forces sank three Iranian
boats which tried to approach its disused deep water oil
terminal in the northern Gulf today.
A military spokesman, quoted by the official Iraqi news
agency, said other Iranian boats fled. He did not identify the
vessels.
Iraq's major oil outlets in the northern Gulf were closed
shortly after the war with Iran started in late 1980.
Reuter
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Qtly div 82 cts vs 76 cts prior
Pay May 1
Record April 16
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Bell Petroleum Services Inc said it
agreed to begin talks with Regal International Inc to form a
plan of reorganization under which Bell would become a
subsidiary of Regal.
The plan would be subject to Bankruptcy court approval due
to Bell's status as a debtor-in-possesion under Chapter 11. the
company's expect to file a plan by the end of May.
This agreement terminates litigation between the companies
concerning previous attempts at a plan of reorganization..
Bell is also free to continue talks with any third parties
interested in an acquisition, it said.
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Healthvest said its board declared
a dividend for the final three weeks of the March quarter of 14
cts, payable April 28 to holders of recrod April 15.
Previously, it dclared a special interim dividend of 42 cts
for January 1 to March 9 in connection with its recently
completed offering.
The combined dividend totals 56 cts for the March quarter,
an increase from the prior quarter's dividend of 55 cts
Reuter
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Shr 43 cts vs 36 cts
Net 7,209,000 vs 5,574,000
Sales 77.7 mln vs 58.7 mln
Avg shrs 16,676,000 vs 15,478,000
Year
Shr 1.12 dlrs vs 1.10 dlrs
Net 18,371,000 vs 17,032,000
Sales 257.5 mln vs 198.3 mln
Avg shrs 16,411,000 vs 15,433,000
NOTE: Year-ago period ended Feb 1, 1986
Full-year earnings include gains from discontinued
operations of 184,000 dlrs, or one ct a share vs 3,143,000
dlrs, or 20 cts a share
Reuter
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A grain elevator in Burlington, Iowa,
exploded today, leaving five injured.
The elevator, operated by Archer Daniels Midland Co. of
Decatur, Ill., is a terminal elevator on the Mississippi River,
Doug Snyder, assistant to the vice president said.
The cause of the explosion and the extent of damage to the
elevator was not immediatley known.
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U.S. grain carloadings totaled 25,744
cars in the week ended March 28, down 4.3 pct from the previous
week but 41.6 pct above the corresponding week a year ago, the
Association of American Railroads reported.
Grain mill product loadings in the week totalled 10,920
cars, up 0.1 pct from the previous week and 12.7 pct above the
same week a year earlier, the association said.
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The Securities and Exchange
Commission reminded corporate raiders and others tendering for
the shares of companies that they must extend the period their
offers are open if key conditions are changed.
Specifically, the agency said those making tender offers
for companies' stock must extend the offers if they decide to
eliminate conditions requiring a minimum number of shares to be
tendered in order for the offers to be valid.
Tender offers typically include minimum share conditions.
As a result, a purchaser would not be bound to buy the shares
that were tendered if the minimum level were not reached.
In an interpretation of current rules, which officials said
clarifies the SEC's present position, the agency said a tender
offer must be extended if a minimum share condition is waived,
even if the purchaser reserved the right to do so.
The interpretation makes clear that waiving a minimum share
condition is a "material change" of the tender offer under U.S.
securities law, SEC officials said.
The SEC has already said that other specific material
changes, such as changes in the percentage of securities being
sought or the price being offered, made during the course of a
tender offer require a 10-day extension of the offer.
The length of the extension, which is aimed at giving
shareholders an adequate chance to assess revisions of a tender
offer, was not specified in cases where the minimum share
conditions were waived.
SEC officials said the length of the extension in such
cases would depend on the facts and circumstances surrounding
each case, but would generally be between five and 10 days.
The agency cited two recent tender offers in which waivers
of a minimum share conditios were tried on the last day of each
offer, denying shareholders the chance to react to the new
information. Officials declined to identify the two offers.
"If a bidder makes a material change near or at the end of
its offer, it will have to extend the offer to permit adequate
dissemination," the SEC said.
Federal securities law requires that all tender offers
remain open for at least 20 business days.
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Iraq said its forces sank three Iranian
boats that tried to approach its disused deep water oil
terminal in the northern Gulf today.
A military spokesman, quoted by the official Iraqi news
agency, said other Iranian boats fled. He did not identify the
vessels.
Iraq's major oil outlets in the northern Gulf were closed
shortly after the war with Iran started in late 1980.
Reuter
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GenCorp said its RKO General Inc
subsidiary completed the sale of WOR-TV to MCA Inc <MCA> for
387 mln dlrs.
The Federal Communications Commission approved the sale
last December, GenCorp said. The closing was delayed because
that decision was appealed by four parties to the U.S. Court of
Appeals, GenCorp explained.
WOR-TV is based in Secaucus, N.J., GenCorp said.
Earlier today, <General Partners> said it was prepared to
raise its bid to 110 dlrs per share, or even more, in its bid
for GenCorp.
Reuter
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Galileo Electro-Optics Corp
said estimated earnings for the second quarter ended March 31,
1987, will be over current analysts estimates of 40 cts to 45
cts per share.
However, the company said it has not closed its books for
the quarter and release earnings April 20.
Reuter
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Snyder Oil Partners L.P. told the
Securities and Exchange Commission it made an exchange offer to
Cenergy Corp that would allow Snyder to acquire up to 49.9 pct
of the company's common stock.
Under the exchange offer, which was proposed yesterday to
Cenergy's officers and directors, each share of Cenergy common
stock could be exchanged for 8.50 dlrs in market value of
Snyder's limited partnership units, Snyder said.
Under the proposal, Snyder, which already holds 1,170,400
Cenergy common shares, or 12.0 pct of the total, could boost
its Cenergy stake to a total of 49.9 pct, it said.
Snyder did not say whether it has received any response to
its proposal from Cenergy.
If it acquires the 49.9 pct stake, Snyder said in its SEC
filing it would use the stock to "obtain a proportionate
beneficial interest" in the company's assets and liabilities.
It said it has not decided its next move it the exchange
proposal does not lead to negotiations with Cenergy.
Snyder said it may boost its stake or sell some or all of
its current holdings. It repeated a statement made in its
initial SEC filing last month that it is considering several
alternatives, including seeking control of Cenergy.
Reuter
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Harleysville Group Inc said it
was in talks to acquire Atlantic Mutual Fire Insurance Co, a
property and casualty insurer licensed in five southern states.
The company said it believes an acquisition could be
completed by June 30, subject to approval by regulatory and
Atlantic Mutual policyholders.
Harleysville plans to invest about four mln dlrs in the
business if the deal is completed.
Reuter
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Kroger Co said it agreed to buy nine
retail food stores from the Dallas division of <Safeway Stores
Inc>, which announced it was closing the 141-store division as
part of a restructuring.
Terms were not disclosed.
Kroger expects to take over operation of the stores, one of
which is under construction, in late April. The addition of the
stores will bring Kroger's Dallas division to 75 stores, it
said.
It operates more than 1,300 stores in 20 states.
Reuter
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Shr seven cts vs one ct
Net 178,919 vs 34,429
Sales 3,148,420 vs 1,912,438
Reuter
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Shr loss 65 cts vs loss 1.31 dlrs
Net loss 1,366,340 vs loss 2,148,656
Revs 2,664,852 vs 799,864
Reuter
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The U.S. Agriculture Department said
it has accepted a bid for an export bonus to cover the sale of
50,000 tonnes of hard red winter wheat to Sri Lanka.
A bonus of 37.44 dlrs per tonne was awarded to Continental
Grain Co on the shipment scheduled for April 8-16, Melvin Sims,
USDA general sales manager said.
An additional 10,000 tonnes of wheat are still available to
Sri Lanka under the export enhancement program, Sims said.
