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Shr 1.35 dlrs vs 1.53 dlrs
Net 42,137,000 vs 47,792,000
Loans 10.26 billion vs 9.97 billion
Deposits 7.65 billion vs 7.63 billion
Assets 11.84 billion vs 12.00 billion
Note: Current qtr figures include 3.3 mln dlr charge
resulting from penalties for prepayment of FHLB borrowings.
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Oper shr 96 cts vs 79 cts
Oper net 43.7 mln vs 36.4 mln
Sales 1.48 billion vs 1.15 billion
NOTE: 1987 sales includes operations of Sperry Aerospace.
1986 operating net excludes a charge from discontinued
operations of 10.2 mln dlrs or 22 cts a share.
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The Environmental Protection Agency's
five to 10 mln dlr suit against a Browning-Ferris Industries
Inc <BFI> unit, CECOS International Inc, caused the stock to
drop today, analysts said.
The stock has fallen 2-1/4 to 56-1/8 so far today, after
the news about the suit was released this morning.
"It's potentially a big suit and investors feel that its
not good to go against regulators," Kenneth Ch'u-K'ai Leung, a
Smith Barney analyst said.
"What investors are actually saying by selling off some BFI
shares is the cloud over this industry is the threat that the
EPA will get tough on waste management companies," Willard
Brown, senior analyst for First Albany Corp.
"Investors are saying to themselves that waste management
companies have that kind of exposure to regulatory suits,"
Brown said. Brown said if the suit were settled for 10 mln dlrs
it would have an impact on Browning Ferris earnings.
Leung said, however, that Browning-Ferris has adequate cash
reserves to cover the fine. "It would have no impact on
earnings whatsoever," he said.
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Shr loss 95 cts vs loss nine cts
Net loss 6,882,497 vs loss 513,153
Revs 11.3 mln vs 10.0 mln
Avg shrs 7,251,000 vs 6,017,000
NOTE: 1986 net includes 1,600,000 dlrs in increased
provisions for uncollectible receivables from affiliates, lower
recoverable value of inventories and writeoffs of capitalized
costs on discontinued projects, 1,700,000 dlr provision for
resolution of shareholder class action suit and gain 1,300,000
dlrs from repurchase of manufacturing equipment.
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Empire Co Ltd said it will acquire all
shares of Sobeys Stores Ltd it does not already own under an
arrangement approved by directors of both companies.
Holders of Sobeys class A non-voting shares and class B
common shares may elect to receive either 1.6 non-voting class
A Empire shares or one non-voting class A Empire share and
one-half of an eight pct redeemable retractable preferred
share. The preferred share has a par value of 25 dlrs and is
retractable at the holder's option on May 1, 1994.
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Shr six cts vs three cts
Net 152,360 vs 94,141
Revs 4,073,911 vs 4,116,333
NOTE: International Research and Development Corp is full
name of company.
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Brooklyn Union Gas Co's Brooklyn
Union Exploration Co Inc unit said it entered a 200 mln dlr
three-year gas and oil exploration and development venture with
Smith Offshore Exploration Co.
The agreement calls for drilling of 10 to 12 offshore wells
per year, primarily in the Gulf of Mexico area off the Texas
and Louisiana coasts and 30 to 40 onshore Texas and Louisiana
Gulf Coast wells.
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Goodyear Tire and Rubber Co said it
expects to sell its Celeron Corp oil and gas subsidiary for
about two billion dlrs in about two months.
After the company's annual meeting, Rober Mercer,
Goodyear's chairman and chief executive officer, also said
Goodyear expects to report a profit of more than one dlr a
share from continuing operations in the first quarter. In the
same year-ago period, Goodyear reported a loss of 59 cents a
share from continuing operations.
Mercer said about seven companies are interested in buying
Celeron and they may form a consortium to buy the unit.
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Shr six cts vs three cts
Net 152,360 vs 94,141
Revs 4,073,911 vs 4,116,333
Note: Full name is International Research and Development
Corp.
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Honeywell Inc said a gain of
20.1 pct in its 1987 first quarter operating earnings was the
result of cost cutting efforts which began last year.
Honeywell reported 1987 first quarter operating earnings
rose to 43.7 mln dlrs or 96 cts a share from 36.4 mln dlrs or
79 cts in the same period a year ago.
Better operating results in each of the company's three
sectors offset higher interest costs in the first quarter due
to financing the December acquisition of Sperry Aerospace and
the sharing of the Federal Systems subsidiary pre-tax profit
with Honeywell Bull Inc, Honeywell said.
"Our first quarter results show clear benefits of our
restructuring," chairman Edson Spencer said. "All of our
businesses are producing better results than last year, even
though we do not see significant improvement in the external
market environment," he said.
Total orders in the first quarter were up substantially,
with a sharp increase in aerospace and defense orders in
addition to those of the new Sperry Aerospace group, it said.
Domestic industrial automation and control orders were
modestly higher than the same period in 1986, it said.
Orders in Honeywell's home and building automation and
control business were flat in the U.S. and up in international
markets, it said.
International orders increased, with the greatest strength
in Europe, Honeywell said.
The company said that by year-end 1987, it intends to
complete the repurchase of 3.3 mln shares remaining of a five
mln share buyback program which began in 1986.
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The Commodity Credit Corporation,
CCC, has authorized 3.0 mln dlrs in credit guarantees for sales
of U.S. rice to Algeria for fiscal year 1987 under the Export
Credit Guarantee Program, GSM-102, the U.S. Agriculture
Department said.
The additional guarantees increase the cumulative fiscal
year 1987 program for sales of U.S. agricultural products to
Algeria to 469.0 mln dlrs.
To be eligible for the credit guarantee coverage, all sales
under the new line must be registered and exported by September
30, 1987, the department aid.
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Shr loss 34 cts
Net loss 17.1 mln vs profit 10.1 mln
Revs 106.2 mln vs 101.2 mln
Six mths
Shr loss 28 cts
Net loss 14.4 mln vs profit 11.6 mln
Revs 237.2 mln vs 179.5 mln
Note: Company said year ago per share not given as not
comparable due to certain allocations of expenses from the
Turner Entertainment Group, not made in subsequent periods.
1987 results reflect the TBS merger agreement and operations of
the company as independent agent. 1986 data includes
extraordinary tax loss carryforward gains of 1,185,000 dlrs in
qtr and six mths.
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OPEC's credibility faces fresh scrutiny
in coming weeks amid signs of a significant rise in supplies of
oil to international oil markets, the Kuwait daily al-Qabas
said.
In an article headlined, "Gulf oil sources say Middle East
production up 1.4 mln bpd," it warned OPEC's official prices
could face fresh pressure from international oil companies
seeking cheaper supplies.
It did not say whether only OPEC or both OPEC and other
producers were behind the reported rise in Mideast output. Nor
did it specify if the sources were official or other contacts.
"The sources said the credibility of OPEC would come under
fresh scrutiny from today (Monday), with activity in the
European and American markets," the daily said.
The sources were quoted as saying that after OPEC had in
March demonstrated its commitment to quota agreements, some
members had raised output last week. It gave no details.
