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The U.S. Agriculture Department is
seeking public comments on the question of adjusting the
Commodity Credit Corporation's (CCC) discount and premium
schedules to improve the quality of grain it accepts as loan
collateral or under price support programs.
The premiums and discounts schedule are based on quality
factors such as moisture content and kernel damage. The
schedule stipulates the premiums and discounts used for valuing
grain the CCC accepts or purchases during the year.
The department said it is possible that producers could be
encouraged to delivery higher quality grain to CCC by adjusting
the premiums and discounts.
Comments are due by April 24 and a report to Congress is
required by law by May 10.
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<Cascade Importers Inc USA>'s
Cascade International Europa GmbH of West Germany, said it
tentatively acquired worldwide rights for the products of Madam
Gre from the Bernard Tapie Group in Paris.
The agreement calls for Cascade to have the rights for the
manufacturing and trading of perfumes, skin care and treatment
products, and cosmetics of the group, it said.
Cascade said the agreement also includes the exclusive
rights to trade through duty-free channels worldwide the
designer Gres accessories.
In addition, Cascade said it was granted an option to
purchase all the assets including the plant and equipment
located in France.
The company said the cosmetic product line in the U.S.
market alone could represent 20 mln dlrs in revenue.
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Oper shr loss 79 cts vs loss 2.32 dlrs
Oper net loss 2,536,896 vs loss 6,562,472
Revs 13.8 mln vs 14.5 mln
Year
Oper shr loss 59 cts vs loss 2.35 dlrs
Oper net loss 1,712,896 vs loss 5,747,472
Revs 43.6 mln vs 44.2 mln
NOTE: 1986 excludes charge of 12 cts per share in the
fourth quarter and gain of 11 cts per share in the year.
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National Distillers and Chemical Corp
said it signed a definitive agreement to sell its spirits
division for 545 mln dlrs to James Beam Distilling Co, a unit
of American Brands Inc <AMB>.
The sale of the spirits division was made under the
company's previously announced plan to sell its spirits and
wines businesses, it said. The wine business was sold last
month for 128 mln dlrs to Heublein Inc, part of Grand
Metropolitan PLC, National Distillers said.
The purchase price will be paid in cash, a National
Distillers spokeswoman said.
The sale permits National to focus on its core businesses,
chemicals and propane marketing.
Proceeds from the sale will be used to repay debt and for
other corporate purposes, the company said.
In a separate statement, American Brands said the sale
would be for 545 mln dlrs plus the assumption of liabilities.
The sale would be subject to compliance with the
Hart-Scott-Rodino Antitrust Improvements Act and other
regulatory approvals, the company said.
National's distilled spirits business has sales of about
580 mln dlrs, American Brands said. National's spirits brands
include Gilbey's gin and vodka, DeKuyper Liqueurs and Windsor
Supreme Canadian Whisky.
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Management Science America Inc,
clarifying statements made earlier today, said its loss for the
first quarter could exceed 20 cts a share because of
non-recurring expenses associated with the acquisition of
several companies, including Comserv Inc.
Earlier today, the company told a meeting of investors here
that the first quarter loss would be 20 cts a share.
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The Federal Reserve will promote lower
interest rates this year to sustain world economic growth,
First Boston Corp managing director Albert Wojnilower said.
As much as the Fed would like to take a tough line against
inflation, it cannot act to slow the growth of credit without
subverting national U.S. economic policy.
"On selected occasions when the dollar seems steady, and,
because the trade deficit is not responding, the United States
decided to push Germany and Japan harder to meet their
commitments to economic growth, the Federal Reserve will do its
part by moving rates down," Wojnilower said in a report.
"Justifiably not anticipating either a recession or
seriously higher interest rates, securities market participants
have seen little to fear," Wojnilower said.
He said last week's "hiccup" in money and currency rates
and bond and stock prices was probably caused by Japanese
window dressing for March 31 end-of-fiscal-year accounts.
Wojnilower said the U.S. probably enjoyed above-average
economic growth in the first quarter. However, the pick-up
seems to reflect an unsustainable pace of inventory building
and the prospect for the full year is still for real gross
national product growth of about 2-1/2 pct, he said.
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Raytech Corp said it acquired
<Raybestos Industrie-Produkte GmBH> for 7.5 mln dlrs.
Raybestos, with manufacturing facilities in Radevormwald,
West Germany, produces friction materials for use in clutch and
braking applications.
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Intercare Inc said it
expects to report a substantial loss for its fourth quarter
ended January 31 because of a writeoff of expenses associated
with its recently terminated debt and equity offering.
The company also said the write off includes expenses
associated with the acquisition of U.S. Medical Enterprises
Inc, and with the restructuring of certain partnerships.
Intercare also said it increased its reserve against
accounts receivable.
Executives at the company were not immediately available to
provide additional details.
Intercare also said it has implemented a workforce
reduction, closed two medical centers and is considering
additional closings as a means of reducing a working capital
deficit.
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Canada plans to monitor steel shipments
flowing in and out of the country in an attempt to appease
concerns in the U.S. over the high level of Canadian steel
exports, Trade Minister Pat Carney said.
"To help maintain our open access to the U.S. steel market,
the government is taking further action to ensure we have more
accurate data on exports and imports and that Canada is not
used as a backdoor to the U.S. market by offshore suppliers,"
Carney said.
Carney also said Canadian companies were being asked to
exercise prudence in the U.S. market and both countries were
considering establishing a joint commission to study the
growing steel problem.
Carney told the House of Commons she will soon announce an
amendment to the Exports and Imports Permits Act to set up the
monitoring program.
Canadian steel shipments to the U.S. have risen to 5.7 pct
cent of the U.S. market in recent months, almost double the
level just two years ago, Canadian trade officials said.
The increase in Canadian shipments comes at a time of
growing anger in the U.S. over rising steel imports from
several countries in the face of a decline in the domestic
steel industry.
Some U.S. lawmakers have proposed Canada's share of the
American market be limited to 2.4 pct.
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United Technologies Corp said
the decision by an international consortium not to develop a
new engine would have no impact on 1987 or 1988 earnings.
<International Aero Engines>, IAE, 30 pct owned by United
Technologies' Pratt and Whitney division, has decided not to
launch a superfan version of its V2500 engine.
"We've told analysts that IAE's decision not to launch a
full development program of the IAE superfan for certification
in 1991 will have no short term impact on earnings," a United
Technologies spokesman told Reuters.
Short term refers to 1987 and 1988, the spokesman said. He
declined to elaborate.
IAE's other owners are Rolls Royce PLC, <Japanese Aero
Engines Corp>, Fiat SPA and <MTU> of West Germany.
Analysts are estimating United Technologies will earn 3.75
dlrs to 4.50 dlrs a share in 1987. It reported earnings of 36
cts a share in 1986, which included two large writeoffs.
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Shr profit 72 cts vs profit 14 cts
Net profit 3,309,000 vs profit 609,000
Revs 72 mln vs 65 mln
Year
Shr nil vs loss 4.13 dlrs
Net profit 1,000 vs loss 19 mln
Revs 249 mln vs 269 mln
NOTE: Full name Stewart and Stevenson Services Inc.
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Shr 98 cts vs 63 cts
Net 2,602,000 vs 1,571,000
Loans 834.8 mln vs 729.0 mln
Deposits 1.04 billion vs 942.1 mln
Assets 1.15 billion vs 1.02 billion
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The Senate unanimously approved
legislation to lift a ban on new construction of natural
gas-fired power plants and other large industrial gas-burning
plants.
The bill, sponsored by Senate Energy Committee chairman
Bennett Johnston, also repeals mandatory incremental pricing of
natural gas which was designed to protect residential consumers
from major price increases by forcing some industrial users to
pay higher than market prices.
"This legislation will open up new natural gas markets," the
Lousiana Democrat said.
The gas restrictions were enacted in 1978 in response to a
shortage of natural gas and predictions of higher prices.
"Now both oil and gas prices are severely depressed,"
Johnston said.
In a compromise with coal producers, the bill requires new
baseload electric powerplants be designed to accomodate
modifications necessary to burning coal or another alternate
fuel.
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Following the lead of other major
banks, Southeast Banking Corp told the Securities and Exchange
Commission it would place 54.2 mln dlrs of medium- and
long-term Brazilian debt on non-accrual or cash status.
Based on current interest rates, it estimated in a filing
that the move will reduce net income by about 800,000 dlrs in
the first quarter and 3.2 mln dlrs for all of 1987. The company
also said it did not believe the Brazilian debt situation would
have a "material adverse" effect on it.
It also said it would issue 1,080,000 common shares in
connection with its acquisition of Popular Bancshares Corp.
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Williams Cos said it expected oil and
fertilizer transportation volumes to be flat in 1987 but said
operating profits from the pipeline unit should improve from
49.4 mln dlrs earned last year when a seven mln dlr special
charge was incurred.
Williams Pipeline Co took the charge against earnings in
1986 for the removal of more than 500 miles of old pipeline
from service and for casualty losses. Companywide, Williams had
a net loss of 134 mln dlrs on total revenues of 1.85 billion
dlrs, a decline from profits of 32 mln dlrs on sales of 2.46
billion in 1985.
In its annual report, Williams said its Northwest Pipeline
Corp and Williams Natural Gas Co had natural gas costs that are
among the lowest in the nation, averaging 2.04 dlrs and 2.07
dlrs per mcf, respectively, last year. Total natural gas
reserves for both units declined to 10,010 billion cubic feet
in 1986 from 11,334 billion cubic feet the previous year.
The company said its Williams Natural Gas unit, which has
less take-or-pay exposure than most major pipelines, should
show improvement in its 1987 operating results because of
changes tariff and federal tax rates.
The company's gas marketing business is expected to have
somewhat lower earnings in 1987 because of competition in its
operating region, the annual report said. The gas marketing
unit earned 26.0 mln dlrs on sales of 285.6 mln dlrs last year.
