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The U.S. House of Representatives
approved a bill that requires the Reagan administration to
provide Congress with a report on its Gulf policy but does not
place any restrictions on its actions.
The bill passed 305-102 -- winning a necessary two-thirds
of those voting -- despite a last-minute revolt by an alliance
of liberal Democrats and conservative Republicans who sought to
defeat it as a signal that a growing number of legislators
oppose President Reagan's policies in the region.
The legislation was passed in the wake of the May 17th
Iraqi missile attack on the U.S. frigate Stark in the Gulf,
which killed 37 Americans, and Reagan's decision to protect 11
Kuwaiti oil tankers by putting them under U.S. flags --
effectively making them American ships.
The legislation -- supported by Congress' Democratic and
Republican leadership as well as by the administration --
required Defense Secretary Caspar Weinberger to provide a
report to Congress, within seven days of enactment, on plans to
protect U.S. warships and flag ships in the Persian Gulf.
It did not, however, place any restrictions on the
administration as it proceeds to reflag the Kuwaiti ships and
thus has no immediate effect on U.S. policy.
The Senate was expected to approve the legislation this
week. The bill would then be sent to Reagan for signature.
Supporters of the bill said passage of the bill was only a
first step toward a greater congressional involvement in
formulating policy.
But Democratic critics said the bill did not ask the
administration to address tough policy questions in the report.
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The leaders of a U.S. Senate team probing
American defense strategy in the MidEast Gulf said they favored
a multinational force to keep oil flowing through the waterway.
Sen. John Glenn and John Warner, in Kuwait as part of a
Gulf Arab tour, said at a news conference that top officials in
the area appeared ready to discuss extra facilities needed if
the U.S. upgraded its defense role.
The Senate team next heads for the United Arab Emirates,
their last stop on a fact-finding mission prompted by Reagan
administration plans to let half of Kuwait's 22-tanker fleet
fly the U.S. flag.
Glenn and Warner said the U.S., Britain and France, should
explore the possibility of a unified Gulf force.
"The American ships, the British ships, the French ships now
talk to each other and all we've got to do is formalize this
arrangement," Warner said.
Glenn said a multinational force could be effectively
deployed within 24 hours of a decision.
Glenn voiced a preference for a United Nations
multinational force, or failing that, an American, British,
French force with cooperation from the Gulf Arab states.
Warner voiced concern that the Soviet Union might use the
situation in the Gulf to raise its presence. "And,
unequivocally, all GCC states we have talked with, have said
that would not be in the interests of the Arabian peninsula."
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A Colombian group announced the suspension
of its bombings of oil pipelines pending the government's levy
of a social tax on foreign petroleum companies and an 800 mln
dlrs fine on the Occidental Petroleum Corp <OXY>.
There was no indication the government would meet the
conditions demanded by the leftist National Liberation Army
(ELN).
According to the state oil firm, ECOPETROL, the ELN carried
out 72 attacks on petroleum pipelines between 1984 and 1986.
The assaults, the most recent launched two months ago, have
caused an estimated total of 50 mln dlrs in damage.
In a communique, the ELN said it would demand a tax of one
dollar per barrel of crude oil pumped by foreign firms as a
condition for maintaining its suspension of the assaults.
Foreign oil firms pump an average of 225,083 barrels per
day in Colombia. Colombian tax authorities are investigating
Occidental, a U.S.-owned firm, for alleged tax evasion.
If the charges are proven, the firm could face a fine of up
to 800 mln dlrs. The ELN demands the government charge the
penalty.
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Two affiliated investment firms told
the Securities and Exchange Commission they have acquired
593,000 shares of Midway Airlines Inc, or 7.7 pct of the total
outstanding common stock.
The firms, Boston-based FMR Corp and Fidelity International
Ltd, a Bermuda-based investment advisory firm, said they bought
the stake "to acquire an equity interest in the company in
pursuit of specified investment objectives...."
The firms said they may increase or decrease their stake in
the company, but have no plans to seek control of the company
or representation on its board.
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Wickes Cos Inc said it has
completed the purchase of Dura Corp for an undisclosed amount.
Dura, a supplier of automotive equipment, had annual sales
of over 100 mln dlrs.
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The European Community (EC) should
watch very carefully for any developments in the Gulf War and
their consequences on the oil market, EC Energy Commissioner
Nicolas Mosar said today.
Speaking two weeks after a U.S. warship was attacked in the
Gulf, Mosar warned, "An escalation in the Gulf would increase
tensions in the oil market."
"But I do not want to be alarmist," he told a news conference
after an EC energy ministers meeting in Luxembourg.
He said the volume of EC oil imports from the Gulf had
declined to around 31 pct of total oil imports in the first
three months of 1987 against 35 pct in the same period last
year. "There are also other potential sources of supplies in the
world," he added.
The issue of Gulf oil imports was not discussed at the
ministers' meeting, he added.
A EC committee of national experts in the so-called oil
supply group would discuss Gulf oil supplies at their bi-annual
meeting on June 19, he said.
But any major decisions would have to be reserved for EC
foreign ministers, diplomats said.
West European nations have so far shown little enthusiasm
for backing a U.S. plan to give military protection to merchant
ships in the Gulf which could help insure the safety of oil
supplies.
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Ball Corp said it completed the
purchase of privately held <Verac Inc>, a San Diego defense
systems and software development company.
Terms of the acquisition were not disclosed. Verac had 1986
sales of about 23 mln dlrs.
Verac will operate in San Diego as part of Ball's technical
products group.
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Ninety-six pct of Alberta and
northeastern British Columbia crops have been seeded, about a
week ahead of the 10 year average, according to the Alberta
wheat pool report.
Hard red spring wheat accounts for most acreage with 6.0
mln estimated for this year, little changed from last year.
Oats acreage of 1.95 mln is unchanged on last year and barley
area of 5.9 mln is also similar to last year. Rapeseed planting
of an estimated 3.24 mln is expected five pct up on 1986. The
south and south central areas of Alberta lacked moisture with
germination patchy at best. Growth prospects in northern areas
are generally in the good to very good range.
Soil moisture is better in the north central and Peace
areas, the wheat pool said.
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New Zealand's current account deficit
narrowed to 76 mln N.Z. Dlrs in April from a revised 89 mln
dlrs in March, and 224 mln dlrs in April 1986, in a smoothed
seasonally-adjusted measurement, the Statistics Department
said.
The March figure was revised from 69 mln dlrs.
The department said in a statement seasonally adjusted, but
non-smoothed figures, showed a deficit of 99 mln dlrs against
76 mln dlrs in March and 230 mln dlrs in April 1986.
Totally unadjusted figures show a deficit of 83 mln dlrs
against 164 mln dlrs in March, revised from 178 mln dlrs, and
compared with 262 mln in April 1986.
The smoothed seasonally adjusted series shows a surplus on
merchandise trade of 145 mln dlrs against 135 mln dlrs in March
and 30 mln dlrs in April 1986.
Seasonally adjusted but non-smoothed figures show a
merchandise trade surplus of 132 mln dlrs against a 148 mln dlr
surplus in March and a 14 mln dlr surplus in April 1986.
Unadjusted merchandise figures show a surplus of 151 mln
dlrs against a 5.0 mln dlr (revised from 10 mln dlr) deficit in
March and a 31 mln dlr deficit in March 1986.
The smoothed seasonally adjusted deficit on invisibles was
234 mln N.Z. Dlrs against 236 mln dlrs in March and 255 in
April 1986.
The seasonally adjusted but non-smoothed deficit on
invisibles was 240 mln dlrs against 229 mln dlrs in March and
245 mln dlrs in April 1986. The unadjusted deficit on
invisibles was 234 mln dlrs against 158 mln dlrs, revised from
168 mln dlrs, in March and 231 mln dlrs in April 1986.
Seasonally adjusted export and import figures were not
available.
The department said these figures show a continuing
improvement in the current account deficit, caused mainly by an
improvement in the balance on merchandise trade which has now
being in surplus since november 1985.
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Freedom Savings and Loan Association
said it will record a net gain of 13.5 mln dlrs on the sale of
certain assets of its Freedom Mortgage Co subsidiary to Chase
Home Mortgage Corp, a subsidiary of Chase Manhattan Corp <CMB>.
Freedom also said it had completed the sale.