"Dealers in oil markets were now waiting to see if Opec was
able to control production, or whether the days of cheating and
producing over quotas has begun anew," it said.
The sources warned that "maybe the (price of a) barrel of
oil will fall below 18, perhaps 17.80 dlrs this week or next if
there is no control on supplies," it said.
"The sources believed a return of oil below 18 dlrs a barrel
may open the doors for international oil companies to pressure
OPEC over contract prices, similar to the struggle last March,"
it said, apparently referring to resistance by buyers to lift
from Qatar unless it gave price discounts.
"More than one official has warned OPEC would find its
solidarity under scrutiny by the end of April or start of May,"
it said, noting demand usually fell with the onset of summer.
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Shr 90 cts vs 30 cts
Net 22.9 mln vs 7,567,000
Sales 323.0 mln vs 272.1 mln
Note: per share figures reflect April 25, 1986
five-to-three stock split. Full year figures not available.
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American Century Corp said it
has restated its earnings for the fiscal year ended June 30,
1986 to provide an additional five mln dlrs to its loan loss
allowance, causing a restated year-end net loss of 14,937,000
dlrs, instead of 9,937,000 dlrs.
The company said the change came after talks with the
Securities and Exchange Commission on the company's judgement
in considering the five mln dlrs collectible.
In the note to its 1986 financial statement, American
Century said it considered the five mln dlrs collectible,
making its loan loss provision less than required.
The company said in spite of the SEC decision, it still
feels its allowance for possible loan losses at June 30, 1986
was adequate and that it has considered all relevant
information to determine the collectibility of the five mln dlr
receivable.
But, it said continued disagreement with the SEC staff
would not be in its best interest.
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Shr loss 28 cts vs profit three cts
Net loss 18.9 mln vs profit 2.1 mln
Assets 16.7 billion vs 19.8 billion
Deposits 14.1 billion vs 16.2 billion
Loans 12.2 billion vs 14.4 billion
Note: Net includes securities gains of 20.4 mln vs 13.1
mln. Net charge-offs totaled 41.9 mln vs 42.2 mln, while
provisions for loan losses was 56.6 mln vs 52.2 mln.
Non-performing assets totaled 1.24 billion vs 799 mln.
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Shr 1.74 dlrs vs 1.89 dlrs
Net 35.3 mln vs 38.2 mln
Assets 24.5 billion vs 21.8 billion
Deposits 16.9 billion vs 16.1 billion
Loans 18.9 billion vs 16.0 billion
NOTE: Qtr includes pre-tax provision of 9.7 mln dlrs,
resulting in 5.7 mln dlrs after-tax loss, for reserve against
interest due on medium- and long-term Brazilian loans.
Net investment gains for the qtr were 2.2 mln dlrs versus a
gain of 15.5 mln in last year's first quarter.
Provision for loan losses in the quarter was 35.3 mln dlrs
vs 44.1 mln dlrs the prior first quarter.
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Fourth National Corp said an
investor group led by management has acquired a 73 pct stake in
the company from Interfirst Corp <IFC>, a Dallas bank holding
firm.
A Fourth National spokesman said the deal was for cash but
would not disclose the amount.
Fourth National, a bank holding company with about 500 mln
dlrs in assets, said in a statement that it will continue to
operate its four subsidiaries and retain its employees.
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Del E. Webb Corp said its Del E.
Webb Properties Corp unit sold one-half of its interest in the
224-acre Towne Meadows mixed-use development near Mesa and
Gilbert, Ariz., to Klukwan Inc, an Alaskan native cooperative.
Terms of the sale were not disclosed.
Webb said it had a one-half interest in the venture.
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Shr 1.04 dlrs vs 83 cts
Net 51.7 mln vs 39.4 mln
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Qtr ended Feb 28
Shr 35 cts vs 38 cts
Net 1,682,047 vs 1,817,820
Revs 36.1 mln vs 29.9 mln
Six mths
Shr 73 cts vs 75 cts
Net 3,518,515 vs 3,606,689
Revs 74.1 mln vs 62.7 mln
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NATIONAL CITY CORP 1ST QTR SHR PRIMARY 87 CTS VS 83 CTS

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Shr 83 cts vs 94 cts
Net 41.2 mln vs 45.5 mln
Revs 428.4 mln vs 429.6
Avg shrs 49.8 mln vs 48.1 mln
12 months
Shr 3.59 dlrs vs 3.53 dlrs
Net 176.9 mln vs 164.4 mln
Revs 1.87 billion vs 1.70 billion
Avg shrs 49.3 mln vs 46.6
NOTE: 1986 first quarter profits restated down one cent a
share as a result of previously reported pooling of interests
merger with Mid-Continent Life Insurance Co.
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Shr 37 cts vs 27 cts
Net 1,194,000 vs 870,000
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Shr 1.21 dlrs vs 1.80 dlrs
Net 16.9 mln vs 24.6 mln
Revs 230.9 mln vs 289.6 mln
12 mths
Shr 1.97 dlrs vs 2.37 dlrs
Net 27.6 mln vs 32.4 mln
Revs 648.6 mln vs 875.7 mln
NOTE: company reports earnings qtrly and includes the
previous 12 mths figures.
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Texaco Inc has re-established some key
oil supply lines following yesterday's court filing for
protection under Chapter 11 of the U.S. bankrupcty code, said
Elton Yates, Texaco's coordinator of worldwide operations.
"Several companies say they are willing to start trading,"
Yates told Reuters in an interview.
The company last week had stated that a number of domestic
and international oil suppliers were demanding cash for oil
shipments, and in some cases, had cut supplies altogether.
Banks had also cut credit lines, it said in court filings.
Manufacturers Hanover Corp <MHC> and other banks told
Texaco it would cut off a one billion dlr credit line, Texaco
said in the court filing. Chase Manhattan Corp <CMB> and J.P.
Morgan Co's <JPM> Morgan Guaranty Trust Co asked for deposits
to cover transactions, it said.
The severe conditions with suppliers and creditors arose
from an unfavorable ruling last Monday by the U.S. Supreme
Court in Texaco's ongoing dispute with Pennzoil Co <PZL> over
the acquisition of Getty Oil Co in 1984.
The High Court said Texas Courts must consider Texaco's
plea to cut its 10.3 billion dlr bond while appealing the case.
"Most of the suppliers stayed with us as long as they
could," Elton said. But following Monday's Supreme Court
ruling, Texaco's suppliers began demanding cash and halting
supplies.
"It wasn't until last Wednesday that it turned into an
avalanche," he said. "Supplies were cut to the point where we
could not run the system at anywhere near capacity."
He said less than half of Texaco's oil supplies had been in
jeapordy, but the cut off would have produced severe shortages
by mid-May. Now the situation appears much less severe, Elton
said.
It said that Sonatrach, the Algerian national oil company,
canceled future deliveries of crude oil and natural gas,
Occidental Petroleum Co <OXY> demanded cash for crude, and
Atlantic Richfield Co <ARC> asked for special safeguards.
The company also said British Petroleum Co PLC <BP> last
week refused to accept an order for fuel oil. But Yates today
said, "a big U.K. company has in fact said they would go on
supplying. They had cancelled last week."
He declined to identify the company.