Williams also said it expected a substantial decline in its
debt to equity ratio this year because of more than 250 mln
dlrs received in cash from the sale of Agrico Chemical Co and
proceeds from the sale and leaseback of Williams
Telecommunications Co. The telecommunications business, a
2,000-mile fiber optic system for long distance use, will not
be profitable until late 1988, Williams said.
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Shr 38 cts vs 25 cts
Net 28,339,000 vs 18,650,000
Sales 2.27 billion vs 1.97 billion
Avg shrs 74,485,000 vs 74,270,000
Year
Shr 1.20 dlrs vs 1.23 dlrs
Net 89,301,000 vs 91,247,000
Sales 9.07 billion vs 7.91 billion
Avg shrs 74,387,000 vs 74,184,000
NOTE: 1986 period ended February 22, 1986
1986 earnings include net loss of unconsolidated subsidiary
of 162,000 dlrs in the quarter and 702,000 dlrs for the year
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Shr loss 70 cts vs loss 57 cts
Net loss 20,616,000 vs loss 16,854,000
Revs 23.1 mln vs 60.1 mln
Six mths
Shr loss 1.38 dlrs vs loss 1.02 dlrs
Net loss 40,780,000 vs loss 29,996,000
Revs 61.0 mln vs 114.9 mln
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HBO and Co said it sent a letter of
strongly urging shareholders not to sign any proxy cards sent
by Andover Group.
ON March 30, Andover Group, a two-man general partnership
which owns about seven pct of HBO's stock, filed preliminary
proxy materials with the Securities and Exchange Commission
seeking to nominate an alternative slate of directors at the
company's April 30 annual meeting.
Andover had expressed an interest to acquire the company in
September 1986 but HBO has never received an offer from them,
it said.
In addition, HBO said its financial condition is improving
rapidly as the result of a significant restructuring
implemented in 1986.
It expects the company to report net income of about 40 cts
per share in 1987 and a very significant increase in 1988.
For the year ended December 1986, the company reported a
loss of 3.6 mln dlrs, or 16 cts per share.
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Shr 51 cts vs 56 cts
Net 5,645,000 vs 6,153,000
Revs 45.9 mln vs 45.3 mln
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<UAP Inc> said it has acquired Slater
Auto Electric Ltd, with two Ontario stores, and United Diesel
Engine Parts Ltd, of Dartmouth, Nova Scotia, for undisclosed
terms. It said the transactions, together with acquisitions
earlier this year, will increase its annual sales by about 4.5
mln dlrs.
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The U.S. Agriculture Department is
currently discussing an amendment to a PL 480 agreement signed
with Morocco on January 22, but the mix of commodities under
the amendment has not been determined, a U.S. Agriculture
Department official said.
The official noted the agreement signed in January provided
for the supply of about 55,000 tonnes of vegetable oil, 55,000
tonnes of corn and 126,000 tonnes of wheat, all for delivery
during the current fiscal year, ending this September 30.
No purchase authorizations for the commodities provided in
the January agreement have been announced by the department.
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Distillate fuel stocks held in
primary storage were unchanged in the week ended April three at
106.9 mln barrels, the Energy Information Administration (EIA)
said.
In its weekly petroleum status report, the Department of
Energy agency said gasoline stocks were off 200,000 barrels in
the week to 248.1 mln barrels and refinery crude oil stocks
rose 6.3 mln barrels to 335.8 mln.
The EIA said residual fuel stocks fell 100,000 barrels to
38.1 mln barrels and crude oil stocks in the Strategic
Petroleum Reserve (SPR) rose 1.1 mln barrels to 520.0 mln.
The total of all crude, refined product and SPR stocks rose
9.4 mln barrels to 1,561.1, it said.
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Hawkeye Bancorp's 1986 annual
financial results were qualified by its auditors, according to
the annual report.
"...there are conditions which may indicate that the
company will be unable to continue as a going concern,"
auditors Deloitte Haskins and Sells said in Hawkeye's annual
report to shareholders.
Hawkeye reported a 1986 loss of almost 59 mln dlrs, citing
an increase in its loan loss provision to 34.7 mln dlrs and
restructuring costs of 27 mln dlrs.
However, Hawkeye, with assets of 1.09 billion dlrs at 1986
year end, said it expects "to have sufficient cash to meet its
obligations for the next 12-month period."
Last July the bank holding company reached a debt
restructuring agreement which identifed 17 bank subsidiaries
and five non-bank operations for disposition.
"The restructuring has improved Hawkeye's financial
condition, but it does not assure that Hawkeye will be able to
survive as a going concern," the report said.
Hawkeye's survival will depend on its ability to comply
with provisions of the debt restructuring and regulatory
agreements and on its ability to return to profitable
operations, it said.
There can be no assurance that Hawkeye will be able to meet
these requirements. However, the company "believes it will be
able to do so," Hawkeye said.
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Shr 33 cts vs 37 cts
Net 2,051,000 vs 1.8 mln
Assets 1.7 billion vs 1.5 billion
Deposits 1.4 billion vs 1.2 billion
Loans 1.1 billion vs 900 mln
Note: Year-ago results restated to reflect merger with
Colson Inc.
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Dome Petroleum Ltd's proposal to
restructure debt of more than 6.10 billion Canadian dlrs
includes provisions that may force the company to sell its 42
pct stake in <Encor Energy Corp Inc>, Dome said in a U.S.
Securities and Exchange Commission filing.
Dome said in the filing that its debt plan proposes making
payments under a five year income debenture to the lender whose
debt is secured by Dome's Encor shares.
After the five years are up, "under certain circumstances
the shares of Encor may be required to be disposed," the company
said.
Dome has pledged its 42.5 mln Encor shares as security for
part of its debt to <Canadian Imperial Bank of Commerce>,
estimated last year at 947 mln dlrs.
Analysts have said Commerce Bank was pressing Dome to sell
the stock to pay down its debt.
Dome's Encor shares had a market value of 313 mln dlrs on
March 17, 1987, the company's filing said.
As previously reported, Dome is seeking approval in
principle for the debt restructuring plan. Dome said in the
filing it proposed lenders sign a letter of understanding in
early April, with implementation to be effective July 1, 1987.
Dome Petroleum reiterated in the SEC filing that its
existence as a going concern is dependent on continuing the
interim debt plan, due to expire on June 30, and winning
agreement for its proposed restructuring plan.
"The company believes that the negotiation and
implementation of the proposed debt restructuring plan is
realistic and achievable," Dome said.
"However, the final outcome of the negotiations cannot be
predicted at this time," it said.
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U.S. oil demand as measured by
products supplied fell 2.6 pct in the four weeks ended April
three to 15.73 mln barrels per day (bpd) from 16.16 mln in the
same period a year ago, the Energy Information Administration
(EIA) said.
In its weekly petroleum status report, the Energy
Department agency said distillate demand was off 7.9 pct in the
period to 2.90 mln bpd from 3.15 mln a year earlier.
Gasoline demand averaged 6.76 mln bpd, off 3.1 pct from
6.98 mln last year, while residual fuel demand was 1.15 mln
bpd, off 16.9 pct from 1.39 mln, the EIA said.
So far this year, distillate demand fell 2.3 pct to 3.20
mln bpd from 3.28 mln in 1986, gasoline demand was 6.63 mln
bpd, off 0.3 pct from 6.65 mln, and residual fuel demand fell
4.9 pct to 1.35 mln bpd from 1.42 mln, the EIA said.
Year-to-date domestic crude output was estimated at 8.40
mln bpd, off 7.6 pct from 9.09 mln a year ago, while gross
crude imports averaged 3.92 mln bpd, up 27.1 pct from 3.08 mln,
it said.
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Financial analysts say they are
pleased with congressional moves to trim next year's federal
budget deficit but believe the actions will do little to help
improve the U.S. trade deficit or buoy the economy.
The House of Representatives is expected to vote tomorrow
to approve a trillion-dollar budget blueprint for the coming
fiscal year that reduces the deficit by 38 billion dlrs.
Similarly, the Senate Budget Committee has approved a plan
that would cut federal red ink by about 37 billion dlrs next
year.
"In terms of the economy, 37-38 billion dlrs is
infinitesimal, so cuts of this magnitude will have little
impact on the economy and the trade deficit," said Stanley
Collander, a Touche Ross federal budget policy analyst.
"At best, it will have a small positive effect," Collander
said in an interview.
Federal Reserve Board Chairman Paul Volcker has repeatedly
told Congress that cutting federal red ink would go a long way
to help reduce the massive trade deficit and also help ease
some of the downward pressure on the value of the dollar.
The U.S. government has attempted to remedy the trade
imbalance by driving down the value of the dollar. But Volcker
has warned that a further fall in the dollar's value is fraught
with danger.
Such a decline, he has said, could refuel inflation as
imported goods become more expensive and chase away foreign
capital needed to finance the federal budget deficit.
In addition, in February, U.S. officials meeting with other
major industrialized nations in Paris agreed that the value of
the dollar had dropped enough and that world exchange rates
should be stabilized at around current levels.
As part of that agreement, Japan and West Germany agreed to
take steps to stimulate their economies and the United States
agreed to cut its budget deficit.
The alternative to driving down the dollar any further as a
way to deal with the trade deficit, Volcker said recently, is
to reduce U.S. consumption, particularly federal spending.
"If you don't deal with the budget deficit, everything else
you do is going to be counterproductive," Volcker said in recent
testimony before the Senate Banking Committee.
Volcker also said he would prefer to further tighten the
government's purse strings than have the Fed tighten the credit
supply if action was needed to fight inflationary pressures or
to assure the continued flow of foreign capital into the United
States.
Analysts say that Fed tightening now could choke off the
current modest economic expansion and threaten a recession.
Kemper Financial Services economist John Silvia stressed
that any deficit reduction was better than none.
