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Wheat and rapeseed crops in east China
suffered considerable damage because of frost during a spell of
unusually cold weather in late March, the China Daily said.
It said average temperatures for the last 10 days of March
in most of east China were three to five degrees centigrade
below average. Snow fell in Jiangsu, Anhui, Hubei and Henan,
making early rice sowing difficult.
Heavy snow blanketted central and south Jilin and north
Liaoning, leaving farmland too muddy for spring ploughing and
sowing, the paper said.
The paper said rainfall during the last 10 days of March in
areas south of the Yangtze had been much higher than normal.
Heavy rain fell last Sunday in parts of Guangdong, ending a
particularly arid dry season and marking the start of the flood
season, it said. It gave no further details.
The New China News Agency said rain and snow in Henan had
improved the prospects for wheat, sown on 4.8 mln hectares, and
caused a drop in grain prices at rural fairs since late
February. It gave no 1986 figures for comparison.
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The Bank of Japan intervened in early
afternoon Tokyo trading to support the dollar against active
selling by institutional investors and speculative selling by
overseas operators, dealers said.
The central bank had also bought dollars against the yen in
morning trade.
The dollar traded around 145.20/30 yen when trading began
in the afternoon here and weakened only slightly, the dealers
said.
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Kuwait may re-register part of its
tanker fleet with foreign flag jurisdictions, including the
U.S. And USSR, in an attempt to protect them from Iranian
missile attacks in the Gulf war zone, U.S. Officials were
quoted by the New York Times as saying.
The transfers would allow the country of registration to
escort Kuwaiti-owned ships in the Gulf. Kuwait had earlier
declined an offer of U.S. Naval escorts as too public an
admission of its need for protection, they said.
Kuwait is also looking at flagging-out to European
registries, the officials said.
Soviet flag tankers transporting Kuwaiti oil through the
Gulf may get Soviet escorts, the officials said.
Kuwait had earlier considered having both USSR and U.S.
Escorts, but the U.S. Was unwilling to give the Soviet Union a
naval role in the region, the newspaper quoted the officials as
saying.
Kuwait has backed Iraq in the seven-year war against Iran
and its ships have increasingly been the target of Iranian
attacks.
The U.S. And Kuwait have been negotiating for over a month
on methods of protecting Kuwaiti ships.
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<Chase-AMP Bank Ltd> said it will lower
its prime lending rate to 17.75 pct from 18.25, effective
tomorrow.
The bank is the first to lower its prime rate below the 18
pct set by a few banks in the last few days in a continuation
of a downward trend which began late last month.
Other prime rates range from 18.25 to 18.5 pct, with the
majority on 18.25.
The bank said the reduction reflected the recent downturn
in money market rates, the improved economic outlook and
adequate liquidity in the second quarter tax rundown period.
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Tesco Plc <TSCO.L> said it was extending
its 151 mln stg contested bid for <Hillards Plc> until May 1.
It said it now controlled 9.8 pct of Hillards shares,
comprising acceptances of the offer for 1.5 mln, or 3.1 pct,
and 3.2 mln, or 6.7 pct, owned by itself, its pension fund or
its associates.
It also controlled 23,250 convertible preference shares, or
0.2 pct.
Hillards shares were unchanged at 313p while Tesco was two
pence firmer at 475p.
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The Bundesbank set a new tender for a
28-day securities repurchase agreement, offering banks
liquidity aid at a fixed bid rate of 3.80 pct, a central bank
spokesman said.
Banks must make their bids by 1400 GMT today. Funds will be
allocated by 0900 GMT tomorrow and credited to accounts later
in the day. Banks must repurchase securities pledged on May 6.
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YEAR TO END-DEC 1986
Proposed dividend 45 francs vs 34.50 francs
Note - Full name of company is Moet-Hennessy SA <MHSP.PA>
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The Soviet Communist Party has criticised
the country's Grain Products Ministry for failing to ensure
proper grain storage, turning out poor quality bread and for
unsatisfactory book keeping, Pravda said.
The party daily said that losses in the industry owing to
waste and theft amounted to 7.3 mln roubles over the last two
and a half years.
The situation was particularly bad in the Central Asian
republic of Kazakhstan, which has been severely criticised
since the ousting of its veteran leader Dinmukhamed Kunayev
last December.
Its new leader, Gennady Kolbin, has said that at times the
grain-growing republic has performed so badly that it has been
obliged to seek grain supplies from national reserves.
Tass news agency announced yesterday that Grain Products
Minister Grigory Zolotukhin, 75, was being retired and replaced
by Alexander Budyka, a senior food industry official.
Pravda added today that the crisis in the industry had been
drawn to Zolotukhin's attention and two of his deputies
reprimanded.
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Taiwan's trade surplus widened to 4.18
billion U.S. Dlrs in the first quarter of 1987 from 3.05
billion a year ago, the government statistics department said.
First quarter exports rose to 11.25 billion U.S. Dlrs from
8.38 billion in the same period in 1986. Imports rose to 7.08
billion from 5.33 billion last year.
The March trade surplus was 1.45 billion dlrs compared with
1.32 billion in February and 1.02 billion in March 1986.
Exports rose to 4.07 billion U.S. Dlrs from 3.85 billion in
February and 2.99 billion in March last year. Imports were 2.61
billion dlrs against 2.53 billion in February and 1.96 billion
in March 1986.
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The Bundesbank did not intervene as
the dollar was fixed lower at 1.8218 marks after 1.8243
yesterday, dealers said.
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The Bank of Japan bought a small amount of
dollars at around 145.95 yen shortly after the Tokyo market
opened, dealers said.
But the dollar then fell on speculative selling by trading
houses, they said.
The dollar had opened here at 145.95 yen against 145.85/90
yen in New York and 146.00 yen at the close here yesterday.
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The Bank of Japan will sell tomorrow a
total of 800 billion yen worth of financing bills from its
holdings to help absorb a projected money market surplus of
1,300 billion yen, money traders said.
Of the total, 400 billion yen will yield 3.8502 pct on
sales from money houses to banks and securities houses in a
41-day repurchase accord maturing on May 19.
Another 400 billion yen will yield 3.7991 pct in a 20-day
repurchase pact maturing on April 28, they said.
The repurchase agreement yields compare with the 3.8125 pct
one-month, and 3.7500 pct three-week commercial bill discount
rates today.
Tomorrow's surplus is attributable to government tax
allocations to local governments and public entities.
The operation will put outstanding bill supply at about
4,300 billion yen, they said.
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The Bundesbank did not intervene as
the dollar was fixed lower at 1.8218 marks after 1.8243
yesterday, dealers said.
Dealers said dollar trading was very quiet over the
European morning, with operators made wary by today's meeting
of the Group of Five finance ministers and central bank chiefs
ahead of the full IMF/World Bank session in Washington.
It was undermined by remarks from U.S. Council of Economic
Advisers Chairman Beryl Sprinkel who told Iowa bankers the U.S.
Had no objective regarding the value of the dollar.
Sprinkel also called the reference to stabilizing exchange
rates at about current levels, made at the Paris meeting on
February 22, a "vague statement," casting doubt on operators'
assumptions that a secret target level had been set.
Sprinkel added that if West Germany and Japan made progress
to stimulate their economies as the Paris agreement envisaged,
"there would not be the necessity of significant declines in the
dollar."
One dealer for a U.S.-based bank noted the dollar tended
easier after the remarks. "They were obviously regarded as being
negative. And if the market starts regarding anything that
comes out negatively then it means that the underlying
sentiment is negative," he said.
Some early selling pressure softened the dollar's
undertone.
Most operators overlooked intervention by the Bank of Japan
to support the dollar against selling in favour of the yen by
institutional investors and overseas operators, dealers said.
