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Dividend on 1986 business 12 marks per share vs seven
marks.
(Company is a subsidiary of Switzerland's BBC AG Brown
Boveri und Cie <BBCZ.Z>).
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Moderately active grain fixing was
reported out of the U.S. But none of the business involved the
significant voyages to the Continent or Japan, ship brokers
said.
A steady 13.50 dlrs was paid from the U.S. Gulf to Morocco
and 23.25 dlrs was paid for 27,000 long tons from the Gulf to
Taiwan. A vessel carrying 13,500 long tons of bagged wheat
flour from the Gulf to Aqaba received a lump sum of 472,500
dlrs.
Grain from the Great Lakes to Algeria made 28 dlrs against
27.75 paid for similar fixing towards the end of March.
Market talk suggested a Federal Commerce vessel had been
booked to move grain from the Great Lakes to Morocco on Comanav
account at about 22 dlrs and 15.50 had been paid for a cargo of
oilseeds from British Columbia to Japan, but no confirmation
was obtainable.
On the Continent, shippers agreed 19 dlrs for wheat from La
Pallice to Buenaventura and 10.75 dlrs for grain from Ghent to
Naples/Venice range. Elsewhere, maize from East London to Japan
paid 22 dlrs.
Soviet charterers reappeared in the timecharter sector and
secured a 30,000 tonner from Savona for a trans-Atlantic round
trip at 4,450 dlrs daily and a 31,000 tonner from
Antwerp-Hamburg for a similar voyage at 4,250 dlrs daily.
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The Bundesbank sees no current reason
to change monetary course, vice-president Helmut Schlesinger
told Reuters in a telephone interview.
Schlesinger was responding to questions following remarks
yesterday by Bundesbank board member Claus Koehler and West
Berlin state central bank president Dieter Hiss, which, dealers
said, revived some speculation that German interest rate cuts
may once again be under discussion.
Schlesinger said he had no comment on the remarks of his
two central bank council colleagues.
But he added that the last central bank council meeting on
April 2 had discussed the economic situation with a mood of
"subdued optimism," particularly influenced by the news brought
by several state central bank presidents.
"Much is going better than the impression gained by the
public from the January figures, which have been in the
meantime superseded," he said.
German January industrial output fell 3.0 pct after a
decline of 0.9 pct in December. New industry orders fell 1.9
pct after they had been unchanged in December.
Bank economists said that the two together showed the
economy would either stagnate or contract in the first quarter
of 1987.
Aside from the economic developments, Schlesinger added, a
steady monetary course was important to hold the dollar/mark
rate around current levels as Bundesbank president Karl Otto
Poehl had said while attending the Washington World Bank/IMF
meeting.
Asked, however, if the Bundesbank could move to cut rates
on repurchase agreements at the setting of the next repurchase
tender, due next Tuesday, Schlesinger said, "Since the central
bank council gives its opinion on this theme only every 14
days, this is hardly probable."
Responding to the question whether the Bundesbank had moved
away from a policy of targetting monetary growth toward one of
targetting currency rates, Schlesinger said he could have no
comment on the subject while negotiations were still in
progress in Washington.
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Holding company <Gemina Spa> said it had
no comment on an Italian press report today that it has
acquired a 12 pct stake in <Nuovo Banco Ambrosiano Spa>.
Italian daily La Repubblica said that Gemina paid 205
billion lire for the shareholding from several Italian banks. A
Gemina spokeswoman told Reuters, "We have nothing to say about
the report."
A spokeswoman for Milan-based Ambrosiano said, "We have no
information at this time." In February, Ambrosiano chairman
Giovanni Bazoli said foreign and domestic firms have expressed
interest in buying stakes in the bank.
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Dividend on 1986 business unchanged at 10 marks per
ordinary share. Company also set dividend of 11 marks for new
preference shares, which were issued last year.
(Note: Company has said profit will match 1985 level,
despite provisions of 480 mln marks connected with alleged
currency fraud. Group net profit in 1985 was 596 mln marks,
parent company net was 477 mln marks. Company's full name is
Volkswagen AG <VOWG.F>).
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Shr 66 cts vs 67 cts
Net 48,700,000 vs 49,300,000
Sales 961.0 mln vs 870.6 mln
Avg shrs 74,123,837 vs 73,374,398
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The Bank of France said it left its
intervention rate unchanged at 7-3/4 pct when it injected funds
in the market against first category paper in today's money
market intervention tender.
Money market dealers had earlier expressed mixed views on
the possibility of quarter point cut.
The rate was last adjusted on March 9, when it was cut to
7-3/4 pct from the eight pct rate set in January.
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The head of Spain's employers'
federation, Jose Maria Cuevas, said employers were worried
about the government's monetary policies because high real
interest rates were hampering investment.
He told a news conference wage pacts signed so far this
year were not endangering the government's five pct inflation
target. The government's perceived need to control inflation by
keeping a tight rein on credit was unnecessary, he said.
High real interest rates were attracting an influx of
speculative foreign capital which was undercutting the
government's target for monetary growth, Cuevas said.
Spain's most closely-watched measure of money supply,
liquid assets in public hands, grew at an annualised rate of 17
pct in March, against 11.4 pct in December last year and a
target range of 6.5 to 9.5 pct for 1987.
To combat this, the Bank of Spain has raised its call money
rate 14 times so far this year, to 14.5 pct at present from
11.8 at end-1986.
Cuevas said employers were heeding the government's call to
hold wage increases to its five pct inflation target this year,
with increases from salary reviews awarded last year and new
wage pacts averaging 5.6 pct in the first quarter of 1987.
These agreements covered less than 40 pct of Spanish
workers, Cuevas said, with the rest still in wage negotiations.
He said Spain's current wave of strikes mainly affected the
state sector, where the government is trying to impose its five
pct wage ceiling.
Cuevas said employers were also worried about the trend in
Spain's foreign trade balance. The trade deficit in the first
two months of 1987 totalled 233 billion pesetas, a 68 pct
increase over the corresponding period last year.
However, employers did not favour a devaluation of the
peseta to correct the imbalance.