But he said the size of the cuts under consideration were
not enough to give the Federal Reserve Board the flexibility it
needs to steer the economy or to keep the value of the dollar
from plunging further in world exchange markets.
"There's no doubt that some deficit reduction helps, but if
your objective is to stabilize the dollar and perserve the
Fed's flexibility to conduct monetary policy, then the answer
is, it's not enough," Silvia told Reuters.
The U.S. trade deficit has become one of the government's
most vexing and persistent problems.
The 1986 deficit was 169.8 billion dlrs and there is as yet
little indication that this year's figure will be any lower,
though administration officials have predicted it will drop by
about 20 to 30 billion dlrs by year's end.
In the past, Volcker has joked that he never lost sleep
worrying whether Congress would cut too much fat from the
federal budget.
On the other hand, he also has made it clear he is not
attached to the gradually declining deficit ceilings set for
the 1986-1991 period by last year's Gramm-Rudman balanced
budget law.
While the new law set a ceiling of 108 billion dlrs for
next year's federal deficit, both the House and Senate Budget
Committees have conceded that their budget plans would fall
short of the deficit reduction goal by about 25 billion dlrs.
"For political reasons, 35 to 40 billion dlrs is about the
most you're going to get" out of Congress at the present time,
said Touche Ross's Collander. "To do something more than that
would be extraordinary, remarkable and very, very difficult."
Collander said the real danger for Congress was to end up
short of the deficit reduction goal set by its Budget panels.
"To an extent, this has become the minimum acceptable
reduction level," he explained. "Anything less than that will now
look like a failure to Wall Street."
The budget plan now under debate on the House floor would
lower an estimated 171 billion dlr deficit for the year
beginning on October one to about 133 billion dlrs by cutting
defense and domestic programs by 38 billion dlrs from their
anticipated spending levels for next year.
The Senate Budget Committee has called for a deficit of
nearly 134 billion dlrs with about 18.5 billion dlrs in new
taxes and about the same amount in spending cuts.
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4th qtr ended Jan 31.
Shr profit 72 cts vs profit 14 cts
Net profit 3,309,000 vs 609,000
Revs 72 mln vs 65 mln
Year
Shr profit nil vs loss 4.13 dlrs
Net profit 1,000 vs loss 19 mln
Revs 245 mln vs 269.1 mln
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Shr 98 cts vs 63 cts
Net 2,602,000 vs 1,571,000
Assets 1.15 billion vs 1.02 billion
Deposits 1.04 billion vs 942.1 mln
Loans 834.8 mln vs 729.0 mln
Return on avg assets 0.92 pct vs 0.63 pct
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Shr 32 cts vs 34 cts
Net 902,178 vs 662,647
Deposits 174.7 mln vs 134.4 mln
NOTE: Per share amounts adjusted to reflect 10-for-one
stock split effective Sept 16, 1986.
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American Brands Inc's 545 mln dlrs
acquisition of National Distillers and Chemical Corp's liquor
business is expected to be one of a series of acquisitions by
the tobacco company, analysts said.
"They were very frustrated with their inability to get
Chesebrough. They said they were looking for an acquisition. It
doesn't surprise me that they came up with another one," said
Allan Kaplan of Merrill Lynch and Co.
American Brands failed late last year in its 2.9 billion
dlrs bid for Chesebrough-Ponds Inc when Unilever N.V. agreed to
buy the company. But since then, Wall Street has been
speculating that American Brands would find another candidate
to help reduce its earnings exposure to tobacco.
"This is just typical," said George Thompson of
Prudential-Bache securities. "There's going to be more to come
here. American Brands had to make an acquisition because
tobacco is still a significant part of earnings. Their position
is a little less favorable than Philip Morris and RJ Reynolds,"
he said.
cash flow from its low growth tobacco, but the tobacco business
does require great amounts of capital expenditures. It can
therefore use its funds to make acquisitions. Analysts said the
National Distillers' spirits company, which makes Gilbey's gin
and vodka, Old Grandad and Old Crow whiskey, is not quite the
type of acquisition they envisioned.
"The distilled spirits business has been in a steady
gradual decline for sometime, as has the tobacco business,"
said Thompson.
REUTER...
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Bundesbank board member Claus Koehler
called on central banks of major industrialised nations to
cooperate closely on exchange and interest rate policies.
In a lecture at the University of Surrey, pre-released
here, Koehler said that the only alternative to cooperation was
protectionism and control on capital movements.
"Central banks have sufficient experience of exchange market
transactions to steer exchange rates where they want to have
them," he said. He added that West German growth forecasts would
have to be revised downward because of the recent dollar drop
to 1.80 marks from above two marks at the start of 1987.
Koehler said that transactions on foreign exchange markets
had parted company with transactions in goods, services and
investments. It was the scale of speculative transactions that
determined market trends.
Speculative inflows could cause monetary aggregates to
grow. To reverse such a rise in the money stock, interest rates
would have to be lowered to allow funds to drain off.
"In other words, the monetary policy measures required are
different from -- and sometimes diametrically opposed to --
those needed when the money stock is increasing as a result of
mounting economic activity," Koehler said.
The dollar fall was one means of reducing the massive U.S.
Current account deficit. But attempts to keep the depreciation
going by talking the dollar down posed problems.
The sharp drop of the dollar had led to an immediate steep
rise in the cost of U.S. Imports and a sharp fall in the cost
of European imports. But the volume effect of falling imports
to the U.S. And rising imports to Europe would take time to
make itself felt compared with the price effect.
"Hence the depreciation of the dollar may well be going
further than would be necessary to adjust the current account
over the medium term," Koehler said.
A reduction in the U.S. Current account deficit would occur
only if the growth rate of GNP was higher than domestic demand.
In Japan and West Germany by contrast, domestic demand should
rise faster than GNP.
"In Germany this did indeed happen in 1986," Koehler said.
If a further appreciation of the dollar was to be
prevented, the U.S. Current account deficit could be offset by
an inflow of foreign funds into the U.S..
But only if there was an appropriate interest rate
differential would Europe and Japan look for financial
investment in the U.S.
When selecting monetary policy instruments, a central bank
had to pay greater heed than in the past to the impact its
measures might have on expectations and consequent decisions.
Koehler said the Bundesbank was changing money market rates
by operating on the open market rather than adjusting leading
interest rates because of the signal this gives to the market
and its substantial impact on exchange rates.
It was not only important to achieve the domestic goals of
price stability, economic growth and full employment but also
to tackle international problems like the exchange rate
problem, the debt problem and the current account problem.
A strategy had to be designed that helped "the safeguarding
of non-inflationary economic growth in an international
monetary system largely free of disruptions," Koehler said.
Given the system of floating exchange rates, it was
necessary for central banks to agree to intervene. It sufficed
to tell the market where central banks saw exchange rates over
the next few years and intervention points should not be set,
because they were only testing points for the market, he said.
In order to keep the international monetary system free of
disruptions central banks should not only intervene jointly but
also cooperate on interest rate policies, Koehler said.
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CSR Ltd <CSRA.S> said its sale of <Delhi
Petroleum Pty Ltd> will not affect the other oil and gas
interests it manages or operates.
CSR sold Delhi, which holds an average 25 pct in the Santos
Ltd <STOS.S>-led Cooper-Eromanga Basin onshore gas and liquids
joint ventures, to an Exxon Corp <XON> unit for 985 mln dlrs on
April 1.
In a statement to clarify the position, CSR said it will
retain its Roma Gas unit, the associated Roma-Brisbane gas
pipeline and the Bula oilfield on Seram, Indonesia, plus
exploration interests in Queensland and Hainan Island, China.
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The Agriculture Ministry declined comment
on a local newspaper report that Japan had agreed to hold talks
on its closed rice market in the new GATT round.
"We have no idea about the report and cannot comment," a
spokesman told Reuters.
Nihon Keizai Shinbun, quoting unnamed government sources,
said Japan would tell U.S. Agriculture Secretary Richard Lyng
and U.S. Trade Representative Clayton Yeutter of its
intentions. The two are due to visit Japan later this month for
farm talks.
The U.S. Has been pressing Japan to discuss the rice issue
at the new round of General Agreement on Tariffs and Trade
talks. But Japan has said GATT is not the right forum.
Imports of rice to Japan are banned under the Foodstuff
Control Act.
Nihon Keizai said Japan's plan resulted from worries about
mounting trade tension with the U.S. At the GATT talks, Japan
will try to persuade the U.S. That its rice policy is
justified, it said.
The 93-nation world trade body began the Uruguay trade
round last September. It will take four years to negotiate.
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Japan's little-known Ministry of Posts and
Telecommunications (MPT) has emerged as an international force
to be reckoned with, political analysts said.
MPT, thrust into the spotlight by trade rows with the U.S.
And Britain, is in a position of strength due to its control of
a lucrative industry and its ties with important politicians,
they said.
"The ministry is standing athwart the regulatory control of
a key industrial sector, telecommunications and information,"
said one diplomatic source.
"They are a potent political force," the diplomatic source
said.
But MPT is finding domestic political prowess does not
always help when it comes to trade friction diplomacy, analysts
said.
"The ministry was a minor ministry and its people were not
so internationalized," said Waseda University professor Mitsuru
Uchida. "Suddenly they're standing at the centre of the world
community and in that sense, they're at a loss (as to) how to
face the situation."
Most recently the ministry has been embroiled in a row with
London over efforts by Britain's Cable and Wireless Plc to keep
a major stake in one of two consortia trying to compete in
Japan's lucrative overseas telephone business.
The ministry has favoured the merger of the two rival
groups, arguing the market cannot support more than one
competitor to Kokusai Denshin Denwa Co Ltd, which now
monopolizes the business.
It has also opposed a major management role in the planned
merger for any non-Japanese overseas telecommunications firm on
the grounds that no such international precedent exists.