After the strong focus on the dollar/yen rate in recent
weeks up to the end of the Japanese financial year on March 31,
interest and activity was likely to switch, dealers said.
"We can start to look at a point in time where the interest
shifts away from dollar/yen and more into dollar/mark and the
other European currencies," the U.S. Bank dealer said.
Despite the softer undertone, traders would remain wary of
taking significant new positions during the Washington
meetings, dealers said. Aside from the G-5 session today,
Bundesbank President Karl Otto Poehl is due to meet the German
Affairs group on international monetary issues later.
The mark gained some strength from news the Bundesbank set
a new securities repurchase tender to add money market
liquidity at a fixed 3.80 pct, unchanged from those over the
last several weeks. Some expectation had been growing that it
might cut the rate or move to a minimum interest rate tender,
signalling a desire for a slight easing in credit policy.
Bundesbank central bank council member Lothar Mueller said
the Bundesbank had not given up its focus on money supply. A
monetary policy which took into account exchange rates and
capital flows could not be confused with an exchange-rate
oriented policy, he said, contradicting some growing sentiment.
Sterling eased a touch to 2.950 marks at the fixing from
2.957. The yen's unabated strength, despite the intervention,
brought it up to 1.2555 marks per 100 from yesterday's 1.2480.
The Swiss franc rose to a fix of 120.515 marks per 100 from
120.180. The French franc eased to 30.055 marks per 100 after
30.060, Belgian franc was little changed at 4.829 marks per
100.
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Fire protection and security group
Wormald International Ltd <WOIA.S> said British-listed <Holmes
Protection Group Inc> has agreed to issue it with 6.15 mln
common shares of one U.S. Cent par-value at 1.72 stg each.
The two groups have also begun exploratory talks on a
possible merger of the Holmes business with the compatible
businesses of Wormald, comprising some or all of its fire
protection and security businesses in the Americas and Europe,
Wormald said in a statement.
The issue of shares in the New York-based Holmes is
conditional upon shareholder approval at a general meeting.
Wormald said its stake will represent 9.99 pct of Holmes'
existing issued shares and 9.09 pct of the enlarged capital.
The issue will raise 10.6 mln stg which will be used for
further development of the Holmes business.
Wormald said the businesses of the two groups are largely
complementary in terms of both geographical spread and the
nature of their activities, with Holmes concentrating on
burglar alarms and Wormald on fire systems.
Holmes's operations are concentrated in and around New York
amd Miami. It earned 11 mln U.S. Dlrs pre-tax in its last
reported full year, 1985, and 6.0 mln in first half 1986.
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Kuwait may re-register part of its
tanker fleet with foreign flag jurisdictions, including the
U.S. And USSR, in an attempt to protect them from Iranian
missile attacks in the Gulf war zone, U.S. Officials were
quoted by the New York Times as saying.
The transfers would allow the country of registration to
escort Kuwaiti-owned ships in the Gulf. Kuwait had earlier
declined an offer of U.S. Naval escorts as too public an
admission of its need for protection, they said.
Kuwait is also looking at flagging-out to European
registries, the officials said.
Soviet flag tankers transporting Kuwaiti oil through the
Gulf may get Soviet escorts, the officials said.
Kuwait had earlier considered having both USSR and U.S.
Escorts, but the U.S. Was unwilling to give the Soviet Union a
naval role in the region, the newspaper quoted the officials as
saying.
Kuwait has backed Iraq in the seven-year war against Iran
and its ships have increasingly been the target of Iranian
attacks.
The U.S. And Kuwait have been negotiating for over a month
on methods of protecting Kuwaiti ships.
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<Chase-AMP Bank Ltd> said it will lower
its prime lending rate to 17.75 pct from 18.25, effective
tomorrow.
The bank is the first to lower its prime rate below the 18
pct set by a few banks in the last few days in a continuation
of a downward trend which began late last month.
Other prime rates range from 18.25 to 18.5 pct, with the
majority on 18.25.
The bank said the reduction reflected the recent downturn
in money market rates, the improved economic outlook and
adequate liquidity in the second quarter tax rundown period.
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The Bank of Japan intervened in early
afternoon Tokyo trading to support the dollar against active
selling by institutional investors and speculative selling by
overseas operators, dealers said.
The central bank had also bought dollars against the yen in
morning trade.
The dollar traded around 145.20/30 yen when trading began
in the afternoon here and weakened only slightly, the dealers
said.
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The Bank of England said it had provided
the money market with 224 mln stg help in the morning session.
This compares with the Bank's forecast of a shortage in the
system today of around 850 mln stg which it earlier revised up
from 800 mln.
The central bank bought bank bills comprising 27 mln stg in
band one at 9-7/8 pct, 21 mln stg in band two at 9-13/16 pct
and 171 mln stg in band three at 9-3/4 pct.
It also purchased three mln stg of treasury bills and two
mln stg of local authority bills in band three at 9-3/4 pct.
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Occidental Petroleum Corp said the
Shiviyacu-23 development well on Block 1-AB in the Peruvian
Amazon jungle is producing 6,593 barrels of 22 degree gravity
oil per day from depths of 9,543 to 9,547 and 9,556 to 9,599
feet.
The company said it is drilling a new exploration well on
the block, Southeast Shiviyacu-1, 2.5 miles away.
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Shr 51 cts vs 46 cts
Shr diluted 44 cts vs 41 cts
Net 2,267,000 vs 2,055,000
Sales 87.3 mln vs 70.4 mln
Nine mths
Shr 1.20 dlrs vs 1.12 dlrs
Shr diluted 1.07 dlrs vs 1.03 dlrs
Net 5,318,000 vs 4,958,000
Sales 243.7 mln vs 198.7 mln
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The British Petroleum <BP.L> Co Plc's
refinery at Grangemouth, Scotland, shut down after an explosion
and fire in the hydrocracker on March 22, will probably be back
in operation towards the week-end, a refinery spokesman said.
He said the refinery will resume at about half its 178,500
barrels per day (bpd) capacity, as work on overhauling the
North Side of the complex, which began at the end of January,
will not be completed before the end of April.
He said the refinery had been closed for longer than
originally expected due to the lengthy safety checks being
carried out prior to restarting.
The explosion and fire, in which one worker was killed,
caused extensive damage to the central part of the 32,000
hydrocracker and the spokesman said today this unit would be
out of operation for several months. The remainder of the
refinery, including the 19,000 catalytic cracker, was
undamaged.
He said inquiries into the accident, which happened while
the hydrocracker was not in operation, were continuing.
In an earlier incident, two people were killed in an
explosion and fire at the refinery on March 13.
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British corporate affairs minister Michael
Howard told Japan to resolve the row over the U.K. Firm Cable
and Wireless Plc's <CAWL.L> shareholding in a new Japanese
telecommunications company or face an abrupt deterioration in
trade relations.
In meetings with both the foreign and telecommunications
ministers Howard said he expressed deep concern about the way
Tokyo had handled the dispute and about the continuing trade
imbalance between the two countries.
"I put it to the (post and telecommunications) minister that
I was sure he did not want to be responsible for an abrupt
deterioration in the trading relations of our countries which
would have widespread reverberations elsewhere in the world,"
Howard told reporters.
"He listened very carefully and I have little doubt the
message got home," he added.
British frustration over the lopsided trade balance -
nearly six billion dlrs in Japan's favour last year - has
reached boiling point over the telecommunications issue, Howard
said.
Howard has accused Japan of trying to shut out Cable and
Wireless from having a major role in the international
telephone market in Japan.
"I want a fair crack of the whip for Cable and Wireless as I
want a fair crack of the whip for Britain generally in trading
relations," Howard said. "We simply aren't prepared to continue
to accept the imbalance which has been the position for such a
long time."