The company said about 9.5 mln dlrs of the gain will be
recnogized in the quarter ending June 30 with the remainder
derferred and recognized over the remaining life of the
serviced mortgage porfolio.
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Shr 18 cts vs 15 cts
Net 3.3 mln vs 2.5 mln
Revs 45.2 mln vs 26.8 mln
NOTE:1986 net includes seven cts or 1.2 mln dlrs tax loss
carryforward.
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Merchants National Corp, with 3.7
billion dlrs in assets, said it will report a loss of 13 mln
dlrs for the second quarter due to its decision to increase its
provision for losses by 30 mln dlrs, mainly due to
uncertainties surrounding Latin American debt.
In the second quarter last year, Merchants reported net
income of 6.2 mln dlrs or 68 cts a share.
As a result of the increased loan loss provision, the bank
said the allowance for loan losses will increase from 1.4 pct
to 2.5 pct of the bank's total loans. The bank said its expects
to report estimated net of over 15 mln dlrs for 1987.
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The House today approved a bill
requiring the Reagan administration to report to Congress on
its Mideast Gulf policy but not restricting its actions.
The vote in favor was despite a last-minute revolt by an
alliance of liberal Democrats and conservative Republicans who
sought to defeat it as a signal that a growing number of
legislators oppose President Reagan's policies in the region.
In the Senate, a leading Republican senator, former Senate
Appropriations Committee Chairman Mark Hatfield of Oregon, said
he would try to prevent consideration of the bill.
He said he will put a so-called "hold" on the bill until he
finds out whether the War Powers Act applies to protecting
Kuwaiti tankers.
Congressional leaders complain they were not consulted
about plans to put the U.S. flag on Kuwaiti ships and some
charged the policy could lead the U.S. into the Iran-Iraq war.
Conservative Republicans said increasing the U.S. military
obligation in the gulf would place impossible burdens on
American servicemen and equipment, and warned it could lead to
war.
"It is a real snake pit at best and a powder keg that will
blow sky-high at worst," said Wisconsin Rep. Toby Roth.
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Currency futures are likely to move
higher following the sharp rally today after President Reagan
announced that Paul Volcker would not accept a third term as
Federal Reserve Chairman and that Alan Greenspan was nominated
as his replacement, currency analysts said.
Contrary to predictions before the Volcker resignation,
analysts are calling for higher currency futures prices between
now and the June 8 Venice economic summit.
In particular, uncertainty about Greenspan's attitude to
the dollar could undermine sentiment toward the U.S. currency,
analysts said.
Greenspan said today that the dollar appeared to be nearing
a bottom, but the market will bear in mind his remarks in
Chicago last week that the dollar's recent move upward was a
technical reaction and that it would trade significantly lower,
analysts said.
"Disappointment of European central bankers over the
appointment will be used as an opportunity to sell the dollar
lower," said Manufacturers Hanover Futures vice president Carol
Mackoff.
"The international community will not like this
appointment," as it suggests the possibility that the U.S.
budget deficit is too much of a burden on monetary policy and
that Volcker was unable to get the commitment he sought to
reduce the deficit, added Merrill Lynch Economics analyst David
Horner.
Furthermore, "that Greenspan was not named two months ago
suggests that he was not the Administration's first choice --
and that the status of his appointment was as a bridesmaid,"
Horner said.
A declining dollar scenario with higher currency futures
prior to and throughout the Venice meetings would be mitigated
only by concrete action as opposed to "jawboning" at the G-7
summit, he said.
But G-7 finance ministers, judged by recent statements, may
be at an impasse, analysts said.
Japan and West Germany today reiterated that neither
planned further interest rate cuts, despite pressure from the
U.S. to do so, Mackoff said.
The U.S., on the other hand, has not cut its budget deficit
as Japan and West Germany have urged, she said.
Should G-7 members force a U.S. commitment to cut its
budget deficit in the next two years, a further decline in the
dollar could be forestalled, Horner said.
However, "the impact from Venice will be nothing if nothing
changes," Horner said.
Smith Barney, Harris Upham and Co. analyst Craig Sloane
said European currencies will likely move to the higher end of
their 1987 ranges after today's sharp advance.
For the next two weeks, Sloan calls for September yen
futures to advance toward the 0.007200 area. He said September
marks could close in on 0.5700 as an upside target, while Swiss
francs could climb to a range between 0.6900 and 0.6950.
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Westpac Banking Corp <WSTP.S> said it
is cutting its indicator lending rate to 22 pct from 23 pct
effective from June 15.
Westpac said in a statement various other lending rates are
also being revised downwards. The Westpac move follows base
rate drops by other New Zealand trading banks recently. <Bank
of New Zealand's> base rate drops to 22 pct from 23 on June 16
and <National Bank of New Zealand Ltd's> rate falls to 21.50
pct from 23 on June 15. The Australia and New Zealand Banking
Group Ltd <ANZA.S> rate remains at 23 pct.
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Prime Minister Yasuhiro Nakasone said the
dollar's sharp fall against the yen overnight was only
temporary.
The dollar dropped sharply in New York after news that Paul
Volcker would step down as chairman of the U.S. Federal
Reserve.
Nakasone told reporters he did not expect U.S. Policy to
change after Volcker steps down.
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Citibank Ltd said it would lower its
Australian prime rate to 16 pct from 16.5, effective tomorrow.
The new rate, if unmatched by other banks, will be the
lowest among Australian trading banks. Other primes range from
16.25 to 17.5 pct.
Australian prime rates have now retreated from a recent
peak of 19 pct in October in line with declining money market
levels. Citibank said its reduction reflected the decline.
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Australia's <Ansett Airlines> will
exercise an option to acquire 20 pct of America West Airlines
Inc <AWAL.O> for about 31.5 mln U.S. Dlrs, <Ansett Transport
Industries Ltd> managing director Peter Abeles said.
Exercise, involving the purchase of about three mln new
America West shares for 10.50 U.S. Dlrs each, was scheduled to
be finalised in July or August, he said in a statement.
Abeles said Ansett would become the largest single
shareholder in what he said was the fastest growing airline in
the United States. America West is based in Phoenix, Arizona.
Under the terms of the option agreement, Ansett would have
the right to maintain its 20 pct position in the event of
future stock sales, but could not go beyond 20 pct unless so
requested by America West, Abeles said.
America West would retain the right of first refusal if
Ansett offered any of the shares for sale.
In addition, Ansett would gain one board seat, he said.
Ansett Transport Industries wholly owns Ansett Airlines,
one of Australia's two major domestic airlines, and is in turn
owned 50/50 by Abeles' international transport group TNT Ltd
<TNTA.S> and Rupert Murdoch's News Corp Ltd <NCPA.S>.
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New foreign shipbuilding orders received
by Japanese yards in May fell to five vessels totalling 188,900
gross tons (gt) from eight ships of 314,000 gt in April,
against four ships of 104,500 gt a year earlier, the Japan Ship
Exporters Association said.
The backlog of orders at end-May was 122 ships of 3.70 mln
gt against 125 ships of 3.73 mln at end-April and 233 ships of
5.99 mln a year ago, an association official said.
The world shipping recession and the yen's appreciation
against the dollar depressed May orders, he said.
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Secretary of State George Shultz said
the U.S. Would erase its large foreign trade deficit faster
than many predicted, and the consequences for its trade
partners might be traumatic.
"The U.S. Economy will inevitably make the adjustment
necessary to move from a deficit to a surplus trade balance in
order to service our growing foreign debt," he told a conference
attended by the six members of the Association of Southeast
Asian Nations and their leading Western friends.
"In my view, this will happen more rapidly than many
observers now predict."
"The universal strategy of aggressive export-led growth is
becoming less effective," Shultz said.
"It is not arithmetically possible for every country in the
world to be a net exporter at the same time. The U.S. Deficit,
which we all decry, has been in a sense the place into which
everyone's export-led strategy for growth has gone."
"The huge surpluses of Japan and (West) Germany have fed on
this deficit, so something will have to give and it will be
possibly a traumatic experience," he added.
"While you must keep up the pressure on us to eschew
protectionist policies, you must act too," Shultz said.
"I can do a better job of convincing the Congress to leave
our door open to imports if more of our trading partners open
their doors wider," he told the group, which included
representatives from Australia, Canada, Japan, New Zealand and
the European Community.
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<Dairy Farm International Holdings
Ltd> said in a statement it is making a tender offer for 22 pct
of Kwik Save Discount Group Plc <KWIK.L> of Britain for a total
146.6 mln stg.