The ministry's stance has outraged both London, which has
threatened to retaliate, and Washington, which says the merger
plan is evidence of Japan's failure to honour pledges to open
its telecommunications market.
Washington is also angry over other ministry moves which it
says have limited access for U.S. Firms to Japan's car
telephone and satellite communications market.
Much of MPT's new prominence stems from the growth of the
sector it regulates.
"What has been happening is an important shift in the
economy which makes the ministry a very important place," said
James Abegglen, head of the consulting firm Asia Advisory
Service Inc.
A decision to open the telecommunications industry to
competition under a new set of laws passed in 1985 has boosted
rather than lessened MPT's authority, analysts said.
"With the legal framework eased, they became the de facto
legal framework," said Bache Securities (Japan) analyst Darrell
Whitten.
Close links with the powerful political faction of the
ruling Liberal Democratic Party (LDP) nurtured by former Prime
Minister Kakuei Tanaka are another key to MPT's influence, the
analysts said.
"Other factions ignored MPT (in the 1970s), but the Tanaka
faction was forward looking and ... Recognized the importance
of MPT," Uchida said. Many former bureaucrats became members of
the influential political group, he added.
The ministry also has power in the financial sector due to
the more than 100,000 billion yen worth of deposits in the
Postal Savings System, analysts said.
MPT has helped block Finance Ministry plans to deregulate
interest rates on small deposits, a key element in financial
liberalisation, since the change would remove the Postal
Savings System's ability to offer slightly higher rates than
banks, they said.
Diplomatic sources, frustrated with what they see as MPT's
obstructionist and protectionist posture, have characterized
the ministry as feudal.
Critics charge MPT with protecting its own turf, limiting
competition and sheltering the former monopolies under its
wing. Providing consumers with the best service at the lowest
price takes a back seat to such considerations, they said.
But many of the ministry's actions are not unlike those of
its bureaucratic counterparts in much of the Western world
including Britain, several analysts said.
"The United States is really the odd man out," Abegglen said.
"For a government to take the view that it wants to keep order
in utilities markets is not an unusual and/or unreasonable
view," he said.
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Following is the text of a statement
by the Group of Seven -- the U.S., Japan, West Germany, France,
Britain, Italy and Canada -- issued after a Washington meeting
yesterday.
1. The finance ministers and central bank governors of
seven major industrial countries met today.
They continued the process of multilateral surveillance of
their economies pursuant to the arrangements for strengthened
economic policy coordination agreed at the 1986 Tokyo summit of
their heads of state or government.
The managing director of the International Monetary Fund
also participated in the meeting.
2. The ministers and governors reaffirmed the commitment to
the cooperative approach agreed at the recent Paris meeting,
and noted the progress achieved in implementing the
undertakings embodied in the Louvre Agreement.
They agreed, however, that further actions will be
essential to resist rising protectionist pressures, sustain
global economic expansion, and reduce trade imbalances.
In this connection they welcomed the proposals just
announced by the governing Liberal Democratic Party in Japan
for extraordinary and urgent measures to stimulate Japan's
economy through early implementation of a large supplementary
budget exceeding those of previous years, as well as
unprecedented front-end loading of public works expenditures.
The government of Japan reaffirmed its intention to further
open up its domestic markets to foreign goods and services.
3. The ministers and governors reaffirmed the view that
around current levels their currencies are within ranges
broadly consistent with economic fundamentals and the basic
policy intentions outlined at the Louvre meeting.
In that connection they welcomed the strong implementation
of the Louvre Agreement.
They concluded that present and prospective progress in
implementing the policy undertakings at the Louvre and in this
statement provided a basis for continuing close cooperation to
foster the stability of exchange rates.
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The Bank of France said it has invited
offers of first category paper today for a money market
intervention tender.
Money market operators were divided over whether the Bank
of France will use to occasion to cut its intervention rate,
which has stood at 7-3/4 pct since March 9.
Some thought a price cut unlikely while others said there
was room for a further 1/4 point cut by the bank.
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Year to December 31, 1986
SHR 78.91p vs 83.05p
DIV 16.5p making 23.5p vs 22p
PRETAX PROFIT 601.7 mln stg vs 614.4 mln
NET ATTRIBUTABLE PROFIT 245 mln stg vs 257 mln
TURNOVER 3.34 billion stg vs 3.09 billion
Note - Accounts have been restated
Full name of company is Rio Tinto-Zinc Corp Plc <RTZL.L>
Group operating profit 529.4 mln stg vs 470.7 mln
Operating costs 2.81 billion stg 2.63 billion
Share of profit less losses of related companies 104.4 mln
stg vs 165.0 mln
Interest receivable/other income 41.5 mln stg vs 47.4 mln
Interest payable 73.6 mln stg vs 68.7 mln
Tax 274.8 mln stg vs 277.1 mln
Leaving 326.9 mln stg vs 337.3 mln
RTZ' investment in Australian associate CRA has been equity
accounted for 1986 and 1985 figures restated on the same basis
after the reduction of RTZ's interest to 49 pct in October
1986.
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Remarks by two leading central bankers
sparked renewed speculation in financial markets that a cut in
the West German three pct discount rate may be under
discussion, currency dealers said.
Bundesbank board member Claus Koehler said in a speech that
monetary growth resulting from speculative capital inflows
required cuts in interest rates.
Separately, West Berlin state central bank president Dieter
Hiss told journalists that the discount rate could fall below
its lowest ever point of 2.75 pct. He made clear that he was
not making a forecast on interest rates, however.
Currency dealers here and in the Far East said the dollar
gained slight background support from the speculation.
But German dealers noted that the Bundesbank kept the 3.80
pct rate unchanged at which it offered liquidity to the money
market this week, dashing some expectations that it may either
offer lower fixed rate money or offer a reduced minimum rate
and let the strength of banks' demands set the allocation rate.
It allocated 6.1 billion marks in new liquidity, much less
than the 14.9 billion leaving the market as a prior pact
expired. This further weakened sentiment the Bundesbank could
move to a more accommodative monetary stance, dealers said.
Koehler said in a speech in Surrey, England, speculative
capital inflows may cause monetary growth, regardless of
whether central banks intervened or exchange rates fell.
"In other words, the monetary policy measures required are
different from -- and sometimes diametrically opposed to --
those needed when the money stock is increasing as a result of
mounting economic activity."
Though Koehler was known to be the most liberal of the
generally monetarist Bundesbank board, his comments marked the
first time cuts in rates had been concretely suggested as a
counterpoint to overly strong monetary growth, dealers said.
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The Soviet trade deficit with the West
almost quadrupled last year, reaching 2.72 billion roubles
compared with 713 mln in 1985, official figures showed.
Statistics published by the monthly journal Foreign Trade
showed Soviet trade turnover for 1986 fell to 130.9 billion
roubles from 142.1 billion the previous year, a drop of 7.8
pct.
Moscow's trade surplus with East Bloc countries continued
to grow in 1986.
Western analysts attributed the deficit rise with the West
to the world oil price slump, which hit Moscow's main export
and cut hard currency earnings needed for purchases in the
West.
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Year 1986
Shr 33.54p vs 34.2p.
Final div 9.5p, making 14p vs 12.75p.
Pre-tax profit 105.9 mln stg vs 79.6 mln.
Net profit before minorities 56 mln vs 52.1 mln.
Turnover net of duties 1.32 billion stg vs 1.46 billion.
Minorities 800,000 stg vs same.
Extraordinary debit 20.4 mln vs 28.2 mln.
NOTE: Company's full name is The Burmah Oil Co Plc <BURM.L>
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Pests and disease, which destroyed 1.1
mln tonnes of wheat in China in 1986, are threatening crops on
11.64 mln hectares this year, the China Daily said.
About 14.54 mln hectares of wheat were affected in 1986.
The paper said abnormal weather conditions had encouraged
the spread of wheat midges in 2.47 mln hectares in Shanxi,
Henan, Sichuan, Anhui, Hebei and Jiangsu.
In Henan, Shandong and Hebei wheat aphids are affecting
4.67 mln hectares, wheat red mite 2.8 mln hectares and wheat
powdery mildew 1.7 mln hectares.
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Rio Tinto-Zinc Corp Plc <RTZL.L>, RTZ,
said the predicted rise in industrial production in the U.S.
And Europe should boost its 1987 performance.
Consumption of some base metals and their dlr prices are
showing signs of improvement, although iron ore markets have
weakened. The oil price in U.S. Dlrs is above the 1986 average,
and if sustained, should improve energy earnings.
The company was commenting in a statement on its 1986
results which, on a restated basis, showed net attributable
profits lower at 245 mln stg after 257 mln the previous year.
Pretax profits also dipped to 601.7 mln stg after 614.4 mln.
RTZ said the excellent performance of its expanding range
of industrial businesses in 1986 was offset by the collapse in
oil prices.
Industrial businesses contributed 202 mln stg to net
profit, a 40 pct increase from 144 mln in 1985, and 60 pct of
the total. Trading performance improved at wholly-owned
subsidiaries RTZ Borax Ltd, RTZ Cement Ltd, RTZ Chemicals Ltd
and RTZ Pillar Ltd. First time contributions from recent
investment and acquisitions mainly in speciality chemicals and
minerals also aided performance.
Metals activities contributed 83 mln stg to net profit.
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Group shr 35.99 yen vs 38.28
Net 21.01 billion vs 21.08 billion
Current 47.73 billion vs 48.06 billion
Operating 55.04 billion vs 54.99 billion
Sales 792.71 billion vs 864.28 billion
NOTE - Company forecast for current year is group shr 37.70
yen, net 22 billion, current 52 billion and sales 800 billion.
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The current year has opened well, with
trading prospects remaining favourable, Burmah Oil Co Plc
<BURM.L> said in a statement with its 1986 results.
The company plans to maintain a steady rate of investment
in its marketing operations and to obtain improved profit
margins on its liquified natural gas, LNG, project.
