utterance
stringlengths 0
13.4k
| label
listlengths 10
10
|
|---|---|
There were six grain ships loading and
eight ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
1,
0,
0
]
|
Shr primary 1.05 dlrs vs 88 cts
Shr dilulted 1.05 dlrs vs 86 cts
Net 151.6 mln vs 135.2 mln
Revs 2.32 billion vs 2.55 billion
Avg shrs 144.6 mln vs 154.5 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The U.S. Agriculture Department
reported the farmer-owned reserve national five-day average
price through April 8 as follows (Dlrs/Bu-Sorghum Cwt) -
Natl Loan Release Call
Avge Rate-X Level Price Price
Wheat 2.62 2.40 IV 4.65 --
V 4.65 --
VI 4.45 --
Corn 1.38 1.92 IV 3.15 3.15
V 3.25 --
X - 1986 Rates.
Natl Loan Release Call
Avge Rate-X Level Price Price
Oats 1.58 0.99 V 1.65 --
Barley 1.55 1.56 IV 2.55 2.55
V 2.65 --
Sorghum 2.54 3.25-Y IV 5.36 5.36
V 5.54 --
Reserves I, II and III have matured. Level IV reflects
grain entered after Oct 6, 1981 for feedgrain and after July
23, 1981 for wheat. Level V wheat/barley after 5/14/82,
corn/sorghum after 7/1/82. Level VI covers wheat entered after
January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs).
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Fundamental Brokers Institutional
Associates, a leading inter-dealer broker in U.S. government
securities, said it has agreed to acquire certain assets of MKI
Government Brokers Inc for undisclosed terms.
Acquisition documents have been signed and are being held
in escrow pending the receipt of certain consents, it said.
In conjunction with the sale of assets, MKI has ceased
brokering treasury bills, notes and bonds, Fundamental said.
Industry sources told Reuters yesterday that Fundamental
was close to acquiring the government securities brokerage
division of MKI, a major broker of corporate bonds.
Fundamental said it intends to use the facilities formerly
used by MKI to provide a new block brokering service in the
most active Treasury issues.
By separating the execution of wholesale trades from the
heavy volume of smaller lots, large-scale transactions will be
facilitated, the company said.
"The new system is expected to substantially enhance the
liquidity and effiency of markets," Fundamental said.
The wholesale brokering service will begin on or around
April 20.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Newhall Investment Properties
said it declared a special distribution of 50 cts per share,
payable June one, to unitholders of record April 24.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
National Heritage Inc said it acquired
the assets of Chartham Management Corp of Salem, Ore.
Terms were not disclosed.
The assets acquired will be used to form a new divisional
office serving the northwest, the nursing home operator said.
The newly acquired Salem operation has management
responsibility for about 2,500 beds in 28 nursing homes in
seven states.
Southmark Corp <SM>, which owns 80 pct of National
Heritage, recently agreed to acquire the 28 facilities.
National is the manager of nursing home properties owned by
Southmark.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Ohio Mattress Co said that its
Ohio-Sealy Mattress Manufacturing Co unit completed its
previously announced acquisition of Sealy Mattress Co of
Michigan Inc.
In addition, the company said Sealy Inc, of which its owns
82 pct, redeemed the outstanding Sealy stock held by Michigan
Sealy, thus increasing the company's stake in Sealy to 93 pct.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Louisiana Land and Exploration Co
said it, Du Pont Co's Conoco Inc subsidiary and <Oranje-Nassau
Energie B.V.> have been offered four exploration blocks
offshore The Netherlands.
Louisiana Land said Blocks Q4a, E12c and E15b were offered
to the group in which Conoco has a 67.5 pct interest, Louisiana
Land 20 pct and Orange-Nassau 12.5 pct, while this group along
with a consortium headed by Pennzoil Co <PZL> were offered
Block Q5c. The offers were the result of applications submitted
to the Ministry of Economic Affairs for the Netherlands Sixth
Offshore Licensing Round.
Louisiana Land said the Conoco group intends to provide a
formal acceptance of the blocks with plans to start exploration
this year.
The company also said the two Q blocks immediately offset
other offshore blocks on which hydrocarbons have been found in
commercial quantities.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Patient Technology Inc said it
retained an investment banking firm to consider alternatives in
restructuring its long-term debt, including a possible exchange
offer for 20 mln dlrs of outstanding convertible debentures.
On April one, it began consolidating sales, marketing and
manufacturing operations. The consolidation is expected to be
complete by June one and the company said it is now focusing on
restructuring its balance sheet.
The company said the first quarter will be adversely
affected by the consolidation effort.
For the year ago first quarter, the company reported a
profit of 100,000 dlrs on 7.3 mln dlrs.
The company further said that the second quarter will be
transitional period and that earnings growth will resume in the
second half of 1987.
For the year ended December 31, 1986, Patient reported a
net loss of 1.4 mln dlrs on sales of 29.8 mln dlrs, due to
write-offs from discontinued operations and a temporary backlog
of orders.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Napco International Inc said it
has suspended its plan to sell its international business to a
group of that business' top managers because the group has
failed to obtain satisfactory financing.
The company also said it still intends to pursue a new
corporate direction, and is exploring acquisition alternatives.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr loss 18 cts vs loss 89 cts
Net profit 161,000 vs loss 5,938,000
Assets 3.43 billion vs 3.46 billion
Deposits 2.68 billion vs 2.67 billion
Loans 1.45 billion vs 1.64 billion
Note: Shr data after payment of preferred dividends.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
McDonnell Douglas Corp said it
acquired Frampton Computer Services Ltd, a British software
company that is also known as Isis.
Terms of the acquisition were not disclosed.
Based in Bristol, England, Isis employs 65 workers and has
annual revenues of about five mln dlrs, McDonnell Douglas said.
The company added that Isis will operate as part of
McDonnell Douglas Information Systems International.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
U.S. corn sales of just over 1.0 mln
tonnes in the week ended April 2 were eight pct above the prior
week, but 25 pct below the four-week average, the U.S.
Agriculture Department said.
In comments on its latest Export Sales Report, the
department said Iraq, Japan and the USSR were the largest
buyers.
Sales for the next marketing year, which begins September
1, totaled 503,200 tonnes and were mainly to Iraq and Taiwan.
Wheat sales of 119,300 tonnes for the current season and
net reductions of 13,700 tonnes for the 1987/88 season were
four-fifths below the combined total for the prior week and the
four-week average, it said.
Sri Lanka was the most active wheat destination with
purchases of 52,500 tonnes for the current year, it said.
Other significant purchasers for the current year were
Mexico and Honduras, it said.
Soybean sales of 240,500 tonnes were one-fifth below the
prior week and nearly one-third below the four-week average.
Japan, Mexico, South Korea, Italy and Israel were the major
purchasers, the department said.
Net sales of 117,700 tonnes of soybean cake and meal fell
31 pct from the previous week and 38 pct below the four-week
average. Major increases for West Germany, Venezuela, the
Netherlands and Saudi Arabia were partially offset by
reductions for unknown destinations, USDA said.
Activity in soybean oil resulted in decreases of 2,400
tonnes, with sales to unknown destinations down by 2,700
tonnes, while sales to Canada increased 200 tonnes, the
Department said.
Combined sales of 71,300 running bales of cotton -- 60,200
bales for the current season and 11,100 bales for 1987/88
season -- were four-fifths higher than the prior week's level
but nine pct below the four-week average.
Mexico was the dominant buyer for the current year followed
by Zaire, Italy, and Spain, the department said.
The primary buyers for the 1987/88 season were South Korea,
Spain, Japan and Taiwan, the department said.
Sorghum sales of 143,300 tonnes were 25 pct less than the
prior week, with Japan and Venezuela the main buyers.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Westinghouse Electric Corp chairman
Douglas Danforth said he was encouraged by first quarter
results for fiscal 1987, and said the company was positioned to
capitalize on the economy's modest growth for the rest of the
year.
"I am encouraged by the continuing improvement in
earnings," Danworth said. "The first quarter met our
expectations."
Westinghouse recorded net income for the first quarter of
151.6 mln dlrs, or 1.05 dlrs per share, on revenues of 2.32
billion dlrs.
Danworth attributed the results to an increase in the
operating profit in the energy and advanced technology,
industries and commerical segments.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr seven cts vs five cts
Net 240,000 vs 136,000
Loans 264.5 mln vs 251.7 mln
Deposits 319.7 mln vs 306.8 mln
Assets 348.6 mln vs 334.6 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 14 cts vs six cts
Net 653,561 vs 251,955
Revs 4,143,056 vs 2,199,238
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 42 cts vs loss 56 cts
Net loss 596,354 vs loss 795,009
Revs 3,818,258 vs 2,070,772
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 39 cts vs 28 cts
Net 491,000 vs 356,000
Revs 890,000 vs 720,000
Year
Shr 1.54 dlrs vs 2.49 dlrs
Net 1,952,00 vs 3,165,000
Rev 3,463,000 vs 3,005,000
Note: Net includes state tax credit of 400,000 for 1986 qtr
and year. Net also includes gains from sale of real estate of
3,000 vs 83,000 for qtr and 563,000 vs 1,317,000 for year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Bevis Industries Inc, which has
been seeking to be acquired, said it recently received
inquiries concerning the purchase of the company.
The company did not identify the parties that made the
inquiries, but it said they had been referred to its investment
bankers, Tucker, Anthony and R.L. Day Inc, for study.
On March 18, the company said it engaged Tucker, Anthony to
seek purchasers of its operating units, Greenville Tube Corp
and MD Pneumatics Inc.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Jacor Communications Inc said it
agreed to buy two Denver radio stations from A.H. Belo Corp
<BLC> for 24 mln dlrs in cash and notes.
Jacor said the two stations are KOA-AM and KOAQ-FM.