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Showboat Inc said its board declared a
two-for-one stock split, payable to shareholders of record on
May 15.
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Shr 70 cts vs 42 cts
Net 2,918,000 vs 1,746,000
Sales 68.3 mln vs 53.5 mln
NOTE: 1987 net includes pretax gain 400,000 dlrs from
change in pension accounting.
1987 results include Production Graphics Corp and Systems
Technology and Weapons System Test Divisions of NEw Technology
Inc, acquired December 30, 1986.
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Shr 50 cts vs 47 cts
Net 3,445,000 vs 3,193,000
NOTE: Share adjusted for two-for-one stock split in January
1987.
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The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
30-174 days 5.00 pct 5.00 pct 30-87 days
175-190 days 5.85 pct 5.82 pct 88-103 days
191-270 days 5.00 pct 5.00 pct 104-179 days
271-288 days 5.92 pct 5.85 pct 180-205 days
289-360 days 5.00 pct 5.00 pct 206-360 days
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Anchor Financial Corp said it
has agreed to acquire Waccamaw State Bank of Surfside Beach,
S.C., in an exchange of 1.435 Anchor shares for each Waccamaw
share, subject to regulatory and shareholder approvals.
Waccamaw had assets of 22.8 mln dlrs as of March 31.
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E.F. Hutton LBO Inc said the tender
offer by its wholly owned unit, PC Acquisition Inc, for
Purolator Courier Corp <PCC> expired at 2400 EDT yesterday
without the purchase of any Purolator common stock.
Hutton added that PC Acquisition also terminated its merger
agreement with Purolator.
Hutton said the offer, which had been conditioned upon the
tender of at least 5,116,892 Purolator shares, or about
two-thirds of the outstanding shares, was terminated because
the minimum number of shares was not tendered.
Purolator had entered into a definitive agreement with PC
Acquisition, part-owned by E.F. Hutton LBO Inc, a unit of E.F.
Hutton, and some officers of Purolator's U.S. courier division,
in which PC offered to purchase 6,332,471 Purolator common
stock shares for 35 dlrs a share.
Following that move, PC Acquisition planned to merge a
subsidiary into Purolator, converting all outstanding Purolator
common it did not own into an aggregate 46 mln dlrs principal
amount of 12 pct guaranteed debentures due 2002 and warrants to
purchase 15 pct of a Purolator unit comprised of Purolator's
U.S courier operations.
Hutton said as of 2400 EDT yesterday about 181,000 shares
of Purolator common stock, or about 2.4 pct of the outstanding
shares, had been validly tendered and not withdrawn.
PC Acquisition has instructed its depository for the offer
to return promptly the Purolator stock deposited by, or on
behalf of, tendering shareholders, Hutton said.
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India's national foodgrain target has
been fixed at 160 mln tonnes in 1987/88 (Apr-Mar), unchanged
from the 1986/87 target, the Agriculture Ministry said in its
annual report for 1986/87.
Actual output was estimated at 151 mln tonnes in 1986/87
due to failure of monsoon rains in 15 out of 35 meterological
sub-divisions of the country.
The report gave the targets for various crops with
estimated harvested crops in 1986/87 in brackets as following,
in mln tonnes - rice 65 (60), wheat 49 (49), coarse grains
including sorghum and millets 32 (29) and pulses 14 (13).
Despite failure of monsoon rains in recent years, it was
possible to maintain higher foodgrain production, signifying
growing resilience in agricultural sector, the report said.
The strategy for increasing irrigation potential along with
greater use of high yielding seed varieites and improvement in
fertiliser efficiency is yielding results, it said, adding
total foodgrain output in 1985/86, 1984/85 and 1983/84
respectively was 150.5 mln tonnes, 145.5 mln and a record 152.4
mln.
India has targeted to produce between 178 and 183 mln tonnes
of foodgrains by the last year of the seventh five-year
development plan ending March 31, 1990.
Taking the midpoint of 180 mln tonnes as the target and the
1986/87 estimated production of around 151 mln tonnes, the gap
of 29 mln tonnes has to be made up during the remaining three
years of the plan by increasing grain output annually by more
than nine mln tonnes. But the target can be achieved only with
good weather, the report said.
"The major thrust programme will, therefore, be better water
(irrigation) management. Simultaneously, efforts for spread of
improved technology including timely use of inputs (farm
materials like fertilisers) in adequate quantities have to be
vigrously pursued," it said.
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Reichhold Chemical Inc said its
board adopted a warrant dividend plan in which one preferred
stock purchase right will be distributed as a dividend on each
common share outstanding.
The company said its warrant dividend plan is designed to
protect its shareholders against unsolicted, coercive attempts
to aquire control without making an adequate offer for all
shares.
Reichhold said the adoption is not a response to any
specific takeover attempt.
Reichhold said each right will entitle shareholders to buy
one one-hundreth of a share of a newly created series of
preferred stock at an initial exercise price of 120 dlrs, with
dividend and voting rights approximately equal to those of one
share of the company's common stock.
The rights will be exercisable only if, without Reichhold's
prior consent, a person or group a acquires 20 pct or more of
the voting power or announces a tender offer which would result
in 20 pct ownership, the company said.
Reichhold said it is entitled to redeem the rights at five
cts apiece before a 20 pct position has been acquired, or
before an existing 20 pct shareholder buys an additional two
pct or more of the voting power of the company, or in
connection with certain transactions afterward.
The tax-free distribution will become effective May 1,
1987, and will expire 10 years later, the company said.
Details of the plan are outlined in a letter to be mailed
to stockholders.
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Shr 62 cts vs 52 cts
Net 142.0 mln vs 123.0 mln
Sales 1.00 billion vs 865.0 mln
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International Proteins Corp said
it has agreed to sell in a private placement 330,000 common
shares at 11.75 dlrs a share to a U.S. subsidiary of Hanson
Trust Plc.
In addition, David Clarke the president of another Hanson
Trust subsidiary, Hanson Industries, will be named chairman of
International Proteins's executive committee upon his election
to the board at the annual meeting.
International Proteins recently acquired Clarke's family
business, Great South Beach Sales Co, for 900,000 restricted
common shares of which 350,000 have been issued to date.