Post and Telecommunications Ministry officials were unable
to comment on Howard's meeting with their minister.
But Foreign Ministry officials said Foreign Minister
Tadashi Kuranari said that British exports to Japan are
increasing, but acknowledged the continuing imbalance in trade.
Kuranari said he wants everyone in the telecommunications
dispute, including Cable and Wireless, to be satisfied.
Howard told reporters that Britain was actively considering
possible retaliatory measures if it did not get its way on the
telecommunications issue.
"There are measures which are under consideration if we
continue to suffer from the imbalance in our trading relations,"
he added, but gave no details.
He said he had received a reassuring response from the
Japanese he has spoken with.
"But of course we've had reassuring signs from the Japanese
for quite some time," he added. "What I've made plain is we
expect to see action."
Howard ruled out using powers in Britain's Financial
Services bill to retaliate against unfair trade practices.
Those powers, which allow London to ban foreign financial firms
like banks from Britain, are designed to ensure U.K. Firms
equal access to overseas financial markets.
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Cardinal Industries Inc said it
restated earnings for the first nine months of 1986 to 235,000
dlrs, or nine cts per share, from 485,000 dlrs, or 18 cts,
reported previously due to the failure of an automated
accounting system installed in mid-year and replaced in the
fourth quarter.
The company said its Reliance segment sustained a
significant operating loss for the full year 1986 due to the
accounting problems and increased promotional and advertising
expenses. For the full year, it said it earned 284,000 dlrs,
or 10 cts a share, up from 271,000 dlrs, or 10 cts, in 1985.
Cardinal Industries said revenues for the year were 30.7
mln dlrs, up from 23.0 mln dlrs in 1985.
The company said for the first quarter of 1987, earnings
were about 48,000 dlrs, up from 13,000 dlrs or nil per share in
the year ago period. The year-ago first quarter earnings,
however, have been restated from 101,000 dlrs or four cts per
share. It said sales for the first quarter were about
8,363,000 dlrs, up from 6,636,000 dlrs.
For the first half of 1986, the company said it restated
earnings to 141,000 dlrs or five cts per share from 340,000
dlrs or 12 cts per share reported previously.
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Egypt's Central Bak left the dollar rate
for Commercial banks for April 8 unchanged at 1.353/67 pounds.
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A Brazilian seamen's strike, which
began on February 27 and has been tapering off for weeks, has
now ended, a seamen's spokesman said.
The spokesman said the seamen had signed an agreement with
the state-owned Lloyd Brasileiro company on Saturday for a 120
pct salary rise.
The national strike had been tailing off since mid-March as
seamen struck individual accords with companies. At the height
of the stoppage, seamen said about 200 ships were strike-bound.
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Whittaker Corp said it has completed
the previously-announced sale of its wholly-oiwned Whittaker
General Medical Corp subsidiary to R.A.B. Holdings Inc for
undisclosed terms.
Whittaker General Medical has annual revenues of about 450
mln dlrs.
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StarTel Corp said it expects to
report a first quartter loss on a 25 to 30 pct revenue fall
from the year-earlier 2,524,000 dlrs.
The company earned 64,000 dlrs in last year's first quarter.
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Datron Systems Inc said it
expects to report a falloff in earnings for the year ended
March 31 of about 25 pct from fiscal 1986 levels.
In fiscal 1986, Datron earned 1,776,000 dlrs.
The company said new orders for the year just ended,
however, rose 50 pct to 26 mln dlrs, bringing backlog at
year-end to 19 mln dlrs.
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Enterra Corp said it has completed the
sale of its Hale Fire Pump co and Macomson Machine Co
subsidiaries to a company formed by Los Angeles investment firm
McBain, Rose Partners for about 27 mln dlrs in cash.
Both Hale and Macomson make fire pumps and related
equipment.
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FMD Inc said it has agreed to acquire
Bankers Protective Financial Corp for 28,836,000 common shares,
subject to approval by the Texas State Board of Insurance.
Bankers Protective is a life insurance company based in
Texas.
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Shr not given
Net profit 1,033,000 vs loss 4,346,000
Sales 6,060,000 vs 5,818,000
NOTE: Company operating in Chapter 11 bankruptcy.
1985 sales exclude contract revenues of 3,217,000 dlrs.
1986 net includes reversal of 597,000 dlrs of reserves no
longer deemed necessary and tax credit 340,000 dlrs.
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Shr 99 cts vs 97 cts
Net 31,011,000 vs 30,899,000
Sales 651.5 mln vs 583.1 mln
Year
Shr 3.13 dlrs vs 2.92 dlrs
Net 98,643,000 vs 92,347,000
Sales 2.61 billion vs 2.51 billion
NOTE: 1986 results reflect two-for-one stock split of July
23, 1986
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Household International
Inc said it expects its fully diluted earnings per share for
the first quarter to be about 35 pct above the same year-ago
period.
It also looks for 1987 full-year fully diluted earnings to
be about 20 pct higher than the record 4.31 dlrs a share
reported for 1986.
Chairman Donald Clark, in remarks prepared for delivery to
New York security analysts, cited increased earnings from
Household Financial Services and "excellent return on equity
from Household Manufacturing, combined with the impact of our
share repurchase program, will result in higher earnings per
share and improved return on equity in 1987."
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A total of 14,685 tonnes of British
intervention feed wheat were sold at today's tender for the
home market, the Home Grown Cereals Authority said.
Bids amounted to 19,115 tonnes against offerings of 31,528.
Prices paid were at, or above, the prevailing intervention feed
wheat price of 120.71 stg per tonne.
Grain traders said a large part of the tonnage on offer was
in stores, which would mean high transport costs to deficient
areas. The European Commission recently made available 70,000
tonnes for next week's tender.
Reuter
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Data General Corp said it
expects to record an extraordinary pretax charge of about 18.2
mln dlrs in the second quarter ended March 28.
The company said the charge will result from a redemption
of debt. On May 18, Data General said, it will redeem 150 mln
dlrs of outstanding 12-3/8 pct sinking fund debentures due
2015.
The redemption price will be 111.138 pct of the total
principal amount of notes then outstanding plus accrued
interest to the redemption date, it said.
No interest will accrue or will be payable on the
debentures starting May 18, the computer and communications
company said.
Data General reported a loss of 1.8 mln dlrs or six cts a
share for the second quarter ended March 29, 1986. The loss
included a charge of 3.8 mln dlrs from redemption of
debentures. In the year-ago quarter, revenues fell less than
one pct to 318.8 mln dlrs.
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The Bank of England said it provided the
money market with a further 284 mln stg assistance in the
afternoon session.
This takes the bank's total help so far today to 508 mln
stg and compares with its revised estimate of a 900 mln stg
shortage in the system which it earlier revised up from 850
mln.
The central bank made outright purchases of bank bills
comprising 100 mln stg in band one at 9-7/8 pct, 56 mln stg in
band two at 9-13/16 pct, 112 mln stg in band three at 9-3/4 pct
and 16 mln stg in band four at 9-11/16 pct.
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Sesostris, the Spanish subsidiary of the
international grain trader Dreyfus, sold 18,000 tonnes of
barley to Greece for delivery from Mediterranean ports from
April 14 to 30, a company spokesman said. He gave no details on
price.
The barley has a 14 pct humidity.
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Bow Valley Industries Ltd said
it agreed to sell its wholly owned Norwegian subsidiary to Elf
Aquitaine Norge A/S of Stavanger, Norway for 13 mln Canadian
dlrs.
The principal asset of the subsidiary, Bow Valley
Exploration Norge A/S, is an eight pct interest in the Heimdal
gas and condensate field offshore Norway.