The acquisitions must be approved by the Federal
Communications Commission, Jacor added.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Polycast Technology Corp told the
Securities and Exchange Commission it sold off 119,800 of its
Spartech Corp common shares, reducing its stake in Spartech to
30,000 shares or 1.2 pct of the total outstanding.
Polycast said it made the sales April 6-8 in the
over-the-counter market.
It gave no reason for the sales.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
There were 287,700 tonnes of U.S.
corn shipped to the Soviet Union in the week ended April 2,
according to the U.S. Agriculture Department's latest Export
Sales report.
That compares with 106,200 tonnes shipped in the prior
week.
There were no wheat or soybean shipments during the week.
The USSR has purchased 2,825,600 tonnes of U.S. corn, as of
April 2, for delivery in the fourth year of the U.S.-USSR grain
agreement.
Total shipments in the third year of the U.S.-USSR grains
agreement, which ended September 30, amounted to 152,600 tonnes
of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of
soybeans.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
Qtly div five cts vs five cts prior
Pay July 13
Record June 30
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
Crude oil netback values in complex
refineries rose sharply in Europe and firmed in the U.S. last
Friday from the previous week but fell sharply in Singapore,
according to calculations by Reuters Pipeline.
The firmer tone to refining margins in Europe and the U.S.
relected higher prices for petroleum products, particularly
gasoline, and support from crude oil prices.
Netback values for crude oil refined in Northern Europe
rose substantially following strong gains in gasoline prices
there. Brent is valued at 19.45 dlrs, up 56 cts a barrel or
three pct from the previous week.
In the U.S. Gulf, sweet crudes rose in value by 14 cts to
19.33 dlrs for West Texas Intermediate, up about 0.7 pct.
Sour grades in the U.S. Gulf showed an increase of 33 cts a
barrel for Alaska North Slope, up 1.7 pct.
But netbacks for crude oil refined in Singapore fell
sharply, down 15 cts to as much as 68 cts a barrel as ample
distillate supplies weighed on petroleum product prices.
Attaka in Singapore is valued at 18.55 dlrs, a decline of
68 cts a barrel or 3.5 pct from the previous week.
For refineries in the Mediterranean, netback values were
mostly lower, with declines of seven to 14 cts. The value of
Kuwait crude fell 14 cts to 18.37 dlrs, while Iranian Light
fell 11 cts to 19.14 dlrs.
On the U.S. West Coast, netback values for ANS CIF L.A.
also jumped sharply, up 40 cts a barrel or 2.2 pct to 18.82
dlrs on higher gasoline prices.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Treasury Secretary James Baker said
the floating exchange rate system has not been as effective as
had been hoped in promoting stability and preventing imbalances
from emerging in the global economy.
In remarks before the afternoon session of the
International Monetary Fund's Interim Committee, Baker said he
was not suggesting that the system should be abandoned.
"But I do suggest," he said, "that we need something to give
it more stability and to keep it headed in the right direction
when the wind shifts."
He said that indicators can serve "as a kind of compass" but
added that structural indicators can help focus attention on
some policies.
Baker, however, said the IMF "needs to move beyond
macroeconomic indicators and find structural indicators that
can help focus attention on some of the policies of specific
relevance to the imbalances we face today."
The Treasury Secretary said that indicators should be given
a more prominent role in the annual economic reviews -- Article
IV consultations -- that the Fund performs.
Baker also told the policy making group that it was time
for the IMF to adopt earlier recommendations making IMF
surveillance more relevant to national policymakers and the
public.
"In particular, we urge increased publicity for IMF
appraisals developed in Article IV consultations, the use of
follow-up reports on country actions to implement IMF
recommendations, and greater use of special consultation
procedures," he said.
Baker emphasized that indicators were a device "for moving
beyond rhetoric to action."
He said they provide "more structure to the system, and
induce more discipline and peer pressure into the process of
policy coordination."
He said the Fund's procedures for surveillance need to be
reviewed and updated to reflect the use of indicators.
"This should be matter of priority for the executive board,"
he said.
Baker also urged the Fund to develop alternative
medium-term economic scenarios for countries that "can help us
focus even more clearly on the most important imbalances, by
identifying options for addressing them and analyzing the
implications of these options."
He said also that further work should be done on finding
paths that lead toward possible medium-term objectives.
"If we are to take effective remedial action when there are
significant deviations from an intended course, then we must
have more definitive ways of indentifying the right course for
key variables," he said.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Nerco Inc said its oil and gas
unit closed the acquisition of a 47 pct working interest in the
Broussard oil and gas field from <Davis Oil Co> for about 22.5
mln dlrs in cash.
Nerco said it estimates the field's total proved developed
and undeveloped reserves at 24 billion cubic feet, or
equivalent, of natural gas, which more than doubles the
company's previous reserves.
The field is located in southern Louisiana.
Reuter
| [
1,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Commodities from gold to grains to
cotton posted solid gains in a flurry of buying today as losses
in the U.S. dollar and rising interest rates kindled fears of
inflation and economic instability.
Gains were most pronounced on the Commodity Exchange in New
York, where gold jumped 12.40 dlrs and closed at 436.50 dlrs a
troy ounce, and silver 22.5 cents to 6.86 dlrs a troy ounce.
A key factor behind the advance was anticipation that
inflation will be the only way for the major industrial nations
to halt the slide in the value of the U.S. dollar, said Steve
Chronowitz, director of commodity research with Smith Barney,
Harris Upham and Co., in New York.
The dollar tumbled one day after top finance officials from
the seven largest industrial nations reaffirmed their
commitment to support its value, and despite reports of
intervention by the U.S. Federal Reserve Bank, traders said.
Traders said it appears that the industrial nations, known
as the Group of Seven, lack the ability to change the long-term
direction of the currency markets.
"Maybe they have some ideas or plans," said Chronowitz. "If
they do, it's not evident."
"It looks like there's no cure but to let the free market
take values to where they should be.
"One way or another, we will force our major trading
partners to stimulate their economies," as a measure to correct
the mounting U.S. trade deficit, Chronowitz said.
"I think the markets believe, and have believed for a long
time, that the only recourse is to reflate at some point. It's
going to be a long and tedious process, but that's what's
happening," he said.
The falling value of the dollar makes U.S. commodities
cheaper for foreign buyers, stimulating demand.
At the same time, traders who are holding stocks and bonds
saw the value of their investments falling and many are turning
to commodities such as precious metals as a hedge, said Marty
McNeill, a metals analyst in New York with the trading house of
Dominick and Dominick.
The reaction in the metal markets reverberated throughout
the commodities markets, as grains, livestock, and cotton
posted broad gains.
Traders at the Chicago Board of Trade said attention in the
grain markets has shifted from concern about burdensome
supplies to the outlook that a lower dollar will stimulate
export demand.
After the close of trading, the Agriculture Department
raised its estimate for grain imports by the Soviet Union by
two mln tonnes from the month-earlier report.
Live hogs and frozen pork bellies posted sharp gains on the
Chicago Mercantile Exchange, while live cattle were moderately
higher.
Analysts said several factors boosted hog prices. They said
hogs haven't been making the weight gains that are normal at
this time of year, and farmers have been too busy with field
work to market animals.
Reuter
| [
0,
0,
0,
0,
1,
0,
1,
0,
0,
0
]
|
Egypt is expected to tender April 22
for 500,000 tonnes of corn for May through September shipments,
private export sources said.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Shr 67 cts vs 62 cts
Net 9,160,000 vs 7,722,000
Assets 4.5 billion vs four billion
Note: Shr and net data are before accounting change
announced in 1986, which added 30 cts a share to year-ago 1st
qtr results.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|

N.Y. GRAIN FREIGHTS - April 9
Nidera took TBN 12,000 tonnes HSS Toledo to Casablanca
April 29-May 5 25.00 dlrs three days load 1,000 discharge
Comanav took Radnik 20,000 tonnes Lakehead to Morocco April
15-25 22.00 dlrs 5,000 load 3,000 discharge
Krohn took Akron 75,000 tonnes anygrains on 55 feet stowage
Mississippi River to Rotterdam May 1-10 8.05 dlrs 12 days all
purposes
Continental took Legionario 40,000 tonnes River Plate to
Japan April 25-May 10 22.50 dlrs 2,000 load 5,000 free
discharge
Garnac took Sokorri 30,000 tonnes U.S. Gulf to Constanza
April 15-25 17.00 dlrs load terms unknown 3,000 discharge
reuter

| [
0,
0,
0,
0,
1,
0,
0,
1,
0,
0
]
|
Shr 20 cts vs 25 cts
Net 487,000 vs 435,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss 21 cts vs loss 28 cts
Net loss 817,000 vs loss 1,058,000
Revs 5,627,000 vs 7,397,000
Year
Shr loss 75 cts vs loss 1.36 dlrs
Net loss 2,872,000 vs loss 5,200,000
Revs 23.3 mln vs 21.1 mln
Note: 1985 net includes 1,255,000 adjustment in inventory
valuations and 486,000 in cost-reduction expenses.
Full name is International Power Machines Corp.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Great American Management and
Investment Inc told the Securities and Exchange Commission it
acquired a 7.7 pct stake in Atcor Inc.
Great American said it bought the stake for investment.
It added that it has also considered--but not yet
decided--to buy additional Atcor shares, either in the open
market, in private transactions, through a tender offer or
otherwise.
Great American said it paid about 6.1 mln dlrs for its
462,400 Atcor shares. It said its most recent purchases
included 191,400 shares bought March 18-April 6.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Oper shr one ct vs 13 cts
Oper net 17,806 vs 312,692
Revs 1,318,165 vs 2,239,349
Nine mths
Oper shr 27 cts cs 28 cts
Oper net 640,156 vs 671,291
Revs 5,612,818 vs 5,632,044
Note: Oper excludes gain from discontinued operations of
15,598 for year-ago qtr and loss from discontinued operations
of 49,040 for year-ago nine mths.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Moore Corp Ltd expects 1987 profits from
continuing operations will exceed 1986 results and recover to
1985 levels when the company earned 152 mln U.S. dlrs or 1.70
dlrs a share, president M. Keith Goodrich said.