<Petroleos de Venezuela S.A.>, the Venezuelan state oil
company that supplies a large portion of Texaco's oil, also
halted shipments two weeks ago, Yates said.
But he added that Texaco expected to meet with the
Venezuelans later today in an attempt to reestablish that key
supply line. Talks were also expected to take place with the
Algerians, he added.
Bankruptcy specialists said it was likely Texaco's chapter
11 filing would allow the company to secure its credit lines
and oil supplies that are key to the company's business.
"It will be business as usual for Texaco," said Martin
Klein, a bankruptcy attorney at the New York law firm Dreyer
and Traub.
"Creditors are a nervous bunch of people," he said. "But
when the dust settles they will reevaluate the situation and
will likely extend credit to the chapter 11 company."
But other officials at Texaco were not immediately
available to say whether discussions were being held with its
banks, or whether credit lines had been reestablished.
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National City Bancorp said
directors at the annual meeting declared a 10 pct stock
dividend payable May 22, record April 24.
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Shr 25 cts vs 23 cts
Net 488,000 vs 443,000
Assets 289.3 mln vs 213.9 mln
Deposits 254 mln vs 188.5 mln
Loans 156.4 mln vs 123.4 mln
NOTE: Per share amounts adjusted for stock dividends.
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Shr primary 87 cts vs 83 cts
Shr diluted 85 cts vs 74 cts
Net 35.9 mln vs 30.6 mln
Avg shrs 41.0 mln vs 34.2 mln
Assets 13.95 billion vs 12.34 billion
Deposits 10.21 billion vs 9.24 billion
Loans 9.22 billion vs 7.89 billion
Return on assets 1.07 pct vs 1.05 pct
Note: Net includes securities gains of seven cts a shr vs
two cts.
Net includes loan loss provision of 20.2 mln vs 12.6 mln.
Net charge-offs totaled 15.6 mln, brining the loan loss
reserve at the end of the qtr to 120.5 mln.
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Bank of New England Corp reported
that pro forma first quarter earnings, which reflect its
combined operations under a pending merger with the Conifer
Group, rose to 60 mln dlrs, or 89 cts a share, from 49 mln
dlrs, or 75 cts a share in 1986.
The merger is expected to close on April 22.
Earlier, Bank of New England reported first quarter net
income, not taking the merger into account, rose to 1.04 dlrs
from 83 cts a share.
NOTE:First quarter of 1986 does not include restatement
from recent acquisitions. After restatement, net income was
39.8 mln dlrs.
The 1987 pro forma first quarter results include
nonrecurring merger expenses of 4.7 mln dlrs.
Excluding these expenses, growth in operating expenses of
the combined companies was reduced from 14 pct to 12 pct during
the first quarter.
Loans and leases increased 34 pct to 19.5 billion dlrs and
deposits grew 14 pct to 19.6 billion dlrs.
The provision for possible credit losses was 14.4 mln dlrs
in the first quarter compared with 19.7 mln dlrs last year.
Net charge-offs were 10.9 mln dlrs, down from 12.8 mln dlrs
in 1986.
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Qtr ended March 31
Net 268,760 vs 235,274
Revs 721,882 vs 575,806
Six mths
Net 472,642 vs 464,042
Revs 1,372,453 vs 1,059,462
Note: per share data not given, as not comparable to net
figures, which are before depreciation.
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Finance Minister Michael Wilson said it
was too early to comment on the tax implications of TransCanada
PipeLines Ltd's 4.3 billion dlr offer for Dome Petroleum Ltd.
"The specific offer by TransCanada is just in the course of
being made and we don't have the details of all the elements of
the proposal," Wilson told the House of Commons daily question
period.
Opposition parties were questioning Wilson about a possible
loss of tax revenue if the takeover was completed because of
the large tax credits held by Dome.
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Dauphin Deposit Corp said it
signed a definitive agreement to acquire <Colonial Bancorp
Inc>.
The agreement calls for Colonial to be merged into Dauphin
Deposit Corp, and Colonial's subsidiary, New Holland Farmers
National Bank, to be merged into Dauphin Deposit Bank and Trust
Co, the lead bank of Dauphin Deposit Corp, the company said.
Shareholders of Colonial will receive between 3.6 and 4.4
shares of Dauphin common stock for each share of Colonial,
depending on Dauphin's current market value, it said.
As of Dec 31, 1986, Colonia Bancorp had assets of 150 mln
dlrs, Dauphin said.
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OPEC's credibility faces fresh scrutiny
in coming weeks amid signs of a significant rise in supplies of
oil to international oil markets, the Kuwait daily al-Qabas
said.
In an article headlined "Gulf oil sources say Middle East
production up 1.4 mln bpd" and "Markets witness new surplus amid
whispers of return to cheating days," it warned OPEC's official
prices could face fresh pressure from international oil
companies seeking cheaper supplies.
It did not say whether only OPEC or Opec and other
producers were behind the reported rise in Mideast output. Nor
did it specify if the sources were official or other contacts.
"The sources said the credibility of OPEC would come under
fresh scrutiny from Monday, with activity in the European and
American markets," it said.
The sources were quoted as saying that after Opec had in
March demonstrated its commitment to quota agreements, some
members had raised output last week. It gave no details.
"Dealers in oil markets were now waiting to see if Opec was
able to control production, or whether the days of cheating and
producing over quotas has begun anew," it reported.
"The sources warned that maybe the (price of a) barrel of oil
will fall below 18, perhaps 17.80 dlrs this week or next if
there is no control on supplies.
"The sources believed a return of oil below 18 dlrs a barrel
may open the doors for international oil companies to pressure
Opec over contract prices, similar to the struggle last March,"
it said, apparently referring to resistance by buyers to lift
from Qatar unless it gave price discounts.
"More than one official has warned Opec would find its
solidarity under scrutiny by the end of April or start of May,"
it said, noting demand usually fell with the onset of summer.
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The Energy Department said it had
approved in final form an agreement that resolves all remaining
issues with Shell Oil Co over oil pricing and allocation
controls that ended in 1981.
Under the agreement, The Royal Dutch/Shell Group unit
agreed to pay 20 mln dlrs to settle refiner pricing issues and
160 mln dlrs to settle crude oil pricing issues, DOE said.
DOE said that before making the pact final, it modified it
to reflect Shell's compliance with the Tertiary Incentive
Program, a provision not in the version published last Dec 31.
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Cellular Communications Inc said that
a unit purchased a 6.99 pct interest in the Cincinnati
non-wireline cellular system.
As a result of the transaction, the company said it now
owns 100 pct of the system in Cincinnati.
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Qtly div 40 cts vs 40 cts prior
Pay May 15
Record May one.
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Qtr ended March 31
Shr 88 cts
Net 973,000 vs 713,000
Six mths
Shr 1.35 dlrs
Net 1,497,000 vs 1,464,000
Note: Bank went public on Dec 29, 1986.
Reuter
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Shr 39 cts vs 32 cts
Net 2,524,000 vs 2,046,00
Sales 28.5 mln vs 23.5 mln
Nine Mths
Shr 1.01 dlrs vs 1.09 dlrs
Net 6,323,000 vs 6,990,000
Sales 80.6 mln vs 68.8 mln
Note: Current qtr and nine mth net include 447,000 dlr gain
on asset sales.