Reuter
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<Carburos Metalicos> of Spain has bid
2,205 francs a share for French chemicals group <Duffour et
Igon>, rivalling the 2,100 franc bid announced yesterday by
Union Carbide France, the French subsidiary of the U.S.
Chemical giant Union Carbide Corp <UK.N>, the stockbrokers'
assocation (CSAC) said here.
Duffour et Igon's capital is comprised of 133,100 shares
with a nominal value of 100 francs each. Shares were last
quoted at 856 francs on January 9.
Banque Paribas will act for Carburos Metalicos, while Union
Carbide France's bid is being led by Rothschild et Associes
Banque.
Duffour et Igon shares will be suspended on April 6 and 7
and will resume trading on April 8.
Reuter
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Brazil will import 30,000 barrels
per day of crude oil from Kuwait, a spokesman for the state oil
company Petrobras said.
He said that, unlike Saudi Arabia, Kuwait did not impose
any conditions on Brazil.
Last month, Petrobras cancelled a 40-mln dlr oil purchase
from Saudi Arabia after the Saudis refused to accept credit
guarantees from the official Bank of Brazil.
The Saudis eventually lifted the condition and Brazil
decided to reconfirm the purchase.
Brazil currently consumes 1.1 mln barrels of oil per day.
Reuter
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The U.S. Agriculture Department said
it has accepted a bid for an export bonus to cover the sale of
18,000 tonnes of U.S. durum wheat to Algeria.
A bonus of 43.25 dlrs per tonne was awarded to Cam USA Inc
on the shipment scheduled for June 20-30, Melvin Sims, USDA
general sales manager, said.
An additional 228,000 tonnes of durum wheat are available
to Algeria under the department's export enhancement program,
Sims said.
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The U.S. Agriculture Department
announced Colombia has been made eligible for sales of up to
15,000 tonnes of barley malt under the department's export
enhancement program, EEP.
As with the previous 64 EEP initiatives, sales of U.S.
barley malt would be made to buyers in Colombia at competitive
world prices, USDA said.
The export sales would be subsidized with commodities from
the inventory of the Commodity Credit Corp and enable U.S.
exporters to compete at commercial prices in the Colombian
market, USDA said.
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Texas Petroleum Corp said it issued 14.4
mln shares of restricted common stock in exchange for oil and
gas properties and joint ventures located in the U.S. and
overseas.
The properties were acquired from <North American Oil and
Gas Corp> and Texas Petroleum Corp in Canada, the company said.
It added the acquisitions were the first step toward creating
an oil and gas exploration and development enterprise.
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<Metromedia Co> said it
purchased from Time Inc's <TL> Home Box Office Inc a warrant to
purchase 800,000 shares of common stock of Orion Pictures Corp
<OPC>.
The price for the warrant was 10 mln dlrs, Metromedia said.
It added that it now owns 16.4 pct of the outstanding common
stock of Orion.
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Bank of Montreal said it will reduce the
interest rate it charges on outstanding MasterCard balances to
18.3 pct from 21 pct, beginning in July.
The bank said it will continue its policy of not charging
any annual fee or transaction fees to credit card holders.
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Shr not given
Net loss 330,613 vs profit
Revs 2,170,628 vs 614,511
Year
Shr loss one ct vs profit nine cts
Net loss 212,289 vs profit 829,747
Revs 5,397,167 vs 3,785,688
Reuter
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Shr loss 12 cts vs loss three cts
Net loss 646,000 vs loss 96,000
Revs 9,414,000 vs 9,899,000
Avg shrs 5,382,833 vs 3,722,833
NOTE: Converted using Dec 31 exchange rate of 40.05 Belgian
francs to the U.S. dlr.
Reuter
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Shr seven cts vs one ct
Net 178,919 vs 34,429
Revs 3,148,420 vs 1,912,438
Reuter
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Firmer crude oil prices, government aid
packages and corporate spending cuts will help Canada's oil
industry recover from last year sharp downturn, industry
analysts said.
They said there will be significant earnings gains in 1987
compared to last year's dismal results when oil prices dropped
about 50 pct.
On Canada's stock exchanges, energy shares have soared to
their highest levels since 1983, with many issues trading at
record highs.
"This is reflecting a tremendous amount of optimism on the
part of the investment community that the outlook for the
industry for the future is extremely attractive," Peters and Co
Ltd oil analyst Wilf Gobert said.
Financial statements from Canada's major oil companies,
culminating with Dome Petroleum Ltd's 2.20 billion Canadian dlr
1986 loss reported this week, painted a bleak picture of last
year's results, analysts said.
"But the financial statements are a snap shot and a
recording of history. The stock market is the indication of the
future," Gobert commented.
The Toronto Stock Exchange's oil and gas index of 41
companies is up to 4065.4 so far in trading today from 3053.15
at the end of 1986.
Among Canada's largest oil companies, class A shares of
Imperial Oil Ltd <IMO.A>, 70 pct owned by Exxon Corp <XON>, is
trading at 71, up from a 52-week low of 34-3/4.
Shell Canada Ltd, 72 pct owned by Royal Dutch/Shell Group,
is at 40-1/2, up from a low during the last year of 18-3/4.
Texaco Canada Inc <TXC>, 78 pct owned by Texaco Inc <TX>, is
at 34-7/8, up from a low of 24-1/2.
Levesque Beaubien Inc oil analyst Robert Plexman forecasts
operating profit for 10 of Canada's largest oil and gas
companies will rise 37 pct in 1987 to about 1.44 billion dlrs
and operating cash flow will increase 12 pct to 3.24 billion
dlrs, based on an average oil price for the year of 16.50 U.S.
dlrs a barrel. "However, if prices hold about 18 U.S. dlrs a
barrel...1987 net operating income could show a 69 pct increase
with cash flow 27 pct higher," analyst Plexman said.
"Although it is difficult to forecast the extent of the
profit improvement this year, the gain should be significant,"
he added.
Those improvements follow a sharp downturn in 1986, when
operating income for the ten companies dropped 47 pct to 1.05
billion dlrs and operating cash flow fell 22 pct to 2.90
billion dlrs.
But one industry source doesn't think oil prices will hold
recent gains and more government assistance is needed.
Canadian Petroleum Association technical director Hans
Maciej sees industry cash flow falling another 10 pct in 1987,
after dipping about 60 pct last year. Maciej said he sees crude
oil supply outweighing demand and doesn't believe a recent OPEC
production accord will continue to support prices.
However, several companies share the optimistic industry
outlook expressed by a majority of analysts.
Shell Canada and <Norcen Energy Resources Ltd> forecast
improved 1987 earnings in their annual reports issued this
week, assuming oil prices remain at or above 1986 levels.
"The industry's outlook for 1987 is positive, but not
robust," Texaco Canada said in its annual report.
"While oil prices have strengthened somewhat and there is
good reason to believe that the general level is sustainable,
continued volatility is likely," Texaco Canada added.
In the face of short-term uncertainty, many companies have
pared 1987 spending plans from last year's lower levels,
deferring most frontier exploration work.
"The industry is becoming very selective in investments,
very conservative and cautious, which is not unexpected,"
Canadian Petroleum Association's Maciej said.
Federal and Alberta goverment aid measures helped cushion
the industry downturn in 1986 and are improving 1987 results.
The most significant help came last September when the
federal government lifted the 10 pct Petroleum Gas Revenue Tax
(PGRT) 28 months earlier then planned.
Analysts estimate the tax relief will save larger oil
companies about 1.50 billion dlrs by the end of 1988.
The PGRT cut helped brake the steep profit and cash flow
decline in 1986 for many oil companies and prevented further
exploration spending cuts, analysts said.
"For a number of companies, the PGRT cut was absolutely
necessary to even maintain the kind of reduced investments that
were made, otherwise the reduction would have been considerably
more," Maciej said.