The sale is expected to conclude by the middle of April,
Bow Valley said.
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<Noranda Inc> said it agreed to buy an
initial 1,000,501 treasury shares of <Sanivan Group Inc> at
5.25 dlrs per share.
Noranda also has an option until June 30, 1988, to acquire
an additional 1,000,501 Sanivan treasury shares at 5.75 dlrs
per share.
Sanivan is the largest hazardous waste management company
in Canada.
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Emery Air Freight Corp said it has
entered into an agreement with E.F. Hutton Group Inc EFH under
which Hutton will terminate its merger agreement with Purolator
Courier Corp and its pending 35-dlr-per-share tender offer,
effective April 13.
Under its merger agreement, Hutton has the right to
unilaterally terminate the merger agreement under certain
circumstances, including its receipt of less than 66-2/3 pct of
Purolator shares or the start of a higher competing tender
offer, such as Emery's competing 40 dlr per share offer for
Purolator stock.
Yesterday, Hutton's PC Acquisition Corp subsidiary extended
its tender offer, which was to have expired at midnight, for
two more days. It said it only about 450,000 shares, or 6.5
pct, of Purolator shares had been tendered and not withdrawn,
down from an 11.5 pct interest held earlier.
Emery's bid expires April 28.
Emery said pending the termination of PC Acquisition's
merger agreement, PC has released Purolator from an agreement
not to discuss Emery's acquisition proposal with Emery. Emery
said as a result it is renewing its request that Purolatr enter
into merger negotiations with it.
Emery said if it were to acquire 51 pct of Purolator shares
or control of the Purolator board, it has agreed not to dispute
PC Acquisition's right to receive fees that Purolator agreed to
pay if PC were unsuccessful in acquiring control of Purolator
due to the acquisition of control by another party.
The company said it has also agreed to let Purolator pay
all of PC Acquisition's documented expenses in connection with
the merger agreement up to three mln dlrs and Emery has agreed
to pay the amounts itself should Purolator fail to do so.
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Spain will shortly sign with Saudi Arabia
an order for barley for April/May delivery, trade sources said.
They gave no details on amounts or prices, but said it
would be a "major" order.
Saudi Arabia bought 500,000 tonnes of Spanish barley last
year.
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The U.S. Agriculture Department gave
a preliminary breakdown of grain in the Farmer-Owned Grain
Reserve as of April 1, with comparisons, based on telephone
reports from farmers filed with the department's Kansas City
field office, in mln bushels --
April 1 Previous
Wheat 657.6 659.7
Corn 1,406.5 1,397.0
Sorghum 95.8 95.5
Barley 122.1 122.0
Oats 3.7 3.7
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Shr primary 34 cts vs 17 cts
Shr diluted 33 cts vs 17 cts
Net 1,487,000 vs 686,000
Rev 19.8 mln vs 8.8 mln
Nine months
Shr primary 77 cts vs 43 cts
Shr diluted 75 cts vs 43 cts
Net 3,240,000 vs 1,710, 000
Rev 42.2 mln vs 25.0 mln
NOTE: Company's full name is On-Line Software International
Inc.
The qtr and year-to-date results include the operations,
since the end of October 1986, of a business purchase from
Martin Marietta Corp <ML>.
In fiscal 1987 ending May 31 the company initially adopted
FASB statement number 86 and, as required, capitalized certain
software deveopment costs. During the qtr and nine months
period ended Febraury 28, 1987 the company capitalized pre-tax
amounts of 746,000 dlrs and 1,445,000 dlrs of development
costs, respectively.
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The U.S. Agriculture Department gave
the following breakdown of grain remaining in the farmer-owned
grain reserve as of April 1, in mln bushels, by reserve number
--
I II III IV V VI
Wheat nil nil 0.1 0.3 10.5 479.7
Corn -- -- -- 4.1 1,231.9 --
Sorghum-x -- -- -- 0.1 38.8 --
Barley -- -- -- 0.1 73.9 --
x - mln cwts. Note - USDA says above totals may not match
total in reserve numbers.
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Shifts in domestic economic policy,
not a further fall in the dollar or trade restrictions, are the
key to reducing imbalances in trade and payments, Dutch Finance
Miniister H. Onno Ruding said.
Ruding told a meeting of the World Trade Forum here that
protectionism would naturally lead to retaliation and aggravate
the problems of heavily indebted developing countries.
"The main contribution towards resolving the still enourmous
U.S. trade deficit is not repeat not a further fall in the
dollar, is not still more protectionism in your country."
"No, it is - like in other countries - changes in domestic
economic and financial policies," Ruding said.
Ruding said he was less worried about a crisis of the
weakening dollar than he was in January before the Paris accord
to stabilize foreign exchange rates.
He said the highest priority should be given to policy
changes in the United States, especially reducing the budget
deficit and encouraging domestic savings.
But he said other countries, such as Japan and West
Germany, also needed to take greater steps toward reducing
their trade surpluses.
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Carolyn Bean Publishing Ltd said
it has completed the acquisition of greeting card company
Millen Cards, which had sales of over 1,500,000 dlrs in 1986,
for undisclosed terms.
The company said 90 pct of Millen's cards have been sold in
the northeast and mid-Atlantic states, but Bean expects to
increase sales to 2,500,000 dlrs this year by distributing the
line nationally.
Millen specializes in Jewish religious cards and also sells
traditional greeting cards.
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Chesapeake Corp said it has
retained Salomon Inc <SB> to help it sell Plainwell Paper Co
Inc, a maker of premium coated and uncoated printing papers and
technical specialty papers with a capacity of 85,000 short tons
a year.
The company said it has decided to sell Plainwell in ordfer
to focus on the production of kraft and tissue products,
containers and treated wood products.
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Shr primary 58 cts vs 66 cts
Shr diluted 54 cts vs 66 cts
Net 10.1 mln vs 11.4 mln
Revs 266.2 mln vs 194.6 mln
Avg shrs 17.4 mln vs 17.1 mln
Nine mths
Shr primary 1.78 dlrs vs 1.58 dlrs
Shr diluted 1.65 dlrs vs 1.58 dlrs
Net 30.9 mln vs 27.1 mln
Revs 823.8 mln vs 511.0 mln
Avg shrs 17.4 mln vs 17.3 mln
NOTE: prior qtr and nine mths include 3.1 mln dlrs, or 18
cts per share, from gain on partial settlement on an insurance
claim.
nine mths 1987 includes seven cts gain for partial
settlement on an insurance claim.
Results of Flow Control operations have been included since
its acquisition from ITT Corp on Jan 31 1986.
nine mths prior includes extraordinary gain 2.3 mln dlrs, or
14 cts per share, for replacement of a pension plan.
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1ST QTR TO MARCH 31
Working profit 487.50 mln rand vs 559.59 mln
Tax 274.28 mln vs 302.15 mln
Net 264.32 mln vs 300.99 mln
Tonnes milled 3.74 mln vs 3.72 mln
Gold production 30,865 kgs vs 30,236 kgs
Gold revenue 846.05 mln rand vs 907.36 mln
Working costs 358.56 mln vs 347.77 mln
Avg price per kg 27,371 rand vs 29,964
NOTE - Full name of company is Gold Fields of South Africa
Ltd <GLDF.J>.
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Federal Reserve Board Chairman Paul
Volcker said a further large drop in the value of the dollar
could be counterproductive for world economic growth.
Testifying before the Senate Banking Committee, Volcker
said that Europe and Japan were slowing exports and that growth
in those countries was also decreasing.
"In that kind of situation, further sizeable depreciation
of the dollar could well be counterproductive," he said.
Domestic expansion in foreign industrial countries has not
been enough to offset the effects of slower exports, Volcker
said.