Prior nine mth net includes 3.4 mln dlr asset sale gain.
Reuter
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GAF Corp said it is exploring its
options in response to Merrill Lynch Capital Partners' 4.23
billion dlr offer for Borg-Warner Corp, and it has asked for
all information that was supplied to Merrill Lynch.
A GAF spokesman said the company asked for the information
in order to enable GAF to fully evaluate its alternatives.
The spokesman also confirmed that GAF did raise its bid to
48 dlrs cash from 46 dlrs per share on Friday.
Merrill is offering 48.50 dlrs per share cash for 89 pct of
Borg-Warner, and a package of cash and securities for the
balance.
The transaction with Merrill Lynch will take Borg-Warner
private in the form of a leveraged buyout. Merrill Lynch does
not intend to sell Borg-Warner assets, but it may be forced to
do so in financing the deal, said sources familiar with the
transaction.
Borg-Warner has said its management is not a participant
in the transaction, but managers will retain their positions.
The investors involved with Merrill include pension funds,
insurance companies and other institutional investors, sources
said.
Analysts believe GAF, which owns 19.9 pct of Borg-Warner,
will raise its offer.
That speculation drove Borg-warner stock up 1-3/8 to 49-5/8
in heavy trading. GAF closed at 49-5/8, off 3/4.
Reuter
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0,
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0,
0,
0,
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0,
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]
|
A senior Abu Dhabi oil official said
in remarks published today the emirate, largest producer in the
United Arab Emirates (UAE), was succeeding in marketing its
crude oil without breaching OPEC accords.
Khalaf al-Oteiba, Marketing Director at the Abu Dhabi
National Oil Co (ADNOC), told the company's Petroleum Community
magazine ADNOC was also keen to keep good customer relations.
"The company will maintain its dialogue with and care for its
customers in accordance with market conditions...And take
necessary steps to guarantee marketing its production," he said.
"The present oil marketing policy of ADNOC is based on
adherence to OPEC decisions of December 1986 to control
production and establish a new pricing system in an attempt to
stabilize the market," he added.
OPEC agreed last December to limit production to 15.8 mln
bpd and return to fixed prices averaging 18 dlrs a barrel.
Oteiba said stabilization of the oil market in the future
depended on how much discipline OPEC showed.
Oteiba said last year, when world oil prices dropped, was
ADNOC's most difficult ever but "a practical and flexible
pricing policy was implemented to relate to the changed market
environment."
He said crude oil sales last year jumped to an average
609,000 bpd of which 73 pct was exported. Refined product sales
totalled eight mln metric tonnes, of which 67 pct was exported.
In 1985, ADNOC marketed a total of 476,000 bpd of crude oil
and 7.2 mln tonnes of refined products.
Reuter
| [
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|
Shr 61 cts vs 55 cts
Net 695,252 vs 633,329
Loans 125.2 mln vs 89.9 mln
Deposits 209.2 mln vs 172.9 mln
Assets 245.5 mln vs 207.5 mln
Reuter
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Kraft Inc said it completed the
acquisition of Holleb and Co, a foodservice distributor based
in Bensenville, Ill.
Terms were withheld.
It said Holleb's 1986 sales were about 85 mln dlrs.
Reuter
| [
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0,
0,
0,
0,
0,
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|
Shr 1.12 dlrs vs 1.27 dlrs
Net 15,000,000 vs 11,900,000
Avg shrs 9,642,403 vs 8,322,245
Loans 4.57 billion vs 3.29 billion
Deposits 6.80 billion vs 4.75 billion
Assets 7.75 billion vs 5.37 billion
Reuter
| [
0,
0,
0,
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0,
0,
0,
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0,
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|
Shr loss 10 cts vs loss 19 cts
Net loss 1,348,000 vs loss 2,410,000
Revs 11.2 mln vs 22.3 mln
Acg shrs 13.8 mln vs 12.9 mln
Reuter
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|
Newmont Mining Corp held 5,250,376 Du
Pont Co shares, or about 2.2 pct of those outstanding, at the
end of 1986, down from the 5,970,141 shares, or 2.5 pct of
those outstanding, it held a year earlier, Newmont's annual
report said.
--Corrects March 30 item to show holdings decreased.
Reuter
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Shr 35 cts vs 29 cts
Net 3,732,000 vs 3,131,000
Assets 1.09 billion vs 861.2 mln
Deposits 817.7 mlnvs 705.7 mln
Loans 704.1 mln vs 553.4 mln
Note: 1986 results restated to reflect acquisition of
United Banks Corp.
Reuter
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|
Shr 41 cts vs 31 cts
Net 4,568,656 vs 3,461,674
Assets 1.7 billion vs 1.4 billion
Deposits 1.46 billion vs 1.19 billion
Note: 1986 results restated to reflect a 100 pct stock
dividend.
Reuter
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|
Shr 28 cts vs 29 cts
Net 10,978,000 vs 11,916,000
Revs 153.5 mln vs 163.4 mln
NOTE: Full name is Central Illinois Public Service Co
Per-share results reflect payment of preferred dividends
Reuter
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Thera-Care Inc said it agreed
to acquire Cushing and Associates of Glendale, Calif., in
exchange for 1,480,000 Thera-Care shares.
Reuter
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0,
0,
0,
0,
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|
Interco Inc said its shareholders and
those of Lane Co approved a merger of the two companies at
special meetings.
As previously announced, Lane's shareholders will receive
1.5 shares of Interco common stock for each share of Lane stock
held.
Interco said the merger becomes effective April 14.
Reuter
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HMO America Inc said it signed a letter
of intent with Mount Sinai Medical Center here and an
affiliate, providing that all of its common and preferred stock
be acquired by a new not-for-profit company to be controlled by
Mount Sinai and other Chicago area not-for-profit hospitals who
may elect to participate in the acquisition.
The form of the transaction has not yet been determined, it
said.
According to terms, HMO's shareholders would receive a
combination of cash and debt securities to be issued by the
buyer in exchange for their outstanding shares of common and
preferred stock, it said.
The amount of cash per share has not yet been determined,
it added.
Arrangements for financing have not yet been made and there
can be no assurance that any financing will be received, HMO
said.
Closing of the proposed transaction, if it is completed, is
expected on or before November 2, 1987, it said.
Reuter
| [
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|
Shr five cts vs five cts prior qtr
Pay May 15
Record April 22
Reuter
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|
Shr 15 cts vs 15 cts prior qtr
Pay May 18
Record April 27
Reuter
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|
Shares of Dome Petroleum Ltd posted
their biggest gain in months in the U.S. and Canada as stock
markets foresaw a takeover tug-of-war beginning for the
debt-heavy company.
Dome rose 1/4 to 1-1/8 on the American Stock Exchange and
gained 31 cents to 1.44 Canadian dlrs on the Toronto Stock
Exchange, where it was the most active stock. It rose as high
as 1.50 dlrs in Toronto during the day. In recent months, Dome
has normally moved by only a few cents per day.