Reuter
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Shr loss 67 cts vs loss seven cts
Net loss 2,410,000 vs loss 245,000
Revs 11.0 mln vs 10.9 mln
12 mths
Shr loss 21 cts vs profit 43 cts
Net loss 748,000 vs profit 1,571,000
Revs 46.9 mln vs 40.5 mln
Reuter
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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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Shr 32 cts vs 28 cts
Net 2,194,000 vs 1,929,000
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Rising demand for U.S. rice may
gradually reduce surpluses while a marketing loan should help
increase the U.S. share of the world rice market despite
sluggish trade this year, the U.S. Agriculture Department said.
In its quarterly rice outlook and situation summary, the
department said U.S. rice use may surpass production during the
1986/87 marketing year, causing stocks to fall about 10 mln
hundredweight from a year earlier to an estimated 67 mln cwt on
July 31.
Long grain acreage as a percentage of total acreage is
expected to decline this year, the report said.
USDA said factors once supportive of increased long grain
acreage have turned around. Domestic prices of medium grain
relative to long grain have increased, the loan differential
has been greatly reduced and increases in long grain yields
relative to those of other classes have leveled off.
With the drop in domestic prices resulting from the
marketing loan, domestic rice use is expected to grow at a
faster rate, USDA said.
"Development of new products and increased promotion have
helped make rice more available and visible to a wider range of
consumers," USDA said.
USDA said world trade is expected to fall in 1987 because
of large production and stocks but a weaker market should
affect competing exporters more than the U.S.
"The United States has already recovered a substantial share
of the European Community market and made inroads into markets
in the Middle East and Africa," the report said.
World rice consumption is projected to reach record levels
in 1986/87, the report said, as higher per capita incomes,
increased domestic production and low import prices have
allowed people in many countries to substitute rice for coarse
grains.
China, India and South Korea have increased output, while
the Middle East and Africa have doubled imports since the
mid-1970s, the report said.
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E.F. Hutton LBO Inc is still interested
in an acquisition of Purolator Courier Corp, and is examining
the possibility of raising its 35 dlr per share offer, an E.F.
Hutton spokesman said.
Hutton's offer was topped by a 40 dlr per share offer from
Emery Air Freight Corp <EAF> earlier this week.
"We're definately not out of it at this point," the Hutton
spokesman said.
"We want to see what the offer is completely and understand
it fully, and then fashion our response," the spokesman said.
After Emery made its offer, Hutton extended the deadline on
its offer to Monday. The offer was to have expired Wednesday.
Analysts said it might be difficult for Hutton to raise the
offer since Emery, an overnight courier, might have an easier
time justifying a lofty price since it would realize cost
savings by combining its business with those of Purolator.
Purolator, a New Jersey-based overnight courier, has
declined comment.
Purolator had traded above the Hutton offer price on
speculation a new bidder would emerge. It was up 1/8 today at
40-3/8, above the Emery offer.
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Mtly div 10.4 cts vs 10.8 cts prior
Paid April 1
Record March 31
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The U.S. Agriculture Department said
Turkey has been made eligible for the sale of up to 70,000
tonnes of medium grain milled rice under the department's
export enhancement program, EEP.
As with the 65 previous EEP initiatives, the export sales
would be subsidized with commodities from the inventory of the
Commodity Credit Corp and made at competitive world prices,
USDA said.
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Shr loss 15 cts vs loss 27 cts
Net loss 1,905,774 vs loss 2,160,717
Revs 868,117 vs 307,135
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Scott Instruments Corp said its
independent public accountants qualified the report on Scott's
1986 financial statements because of its weak financial
condition.
The report indicates the realization of the company's
assets is dependent on it obtaining enough working capital to
finance operations and additional funds to meet other
liabilities, among other things.
These factors indicate the company may be unable to
continue its existence.
Earlier, Scott reported a 1986 loss of 1.9 mln dlrs
compared to a loss of almost 2.2 mln dlrs in 1985. Total assets
were nearly 1.1 mln dlrs at year end, down from 1.2 mln dlrs
the prior year.
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Shr loss 1.64 dlrs vs loss 2.08 dlrs
Net loss 9,761,000 vs loss 10,977,000
Revs 4,409,000 vs 2,697,000
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Bayou International Ltd said it
acquired 19.9 pct of <Amalgamated Equities Ltd> of Australia
for 710,000 dlrs.
Bayou is 55.2 pct owned by <Australia Wide Industries Ltd>.
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Network Control Corp said it
intends to take a 250,000 dlr charge against earnings for the
third quarter ended March 31 and said sales for the quarter
would be about 400,000 dlrs, about 50 pct below sales in the
same year-ago quarter.
Network said it is taking the charge due to the significant
increase in accounts receivable which remain uncollected for
more than 90 days after billing. It said it ultimately will
collect most of those accounts.
It attributed the sales decline to a transition period for
its new products and a delay in a major order.
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Brazil's state oil company
Petrobras is pledging to export 4.6 mln cubic meters of fuel,
or 28.9 mln barrels in 1987, a company spokesman said.
He said that represents a total sale worth 600 mln dlrs.
The volume is 27 pct higher over 1986 sales, which totalled 3.6
mln cubic meters, or 22.6 mln barrels.
The United States, Africa and Latin American are Brazil's
main fuel buyers, the spokesman said.
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Treasury Secretary James Baker
reiterated his hope that this week's rise in prime rates would
be a temporary blip upwards.
"I would hope that it would simply be a temporary blip
upward as we've seen in the past," Baker said in television
interview with the Cable News Network. The interview airs
tomorrow but CNN released extracts from his remarks today.
Baker also repeated his position that the reaction of
financial markets to U.S. tariffs on Japanese electronic goods
showed "the importance of the United States not going
protectionist. The markets were telling us...be careful."
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E AND B MARINE <EBMI> 4TH QTR NET
EDISON, N.J., April 3
Shr loss 1.65 dlrs vs loss 24 cts
Net loss 3,259,000 vs loss 470,000
Revs 16.0 mln vs 9,510,000
12 mths
Shr loss 84 cts vs gain 63 cts
Net loss 1,661,000 vs gain 1,301,000
Revs 80.5 mln vs 56.4 mln
Reuter

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Iroquois Brands Ltd said it has
been sued by Lyon Food Cos Inc which is seeking 2.3 mln dlrs in
damages in connection with the April 1986 nine mln dlrs
purchase of Iroquois' former specialty food products segment.
Iroquois said that based upon the defenses it will assert,
it does not believe that any charge against income is required
as a result of the claim.
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The Argentine Grain Board issued
the following figures covering shipments of major export grains
in the week to April 1, in tonnes, with comparisons for the
previous week and the same week in 1986.
Bread wheat 235,800 205,700 115,500
Maize 158,400 189,000 272,700
Sorghum 26,500 18,700 39,900
Soybean nil nil nil
Sunflowerseed 1,800 18,800 nil
Cumulative figures for April 1 and this calendar year, with
the previous year's figures in brackets, are as follows, in
thousands of tonnes:
Bread wheat 64.3 (44.5), 3,074.4 (2,851.4)
Maize 48.3 (107.7), 486.1 (922.4)
Sorghum 5.1 (22.2), 108.1 (188.8)
Soybean nil (nil), nil (nil)
Sunflowerseed 0.9 (nil), 43.2 (nil)
REUTER
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Texas American Bancshares Inc
said three of its Texas American banks will be merged into
Texas American Bank/Galleria.
The corporation said the Spring Branch, Fonderen and
Gulfway Texas American banks will become separate banking
offices of TAB/Galleria.
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Shr loss 1.50 dlrs vs loss 14 cts
Net loss 3,395,933 vs loss 318,225
Revs 8,963,097 vs 12.6 mln
Year
Shr loss 2.93 dlrs vs profit two cts
Net loss 6,613,327 vs profit 49,421
Revs 44.4 mln vs 48.7 mln
NOTE: Current periods include 2.2 mln dlr charge for
possible obsolete inventory and provision of 356,000 dlrs for
consolidation of cable manufacturing plant.