On the value of the dollar, Volcker said he could not say
whether it should be higher or lower to restore balance in
trade.
"What we do know is that a substantial exchange rate
adjustment has already been made," he said.
"That adjustment should be large enough, in a context of a
growing world economy and fiscal restraint in the United
States, to support the widespread expectations of a narrowing
in the real trade deficit in the period ahead," he said.
Volcker said U.S. exports were now growing substantially
while import growth should slow.
Volcker said that to improve the trade deficit with a
minimum of inflationary pressure, the United States would have
to slow its spending growth.
It would also have to achieve a better balance between
investment and domestic savings if it wants to be able to
dispense with foreign capital.
"The constructive way to work in the needed direction would
be to reduce our budget deficit, year by year, paving the way
for improvements in our trade accounts," he said.
Relying on depreciation of the dollar alone would risk
renewed inflation, he said.
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Marion Laboratories Inc's stock rose
sharply today after the company presented a bullish earnings
scenario at a meeting for pharmaceutical analysts Monday,
traders and analysts said.
The company said it expects earnings for fiscal 1987,
ending June 30, to rise more than 75 pct over a year ago.
That pronouncement encouraged analyst David Crossen of
Sanford C. Bernstein and Co to raise his earnings estimates for
the company to 1.28 dlrs a share in 1987, compared to his
previous estimate of 1.20 dlrs a share. Last year the company
earned 70 cts a share.
Marion's stock gained 3-1/4 to 75-1/2.
At the meeting of pharmaceutical analysts, Marion's
president Fred Lyons Jr. said Wall Street eanrings estimates of
1.10-1.15 dlrs a share for fiscal 1987 "are expected to cause
even the aggressive side of this range to be 10 to 15 cts low."
Lyons said the strong performance in the second half of
this year will result from the fourth quarter introduction of
90 mg and 120 mg Cardizem tablets. Analyst Crossen said that
Cardizem, which treats angina, is also expected to be approved
for the treatment of hypertension by the end of the year.
Crossen said "because Marion is still just a small company,
the growth of Cardizem is having a big impact on the bottom
line." He raised fiscal 1988 earnings estimates to 2.15 dlrs a
share from his previous estimate of 2.05 dlrs a share.
"The company has a broad new product pipeline in the
industry and as far as I am concerned, it is the most
innovative company in the business," he said.
For the five years through 1991, Crossen expects Marion to
have a growth rate of 55 pct.
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The United States has appealed for
stronger powers for the General Agreement on Tariffs and Trade
(GATT) to enforce world trade rules.
The call by U.S. Deputy Trade Representative Michael Smith
at a special committee meeting into the future of GATT follows
a series of bilateral trade rows which have clouded efforts by
the 93-nation body to promote fair trade.
Today's meeting was part of the Uruguay trade round
launched by ministers last September. The round, which covers
13 areas of trade in agriculture, manufactured goods and
services will take four years to negotiate.
Smith called for boosting GATT's links with financial
institutions such as the International Monetary Fund and World
Bank. He also urged greater involvement of trade ministers to
ensure the success of the Uruguay Round.
"The GATT as an institution needs to be strengthened to
assure that the GATT plays its proper role in management of the
world trading system and the global economy," Smith said.
"Rules can and will be ignored if the institution is weak,
or perceived as unable to adapt to the changing world economy."
He also also urged that member states be accountable to
each other for their trade policies.
Smith, who flies to Brussels today for talks with European
Community (EC) officials, told Reuters the committee wanted to
stress GATT's importance and did not discuss specifics.
"We are interested in more periodic ministerial
involvement...Whether in formal or informal meetings," he said.
GATT's ruling council is due to hear a complaint from the
12-nation EC on April 15 about the U.S.-Japanese accord on
semiconductors. The EC charges the accord breached GATT trade
rules by allowing Tokyo to set minimum prices for Japanese
chips sold in third countries and is requesting a GATT dispute
panel be set up to review the agreement.
President Reagan, who strongly supported the Uruguay trade
round to promote freer trade, has said Washington will impose
tariffs against Japanese electronic goods.
He said Tokyo had not shown willingness to open its markets
to U.S. Exports.
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The Turkish Central Bank set a
Lira/Dollar rate for April 8 of 784.50/788.42 to the Dollar,
down from the previous 784.35/788.27.
The Bank also set a Lira/Mark rate of 430.60/432.75 to the
Mark, down from the previous 429.35/431.50.
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Federal Reserve Board Chairman Paul
Volcker said that debtor nations have made much progress in
laying the groundwork for economic growth, but a solution to
world debt difficulties was endangered by inaction on new
financing.
"There is clearly a danger that adequate financing
arrangements are not being negotiated and put in place in a
timely way," Volcker told the Senate Banking Committee.
The borrowing countries need to be able to proceed with
confidence that the necessary funds will be available to them,
he said.
Brazil has the potential for becoming a leading world
economic power, but it is in a difficult position today,
Volcker said.
He said it will take a concerted effort to regularize
Brazil's external payments.
"The key prerequisite is clearly in the hands of Brazilian
authorities," he said.
Both Brazil and its creditors have a strong incentive to
work together, Volcker said.
Regarding trade imbalances, Volcker said that it was
critically important that markets be kept open by the
industrial nations.
In addition, the United States must reduce its budget
deficit and foreign nations need to provide stimulus to their
domestic economies, Volcker said.
"We need time for those actions and the earlier
depreciation to work their effects," he said.
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Bundesbank council member Lothar
Mueller said the bank has not given up its money supply policy
and that restraining money supply growth does not always mean
pushing up interest rates.
Mueller said in an article for the Boersen Zeitung
financial daily that a monetary policy which took into account
exchange rate expectations and capital flows could not be
confused with an exchange rate oriented policy.
The article followed international press speculation that
the Bundesbank had abandoned money supply targetting in favour
of an exchange rate policy.
Mueller, a member of the Bundesbank council in his position
as president of the regional state central bank in Bavaria,
noted that the Bundesbank's decision in January to cut leading
interest rates amid continuing strong monetary growth had led
some people to think it was dropping monetary targetting.
"Simply to ignore the external economic context would be
risky and dangerous for monetary policy," he explained.
Mueller said the cuts in official interest rates had put an
end to interest rate speculation. The Bundesbank could now
assume that upward pressure on the mark would ease and currency
inflows slow down.
Lower money market rates, achieved by widening short and
long term interest rate differentials, also encouraged
investors to re-invest funds parked in liquid accounts, Mueller
said.
The measures therefore aimed clearly at bringing monetary
growth back onto the desired path, he said.
"Finally, of course, and there is no need to keep this
quiet, the cut in interest rates was also in line with the
changed economic situation of the last few months," he added.
"All in all, the Bundesbank in no way abandoned its money
supply policy with the January discount rate cut, despite
suppositions to the contrary," Mueller said.
"Keeping money supply developments in check is not always
synonymous with raising interest rates, especially when
excessive liquidity due to inflows from abroad, rather than
growth in bank credits, is the cause of rising monetary
holdings of non-banks," Mueller said.
Now that West Germany no longer ran large external deficits
other concepts were needed for monetary policy.
Mueller said it would be both difficult and dangerous for
monetary policy to pursue a specific mark/dollar exchange rate.
In any case, the exchange rate partly depends on U.S.
Currency and budgetary policy and the U.S. Economy, he said.
But an exchange rate orientation would also mean the end of
a strict stability policy because both interest rates and
liquidity would be affected by required currency intervention
and could no longer be steered autonomously by the Bundesbank.
Even interest rates are not in the centre of the
Bundesbank's considerations, but reflect competition and other
market conditions, Mueller said.
A cut in bank liquidity will not directly influence central
bank money stock, the Bundesbank's main money supply indicator.