Dairy Farm said it will offer to buy up to 32.58 mln Kwik
Save shares at 4.50 stg each.
The offer will bring Dairy Farm's stake in Kwik Save to 25
pct from the present 3.5 pct, or 5.25 mln shares.
The offer, which will begin on Monday and ends June 30,
requires that the shares tendered will bring its stake to at
least 15 pct.
Dairy Farm said it will finance the acquisition by placing
89 mln shares with affiliate Jardine Strategic Holdings Ltd
<JARS.HK> at 5.10 H.K. Dlrs each for a total of 454 mln dlrs.
The placement will raise Jardine Strategic's stake in Dairy
Farm to 39.75 pct from the current 35.3 pct.
It said the Kwik Save purchase will also be financed with a
loan from the Hongkong and Shanghai Banking Corp <HKBH.HK>. It
did not give the size of the loan but it said it would raise
its net bank borrowings to a maximum of 2.2 billion H.K. Dlrs.
Dairy Farm said it would reduce its bank borrowings by the
proceeds from the previously announced sale of its office
building in Sydney for 625 mln dlrs.
It will consider raising additional capital, most probably
through a placement of convertible preference shares in the
Euromarket, it added.
Company chairman Simon Keswick said the U.K. Market "offers
attractive opportunities for competitively priced food
retailers" and that "a strategic investment in Kwik Save offers
the best vehicle to pursue those opportunities."
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Six months ended April 30
Parent shr 1.66 yen vs 7.28
Div 3.50 yen vs same
Net 1.59 billion vs 6.88 billion
Current 5.03 billion vs 16.03 billion
Sales 804.02 billion vs 839.20 billion
Oustanding shrs 955.00 mln vs 944.15 mln
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Japanese compound feed output rose 2.3 pct
to 25.80 mln tonnes in 1986/87 ended March 31 from 25.23 mln a
year earlier, the Agriculture Ministry said.
The marginal rise reflected slight growth in demand for
poultry raising and a moderate increase in demand for beef
cattle raising, Ministry officials said.
Compound feed sales totalled 26.01 mln tonnes in 1986/87
against 25.40 mln a year ago, while end-March stocks were
217,554 tonnes against 224,101.
Corn use in feed output in 1986/87 rose to 11.71 mln tonnes
from 11.02 mln a year earlier due to low import prices.
The officials said corn imports rose because the world
surplus and the yen's strength against the dollar reduced
Chicago prices. The corn compounding ratio rose to 45.2 pct in
1986/87 from 43.4 pct a year earlier.
Sorghum use rose marginally to 4.80 mln tonnes in 1986/87
from 4.79 mln, but the compounding ratio fell to 18.5 pct from
18.9 pct because of greater corn use. Higher import prices due
to poor harvests last year in major producing nations such as
Argentina made feed makers reluctant to use sorghum.
Soybean meal use fell to 2.58 mln tonnes from 2.63 mln and
the compounding ratio declined to 10.0 pct from 10.3 pct.
The drop in soybean meal consumption resulted from
increased use of cheaper rapeseed meal, the officials said.
Rapeseed consumption in 1986/87 was 563,889 tonnes against
528,152 a year earlier. The compounding ratio rose to 2.2 pct
from 2.1 pct.
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six months to March 31
Shr 16.25p vs 15.61p
Div 4.0p vs 3.5p
Turnover 6.12 billion vs 4.89 billion
Interest 25.2 mln vs 37.6 mln
Pretax profit 42.7 mln vs 40.3 mln
Tax 10.3 mln vs 9.9 mln
Minorities 1.3 mln vs 439,000
Extraordinary items 2.6 mln credit vs 1.2 mln debit
Note - company name is S and W Berisford Plc <BRFD.L>
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The Commonwealth Bank of Australia said
it will lower its reference rate for loans to 15.75 pct from
16.25 pct and its overdraft reference rate to 16.25 pct from
16.75, effective June 24.
Bank officials have said the bank regards the overdraft
reference rate, based on short-term rate trends, as its key
prime lending rate to corporate customers. The loan reference
rate is based on longer term trends.
The bank is the latest to cut prime rates in recent days
following a continuing decline in market rates. Other prime
rates now range from 16 pct to 17.5 pct.
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Australian crude oil and condensate
output fell 7.6 pct to 23,480 megalitres, or about 147 mln
barrels, in the first nine months of fiscal 1986/87 ending June
30, the Department of Resources and Energy said.
The decline in production in the nine months to end-March
reflected mainly a sharp dip early in the fiscal year, when low
oil prices and high marginal excise rates led to a reduction of
output from Bass Strait, department figures in its Major Energy
Statistics publication show.
A megalitre is 6,290 barrels.
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Year to end-March
Shr 20.9p, a 22.3 pct rise
Div 5.1p making 8.45p vs vs 7.5p
Turnover 9.42 billion, a 12.4 pct increase
Operating profit 2.35 billion, a 10.9 pct increase
Pretax profit 2.07 billion, a 11.7 pct rise
Fourth quarter 1987
Turnover 2.42 billion, a 8.4 pct rise
Operating profit 629.0 mln, a 12.1 pct increase
Pretax profit 555.0 mln, a 11.7 pct rise.
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Austria's current account surplus grew to
11.0 billion schillings in the first four months this year from
8.2 billion in the same period last year, the National Bank
said.
In April, the current account recorded a deficit of 300 mln
schillings compared with an 800 mln surplus in March and an 800
mln deficit in April, 1986, the bank said in a statement.
The trade deficit in the first four months fell to 16.4
billion schillings from 17.5 billion in the same period last
year while in April the deficit was 4.1 billion compared with
6.9 billion in March and 3.6 billion in April, 1986.
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Year to March 31
Fin div 3.5p making 5.5p vs 2.5p
Shr 25.2p vs 14.7p
Pretax profit 50.5 mln stg vs 30.1 mln
Net after tax 36.0 mln vs 21.6 mln
Turnover 1.22 billion vs 1.16 billion
Extraordinary dbt 10.3 mln vs 8.2 mln
Note - Full company name is <Johnson-Matthey Plc>.
REUTER
| [
0,
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0,
1,
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0,
0,
0,
0,
0
]
|
The New Zealand Government will sell
25 pct of state-owned <Air New Zealand Ltd> to the public,
Civil Aviation minister Richard Prebble said.
Prebble said in a statement the government would appoint an
adviser to help it decide how the shares should be sold, the
timing of any sales and the price.
"Clearly there will be a need to gauge the effect of other
proposed share issues so as to enter the market at the best
opportunity," Prebble said.
"We are in no particular rush to sell our shares in Air New
Zealand," he said.
"Our aim is to maximise the benefit to the taxpayer. If that
means waiting for a while, then so be it," Prebble said.
He said Air New Zealand expects to release its results soon
for the year to March 31 1987. He said he was confident it
would post an excellent profit.
Prebble said Air New Zealand was successful but its ability
to prosper in future was hampered by its
wholly-government-owned status.
Prebble said access to new sources of capital would
increase its ability to expand and develop.
This sale announcement follows the public float in March of
around 13 pct of the <Bank of New Zealand Ltd>.
The government has said it will also float part of the
capital of other state-owned operations, including <DFC New
Zealand Ltd>, formerly Development Finance Corp of New Zealand
Ltd, and Petroleum Corp of New Zealand Ltd.
REUTER
| [
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|
Year to March 31
Final dividend 3.65p vs 3.1p making 5.4p vs 4.6p
Share 14.11p vs 12.13p
Pre-tax profit 27.11 mln stg vs 24.06 mln
Net profit 18.12 mln vs 15.21 mln
Turnover 252.11 mln vs 225.29 mln
Note - London International Group Plc <LONL.L> said that
sharply increased sales of condoms had led to a particularly
strong start to the year and it had considerable confidence for
the future. REUTER
| [
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|
Toshiba Corp <TSBA.T> and Sharp Corp
<SHRP.T> decided to maintain exports of lap-top personal
computers to the European Community (EC) at last year's levels,
despite the halt of shipments to the U.S., Company spokesmen
told Reuters.
They said the voluntary restraints were aimed at averting
EC sanctions urged by European computer makers. The Europeans
feared Japanese personal computers would flood EC markets after
Washington imposed 100 pct tariffs last April.