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The U.S. Energy Department issued a
request for proposals to buy the Snettisham Hydroelectric
project, a major part of the Alaska Power Administration.
It said invitations were sent to two Alaskan electric
utilities, the city and borough of Anchorage and the state of
Alaska. It did not cite a possible purchase prices.
The requests were limited to Alaskan entities because the
purpose of privatization of the administration was to put the
local utility into the hands of a local body, the DOE said.
It added that proposals are due back by August three.
The DOE said it then had 120 days to select a proposal that
it would recommend to Congress, which then would vote the
recommendation up or down.
Proposals to buy the other major part of the Alaska Power
Administration, the Eklutna project, was expected to be issued
in early June, it said.
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The Argentine Grain Board adjusted
minimum export prices of grain and oilseed products in dlrs per
tonne FOB, previous in brackets, as follows:
Maize 71 (72), grain sorghum 65 (66).
Roasted groundnutseed, according to grain size, 510 (520),
400 (410), 375 (385), 355 (365).
Soybean pellets for shipments through May 164 (162) and
June onwards 161 (159).
REUTER
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Warehouse Club Inc said it expects to
take a one-time charge of about five mln dlrs on its June 30
third quarter results from closing of two unprofitable Chicago
area units.
The company said it will continue to operate 12 warehouses
in Illinois, Indiana, Michigan, Ohio and Pennsylvania.
It added that it expects future operating results to be
improved because of the closing of the two warehouses.
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Fortune Systems Corp and SCI
Systems Inc said they signed a letter of intent covering the
purchase of Fortune's microcomputer business assets for an
unspecified amount of cash.
Fortune Systems makes a desktop computer systems.
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Grain and oilseed complex export
business reported since yesterday by government agencies and
private exporters -
Japanese crushers bought 4,000 to 5,000 tonnes of Canadian
rapeseed in export business overnight for May shipment...Greece
has agreed to buy 27,000 to 33,000 tonnes of Spanish corn for
spot shipment, with Italy buying 6,000 to 7,000 tonnes of
Spanish corn for last/half April shipment, a spokesman for
cargill's spanish unit said...Taiwan bought 54,000 tonnes of
U.S. soybeans for April 20/May 5 delivery C and F...
(Continued) - The India State Trading Corp bought 20,000
tonnes of optional origin soybean oil for May 20/June 20
shipment and 6,000 tonnes of RBD palm olein for April 25/May 25
shipment at its import tender yesterday...Pakistan rejected
offers at its tender for 12,000 tonnes of RBD palm oil, but is
expected to retender next week...The U.S. Department of
Agriculture (USDA) said it has accepted a bid for an export
bonus to cover the sale of 50,000 tonnes of U.S. hard red
winter wehat to Sri Lanka for April 8/16 shipment, with an
additional 10,000 tonnes of wheat still available to Sri Lanka
under the Export Enhancement Program (EEP)...
(Continued) - The USDA said it has accepted a bid for an
export bonus to cover the sale of 18,000 tonnes of U.S. durum
wheat to Algeria for June 20/30 shipment, with an additional
228,000 tonnes still available to Algeria under the EEP.
Tenders - Jordan will tender Monday, April 6, for 225,000
tonnes of U.S. hard and soft wheats for various April/Nov
shipments under the EEP.
Market talk and comment - The USDA said Turkey has been
made eligible for the sale of up to 70,000 tonnes of medium
grain milled rice under the EEP...
Market talk and comment (continued) - The USDA announced
Colombia has been made eligible for sale of up to 15,000 tonnes
of U.S. barley malt under the EEP...The Canadian Grain
Commission reported Canadian wheat exports in the week ended
March 29 totalled 447,200 tonnes, compared with 277,700 the
previous week, with 1986/87 season exports so far up to
10,228,600 tonnes versus 10,637,500 for the 1985/86 season,
with barley exports 38,800 tonnes, 106,700 tonnes, 4,804,500
and 1,892,600 respectively, rapeseed 43,900 tonnes, 50,700
tonnes, 1,292,600 and 920,000 respectively and flaxseed 20,700
tonnes, 13,600 tonens, 450,900 and 392,600 respectively...
Market talk and comment (continued) - Pakistan is not
emerging as a major wheat exporter as World market prospects
are not good enough, a government official said...Active
timecharter fixing by Soviet operators to cover USSR grain
imprts featured the ocean freight market this morning, ship
brokers said...Dry cargo futures on the BIFFEX extended
yesterday's strong advance, with sharp gains of 22 to 17 points
in response to rumors of higher rates for grain business from
the U.S. Gulf to Japan, dealers said.
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Cullen/Frost Bankers Inc said
it will defer paying a cash dividend for the next 12 months,
due to the economic slump in the Texas economy. It previously
paid a five cents a share dividend in recent quarters.
It also said its first quarter earnings ended March 31,
which it said it will release later this month, will be similar
to its fourth quarter earnings last year.
In 1986 the company reported a loss of 6,565,000 dlrs or 91
cts a share.
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A group of New York investors said it
lowered its stake in Rospatch Corp to 170,250 shares, or 7.0
pct of the total outstanding common stock, from 202,108 shares,
or 8.3 pct.
In a filing with the Securities and Exchange Commission,
the group said it sold a net 31,858 shares of Rospatch common
stock between February 2 and March 31 at prices ranging from
21.50 to 25.13 dlrs a share.
The group includes Brookehill Equities Inc, a brokerage
firm, and Moore, Grossman and deRose Inc, an investment
advisor.
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State-run oil company Ecopetrol said
Colombia's main oil pipeline was bombed again and pumping of
170,000 barrels per day was suspended.
A spokeswoman for the company said that the early morning
dynamite attack was the 31st in the last nine months on the
Cano Limon-Covenas pipeline, which links Colombia's biggest
oilfied at Cravo Norte to the Caribbean.
She said about 2,000 barrels of crude were spilled and
could not indicate when pumping would resume. The attack was
near Magangue in northeastern Bolivar province.
Ecopetrol is exploiting Cravo Norte in association with
Occidental Petroleum Corp <OXY> and Shell Petroleum N.V., a
unit of the Royal Dutch/Shell Group <RD> <ST>.
Ecopetrol said in a communique that bombings since last
July led to a loss of more than 110,000 barrels of crude, or
the equivalent of 10 mln dlrs.
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Loctite Corp said it expects
third quarter earnings to be higher than security analysts'
forecasts of 75 to 80 cts a share.
Last year the company earned 53 cts per share in the third
quarter.
It attributed its better than expected forecast to sales
growth, which it said were particularly strong overseas. It
also said it will have a lower effective tax rate.
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Time Inc said the acquisition of Scott,
Foresman and Co last year will dilute earnings per share by
about 17 cts a share for the full year in 1987.
For the first quarter the acquisition will have a negative
impact of about 20 cts per share, chief financial officer
Thayer Bigelow told security analysts.
He said Scott, Foresman, a textbook publisher, will
contribute more than 50 mln dlrs in operating income before
depreciation and amortization for the full year.
N.J. Nicholas, president and chief operating officer, said
Soctt Foresman will have over 200 mln dlrs in revenue in 1987.
Bigelow said the textbook business, which normally has its
highest profit in the third quarter and incurs a loss in the
first quarter, will have an "adverse impact of 15 mln dlrs' on
book publishing income for the first quarter.
"First quarter performance for the rest of Time Inc will be
better than last year," Bigelow said.
The dilution of 17 cts per share for 1987 includes the
effects of financing the acquisition. Bigelow also said the
company is "comfortable" with estimates that earnings will be
between 3.75 dlrs and 4.25 dlrs per share for the year.
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CYACQ Corp said it terminated its
February six tender offer for Cyclops Corp.
CYACQ was unsuccessfully bid against Dixons Group Plc for
control of Cyclops. As of March 27, Dixons Group Plc had
acquired more than 80 pct the stock under an increased tender
offer.