International Proteins said its agreement with Hanson Trust
is subject to stockholder approval at the annual meeting which
is expected to be held in June.
The company said Hanson Trust is purchasing the stock for
investment purposes, adding the agreement includes restrictions
on purchase or sale of the company by Hanson for the next five
years.
International Proteins said it will use the proceeds to
expand domestic operations.
The company has about 2.1 mln shares outstanding.
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Egypt bought 125,723 tonnes of U.S.
wheat flour in its PL 480 tender yesterday, trade sources said.
The purchase included 51,880 tonnes for May shipment and
73,843 tonnes for June shipment. Price details were not
available.
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<Zenex Oil Pty Ltd> said it
acquired the interests of Esso South Africa, the local
subsidiary of Exxon Corp <XON), and will use up to 20 mln rand
in profits to finance educational and social programs.
The profit scheme will begin after Zenex has paid Exxon an
undisclosed purchase price for Esso, Zenex chairman John
Truscott said in a statement.
The acquisition follows the Exxon withdrawal from South
Africa announced last December.
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The Student Loan Marketing
Association said its rates on short-term discount notes were as
follows:
MATURITY NEW RATE OLD RATE MATURITY
5-14 days 5.80 pct 5.75 pct 5-14 days
15-360 days 5.00 pct 5.00 pct 15-85 days
5.80 pct 86-91 days
5.00 pct 92-176 days
5.83 pct 177-183 days
5.00 pct 184-360 days
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The Federal Home Loan Mortgage Corp
adjusted the rates on its short-term discount notes as follows:
MATURITY RATE OLD RATE MATURITY
33 days 6.00 pct 6.00 pct 33 days
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ARGENTINE GRAIN BELT TEMPERATURES
(CENTIGRADE) AND RAIN (MM) IN THE 24 HOURS TO 12.00 GMT WERE:
...............MAX TEMP..MIN TEMP..RAINFALL
BUENOS AIRES.......24.......12............0
BAHIA BLANCA.......22........7............0
TRES ARROYOS.......22........8............0
TANDIL.............22........7............0
JUNIN..............24.......11............0
SANTA ROSA.........--........6............0
CORDOBA............23.......12............1
SANTA FE...........21.......18...........17 REUTER
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Losses for Volkswagen AG
<VOWG.F>, VW, linked to an alleged foreign currency fraud will
not exceed the 480 mln marks provision already made, a VW
spokesman said.
The spokesman was commenting after VW had confirmed it
would pay an unchanged 10 mark dividend for ordinary shares on
1986 business, despite the provision.
One West German newspaper today quoted foreign currency
dealers in Frankfurt as speculating that the total losses from
the currency affair could be as high as 1.5 billion marks, but
the VW spokesman described 480 mln marks as an "upper limit."
VW said in a statement following today's supervisory board
meeting that it had discussed the foreign currency scandal in
detail, and was setting up a new probe into its foreign
currency activities to be carried out by an unnamed auditing
company.
VW has said computer programs were erased and documents
were faked in the alleged fraud in which it believes
transactions intended to protect it against possible foreign
currency losses were not completed.
VW's former foreign currency chief Burkhard Junger was
arrested on Monday on suspicion of embezzlement and of having
evaded justice.
Earlier VW had said that its 1986 results would match 1985
profits. VW's group net profit in 1985 was 596 mln marks and
parent company net was 477 mln marks. It also said it recommend
an unchanged dividend to the supervisory board. The company has
also set a dividend of 11 marks for new preference shares,
which were issued last year. Analysts have described the held
dividend as a move to reassure worried shareholders.
VW increased nominal capital by 300 marks last year to 1.5
billion marks, with the result that its total dividend payment
on 1986 will be 306 mln marks compared with 240 mln on 1985,
since the new capital was in preference shares.
The share analysts say VW will have to dig into reserves in
order to maintain the disclosed 1986 profit at 1985 levels. At
the end of 1985, VW had parent company reserves of slightly
less than three billion marks.
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Yugoslavia will tender April 14 for
100,000 tonnes of wheat, the U.S. Agriculture Department's
Counselor in Belgrade said in a field report.
The report, dated April 7, said the wheat must be from 1986
and 1987 harvest, and imports of soft wheat from Europe and
from other suppliers will not be considered.
It said the imports will be used to rebuild the federal
reserves and as a result will not be subject to import
surcharges.
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Alex. Brown Inc said it has declared a
three-for-two stock split, payable May 29, record May 22.
The company also said it has filed to offer 912,000 common
shares, including 162,000 to be sold by a shareholder, with
company proceeds to be used for working capital and general
corporate purposes. Its Alex. Brown and Sons Inc subsidiary is
lead underwriter.
The offering is expected to be made before the record date
of the split, the company said.
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Period ended Jan 31
Shr 38 cts vs 61 cts
Net 7,012,000 vs 11,193,000
Revs 223.0 mln vs 200.3 mln
Year
Shr 1.11 dlrs vs 1.36 dlrs
Net 20,214,000 vs 23,602,000
Revs 656.5 mln vs 520.5 mln
Avg shrs 18,257,631 vs 17,376,480
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LVI Group Inc said it has agreed in
principle to purchase all outstanding shares of <Spectrum
Holding Corp> for a proposed 13 mln dlrs in cash.
LVI said an additional 10 mln dlrs in common stock and
seven mln dlrs in notes will become payable if Spectrum has
certain minimum future earnings.
LVI, an interior construction firm, said the acquisition is
subject to execution of a definitive agreement and completion
of due diligence.
LVI and Spectrum, an asbestos abatement concern, expect to
close the deal in June, LVI said.
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Texas American Energy Corp said
its board has decided to again omit the quarterly dividend on
its 2.575 dlr cumulative convertible exchangeable preferred
stock.
The dividend would have been payable May One. The company
last paid 64.3 cts a share on the issue in August 1986.