Toshiba and Sharp together control about 40 pct of the
personal computer market in the EC, the Sharp spokesman said.
Toshiba said exports of T1100 and T3100 lap-top computers
would continue at 5,000 units a month for the time being.
Sharp said exports to the EC of PC 7000 series lap-top
personal computers would continue at last year's level of
12,000 to 16,000 units a year.
Washington imposed the tariffs because of Japan's alleged
failure to uphold a 1986 agreement on semiconductor trade.
REUTER
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The Belgian National Bank said it cut
one, two, and three month treasury certificate rates, all by
0.10 points, effective immediately.
The cuts take the one month rate to 6.75 pct, the two month
rate to 6.80 pct and the key three month rate to 6.85 pct, the
central bank said in a telex.
A National Bank spokesman said the modest cut was made
after a decline in domestic money market rates yesterday, and
was not expected to be followed by a cut in the 7.60 pct
discount rate.
The short-term treasury certificate rates, and especially
the three-month rate, have been the National Bank's main
monetary policy instrument for the last two years.
The discount rate has been the market's penalty rate rather
than a guiding rate since 1985, and its advances are currently
little used as liquidity is ample, bank economists said.
The bank last cut one- to three-month certificate rates on
June 5, also by 0.10 points.
REUTER
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<Aramco Corp> has accepted Japanese
nominations to lift a higher proportion of Arab Heavy crude oil
under term contracts in July, oil industry sources said.
Japanese companies requested a ratio of 80 pct Arab Heavy
to 20 pct Arab Light under a term contract agreement with
Aramco for 100,000 barrels per day, the sources said. The
contractual ratio is 30 pct heavy crude to 70 pct light.
Japanese demand for heavy crude oil has increased
substantially since the All Japan Seaman's Union ceased sailing
into the northern Mideast gulf last month, causing problems
with liftings of heavy Kuwait and Khafji crudes.
REUTER
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Indonesia's state oil company, Pertamina,
has informed its affiliated Japanese companies that crude oil
supplies will be 40 pct less than contractual volumes in July,
a spokesman for an affiliated company said.
He said the allocations were in line with Indonesia's
production ceiling under its current OPEC quota, so they might
be increased if OPEC ratifies a production rise next week.
Allocations of Indonesia's main traded crude, Minas, had
been cut by 50 pct and Duri by 38 pct, he said.
Last month contractual volumes were cut by 30 pct.
Contractual volumes assume no production ceiling.
Oil traders said Indonesian grades were already trading
above their official selling prices (osp) on the spot market
due to strong demand from Japan and the U.S. And tight
supplies.
A cargo of Duri loading in July was reportedly traded
yesterday at 70 cents over its osp of 15.60 dlrs per barrel and
Minas is trading about 20 cents higher, they said.
REUTER
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|
The French government's privatisation
program, which began late last year, has earned the French
State about 52 billion francs to date, the Finance Ministry
said.
Sources close to Finance Minister Edouard Balladur said the
revenues raised from the privatisation program would be used in
priority to pay off public debt, which stood at 398.2 billion
at the end of 1986.
The Ministry said in a communique that the returns included
banking group Societe Generale <SGEN.PA>, which began its
two-week public flotation last Monday.
The government has carried out eight flotations, as well as
the private sale of telephone group <Cie Generale de
Constructions Telephoniques> (CGCT) since its denationalisation
scheme began last December with the sell-off of glass makers
Saint-Gobain <SGEP.PA>, it added.
The government has pledged to privatise 66 state-owned
industrial, banking and insurance companies by 1991.
Other companies to be sold to the private sector in the
near future are television network TF-1 later this month and
banking group Cie Financiere de Suez <FSPP.PA> in the autumn.
The ministry said TF-1's forthcoming sell-off meant that a
third of the government's programme would have been completed
in less than nine months.
Balladur on Sunday rejected press and opposition charges
that the share prices for privatised companies had been pitched
too low.
He said that the average premium of shares trading on the
Bourse was between 15 and 30 pct over their offer price. This
compared with premiums of between 60 and 80 pct on similar
share flotations in Britain.
REUTER
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Citibank Ltd said it would lower its
Australian prime rate to 16 pct from 16.5, effective tomorrow.
The new rate, if unmatched by other banks, will be the
lowest among Australian trading banks. Other primes range from
16.25 to 17.5 pct.
Australian prime rates have now retreated from a recent
peak of 19 pct in October in line with declining money market
levels. Citibank said its reduction reflected the decline.
REUTER
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Three U.S. Senators said they will
propose a temporary ban on imports of all Toshiba products due
to the company's illegal sales of sensitive high-technology
goods to the Soviet Union.
Senator Jake Garn, John Heinz and Richard Selby said at a
hearing of the senate banking committee on export control, they
will offer the proposal as part of a major trade bill when it
is brought before the senate this summer.
Garn, a Utah Republican, said "I am talking about specific
retribution on a company that endangers the security of their
own country and ours."
Reuter
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|
Yr ended March 31
Shr 37.8 cents vs 30.7
Final div 13 cents vs 11, making yr 24 vs 22
Net 60.58 mln dlrs vs 47.42 mln
Turnover 1.50 billion vs 1.56 billion
Other income 16.84 mln vs 3.73 mln
Shrs 161.71 mln vs 154.19 mln.
NOTE - Div pay Aug 6. Reg July 17. Div is unfranked and
thus will not be tax-free under dividend imputation.
Net is after tax 28.39 mln dlrs vs 29.93 mln, depreciation
32.05 mln vs 34.59 mln, interest 29.16 mln vs 45.74 mln and
minorities 1.35 mln vs 9.89 mln but before extraordinary profit
2.28 mln vs loss 31.05 mln.
REUTER
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The Commonwealth Bank of Australia said
it will lower its reference rate for loans to 15.75 pct from
16.25 pct and its overdraft reference rate to 16.25 pct from
16.75, effective June 24.
Bank officials have said the bank regards the overdraft
reference rate, based on short-term rate trends, as its key
prime lending rate to corporate customers. The loan reference
rate is based on longer term trends.
The bank is the latest to cut prime rates in recent days
following a continuing decline in market rates. Other prime
rates now range from 16 pct to 17.5 pct.
REUTER
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CSR Ltd <CSRA.S> said it had declared
unconditional its takeover bid for <Pioneer Sugar Mills Ltd>
following Pioneer's recommendation that shareholders accept.
This meant Pioneer shareholders would be paid for all
shares tendered within 14 days, CSR said in a statement.
CSR's statement follows Industrial Equity Ltd's <INEA.S>
disclosure yesterday that it had built up a 9.8 pct stake in
Pioneer at 2.54 dlrs a share, topping CSR's cash bid of 2.50.
CSR is also offering one share, currently worth 4.04 dlrs,
plus 1.20 cash, for every two Pioneer shares, which values
Pioneer at 2.62 per share. It holds about 33 pct of Pioneer.
REUTER
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Sweden's Sandvik AB <SVIK.ST> and
Diamant Boart SA of Belgium, in which Societe Generale de
Belgique <BELB.BR> holds an indirect 52 pct stake, have
finalised negotiations on merging oil and gas drilling tool
activities, officials of both companies said.
Staffan Paues, President of the new Brussels-based joint
venture company Diamant Boart Stratabit SA (DBS), told a news
conference that the merged firm would be able to offer products
for all types of drilling operations.
He said there were already signs that a slow recovery from
recession was under way in the oil and gas industries.
"Stability in oil prices should lead to renewed investment"
Paues said.
DBS, which Paues said began operations today, brings
together Sandvik's wholly-owned U.S. Subsidiary Strata Bit Corp
of Houston and Diamant Boart's petroleum activities in Europe,
North America, the Middle and Far East and Africa.
Paues said the merger was a direct result of the sharp fall
in oil prices 18 months ago which led oil firms to cut back
exploration activities. Officials said the complementary
character of the two firms' operations was a further reason.
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Thomson Grand Public, the subsidiary of
Thomson SA <THMP.PA>, has taken over the audiovisual consumer
goods division of British group Thorn EMI, Thomson Grand Public
chairman Pierre Garcin said.
The cost of the deal, signed late yesterday, is around 90
mln stg and Thomson will finance 50 mln of this from its
equity.
Thorn EMI is a leader in the British audiovisual market
with a turnover last year of 300 mln stg.
Garcin said the new acquisition would substantially
increase Thomson's turnover in the sector.