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Leonard Chavin, a Chicago real estate
developer who has said he is considering seeking control of
L.E. Myers Co Group, said he raised his stake in the company to
273,100 shares, or 12.1 pct, from 219,600, or 9.7 pct.
In a filing with the Securities and Exchange Commission,
Chavin said he bought 53,500 Myers common shares between March
10 and 31 at prices ranging from 5-1/2 to six dlrs a share.
Last January, Chavin said he retained investment banker
R.G. Dickinson and Co to advise him on his Myers stock
dealings. He has also said he would be unable to seek control
of Myers unless he gets financing.
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First Quarter
Anchor Financial Corp shr 31 cts vs 31
Nine Months
Biomet Inc shr 49 cts vs 36
Federal Co shr 3.55 dlrs vs 1.66
Richardson Electronics shr 59 cts vs 53
Year
Eac Industries Inc oper shr loss 65 cts vs
loss 97 cts
Fine Art Acquisitions shr 15 cts vs 10
Mangood Corp oper shr loss 6.07 dlrs vs loss 7.64
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Shr loss 31.09 dlrs vs loss 1.86 dlrs
Net loss 112.7 mln vs loss 5.5 mln
NOTE: 1986 loss includes operating loss of 109.4 mln dlrs
or 30.21 dlrs a share, including an additional loan loss
provision of 68 mln dlrs, write downs in the value of real
estate of 13 mln dlrs and an extraordinary loss of 3.3 mln dlrs
for early retirement of long-term debt.
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0
]
|
Michael Krupp, a Golden, Colo.,
businessman and major shareholder of Kappa Networks Inc, said
he and Kappa's management are considering seeking a merger
between Kappa and Radiation Systems Inc.
In a filing with the Securities and Exchange Commission,
Krupp said companies he controls and Kappa acquired a combined
292,000 Radiation System shares, or 5.25 pct of the total.
Krupp, who has a 24.4 pct stake in Kappa, said he and Kappa
management believe a Kappa-Radiation Systems combination would
be good for both companies. But no decision has been made on
whether or how to proceed with a merger attempt, he added.
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Olin Corp's Olin Hunt
Specialty Products Inc said it acquired Image Technology Corp
for undisclosed terms.
Image Technology makes chemicals for the semiconductor
industry.
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Key Centurion Bancshares Inc
said it reached an agreement in principle to acquire Central
National Bank of Buckhannon, in W. Virginia.
Terms call for an exchange of 2.75 shares of Centurion
shares for each share of Central National. The transaction is
valued at 16.2 mln dlrs.
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Sturm, Ruger and Co Inc said it
submitted a bid in excess of 60 mln dlrs for Smith and Wesson,
a manufacturer of law enforcement firearms, and a unit of Lear
Siegler.
Smith and wesson is among a number of companies being sold
by Forstman and Little after its recent acquisition of Lear
Siegler.
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Freedom Savings and Loan Association
said it may seek a possible sale or merger of the association
as it reported a net loss of 112.7 mln dlrs or 31.09 dlrs a
share for 1986.
The loss included a number of charges, including additions
to its loan loss provision of 68 mln dlrs and write-downs on
the value of its real estate of 13 mln dlrs.
It said it is continuing to work with investment bankers to
find sources of new capital, return its non-performing assets
to earning status, and reduce operating expenses and
liabilities, among other things.
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The Brazilian state oil company
Petrobras has made a second oil discovery in the Amazon region,
President Jose Sarney said.
He said the well had an initial flow of 150,000 cubic
meters of gas and 220 barrels of oil per day. It is situated 14
kilometres from the first well to be discovered in the region
last year, which is currently yielding 500,000 cubic meters of
gas and 900 barrels of oil daily.
The wells, the biggest onshore well in the country, are on
the banks of the river Uruc in the Amazon basin 3,600
kilometres (2,250 miles) north of Brasilia.
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Shr loss 10 cts vs loss 13 cts
Net loss 197,779 vs loss 245,190
Revs 4.0 mln vs 3.1 mln
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MONTHLY dist 2.1 cts vs 2.1 cts prior
Payable April 25
Record April 15
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Publishers Equipment Corp said it reached
an agreement to incorporate flexo printing technology into The
Tentonian, an Ingersoll newspaper in Trenton, N.J.
It said that mid-1988 will be the target date for start-up
for the new equipment which will double the size of its present
press.
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A group led by New York investor
Mario Gabelli told the Securities and Exchange Commission it
cut its stake in Gencorp Inc to 1,410,184 shares, or 6.3 pct of
the total, from 1,626,233 shares, or 7.3 pct.
The Gabelli group said it sold 216,049 Gencorp common
shares between March 20 and 30 at prices ranging from 108.75 to
114.75 dlrs a share.
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Mario Gabelli, head of New York
investment firm Mario Gabelli and Co, said he sold some shares
of GenCorp Inc <GY> as part of a "portfolio rebalancing"
process to meet the needs of his more than 600 clients.
He said as the stock moved up following acquisition
proposals from a group formed by AFG Industries Inc <AFG> and
Wagner and Brown, some of his clients were overweighted.
Regarding the company's shareholders meeting Tuesday,
Gabelli told Reuters, "there was nothing said that caused me to
sell or buy." He still thinks "values are 140 dlrs per share or
more" and has clients that asked to buy more.
Gabelli said he amended certain filings with the Securities
and Exchange Commission because his clients are now passive
investors. "We wanted to remove our clients from the process
unfolding between GenCorp and Wagner and Brown," he said.
He said he was pleased that chairman A. William Reynolds
stated at the meeting that he found the concept of greenmail to
be "repugnant." Greenmail refers to a corporation buying out a
shareholder at a premium not available to others.
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Poul Erik Moller, a Santa Monica,
Calif., investor said he raised his stake in First Western
Financial Corp to 412,000 shares, or 6.5 pct of the total
outstanding common stock, from 347,000 shares, or 5.5 pct.
In a filing with the Securities and Exchange Commission
Moller said he bought 65,000 First Western common shares
between Jan 20 and March 26 at prices ranging from 10.000 to
10.625 dlrs a share.
Moller said he bought the stock as a long-term investment
and may buy more, but has no plans to seek control of the
company.
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Poul Erik Moller, a Santa Monica,
Calif., investor said he raised his stake in First Western
Financial Corp to 412,000 shares, or 6.5 pct of the total
outstanding common stock, from 347,000 shares, or 5.5 pct.
In a filing with the Securities and Exchange Commission
Moller said he bought 65,000 First Western common shares
between January 20 and March 26 at prices ranging from 10.000
to 10.625 dlrs a share.
Moller said he bought the stock as a long-term investment
and may buy more, but has no plans to seek control of the
company.
Reuter
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Oper shr loss 30 cts vs profit eight cts
Oper net loss 5,887,996 vs profit 1,620,312
Revs 32.4 mln vs 48.5 mln
Note: 1987 net excludes extraordinary gain of 2.7 mln dlrs
or 14 cts shr from settlement of provision for discontinued
operations vs yr-ago tax gain of 562,248 dlrs or three cts shr.
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Cash distribution 13.3 cts vs 8.4 cts prior
Pay April 29
Record April 15
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Qtly div 45 cts vs 45 cts prior
Pay May 15
Record April 24
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Gulf States Utilities Co said
its condition has "significantly deteriorated" and that its
operating cash reserves will be inadequate by May 1987 unless
it receives additional financing or rate relief from state
public utilities commissions in Texas and Louisiana.
In the company's newly-released annual report and 10-K
filing, Gulf States said its bank lenders had notified the
utility last month that no additional credit would be granted.
Gulf States said the banks had requested the utility to begin
making prepayments by the end of April of 45 mln dlrs more than
the estimated 1987 lease payments of 40 mln dlrs.
"The circumstances increase the likelihood that the company
may have to seek protection from its creditors under the
bankruptcy code," Gulf States said.
The utility had previously said it might be forced to
consider filing for bankruptcy because of limited rate
increases granted by state regulators in connection with Gulf
States' 4.3 billion dlr River Bend nuclear plant in Louisiana.