This does not reflect banking liquidity, but the liquidity
of industry and households which cannot be directly reached
with the Bundesbank's instruments, Mueller said.
The less dependent non-banks are on bank credits, the
harder it is to steer money supply. This has increasingly been
the case recently, because non-banks have received considerable
sums from current account surpluses and capital imports.
"If the Bundesbank had tried to brake the money supply rise
with higher interest rates, as would have been appropriate if
credit was growing excessively, it would not only have missed
its target but probably even set off further inflows," he said.
Mueller said growth in money supply was still too high.
In the last three months money stock grew at an annual rate
of seven pct, down from 10 pct in the previous quarter.
The growth curve has therefore come closer to the three to
six pct 1987 target corridor for central bank money stock
growth, pointing to the success of the current policy, he said.
But high monetary stocks can be a warning sign and there
should be no change in priorities. "Monetary policy must be
first and foremost stability policy and successful stability
policy is money supply policy -- nothing else," he said.
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Federal Reserve Board Chairman Paul
Volcker said international policymakers should make improving
the stability of exchange rates a major priority.
In testimony before a Senate Banking subcommittee, Volcker
said he does not have any specific proposals for improving
exchange rate stability, but thought it was worthy goal.
"I do think we ought to be thinking about and working toward
greater exchange rate stability," Volcker said. "I think that the
objective of greater exchange rate stability ought to loom
larger among our various policy priorities."
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This week's Group of Seven (G-7) meeting in
Washington provides an opportunity to verify an accord reached
at the Tokyo summit last May to include Italy and Canada in
Group of Five (G-5) talks on management of the international
monetary system and related issues, the Italian Treasury said.
It said in a statement the G-7 meeting, which Italy plans
to attend, will provide a forum for considering the Tokyo
accord in the light of events in Paris in February this year.
On February 22, Italy boycotted a meeting in Paris of its
G-7 partners - the United States, Japan, West Germany, France,
Britain and Canada - after being excluded from an earlier
session of talks involving G-5 members.
Today's statement from the Italian Treasury said-
"Nobody denies the existence of G-5 but we should like it to
be remembered that the Tokyo accords provided for the
enlargement of the group to Italy and Canada whenever "the
management or the improvement of the international monetary
economic policy measures are to be discussed or dealt with.'"
Italy refused to attend the Paris G-7 meeting on the
grounds that G-5, grouping the United States, Japan, West
Germany, France and Britain, had reduced Italy's role to rubber
stamping agreements already taken.
The Italian Treasury said today that Italy was "certain that
this time incidents would not occur."
But it said it would be opportune to look in depth at the
role and the procedures of G-7 in relation to those of G-5.
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Kuwait has asked at least four
countries, including the United States, Soviet Union, Britain
and China, for temporary use of their flags or tankers to
protect Kuwaiti oil shipments in the troubled Persian Gulf,
Reagan Administration officials said.
The officials confirmed a New York Times report that Kuwait
wants to transfer some of its oil tankers to U.S. or Soviet
registration in hopes Iran would be reluctant to launch new
"Silkworm" missiles at superpower flags.
The United States has vowed to keep the gulf open to
international oil traffic and has warned Tehran against using
the Chinese-made missiles recently installed in Iran near the
mouth of the gulf.
"They (the Kuwaitis) have also asked Britain, China and
possibly some other European countries to lease tankers to
carry their oil," one of the administration officials, who asked
not to be identified, told Reuters.
The United States is considering the request to temporarily
transfer Kuwaiti ships to American registration, but such a
move could create insurance and other problems, the officials
said.
U.S. defense officials told Reuters yesterday that Kuwait
had decided for at least the time being not to accept a U.S.
offer to use American warships to escort its tankers in the
gulf, where both Iran and Iraq have been attacking shipping.
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State-owned engine maker <Rolls Royce
Plc> launches its prospectus for privatisation tomorrow with
many analysts forecasting higher profits this year. But it is
likely to miss contracts to power the proposed <Airbus
Industrie> A340 aircraft.
The company's so-called "pathfinder prospectus" gives all the
details of its stock market flotation except for the price at
which shares will be offered.
Last month, the company announced that pretax profits rose
in 1986 to 120 mln stg from 81 mln the year before.
Brokers Barclays de Zoete Wedd, BZW, sees 155 mln profit
for 1987.
Analyst Tim Harris of Phillips and Drew said rising profits
and a low tax charge would be offset by the fact that Rolls
operated in a sector which traditionally attracted low ratings.
Assuming the company was valued at around eight times
earnings, this would give a selling price valuing it at about
1.2 billion, though he said the recent good performance of the
aerospace sector could nudge this figure upwards.
BZW is currently forecasting a higher sale price at between
1.5 billion and 1.7 billion.
The price will be increased by it being likely to have much
of its debt wiped off by a government anxious to assure the
company's health when it has to fend for itself. Rolls was
rescued from bankruptcy and taken into state ownership in 1971.
When the government announced the sale, it said it would
inject permanent capital equivalent to net debt -- around 250
mln stg at end-1986 -- into the company.
Analysts noted this was necessary to ensure Rolls a credit
rating to match those of its main competitors such as General
Electric Co <GE.N> and United Technologies Corp's <UTX.N> Pratt
and Whitney unit.
Reuter
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0
]
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Federal Reserve Board Chairman Paul
Volcker said the performance of the dollar in exchange markets
could be a factor in the U.S. central bank's decisions on
monetary policy.
"The performance of the dollar in the exchange market might
become a factor bearing on our provision of reserves," Volcker
said in testimony to the Senate Banking Committee.
He said that fiscal policy changes in the United States,
Germany and Japan would be more important that intervention to
instill confidence in current exchange rate levels.
Reuter
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0,
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0,
0,
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0,
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The Federal Reserve is expected to
intervene in the government securities market to supply
temporary reserves indirectly via customer repurchase
agreements, economists said.
They said the Fed is expected to execute anywhere from
1.5-2.0 billion dlrs of customer repos to offset seasonal
pressures on bank reserves.
Federal funds, which averaged 6.20 pct yesterday, opened at
6-1/8 pct and remained there in early trading.
Reuter
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0,
0,
0,
0,
1,
0,
0,
0
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Federal Reserve Board Chairman Paul
Volcker said reducing the federal budget deficit was a more
important goal for Congress than drafting trade legislation.
"Reduce the budget deficit," Volcker responded when asked by
a member of the Senate Banking Committee about trade
legislation priorities.
"If you don't deal with the budget deficit, everything else
you do is going to be counterproductive," he said.
Reuter
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0,
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0,
0,
0,
0,
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0,
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American sports Advisors Inc
said it has agreed to sell its sports handicapping and
publication business to Professor Enterprises for about
1,650,000 dlrs and intends to liquidate after closing.
The transaction is subject to shareholder approval.
Professor is owned by American Sports president Edward C.
Horowitz and Mike Warren, it said.
Reuter
| [
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0,
0,
0,
0,
0,
0,
0,
0
]
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[
0,
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0,
0,
0,
0,
1,
0,
0,
0
]
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Federal Reserve Board Chairman Paul
Volcker said a restrictive monetary policy would be damaging to
investment and that a better course would be to restrain
spending.
"A restrictive monetary policy would hit investment. You
don't want to put interest rates up unless you have to," Volcker
told the Senate Banking Committee.
"That is not a constructive way to proceed," he said.
Volcker said that given a choice between squeezing the
budget deficit or squeezing investment, he would favor
squeezing the budget deficit.
In response to a question about banks, Volcker said he
would be pleased if Congress decided to give banks a tax
writeoff as an incentive for them to take greater reserves
against loans to debtor countries.