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Shr 1.64 dlrs vs 1.56 dlrs
Net 4,583,000 vs 5,313,000
Revs 20.1 mln vs 19 mln
Avg shrs 2.8 mln vs 3.4 mln
Year
Shr 5.06 dlrs vs 5.92 dlrs
Net 16 mln vs 20.3 mln
Revs 74.6 mln vs 68 mln
Avg shrs 3.2 mln vs 3.4 mln
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<Brenda Mines Ltd> said it sold
2,830,390 <Kerr Addison Mines Ltd> shares to a group of
underwriters led by Wood Gundy Inc and Brown, Baldwin Nisker
Ltd for redistribution.
Financial terms were undisclosed.
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Data Access Systems Inc said
chairman David Cohen has sold 1,800,000 common shares to
Phoenix Financial corp for undisclosed terms and resigned as
chairman and chief executive officer.
The company said Phoenix Financial now has a 27 pct
interest in Data Access and effective control.
Data Access said Phoenix chairman Martin S. Ackerman has
been named chairman of Data Access as well and two other
Phoenix representatives have been named to the Data Access
board. It said four directors other than Cohen have resigned
from the board.
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Health and Rehabilitation
Properties Trust said it declared an intitial dividend of 55
cts per share for the period ending March 31, 1987
The dividend will be payed May 20 to shareholders of record
on April 20, the company said.
The company said it organized in late 1986 and closed its
intitial public offering of shares Dec 23, 1986.
The initital dividend includes five cts attributable to the
period between Dec 23 and 31, 1986, and 50 cts attributable to
the first qtr of 1987, ending March 31, 1987.
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T. Rowe Price Associates said its
first quarter earnings rose about 50 pct from the year-ago
2,634,000 dlrs and revenues about 30 pct from the year-ago 24.2
mln dlrs.
It said it expects "very good" earnings and revenue growth
this year. In 1986 it earned 14.8 mln dlrs on revenues of
111.1 mln dlrs.
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General Partners told the Securities
and Exchange Commission it has reduced its stake in GenCorp Inc
to 8.6 pct, from 9.8 pct, by selling 250,000 shares at a price
equal to 118.5 dlrs per share.
General Partners, which includes GC Holdings Inc and
General Acquisitions Inc, said yesterday it was dropping its
100-dlr-a-share hostile takeover bid for GenCorp because of
GenCorp's move to buy back its shares for up to 130 dlrs each.
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Shr 45 cts vs 43 cts
Net 1,503,000 vs 938,000
Avg shrs 3,358,664 vs 2,158,664
NOTE: Company had its initial public offering of 1,200,000
shares in October, 1986
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National Computer Systems Inc
expects fiscal year earnings to improve by about 20 pct, the
company told analysts, although it said the April 30 first
quarter should show "down earnings and virtually flat
revenues."
Chairman Charles Oswald said National Computer has taken
steps to improve margins. He said revenues are expected to
increase modestly because of the company's decision to downsize
its leasing business, nonrecurring revenueslast year from a
one-time Texas teacher assessment project and the impact of the
discontinuance of products last year.
Oswald said National Computer's first quarter results will
be down as a result of a major financial systems sales last
year, a higher effective tax rate and the increased number of
shares outstanding.
The company said the next three consecutive quarters should
demonstrate "excellent earnings growth."
Reuter
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|
|
Rexham Corp said it has
repurchased 381,050 of its shares or 9.1 pct from Nortek Inc
for 42 dlrs each, and Nortek has withdrawn its proposal to
acquire Rexham for 43 dlrs per share.
Rexham said Nortek has also agreed not to buy Rexham shares
or take other actions under a 10-year standstill agreement.
The Rexham board had rejected the Nortek bid as inadequate.
The company also said its board has authorized the
repurchase in the open market or privately from time to time of
up to an additional five pct of its own shares and the
establishment of an Employee Stock Ownership Plan. The plan is
expected to purchase from Rexham a new convertible preferred
stock with 11.5 pct of Rexham's voting power with proceeds of a
pension plan overfunding and borrowings.
Reuter
| [
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0,
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0,
0,
0,
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|
The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
30-174 days 5.00 pct 5.00 pct 30-174 days
175-190 days 5.88 pct 5.85 pct 175-190 days
191-270 days 5.00 pct 5.00 pct 191-270 days
271-288 days 5.92 pct 5.92 pct 271-288 days
289-360 days 5.00 pct 5.00 pct 289-360 days
Reuter
| [
0,
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0,
0,
0,
1,
0,
0,
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0
]
|
Shr 46 cts vs 48 cts
Net 1,196,331 vs 1,341,314
Revs 5,153,109 vs 7,680,350
Reuter
| [
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0,
1,
0,
0,
0,
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0
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|
The Federal Reserve may intervene in
the government securities market to supply temporary reserves
indirectly via customer repurchase agreements, economists said.
They said that while the Fed faces no great urgency to add
reserves at the start of the two-week maintenance period today
it would probably do so in order to offset a relatively high
federal funds rate.
Fed funds opened at 6-3/16 pct and remained there in early
trading. Yesterday, they averaged 6.45 pct, after rising as
high as seven pct at the close.
Reuter
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Diamond Crystal Salt Co said it
might sell its salt division.
The company said it retained First Boston Corp to assist it
with the possible sale of the division, "assuming a fair price
and reasonable terms can be obtained."
Diamond Crystal said sale of the unit was in the best
long-term interests of its shareholders.
The company also said it incorporated its Packet Products
Division as of April one. The unit will be an indirect wholly
owned subsidiary called Diamond Crystal Specialty Foods Inc.
Current management of the division will remain.
Reuter
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|
Nigel Lawson, Britain's Chancellor of
the Exchequer, said some countries may need to cut interest
rates with the aim of maintaining exchange rate stability.
Speaking to journalists one day after the Group of Seven
countries reaffirmed goals set in Paris six weeks ago, he said
central banks would continue to intervene "as and when
necessary."
He said the G-7 countries were concerned that Japan do more
to stimulate domestic demand and welcomed measures outlined by
Japanese Finance Minister Kiichi Miyazawa yesterday.
Lawson said he was still worried about the risk of a
simultaneous recession in the United States, Japan and West
Germany, though less so than when he gave his March 17 budget
speech to the British Parliament.