"If the regulatory commissions approve the company's
proposed rate moderation plan and grant the increases provided
for in such plan during the initial three-year phase-in period,
the company believes it could achieve financial stability,"
Gulf States said.
In February, the Texas Public Utilities Commission granted
Gulf States an interim rate increase of 39.9 mln dlrs
contingent upon the utility obtaining a new 250 mln dlr line of
credit to pay operating expenses. The utility had sought 144.1
mln dlrs in rate hikes in Texas.
Gulf States has appealed a decision by Louisiana state
regulators rejecting its application for 100 mln dlrs in
emergency rate relief.
In 1986, Gulf States earned 244.9 mln dlrs on revenues of
1.47 billion dlrs, compared to profits of 265.4 mln dlrs on
sales of 1.85 billion in the previous year.
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Hongkong and Shanghai Banking Corp and
Standard Chartered Bank raised their prime rate one-half point
to 6.5 pct, effective Tuesday, the Association of Banks said.
The association said in a statement deposit rates have also
been increased by 1/4 to 1/2 percentage point.
The banks last announced an adjustment on February 28 when
they raised the prime rate by one point to six pct.
The deposit interest rates are now savings and 24 hours two
pct, seven-day call, one week and two weeks 2-1/4 pct, one
month and two months 2-3/4 pct, three and six months 3-1/4 pct,
nine months 3-1/2 pct and 12 months four pct.
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British Chancellor of the
Exchequer Nigel Lawson said the next U.K. Election was not the
only element standing in the way of full British membership of
the European Monetary System (EMS).
But he added that arguments against joining had weakened.
Prime Minister Margaret Thatcher, widely believed to be the
strongest government opponent of full EMS membership, has made
clear she does not expect to consider joining until after the
next UK election, due by mid-1988 at the latest.
But Lawson, in answer to a question, told reporters after
an informal European Community finance ministers' meeting here
that other factors apart from the upcoming election stood in
the way of full membership.
In addition to the question of the exchange rates at which
Britain should enter the EMS's core exchange rate mechanism,
there was also the impact of sterling membership on the system
to be considered, he said.
British entry would change the EMS from a monopolar system
based on the West German mark to a bipolar mark-sterling
system, he noted. "We have to make sure it would work."
But Lawson added that some of the considerations that had
made it difficult for Britain to join in the past now posed
less of a problem.
As an example he cited sterling's role as a petrocurrency,
which he said was diminishing. "That argument has clearly
weakened," he said.
Lawson restated that the government was keeping the
question of membership under review.
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European Community (EC)
finance ministers and central bankers agreed on the need for
greater cooperation to strengthen the European Monetary System
(EMS) against international market turbulence, officials said.
"There was a general will to reinforce the European Monetary
System, with all that implies," Belgian Finance Minister Mark
Eyskens said yesterday after hosting a one-day session of
informal talks at this Belgian coastal resort.
The gathering was the first such discussion since the
second major realignment of EMS parities within nine months in
January.
The system has come under severe strain as funds have
flowed out of the slumping dollar and into the dominant EMS
currency, the West German mark, sending it soaring against
weaker currencies in the system.
But Eyskens said February's agreement between leading
western industrialised nations to stabilise exchange rates at
around current levels was working and this would allow the EC
to speed up its efforts to boost the internal stability of the
EMS.
He told a news conference yesterday's meeting agreed on the
need for closer coordination among EMS member governments of
interest rate policies and of interest rate differentials
between different countries.
They also agreed they needed better coordination of
exchange market intervention to hold currencies stable, both
when they reached their fixed EMS limits and within their
agreed margins.
But Eyskens said this coordination raised a whole range of
technical problems and ministers would discuss these further in
Luxembourg in June on the basis of proposals from the EC's
Monetary Committee and Committee of Central Bank Governors.
He said the EC needed a set of indicators of economic
convergence betwen Community countries and it was important
that interest rates fulfilled this role together with exchange
rates and inflation rates.
The Belgian minister, whose country presently holds the
presidency of the community, made clear the meeting had not
produced any agreement to move radically forward in developing
the EMS towards the EC's long term goal of economic and
monetary integration.
"We have committed ourselves to reestablishing the normal
functioning of the system," Eyskens said.
Eyskens has repeatedly stressed that he believes the EMS
has to be reinforced if the EC's plans to liberalise all
movements of capital across national borders by 1992 are to go
ahead.
EC executive Commission President Jacques Delors told the
meeting the authority would put forward proposals for a final
phase of capital market liberalisation in October that would
include safeguard clauses for member countries for which the
move would create difficulties.
Eyskens said the ministers and central bankers also
discussed the need to "dedramatise" realignments of EMS parities
by letting high-ranking monetary officials carry them out by
telephone rather than calling a meeting of finance ministers.
However, West German sources said Bonn Finance Minister
Gerhard Stoltenberg was unenthusiastic about the idea.
British Chancellor of the Exchequer Nigel Lawson told
journalists that one of the technical issues raised by greater
coordination of exchange market intervention was the question
of which currencies should be used to intervene and held in
central bank reserves.
He said several EMS member countries believed the EMS would
work better if central banks held each other's currencies -- an
issue of particular importance regarding West Germany since the
Bundesbank holds only dollars in its foreign exchange reserves.
He said the debate on dedramatising EMS realignments
reflected a general feeling among participants that the way the
January reshuffle had been conducted was unsatisfactory.
The realignment was marked by acrimony between France and
West Germany, with each side blaming the other for strains in
the system that forced the parity overhaul.
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The Zambian currency further depreciated
yesterday at the second auction since the introduction of a
two-tier foreign exchange system last month.
The (central) Bank of Zambia said the kwacha was pegged at
16.99 to the dollar, compared to last week"s rate of 15 to the
dollar.
The bank, which offered six mln dlrs at the auction,
reported demand for 13.4 mln dlrs. At the previous auction, the
government offered eight mln dlrs.
Last month the government set a fixed exchange rate of nine
kwacha per dollar, subject to adjustment against a basket of
five currencies, for certain official transactions.
It also introduced a new weekly foreign exchange auction
only for parastatal organisations and the private sector, where
the exchange rate is allowed to float in accordance with market
demand.
The new auction system is designed to be more restrictive
than the previous one, suspended in January after the central
bank fell 10 weeks in arrears to successful bidders.
Under the new system, no bidder, except the the state oil
company Zimoil and the national airline Zambia Airways, is
allowed to bid for more than five pct of the foreign exchange
on offer.
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Defence Secretary Caspar Weinberger has
ordered the U.S. Navy to increase its presence near the Gulf in
an effort to fulfil President Reagan's pledge to keep oil
flowing to Europe and Japan, The New York Times reported.
The newspaper quoted Pentagon officials as saying the Navy
would keep the aircraft carrier Kitty Hawk on station in the
Arabian Sea and the rest of the Indian Ocean until May, three
months longer than planned.
The Navy would then have a carrier battle group of six to
eight warships in the area at all times rather than part of the
time, as happens now, the paper said.
The paper said that last month U.S. Intelligence sources
said they had spotted land-based anti-ship missiles of a
Chinese design known in the West as the HY-2 near the Strait of
Hormuz.
It said their purpose was seen as a signal Iran was ready
to continue and perhaps step up the Gulf shipping war against
Iraq.
U.S. Carriers or battleships would sail out of range of
those missiles, but within striking distance, the paper quoted
officials as saying.
From several hundred miles at sea, carriers could launch
aircraft bombing runs or missile strikes, and battleships could
fire long-range missiles, the paper said.
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Growth in oil consumption in the Western
industrialised countries is likely to slow to around one pct
this year compared with 2.3 pct in 1986, the International
Energy Agency (IEA) said.
Oil use in the 24 countries of the OECD increased by around
one pct in first quarter 1987 to 35.9 mln bpd, the IEA said in
its Monthly Oil Market Report.