"If you give a tax writeoff for reserving against loans,
then we will see more reserving and that would make me happy,"
Volcker told Committee Chairman Sen William Proxmire (D-Wisc).
Reuter
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0,
0,
0,
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Net 12.3 mln vs 6,438,000
NOTE: Company went public in March.
Reuter
| [
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1,
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0,
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Shr 64 cts vs 38 cts
Net 1,062,000 vs 585,000
Sales 13.6 mln vs 9,262,000
Reuter
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0,
1,
0,
0,
0,
0,
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]
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Shr eight cts vs seven cts
Net 215,821 vs 196,873
Sales 3,112,571 vs 2,649,003
Reuter
| [
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0,
1,
0,
0,
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Knight-Ridder Inc <KRI> said its TKR Cable
Co joint venture with Tele-communications Inc has signed a
letter of intent to acquire cable television systems with
55,000 basic subscribers in Wildwood, N.J., and Ramapo and
Warwick, N.Y., from Tele-Communications for undisclosed terms.
Reuter
| [
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0,
0,
0,
0,
0,
0,
0,
0,
0
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|
Shr profit 25 cts vs loss 15 cts
Net profit 998,000 vs loss 612,000
Revs 8,086,000 vs 365,000
Reuter
| [
0,
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0,
1,
0,
0,
0,
0,
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]
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The inflow of long-term capital into
West Germany slumped to 606 mln marks in February from
January's record 11.91 billion, with foreign purchases of
German bonds and shares declining sharply, the Bundesbank said.
While foreigners bought only four billion marks worth of
German bonds in February after 13 billion in January, they sold
a net 500 mln marks in shares and promissory notes of public
authorities after sales worth 300 mln in January.
With German investors' purchases of foreign securities
steady around 1.3 billion marks, only 2.2 billion marks were
imported through securities transactions, after 11.2 billion.
Direct investment abroad led to a capital outflow of 1.60
billion marks in February after 2.83 billion in January.
There was a deficit of 8.14 billion marks in the short-term
capital account after a surplus of 194 mln in January.
Banks alone exported some 8.6 billion marks in funds while
domestic companies increased their short-term financial assets
abroad by 700 mln. But public authorities received some one
billion marks from abroad, the Bundesbank said in a statement.
Combining long and short term capital outflows, West
Germany recorded a net outflow of 7.53 billion marks in
February against a net inflow of 11.91 billion in January.
The Bundesbank confirmed the German trade surplus widened
to 10.45 billion marks in February from January's 7.20 billion.
Taking the two months together the seasonally adjusted
surplus was slightly below the figure for the previous two. In
terms of current as well as constant prices, the narrowing of
the surplus was progressing, the bank said.
Germany's current account surplus widened to 6.63 billion
marks in February from 4.79 billion in January, but was down on
the 7.26 billion figure for February 1986. Seasonally adjusted,
the February current account surplus narrowed against January.
While exports in February fell a half pct against the same
month last year, imports fell 10-1/2 pct largely due to the
drop in prices. Exports grew three pct in volume and imports
two pct.
In the balance of services, a fall in net investment income
led to a 300 mln mark deficit in February after a 300 mln mark
surplus in January.
The deficit in transfer payments widened to 3.70 billion
marks from 2.69 billion, largely due to a sharp jump to 2.3
billion marks from 200 mln in payments to the European
Community budget.
REUTER
| [
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0,
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0,
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The European Commission has not taken a
decision on applications from the British government for the
release of 200,000 tonnes of intervention feed wheat onto the
British market in May and June, Commission sources said.
They said last week's cereals management committee agreed
to release 70,000 tonnes of feed wheat through weekly tenders
between April 14 and May 26. It also indicated it planned to
allow the release of another 30,000 tonnes from April 23.
However, it decided to leave consideration of the release
of further wheat until later.
The British government had applied for the release of a
further 100,000 tonnes in both May and June from British
intervention stores to prevent market prices rising.
However, the sources said, the Commission wanted to review
the market situation nearer the time before giving its
approval.
The Commission was given new powers last year to control
the release of intervention cereals onto the market, the
sources noted.
Following last week's committee meeting, the U.K. Ministry
of Agriculture said the Commission had given an assurance that
additional quantities of intervention wheat would be made
available in May and June. It also said that it was envisaged
that monthly releases would be at least 100,000 tonnes,
depending on the state of the market.
This lead to the widespread assumption that the Commission
had actually approved the release of 300,000 tonnes during the
three months of April, May and June at last week's meeting.
Reuter
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The New York brokerage firm of Spear,
Leeds and Kellogg told the Securities and Exchange Commission
it had increased its preferred stock in Allegheny International
Inc to 8.6 pct, from 7 pct.
It said it may buy additional shares, but had not decided
whether to offer its shares in response to a tender offer by
Sunter Acquisition Corp, a unit of First Boston Inc.
The brokerage firm said it bought the Allegheny shares
March 30-April 2 for 86.50-87.25 dlrs each.
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Corroon and Black Corp said it
completed the acuqisition of <Contractors Planning Group Inc>
in an exchange of shares.
Contractors is headquartered in Garden City, N.Y., and has
branch offices in Philadelphia, Boston, and Cheshire, Conn.
Reuter
| [
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Colonial BancGroup said it and
The Liberty Bank of Pensacola, Fla., signed a letter of intent
for Colonial to acquire Liberty.
Terms of the acquisition were not dislcosed.
Colonial said the acquisition was its first move toward
acquiring and out-of-state bank under Alabama's regional
interstate banking law.
Liberty has total assets of 35 mln dlrs.
Reuter
| [
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Qtrly div five cts vs five cts prior
Pay April 27
Record April 20
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div 11 cts vs 11 cts prior
Pay June 15
Record May 15
Reuter
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0,
1,
0,
0,
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<Golden Rule Resources Ltd> and
Goldsil Resources Ltd said they had agreed to merge.
The merged company will issue to each Golden Rule
shareholder 1-1/2 shares and one warrant. The warrant will be
for a term of two years. Payment of 3.10 dlrs and delivery of
two warrants will entitle the shareholder to one additional
share of the merged company, the companies said.
Each Goldsil shareholder will receive one share and
one-half warrant. The warrant will be for a term of two years.
Payment of 3.10 dlrs and delivery of two warrants will entitle
the shareholder to one additional share of the merged company.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
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The Federal Reserve entered the
government securities market to arrange two-day repurchase
agreements for system account, a spokeswoman for the New York
Fed said.
Fed funds were trading at 6-1/8 pct at the time of the
direct injection of temporary reserves, dealers said.
Most economists had expected a less aggressive injection of
reserves via customer repurchase agreements.
Reuter
| [
0,
0,
0,
0,
0,
0,
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0,
0,
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]
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Shr 25 cts vs 55 cts
Net 1.3 mln vs 2,460,000
NOTE: 1987 1st qtr includes loan write-offs at banking
subsidiary, The Colonial Bank of Mobile, due to loan losses, of
1.3 mln dlrs or 25 cts a share.
Reuter
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0,
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0,
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0,
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|
Japan is attempting to cut back
semiconductor production to forstall the 300 mln dlrs in U.S.
tariffs on Japanese electronic goods set to take effect April
17, industry analysts said.
The move is likely to create a sharp price rise and a
possible shortage of the key computer components in the next
few weeks, the analysts said.
"Prices have gone up for memory components, the mainstay of
the Japanese semiconductor industry," analyst Drew Peck of
Donaldson Lufkin and Jenrette said.
But analysts said the price rises have been slight so far,
and some questioned whether Japan would be successful in
forcing Japanese companies to cut production in the long run.
Others, however, were more optimistic, saying evidence was
already in hand that Japan has cut back prodution and halted
sales to the grey market, the third country brokers that sell
chips at below production costs.