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The 37,635 deadweight tonnes bulk carrier
Cumberlande, which sank in the South Pacific last Friday, was
carrying a cargo which included lead as well as magnesium ore,
a Lloyds Shipping Intelligence spokesman said.
He was unable to confirm the tonnages involved.
Trade reports circulating the London Metal Exchange said
the vessel, en route to New Orleans from Newcastle, New South
Wales, had been carrying 10,000 tonnes of lead concentrates.
Traders said this pushed lead prices higher in early morning
trading as the market is currently sensitive to any fundamental
news due to its finely balanced supply/demand position and low
stocks.
Trade sources said that 10,000 tonnes of lead concentrates
could convert to around 5,000 tonnes of metal, although this
depended on the quality of the concentrates.
A loss of this size could cause a gap in the supply
pipeline, particularly in North America, they noted. Supplies
there have been very tight this year and there is a strike at
one major producer, Cominco, and labour talks currently being
held at another, Noranda subsidiary Brunswick Mining and
Smelting Ltd.
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JWT Group Inc said it filed a suit
against <WPP Group Plc> to enjoin the company from continuing
its tender offer.
The company said it charged that former JWT Group unit
executive John Peters has breached his fiduciary duty by
disclosing confidential information about the company and its
clients.
The company said the suit, filed in New York State Supreme
Court, seeks to halt the "ongoing misuse and misappropriation
of highly confidential and proprietary information concerning
JWT and its clients.
The defendants in the suit are WPP Group and its units and
Peters, who until January 29 was a director of J. Walter
Thompson Co, JWT Group's main subsidiary and its president and
chief operating officer.
JWT said it asked the court to enjoin the defendants from
acquiring any further JWT stock, make them return all
confidential and proprietary information and to disgorge all
profits or other gains.
The company said it also asked the court to award JWT
unspecified damages.
Reuter
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JWT Group Inc disclosed in a filing
with the Securities and Exchange Commission that it awarded
so-called "golden parachutes" to 26 top officers.
The company said it granted the special bonuses, which take
effect only if an executive is fired within two years of a
successful takeover, on June 8.
It granted 25 of the officials a severance payment of just
under three times their annual compensation if they are fired
after a takeover. For chairman Don Johnston, the payment was
limited to twice his annual compensation.
JWT approved additional lump-sum payments of one year's
compensation to an unspecified number of other highly paid
company officials.
The company also altered its employee retirement and stock
incentive plans, to assure continued protection and benefits
for employees in the event of a hostile takeover.
The company did not disclose the cost of the changes made
in the severance, retirement or stock plans.
Reuter
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A spokesman for Unilever Plc <UN.AS>
declined to comment on market rumours that it may be
considering a bid for the U.S. Health care group The Gillette
Co <GS.N>.
Gillette shares are traded on the over-the-counter market
in London and this morning stood one dollar higher at 38 dlrs
in response to the bid speculation. Unilever dipped 33p to
3,275 in a generally depressed U.K. Market.
Most analysts dismissed the rumours saying it was an old
story, and one commented that it was "utter rubbish," adding he
thought Unilever would not be interested in Gillette.
Gillette shares rose sharply at the beginning of the month
on Wall Street rumours that Sir James Goldsmith was building a
stake in the company.
Gillette has been the subject of repeated rumours since
Ronald Perelman, chairman of the Revlon Group Inc <REV>, made
an unsuccessful bid for the company last year.
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Service Resources Corp said it has
withdrawn and terminated its 23 dlr per share takeover offer to
Sorg Inc because Sorg failed to respond to the bid.
It said, as Sorg's largest single shareholder, it will
evaluate all its options, including making a further offer to
Sorg or disposing of some or all of its Sorg shares.
Reuter
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Halcyon Investments, a New York firm,
reported a 6.9 pct stake in Research-Cottrell Inc.
Alan Slifka, a partner in Halcyon, told Reuters the shares
were purchased for investment purposes but declined further
comment.
On June 8, Research-Cottrell said it had entered into a
definitive agreement to be acquired by R-C Acquisitions Inc for
43 dlrs per share. Research-Cottrell closed at 44-1/4 today,
unchanged from the previous close.
Reuter
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April 30 end
Shr loss 13 cts vs shr profit 12 cts
Net loss 4,116,000 vs net profit 3,672,000
Revs 61.1 mln vs 55.5 mln
Avg shrs 32,263,000 vs 31,640,000
12 months
Shr loss 86 cts vs shr profit 42 cts
Net loss 27.6 mln vs net profit 13 mln
Revs 174.9 mln vs 189.3 mln
Avg shrs 32,184,000 vs 30,938,000
NOTE: Both 1987 and 1986 figures restated to reflect April
21, 1987 acquisition of Distribution Management Systems Inc,
accounted for as a pooling of interests.
1987 results include a first quarter non-recurring charge
of 7 mln dlrs with an after-tax impact of 11 cts per share
attributable to the write-off of the remaining assets acquried
from Computer Pictures Corp in November 1982.
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A spokesman for a group of United
Airlines employees, who oppose the attempted takeover of United
by the Airline Pilots Association, said he met with the new
chairman of Allegis, Frank Olson.
William Palmer, the group's spokesman, which claims to
speak for thousands of United employees, said the meeting with
Olson was "positive and friendly," but no future meeting dates
were set.
In April the pilots union offered to buy out United, an
Allegis subsidiary, through an employee stock ownership plan.
Reuter
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National Westminster Bank Plc <NWBL.L>
announced a 0.75 pct reduction in the mortgage interest rate
applicable to new mortgages taken out from June 19, 1987.
The new rate is 10.5 pct (APR - Annual Percentage Rate -
11.2 pct including fees for normal repayment mortgages, and
11.1 pct including fees for endowment and pension mortgages).
A spokesman for Nat West said the position for existing
mortgages is being kept under active review in the light of
market conditions, and an announcement will be made as soon as
possible.
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Harcourt Brace Jovanovich Inc said
it has called a special meeting for July 23 for a vote on an
increase in authorized common shares to 100 mln from 50 mln, an
increase in preferred shares to 150 mln from 2,500,000 and a
provision allowing the payment of preferred dividends in stock
or property as well as cash.
The company said June 29 will be the record date for the
meeting. Harcourt which is fighting off a takeover bid from
<British Printing and Communication Corp PLC>, has declared a
special dividend on common stock of 40 dlrs in cash and 12 pct
preferred stock with a market value of 10 dlrs per share.
The special dividend is to be paid July 27.
Reuter
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Shr 1.08 dlrs vs 37 cts
Net 3,025,000 vs 1,188,000
Sales 35.2 mln vs 35.4 mln
Avg shrs 2,794,298 vs 3,187,051
Nine mths
Shr 2.43 dlrs vs 83 cts
Net 6,781,000 vs 2,576,000
Sales 101.0 mln vs 99.7 mln
Avg shrs 2,794,298 vs 3,115,499
Reuter
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First Data Management co Inc said
it has completed a merger into Firsst Data MAnagement Holding
co following sharehoplder approval.
It said each 100 shares will be exchanged for 1,000 dlrs
principal amount of 14.375 pct senior subordinated debentures
due June 15, 2002.
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Qtr ends April 30
Shr loss 10 cts vs profit nine cts
Net loss 163,465 vs profit 131,815
Revs 3,672,731 vs 3,763,829
Nine mths
Shr profit four cts vs profit one ct
Net profit 57,911 vs profit 11,380
Revs 11,753,950 vs 10,794,822
Reuter
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Indonesia rejected World Bank
recommendations for sweeping reforms to its farm economy, as
the country's foreign aid donors met to consider giving it 2.5
billion dlrs in grants and soft loans.
Agriculture Minister Achmad Affandi, in written remarks
distributed today as Indonesia's 14 foreign donor nations met
at The Hague, said, "The general argument presented by the Bank
for this free trade, open economy view is weak."
The Bank called for overhauls in how Indonesia manages the
largest farm area in South-east Asia, and said agricultural
growth was stagnating under subsisides for rice farming.
The Bank report said Indonesia's rice production had peaked
and the subsidies are a waste of money.
Affandi replied that rice is the main staple and provides
an income for 17 pct of the workforce. The subsidies were
needed to support the fertilizer industry, including importers,
exporters, producers and distributors, he said, as well as
assisting in small part the majority of Indonesian farmers.
