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Shr primary 66 cts vs 1.17 dlrs
Shr diluted 66 cts vs 81 cts
Net 1,220,691 vs 1,302,999
Revs 13.7 mln vs 13.1 mln
Avg shrs primary 1,859,421 vs 1,112,400
Avg shrs diluted 1,859,421 vs 1,826,303
NOTE: Latest net includes tax credits of 565,000 dlrs vs
620,000 dlrs.
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Oper shr nil vs profit one ct
Oper net profit 14,000 vs profit 51,000
Revs 5,547,000 vs 6,021,000
Six mths
Oper shr loss nine cts vs profit seven cts
Oper net loss 383,000 vs profit 314,000 dlrs
Revs 9,31,000 dlrs vs 12.5 mln
NOTE: 1986 qtr and six mths excludes loss 171,000 dlrs and
358,000 dlrs, respectively, for loss from discontinued
operations.
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Shr 23 cts vs 14 cts
Net 611,000 vs 511,000
Revs 10.1 mln vs 4,380,000
NOTE: Latest year includes three cent per share loss from
discontinued operations while prev year includes seven cent per
share tax credit.
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The Federal Reserve will enter the
government securities market to supply reserves via either a
large round of customer repurchase agreements or by overnight
or possibly four-day system repurchases, economists said.
They said the Fed has a fairly large add need and is likely
to face the most reserve dislocations early in the new
statement period started today as corporate tax payments swell
Treasury balances at the Fed.
Fed funds hovered at 6-3/4 pct after averaging 6.80 pct
yesterday.
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Southland Corp's subsidiary Citgo
Petroleum said it raised its posted prices for crude oil across
the board by 50 cts a barrel, effective June 17.
Citgo said its new posting for West Texas Intermediate and
West Texas Sour is 19 dlrs a barrel. Light Louisiana Sweet is
now posted at 19.35, the company said.
Reuter
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Hollinger Inc said it completed the
previously reported acquisition of privately held Unimedia Inc,
the owner of three French language daily newspapers and four
printing plants in Ontario and Quebec.
The company, which owns 58 pct of (Daily Telegraph Plc)
said it named former Carling O'Keefe Ltd chief executive Pierre
Des Marais as chief executive of La Societe Media Quebec, the
unit acquiring Unimedia.
It said his appointment is effective July 2.
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Shr 52 cts vs 62 cts
Net 10,884,000 vs 12,891,000
Revs 133.3 mln vs 128.8 mln
Avg shrs 21,017,000 vs 20,845,000
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Murphy Oil said it increased its crude
oil posted prices by 50 cts a barrel, effective June 17.
The company said its new posting for West Texas Intermediate
and West Texas Sour is 19 dlrs a barrel.
Light Louisiana Sweet crude is now 19.35 dollars a barrel,
the company said. Increases follow a general trend in the
industry started yesterday by Sun Co.
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Phillips Petroleum Co said it raised
its crude oil posted prices for West Texas Intermediate and
West Texas Sour by 50 cts a barrel, effective June 17.
The company said the new posted price for WTI and WTS is 19
dlrs a barrel. The increase is in reaction to Sun Co raising
postings similarly yesterday.
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Union Pacific Resources, formerly
Champlin Petroleum, said it raised posted prices for crude oil
by 50 cts a barrel, effective yesterday.
The price increase brings West Texas Intermediate, the U.S.
benchmark grade, to 19.00 dlrs a barrel.
The posted price increase follows a similar move by several
other oil companies.
Sun Co was the first to raise crude oil postings yesterday
afternoon and today many other companies are following.
The last price increase made by oil companies was around
May 22.
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Italy's overall balance of payments showed
a deficit of 3,211 billion lire in May compared with a surplus
of 2,040 billion in April, provisional Bank of Italy figures
show.
The May deficit compares with a surplus of 1,555 billion
lire in the corresponding month of 1986.
For the first five months of 1987, the overall balance of
payments showed a surplus of 299 billion lire against a deficit
of 2,854 billion in the corresponding 1986 period.
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Becor Western Inc said its
reconvened shareholders meeting has been adjourned to 1000 CDT
June 30.
The company had previously announced plans to again adjourn
the meeting following receipt of a renewed offer from Lynch
Corp <LGL> yesterday.
The meeting was originally convened on June four when
shareholders approved the sale of Becor's Western Gear Corp
subsidiary before adjourning. The remaining matter to be
presented is the proposed acquisition of Becor by BCW
Acquisition Inc, now one of four offers for the company./
Reuter
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Italy's overall balance of payments showed
a deficit of 3,211 billion lire in May compared with a surplus
of 2,040 billion in April, provisional Bank of Italy figures
show.