"If anything I'm a little bit less concerned, but there is
still a risk," he said.
Asked if the United States should consider increasing
interest rates to support the dollar, he said, "If there is a
need for changes in relative interest rates, it doesn't need to
be a rise in interest rates in the United States."
Lawson said there was some concern expressed in yesterday's
meetings at the slow progress the United States had made in
reducing its budget deficit.
"We believe there will be some worthwhile progress in
reducing the deficit this year. The important thing is that it
continue year after year," Lawson said.
The February 22 Louvre accord called for efforts to
stabilize currencies at then-current exchange rates. In the six
weeks that followed the Japanese yen continued to rise against
the dollar despite massive central bank intervention.
Asked whether this intervention was a sign of weakness in
the Louvre accord, he said, "I don't think so. If there had been
no intervention you would have called that a sign of weakness."
Although intervention could be a cause of inflation, Lawson
said, "the world does not appear to be in an inflationary mode
... but one has to be vigilant."
He said yesterday's G-7 statement, which affirmed that
"current levels" of exchange rates were appropriate, had been
"carefully worded." "We know what we mean, and we all mean the
same thing," he said.
Lawson said financial markets seem to believe that Japanese
measures outlined in the Louvre accord were the source of
weakness for that agreement.
Therefore, the G-7 countries welcomed Miyazawa's
presentation of plans for a supplemental budget to stimulate
domestic demand.
They particularly welcomed the goal of an immediate
increase in public works spending, but Lawson said the package
also involved a second stage to increase expenditures during
the second half of this year.
Reuter
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French operators have requested licences
to export 320,000 tonnes of free market barley, 225,000 tonnes
of maize, 25,000 tonnes of free market bread-making wheat and
20,000 tonnes of feed wheat at today's EC tender, trade sources
said.
For the barley, rebates of between 138 and 141.25 European
currency units (Ecus) per tonne were sought, for maize they
were between 129.65 and 139 Ecus, for bread-making wheat around
145 Ecus and for feed wheat around 142.45 Ecus.
Barley rebates of up to 138.50 Ecus were requested for a
total of 40,000 tonnes and at 139 Ecus for 85,000 tonnes.
Rebates of up to 130 Ecus per tonne were requested for a
total of 55,000 tonnes maize and up to 131 Ecus for 105,000
tonnes, the sources said.
Reuter
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The Group of 10 developed nations
issued a communique welcoming the reaffirmation of the Paris
accord on currency stability by the Group of Seven leading
industrial democracies yesterday.
In the communique issued this morning, the G-10 said
"prospects of member countries' economies would be improved by
stability in the exchange rates of their currencies."
The G-10 includes the group of seven - the United States,
Canada, Britain, Japan, Italy, West Germany and France - plus
Belgium, the Netherlands, Sweden and also Switzerland.
Sources who attended the G-10 conference this morning said
the reference to the latest G-7 agreement was especially added
to the brief communique because currency stability will benefit
all the G-10 members.
The G-10 met briefly before the International Monetary Fund
Interim Committee meeting scheduled for today.
.
Reuter
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The dollar drifted down to end one
pfennig lower after a lacklustre session, held in limits by the
lack of concrete news from the Group of Seven meeting and
comments on the edge of the Washington IMF/World Bank meeting.
Dealers said the communique early in the European morning
from the G-7 meeting contained no significant new factors and
although the dollar dipped it generally resisted further
attempts to push it lower through the day.
The U.S. Currency ended at 1.8270/80 marks, below
yesterday's last 1.8365/75.
Koch said the assessment of the dollar's direction was
based on a global view, with operators paying most attention to
comments by finance officials to see how closely they stated
adherence to international agreements such as those set at the
Plaza Hotel in 1985 and in Paris on February 22.
Koch described the wording of the communique from the G-7
as "soft as wax."
Bundebank vice-president Helmut Schlesinger told Reuters in
a telephone interview that the German central bank sees no
current reason to change monetary course at present.
Schlesinger was responding to questions following remarks
yesterday by Bundesbank board member Claus Koehler and West
Berlin state central bank president Dieter Hiss, which dealers
said revived some speculation that German interest rate cuts
may be under consideration.
German call money was slightly softer today, at around 3.70
pct after 3.80 yesterday.
Some dealers said rates on new liquidity injections added
via Bundesbank securities repurchase agreements may be cut next
week. Hopes of a cut were dashed on Tuesday with an allocation
at an unchanged 3.80 pct.
But speaking of the pact tender rate next week, Schlesinger
said, "since the central bank council gives its opinion on this
theme only every 14 days, this is hardly probable."
Euromark rates scarcely responded to the central bankers
comments, with six months funds ending unaltered at around
3-7/8 pct. Eurodollars for the same maturity rose a fractional
1/16 pct from yesterday to around 6-11/16 pct.
Sterling dipped to end at 2.952/956 marks after 2.960/965
last night. The Swiss franc firmed slightly to 120.30/45 marks
per 100 from 120.25/40, with the yen soaring however to
1.2570/90 marks per 100 from 1.2515/35 yesterday.
EMS currencies saw the French franc end unchanged from last
night at 30.03/06 marks per 100, with the Belgian franc easing
however to 4.829/831 marks per 100 from 4.831/833.
REUTER
| [
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Shr 1.01 dlrs vs 1.08 dlrs
Net 21,983,000 vs 23,434,000
Sales 174.9 mln vs 161.7 mln
Reuter
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Humana Inc said it has agreed in
principle to sell 68 MedFirst primary medical care facilities
to <Primedical Corp> for undisclosed terms, with transfers
taking place over the next four months.
It said it retains 37 MedFirst offices, mostly in the
Chicago area.
The transaction is not expected to have any impact on
earnings, Humana said.
Reuter
| [
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0,
0,
0,
0,
0,
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|
Shr seven cts vs nine cts
Net 168,000 vs 206,000
Sales 15.3 mln vs 10.9 mln
Nine mths
Shr 10 cts vs 38 cts
Net 228,000 vs 649,000
Sales 35.8 mln vs 32.5 mln
Qtly div three cts vs three cts prior
Pay April 30
Record April 20
Reuter
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|
British Chancellor of the Exchequer
Nigel Lawson said he saw no immediate implications for British
monetary policy arising from the Group of Seven meeting
yesterday.