"We'll have a substantial increase in earnings from
continuing operations," he told reporters after the annual
meeting. He said he expected profits would recover last year's
lost ground and reach 1985 results.
In 1986, profits from continuing operations slumped to
139.5 mln dlrs or 1.54 dlrs a share. The total excluded losses
of 30 mln dlrs on discontinued operations.
Goodrich said Moore is still actively looking for
acquisitions related to its core areas of business forms
manufacturing or handling.
"We could do a large acquisition," he said when asked if
the company could raise as much as one billion dlrs for this
purpose.
Chairman Judson Sinclair, answering a shareholder's
question, told the annual meeting that a special resolution
passed by shareholders to create a new class of preferred
shares would allow Moore to move quickly if it decided to
pursue an acquisition.
"If we were to make a major acquisition ... it means we can
move with a certain expediency," Sinclair said.
Asked if the resolution was designed to give Moore
protection from a possible hostile takeover, Sinclair said
only, "I know of no threat to the corporation at this time."
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Gabelli Group Inc said it and two
subsidiaries held a total of 295,800 Decision/Capital Fund Inc
shares or 14.8 pct of the total outstanding.
It said the shares were held on behalf of investment
clients and it said it had no intention of seeking control of
the fund.
Gabelli said its most recent purchases of Decision/Capital
Fund stock included 95,800 shares bought April 3-6 on the
Philadelphia Stock Exchange.
Gabelli is an investment firm headquartered in New York
City. Its Gabelli and Co subsidiary is a brokerage firm.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
MP Co, a New York investment
partnership, told the Securities and Exchange Commission it
bought a 6.8 pct stake in IPCO Corp common stock.
The partnership said it acquired 346,600 IPCO shares,
paying 4.9 mln dlrs, because it believed the securities to be
"an attractive investment opportunity."
It said it planned to regularly review its investment and
may in the future recommend business strategies or an
extraordinary corporate transaction such as a merger,
reorganization, liquidation or asset sale.
The partnership is controlled by Marcus Schloss and Co Inc,
a New York brokerage firm, and Prime Medical Products Inc, a
Greenwood, S.C., medical supplies firm.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Oper shr loss 30 cts vs loss 1.27 dlrs
Oper net loss 8,648,000 vs loss 25.6 mln
Revs 27.4 mln vs 33.3 mln
Avg shrs 29.1 mln vs 20.1 mln
Note: Oper excludes loss on provision for discontinued
operations of 971,000 vs 12.2 mln and loss from conversion of
debt 587,000 vs gain of 1,734,000.
1985 oper excludes loss from pension plan liquidation of
631,000 and loss from discontinued operations of 1,015,000.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
<Cadillac Fairview Corp Ltd> said it
received proposals to acquire the company, following its
announcement last August that it had retained investment
dealers to solicit offers for all outstanding common shares.
Cadillac Fairview said the offers are subject to
clarification and negotiation and offered no further details.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|

N.Y. TANKERS - April 9
Tennaco took Nicopolis part cargo 50,000 tons dirty April
12 Caribbean to U.S. Gulf worldscale 130
Exxon took Brazil Glory 77,000 tons dirty April 17 East
Coast Mexico to U.S. Atlantic Coast worldscale 75
Champlin took Tamba Maru part cargo 57,000 tons crude April
18 Caribbean to U.S. Gulf worldscale 105
Pecten took World Cliff part cargo 74,500 tons dirty April
14 Sullom Voe to U.S. Atlantic Coast/U.S. Gulf worldscale 70
for Atlantic Coast worldscale 67.5 for Gulf
Crown Petroleum took British Skill (Gotco relet) part cargo
100,000 tons dirty April 18 West Africa to U.S. Gulf worldscale
63
Oroleum took Marika P. part cargo 59,000 tons dirty April
16 Caribbean to U.S. Atlantic Coast/U.S. Gulf rate not reported
Reuter

| [
0,
0,
1,
0,
0,
0,
0,
1,
0,
0
]
|
Winterhalter Inc said its
shareholders approved the 525,000 dlr acquisition of
Winterhalter by Interface Systems Inc <INTF>.
The acquisition would be for 15 cts per Winterhalter share.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr loss 10 cts vs profit 17 cts
Net loss 1,546,000 vs profit 4,078,000
Revs 22.6 mln vs 38.9 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
chile's trade surplus narrowed to 102.2
mln dlrs in february, from 105.4 mln dlrs in the same month
last year, but it was above the 18.2-mln-dlr surplus recorded
in january 1987, the central bank said.
Exports in february totalled 379.4 mln dlrs, 17.2 pct above
the january figure. Imports fell 9.2 pct from the previous
month to 277.2 mln dlrs. The figures for the same month last
year were 314 mln and 208.6 mln dlrs, respectively.
The accumulated trade surplus over the first two months of
1987 stands at 120.4 mln dlrs against 132.8 mln dlrs the
previous year.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Economists said that they doubt the
Federal Reserve is firming policy to aid the dollar, despite
higher discount window borrowings in the latest two-week
statement period and very heavy borrowings Wednesday.
Data out today show net borrowings from the Fed averaged
393 mln dlrs in the two weeks to Wednesday, up from 265 mln
dlrs in the prior statement period. Wednesday borrowings were
1.4 billion dlrs as Federal funds averaged a high 6.45 pct.
"One could make a case that the Fed is firming, but it
probably isn't," said William Sullivan of Dean Witter Reynolds.
Sullivan said some may assume the Fed has firmed policy
modestly to support the dollar because net borrowings in the
two-weeks to Wednesday were nearly 400 mln dlrs after averaging
around 250 mln dlrs over the previous two months.
However, the Dean Witter economist noted that the latest
two-week period included a quarter end when seasonal demand
often pushes up borrrowings.
"Some might argue that the Fed was firming policy, but it
looks like it tried to play catchup with reserve provisions
late in the statement period and didn't quite make it," said
Ward McCarthy of Merrill Lynch Capital Markets.
A Fed spokesman told a press press conference today that
the Fed had no large net one-day miss of two billion dlrs or
more in its reserve projections in the week ended Wednesday.
Still, McCarthy said it may have had a cumulative miss in
its estimates over the week that caused it to add fewer
reserves earlier in the week than were actually needed.
The Fed took no market reserve management action last
Thursday and Friday, the first two days of the week. It added
temporary reserves indirectly on Monday via two billion dlrs of
customer repurchase agreements and then supplied reserves
directly via System repurchases on Tuesday and Wednesday.
Based on Fed data out today, economists calculated that the
two-day System repurchase agreements the Fed arrranged on
Tuesday totaled around 5.9 billion dlrs. They put Wednesday's
overnight System repos at approximately 3.4 billion dlrs.
"It is quite clear that the Fed is not firming policy at
this time," said Larry Leuzzi of S.G. Warburg and Co Inc.
Citing the view shared by the other two economists, Leuzzi
said the Fed cannot really afford to seriously lift interest
rates to help the dollar because that would harm already weak
economies in the United States and abroad and add to the
financial stress of developing countries and their lenders.
"Those who believe the Fed tightened policy in the latest
statement period have to explain why it acted before the dollar
tumbled," said McCarthy of Merrill Lynch.
He said the dollar staged a precipitous drop as a new
statement period began today on disappointment yesterday's
Washington meetings of international monetary officials failed
to produce anything that would offer substantive dollar aid.
In fact, currency dealers said there was nothing in
Wednesday's G-7 communique to alter the prevailing view that
the yen needs to rise further to redress the huge trade
imbalance between the United States and Japan.
The economists generally agreed that the Fed is aiming for
steady policy now that should correspond to a weekly average
Fed funds rate between six and 6-1/8 pct. This is about where
the rate has been since early November.
"I'm not so sure that the Fed is engineering a tighter
policy to help the dollar, as some suspect," said Sullivan of
Dean Witter.
If it is, however, he said that Fed probably has just
nudged up its funds rate goal to around 6.25 to 6.35 pct from
six to 6.10 pct previously.
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
]
|
Shr loss six cts vs loss 84 cts
Net loss 219,632 vs loss 16.3 mln
Revs 1.4 mln vs 2.8 mln
NOTE:1985 net includes 15.5 mln dlrs of writedowns and tax
benefit of 51,294.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
The dollar opened at a record Tokyo low
of 143.75 yen despite aggressive Bank of Japan intervention,
dealers said.
The previous record low was 144.70 yen set on March 30. The
opening compares with 143.90/144.00 yen at the close in New
York.
The central bank bought dollars through Tokyo brokers just
before and after the market opening, the dealers said.
The intervention took place when the dollar fell to 143.20
yen, one dealer said.
The dollar opened at 1.8155/60 marks against 1.8187/97 in
New York.
The dollar fell as low as 142.90 yen despite central bank
intervention at 143.00 yen, dealers said.
Selling pressure was strong from securities houses and
institutional investors in hectic and nervous trading on
underlying bearish sentiment for the dollar, they said.
Most dealers were surpised by the dollar's sharp fall
against the yen in New York, although many had expected such a
drop to happen eventually.
Institutional investors are expected to sell the dollar
aggressively if it rises to around 143.50 yen, dealers said.
The U.S. Currency steadied well above 143.00 yen after Bank
of Japan intervention and scattered short-covering, they said.
The dollar opened at 1.5120/30 Swiss francs against
1.5085/00 at the New York close.
Sterling started at 1.6190/00 dlrs against 1.6195/05.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
The dollar fell below 143 yen in hectic
early Tokyo trading despite aggressive Bank of Japan
intervention, dealers said.
After opening at a Tokyo low of 143.75 yen, the dollar fell
as low as 142.90 yen on heavy selling led by securities firms
and institutional investors, they said.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
The Argentine grain market was
quiet in the week to Wednesday, with prices rising slightly on
increased interest in wheat, millet and birdseed.