Affandi agreed with a bank recommendation that farmers
should be free to choose their own crops, but he said the
government would continue to maintain production targets for
"strategic commodities" such as rice and sugar.
The Bank report was especially critical of Indonesia's
drive to plant sugar, saying domestic sugar prices are double
the world average because of inefficiencies, and the country
would save money by importing the commodity.
However, Affandi said volatile world sugar prices, the need
to save foreign exchange and an already up-and-running sugar
industry were good arguments for continuing the sugar drive.
He also said import barriers and trade monopolies in the
agricultural sector were needed to help domestic industry
develop and because of "over-production and price intervention
in the developed nations."
REUTER
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Shr 29 cts vs 23 cts
Net 1,262,000 vs 1,002,000
Sales 49.9 mln vs 40.3 mln
Year
Shr 1.18 dlrs vs one dlr
Net 5,205,000 vs 4,339,000
Sales 180.1 mln vs 150.7 mln
NOTE: Prior year net both periods includes gain 900,000
dlrs from adjustments to LIFO reserves, compensation related
accruals and a revised effective tax rate.
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U.S. House and Senate budget
negotiators agreed as part of an overall budget accord reached
yesterday, to cut 1.25 billion dlrs from fiscal 1988 spending
on agricultural programs, Congressional sources told Reuters.
The agreed cut in farm programs is a compromise between 1.4
billion sought by the Senate and one billion by the House.
The negotiators also agreed to cut 1.6 billion from the
farm budget in fiscal 1989 and 2.45 billion in 1990, for a
total of 5.3 billion in saving over three years, sources said.
The agreement presents the House and Senate Agriculture
committees with difficult choices on how to make changes in
agriculture programs that achieve the budget savings targets
without jeopardizing popular support payments, senior
Congressional aides told Reuters.
Some farm state lawmakers already are manuevering to find
the budget savings.
Rep. Dan Glickman, D-Kan., Chairman of the House grains
subcommittee, has introduced a bill which would freeze wheat
and corn loan rates for the 1988 crop at the current 2.28 dlrs
and 1.92 dlrs respectively, saying it would save 500 mln dlrs.
House Agriculture Committee chairman Kika De la Garza has
said the committee will consider the Glickman proposal.
But Congressional sources said the proposal is unlikely to
be approved because of opposition from Republican lawmakers and
a strong stance by Agriculture Secretary Richard Lyng, who said
freezing loan rates would send the wrong signal to other major
grain export competitors and would not achieve the budget
savings Glickman claims.
Another area where Glickman and other have said budget
savings might be made is to increase acreage reduction program,
ARP, levels for wheat and corn.
However, on this issue also Lyng has taken a strong stand
within the Reagan administration, arguing that the 1988 crop
wheat acreage reduction should be left at 27.5 pct and not 30
pct as sought by the Office of Management and Budget, OMB. Most
commodity lobbyists expect Lyng to prevail.
Congressional sources said the only way to achieve
significant budget cuts through ARP increases would be to boost
the 1988 corn ARP. But one informed Congressional source said
singling-out corn for an ARP increase would would be seen as
unfair to one commodity.
Congressional sources said the areas where Congress is most
likely to eventually look for budget savings are some
tightening of the payment limitation rules, and possible
adoption of a 0/92 program for the 1988 crops of major grains.
Those changes would achieve a portion of the 1.25 billion
but not enough, they said.
Ultimately, Congressional sources said the agriculture
committees may be forced to apply an across-the-board cut on
all Commodity Credit Corp. payments to farmers, including price
support loans and deficiency payments, similar to the
Gramm-Rudman-Hollings budget cut applied in fiscal 1986.
This idea has been suggested by the American Farm Bureau
Federation, AFBF, as the fairest approach for all commodities.
Reuter
| [
0,
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0,
0,
1,
0,
0,
0,
0,
0
]
|
Some OPEC states are unhappy about the
prices assigned to their crude oil but this should not pose
great problems when the group reviews its six-month-old price
and output pact in Vienna next week, oil analysts say.
They said Nigeria, which holds the OPEC conference
presidency, and Qatar probably have the biggest grievances
about price differentials making some of their crudes
uncompetitive.
There has also been speculation by Japanese traders that
OPEC might want to mark up prices of high-sulphur heavy crudes,
to correspond with greater demand and higher fuel oil prices.
But most experts agree that a major overhaul of price
differentials is unlikely, so as to avoid giving the market
signals of a dent in OPEC's new unity.
"All OPEC members can make a good case for changing
differentials," said one analyst with a major oil company. "But
at the end of the day, the attitude is going to be "leave well
alone' and little or nothing is likely to be altered."
Iran, Libya and Saudi Arabia are among those who also saw
sales problems earlier this year, traders say. But diminished
customer resistance to fixed prices and, in some cases,
marketing incentives have helped their sales.
Some producers can sell uncompetitively priced crudes by
means of discounts, processing deals or selling them alongside
better priced grades in a "package."
Many OPEC crudes are seen to be reasonably priced, at least
for some part of the year. But many experts say OPEC should
change prices quarterly or monthly to match seasonal demand for
fuel oil-rich heavy crudes and gasoline-rich lighter grades. At
its last meeting in December, OPEC agreed to reintroduce fixed
prices from February 1 around an 18 dlr per barrel reference
point. Official prices had been effectively dropped in 1985
when members offered discounts to attract customers.
OPEC also decided to limit first-half 1987 output to 15.8
mln bpd and proposed ceilings of 16.6 mln for the third quarter
and 18.3 mln for the fourth. Analysts expect it will now extend
or raise slightly the current ceiling for the coming months.
Spot market and netback values for some crudes do not
mirror official prices, but OPEC will probably keep the 18 dlr
target and at most make minimal changes to differentials,
analysts say.
The 18 dlr figure is based on a basket of six OPEC and one
non-OPEC crudes. OPEC assigned prices to its other key export
crudes, with a 2.65 dlr gap between the heaviest and lightest.
Extra heavy crudes were among those left out.
Industry estimates vary on the proportion of OPEC oil
exports actually sold at official prices. Several experts say
only one-quarter to one-third of the total in fact sells at
official prices, with some of the rest included in processing
or barter deals or sold in the form of refined products.
Problems with the new structure appeared earlier this year,
when some producers' output fell due to customer reluctance to
pay the new prices.
Nigeria especially found its gasoline-rich Bonny Light crude
-- now OPEC's highest priced grade at 18.92 dlrs a barrel --
was uncompetitive on the spot market against Britain's Brent.
In February and March, Nigeria's production shrank below
its 1.238 mln bpd OPEC quota. Spot prices have since revived,
due partly to seasonal demand for gasoline, and its output has
risen.
Some experts feel Bonny Light is still overvalued and say
its price should be cut by between 50 cts to one dlr a barrel.
But Mehdi Varzi, chief oil analyst with London's Kleinwort
Grieveson Securities, doubts Nigeria will actively push the
differentials question in Vienna.
"It would not look good for OPEC unity if Nigeria, which
holds the presidency, raised the issue," he said.
REUTER
| [
0,
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1,
0,
0,
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]
|
Analysts said they were surprised at
the government's announcement of a forecast budget surplus for
fiscal 1988 but said it was consistent with previous policy
statements and positive for the economy.
Finance Minister Roger Douglas predicted a budget surplus
for the year ending March 1988 of 379 mln New Zealand dlrs
against a 1.95 billion deficit last year.
Analysts polled by Reuters said the forecast budget surplus
was even more positive than the most bullish analysts'
forecasts and that this was good news for financial markets.
Market expectations among analysts questioned by Reuters
before the budget varied widely between a balanced budget and a
2.3 billion dlr deficit. But none predicted a surplus.
The forecast initially looks positive for both the bond and
the foreign exchange markets, one analyst said. Paradoxically,
the New Zealand dollar could rise in the medium term, despite
lower interest rates, as overseas investors became more
confident about investing in New Zealand, he said.
However, some foreign exchange dealers disagreed, saying
the local dollar is primarily interest rate driven and will
move lower.
The local dollar dropped to 0.5940/50 U.S. Dlrs in after
hours trading, against 0.5970/77 just before the budget
release.
Analysts said the budget was also positive for the share
market, despite an increase in the contribution of company
taxation to revenue figures.
One equities analyst predicted that the budget surplus
announcement could push the share market up by 50 points
tomorrow.