TransCanada PipeLines yesterday announced a 4.3 billion dlr
Canadian (3.22 billion U.S.) bid for all of Dome's assets, but
Dome, which is based in Calgary, Alberta, said it is also still
talking with two other companies, which it refuses to identify.
Market analysts today said the other two firms are believed
to be foreign oil companies, noting that TransCanada yesterday
stressed that its bid is "a Canadian solution to the financial
difficulties of Dome Petroleum."
"The talk is about Conoco, which is controlled by DuPont
<DD>, and Atlantic Richfield Co <ARC>, which sold its Canadian
interest in 1975 and could be getting back in," said Wilf Gobert
of Peters and Co Ltd.
David Bryson of Moss Lawson and Co also noted that British
Petroleum PLC <BP> is mentioned as a possible buyer, despite
BP's 70 U.S. dlr per share bid two weeks ago for the 45 percent
of Standard Oil Co <SRD> it does not already own.
Calgary-based independent analyst James Hamilton has said
in recent reports that Amoco Corp <AN> has also been in talks
with Dome.
Representatives of Atlantic Richfield, British Petroleum,
Conoco and Amoco were not immediately available for comment.
Gobert characterized the market action in Dome today as "awfully
optimistic," given TransCanada's offer to give current Dome
shareholders stock in a new subsidiary, which it valued at 1.10
dlrs Canadian per common share.
Under the offer, current Dome common and preferred
shareholders would own 20 pct of the new subsidiary, which
would own and operate all Dome's former assets. TransCanada
would own 80 pct.
However, Bryson said the market may be looking at the
potential for shares in a publicly-traded subsidiary. "The
TransCanada offer has quite a bit of upside potential for Dome,"
he said.
Gobert said he believes the TransCanada offer is "at the
upper end of what I thought somebody would pay for Dome."
The TransCanada proposal would pay Dome's creditors 3.87
billion Canadian dlrs (2.90 billion U.S. dlrs), with another
one billion Canadian dlrs (750 mln U.S. dlrs) available to
secured creditors if the Dome subsidiary earns profits above a
certain level. TransCanada would not detail the profit level.
Dome currently is seeking to restructure about six billion
Canadian dlrs (4.5 billion U.S. dlrs) in debt, which it took on
several years ago when oil prices were high and the company
wanted to expand.
"There has been speculation that Dome's assets are capable
of supporting debt of three to four billion dlrs, so on that
basis, the TransCanada offer would be at the upper end of that,"
Gobert said.
Dome's debt troubles have often obscured the fact that it
is a major player in the Canadian oil and gas field. It holds
reserves of about 176 mln barrels of crude oil and 3.9 billion
cubic feet of natural gas.
The company also owns or has an interest in 14.2 mln acres
of oil and gas exploration land in the province of Alberta, the
heart of Canada's oil industry.
Dome owns or has an interest in a total of 36.1 mln acres of
land across Canada.
The company also has tax credits of about 2.5 billion dlrs
Canadian (1.9 billion dlrs U.S.). It reported a 1986 loss of
2.2 billion dlrs (1.65 billion dlrs U.S.), believed to be the
largest ever by a Canadian company.
Reuter
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The U.S. Treasury said its weekly
auction of three-month bills produced an average rate of 5.98
pct, with a 6.08 pct rate on six-month bills.
These rates compared with averages of 5.53 pct for the
three- and 5.63 pct for the six-month bills sold last week.
The bond-equivalent yield on three-month bills was 6.17
pct. Accepted bids ranges from 5.92 to 5.99 pct and 60 pct of
the bids at the high, or stopout rate, were taken. For six
months, the yield was 6.38 pct and the bids ranged from 5.98
pct to 6.10 pct with 48 pct of the bids accepted.
The Treasury said it received 25.99 billion dlrs of bids
for the three-month bills, including 1.2 billion dlrs in
non-competitive bids from the public. It accepted 6.6 billion
dlrs of bids, including 2.1 billion dlrs from the Federal
Reserve and 180 mln dlrs from foreign and international
monetary authorities.
Some 24.7 billion dlrs in bids for six-month bills were
received, including 832 mln dlrs in non-competitives. The
Treasury accepted 6.6 billion dlrs, including 1.8 billion dlrs
from the Fed and 1.2 billion dlrs from foreign and
international authorities.
The average price for the three-month bills was 98.488 and
prices ranged from 98.504 to 98.486. The average price for the
six-months bills was 96.926, and prices ranged from 96.977 to
96.916.
The average yield on the three-month bills was the highest
since 5.99 pct on June 30, 1986. The average yield on the
six-month bills was the highest since 6.13 pct on June 23,
1986.
Reuter
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A shareholder group led by Far
Hills, N.J., investor Natalie Koether said it raised its stake
in Computer Memories Inc to 573,300 shares, or 5.1 pct of the
total outstanding, from 542,000 shares, or 4.8 pct.
In a filing with the Securities and Exchange Commission,
the group, which includes Sun Equities Corp, an investment
firm, said it bought a net 31,300 Computer Memories common
shares since March 31 at prices ranging from three to 3-5/16
dlrs a share for "capital appreciation."
The group had earlier abandoned plans to seek control of
the company and lowered its stake to less than five pct.
Reuter
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|
Industrial Equity (Pacific) Ltd told
the Securities and Exchange Commission it has acquired 72,600
shares of McGill Manufacturing Co Inc, or 5.1 pct of the total
outstanding common stock.
Industrial Equity, which is principally owned by Brierley
Investments Ltd, a publicly held New Zealand firm, said it
bought the stake for 2.3 mln dlrs for investment purposes.
It said it may add to its stake, or sell some or all of it,
but has no plans to seek control of the company.
Reuter
| [
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0,
0,
0,
0,
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|
Shr 49 cts vs 50 cts
Net 3,922,533 vs 3,979,580
Note: Full name Montgomery Street Income Securities Inc.
Reuter
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Northair Mines Ltd
said it would oppose Nor-Quest Resources Inc's earlier reported
proposed takeover bid "with every means at its disposal,"
saying "this attempt at a property grab is an insult to the
intelligence of our shareholders."
It said Nor-Quest's offer to swap one Nor-Quest share plus
one dlr for two Northair shares would seriously dilute
Northair's equity in its Willa mine in British Columbia.
"Our company is in sound financial position and production
financing can be readily arranged when required. We're not
looking for a partner and if we were, it certainly wouldn't be
these guys," Northair said.
Reuter
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0,
0,
0,
0,
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0,
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|
Texas Air Corp's Eastern Airlines said it
completed its previously announced plan to sell its travel
agency automation system, SystemOne Direct Access Inc, and its
computer and communications support unit, EAL Automation
Systems Inc, to SystemOne Corp, a wholly-owned subsidiary of
Texas Air Corp.
Reuter
| [
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0,
0,
0,
0,
0,
0,
0,
0,
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]
|
Shr 68 cts vs 68 cts
Net 53.9 mln vs 53.2 mln
Assets 26.5 billion vs 22.2 billion
Loans 15.7 billion vs vs 13.3 billion
Deposits 13.8 billion vs vs 11.6 billion
Reuter
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Fidelity International Ltd, a
Bermuda-based investment advisory firm, and an affiliated
investment firm, American Values III N.V., said they have
acquired 208,000 share of Blasius Industries Inc.