"Exchange rate stability is in the U.K.'s interest," he told
journalists.
Asked what it meant for U.K. monetary policy, he said, "No,
I do not think there are any immediate implications."
Reuter
| [
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0,
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Qtly div 75 cts vs 65 cts prior
Pay June one
Record May one
Reuter
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0,
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Shr 20 cts vs 14 cts
Net 2.4 mln vs 1.7 mln
Revs 136.7 mln vs 174.4 mln
Six Mths
SDhr 72 cts vs 82 cts
Net 8.6 mln vs 9.9 mln
Revs 212.5 mln vs 268.8 mln
Reuter
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Abbott Laboratories Inc said
its 1987 first quarter record results reflected continued
productivity improvement, higher volume, better product mix and
a weaker U.S. dollar.
Abbott reported 1987 first quarter earnings rose to a
record 142 mln dlrs or 62 cts a share on record sales of one
billion dlrs.
Research and development expenses, most of which was
applied to diagnostic and pharmaceutical products, increased by
23 pct to 78 mln dlrs, it said.
Sales of pharmaceutical and nutritional products were 548
mln dlrs in the first quarter, up 17.6 pct over a year ago,
Abbott said. Hospital and laboratory product sales in the first
quarter rose 14.1 pct to 456 mln dlrs, it said.
First quarter sales in domestic markets advanced 11.5 pct
to 688 mln dlrs while international sales jumped 27.1 pct to
316 mln dlrs, Abbott said.
Reuter
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Health and Rehabilitation
Properties Trust said its board declared an initial dividend of
55 cts, including 50 cts for the first quarter just ended and
five cts from its initial operating period that began December
23.
The dividend is payable May 30, record April 20.
Reuter
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Treasury Secretary James Baker said
that changes in exchange rates have generally been orderly and
have improved the prospects for a reduction in external
imbalances to more sustainable levels.
In remarks before the IMF's policy-making Interim
Committee, Baker reiterated a Group of Seven statement last
night that the substantial exchange rate changes since the
Plaza agreement 18 months ago have "now brought currencies
within ranges broadly consistent with economic fundamentals."
Baker said, "These exchange rate shifts have generally been
orderly, and have improved prospects for the reduction of
external imbalances to more sustainable levels."
As they are today, the trade and current account imbalances
"simply are not sustainable," Baker told the ministers.
He said that the Reagan administration was resisting "strong
domestic pressure" for trade protection and was working closely
with the U.S. Congress in crafting a trade bill.
"While we cannot yet be sure of the outcome, we are doing
what we can to ensure that the bill is not protectionist," he
said.
Baker also urged the International Monetary Fund's
executive board to review possible modifications to the Fund's
compensatory financing facility before the annual meeting this
fall.
"We should pay particular attention to the lack of
continuing conditionality associated with the use of the CFF
and to whether shortfalls in export earnings are indeed
temporary," he said.
Reuter
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Time Inc said its Time-Life Video Inc
subsidiary has agreed in principle to sell its institutional
training business to Time-Life Video president William V.
Ambrose for undisclosed terms.
It said the business will operate as Ambrose Video
Publishing.
Reuter
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Council of Economic Advisers chairman
Beryl Sprinkel said the Reagan Administration remains strongly
opposed to a tax increase, including 18 billion dlrs of new
revenues in the budget plan by Congressional Democrats.
"We believe that significant increases in taxes would not
reduce deficits and could have adverse effects on growth,"
Sprinkel told the House Rules Committee.
He said the Administration wanted to continue its policy of
gradually reducing deficits through restraining government
spending and promoting economic growth. Sprinkel said cutting
the budget deficit was the best way to lower the trade deficit.
Reuter
| [
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0,
0,
0,
0,
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|
Shr 49 cts vs five cts
Shr diluted 45 cts vs five cts
Net 651,000 vs 95,000
Revs not given
1st half
Shr 57 cts vs one ct
Shr diluted 53 cts vs one ct
Net 781,000 vs 56,000
Revs not given
NOTE: Current year net both periods includes gain 873,000
dlrs from repurchase of securities.
Results exclude Business Forms Division, which is to be
sold.
Reuter
| [
0,
0,
0,
1,
0,
0,
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0,
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]
|
Shr nil vs nil
Net 18,534 vcs 27,431
Revs 270,032 vs 188,326
Avg shrs 6,598,871 vs 6,090,576
Year
Shr nil vs nil
Net 47,299 vs 21,570
Revs 1,004,392 vs 677,909
Avg shrs 6,618,063 vs 5,931,324
NOTE: Share adjusted for one-for-11 reverse split.
Reuter
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|
Shr 17 cts vs 10 cts
Net 408,000 vs 237,000
Revs 8,863,000 vs 6,738,000
1st half
Shr 27 cts vs 15 cts
Net 647,000 vs 356,000
Revs 17.2 mln vs 12.5 mln
Reuter
| [
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A New Jersey investor, Joseph
Falkenstein, told the Securities and Exchange Commission he
holds 5.2 pct of the shares of Kinark Corp.
He said he has no plans to change the company and that he
bought the shares because he believed the stock was undervalued
and would rise in the next six months.
reuter
| [
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0,
0,
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|
National Distillers and Chemical Corp
expects to realize a second quarter after-tax gain of four dlrs
per share from the 545 mln dlr sale of its spirits business to
American Brands Inc <AMB>.
National Distillers' stock rose 1-1/8 to 65-1/2, after an
opening delay on the New York Stock exchange for an imbalance
of orders.
"I think the sales price was higher than most people
expected," said John Henry of E.F. Hutton Group.
A company spokeswoman said the four dlr per share gain will
be included in second quarter net, which compares with 31 cts
per share last year, including the spirits and wine business
"They netted over 700 mln dlrs for spirits and wine. That
will ease their interest cost burden," said Henry.