Burmah has the financial capacity to continue making
acquisitions within its business sectors, it added. The
rationalisation programme, including sale of the Bahamas oil
terminal and all peripheral activities, is now complete.
Pre-tax profit for 1986 rose to 105.9 mln stg from 79.6
mln.
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Year 1986
Consolidated net profit 67 mln Swiss francs vs 42 mln.
Dividend 100 francs per registered share vs 80 francs and
10 francs per participation certificate vs eight.
Consolidated turnover 4.55 billion francs vs 4.54 billion.
Parent company net profit 38.2 mln francs vs 26.4 mln.
Parent company turnover 2.20 billion francs vs 2.29
billion.
Note - Company's full name is Gebrueder Sulzer AG <SULZ.Z>
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<Pergamon Holdings Ltd> and its associate
companies said that they had sold 30 mln ordinary shares in the
British Printing and Communication Corp Plc <BPCL.L> and 10.5
mln in <Hollis Plc> together with other securities.
No total price was given but the company said the proceeds
of the sales would be used to fund Pergamon's expansion
programme and worldwide acquisition stategy. The company said
that following these sales Pergamon's ordinary shareholdings in
both BPCC and Hollis remained above 51 pct. It said it had no
intention of further reducing its holdings in either company.
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Year 1986
Net profit 635.5 mln guilders vs 603.4 mln.
Revenues 17.35 billion guilders vs 17.27 billion.
Net profit per nominal 2.50 guilder share 5.79 guilders vs
5.67, corrected for capital increase. (1985 uncorrected figure
5.73).
Dividend 2.50 guilders vs 2.38, corrected. (2.40
uncorrected.)
Note - Full name is Nationale Nederlanden NV <NTNN.AS>
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Saudi riyal interest rates rose as
Bahrain-based banks scrambled to cover short positions, dealers
said.
Several Bahrain banks had been lending in the fixed periods
and borrowing in the short dates, but today they found the
day-to-day money in short supply, dealers said.
"Everybody's stuck in the spot-next," one trader said.
Spot-next rose to as high as 6-1/4, six pct from 5-1/4,
five pct yesterday, and the borrowing interest spilled over
into the periods, with one month rising to around 6-3/16,
5-15/16 pct from 5-15/16, 7/8 pct yesterday.
Three months edged up to around 6-9/16, 5/16 pct from
6-7/16, 1/4 pct, while six months was quoted a touch firmer by
some banks at seven, 6-3/4 pct.
Commercial banks quoted the spot riyal at 3.7500/04 to the
dollar after 3.7507/09 yesterday.
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The Philippine Long Distance Telephone Co
<PLDT.MN> is planning a two-for-one stock split and a 20 pct
stock dividend later this year to reduce excess market
buoyancy, Vice-President Sennen Lazo told Reuters.
Lazo said the stock split would reduce the par value of the
company's common stock from 10 to five pesos.
He said the stock split would apply to holders of about 18
mln common shares of stock on the record date of September 15
1987. "The exercise should make our stock more marketable," Lazo
said. "Now it is beyond the reach of many small investors."
PLDT common stock surged from a low of 37 pesos in February
1986 to 367.50 at close of trading yesterday on the Manila
Stock Exchange.
Lazo said the 20 pct stock dividend, payable on October 15,
would also apply to stockholders on record as of September 15.
PLDT reported 1986 net income of 1.89 billion pesos, up 68
pct from 778.9 mln pesos in 1985, on operating revenues of six
billion pesos, up from 4.7 billion pesos in 1985.
At end December 1986 the company had 417,100 stockholders.
A PLDT spokesman said the company's profits are likely to
be substantial since the government raised its franchise tax to
three pct from two and to impose a 35 pct corporate income tax
from which it was previously exempt.
The government has not so far ordered the implementation of
the tax decision.
PLDT is the largest of 58 telephone companies in the
Philippines. On December 31 1986 the company had 856,014
telephones in operation, representing 94 pct of all instruments
in the country.
In Manila item "Philippine Telephone firm plans stock split"
please read in page 3, first para, "the company's profits are
likely to be substantially cut" (inserting dropped word). This
replaces "the company's profits are likely to be substantial"
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Credit Commercial de France <CCFP.PA>
reported a parent company net profit up 34.8 pct to 140.1 mln
francs from 103.9 mln francs a few weeks before its
denationalisation around the end of this month.
Official sources said the bank, France's sixth largest in
terms of its deposits and seventh in terms of its assets,
planned a share split to increase the number of shares on offer
ahead of the sale of 40 pct of its ordinary share capital to
the public, of 10 pct to staff and 20 pct abroad.
Previously one of France's biggest private banks, it was
nationalised by the Socialists in 1982.
The sources said it was too early to give details of the
planned split or of the share price, but cited April 27 as a
likely date for the flotation launch.
So far 30 pct of the group's capital, currently at 10.33
mln shares of 100 francs nominal, has been offered for sale to
large private investors to constitute a solid core of eight to
ten shareholders before the flotation.
The private tender offer closes on April 16, while a 12 mln
franc advertising campaign for the flotation begins on Sunday.
"The privatisation will be a way of attracting extra clients,"
CCF deputy director-general Rene de la Serre told Reuters.
Market sources put the total value of CCF's privatisation
at between four and five billion francs.
De la Serre said the bank was likely to attract at least
the same number of investors as <Sogenal>, another recently
privatised bank in which 850,000 people bought shares.
The government's sweeping privatisation programme has also
included the sale of Saint-Gobain <SGEP.PA>, and Cie Financiere
de Paribas <PARI.PA>. The sale of <Banque du Batiment et des
Travaux Publics> and <Banque Industrielle et Mobiliere Privee>
should be completed this month, while third largest French bank
Societe Generale <SGEN.PA> will be privatised later this year.
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Lex Service Plc <LEXL.L> said it had
acquired <Sears Motor Group Ltd>, the retail motor distribution
arm of Sears Plc < SEHL.L>, and an 11.9 mln stg loan note
payable by Sears Motor for 33.4 mln stg.
The purchase will be through 1.4 mln stg in cash and the
issue to Sears Plc of 8.0 mln new Lex ordinary shares.
The company said in a statement that immediately following
the acquisition of the motor group, its car and commercial
vehicle contract hire fleet of some 3,000 vehicles was sold to
<Lex Vehicle Leasing Ltd> for 14.3 mln stg in cash, a sum equal
to the net book value of the vehicles transferred.
Lex Vehicle is owned equally by Lex Services and <Lombard
North Central Plc>.
Lex said the shares involved in the transaction were today
being placed for Sears Plc with institutions at 400p. These
shares will not qualify for the final Lex dividend on 10 April.
Lex said in a statement that its acquisition of Sears Motor
Group represents a major development for its automotive
activities. The enlarged retailing operations of the Lex
Automotive group now have a turnover of 530 mln stg. Lex's
existing automotive interests include Volvo Concessionaires,
the sole importer of Volvo cars and parts into the U.K.
Lex said the turnover for Sears Motor Group in the year to
31 December 1986 was 242 mln stg and that at the date of the
acquisition the group had about 50 mln stg in external
borrowings.
Lex shares fell on the announcement to trade around 409p
from a 419p close yesterday.
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MEPC Plc <MEPC.L> said that its offer for
<Oldham Estates Ltd> would remain open until further notice.
On February 26 MEPC made an agreed bid for Oldham based on
a formula reflecting its asset value at 30 September 1986. A
year earlier Oldham's net asset value was put at 531.4 mln stg.
As of 1 April the valuation used under the formula had
still to be agreed so Oldham had yet to give a firm
recommendation to its shareholders regarding the value of the
the offer.
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Year to December 31, 1986.
Shr 18.35p vs 14.95p
Div 3.75p vs 2.9p making 4.75p vs 3.75p
Pretax profit 66.5 mln stg vs 46.9 mln
Tax 14.6 mln stg vs 4.5 mln
Net profit 51.9 mln stg vs 42.4 mln
Turnover 1.44 billion stg vs 1.58 billion
Note - Full name of company is George Wimpey Plc <WMPY.L>.
Operating profit before exceptional items 88.9 mln stg vs
80.5 mln
Exceptional debits 3.0 mln stg vs 11.6 mln
Operating profit 85.9 mln stg vs 68.9 mln
Share of profits less losses of associated companies 1.4
mln stg vs 2.4 mln loss
Interest - net payable 20.8 mln stg vs 19.6 mln
Attributable minority profits debits 0.2 mln stg vs 0.3 mln
Extraordinary items debit 3.4 mln stg vs 4.3 mln credit
Net borrowings 195.1 mln stg vs 193.5 mln
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Net profit 327.1 mln guilders vs
307.5.
Total revenue 7.97 billion guilders vs 8.7 billion.
Net profit per five guilder nominal share 9.33 guilder vs
9.25 (corrected for capital increase).
Final dividend 1.30 guilders and 2.4 pct stock vs 1.30
guilders and 2.2 pct in stock. Interim dividend already paid
was 1.30 guilders.
Note : full name of company is AEGON NV <AEGN.AS>
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Canada had a trade surplus of 1.25
billion dlrs in February compared with an upward revised 623
mln dlrs surplus in January, Statistics Canada said.
The January surplus originally was reported at 533 mln
dlrs. The February surplus last year was 189 mln dlrs.
February exports, seasonally adjusted, were 10.44 billion
dlrs against 9.85 billion in January and 10.05 billion in
February, 1986.
February imports were 9.19 billion dlrs against 9.23
billion in January and 9.86 billion in February, 1986.
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The Bank of Japan bought a modest amount
of dollars at around 145.10 yen just after the market here
opened, dealers said.
Just before the opening, the dollar dropped swiftly as
speculators concluded the Group of Seven (G-7) comminuique
issued in Washington contained nothing basically new, they
said. It fell about a half yen, to around 145.