In a filing with the Securities and Exchange Commission,
the group said it bought the stake, which amounts to 5.3 pct of
the total outstanding common stock, to acquire an equity
interest in the company for investment purposes.
The group said it may raise its stake or sell some or all
of it, and has no plans to seek control of the company.
Reuter
| [
1,
0,
0,
0,
0,
0,
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|
Shr seven cts vs 24 cts
Net 1,114,000 vs 3,676,000
Revs 43.6 mln vs 41.2 mln
Nine mths
Shr 25 cts vs 64 cts
Net 3,952,000 vs 9,614,000
Revs 118.6 mln vs 119.9 mln
Reuter
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Adams-Russell Co Inc said it
agreed to acquire cable television systems serving about 7,000
customers in New York State from Sammons Communications Inc for
undisclosed terms.
Adams-Russell said the systems operate in Wellsville,
Amity, Andover, Scio, Willing, Belmont, Milo, Jerusalem, Benton
and Penn Yan, N.Y.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
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]
|
Shr 27 cts vs shr 18 cts
Net 477,000 vs 305,000
Reuter
| [
0,
0,
0,
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0,
0,
0,
0,
0,
0
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|
Gulf Canada Corp said it
acquired a 25 pct working interest in the Gulf of Suez oil
concession for undisclosed terms.
The company said its agreement with operator Conoco
Hurghada Inc and Hispanoil covered the 168,374-acre East
Hurghada offshore concession. It said a 15.6 mln U.S. dlr
four-well program was planned for 1987.
After the acquisition, which is subject to Egyptian
government approval, working interests in the Hurghada block
will be Conoco Hurghada at 45 pct, Hispanoil 30 pct and Gulf
Canada the balance.
Reuter
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Convergent Technologies Inc
said it expects to report in the first quarter a loss more than
twice the size of the 4.8-mln-dlr loss reported in the fourth
quarter of 1986.
Convergent reported a first quarter 1986 profit of
2,100,000 dlrs, or five cts per share.
The company said results declined in the quarter both in
its traditional OEM business and its business systems group.
The anticipated loss reflects lower than expected operating
margins, start-up costs for new product manufacturing and
higher than planned expenses.
Reuter
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INTERCO Inc said its
shareholders and shareholders of the Lane Co <LANE.O> approved
the merger of the two companies.
In the merger, Lane's stockholders will receive 1.5 shares
of INTERCO common stock for each outstanding share of Lane
common stock, INTERCO said.
Reuter
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Shr 30 cts vs 25 cts
Net 10.5 mln vs 8,697,589
Revs 71.9 mln vs 64.9 mln
Reuter
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Shr 32 cts vs 38 cts
Qtrly div 35 cts vs 35 cts prior
Net 731,055 vs 865,117
NOTE: dividend payable May 20 to shareholders of record
April 24.
Reuter
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Dotronix Inc said it agreed
in principle to buy Video Monitors Inc, a privately-held
company.
In payment for the acquisition, Dotronix will issue 312,500
unregistered shares of its common stock, notes worth 1.8 mln
dlrs payable over three years, and about 70,000 dlrs in cash.
Dotronix said Video Monitors' sales for the fiscal year
ended April 30, 1986, were 7.6 mln dlrs. Dotronix had income of
659,663 dlrs on sales of 7.1 mln dlrs for the six months ended
Dec. 31, 1986, as previously reported.
Reuter
| [
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0,
0,
0,
0,
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Period ended Feb 28
Shr loss 34 cts vs loss 58 cts
Net loss 1,252,000 vs 2,145,000
Revs 4,539,000 vs 3,504,000
SIX MTHS
Shr loss 66 cts vs loss 86 cts
Net loss 2,428,000 vs loss 3,163,000
Revs 9,033,000 vs 8,192,000
Reuter
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U.S. oil traders said Texaco Inc's
filing for protection under the Chapter 11 bankruptcy code is
adding uncertainty to an already skittish oil market, but
opinions are divided on the impact to the market.
"The filing is holding up wet barrel trading today," said
one trader. "Everyone is talking about it, assessing their
company's situations in relation to Texaco," he added.
Some traders said companies that deal with Texaco are
concerned about whether they will receive payment or supplies
under the bankruptcy filing.
However, others were less worried. "The first paid will be
the trading community and those connected with Texaco in the
shipping industry," one New York trader said.
"If Texaco doesn't get crude supplies it can't run its
refineries, so its other assets would not be worth anything,"
he added.
Texaco filed for protection under Chapter 11 of the U.S.
bankruptcy code yesterday after failing to reach a settlement
with Pennzoil on an 11 billion dlrs court award for illegally
interferring with Pennzoil's proposed purchase of Getty Oil Co.
However, others were less worried. "The first paid will be
the trading community and those connected with Texaco in the
shipping industry," one New York trader said.
"If Texaco doesn't get crude supplies it can't run its
refineries, so its other assets would not be worth anything,"
he added.
Texaco filed for protection under Chapter 11 of the U.S.
bankruptcy code yesterday after failing to reach a settlement
with Pennzoil on an 11 billion dlrs court award for illegally
interferring with Pennzoil's proposed purchase of Getty Oil Co.
"There is some reluctance to trade with Texaco but no great
change," said another trader, adding that traders are tending
toward prudence in their dealings with the company.
Traders are assessing whether to require cash prepayment or
letters of credit, or to continue to trade as usual with Texaco
on an open line basis, he said.
Another trader, however, described today's activity as
business as usual, adding that traders feel more secure because
no liens can be put on Texaco's assets while it is in
bankruptcy.
Traders said there was no apparent effect of the Texaco
filing on crude futures trading although they said the exchange
might lower Texaco's position limit and require higher margins
for Texaco's trades.
New York Mercantile Exchange President Rosemary McFadden
declined to comment on Texaco's futures trading, saying that is
is proprietary information. McFadden did say, however, that as
a matter of procedure, it is possible the exchange can lower
allowable position limits or increase margin requirements for
companies that are in financial trouble.
Reuter
| [
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Shr 1.18 dlrs vs 1.15 dlrs
Net 19.7 mln vs 19.3 mln
Assets 10.05 billion vs 9.62 billion
Deposits 8.56 billion vs 8.04 billion
Net loans 6.95 billion vs 6.71 billion
Reuter
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Qtly dividend 73 cts vs 73 cts
Pay June 10
Record May 15
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Merrill Lynch and Co Inc <MER>
subsidiary seeking to take over of Borg-Warner Corp said it
could realize a 30 mln dlr fee for its efforts, whether or not
the deal, which it values at 4.7 billion dlrs, succeeds.
In a filing with the Securities and Exchange Commission,
Merrill Lynch Capital Partners Inc said it would receive a 30
mln dlr fee from the surviving company for acting as dealer
manager of the merger after the Borg-Warner deal is completed.
But it said it could also receive a break-up fee of 30 mln
dlrs if the deal fails for reasons, which include another party
holding more than 40 pct of its stock or tendering for 50 pct.
The 30 mln dlr fee is among the highest set down in any
tender offer agreement, either in compensation for dealer
manager services or for break-up of the deal.