Wheat for domestic consumption rose six Australs per tonne
to 118.
For export it rose eight to 108 per tonne from Bahia
Blanca, increased 0.50 to 104 at Necochea and was unchanged at
Rosario at 108.30.
Maize increased one to 90 per tonne at Buenos Aires, was
unchanged at 82 in Bahia Blanca, increased 0.50 to 85 at
Necochea and fell one to 88 at Parana River ports.
Sorghum from Bahia Blanca increased 0.50 Australs to 76.50
per tonne and dropped one to 75 at Rosario.
It was quoted at 75 at Villa Constitucion, San Nicolas and
Puerto Alvear.
Oats were unchanged at 168 per tonne at Buenos Aires.
Millet from Buenos Aires and Rosario rose five per tonne to
140 and birdseed rose 15 to 205 at Buenos Aires.
REUTER
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Today's turmoil in the U.S. Financial
markets, with bond and stock prices tumbling in the dollar's
wake, is evidence of a major shift in investor psychology that
is likely to spell more turbulence ahead, economists said.
For two years, the markets had hailed the dollar's decline
as the cure-all for the U.S. Trade deficit. Interest rates fell
sharply and Wall Street became a one-way street, up.
But that confidence is now cracking as the financial
markets suddenly believe Fed chairman Paul Volcker's
often-repeated warnings about the risks of a dollar collapse.
"Volcker's been saying for a long time that a dollar
freefall would be extremely dangerous - now he's got it," said
David Jones, economist at Aubrey G. Lanston and Co Inc.
The dollar fell below 144 yen today for the first time in
40 years as the Group of Seven finance ministers in Washington
failed to convince the foreign exchange market that they have a
credible strategy for redressing global trade imbalances, short
of further depreciation of the dollar.
Bonds suffered their biggest one-day drop in months amid
worries that the dollar's slide will rekindle inflation, scare
away foreign investors and force the Fed to tighten credit.
The inflationary fears boosted gold bullion by more than 12
dlrs to a 1987 high of 432.20/70 dlrs an ounce, while the spike
in interest rates pulled the Dow Jones Industrial Average down
by 33 points to 2339.
Norman Robertson, Mellon Bank chief economist, called the
markets' instability frightening. He believes economic
fundamentals do not justify the bearishness but said that "once
you start the ball rolling it's difficult to stop."
"There's a stark possibility that you could get a
destabilizing drop in the dollar that forces up interest rates
and drives us into recession. The markets are in a panic."
Stephen Marris of the Institute for International Economics
in Washington, has been warning for a long time that the
controlled decline of the dollar since peaks of 3.47 marks and
264 yen in February 1985 could turn into a nightmare.
"We're still more or less on track for a hard landing... But
the agony may be fairly drawn out," Marris told Reuters.
Marris does not expect the crisis to peak until later this
year, but he warned that the situation is so fragile that it
would take very little to touch off what he calls the second
phase of the hard landing, whereby a loss of confidence in the
dollar pushes up interest rates and leads to a recession.
The stock market's reaction today and its sharp drop on
March 30 shows how the loss of confidence could come about.
The fact that it has not happened yet is consistent with
historical experience, which teaches that domestic markets are
not affected until a currency is in the final stages of its
decline, Marris said. He has forecast a drop to about 125 yen.
Marris felt that a major impetus for the dollar's latest
weakness was the loss of credibility that central banks
suffered when they failed to prevent the dollar from falling
below 150 yen, the floor that the market believes was set as
part of the G-7 Paris agreement in February.
Robertson at Mellon, by contrast, said the loss of
confidence was triggered last week when Washington announced
plans to slap 300 mln dlrs of tariffs on Japanese electronic
imports, raising the specter of a debilitating trade war.
Many economists believe that long-run stability will not
return to the markets until the root cause of the trade gap is
addressed - excessive consumption in the U.S., Reflected in the
massive budget deficit.
But in the short term, given the failure of the G-7 and of
central bank intervention, some feel that the Fed will have no
choice but to tighten credit to restore faith in the dollar.
"The only thing that will stop the dollar falling is a
substantial increase in the discount rate and a corresponding
cut abroad, at least by Japan," said Lanston's Jones.
Marris expects the Fed to act quickly to raise interest
rates, even at the risk of increasing the debt burden for
American farmers, Latin American governments and others.
But Robert Giordano, chief economist at Goldman Sachs and
Co, scoffed at the notion. "It's ridiculous to think the Federal
Reserve will raise interest rates when the dollar is weak
against just one currency. This is yen strength, not dollar
weakness," he said.
Giordano said the market was ignoring the progress being
made toward reducing the U.S. Budget deficit.
"We're going to have one of the biggest reductions in the
budget deficit relative to GNP in history this year, and nobody
cares," he said, noting that only the deficit cut in 1968-69
will have been greater.
He said he does not expect the dollar to collapse and
thinks interest rates are likely to fall back later this year.
But for now, market psychology has changed so abruptly that
a further drop in the bond market cannot be ruled out. "Put on
your helmets," Giordano said.
REUTER
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
]
|
Average interest rates on yen
certificates of deposit (CD) fell to 4.13 pct in the week ended
April 8 from 4.33 pct the previous week, the Bank of Japan
said.
New rates (previous in brackets) -
Average CD rates all banks 4.13 pct (4.33)
Money Market Certificate (MMC) ceiling rates for week
starting from April 13 - 3.38 pct (3.58)
Average CD rates of city, trust and long-term banks -
Less than 60 days 4.15 pct (4.41)
60-90 days 4.14 pct (4.29)
Average CD rates of city, trust and long-term banks -
90-120 days 4.12 pct (4.25)
120-150 days 4.12 pct (4.23)
150-180 days unquoted (4.03)
180-270 days 4.05 pct (4.05)
Over 270 days 4.05 pct (unqtd)
Average yen bankers acceptance rates of city, trust and
long-term banks -
30 to less than 60 days 3.98 pct (4.20)
60-90 days 4.03 pct (3.97)
90-120 days unquoted (unqtd)
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Bank of Japan sources said the bank
has no plans to cut its discount rate.
They told reporters that there was no pressure on Japan
during the Group of Seven (G-7) meeting here yesterday to lower
its discount rate. They added that they themselves do not feel
any need for a cut at all.
Chancellor of the Exchequer Nigel Lawson told reporters
earlier today that some countries - those with strong
currencies - might have to cut interest rates.
The Bank of Japan sources also said that it was too soon to
call the G-7 pact a failure.
The central bank sources were commenting on the dollar's
renewed tumble in New York and Tokyo, which was sparked by
remarks by U.S. Treasury Secretary James Baker that the
dollar's fall had been orderly.
They said the market must have misinterpreted Baker's
comments because he was referring to the dollar's fall since
the Plaza agreement in September 1985, over a long-time span,
not the currency's recent movements.
They added that the foreign exchange markest seem to seize
on anything to use as an excuse to drive the dollar one way or
the other.
The Bank of Japan sources said the U.S. Is putting more
weight on the dollar/yen rate in terms of judging market
stability than on other currencies.
Throughout the G-7 meeting, Japan pointed to the dangers
that would arise from a further dollar fall because it would
reduce the flow of Japanese capital to the U.S., Hurting the
U.S. And world economies, they said.
In February and in March of this year, Japanese investors
reduced their purchases of U.S. Treasury bonds, the sources
said.
Each country in the G-7 - Britain, Canada, France, Italy,
Japan, the U.S. And West Germany - has a different view about
currency stability, the Bank of Japan sources said.
This is because the overall foreign exchange market is a
triangle of dollar/yen, European currencies/yen and
dollar/European currencies.
At the time of the Louvre agreement, European countries did
not want the yen to weaken against their currencies so they did
not object to the yen strengthening, they said.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Union and New South Wales government
officials have reached a compromise in a dispute over workers
compensation, averting increased industrial action in the
state, union sources said.
But some unions, including those of building and mining
workers, said they were dissatisfied with the deal and would
continue their strikes for a few more days.
State officials said the government had agreed to revise
its proposals to cut compensation and would allow slightly
higher cash benefits for injured workers.
Under the original proposal, which sparked strikes and
other industrial action in the state on April 7, workers'
compensation would have been cut by one third. Full details of
the compromise package are not yet known.
The Labour Council, affiliated to the Australian Council of
Trade Unions (ACTU), had threatened to paralyse New South Wales
unless the government modified its pending legislation on the
issue.
State officials said the only sectors affected in the past
three days were some government building projects, railway
freight movement and cargo handling in Sydney's ports.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
Ecuador is due to resume limited crude oil
output on May 8 when a new 43 km pipeline to neighbouring
Colombia should be finished, an energy ministry spokesman said.
Oil output was halted on March 5 by an earthquake which
damaged 50 km of the main pipeline linking jungle oilfields at
Lago Agrio to the Ecuadorean port of Balao on the Pacific.
About 13 km of the new link, capable of carrying some
50,000 barrels per day (bpd), has been built, he said.
Ecuador pumped 245,000 to 250,000 bpd before the
earthquake.
The new link will connect Lago Agrio to Puerto Colon in
Colombia, the starting point of Columbia's pipeline to the
Pacific ocean port of Temuco.
The government estimates it will take about four more
months to repair the Lago Agrio to Balao pipeline and return
output to normal levels, the spokesman said.
REUTER
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Thailand exported 56,652 tonnes of rice
in the week ended April 7, down from 75,160 tonnes the previous
week, the Commerce Ministry said.
It said the government and private exporters shipped 41,607
and 15,045 tonnes respectively.
Private exporters concluded advance weekly sales for 48,062
tonnes against 22,086 tonnes the previous week.
Thailand exported 1.29 mln tonnes of rice so far in 1987,
down from 1.39 mln tonnes a year ago.
It has commitments to export a further 353,045 tonnes this
year.
REUTER
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Swiss National Bank President Pierre
Languetin said a wider interest rate differential between the
dollar and stronger currencies was needed to brake the dollar's
fall.