"We've seen the grey market begin to dry up for D-RAMS, and
it has virtually dried up for EPROMS," said Merrill Lynch
analyst Thomas Kurlack of the two key memory chips used in
computers.
"Prices are inching up and lead times on deliveries are
stretching," Kurlack added.
Industry analysts said Japan's Ministry of International
Trade and Industry, or MITI, had requested the cut backs in
production to meet the terms of last year's semiconductor
accord with the U.S.
The Reagan adminsitration recently proposed tariffs on
Japanese electronic goods, alleging that Japan had failed to
live up to the accord and continued to dump the computer
components in the U.S. market.
But some analysts said Japan's attempt to mollify the U.S.
was a double edged sword, and might be read at a subtle form of
trade retaliation for the tariffs proposed by the U.S.
As production in Japan is cut, these analysts argue, prices
will rise in the U.S. and few American semiconductor
manufactures will be able to take up the slack since most long
ago exited the market for memory chips. U.S. computer makers
that use the chips in their machines will then be pressured.
"The Japanese are looking for ways to reduce trade
pressures from Washington, but at the same time they're
demonstating their muscle," analyst Peck said.
The cut backs in Japanese production are expected to
benefit U.S. chip makers.
"I think this could be a very important factor for U.S.
semiconductor manufacturers," industry analyst Elliot Levine of
Ladenburg Thalmann Co said.
But analyst Peck said, "it will take a few weeks to see
whether Japan has genuinely cut production."
He said Japanese manufactures were likely to view MITI's
request unfavorably because chip capacity was still high and
production cut backs would lead to significant write-offs in
plant and equipment.
Reuter
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Two New York management investment
firms told the Securities and Exchange Commission they had
increased their holdings in Purolator Courier Corp to 7.2 pct,
from 6.2 pct.
Mutual Shares Corp and Mutual Qualified Income Fund Inc
said they were weighing offers to buy Purolator shares from PC
Acquisition Inc, a unit of E.F. Hutton LBO Inc, for 35 dlrs a
share, and from EAF Acquisitions Corp Inc, a unit of Emery Air
Freight Corp. at 40 dlrs
They told the commission they had bought their new
Purolator shares March 25-27 for 34.875-35.250 dlrs each.
reuter
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Loans and advances from the Dutch
Central Bank to the commercial banks rose by 1.2 billion
guilders to 10.7 billion in the week up to and including April
6, the Bank's weekly return showed.
Paper discounted with the Bank also rose, by 477 mln
guilders to 916 mln.
These rises were balanced by a 1.6 billion guilders rise in
the Treasury's account at the Bank, made up mainly of
repayments on housing loans by local authorities. The
Treasury's account stood at 8.1 billion guilders, the weekly
return showed.
The Bank's gold and currency reserves rose by 484 mln to
56.89 billion guilders, while the value of non-gold holdings
rose by 140 mln guilders, analysts said.
They added that the rise in the reserves was merely the
result of commercial currency transactions by the Bank.
Call money and period tariffs were only fractionally
changed this week and were seen sustaining their stable levels
since no dramatic changes in the money market debt, currently
around 10.25 billion guilders, are expected.
Today call money traded between 5-3/8 to 5-1/2 pct and
period tariffs all between 5-5/16 to 5-7/16 pct.
REUTER
| [
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Kuwait has asked at least four
countries, including the United States, Soviet Union, Britain
and China, for temporary use of their flags or tankers to
protect Kuwaiti oil shipments in the troubled Persian Gulf,
Reagan Administration officials said.
The officials confirmed a New York Times report that Kuwait
wants to transfer some of its oil tankers to U.S. or Soviet
registration in hopes Iran would be reluctant to launch new
"Silkworm" missiles at superpower flags.
The United States has vowed to keep the gulf open to
international oil traffic and has warned Tehran against using
the Chinese-made missiles recently installed in Iran near the
mouth of the gulf.
"They (the Kuwaitis) have also asked Britain, China and
possibly some other European countries to lease tankers to
carry their oil," one of the administration officials, who asked
not to be identified, told Reuters.
The United States is considering the request to temporarily
transfer Kuwaiti ships to American registration, but such a
move could create insurance and other problems, the officials
said.
U.S. defense officials told Reuters yesterday that Kuwait
had decided for at least the time being not to accept a U.S.
offer to use American warships to escort its tankers in the
gulf, where both Iran and Iraq have been attacking shipping.
Reuter
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The use of generic commodity
certificates, or "certs," for fiscal years 1986-88 will save
the government 50 to 100 mln dlrs, Department of Agriculture
Undersecretary Daniel Amstutz said.
Speaking at a House agriculture subcommittee hearing on the
use of the certificates, Amstutz said that the issuance of 8.5
billion dlrs of certificates during fiscal years 1986-88 could
result in government outlays of up to 400 mln dlrs.
However, the use of certificates preclude the need for 450
to 500 mln dlrs in storage and handling costs, resulting in net
savings for the government of 50-100 mln dlrs, he said.
Without the use of certificates, Amstutz said nearly the
entire 1985 crop which had been put under loan would have been
forfeited to the Commodity Credit Corporation, CCC.
In addition, 260 mln bushels of grain that have been
redeemed from CCC inventory through certificate exchanges would
have remained in the goverment inventory, he said.
When asked to comment on a recent study by the General
Accounting Office that concluded certificates result in a net
cost to the government, Amstutz said, "GAO underestimated the
benefits and overstated the costs" of the certificate program.
Amstutz said while certificates encourage more loan
entries, they also encourage heavier loan redemptions rather
than forfeitures.
GAO underestimated this net loan activity, Amstutz said.
"There is no question in the mind of the Department of
Agriculture that these certificates have been very useful,"
Amstutz said.
Immediate benefits of certificates include greater market
liquidity, improved market price competitiveness, higher farm
income, and improved debt situation and decreased carrying
costs, he said.
Certificates are an integral part of USDA's long-range
market-oriented farm policy, he said.
Amstutz told subcommittee Chairman Rep. Dan Glickman,
D-Kans., that USDA is in the process of preparing an official
response to the GAO study on certificates and will submit it to
the subcommittee when completed.
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Leading industrial nations will be
reviewing the Paris agreement to stabilize exchange rates,
foster increased worldwide growth and reduce trade imbalances
but the U.S. thinks the accord has been successful so far, a
senior U.S. Treasury official said.
"The Paris accord will be reviewed at this meeting. It has
been successful and continues to be succesfull," a senior U.S.
Treasury official told reporters.
In a briefing ahead of this week's semiannual IMF and World
Bank meetings, he also said the U.S. was looking to West
Germany and Japan to bolster their economic growth.
The official said both surplus countries, like West Germany
and Japan, and deficit countries, like the U.S., agreed to play
a role in bringing about more balanced economic growth.
He reaffirmed the U.S. would press ahead with efforts to
reduce its budget deficit, resist protectionism and boost U.S.
competitiveness.
The official also said that he expected trade issues, like
the dispute between the U.S. and Japan over microchips, to be
included in the discussions.
The official made no direct comment on the content or
schedule of forthcoming Group of Five and Group of Seven
discussions. He said that industrial countries are concerned
that the large external imbalances remain a threat to the
international monetary system.
He added that the meetings will also provide an opportunity
to discuss economic policy coordination efforts.
The official said indicators would be used to measure
policy objectives of industrial countries and their economic
projections.
They would also be used to assess progress of policy goals.
Asked whether the U.S. was proposing a new initiative
regarding the indicators, the official said the issue would be
reported to the Venice Summit in June. Monetary sources said
the U.S. proposal envisages using the indicators to make policy
coordination agreements, like the Paris Accord, more binding.
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