Growth in OECD countries is expected to come primarily from
transport fuels, as in 1986. But if average consumer prices are
higher than 1986, the rate of growth for these fuels may be
below last year's 3.6 pct, it said.
The IEA said that assuming crude oil and product prices
stay close to current levels, some destocking by end-users can
be expected. If that happens, natural gas will also regain some
of the market share it lost to heavy fuel in 1986, and there
may be slightly less growth in transport fuels.
IEA estimates on April 1 put oil stocks in the OECD area at
428 mln tonnes, representing 98 days of forward consumption.
This is about the same level as at the begining of the year.
The agency said this flat trend is explained by the
projected seasonal consumption decline in the second quarter of
the year which offset a reduction in stocks.
It said initial estimates indicate that company stocks fell
by 1.2 mln bpd in OECD countries in the first quarter of the
year. This followed a small rise in January of 0.4 mln bpd but
a decline of 1.5 mln bpd in February and 2.5 mln bpd in March.
It is possible that final data will show a larger draw,
particulary for March, it said. As crude production also fell,
there is likely to have also been a decline in non-reported
stocks, particularly at sea, the IEA said.
Company stocks on land in the OECD rose to 326 mln tonnes
on April 1 against 316 mln on April 1 1986. Governments built
up strategic stocks to 102 mln tonnes against 97 mln in the
period.
The year-on-year trend of government stock building is
continuing with year-on-year company stocks also rising, more
or less in line with consumption, after declining for five
years, the IEA noted.
Oil stocks on land in the U.S. And Canada were put at 206.6
mln tonnes on April 1, down from the 214 mln tonnes on January
1 and equivalent to 94 and 98 days of consumption,
respectively.
Oil stocks in Western Europe were 147.4 mln tonnes on April
1, down from the 154 mln on January 1 but still equivalent to
94 days of consumption.
World oil supply fell in the first quarter by about two mln
bpd to 45.2 mln bpd from 47.2 mln bpd in last quarter 1986.
This drop was mostly due to a decline in OPEC crude
production to around 15.5 mln bpd in February/March from 16.5
mln bpd in January and to the seasonal drop in exports from
centrally-planned Economies, the IEA said.
Total OPEC crude oil supply was 15.8 mln bpd in the first
quarter, plus 1.4 mln bpd of NGLs, compared with 17.3 mln bpd
of crude in the last three months of 1986 and 17.9 mln average
for the whole of 1986. Supply from non-OPEC countries totalled
28 mln bpd, against 28.5 mln bpd in the fourth quarter 1986.
A drop in Saudi Arabian output to a tentatively forecast
3.3 mln bpd in March from 3.6 mln bpd in February was the
largest factor behind the OPEC production decline, the IEA
said.
Saudi Arabia"s Opec-assigned output quota is 4.133 mln bpd.
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U.S. Bond trading is likely to remain
cautious in the near term with a possible downward price bias
as market participants focus on trends in the dollar, the
economy and Federal Reserve policy, economists said.
Most expect the economy to continue showing modest gains,
that the dollar has more room to fall and that the Fed will
keep policy essentially steady, perhaps for several months.
Until trends are clearer, "the market can only attempt to to
establish and hold a new trading range at higher interest
rates," said economists at Merrill Lynch Capital Markets.
Merrill Lynch economists Raymond Stone and Ward McCarthy
said that while the fundamentals generally bode for a healthy
investment climate, the market will have no confidence in this
environment until there is illumination of and confidence in
U.S. Dollar/trade policy.
Salomon Brothers' Henry Kaufman said the bond market,
highly sensitized to dollar movements, could be encouraged if
currency markets seem to be stabilizing or if U.S. And overseas
economic growth is perceived as slowing sharply.
"The crucial question, however, is how soon either of these
developments is likely to occur," Kaufman said.
"Market uncertainties and the erosion of portfolio manager
confidence could continue portfolio selling pressure a while
longer," said Philip Braverman, chief economist at Irving
Securities Corp.
However, Braverman said that, "from a longer term
perspective, current (bond) prices provide a buying
opportunity."
Despite a nearly one-point bond price rebound Friday on
unexpectedly weak March employment data, key 30-year Treasury
bonds lost 2-1/4 points in price for the week as a whole and
Thursday's 7.93 pct closing yield was a 1987 high.
Braverman said historical evidence suggests that a long
bond yield in the 7.93 pct area provides a basis for optimism.
Bonds closed at 7.86 pct on Friday.
The Irving economist noted that three times last year, in a
similar "paroxysm of pessimism," the key bonds reached a similar
closing yield high. Within three to six weeks in each instance,
however, Braverman said bond prices recovered to bring the
yield down sharply by 63 to 82 basis points.
Mitchell Held of Smith Barney, Harris Upham and Co Inc said
that many portfolio managers now believe yields could approach
nine pct by midyear, which he considers unlikely.
Held said that, since late 1986, Smith Barney analysts have
spoken about the risk that interest rates could move higher and
they continue to believe that an upward bias is likely to
persist over the next few months.
Held said that in conversations with portfolio managers
last week there appeared to be increasing belief that the rate
rise had just begun and that yields could approach nine pct by
midyear. Naturally, that would mean a sharp bond price fall.
"Yields could rise further over the next few months, but the
rise should be less than the 65 basis point rise we've seen
since the start of the year," Held said.
Most expect Fed policy to be neutral for bonds near term.
"The Fed is currently frozen into a fixed stance," said
economists at Aubrey G. Lanston and Co Inc.
They said the Fed cannot tighten policy and push up
interest rates as might be appropriate to stabilize the dollar
and head off renewed inflationary psychology. That might harm
the fragile U.S. Economic expansion.
The Lanston economists said, "The Fed cannot ease its policy
stance to both foster more rapid economic growth and calm
domestic and Third World debt jitters without the threat of
causing a further decline in the dollar."
Minutes of February's Federal Open Market Committee (FOMC)
meeting released Friday showed that while the FOMC left policy
unchanged it was more inclined to firm rather than ease policy
later if conditions in the economy, foreign exchange or credit
markets warranted a policy shift.
However, economists generally believe that continued fairly
sluggish U.S. Economic growth and the financial strains on U.S.
Banks resulting from their problem loans to developing
countries rule out any Fed policy firming.
There is broad agreement among economists that the FOMC at
last Tuesday's meeting also left Fed policy unchanged.
This week's U.S. Economic data are expected to have little
impact. February consumer instalment credit numbers are due on
Wednesday, with March producer price data out Friday.
There may be mild relief in some quarters that the U.S.
Purchasing Managers Composite Index, a closely-watched economic
indicator, rose only to 53.9 pct in March from 51.9 pct. A
Friday rumor had put the number far higher. The index's first
quarter average also was 53.9 pct, translating into real GNP
growth of about three pct if continued through 1987.
Federal funds traded at 5-15/16 pct late Friday and are
expected to open about there today with no Fed action seen.
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National Australia Bank Ltd <NABA.S>
said it lowered its benchmark prime lending rate to 18.25 pct
from 18.5, effective today, but left its base rate at 18.5.
The benchmark reduction brings the rate into line with the
prime rates of most of Australia's trading banks, including
those of two of the other three major trading banks.
However, the rate is above the 18 pct - the lowest ruling
rate - set by the other major, the Australia and New Zealand
Banking Group Ltd <ANZA.S>, on Friday and effective today.
The benchmark is based on short-term interest rate
movements while the base rate is tied to longer-term trends.
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Caesars World Inc <CAW> said its
directors unanimously approved a recapitalization plan under
which stockholders will get a cash distribution of 25 dlrs per
share via a one-time special cash dividend and will retain
their common stock ownership in Caesars World.
Caesars World said it expects to raise the approximately
one billion dlrs needed to pay the 25 dlr per share dividend
and the expenses of recapitalization through around 200 mln
dlrs in bank borrowings and a public sale of approximately 800
mln dlrs of debt. Some outstanding debt will be retired.