At a news conference, he said Japan and West Germany could
try to stimulate their economies further by expanding money
supply, but he added "I'm not so sure it would be desirable if
monetary policy became more expansive.
"But what would be useful is a greater differential in
interest rates," he said.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Wholly-owned Mobil Corp <MOB> unit,
<Mobil Oil Australia Ltd>, reported a 38.63 mln dlr net loss in
1986, a turnaround from its 37.25 mln profit in 1985.
The loss reflected a combination of strikes plus scheduled
and unscheduled refinery shutdowns for maintenance and
inventory losses caused by government controls on both crude
and product prices, Mobil said in a statement.
However, equity-accounting of associates' profits reduced
the loss to 24 mln dlrs against a 37 mln profit in 1985.
Mobil said it was confident 1987 would see a return to
profit as it built further on its 1985 company restructuring.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Japan warned the United States it may
take retaliatory measures if the United States imposes its
planned trade sanctions on April 17, a senior government
official said.
Shinji Fukukawa, Vice Minister of the International Trade
and Industry Ministry, said in a statement Japan would consider
measures under the General Agreement on Tariffs and Trade and
other actions if the United States imposes 100 pct tariffs on
some Japanese exports as planned next week.
However, Fukukawa said Japan was ready to continue trade
talks with the United States despite its failure to convince
America to call off the threatened tariffs during two days of
emergency talks which ended in Washington yesterday.
Last month President Reagan announced the sanctions in
retaliation for what he called Japan's failure to honour a July
1986 agreement to stop dumping computer microchips in markets
outside the United States and to open its home market to
American goods.
Fukukawa said the United States had regrettably not
listened to Japan's explanation of its efforts to live up the
pact and said Washington had not given any detailed explanation
of why it planned to impose the tariffs.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
The Kuwait Investment Office (KIO)
has increased its stake in <Sime Darby Bhd> to 63.72 mln
shares, representing 6.88 pct of Sime Darby's paid-up capital,
from 60.7 mln shares, Malayan Banking Bhd <MBKM.SI> said.
Since last November, KIO has been aggressively in the open
market buying shares in Sime Darby, a major corporation with
interests in insurance, property development, plantations and
manufacturing.
The shares will be registered in the name of Malayan
Banking subsidiary Mayban (Nominees) Sdn Bhd, with KIO as the
beneficial owner.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Taiwan announced plans for another round
of import tariff cuts on 862 foreign goods shortly before trade
talks with Washington which officials described as a move to
help balance trade with the United States.
Wang Der-Hwa, Deputy Director of the Finance Ministry's
Customs Administration Department, told reporters the list of
products included 60 items asked by Washington.
"The move is part of our government efforts to encourage
imports from our trading partners, particularly from the United
States," he said.
He said the ministry sent a proposal today to the cabinet
that the tariffs on such products as cosmetics, bicycles,
apples, radios, garments, soybeans and television sets be cut
by between five and 50 pct.
The cabinet was expected to give its approval next Thursday
and the new tariff cuts would be implemented possibly starting
on April 20, he added.
Taiwan introduced a sweeping tariff cut on some 1,700
foreign products last January aimed at helping reduce its
growing trade surplus with the United States, the island's
largest trading partner.
Washington however was not satisfied with the cuts and
pressed for more reductions as a way of cutting its huge trade
deficit with Taipei.
Washington's deficit with Taipei rose to a record 13.6
billion U.S. Dlrs last year from 10.2 billion in 1985. It
widened to 3.61 billion in the first quarter of 1987 from 2.78
billion a year earlier, Taiwan's official figures show.
Today's announcement came before a departure later today of
a 15-member Taiwan delegation for Washington for a series of
trade talks with U.S. Officials.
The delegation's leader, Vincent Siew, told reporters last
night he was leaving with "a heavy heart," meaning that he would
face tough talks in Washington because of rising protectionist
sentiments in the U.S. Congress. Taiwan's 1986 trade surplus
with Washington was the third largest, after Japan and Canada.
Siew said the talks, starting on April 14, would cover U.S.
Calls for Taiwan to open its market to American products,
purchases of major U.S. Machinery and power plant equipment,
import tariff cuts and protection of intellectual property.
"I am afraid this time we have to give more than take from
our talks with the U.S.," he said without elaborating.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
A British minister said he had given the
Japanese government a clear warning of sanctions against
Japanese companies if Tokyo did not allow more access to its
internal markets "and it was clearly understood."
Corporate Affairs Minister Michael Howard said on his
return from a visit to Japan he thought the Japanese were
beginning to appreciate the need to be "fair and open" about
access to their own markets.
At an airport news conference Howard denied opposition
charges that his trip had been a failure because he had
returned empty-handed.
"I did what I set out to do. I was sent to deliver a clear
message to the Japanese government, and I delivered it very
clearly, and it has been clearly understood."
Howard said that under the Financial Services Act the
govenment had considerable flexibility in taking sanctions
against Japanese companies and finance houses operating in
Britain.
"It is not simply a question of withdrawing or refusing
operating licences. We can ban firms from certain countries
from carrying out certain kinds of business, while allowing
them to carry out other kinds."
"I hope we don't have to use these powers, but I made it
clear in Japan that if our timetable isn't met, we shall use
them."
He said it would be unfortunate if Britain and Japan became
involved in a tit-for-tat exchange, adding that Japan gained
more than anyone else from an open trading relationship.
"I think they are beginning to appreciate that if this
relationship is to continue, it is very important for them to
be fair and open about access to their own markets."
On the question of the British firm Cable and Wireless Plc
<CAWL.L>, which is trying to win a significant share of
telecommunications contracts in Japan, Howard said he had told
the Japanese this was being widely regarded as a test case.
He said there were signs of movement on the case. Cable and
Wireless was due to take part in talks in Japan next Tuesday,
he said.
Earlier this week British Prime Minister Margaret Thatcher
said Britain could not go it alone on sanctions against Japan,
but would have to coordinate action with its European Community
partners.
Community sources said after a meeting of trade officials
yesterday that the group might impose steep new tariffs on a
range of Japanese goods to prevent diversion from United States
markets if Washington imposes trade sanctions against Tokyo as
it has threatened.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
The yield on 30-day Bankers Security
Deposit Accounts issued this week by the Saudi Arabian Monetary
Agency (SAMA) rose by more than 1/8 point to 5.95913 pct from
5.79348 a week ago, bankers said.
SAMA decreased the offer price on the 900 mln riyal issue
to 99.50586 from 99.51953 last Saturday. Like-dated interbank
deposits were quoted today at 6-3/8, 1/8 pct -- 1/8 point
higher than last Saturday.
SAMA offers a total of 1.9 billion riyals in 30, 91 and
180-day paper to banks in the kingdom each week.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
A prolonged dry spell has damaged
111,350 hectares of rice and corn plantations in 10 provinces
in the central and southern Philippines, agriculture officials
said.
They said some 71,070 tonnes of agricultural produce
estimated at about 250 mln pesos was lost to the lack of
rainfall. They warned of a severe drought if the prevailing
conditions continued until next month.
Agriculture Secretary Carlos Dominguez said he hoped the
losses would be offset by the expected increase in output in
other, normally more productive areas not affected by the dry
spell.
Affected were 14,030 hectares of palay (unmilled rice),
representing a production loss of 22,250 tonnes valued at 77.8
mln pesos, Department of Agriculture reports said.
About 48,820 tonnes of corn from 97,320 hectares valued at
170.8 mln pesos have also been lost, they said.
Officials said the hectarage planted to palay that has been
hit by the drought accounted for only one pct of national total
thus the damage is considered negligible.
In the case of corn, they said the loss can be filled by
production from non-traditional corn farms which diversified
into the cash crop from sugar two years ago.
The Philippine Coconut Authority said coconut production
in the major producing region of Bicol might drop by 25 pct to
320,000 tonnes if the dry spell continued. There were no
reports of actual damage.
REUTER
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
The Bank of Japan actively bought dollars
here in early afternoon trade at around 142.20 yen, dealers
said.
The central bank had placed buy orders at that level and
prevented the dollar from falling when it came under heavy
selling pressure from investment trusts and trading houses,
they said.
However, the intervention failed to boost the U.S. Currency
significantly from the 142.20 yen level, they added.
The dollar was trading around its midday rate of 142.30
yen. It had opened here at 141.85 yen.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Texaco Inc <TX> said its decision to
file for protection under Chapter 11 of the U.S. Bankruptcy
code will not affect the majority of its businesses.
It said its subsidiaries, which account for 96 pct of its
32.6 billion dlrs in revenues and 79 pct of its net property,
plant and equipment, were free of the action.
Only parent holding company, Texaco Inc, and operating
subsidiaries, Texaco Capital Inc and Texaco Capital N.V, are
affected, it said.
But the company said it was likely to suspend its 75 cents
per share quarterly common stock dividend and halt repayments
on debts of some 6.8 billion dlrs.
Texaco said it filed for Chaper 11 because suppliers were
demanding cash payments and banks were withholding loans as a
result of a legal dispute with Pennzoil Co <PZL>.
Texaco is fighting a Texas law requiring it to post a bond
of more than 10 billion dlrs before it can appeal a 1985
judgment that ruled it illegally interfered with Pennzoil's
1984 acquisition of Getty Petroleum Corp <GTY>. The bond almost
matches the damages awarded against Texaco.
Should Texaco fail to place the bond, Pennzoil could begin
to attach its assets to secure the judgment.
Last Monday, the Supreme Court overturned a decision to cut
Texaco's bond to one billion dlrs, and sent the issue back to
the Texas courts.
Analysts said the bankruptcy filing effectively froze all
Texaco's obligations while it continued to appeal the merits of
the Pennzoil lawsuit.
"Attempts last week to win a compromise on both the bond
issue and the larger dispute failed," James Kinnear, Texaco's
president and chief executive officer, told reporters.