The Budget statement was broadly as expected, with a
continuation of existing policies, and the absence of
traditional pre-election incentives would be viewed positively
by overseas investors, another said.
But one merchant bank economist said that certain anti-tax
avoidance measures could damage some sectors of the share
market, particularly multi-national companies.
The government is also lowering its borrowing requirements,
through bond tenders, as a result of the surplus. The
requirement for the rest of the year is now down to 950 mln
N.Z. Dlrs from a predicted 1.75 billion.
Predicted revenue in the Budget looked sustainable and
there appeared to be no holding back on expenditure, another
economist said. He added that the document seemed entirely
credible.
"Altogether it looks good for Labour's election prospects,"
he said.
An election is due before the end of September.
REUTER
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|
Shr 37 cts vs eight cts
Net 12.0 mln vs 5.1 mln
Revs 280.1 mln vs 155.9 mln
Backlog 625.7 mln vs 451.6 mln
Reuter
| [
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Mr. Rooter Corp said it rescinded
a recent agreement calling for <United Western Energy Corp> to
to buy a majority of Mr. Rooter's stock for four dlrs a share.
The company said it has also demanded repayment of a
150,000 dlr loan made to United Western.
Since announcing the agreements, Mr. Rooter said, it
discovered additional information relating to United Western
and the unaffiliated privately held corporation which had
guaranteed all of United Western's obligations under the
agreements.
Mr. Rooter said the agreements were rescinded d"in light of
this additional information," without providing details.
It said talks are in progress with United Western with
regard to the repayment terms of the loan.
Reuter
| [
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0,
0,
0,
0,
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0,
0
]
|
Indonesia rejected World Bank
recommendations for sweeping reforms to its farm economy, as
the country's foreign aid donors met to consider giving it 2.5
billion dlrs in grants and soft loans.
Agriculture Minister Achmad Affandi, in written remarks
distributed today as Indonesia's 14 foreign donor nations met
at The Hague, said, "The general argument presented by the Bank
for this free trade, open economy view is weak."
The Bank called for overhauls in how Indonesia manages the
largest farm area in South-east Asia, and said agricultural
growth was stagnating under subsidies for rice farming.
The Bank report said Indonesia's rice production had peaked
and the subsidies are a waste of money.
Affandi replied that rice is the main staple and provides
an income for 17 pct of the workforce. The subsidies were
needed to support the fertilizer industry, including importers,
exporters, producers and distributors, he said, as well as
assisting in small part the majority of Indonesian farmers.
Affandi agreed with a bank recommendation that farmers
should be free to choose their own crops, but he said the
government would continue to maintain production targets for
"strategic commodities" such as rice and sugar.
The Bank report was especially critical of Indonesia's
drive to plant sugar, saying domestic sugar prices are double
the world average because of inefficiencies, and the country
would save money by importing the commodity.
However, Affandi said volatile world sugar prices, the need
to save foreign exchange and an already up-and-running sugar
industry were good arguments for continuing the sugar drive.
He also said import barriers and trade monopolies in the
agricultural sector were needed to help domestic industry
develop and because of "over-production and price intervention
in the developed nations."
Reuter
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]
|
|
Shr 30 cts vs 24 cts
Net 14.7 mln vs 11.3 mln
Sales 738.9 mln vs 605.1 mln
Avg shrs 49.0 mln vs 47.9 mln
Nine mths
Shr 1.11 dlrs vs 93 ctsd
Net 54.2 mln vs 42.9 mln
Sales 2.45 billion vs 1.95 billion
Avg shrs 48.9 mln vs 46.4 mln
NOTE: Twelve- and 40-week periods.
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Qtr ends May 31
Shr 20 cts vs eight cts
Net 509,043 dlrs vs 202,473 dlrs
Revs 2,106,462 dlrs vs 1,158,621 dlrs
Nine mths
Shr 58 cts vs 50 cts
Net 1,465,271 dlrs vs 1,240,773 dlrs
Revs 5,854,819 dlrs vs 4,640,687 dlrs
Reuter
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Westcoast
Transmission Co Ltd said it agreed to acquire the Western
Canada oil and gas reserves and properties of AGIP Canada Ltd,
a subsidiary of AGIP SpA, part of Italy's ENI group, for 54 mln
Canadian dlrs.
At the end of 1986, AGIP Canada reported proven and
probable reserves of 4.2 mln barrels of crude oil and natural
gas liquids and 22.7 billion cubic feet of natural gas. AGIP
Canada also holds 176,000 net exploratory acres in Western
Canada. Its properties produce about 1,100 barrels of oil a
day.
The deal is subject to approval by both companies'
directors.
Westcoast said the acquisition would enable it to apply
more than 150 mln dlrs of accumulated tax pools of AGIP Canada
Ltd to enhance after-tax cash flow from the acquired
properties.
AGIP Canada said it would retain offshore exploration
blocks in Labrador, a gold mine in Yukon Territory and uranium
interests in Saskatchewan.
Reuter
| [
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]
|
Lomas and Nettleton Financial Corp said
it has agreed in principle to acquire Houston discount
brokerage firm Texas First Brokerage Services Inc for
undisclosed terms, subject to regulatory approvals.
It said completion is expected by July 31.
Reuter
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Liberty Financial Group Inc, the
parent of Liberty Savings Bank said it has signed a definitive
agreement to be acquired by Equimark Corp <EQK>, the parent of
Equibank, for 48 dlrs a share of Liberty.
The transaction is structured as a merger of Liberty with a
duly-formed unit of Equimark, the company said.
Liberty shareholders will receive about 48 dlrs per share
uopn the merger, the company said.
According to the companies, the acquisition is contingent
upon the approval of Liberty's shareholders and the appropriate
regulatory authorities.
Liberty said the acquisition of its unit, Liberty Savings
Bank, by Equimark Corp, will result in the bank operating as a
separate wholly owned unit of Equimark.
Charles Cheleden, chairman and president of Liberty
Financial and Liberty Savings, will continue as president and
chief executive officer of Liberty Savings, headquartered in
Horsham, Pa., the company said.
Liberty said it feels that the price of 48 dlrs in cash per
share is attractive and that it has advised by Shearson Lehman
Brothers that the price is fair.
Reuter
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Gillette Co said Revlon Group made an
unsolicited request, asking the Gillette board to allow Revlon
to make a cash offer for all Gillette shares of at least 40.50
dlrs per share.
Gillette said consent for the bid is required under a
standstill agreement between Revlon and Gillette before Revlon
can make any move on Gillette's stock.
In November 1986, Revlon made an unsolicited offer for
Gillette shares, Gillette said.
Subsequently, Revlon withdrew its offer, sold back to
Gillette the shares it owned at that time and entered into the
standstill agreement.
The Gillette board of directors has a regularly scheduled
meeting this afternoon, and Gillette said it anticipates making
a statement after that meeting.
Reuter
| [
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0,
0,
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Becor Western Inc said it
is talking with a possible fourth bidder for the company.
The company also said Lynch Corp <LGL> has renewed its
offer for Becor which was withdrawn last week.
Talks with the possible bidder are expected to be concluded
shortly, Becor said, adding its board will evaluate all then
existing offers at that time.
In the meantime, the company said, it plans today to
adjourn further its meeting of stockholders to June 30. That
meeting was called to act on a merger agreement calling for a
buyout by BCW Acquisitions Inc.
The third identified Becor suitor is <Davis Mining and
Manufacturing Inc>.
In Fairfield, N.J., Lynch said its latest proposal calls
Lynch to own 75 pct of Becor's stock and Becor holders to
retain the other 25 pct.
Peviously, Lynch would have held about 25 pct, with Becor
holders receiving 25 pct and Becor management about half.
Lynch said the proposal was changed because it believes
Becor's management "needs more guidance in terms of financial
structuring.
Reuter
| [
1,
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0,
0,
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0,
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|
S.And W. Berisford Plc <BRFD.L>, which
has attracted takeover bids, is making every possible effort to
remain independent, deputy chairman Henry Lewis said after the
company announced interim results.
"We've taken specific steps to strengthen ourselves for this
purpose," he added, referring to management changes and a
corporate strategy of concentrating on four business sectors.
Berisford aims to produced balanced earnings growth from a
combination of commodities, property, financial services and
food. Its industrial division, with assets of about 90 mln stg
including debt, is being reviewed and parts may be sold.