National Distillers sold its wine business last month to
Grand Metropolitan PLC's Heublein Inc for 128 mln dlrs.
Henry said he had anticipated National Distillers would net
only 600 mln dlrs at the most from the sale of the two liquor
businesses.
Henry said the company recovered from the sales the cost of
buying Enron Chemicals in the fourth quarter last year.
National Distillers paid 570 mln dlrs cash for Enron and
assumed 34 mln dlrs in debt. National Distillers said at the
time it bought Enron it would sell the spirits and wine
businesses, moving more into the chemical area.
For 1986, two thirds of income were from chemicals and
propane. National Distillers earned, excluding the liquor
businesses, 2.21 dlrs per share for 1986. Income from
discontinued operations, including the liquor businesses, was
67 cts per share.
Reuter
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The European Commission authorised the
export of 65,000 tonnes of free market barley at today's tender
at a maximum rebate of 138.75 European currency units and
55,000 tonnes of French maize at 130 Ecus, grain traders here
said.
It rejected bids for breadmaking and feed wheat, they said.
Reuter
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1
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|
Shr loss eight cts vs loss nine cts
Net loss 311,255 vs loss 157,941
Revs 546,069 vs 284,636
Avg shrs 3,790,235 vs 1,819,680
Year
Shr loss 27 cts vs loss 24 cts
Net loss 858,624 vs loss 399,385
Revs 1,491,518 vs 1,407,441
Avg shrs 3,175,157 vs 1,692,700
Reuter
| [
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|
Shr primary 99ct vs 82 cxts
Shr diluted 93 cts vs 78 cts
Net 7,784,000 vs 6,357,000
Assets 3.25 billion vs 2.74 billion
Deposits 2.58 billion vs 2.24 billion
Loans 2.20 billion vs 1.81 billion
Reuter
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0,
0,
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|
Kurz-Kasch Inc, a Dayton thermoset
molding maker, told the Securities and Exchange Commission it
had increased its holdings in Component Technology Corp by two
pct, to 9.3 pct.
It said it bought the 39,000 shares of stock at 5.30-6.875
dlrs a share for investment purposes.
Reuter
| [
1,
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|
Based on field travel in the
Brazilian state of Parana, soybean yields should be about
average or 2.0 to 2.2 tonnes per hectare, the U.S. Agriculture
Department's officer in Sao Paulo said in a field report.
The report, dated March 24, noted Parana accounts for about
20 to 24 pct of Brazil's total soybean crop.
It said generally favorable weather from early December
through February helped compensate for earlier dryness.
However, hot, dry weather during the past 20 to 30 days
followed by an unseasonably brief cold spell during the second
week of march has raised concern about late planted soybeans
which are still immature, but the impact may be localized, the
report said.
The corn crop is expected to be a record and will create
serious storage problems, the report said.
Due to favorable support prices, corn area increased by
more than 25 pct at the expense of soybeans, and yields are
expected to be above average, it said.
Due to late plantings only about 20 pct of the corn crop
crop has been harvested.
During the field trip long truck lines were noted at grain
elevators where preference is given to soybeans over corn, the
report said.
New crop wheat plantings are expected to decline -- Parana
accounts for about 60 pct of total production. Major reasons
for the decline are expected reduced government support price
and good summer crop harvests.
Reuter
| [
0,
1,
0,
0,
1,
0,
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|
Qtly div 10 cts vs eight cts prior
Pay June Four
Record May 14
Reuter
| [
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0,
0,
1,
0,
0,
0,
0,
0,
0
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|
The Federal Reserve was detected buying
dollars for yen in the open market as the dollar fell to a
40-year low of 144.60 yen in nervous late morning trading,
currency dealers said.
They said the size of the intervention was relatively
modest so far but it was a clear indication that the U.S.
remained committed to the late February Paris currency
stabilization accord, which was reaffirmed in Washington last
night.
A Fed spokeswoman had no comment on the dealer reports.
The dollar hovered around 144.70 just before midday.
Reuter
| [
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RJR Nabisco Inc said its
1987 first quarter results will include an after-tax gain of
208 mln dlrs from the sale of Heublein Inc and offsetting
charges.
The company said its operations are performing well and in
line with expectations.
RJR Nabisco said the charges reflect reserves it
established to cover certain expenses.
RJR Nabisco said the expenses covered, on after-tax basis,
include --
-- 50 mln dlrs for the write-down of redundant equipment
and facilities resulting from modernization of its U.S. tobacco
operations,
-- 79 mln dlrs for continuing restruction of its food
subsidiaries, and
-- 80 mln dlrs in connection with the early retirement of
high coupon debt.
Reuter
| [
0,
0,
0,
1,
0,
0,
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0,
0,
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|
Oper shr 1.08 dlrs vs 96 cts
Oper shr diluted 1.02 dlrs vs 89 cts
Oper net 16.1 mln vs 12.8 mln
Avg shrs 14.9 mln vs 13.4 mln
Avg shrs 16.1 mln vs 14.8 mln
NOTE: 1987 net excludes gain 4,820,000 dlrs from cumulative
effect of change in calculating depreciation expense.
Reuter
| [
0,
0,
0,
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0,
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|
French Finance Minister Edouard
Balladur said that the financial community is closer to
arriving at a system of target zones for currencies despite the
fact that little is being said about them.
Speaking with reporters at the semiannual meetings of the
International Monetary Fund, Balladur said, "We are not very far
from the notion of target zones, even if we don't say so."
He told reporters that "our ideas are progressing," adding
that the finance ministers have been talking about more
cooperation on economic policies and on levels around which
currencies should stabilize.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Shr 95 cts vs 71 cts
Net 42.4 mln vs 34.5 mln
Assets 18.61 billion vs 15.66 billion
Reuter
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No raw sugar is being unloaded at Tate
and Lyles refinery at Silvertown on the River Thames following
a fire yesterday afternoon, Tate and Lyle Plc said.
The fire destroyed a large sector of the main conveyor from
the raw sugar jetty to the weighhouse.
The company said it is not yet known how long the jetty
will be out of use but it hoped that by tomorrow unloading of
the bulk carrier Mykon Wave will be able to continue using
temporary arrangements, Tate and Lyle said.