Kinnear said Pennzoil's disclosure in court papers on
Friday that it wanted to extend the bond issue hearing until
the end of April, pushed Texaco further towards Chapter 11.
Pennzoil had asked Texaco to post a 5.6 billion dlr cash
bond and to reduce its dividend to not more than 50 pct of
earnings. Pennzoil also wanted assurances that Texaco would not
sell any assets, Kinnear said.
Texaco offered to put up one billion dlrs in a letter of
credit and agreed not to let the value of its assets fall under
11.1 billion dlrs, he added.
Joseph Jamail, a Houston attorney for Pennzoil, said the
company had made its latest settlement offer to Texaco on
Saturday and was taken by surprise when Texaco filed for
bankruptcy.
He declined to reveal the amount of the proposal, citing a
confidentiality agreement between the two companies. "Texaco
told us they would get back to us but instead they chose to go
to bankruptcy court," Jamail said.
Attorneys for Pennzoil said they believed the company would
prevail in court appeals, adding that Texaco's assets were
ample ultimately to pay the Pennzoil judgment in full.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Western Mining Corp Holdings Ltd
<WMNG.S> (WMC) said it sold its entire holding of 22.13 mln
shares in the gold mining company <Australian Consolidated
Minerals Ltd> (ACM).
WMC gave no details, but stockbrokers said the sale was
made at eight dlrs a share on Friday to a number of U.S.,
European and Australian investors through WMC's usual brokers.
The company purchased the 19.9 pct parcel in early March
from Amax Inc <AMX.N> at 6.32 dlrs a share ahead of a
one-for-three bonus issue when Amax sold its entire 47 pct
stake in ACM to a number of local companies.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
National Bank economic data for 1986
shows that Yugoslavia's trade deficit grew, the inflation rate
rose, wages were sharply higher, the money supply expanded and
the value of the dinar fell.
The trade deficit for 1986 was 2.012 billion dlrs, 25.7 pct
higher than in 1985. The trend continued in the first three
months of this year as exports dropped by 17.8 pct, in hard
currency terms, to 2.124 billion dlrs.
Yugoslavia this year started quoting trade figures in
dinars based on current exchange rates, instead of dollars
based on a fixed exchange rate of 264.53 dinars per dollar.
Yugoslavia's balance of payments surplus with the
convertible currency area fell to 245 mln dlrs in 1986 from 344
mln in 1985. The National Bank said the drop was due to a
deterioration in trade. Exports to the convertible currency
area rose 11.6 pct from 1985, while imports rose 17.8 pct.
Retail prices rose an average of 88.1 pct in 1986 while
industrial producer prices rose by 70.6 pct, the bank's data
showed. The cost of living rose by 89.1 pct.
Personal incomes rose by 109 pct in 1986.
Prime Minister Branko Mikulic warned in February that wages
were too high given the level of productivity.
Mikulic introduced a law cutting wages to the level of the
last quarter of 1986 and tying future rises to productivity.
Bank statistics show the overall 1986 rise in M-1 money
supply was 109.1 pct with a year-end position of 3,895.9
billion dinars. Yugoslavs have 9.8 billion dlrs worth of
foreign currency savings in the country and 20 billion dlrs
abroad, mostly owned by workers employed in western Europe.
The dinar fell by 73.1 pct against a basket of hard
currencies in 1986. The highest depreciation was against the
Swiss franc, 85.3 pct, and the lowest against the U.S. Dollar,
46.2 pct.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Australia and New Zealand Banking
Group Ltd <ANZA.S> said it will make a one-for-two bonus issue
from its asset revaluation reserve to shareholders registered
June 2.
The proposed bonus and an increase in authorised capital to
one billion one-dlr par shares from 600 mln will be put to
shareholders for approval at an extraordinary general meeting
on May 26, the ANZ said in a statement.
The issue will absorb about 230 mln dlrs of the 260.9 mln
standing in the asset revaluation reserve, it said.
The bank said that by lowering the dividend rate it expects
to maintain the value of dividend payout on the enlarged
capital at about the level of its last full year ended
September 30. The group paid 31 cents a share and 133.1 mln
dlrs in all for that year.
Shareholders will also be asked to approve changes in the
bank's articles of association to allow it to offer shares in
lieu of the interim dividend at a discount of five pct to the
market price.
The group is the latest to announce a tax-free bonus issue
ahead of dividend imputation, effective July 1.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Yields on certificates of deposit
(CD) offered by the United Arab Emirates Central Bank were
higher than last Monday's offering, the bank said.
The one-month CD rose 1/4 point to 6-3/8 pct, while the
two, three and six-month maturities rose 5/16 point each to
6-7/16, 6-1/2 and 6-5/8 pct respectively.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Singapore's external trade grew 8.8
pct in first quarter 1987, against a 12.4 pct decline in the
same period last year and two pct growth in the previous
quarter, the Trade Development Board said.
It said exports over the period rose by 8.7 pct to 12.38
billion dlrs and imports by 8.9 pct to 14.64 billion for a
trade deficit of 2.26 billion, against a 2.06 billion deficit
in the same 1986 period and 1.78 billion deficit previously.
The growth was attributed to the strength of non-oil trade,
especially computers and computer parts, electronic components
and garments, it said.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Malaysia's manufacturing exports
rose by 24.5 pct to 15.1 billion ringgit in 1986, chairman of
the Export Promotion Council Ahmad Sarji Abdul Hamind said.
The improved export performance was led by electrical and
electronic products, textiles, footwear, clothing, processed
food, timber, chemical and rubber products, he told a news
conference.
However, total gross exports for the year declined by 5.6
pct to 35.9 billion ringgit from 38 billion in 1985 due to a
fall in major commodity exports and weak prices, he said.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
A 3.22 billion dlr offer for Dome
Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
may short-circuit Dome's restructuring plan and open the door
for more takeover bids, oil analysts said.
Dome is trying to get approval for a plan to refinance debt
of more than 4.5 billion dlrs by July 1, 1987, when an interim
debt plan that allowed the Canadian oil and gas firm to defer
substantial payments to creditors will expire.
Analysts said TransCanada's bid signals Dome's debtholders
that an alternative exists to Dome's debt plan.
Dome announced its plan to 56 major creditors as well as
public noteholders in March after several months of delicate
negotiations.
TransCanada's proposal "amounts to a quasi debt
restructuring," oil analyst Doug Gowland of Brown Baldwin Nisker
Ltd said from Toronto.
Calgary-based Dome's restructuring plan would allow
creditors to convert debt to common shares under a formula yet
to be negotiated. Payments on remaining debt would be linked to
cash flow generated by assets pledged against the debt.
"The weakness of the whole debt-refinancing proposal is that
even with approval of creditors, there is no assurance that
Dome will in fact be able to repay all of its debt obligations,"
said Wilf Gobert, an oil analyst for Peters and Co Ltd in
Calgary.
TransCanada's announcement came as a surprise since Dome
was waiting for responses from creditors on its proposed
refinancing packages, Gobert said.
The TransCanada proposal could open the bidding for Dome
since other potential buyers were probably waiting for lenders
to agree to a restructuring, he added.
"I would think that the debtholders would want to entertain
any and all offers (for Dome)," Gobert said.
Dome spokesman David Annesley said in New York that
TransCanada's announcement could be seen as an attempt to fix
the bidding price for Dome and an effort to preclude other
possible buyers from making an offer. "By drawing attention to
us in our discussions, it means that others may be a little
reluctant to come forward," he said.
Dome does not consider TransCanada's proposal a formal
offer because the pipeline utility's announcement breached a
confidential agreement between the two companies, he said.
Dome responded to the statement by suspending discussions
with TransCanada in order to pursue talks with other
unidentified parties. However, Dome said its management and
financial advisers would evaluate all proposals, including
TransCanada's.
Gowland said TransCanada's offer is probably a fair price
for the company's 36.1 mln acres of oil and gas land holdings.
However, he said not enough financial details are known
about Dome's debt restructuring to compare the value of
TransCanada's proposed offer.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The Bank of England said it forecast a
shortage of around 400 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.085 billion stg.
Partly offsetting these outflows, a fall in note
circulation will add some 340 mln stg, exchequer transactions
around 300 mln and bankers' balances above target about 50 mln.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
<Rothmans Holdings (Tobacco) Ltd> said
in a sttement there was "no foundation" to press speculation that
it would sell its stake in Rothmans International Plc <ROT.L>
to Philip Morris Inc <MO.N>, or that it would buy Morris'
stake.
In the 1986 report, Rothmans International said RHT, which
is controlled by <Rupert Foundation SA>, owned 18.25 mln
ordinary and 64.37 mln B ordinary shares, or 99.9 pct and 26.1
pct respectively.
Morris owns 79.8 mln B ordinary shares, or 32.4 pct.
Rothmans B shares, which firmed on the speculation to close at
273p from 241p on Friday, eased to 245.5p at 0838 GMT.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Member states of the European
Community are starting to run out of patience with Japan which
they believe has repeatedly promised major initiatives to open
its market to imports, but as often made only minor moves.
Diplomatic sources here said several recent actions by EC
countries bear witness to a new disillusionment with the
willingness, or at least the ability, of the Japanese
government to reduce its massive trade surplus with the EC.
However, they said an all-out trade war may be far off, as
EC states know they would suffer almost as much as Japan.
Senior EC diplomats gave a generally favourable reaction to
an EC executive commission proposal under which the EC could
raise tariffs on a range of Japanese products if the U.S.
Carries out a threat to make a similar move on April 17.
The EC tariffs, which would involve renouncing obligations
entered into with the world trade body GATT, would be designed
to stop a diversion of exports to the EC market from that of
the U.S.
The diplomats were meeting as Tokyo announced that the EC's
trade deficit with Japan reached a record 2.13 billion dlrs in
March, up from 1.94 billion in February.
In 1986, Japanese exports to the EC totalled 30.67 billion
dlrs, up 4.5 pct from 1985, while EC exports to Japan fell one
pct to 12.43 billion dlrs.