Merrill Lynch Capital Markets, backed by a group of
investors it organized, has launched a 48.50 dlr a share tender
offer for Borg-Warner for 90 pct of its stock.
The company's board has approved the plan, which was
intended to thwart an unsolicited offer from GAF Corp.
Borg-Warner also agreed to redeem all outstanding Series A
preferred shares and to pay off on all options at a 48.50 dlr a
share exercise price before the merger is effective, it said.
Merrill Lynch said its representatives discussed a possible
leveraged buyout with Borg-Warner as early as last December.
At that time, Merrill Lynch told the company it would
consider a 43 dlr a share tender offer in cash and securities,
if the Borg-Warner board approved, it said. On Feb 24, it said
it was told the company had decided against a buyout.
But talks were revived after GAF launched its 46 dlr a
share proposal on March 31, Merrill Lynch said.
Unlike its earlier proposal, Merrill Lynch said Borg-Warner
management was asked not to take part in the new deal and it
was conditioned upon payment of the fees.
In addition to its fees, Merrill Lynch said it will also
get up to 17 mln dlrs from Borg-Warner to cover its expenses in
the tender offer.
Merrill Lynch said it would continue operating Borg-Warner
as a subsidiary with its current officers keeping their
positions.
But for flexibility purposes, Merrill Lynch said it is
considering redistributing Borg-Warner's assets to a number of
subsdiaries of an entity it created to carry out the merger.
All in all Merrill Lynch estimated that there would be 130
mln dlrs in fees and expenses connected with the deal.
Another 250 mln dlrs will be needed to repay certain debt
of Borg-Warner, Merrill Lynch said.
To finance the deal, Merrill Lynch said it expects to
borrow 3.5 billion dlrs from a group of banks and sell 100 mln
dlrs of common stock of the new company, sell 100 mln dlrs of
non-voting preferred stock of the new company to Merrill Lynch
and Co, sell up to 650 mln dlrs of subordinated notes to
Merrill Lynch and Co and sell to the public 204 mln dlrs of
subordinated discount debentures.
GAF has raised its offer to 48 dlrs a share cash.
Reuter
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Chrysler Corp's Chrysler Motors Corp
said its Chrysler Training Corp non-profit organization sold
the name and assets of its Motech Auto Mechanic and Body Shop
Schools to O/E Corp of Troy, Mich.
The sale price was not disclosed.
Under the Internal Revenue Service code, proceeds from the
sale of Motech must be donated to another tax-exempt nonprofit
organization. Chrysler did not reveal the name of the group
that received the proceeds.
Reuter
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Shr 63 cts vs 47 cts
Net 16.8 mln vs 12.4 mln
Sales 248.6 mln vs 233.3 mln
Reuter
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Diceon Electronics Inc said it
has entered an agreement in principal to buy closely-held
Symtron Corp in a stock exchange transaction.
Under the pact, Diceon would exchange 300,000 shares of its
stock for all of Symtron's shares.
The acquisition, which is subject to board approval and a
definitive agreement, is expected to be concluded during May.
Diceon said Symtron management would continue running the
business, which would become a wholly-owned subsidiary.
Symtron had 1986 sales of about 20 mln dlrs.
Reuter
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Ecuador will resume limited crude output
next week to fill up storage tanks as a first step to pump oil
to a Colombian pipeline on May one, the state Ecuadorean
Petroleum Corp (CEPE) said.
CEPE manager Carlos Romoleroux told reporters that Ecuador
would begin pumping an unspecified amount of crude in
northeastern jungle oilfields at the end of next week in
preparation to send the oil through a new pipeline link-up to
neighbouring Colombia.
Oil production in Ecuador was halted on March five when an
earthquake damaged the country's main pipeline from Lago Agrio,
at the heart of the Ecuadorean jungle oilfields, to the pacific
port of Balao.
It will take at least until the end of July to repair the
pipeline and return output to normal levels. The country was
pumping between 245,000 bpd and 250,000 bpd before the tremor.
To resume limited output in the meantime, Ecuador is
constructing a 26 mile pipeline linkup, capable of carrying
55,000 bpd, from Lago Agrio to Puerto Colon, the starting point
of Colombia's pipeline to the Pacific port of Tumaco.
The original target date to resume limited crude output was
May eight, the scheduled date for the inauguration of the Lago
Agrio to Puerto Colon pipeline, an energy ministry spokesman
said.
Reuter
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The Bank of Japan intervened in Tokyo to
buy dollars just after the market opened, dealers said.
The dollar opened at 142.05 yen against 142.15/25 in New
York and 142.50 at the close here yesterday.
The bank stepped into the market amid selling pressure from
interbank dealers, dealers said.
REUTER
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Japanese Finance Minister Kiichi Miyazawa
told a press conference he expects the U.S. Trade deficit to
eventually start reflecting economic fundamentals, which should
influence exchange rates.
The minister was not referring to the U.S. Trade data to be
released in Washington later today.
Miyazawa also said he told major industrial nations when he
was in Washington last week that present exchange rates are not
necessarily good. He had said earlier in Washington that
current exchange rates were within levels implied in the
February Paris currency accord.
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No formal talks have been scheduled yet
among companies involved in a controversial proposal to merge
two groups seeking to enter Japan's international
telecommunications sector, an official from one group said.
"Nothing has been firmed up yet," said an official at
<International Digital Communications Planning Inc> (IDC), one
of the groups set up last year to study competing against
<Kokusai Denshin Denwa Co Ltd>, which monopolises the sector.
Britain's Cable and Wireless Plc <CAWL.L>, which holds a 20
pct share in IDC, has opposed plans to merge with rival group,
<International Telecom Japan Inc>.
Under the plan, backed by the Post and Telecommunications
Ministry, Cable and Wireless and U.S.-based <Pacific Telesis
International Inc> would become core companies in the merged
firm, with shares equal to those of the six major Japanese core
companies and seats on the board of directors.
Britain, angry over what it feels are moves to restrict
Cable and Wireless' role in the sector, views the issue as a
test case. The IDC official declined to specify what was
holding up the talks.
A spokesman for C. Itoh and Co Ltd <CITT.T>, which holds 20
pct of IDC, said a meeting may be held later this week.
REUTER
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Taiwan imported about 210,000 tonnes of
South African maize between January 1 and April 13, the joint
committee of local maize importers said.
Under a three-year agreement signed last year, South Africa
will export 600,000 tonnes of maize a year to Taiwan.
A committee spokesman told Reuters the rest of this year's
quota will be shipped during the rest of 1987.
REUTER
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China will be short of sorghum in 1987
for the sixth successive year because high production costs and
low profits discourage farmers from growing it, the China Daily
Business Weekly said.
It said sorghum output in calendar 1986 was 5.34 mln
tonnes, down five pct from the 1985 level, and prices on the
free market rose in January to 0.42 yuan per kg, up 14 pct on
January 1986.
It said sorghum acreage in 1987 is six pct lower than in
1986. Sorghum accounts for 40 pct of the raw materials needed
by China's breweries, it added but gave no more details.