Drexel Burnham Lambert Inc, Caesars' financial advisor, has
told the company it is confident it can arrange the entire
financing needed for the recapitalization.
Henry Gluck, chairman and chief executive officer of the
hotel, casino and resorts company, said in a statement the
board believes the recapitalization plan is financially
superior to a 28 dlr a share tender offer by Martin Sosnoff.
Gluck said the Caesars World board once again recommends
that shareholders reject the Sosnoff offer.
The stock closed at 29.25 dlrs a share on Friday.
"Our ability to restructure along these lines is possible
primarily because of the financial stability and the strong
operating results achieved by management in recent years," Gluck
said.
He said that after the recapitalization takes effect,
proforma net income for the fiscal year ended July 31, 1988 is
expected to be about 28.7 mln dlrs.
Fiscal 1988 primary earnings per share are projected to be
76 cents, based on about 37.8 mln in post-recapitalization
common and common-equivalent shares outstanding.
Commenting on the company's longer term earnings outlook,
Gluck said "we project net income to increase to 86.2 mln dlrs
in 1992, reflecting increased operating income and lower
interest expense due to the retirement of 267 mln dlrs of debt
incurred in connection with the recapitalization."
He said the company does not usually release projections,
but has done so now beause of the significance of the
recapitalization.
Gluck said the recapitalization plan will be submitted for
stockholder approval at a special meeting expected in June.
The plan will require the approval of stockholders and that
of the Nevada and New Jersey gaming regulatory authorities.
As part of the plan, the company will change its state of
incorporation from Florida to Delaware by means of a merger of
Caesars World into a wholly owned subsidiary of the company.
The new incorporation certificate and bylaws will provide
for, among other things, a "fair price" provision requiring that
certain transactions with interested 15 pct stockholders be
approved by an 80 pct vote of stockholders, excluding shares
held by such interested stockholders.
Caesars World said in a statement that "the cash
distribution will result in a substantial deficit in
stockholders' equity." It did not give an estimate of the size
of this deficit.
But the company said its financial advisors have said they
believe that after the recapitalization, Caesars World should
have the financial flexibility and resources necessary to
finance its current and projected operating and capital
requirements.
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<The Australian Gas Light Co> (AGL) said it
will offer one share plus one dlr cash for every two shares in
oil and gas producer <TMOC Resources Ltd> in a counter-bid to
the previously reported takeover offer by Santos Ltd <STOS.S>.
The offer values TMOC shares at 4.75 dlrs each, based on
AGL's closing price of 8.50 dlrs on Friday. TMOC shares jumped
to 4.60 dlrs on the announcement from its Friday closing price
of 4.15.
The AGL offer, the third to be made for TMOC this year,
compares with the Santos cash offer of 4.00 dlrs a share.
Based on TMOC's issued capital of 62.08 mln shares, the AGL
offer values the entire company at 249.9 mln shares.
AGL said in a statement that it already holds 10.5 pct of
TMOC's issued capital. This compares with the Santos stake of
3.1 pct when it announced its bid in March 23.
<Elders Resources Ltd> began the auction for TMOC about
three months ago with an unsuccessful 2.55 dlrs a share
on-market offer that has since lapsed.
AGL said its offer is above the upper end of the range of
values placed on TMOC by its advisers in the company's response
urging rejection of the Elders Resources bid.
AGL said it will make the same offer for TMOC's convertible
notes. Accepting share and note holders will participate in
AGL's planned one-for-one bonus issue.
It said TMOC is already a partner with AGL in the Alice
Springs to Darwin gas pipeline and has a number of businesses
complementary with those of AGL.
AGL is the New South Wales natural gas utility while TMOC
has extensive onshore holdings, mainly in Queensland where it
owns the Moonie oil field and in the Northern Territory where
it operates and holds 43.75 of the Mereenie oil-gas field. It
also has interests in a number of gas or oil pipelines.
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Growth in oil consumption in the Western
industrialized countries is likely to slow to around one pct
this year compared with 2.3 pct in 1986, the International
Energy Agency said.
Oil use in the 24 member countries of the Organization for
Economic Cooperation and Development (OECD) increased by around
one pct in the first quarter of 1987 to 35.9 mln barrels a day,
the IEA said in its latest monthly report.
Growth in OECD countries is expected to come primarily from
transport fuels, as was the case in 1986. But if average
consumer prices are higher than 1986, the rate of growth for
these fuels may be below last year's 3.6 pct.
The IEA said assuming crude and product prices remain nar
current levels, some destocking by end-users can be expected.
If that takes place, natural gas will also regain some of
the market share it lost to heavy fuel in 1986, it said.
IEA estimates on April one put oil stocks held in the OECD
area at 428 mln tonnes, or 98 days of forward consumption. This
is about the same as at the begining of the year.
The agency said this flat trend is explained by the
projected seasonal consumption decline in the second quarter of
the year which offset a reduction in stocks.
Company stocks on land in the OECD rose to 326 mln tonnes
on April one this year compared with 316 mln tonnes in calender
1986 while governments also built up their strategic stocks to
102 mln tonnes against 97 mln in 1986.
The year-on-year trend of government stock building is
continuing with company stocks rising, more or less in line
with consumption, after declining for five years, IEA said.
Oil stocks on land in the United States and Canada were put
at 206.6 mln tonnes down from the 214 mln tonnes on January one
and equivalent to 94 and 98 days of consumption, respectively.
Oil stocks in Western Europe were 147.4 mln tonnes, down
from the 154 mln tonnes on January one but still equivalent to
94 days of consumption.
The IEA said that initial estimates indicate that company
stocks fell by 1.2 mln bpd in OECD countries in the first
quarter of the year. This followed a small rise in January of
400,000 bpd but a decline of 1.5 bpd in February and 2.5 bpd in
March.
And it is possible that final data will show a larger draw,
particulary for March, it said.
As crude production also fell, there is likely to have also
been a decline in non-reported stocks, particularly at sea, the
IEA said.
World oil supply fell through the first quarter by about
two bpd to 45.2 bpd from 47.5 bpd in the last quarter of 1986.
This drop was mostly due to a decline in OPEC crude
production to around 15.5 bpd in February/March from 16.5 bpd
in January and to the seasonal drop in exports from Centrally
Planned Economies, the IEA said.
Total OPEC oil supply totalled 17.2 bpd in the first
quarter of 1987 compare with 19.3 bpd in the last three months
of 1986 while supply from non-OPEC countries totalled 28 bpd as
against 28.2 bpd in the same 1986 period.
A drop in Saudi Arabian output to a tentatively forecast
3.3 bpd in march from 3.6 bpd in February was the largest
factor behind the OPEC production decline, the IEA said.
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Finance Minister Kiichi Miyazawa told a
parliamentary committee he expects major nations to reafffirm
the currency pact they struck in Paris when they meet this week
in Washington, political sources said.
The Minister also was quoted as saying he expects major
nations to take coordinated action to ensure exchange rate
stability.
Finance Ministry officials were unavailable for immediate
comment. In Paris on February 22, six nations - Britain,
Canada, France, Japan, the U.S. And West Germany - pledged to
cooperate to hold their currencies stable.
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AUSTRALIAN WEEKLY WHEAT SHIPMENTS - WEEK TO 23-29
(in tonnes for crop year beginning oct 1) current week
prev week 316,024 297,045 crop year to date
prev crop to date 7,217,394 8,422,811

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Thailand exported 75,160 tonnes of rice
in the week ended March 31, down from 88,785 tonnes the
previous week, the Commerce Ministry said.
It said the government and private exporters shipped 36,552
and 38,608 tonnes respectively.
Private exporters concluded advance weekly sales for 22,086
tonnes against 44,483 tonnes the previous week.
Thailand exported 1.23 mln tonnes of rice in January/March,
down from 1.29 mln tonnes a year ago. It has commitments to
export another 381,171 tonnes this year.
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