The Mykon Wave arrived in the port recently with about
18,300 tonnes of bulk sugar from Maputo in Swaziland. About
1,600 tonnes remain to be discharged.
Five other ships loaded with raw sugar are awaiting at
Silvertown to be discharged, Tate and Lyle added.
Reuter
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JP Industries Inc confirmed the
announcement by Clevite Industries Inc <CLEV> that JP
Industries has submitted a proposal to Clevite for the
acquisition of the company at 13.50 dlrs per share in cash.
John Psarouthakis, chairman and president of JP Industries,
said that the company hopes to promptly negotiate an agreement
with the special committee of Clevite's board.
In February, JP Industries said it purchased Clevite's
engine parts division.
JP Industries said it is not aware of any other reason for
activity in its stock.
Reuter
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Qtly div 43 cts vs 38 cts prior
Pay May 15
Record April 30
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Monsanto Corp's G.D. Searle and Co unit
said it will report an operating loss for 1987, mainly due to
expenses for research and development.
Searle chairman Sheldon Gilgore said Searle's operating
loss in 1987 will be less than the 87 mln dlr operating loss in
1986.
He said Searle's first quarter sales will be up 21.8 pct to
179 mln dlrs from 147 mln dlrs in the year ago quarter. In 1986
Searle's sales were 665 mln dlrs.
Gilgore said the company intends to have sales of three
billion dlrs by the mid-1990s.
He said the company anticipates approval in Japan, the
U.S., Italy, Spain and the U.K. for its ulcer treatment drug
Cytotech.
He also said that in a paper not yet published the drug was
shown to prevent a flare-up of ulcers for a longer period of
time than Tagamet, made by SmithKline Beckman Corp <SKB>.
Other drugs in Searle's pipeline include tissue plasminogen
activator (TPA), made by a different process than Genentech's
<GENE> TPA, expected to be approved for marketing this year.
Reuter
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Oper shr six cts vs one ct
Oper net 194,109 vs 28,751
Revs 2,731,688 vs 347,134
Avg shrs 3,360,527 vs 2,295,359
Nine mths
Oper shr 11 cts vs five cts
Oper net 356,571 vs 111,545
Revs 5,923,907 vs 1,491,852
Avg shrs 3,296,982 vs 2,289,762
NOTE: Share adjusted for 10 pct stock dividend in December
1986. Prior year net excludes tax credits of 5,775 dlrs in
quarter and 17,325 dlrs in nine mths.
Net excludes discontinued amusement game operations gains
144,095 dlrs vs 70,194 dlrs in quarter and loss 2,952,814 dlrs
vs gain 196,872 dlrs in nine mths.
Reuter
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0,
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1,
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Qtly div 20 cts vs 20 cts prior qtr
Pay 6 May
Record 21 April
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Qtly div 35 cts vs 35 cts prior
Pay May 14
Record April 30
Reuter
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0,
1,
0,
0,
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Qtly div 24 cts vs 21-1/2 cts prior
Pay May 15
Record April 24
NOTE: Northwestern National Life Insurance Co.
Reuter
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Ten grain ships were loading and 14
were waiting to load at New Orleans elevators, trade sources
said.
ELEVATOR LOADING WAITING
Continental Grain, Westwego 1 6
Mississippi River, Myrtle Grove 1 0
ADM Growmark 1 4
Bunge Grain, Destrehan 1 0
ELEVATOR LOADING WAITING
ST CHARLES DESTREHAN 1 1
RESERVE ELEVATOR CORP 1 0
PEAVEY CO, ST ELMO 1 0
CARGILL GRAIN, TERRE HAUTE 2 1
CARGILL GRAIN, PORT ALLEN 0 0
ZEN-NOH 1 2
reuter
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Foothill Group Inc said it reached a
standstill agreement with Santa Cruz Resources Inc and its
parent, Sierrita Resources Inc, that bars the companies from
acquiring more than a 30 pct interest in Foothill, except
through a business combination approved by Foothill's board.
The company also said Santa Cruz has advised it that it
owns 24.7 pct of Foothill's outstanding common stock.
In addition, Santa Cruz and Sierrita have agreed to vote
their shares in accordance with instructions from the Foothill
board in connection with certain business combinations and
certain anti-takeover matters, Foothill said.
Foothill said the arrangement also bars Santa Cruz and
Sierrita fron tendering any Foothill securities owned by them
into any tender offer unless certain unspecified conditions are
met.
Reuter
| [
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Shr 3.33 dlrs vs 3.39 dlrs
Net 37,069,000 vs 36,902,000
Avg shrs 10.95 mln vs 10.05 mln
Reuter
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Colonial BancGroup said it has
signed letter of intent to acquire Community Bank and Trust of
Hartselle, Ala., with assets of 26 mln dlrs, for undisclosed
terms, subject to approval by regulatory authorities and
Community Bank shareholders.
Completion is expected within the next year, it said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
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Shr 69 cts vs 67 cts
Net 2,488,000 vs 2,435,000
Revs 27.6 mln vs 26.5 mln
Reuter
| [
0,
0,
0,
1,
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The European Commission was authorised
to buy up to one mln tonnes of maize into intervention stores
in the second half of June, although sales into intervention
normally end on April 30, Commission sources said.
They said approval was given by the EC's Cereals Management
Committee because of the possible disturbance of the market due
to heavy imports of maize under the agreement between the EC
and the United States.
The agreement guarantees access to the Spanish market for
two mln tonnes of non-EC maize a year for the next four years.
The sources said the intervention price for the maize would
be 201.49 Ecus a tonne.
They said at this price it seemed unlikely that the full
They added the decision is also designed to prevent massive
offers of maize for intervention just ahead of the normal April
30 deadline, which could be caused by speculation about the
implementation of the accord with the United States.
Reuter
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Shr 87 cts vs 73 cts
Net 14.7 mln vs 11.7 mln
Assets 8.38 billion vs 7.43 billion
Loans 3.91 billion vs 3.40 billion
Deposits 5.60 billion vs 5.08 billion
Reuter
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