In Paris, trade minister Michel Noir said France has
decided to give Japan a taste of its own medicine.
Burgeoning imports of microwave ovens and of frozen
Coquilles St Jacques will be restricted by a strict application
of French quality standards -- something EC states say often
happens to their own exports entering Japan.
Britain has threatened to withdraw the licences of Japanese
banks and insurance companies to operate in the City of London,
because the British Cable and Wireless company lost out in
competition for a Japanese telecommucations contract.
However, British officials in London have said that the
government may have gone too far in implying that it would take
immediate drastic action unless the contract was reopened.
By contrast, West Germany, with the EC's most successful
economy, has never threatened Tokyo with sanctions, preferring
to rely on firm diplomacy and encouragement of its own
industries to surmount obstacles to export to Japan.
The EC Commission itself has switched its tactics in recent
years, substituting general calls for action by Japan to open
its market with specific demands for moves in key areas.
At present, it is, for instance, pressuring Japan to end
allegedly discriminatory taxation of imported wines and
spirits, to ensure EC companies have a chance to win contracts
for the building of a new international airport, and to
simplify certification and safety checks on imported cars.
EC officials say these tactics yield some benefits, but
often the Japanese announce modifications of their non-tariff
barriers which open the door to imports by only a token amount.
They stress, however, that any action must be taken by the
EC as a whole to stop beggar-my-neighbour action.
One of the problems Britain could face if it were to
withdraw licences for Japanese banks would be that the bankers
would be welcomed with open arms in Frankfurt or Amsterdam,
they point out.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Morgan Crucible Co Plc <MGCR.L> said the
prospects for 1987 were encouraging, with orders and sales
significantly up on last year in all divisions.
It said there were good opportunities for growth in both
existing and recently acquired businesses as well as for growth
by acquisition in related areas.
It earlier announced a 6.1 mln stg rise in pre-tax profit
to 24.8 mln stg for the year to December 28. Turnover rose to
242.1 mln from 211.5 mln.
Most of its companies performed well despite a slowdown in
the U.S., U.K. And Australian economies in the first half.
Currency fluctuations reduced pretax profit by around one
mln stg, it noted.
Morgan said although profits in the electronics sector
improved to 1.0 mln stg from 100,000 stg previously, results
were nonetheless disappointing.
Sales were lower than expected, due mainly to delayed
defence orders and cancellations. However, it said it had taken
the necessary remedial action, obtained new business and was
now proceeding with the delivery of major delayed orders.
Morgan shares firmed two pence to 318p at 0905 GMT from
316p at Friday's close.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Year to December 28, 1986
Shr 20.1p vs 17.6p
Div 5.0p vs 4.6p making 9.2p vs 8.5p
Turnover 242.1 mln stg vs 211.5 mln
Pretax profit 24.8 mln vs 18.7 mln
Tax 6.7 mln vs 5.8 mln
Operating profit 28.3 mln vs 21.3 mln
Investment income 1.0 mln vs 0.7 mln
Net finance charges 4.5 mln vs 3.3 mln
Company full name is Morgan Crucible Co Plc <MGCR.L>
Minorities and provisions for preference dividends 0.7 mln
vs 1.2 mln
Extraordinary debit - 0.9 mln vs 1.3 mln credit
Operating profit includes -
Carbon 8.3 mln vs 7.0 mln
Technical ceramics 7.0 mln vs 5.6 mln
Thermal ceramics 7.6 mln vs 4.6 mln
Speciality chemicals 4.4 mln vs 4.0 mln
Electronics 1.0 mln vs 0.1 mln
REUTER^M
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Kenya devalued the shilling by 0.6 pct
against the special drawing right (SDR) in response to the
decline of the dollar last last week, bankers said.
The Central Bank of Kenya set the shilling at 20.7449 to
the SDR compared with the 20.6226 rate in force since the last
devaluation on March 31.
The Kenyan shilling has lost 5.6 pct of its value against
the SDR this year in a series of devaluations designed to keep
the value of the dollar above 16 shillings.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Australia could lose valuable wheat
markets through lack of availability if plantings for the
coming 1987/88 season are significantly reduced, Australian
Wheat Board (AWB) chairman Clinton Condon said.
"If predictions of a 30 pct decrease in plantings prove
true, Australia may not be able to supply wheat to some of its
valuable markets," he said in a statement.
Condon did not say who had made the predictions, but an AWB
spokesman said there was a general industry feeling that
farmers, hard hit by low prices and rising costs, could cut
back plantings sharply. Wheat sowing normally begins in May.
However, Condon said he did not believe plantings would be
cut by as much as 30 pct although he realised many farmers were
facing enormous financial pressures.
He said the AWB expects the area sown to be about 10.7 mln
hectares, down from 11.3 mln in 1986/87 when the crop was about
16 mln tonnes. Final crop estimates for 1986/87 and planting
intentions for 1987/88 are not yet available.
If the AWB is unable, because of a short-term cut in
plantings, to meet the needs of the markets it has developed
with much time and effort, it may have great difficulty selling
wheat to those markets in the future, Condon said.
"Markets which rely on a steady supply of Australian wheat
understand a decrease in production due to drought but they
will have difficulty understanding a deliberate decision to
decrease production," Condon said.
"If Australia wants wheat to continue as a major export
income earner, governments and government authorities will need
to closely examine ways of contributing to the continuing
viability of the wheat industry," he added.
Australia's leading wheat markets include China, Egypt,
Iran, Iraq, the Soviet Union and Japan.
REUTER
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
<Williams Holdings Plc> said that it had
received acceptances for its offer for Norcros Plc <NCRO.L>
from the holders of 233,448 Norcros ordinary shares, or 0.18
pct, and 180,240 preference shares, or 8.19 pct.
Before the 568 mln stg contested bid was launched last
month, Williams held 850,000 ordinary shares, or 0.67 pct and
since then it had acquired options to buy a further 1.99 mln or
1.58 pct.
The offer has been extended to April 15. Norcros shares
eased 26p to 410p on the announcement while Williams fell to
767p from 785p.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
China has raised the state purchase
prices of corn, rice, cottonseed and shelled peanuts from April
1 to encourage farmers to grow them, the official China
Commercial Daily said.
The paper said the price paid for corn from 14 northern
provinces, cities and regions has increased by one yuan per 50
kg. A foreign agricultural expert said the rise will take the
price to 17 fen per jin (0.5 kg) from 16 fen.
The paper said the price for long-grained rice from 10
southern provinces and cities was raised by 1.5 yuan per 50 kg.
The paper said the price for round-grained rice from 11
provinces, regions and cities in central, east and northwest
China has been increased by 1.75 yuan per 50 kg. It gave no
more price details.
It said local authorities must inform farmers of the price
increases before farmers begin planting, to encourage
production of grains and oilseeds.
Chinese officials have said farmers are unwilling to grow
grain because they can earn more from other crops.
REUTER
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
The Commonwealth Bank of Australia said
it will lower its prime lending rate to 17.5 pct from 18.25,
effective April 15.
The bank's new rate will be the lowest of Australia's
current prime rates. They now range from 17.75 pct to 18.5
after a recent series of reductions since late March following
an easier trend in short term money market rates.
Two of the three other major trading banks now have prime
rates of 18 pct and one of 18.25.
The Commonwealth's move reverses an increase from 17.5 pct
in early February.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Hepworth Ceramic Holdings Plc <HEPC.L>
said it had agreed to sell its <Western Plastics Corp> unit to
<Globe Machine Manufacturing Co> for 16.25 mln dlrs cash.
Western, which makes polystyrene foam and container
products, has net assets of 19.3 mln dlrs and reported a 1986
pre-tax profit of 0.9 mln.
The proceeds of the sale would be used to reduce borrowings
and develop activities in the U.K.
Hepworth shares eased 0.5p on the announcement to 227.5p.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Bond Corp Holdings Ltd <BONA.S> said it
has agreed to acquire an 80 pct stake in <Merlin International
Petroleum Corp> from <Crowley Maritime Corp> for 90.8 mln U.S.
Dlrs.
Of this total, 7.8 mln dlrs is due on exchange of contracts
on April 30 and 69 mln on July 7, subject to any regulatory
approvals being obtained, Bond said in a statement.
The balance of 14 mln dlrs will be paid as required by
Merlin for its exploration and production commitments, it said.
Bond said Merlin has a 6.25 pct working interest plus a 2.5
pct reversionary interest in the Papua New Guinea permit,
PPL-17, the site of the Iagifu oil discovery.
Merlin also has a 12.5 pct stake in the adjacent Papuan
Basin permit, PPL-18, which contains the Juha gas and
condensate discovery.
In addition to Papua New Guinea, Merlin has petroleum
exploration and production interests in the U.S., Bond added.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
<Blue Arrow Plc> said it had agreed
terms to acquire a group of U.S. Companies collectively known
as the <Richards Companies>, which specialise in executive
recruitment and management consultancy on personnel matters.
The total consideration will be 29 mln U.S. Dlrs of which
50 pct will be payable in cash and 50 pct by the issue of 1.36
mln new ordinary shares in Blue Arrow.
The Richard Companies made a pre-tax profit of 3.6 mln dlrs
in the year to end-1986, on turnover of 7.1 mln dlrs with net
tangible assets at the end of 1986 of 3.4 mln dlrs.
Blue Arrow shares were trading 9p lower at 670 this
morning.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Saudi riyal interbank deposit rates
surged across the board as banks tried to build long positions
in anticipation of a further rise in U.S. Interest rates,
dealers said.
They said traders expected riyal deposits to follow the
recent strong rise in eurodollar rates sparked by fears of a
tighter U.S. Monetary policy to halt the dollar's slide.
"There was a wave of panic buying early in the morning as
people tried to cover gaps and build long riyal positions," said
one dealer. As a result, riyal deposits were strongly bid and
traders scrambled for any available offers.