The G-7 reaffirmed that their currencies around current
levels reflect economic fundamentals.
One dealer said the Bank of Japan probably intervened in
Australia before the opening here, but could not confirm this.
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The Bank of England said it operated in
the money market this morning, buying 103 mln stg bank bills.
The central bank bought in band one 60 mln stg at 9-7/8, in
band two eight mln at 9-13/16, in band three 26 mln at 9-3/4
and in band four nine mln stg at 9-11/16 pct.
This compares with the bank's forecast of a 400 mln stg
shortfall today.
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The Netherlands' largest insurer
Nationale Nederlanden NV <NTTN.AS> (NatNed) said it expected at
least unchanged results in 1987 after reporting 1986 net
profits up 5.3 pct to 635.5 mln guilders from 603.4 mln in
1985,
Revenues increased by 0.5 pct to 17.35 billion guilders
after 17.27 billion the previous year, and the dividend was
raised to 2.50 guilders per share from 2.38 guilders in 1985,
corrected on a capital increase.
The company said guilder revenue and profit were pressured
by falls in exchange rates, particularly in the US and
Australian dollar and sterling.
Without these currency fluctuations, net profit would have
been 30.7 mln guilders higher and revenue 1.97 billion higher,
NatNed said.
The international share in turnover was 50 pct in 1986
compared with 52 pct in 1985.
The company's life insurance result fell to 365.7 mln
guilders after 428.4 mln in 1985 due to currency influences,
tighter interest margins and increased investment.
Claim payouts fell to 9.9 mln guilders after 66.6 mln the
previous year.
The company's total assets reached 69.87 billion guilders
in 1986 against 67 billion the year before.
Assets per share equalled 65.68 guilders against 65.53.
Without these currency fluctuations, net profit would have
been 30.7 mln guilders higher and revenue 1.97 billion higher,
NatNed said.
The international share in turnover was 50 pct in 1986
compared with 52 pct in 1985.
The company's life insurance result fell to 365.7 mln
guilders aft
INTERRUPTED
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European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
Dealers in Frankfurt and Zurich saw the dollar remaining
broadly entrenched in its current trading range.
"The dollar is likely to stay within a range of 1.80 to 1.84
marks," said Gisela Steinhaeuser, senior dealer at Chase Bank
AG. She said there was some resistance to further climbs.
However, she said the dollar could break out of the range
with major surprises such as a worse-than-expected U.S.
Merchandise trade deficit, due next Tuesday.
Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd
in Zurich, said he expects the dollar to hold steady against
the mark and Swiss franc but to weaken further against the yen,
possibly to 140 yen.
A Milan banker shared Stadelmann's view, saying he expects
a dollar-yen range of 140-150 in the short term.
London traders said the G-7 communique failed to curb
underlying bearishness toward the dollar but this negative
sentiment was not yet strong enough to tempt interbank
operators to test the downside.
Concern that finance ministers and officials still in
Washington could issue more concrete statements in favour of
currency stabilisation kept players sidelined, along with
worries about provoking fresh central bank intervention in the
near term, the traders said.
Most Paris dealers expressed disappointment at the
communique, saying nothing has changed to reverse the dollar's
downward trend.
Traders in several centres said the market would look for
fresh opportunities to test the willingness of central banks to
defend current ranges, which the communique said were "broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."
Dave Jouhin, senior dealer at Midland Bank in London, said
"They're going to put somebody's resolve to the test soon." The
U.S. February trade data may provide the trigger, dealers said.
However, some dealers said London-based operators would be
unlikely to open major positions next week ahead of the long
Easter weekend. They saw near-term technical support at 1.825
marks and 145 yen and resistance about 1.83 marks and 146 yen.
Chase Bank's Steinhaeuser and other Frankfurt dealers said
the G-7 communique guaranteed a relatively calm and stable
market for the foreseeable future compared with the extreme
volatility seen in the first few months of this year.
One dealer at a German bank said the wording of the
communique made clear the leading nations did not want a
further dollar drop, and this was supporting the dollar.
The German dealer saw the dollar gradually appreciating to
1.87 marks, broadly seen as its upper limit within the Louvre
accord's supposed currency target range.
A Swiss bank economist said he believed the markets were
ready for a period of "mainly sideways movement."
But Milan dealers were sceptical about the communique
contributing to greater stability.
"Nothing has changed substantially to give the dollar a big
boost," said one dealer, while another Italian banker said he
expects the dollar to trade between 1.77 and 1.87 German marks
in the next three months.
A Swiss monetary source, who asked not to be named, said
the communique had been in line with realistic expectations and
should not have produced disappointment.
"The problem is that the changes needed in fiscal and trade
policies to redress current imbalances are of a different
timescale than currency markets operate on," the source told
Reuters, "This is a political process which takes time."
Alois Schwietert, chief economist at Swiss Bank Corp in
Basle, also questioned the tone of disappointment evident on
currency markets today. "Did people really expect a patent
remedy?" he asked.
Bank economists in Paris noted yesterday's meeting was only
the first in a series and said the market would watch carefully
in the next few weeks for any changes in positions.
A senior economist with Banque Indosuez said the focus was
now on trade and growth rather than interest rates. Any move by
Japan and West Germany to boost their economic growth could
lead to a quick change in the U.S. Position.
Dealers in all centres agreed that markets would be wary in
pushing the dollar too far too quickly in the coming months
while central banks appear resolved to use their muscle to
support the Paris accord.
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Remarks by central bankers raised some
hopes the Bundesbank will cut rates on securities repurchase
pacts, but operators remained divided on the likelihood of a
move in the near term, money market dealers said.
Comments by Bundesbank board member Claus Koehler yesterday
that rate cuts were needed to curb money supply growth from
speculative capital inflows, and by West Berlin state central
bank president Dieter Hiss that there was no natural lower
limit to the discount rate had, however, no immediate impact.
Call money declined to 3.65/75 pct from 3.75/85 pct but the
drop was tied to extra liquidity in the market, dealers said.
Dealers said the Bundesbank's latest liquidity allotment
this week dashed some hopes of lower rates.
The Bundesbank allotted only 6.1 billion marks yesterday in
new liquidity in a repurchase pact at an unchanged rate of 3.80
pct, thus subtracting some 8.8 billion marks from the market,
as an outgoing 14.9 billion pact expired.
But some dealers said the smaller volume awarded by the
pact was in line with present liquid money market conditions,
and did not exlude a cut in the repurchase pact rate soon to
3.70 pct if money market rates continue at present levels.
The next opportunity for the Bundesbank to lower rates on
repurchase pacts will be in a tender expected next Tuesday.
Bundesbank officials have already said they favour more
discreet rate adjustments through repurchase pacts, rather than
the more public adjustment of leading rates.
The Bundesbank may either set a fixed allocation rate and
allow banks to tender for the volume, as has been the case
since it lowered its discount rate January 22, or else it may
allow banks to tender for the rate and set the volume itself.
Dealers expect volume of the tender to be lower than the
15.2 billion marks flowing out, to offset other incoming funds.
Some seven billion marks is expected to flow in next week.
This should then flow back into the market as it is deposited
with banks.
Banks were well supplied with liquidity, holding 61.5
billion marks in reserves at the Bundesbank on Tuesday.
Holdings of average daily reserves over the first seven
days of April stood at 59.6 billion marks, still above the
estimated 51 billion required for all of April.
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The European Community launched an
investigation into allegations of dumping by Japanese
semiconductor makers in a move which diplomats said could mark
an intensification of world trade strains.
Tokyo already faces a deadline of April 17 from Washington
for the imposition of 300 mln dlrs worth of tariffs on chips it
imports into the U.S.
The EC Executive Commission said today the European
Electrical Component Manufacturers Association complained that
Japanese firms were selling high capacity EPROM type (erasable
programmable read only memory) chips at unfairly low prices.
Japan last year took 78 pct of the 170 mln dlr EC EPROM
market, up from 60 pct in 1984. The EC firms said they had been
forced to offer their products at a discount of up to 30 pct in
order to compete with the Japanese.
The Commission said it believed the Association had given
sufficient elements of proof for dumping to warrant an
investigation, which could lead it to impose duties if it found
the complaints were justified.
The Commission claims last year's accord between the U.S.
And Japan on microchip pricing gives U.S. Firms privileged
access to the Japanese market.
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The Swiss Federal Government will launch
a new series of three month money market certificates totalling
around 150 mln Swiss francs, the National Bank said.
Subscriptions close April 14 and payment date is April 16.
The last series of three month paper issued in March raised
147.3 mln francs at an issue price of 99.142 pct, giving an
average annual yield of 3.501 pct.
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European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
Frankfurt and Zurich dealers saw the dollar staying broadly
entrenched in its current trading range.
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Finance ministers from seven major
industrialized nations agreed on the need to stabilize
currencies at current levels but said more action was needed to
reduce trade imbalances and sustain economic growth.
In a communique issued after a four-hour meeting at the
U.S. Treasury that ended last night, the ministers said the
value of the dollar and other currencies was basically correct
now, and they welcomed new measures planned by the Japanese to
boost their economy.
West German Finance Minister Gerhard Stoltenberg called it
a "good meeting" and in brief remarks exchanged with reporters
other ministers seemed pleased with its outcome.
Shortly after the communique was issued and just as foreign
exchange trading opened in Tokyo, the Bank of Japan intervened
again to prevent the yen rising too quickly.
The communique said, "The ministers and governors reaffirmed
the commitment to the cooperative approach agreed at the recent
Paris meeting. They agreed, however, that further actions will
be essential to resist rising protectionist pressures, sustain
global economic expansion and reduce trade imbalances."
It welcomed the plans set this week by the Japan's ruling
Liberal Democratic Party to stimulate its economy with what the
communique termed "extraordinary and urgent measures" including
an "unprecedented front-end loading of public works
expenditures."