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State-owned Bank of China has bought a
three to five pct share of BAII Holding SA, a financial
institution registered in Luxembourg, the China Daily Business
Weekly said.
It said the institution is 50 pct owned by Arab interests
and has set up a wholly owned commercial banking branch in Hong
Kong but gave no more details.
REUTER
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Saudi Arabia hopes to increase the volume
of its oil exports to Japan through expanding bilateral trade,
Saudi Arabian Interior Minister Naif bin Abdul-Aziz said.
He told a Tokyo reception his country hopes to raise crude
and products exports to Japan to earlier levels, but did not
elaborate. To promote trade, Saudi Arabia is inviting Japanese
industries to do business there, he said.
Japanese firms now have long-term contracts to import a
total of 150,000 barrels per day of Saudi crude.
REUTER
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U.S. Agriculture Secretary Richard Lyng
has asked Japan to open its farm market further to help
Washington cut its trade deficit and ease protectionist
pressures, an Agriculture Ministry official told reporters.
Hideo Maki, Director General of the ministry's Economic
Affairs Bureau, quoted Lyng as telling Agriculture Minister
Mutsuki Kato that the removal of import restrictions would help
Japan as well as the United States.
The meeting with Kato opened a 12-day visit to Japan by
Lyng, who is here to dicuss farm trade.
However, Maki quoted Kato as replying that Japan was
already the world's largest grain importer.
Kato added Japan is the largest customer for U.S. Grain and
depended on domestic output for only 53 pct of its food
requirements in 1985.
Lyng said the U.S. Put high priority on talks on 12 farm
products named in U.S. Complaints against Japan to the General
Agreement on Tariffs and Trade (GATT) last year, as well as on
beef, citrus products and rice.
Kato said Japan will maintain its current level of
self-sufficiency and will try not to produce surplus rice
because potential production is higher than domestic demand.
The world farm market suffers from surpluses because of
rising production by exporting countries, he added.
Lyng said the U.S. Has been trying to reduce farm product
output with expensive programs, Maki said.
Maki said the U.S. And Japan will hold detailed discussions
on each trade item as well as a new round of GATT trade talks
at a meeting on April 20, in which U.S. Trade Representative
Clayton Yeutter will join.
REUTER
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At least 60,000 tonnes of corn worth 240
mln pesos have been smuggled into the Philippines over the past
few months, the Manila Bulletin newspaper said, quoting an
official in the National Food Authority (NFA).
The official, who was not named, said a large corn shortage
and corruption among customs and Coast Guard personnel have
jeopardised the government's ban on corn imports, which was
aimed at saving foreign currency.
The newspaper quoted NFA Marketing Director Jig Tan as
saying monthly corn consumption stood at about 331,000 tonnes
against a national stock inventory of 191,732 tonnes.
Tan said a continuing drought affecting about 49,150
hectares of corn has led to the loss of 43,725 tonnes of corn
worth 174.9 mln pesos and contributed to the shortage.
The newspaper quoted Linda Geraldez, an NFA statistician,
as saying despite the drought and the shortage, the total
inventory at the end of the January/June crop season is
expected to be at least 201,000 tonnes.
REUTER
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The Washington Post said the U.S.
Commerce Department yesterday issued a new report showing that
the U.S. Merchandise trade deficit was 13.65 billion dollars in
February, a reduction of 1.4 billion dlrs from the 15.06
billion figure the department reported only two days earlier.
The newspaper said: "News of the unexpectedly large 15
billion deficit helped batter the dollar's value on foreign
exchange markets and boosted U.S. Interest rates.
"However, the new report went largely unnoticed by financial
markets since such a downward revision in the deficit is a
monthly occurrence."
The Washington Post said: "By law, the department must first
publish what a top commerce official agreed are misleading
trade figures and then wait 48 hours before putting out the
more accurate ones."
No one was immediately available at the Commerce Department
for comment on the Washington Post report.
REUTER
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Japan's ruling Liberal Democratic Party
(LDP) will call for adequate and flexible management of the
nation's monetary polices in its plan to expand domestic
demand, a senior LDP official told Reuters.
Junichiro Koizumi, the head of the LDP committee working
out the plan, said the phrase should not be taken as implying
an immediate cut in Japan's 2.5 pct discount rate.
"The LDP generally believes that there is no need for a
further discount rate cut at the moment," he said. But Koizumi
said the LDP does not rule out a rate cut if necessary in the
future.
Bank of Japan Governor Satoshi Sumita told a press
conference on Wednesday that the central bank does not have any
intention of easing credit conditions.
REUTER
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Japan's Liberal Democratic Party (LDP)
has drawn up a detailed plan calling for large tax cuts and an
increase in government purchases of foreign goods, the head of
the committee working out the plan, Junichiro Koizumi, said.
The plan will also urge the government to double 1985's
official development assistance to 7.6 billion dlrs within five
years instead of seven as the government had promised, senior
LDP officials said at a press conference.
LDP executive council chairman Shintaro Abe will explain
the plan to U.S. Officials when he visits the U.S. On April 19.
Abe's visit is to prepare for Prime Minister Yasuhiro
Nakasone's talks with President Ronald Reagan later this month.
Koizumi said the LDP plan will not specify the size of the
tax cut or the amount of domestic demand to be stimulated.
However, top LDP executives will work out figures so that Abe
will be able to offer specifics to U.S. Officials.
The proposed increase in procurement of foreign goods by
the government will probably include the purchase of super
computers, LDP officials said.
specific trade problems with other nations and will encourage
flows of funds to developing countries, the officials said.
The LDP expects the measures to prop up the economy and
lessen trade problems with the U.S., They added.
The basic ideas of the LDP's plan were presented to and
welcomed by monetary authorities of the major industrial
nations in Washington last week, they said.
The LDP plan will form the basis for the last of several
packages to stimulate Japanese domestic demand and will be
unveiled by the government in late May.
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China's trade deficit in the first
quarter fell to 1.05 billion dlrs from 3.04 billion in the same
1986 period, customs figures show.
Zhang Zhongji, spokesman of the State Statistical Bureau,
quoted the figures as showing exports rose 27 pct to 7.28
billion dlrs and imports fell 5.1 pct to 8.33 billion.
He said if imports of gifts, foreign aid items and
materials for joint ventures are excluded, the deficit was only
350 mln dlrs, and the surplus on invisibles was 700 mln. As a
result, foreign exchange reserves increased somewhat from their
level at end-1986, he said, but gave no figure.
Official figures show the reserves at 10.514 billion dlrs
at end-1986, down from 11.9 billion at end-1985.
Zhang said one reason for the rise in exports was improved
incentives to export firms, which are being allowed to retain
more foreign exchange from the goods they sell.
He said first quarter exports to Hong Kong and Macao rose
35.5 pct to 2.48 billion dlrs and imports rose 55.3 pct to 1.46
billion. Exports to Japan fell 2.3 pct to 1.28 billion and
imports 24.4 pct to 2.14 billion.
Exports to the U.S. Rose 23 pct to 640 mln dlrs and imports
fell 26.7 pct to 840 mln. Exports to the EEC rose 35.1 pct to
770 mln dlrs and imports fell 3.8 pct to 1.5 billion, he said.
REUTER
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