Reuter
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|
Today's U.K. Economic data have pushed
the chances of another base lending rate cut from the current
nine pct further into the distance, analysts said.
A record fall in unemployment and good manufacturing
production data showed that the economy is still strong and
does not need a fillip from lower rates.
News that underlying earnings are rising 7.75 pct annually,
taken together with higher than expected bank lending and money
supply growth, revived inflation worries and monetarist
arguments against easier credit, they said.
"The timetable on lower interest rates is being pushed back
all the while. The strength of the economy and broad money
growth are making it more difficult to see one in the near
term," said Chase Manhattan Securities economist Robin Marshall.
Analysts have reached this conclusion despite yesterday's
mortgage rate cuts for new borrowers, which building societies
said were a sign of the expected near term trend for U.K.
Rates.
It also counters the optimistic forecasts of last week that
a post-general election cut was imminent, supported by such
optimistic economic news as May's record reserves rise which
mirrored the Bank of England efforts to cap sterling's
strength.
The gilt market lost nearly half a point as enthusiasm
about May's 64,300 fall in the seasonally adjusted unemployment
rate, to 2.95 mln or 10.6 pct of the workforce, was rapidly
replaced by dismay at the continued high level of underlying
average earnings in April, dealers said.
The upset was compounded by news that sterling bank lending
rose 2.7 billion stg in May, above forecast, and that the Bank
of England looks likely to have to sell more gilts to offset
the impact on domestic money supply of its current
intervention.
"The gilt market reaction was correct," said Bill Martin,
chief U.K. Economist at brokers Phillips and Drew.
"That's very important ... It shows the economy in a very
good state indeed," Skeoch said.
"There's no reason to get worries about inflationary
pressures because they're very subdued." Unit wage cost rises
were better than expected, just one pct higher in the year to
April, and it was these costs rather than average earnings
which were potentially inflationary, he added.
"I don't think these average earnings numbers are a major
problem," agreed Chase Manhattan's Marshall.
But he said the gilts market was likely to remain worried
about the funding implications of recent intervention.
He said the inflow of foreign money into sterling assets
earlier this year, attracted by growth prospects and hopes that
the ruling Conservatives would win last week's election, now
looks likely to prevent a base rate cut as the authorities try
to prevent these funds swelling the domestic money system.
However, David Owen, U.K. Economist at Kleinwort Grieveson
Securities, said any fresh sterling strength would still
trigger a base rate cut and that today's figures did not signal
higher inflation this year.
"Wage increases are being offset by productivity growth. As
long as that continues we're okay," he added.
REUTER
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Federal Reserve Board Governor Martha
Seger said there were signs of helpful stability in foreign
exchange markets in recent weeks.
"I think we are beginning to see more calm in those markets,"
Seger told reporters after a speech to the U.S. League of
Savings Institutions.
"I think it is very healthy when you can get into a period
of stability," she said.
She said market forces have a major influence on exchange
rates and said she did not know the right value for the dollar
against the Yen or the Mark.
Seger told the Savings and Loan executives that she was
concerned about financial markets' absorption with exchange
rate influences.
"I am concerned that we have gotten so nervous," about
exchange rates, Seger said.
She said the Fed takes into account additional factors in
determining monetary policy than the value of the dollar
against other currencies.
On the economy, Seger called the latest figures in gross
national product a modest upward revision.
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|
USAir Group Inc said the U.S.
Department of Transportation's Office of Public Counsel has
urged that expedited non-hearing procedures be used in its
proposed acquisition of Piedmont Aviation Inc <PIE>.
The company said that America West Airlines Inc <AWAL.O>
was the only party voicing opposition to the acquisition. The
Department of Transportation had asked parties to submit
statements by June 17 either supporting or opposing the
acquisition.
USAir said it and Piedmont again requested expedited
approval for the acquisition.
The company said the Office of Public Counsel could find no
evidence that the acquisition would substantially lessen
competition in any market.
Reuter
| [
1,
0,
0,
0,
0,
0,
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Freedom Federal Savings Bank
said it hired Salomon Brothers Inc to solicit offers for the
purchase of the bank as part of an ongoing review of methods to
enhance shareholder value.
Freedom Federal operates 15 retail branch banks and had
1986 year end assets of about 733 mln dlrs.
"There is no assurance the bank will receive acceptable
offers or be sold, but we feel this is a prudent step to take
at this time," the bank said.
Reuter
| [
1,
0,
0,
0,
0,
0,
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0,
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]
|
Atlantic Richfield Co, considering a
spin-off of a 20 pct interest in its chemical operations, could
gain about 500 mln dlrs from the deal, industry analysts
estimated.
Yesterday ARCO's stock jumped as much as five points on
rumors it was spinning off the chemical operations. Based on
about 183 mln outstanding shares, the market in its frenzy was
valuing the spin-off at about 900 mln dlrs, analysts said.
Atlantic Richfield, aware of the rumors, issued a statement
around mid-day that it was considering a sale of only 20 pct of
the unit, leading investors to take profits.
After the announcement, the company's stock retreated,
closing at 93-7/8, up 1-3/8. Today it was off 1/4.
"It was a smaller deal than expected and somewhat
disappointing," said analyst George Baker at Smith Barney. He
said rumors of the spin-off had been around "for a couple of
days."
Baker said the unit was very profitable but it wasn't
getting the type of exposure Atlantic Richfield sought, and its
value was not reflected in the company's stock price.
Industry analyst Richard Pzena of Sanford C. Bernstein said
the unit had operating earnings of 132 mln dlrs last year and
he expected it to earn about 175 mln dlrs this year.
Based on a multiple of 17 times earnings--which Pzena says
chemical companies now sell for--the entire unit is worth about
three billion dlrs, putting the 20 pct interest at around 500
to 600 mln dlrs.
Pzena said he thought the company was selling the stake
because chemical margins had peaked, and he speculated the
company would use the proceeds to pay down debt.
But he added the possibility remained the deal would fall
through. Yesterday, ARCO said the proposal had not yet been
presented to its board.
The chemical unit last year had revenues of 1.9 billion
dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
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|
Shell Canada <SHC>, whose majority
interest is owned by the Royal Dutch/Shell Group of companies,
raised the postings of light sweet and sour crude oil from
Edmonton/Swann Hills 32 Canadian cts a barrel, effective today.
The new price for light sweet crude oil is 25.60 Canadian
dlrs a barrel while the new price for light sweet sour crude is
24.08 Canadian dlrs a barrel.
The Royal Dtuch/Shell Group owns 72 pct of Shell Canada and
public shareholders, primarily Canadian, own the remaining 28
pct of the company, a Shell Canada spokesman said.
Reuter
| [
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Canadian Imperial Oil, 70 pct Exxon
owned, said it raised its posting for light sweet crude oil at
Edmonton by 32 canadian cts a barrel, effective today.
The company said its new posting for light sweet crude oil
at Edmonton is 25.60 canadian dlrs a barrel.
Reuter
| [
0,
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1,
0,
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|
Shr 17 cts vs 20 cts
Net 3,121,000 vs 3,624,000
Revs 60.2 mln vs 59.0 mln
Avg shrs 18.3 mln vs 18.2 mln
Six mths
Shr 40 cts vs 48 cts
Net 7,429,000 vs 8,743,000
Revs 124.7 mln vs 126.1 mln
Avg shrs 18.3 mln vs 18.1 mln
Reuter
| [
0,
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[
0,
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0,
0,
0,
0,
0,
0,
0
]
|
|
Period ended April 30
Shr not given
Net 2,600,000 vs 1,600,000
Revs 18.1 mln vs 15.1 mln
SIX MTHS
Shr 21 cts vs 42 cts
Net 3,800,000 vs 5,500,000
Revs 32.9 mln vs 35.8 mln
Reuter
| [
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[
0,
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1,
0,
0,
0,
0,
0,
0,
0
]
|
|
[
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
|
[
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
|
Qtr ends march 28
Shr loss 1.46 dlrs vs loss 49 cts
Net loss 2,919,000 dlrs vs loss 892,000 dlrs
Revs 10.3 mln vs 11.5 mln
Avg shrs 2,000,000 vs 1,836,000
NOTE: full name of company is robert bruce industries Inc.
Reuter
| [
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Oper shr loss 19 cts vs loss 38 cts
Oper net loss 239,000 dlrs vs loss 476,000 dlrs
Revs 16.0 mln vs 14.6 mln
Reuter
| [
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