The meeting of the so-called Group of Seven brought
together ministers and central bank governors of the seven
major industrial democracies, the United States, Japan, West
Germany, France, Britain, Italy and Canada.
The communique said the ministers reaffirmed the commitment
on cooperation reached in a meeting on February 22 in Paris
when they had agreed to stabilize foreign exchange rates at the
then-current levels.
In the weeks that followed, the dollar continued to fall
against the Japanese yen despite massive dollar purchases by
the Bank of Japan and other central banks and is now trading at
around postwar lows.
Japan has come under growing criticism from both the United
States and European countries for its only modest efforts to
open its markets to outside competition and to reduce its
exports.
The communique said Japan affirmed its intention to open
domestic markets to foreign goods and services but did not
elaborate.
It said the officials "reaffirmed the view that around
current levels their currencies are within ranges broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."
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Dutch insurer AEGON NV <AEGN.AS>
reported a 6.4 pct increase in 1986 net profits to 327.1 mln
guilders and said it expected a moderate increase in profits
for 1987.
Total revenue was eight pct lower in 1986 at 7.97 billion
guilders vs 8.7 billion guilders in 1985. The company said its
revenues were down due to lower foreign exchange rates and a
change in accounting practice. It added that revenues would
have risen by about seven pct had those changes not occurred.
Revenue from Dutch operations rose five pct in 1986, mainly
due to its life insurance business.
Health insurance revenues in the Netherlands also rose
despite a notable shift to insurances with lower premiums and
higher personal risks.
Damage insurances made losses, mainly due to car damage
insurances. AEGON did not specify the loss.
In the United States, revenue in guilders from health and
life insurance was lower. AEGON said this was due to a change
in accounting for U.S. Annuities.
AEGON said annuities are subject to such strong personal
investment influences that it should be accounted differently
from the more traditional insurances.
This change in accounting practice and another change to
account for profits made on fixed interest investments,
resulted in an incidental rise in net profits of 31 mln
guilders.
AEGON said incidental negative influences on net profits
were slightly higher, being the lower dollar rate, high initial
costs for new products, and the cost of new headquarters in The
Hague.
In 1986, a large number of new insurance products emerged
in the Netherlands and the U.S., AEGON said. Large initial
costs for these products have depressed net profits somewhat.
Monumental Corp, a U.S. Insurer which merged with AEGON in
May 1986, saw its profits almost completely eroded by these
costs and made only a small contribution to the group's
profits.
AEGON said it has written-off 657 mln guilders in goodwill
for Monumental Corp.
AEGON's net equity was 2.71 billion guilders in December
1986, against 3.46 billion the year before.
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Following is the text of a statement
by the Group of Seven -- the U.S., Japan, West Germany, France,
Britain, Italy and Canada -- issued after a Washington meeting
yesterday.
1. The finance ministers and central bank governors of
seven major industrial countries met today.
They continued the process of multilateral surveillance of
their economies pursuant to the arrangements for strengthened
economic policy coordination agreed at the 1986 Tokyo summit of
their heads of state or government.
The managing director of the International Monetary Fund
also participated in the meeting.
2. The ministers and governors reaffirmed the commitment to
the cooperative approach agreed at the recent Paris meeting,
and noted the progress achieved in implementing the
undertakings embodied in the Louvre Agreement.
They agreed, however, that further actions will be
essential to resist rising protectionist pressures, sustain
global economic expansion, and reduce trade imbalances.
In this connection they welcomed the proposals just
announced by the governing Liberal Democratic Party in Japan
for extraordinary and urgent measures to stimulate Japan's
economy through early implementation of a large supplementary
budget exceeding those of previous years, as well as
unprecedented front-end loading of public works expenditures.
The government of Japan reaffirmed its intention to further
open up its domestic markets to foreign goods and services.
3. The ministers and governors reaffirmed the view that
around current levels their currencies are within ranges
broadly consistent with economic fundamentals and the basic
policy intentions outlined at the Louvre meeting.
In that connection they welcomed the strong implementation
of the Louvre Agreement.
They concluded that present and prospective progress in
implementing the policy undertakings at the Louvre and in this
statement provided a basis for continuing close cooperation to
foster the stability of exchange rates.
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Japanese Finance Minister Kiichi
Miyazawa said the Group of Seven (G-7) countries reaffirmed
their Paris accord on stabilising currencies to convince the
market of their resolve.
At a news conference after today's G-7 meeting, Miyazawa
said the ministers and central bank governors did not believe a
totally new statement was needed.
The speculative selling did not reflect economic
fundamentals, and since the fundamentals had not changed only a
reaffirmation of the goals of the Paris accord was needed, he
said.
He also noted that this test of the G-7 nations resolve had
concentrated on the yen, while other currencies, especially the
mark, had remained stable.
Miyazawa said any change in economic conditions since the
Paris accord was not worth being called fundamental.
"As I said at a time of Louvre (agreement), the expression
of 'current level' is rather vague idea," he said.
The yen's movement in the past several weeks is within the
range agreed in Paris in Febraury, he said.
It was better to give a vague expression than pin-pointing
a level, which could have an adverse impact on the market,
Miyazawa said.
Asked why only Japan was committed to fresh measures in the
statement, he said Japan was exceptional among the seven
because the yen appreciated against the dollar while other
major currencies largely have been stable.
He also said Japan's ruling Liberal Democratic Party has
justed adoped a package to reflate the economy while other
nations are not supposed to produce new measures in a short
period since the Paris agreement.
Miyazawa also said the U.S. sanctions against Japanese
semiconductor products was not discussed through the G-7
meeting and did not affect the currency talks.
The seven nations discussed the debt problems of developing
countries and ways to proceed in line with the debt initiative
outlined by U.S. Treasury Secretary James Baker 18 months ago.
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Qtly div five cts vs five cts prior
Pay July One
Record June 17
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Net profit 2,529,000 vs loss 1,066,000
Revs 59.0 mln vs 52.6 mln
Year
Net profit 15.4 mln vs profit 865,000
Revs 247.0 mln vs 231.1 mln
NOTE: Company became wholly owned and operated by Donald
Trump in May 1986, when he acquired 50 pct interest that had
been owned by former operator Holiday Corp <HIA>.
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European currency markets reacted quietly
to the G-7 communique, with comments from bankers and dealers
ranging from disappointment that it was not more concrete to
surprise that the markets should have expected so much.
The dollar opened lower against virtually all currencies
and traded in a narrow range after the communique, which
reaffirmed support for the Paris accord on currency
stabilisation but contained no moves to strengthen it.
Dealers in Frankfurt and Zurich saw the dollar remaining
broadly entrenched in its current trading range.
"The dollar is likely to stay within a range of 1.80 to 1.84
marks," said Gisela Steinhaeuser, senior dealer at Chase Bank
AG. She said there was some resistance to further climbs.
However, she said the dollar could break out of the range
with major surprises such as a worse-than-expected U.S.
Merchandise trade deficit, due next Tuesday.
Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd
in Zurich, said he expects the dollar to hold steady against
the mark and Swiss franc but to weaken further against the yen,
possibly to 140 yen.
A Milan banker shared Stadelmann's view, saying he expects
a dollar-yen range of 140-150 in the short term.
London traders said the G-7 communique failed to curb
underlying bearishness toward the dollar but this negative
sentiment was not yet strong enough to tempt interbank
operators to test the downside.
Concern that finance ministers and officials still in
Washington could issue more concrete statements in favour of
currency stabilisation kept players sidelined, along with
worries about provoking fresh central bank intervention in the
long term, the traders said.
Most Paris dealers expressed disappointment at the
communique, saying nothing has changed to reverse the dollar's
downward trend.
Traders in several centres said the market would look for
fresh opportunities to test the willingness of central banks to
defend current ranges, which the communique said were "broadly
consistent with economic fundamentals and the basic policy
intentions outlined at the Louvre meeting."
Dave Jouhin, senior dealer at Midland Bank in London, said
"They're going to put somebody's resolve to the test soon." The
U.S. February trade data may provide the trigger, dealers said.
However, some dealers said London-based operators would be
unlikely to open major positions next week ahead of the long
Easter weekend. They saw near-term technical support at 1.825
marks and 145 yen and resistance about 1.83 marks and 146 yen.
Chase Bank's Steinhaeuser and other Frankfurt dealers said
the G-7 communique guaranteed a relatively calm and stable
market for the foreseeable future compared with the extreme
volatility seen in the first few months of this year.
One dealer at a German bank said the wording of the
communique made clear the leading nations did not want a
further dollar drop, and this was supporting the dollar.
The German dealer saw the dollar gradually appreciating to
1.87 marks, broadly seen as its upper limit within the Louvre
accord's supposed currency target range.
A Swiss bank economist said he believed the markets were
ready for a period of "mainly sideways movement."
But Milan dealers were sceptical about the communique
contributing to greater stability.
"Nothing has changed substantially to give the dollar a big
boost," said one dealer, while another Italian banker said he
expects the dollar to trade between 1.77 and 1.87 German marks
in the next three months.
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Step-Saver Data Systems Inc
said Bergen-Richards Corp has exercised a warrant to buy
450,000 Step-Saver shares at two dlrs each.
It said warrants issued to the underwriter in its initial
public offering were exercised in March for an aggregate of
169,200 dlrs.
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Coast Savings and Loan Association
said it is in talks with the Federal Savings and Loan Insurance
Corp on the acquisition of Central Savings and Loan Association
of San Diego.
Central, which operates 46 branches, has been under
management guidance of the FSLIC since May 1985.
Coast said the acquisition would give it an entry into the
San Joaquin Valley market besides strengthening its presence in
the San Diego, Los Angeles and Orange Counties areas.
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<C.D. Bramall Plc> said in a statement
accompanying its annual results that it proposed to acquire
Gelco U.K. For some 26.3 mln dlrs.