One-way trade focused mainly on the fixed periods but short
dates also rose, dealers said. Spot-next and one-week deposits
climbed to 6-5/8, 1/8 pct from 6-3/8, six on Sunday.
One-month deposits rose to 6-1/2, 3/8 pct from 6-1/4, six
and three-month deposits climbed to 6-3/4, 5/8 pct from 6-9/16,
7/16. Six-month deposits also firmed to 7-1/8, seven pct from
7-1/16, 6-7/8 on Sunday.
The spot riyal was steady at 3.7500/03 to the dollar after
quotes of 3.7498/7503 yesterday.
REUTER
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
]
|
Borg-Warner <BOR> Corp, facing an
unwanted offer from GAF Corp <GAF>, agreed to a 4.23 billion
dlr buyout offer from a company to be formed by <Merrill Lynch
Capital Partners Inc>.
Borg-Warner and Merrill said yesterday they entered a
definitive merger agreement, under which a subsidiary of the
new company, <AV Holdings Corp>, will begin a 48.50 dlr per
share cash tender offer today for 77.6 mln shares or 89 pct of
Borg-Warner common stock.
The offer will be followed by a merger in which each
remaining share will be converted into 19.75 dlrs cash and
54.25 dlrs principal amount of AV Holdings junior subordinated
discount debentures.
As a result of the merger, Borg-Warner will become a wholly
owned subsidiary of AV Holdings. A Borg-Warner spokeswoman said
members of management do not plan to participate in the
transaction, but they will retain their positions with the
company.
A spokesman for GAF was unavailable for comment. GAF holds
19.9 pct of Borg-Warner's shares.
GAF had said it would offer 46 dlrs per share.
Borg-Warner's spokeswoman said the company still plans to
sell its financial services unit, which includes Wells Fargo
security guards, and the Chilton Corp, a credit rating service.
Borg-Warner has been the focus of takeover speculation for
about a year. Corporate raider Irwin Jacobs last year proposed
a takeover of the firm and until recently held 10 pct of the
stock. Following the GAF offer, analysts had calculated breakup
values for the company in the low 50 dlrs per share range and
speculated an offer would have to be sweetened.
In its statement, Borg-Warner said its board endorsed the
Merrill offer and it recommended that shareholders tender their
shares. The board received opinions on the offer from its
advisors, First Boston Corp and Goldman, Sachs and Co.
James Burke, president of Merrill Lynch Capital Partners,
said, "We are very pleased to have entered into this transaction
with Borg-Warner. We are looking forward to working with the
employees of Borg-Warner and to Borg-Warner maintaining its
strong presence in the Chicago community."
Merrill Lynch will be the dealer-manager for the offer,
which expires at midnight EDT May 8 (0400 GMT, May 9), subject
to conditions, including the completion of necessary financing
arrangements.
The offer is also subject to a minimum 44.25 mln shares, or
51 pct of the outstanding shares, being tendered.
Merrill Lynch and certain affiliates have committed to
provide 200 mln dlrs in AV Holdings equity and 870 mln in
subordinated financing and forward underwriting commitments.
Merrill Lynch said that following discussions with
commercial banks it is confident it can obtain the rest of the
financing required to complete the transaction.
The junior subordinated discount debentures to be issued in
the merger will carry a 13 pct coupon and will begin paying
cash interest after five years.
The debentures will be redeemable at the company's option
for the first six years at 105 pct, during the seventh year at
102.5 pct and after that at 100 pct of the principal amount.
The junior subordinated discount debentures have a maturity
of 20 years and are entitled to a sinking fund commencing in
the 16th year designed to retire 60 pct of the issue before
maturity.
Borg-Warner will also redeem all of its outstanding 4.50
dlrs cumulative preferred stock, series A, for 100 dlrs per
share. Holders who wish to participate in the offer must first
convert their preferred stock into Borg-Warner common stock.
The board of Borg-Warner has also taken steps to redeem its
poison pill or share purchase rights for five cents per right,
effective immediately.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
French commercial bank Credit Commercial
de France has split each of its shares into four to increase
the number of shares on offer when it is privatised at the end
of this month, a company official said.
He told Reuters a general assembly had passed a proposal
splitting 10.33 mln shares of 100 francs nominal into around
41.32 mln shares of 25 francs nominal.
Market sources have put the total value of CCF's selloff at
between four and five billion francs. The bank said the share
sale price was likely to be announced on April 24, before the
launch of a public flotation offer on April 27.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Hillsdown Holdings Plc <HLDN.L> said its
Christie-Tyler Ltd unit would buy the European bedding making
interests of Simmons Co U.S.A., Owned by Gulf and Western
Industries Inc USA <GW>, for 23 mln dlrs.
The acquisitions include <Sleepeeze Ltd> in the U.K.,
<Compagnie Continentale Simmons SA> in France and <Compagnia
Italiana Simmons SpA> in Italy.
In 1986 the three businesses made pre-tax profit of around
2.5 mln stg on sales of 39 mln stg. Net assets being acquired
come to around nine mln stg.
Hillsdown shares were unchanged at 266p.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Six months to end-December
Shr 32.6p vs 22.3p
Div 5.0p vs 4.0p
Pre-tax profit 376 mln stg vs 260 mln
Turnover 883 mln vs 686 mln
Tax 133 mln vs 94 mln
Note - company full name is Glaxo Holdings Plc <GLXO.L>.
Trading profit 338 mln vs 233 mln
Share of profits of associates 14 mln vs seven mln
Investment income less interest payable 24 mln vs 20 mln
Profit after tax 243 mln vs 166 mln
Minority interests two mln vs one mln
Extraordianry credit eight mln vs nil
Turnover includes -
Continuing activities 875 mln vs 647 mln
Discontinued activities eight mln vs 39 mln
U.K. 111 mln vs 91 mln
Europe 299 mln vs 218 mln
North America 334 mln vs 229 mln
Central and South America 21 mln vs 20 mln
Africa and Middle East 29 mln vs 23 mln
South East Asia and Far East 57 mln vs 47 mln
Australasia 24 mln vs 19 mln
Anti-peptic ulcerants 414 mln vs 285 mln
Systemic antibiotics 112 mln vs 82 mln
Respiratory system 183 mln vs 141 mln
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
A takeover battle began today for
debt-burdened Dome Petroleum Ltd <DMP.MO> as TransCanada
PipeLines Ltd <TRP.TO> announced a 4.3 billion dlr offer and
Dome said it is continuing talks with other possible buyers.
Companies mentioned in market speculation as potential
buyers for Dome include Imperial Oil Ltd <IMO.A> which is 70
pct owned by Exxon Corp <XON.N>, <PanCanadian Petroleum Ltd>
which is 87 pct owned by the conglomerate Canadian Pacific Ltd
<CP.N> and British Petroleum Co Plc <BP.L>.
Along with the TransCanada offer, Dome has had another
proposal from "a substantial company" and discussions with a
third company which could lead to an offer, Dome said in a
statement.
The statement confirmed Dome received TransCanada's bid,
but did not identify the companies involved in talks.
TransCanada, Canada's largest natural gas pipeline
operator, said it is offering Dome a package of cash, common
and preferred shares, and shares in a new subsidiary which
would own and operate Dome's assets. TransCanada said the offer
is to Dome management, not to shareholders.
Dome has massive oil and gas landholdings in Canada,
totalling 36.1 mln acres of which 7.4 mln have been developed.
It also has tax credits worth about 2.5 billion dlrs.
Dome's statement said the TransCanada announcement "violated
the terms and spirit of a confidentiality agreement entered
into with prospective purchasers" and was apparently timed to
prevent Dome from considering other proposals.
It said the TransCanada bid "seems to require favourable and
substantial taxation concessions from the federal and
provincial governments." But Dome added that its management and
financial advisers will evaluate all proposals.
TransCanada chief financial officer H. Neil Nichols said he
was surprised at the vehemence of Dome's statement and denied
that TransCanada was trying to usurp other bids. "I find (Dome's
statement) very bothersome. Once the board made the decision to
authorise the proposal, it had a legal obligation to announce
it," he said. Nichols said he did not know the identity of the
other bidders, or the terms of other offers.
Dome common shares closed at 1.13 dlrs on Friday on the
Toronto Stock Exchange. The preferred class A stock closed at
5.00 dlrs. Common stock traded as high as 25.00 dlrs in 1981.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The Bank of Japan will sell 800 billion
yen in deficit financing bills today through 51-day repurchase
agreements maturing June 3 to help absorb a projected money
market surplus, money traders said.
The operation will raise the outstanding supply of the
bills to a record 4,800 billion yen.
The yield on the bills for sale to banks and securities
houses from money houses will be 3.8999 pct compared with the
two-month commercial bill discount rate today of 3.8750 pct and
the two-month certificate of deposit rate of 4.13/00 pct.
The traders estimated the surplus today at about 1,800
billion yen.
They said it is mainly due to 1,300 billion yen of
government tax allocations to local governments and public
entities and to excessive banking system cash holdings due to
continuous large central bank dollar purchases.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
The yield on 91-day bankers security
deposit accounts issued this week by the Saudi Arabian Monetary
Agency (SAMA) rose to 6.43896 pct from 6.21563 a week ago,
bankers said.
SAMA lowered the offer price on the 500 mln riyal issue to
98.39844 from 98.45313 last Monday. Like-dated interbank
deposits were quoted today at 6-3/4, 5/8 pct.
SAMA offers a total of 1.9 billion riyals in 30, 91 and
180-day accounts to banks in the Kingdom each week.
REUTER
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
]
|
The Bank of England said it had provided
the money market with 75 mln stg help in the morning session.
This compares with the Bank's estimate that the system would
face a shortage of around 400 mln stg today.
The central bank bought bank bills outright comprising two
mln stg in band two at 9-13/16 pct, 15 mln stg in band three at
9-3/4 pct and 58 mln stg in band three at 9-11/16 pct.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.