Part of the cost will be met by the issue of 2.14 mln new
ordinary Bramall shares which are being placed at 265p each.
The acquisition will be satisfied by an initial payment of
some 25.3 mln dlrs in cash with further payments of 500,000
dlrs up to a maximum 26.3 mln dlrs. These further payments will
only be made if profits achieved by Gelco for the year ending
July 31, 1987 reach a certain level.
Bramall shares were trading 6p lower at 278p.
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The U.N. Food and Agriculture Organisation
(FAO) said global wheat and coarse grain output was likely to
fall in 1987 but supplies would remain adequate to meet demand.
FAO said in its monthly food outlook bulletin total world
grain output was expected to fall 38 mln tonnes to 1,353 mln in
1987, due mainly to unusually high winter losses in the Soviet
Union, drought in China and reduced plantings in North America.
World cereal stocks at the end of 1986/87 were forecast to
rise 47 mln tonnes to a record 452 mln tonnes, softening the
impact of reduced production. But stocks are unevenly
distributed, with about 50 pct held by the U.S.
"Thus the food security prospects in 1987/88 for many
developing countries, particularly in Africa, depend crucially
on the outcome of this year's harvests," FAO said.
FAO said world cereal supplies in 1986/87 were estimated at
a record 2,113 mln tonnes, about five pct higher than last
season and due mainly to large stocks and a record 1986
harvest, estimated at 1,865 mln tonnes.
FAO's forecast of 1986/87 world cereals trade was revised
upwards by eight mln tonnes to 179 mln due to the likelihood of
substantial buying by China and the Soviet Union.
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Shr 27 cts vs 24 cts
Net 5,223,000 vs 4,682,000
Avg shrs 19.7 mln vs 19.4 mln
NOTE: Results reflected pooled acquisition of First
Community Bancshares Inc on March 31, 1987 and include Camden
Bancorp from January 31, 1987 purchase.
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Shr profit five cts vs loss 16 cts
Net profit 689,000 vs loss 1,910,000
Revs 12.3 mln vs 9,432,000
NOTE: 1987 net includes 276,000 dlr tax credit.
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George Wimpey Plc <WMPY.L> said the
outlook for 1987 looked encouraging as the company realised the
continuing benefits of restructuring.
It said its overall financial position showed further
improvement in 1986 and the reshaping of its U.K. Business into
clearly defined and activity related divisions had been
successfully achieved.
Wimpey was commenting in a statement on its 1986 results
which showed pretax profits up 42 pct to 66.5 mln stg.
The group had a good overall year in North America, the
company said in a statement.
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C.O.M.B. Co said it has acquired
the principal assets of National Tech Industries Inc and Telkom
Corp, which are engaged in the sale and telemarketing of
consumer electronic merchandise and do business as House of
Imports and N.L. Industries respectively.
The company said it paid a total of 8,700,000 dlrs,
including the assumption of liabilities.
National Tech had sales of about 23 mln dlrs for 1986, it
said.
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Shr profit nil vs profit nil
Net profit 27,622 vs profit 5,556
Sales 1,031,306 vs 840,906
Nine mths
Shr loss one ct vs loss two cts
Net loss 195,095 vs loss 445,379
Sales 2,702,085 vs 2,219,961
Reuter
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Todd Shipyards Corp said
production workers represented by the multi-union Pacific Coast
Metal Trades District Council at its San Francisco division
struck on April Six.
It said negotiations are expected to resume at the end of
this month.
Todd also said the collective bargaining division in effect
at its Galveston Division expires April 17, and negotiations
with the Galveston Metal Trades Council are continuing.
The company said results of balloting on a new collective
bargaining agreement proposal in its Seattle Division are
expected to be tabulated at the close of business tomorrow.
The Pacific Coast Council has recommended acceptance of
that proposal by membership, Todd said.
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Shr 54 cts vs 49 cts
Net 70.2 mln vs 64.0 mln
NOTE: Share adjusted for two-for-one split in July 1986.
Results restated for pooled acquisition of Third NAtional
Corp in December 1986.
Net chargeoffs 15.0 mln dlrs vs 14.2 mln dlrs.
Assets 25.8 billion dlrs, up 7.2 pct from a year earlier,
deposits 21.1 billion, up 9.4 pct, and loans 17.1 billion dlrs,
up 17.2 pct.
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<International Thomson Organisation Ltd>
said it will report financial results in U.S. funds rather than
sterling, beginning from Jan 1, 1987.
It said the change will not be applied retroactively to
prior financial periods.
The company said as a result of recent investments, most of
its assets now are located in the United States.
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Shr three cts vs 18 cts
Net 220,000 vs 1,250,000
Revs 11.8 mln vs 9,430,000
Year
Shr 45 cts vs 69 cts
Net 3,400,000 vs 4,037,274
Revs 45.1 mln vs 34.3 mln
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Shr 52 cts vs 40 cts
Qtly div 18 cts vs 15 cts prior
Net 793,740 vs 603,661
NOTE: Share adjusted for 10 pct stock dividend in November
1986.
Dividend pay May One, record April 25.
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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:
Sorghum 64 (63), sunflowerseed cake and expellers 103 (102)
, pellets 101 (100), meal 99 (98), linseed oil 274 (264),
groundnutseed oil 450 (445), soybean oil 300 (290), rapeseed
oil 290 (280).
Sunflowerseed oil for shipment through May 323 (313) and
june onwards 330 (320).
The board also adjusted export prices at which export taxes
are levied in dlrs per tonne FOB, previous in brackets, as
follows:
Bran pollard wheat 40 (42), pellets 42 (44).
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Clevite Industries Inc said it
received a written proposal from J.P. Industries Inc <JPI>
seeking to buy all of its outstanding shares for 13.50 dlrs a
share.
Clevite's stock was trading on NASDAQ at 13-1/4.
J.P. Industries recently completed the acquisition of
Clevite's Engine Parts Division.
J.P. Industries said its proposed transaction would be
financed through borrowings under its available bank lines and
a bridge financing facility which Donaldson Lufkin and Jenrette
Securities Corp agreed to arrange.
To expedite the transaction, J.P. Industries said it would
be willing to start a cash tender for Clevite's shares within
five days after agreeing upon a definitive merger and
confirmation of Clevite's financial results and condition.
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The Bank of England said it has revised
its estimate of today's shortfall to 350 mln stg from 400 mln,
before taking account of 103 mln stg morning assistance.
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Physio Technology Inc said it
expects to have a third quarter, ended March 31, loss of about
200,000 dlrs and is in default on its bank loan because of the
resignation of chairman and chief executive officer.
The company said the loss followed four quarters of modest
profits. In the year ago quarter it earned 11,000 dlrs, or one
cent a share. For the first half of fiscal 1987, it reported a
profit of 42,000 dlrs, or two cts a share, compared to a year
earlier loss of 294,000 dlrs, or 17 cts a share.
It said President Michael R. Hall will assume the duties of
chief executive officer.
Physio Technology said the resignation of Chairman James C.
Lane can constitute non-compliance with its Series A
convertible subordinated debentures due 1996 and a default
under its agreement with the Merchants Bank of Kansas City.
It explained a declaration of non-compliance under the
debentures would create a a default under the loan agreements
requiring immediate payment of 1.8 mln dlrs of debentures and
about 450,000 dlrs outstanding under the bank credit line.
The company said the debenture holders intend to waive the
non-compliance, but reserve the right to withdraw the waiver at
the end of any 30 day period.
Physio Technology said it is changing its field sales force
to independent representatives and dealers from employees to
"significantly reduce its fixed overhead."
Its statement did not indicate how many employees would be
affected by the move.
The company said Lane will become an independent dealter
for the company in certain midwestern states. He will continue
to serve as a director, it added.
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Qtr ends March 31
Shr one dlr vs 76 cts
Net 11.9 mln vs 8,929,000
Six mths
Shr 1.92 dlrs vs 1.43 dlrs
Net 22.8 mln vs 16.8 mln
NOTE: full name of bank is washington federal savings and
loan association.
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Traders expect U.S. energy futures will
open unchanged to slightly lower this morning with support near
yesterday's lows.
Crude futures are called unchanged to five cts weaker
tracking unchanged domestic crudes and North Sea Brent crude,
which traded at 18.01 dlrs a barrel today, about ten cts below
yesterday's New York close.
Traders said the supply squeeze in 15-day forward April
Brent appears to have ended.
Product futures, which fell sharply yesterday, are due to
open unchanged to 0.25 cent lower, traders said.
Traders expect some followthrough selling in products but
said gasoil futures in London will probably lend some support
since they are trading as expected. May gasoil futures were off
1.50 dlrs a tonne this morning while June was down 1.25 dlrs in
thin conditions.
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Shr 63 cts vs 89 cts
Net 3,425,216 vs 3,370,682
Avg shrs 5,421,330 vs 3,803,425
NOTE: net for both qtrs reflects gains on sales of
securities of 1,755,137, or 51 pct of net, in 1987; and
3,001,222, or 89 pct of net in 1986.
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The Bank of England said it has satisfied
its revised estimate of today's shortfall in the money market,
providing 261 mln stg assistance in afternoon operations.
The Bank bought in band one, 60 mln stg bank bills at 9-7/8
pct and in band two 200 mln stg bank bills and one mln stg
treasury bills at 9-13/16 pct. This brings the total help so
far today to 364 mln stg, compared with its deficit estimate of
350 mln stg.
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The Lebanese Pound fell sharply against
the U.S. Dollar again today with dealers attributing the
decline to continued political uncertainty.
The pound closed at 118.25/118.75 against the dollar
compared to yesterday's close of 115.60/115.80.
"Political deadlock is reflected in the pound's position.
There was more demand and less on offer in the market," one
dealer told Reuters.
The pound, which was at 18 to the dollar in January, 1986,
has lost more than 30 pct of its international value over the
past three months.
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