The May deficit compares with a surplus of 1,555 billion
lire in the corresponding month of 1986.
For the first five months of 1987, the overall balance of
payments showed a surplus of 299 billion lire against a deficit
of 2,854 billion in the corresponding 1986 period.
REUTER
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Coastal Corp <CGP> said it raised the
postings of crude oil 50 cts a barrel across the board,
effective yesterday, June 17.
The new price for West Texas Intermediate is 19.00 dlrs a
barrel. For West Texas Sour the new price is 18.10 dlrs a
barrel.
Reuter
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The Federal Reserve entered the
government securities market to supply temporary reserves
indirectly via two billion dlrs of customer repurchase
agreements, a spokesman for the New York Fed said.
Fed funds were trading at 6-3/4 pct when the Fed began
its action.
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Permian Corp, a subsidiary of National
Intergroup, said it raised its crude oil postings by 50 cts a
barrel, effective June 17.
the company said its new posted price for West Texas
Intermediate and West Texas Sour is 19 dlrs a barrel, while
Light Louisiana Sweet is now 19.35. The price hike follows
other increases industrywide.
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qtr ended March 31
Shr 74 cts vs 79 cts
Net 4,069,000 vs 3,458,000
Revs 173.2 mln vs 120.8 mln
Year
Shr 2.65 dlrs vs 2.73 dlrs
Net 13.3 mln vs 11.9 mln
Revs 618.4 mln vs 520.7 mln
NOTE: Full name is Standard Commercial Tobacco Co.
Latest qtr and year includes tax loss carryforwards of
771,000 dlrs and 1,042,000 dlrs, respectively, and a loss of
613,000 dlrs for discontinued operation. Prev qtr and year
includes tax loss carryforwards of 469,000 dlrs and 1,902,000
dlrs, respectively.
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Petro-Canada, a state-owned oil
company, raised the posting prices of sweet and sour crude oils
32 cts Canadian per barrel, effective today, the company said.
The change brings the price of light sweet crude to 26.50
dlrs Canadian per barrel and the price of light sour crude to
23.77 dlrs Canadian a barrel. The crude oils are from
Edmonton/Swann Hills.
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The U.K. High Court dismissed an appeal
by Rio Tinto-Zinc Corp Plc's <RTZL.L> RTZ Oil and Gas Ltd unit
and ruled that the financial provisions a company makes for the
future cost of abandoning an oil field are not tax deductible,
the Press Association reported.
The company was appealing against a decision of the Tax
Commissioners that any such provision was a capital
expenditure, not a revenue expenditure, and was not deductible.
The court was told that since 1976 the company had made an
annual provision of around 750,000 stg for the eventual cost of
abandoning a rig.
An RTZ spokesman said the ruling was not worrying as the
subsidiary had assumed that the provisions were not deductible
from corporation tax payable.
It would have been a bonus if the company had won but all
budgeting had been on the assumption that it would not, he
said.
Oil analysts said that RTZ's assumption of liability was
shared by the industry as a whole.
The ruling appeared to mean that tax relief on the
expensive process of abandoning rigs would apply when the
expense occurred, not when provisions for future expenses were
built into the accounts, one analyst added.
Reuter
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Southmark Corp said it acquired Berg
Ventures Inc, which manages 84 apartment complexes with over
18,000 units and 12 shopping centers stretching from New Jersey
to Florida that are controlled or affiliated with Berg Harmon
Associates. Terms were not disclosed.
Southmark said the acquisition makes it the nation's
largest apartment management firm with over 100,000 units under
its wing. Southmark also said it has become the managing
partner of Berg Harmon Associates. Over 3,000 Berg Harmon
Limited partners have made capital investments of over 300 mln
dlrs in the properties now managed by Southmark.
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KLM NET PROFIT DECLINES IN 1986/87 YEAR
AMSTERDAM, June 18
Year ended March 31
Net profit 301 mln guilders vs 312 mln
Profit per 20 guilder nominal ordinary share 5.93 guilders
vs 6.14 on unchanged 50.85 mln shares.
Operating revenues 5.38 billion guilders vs 5.85 billion.
Profit on sale of fixed assets 23 mln guilders vs 62 mln.
Dividend eight pct or 1.60 guilders per ordinary share vs
same, and five pct vs same for priority and preferential
shares.
Costs including depreciation 5.08 billion guilders vs 5.59
billion.
Financial charges 34 mln vs 33 mln.
Profit from participations 11 mln vs 15 mln.
Extraordinary gain one mln vs nil.
Note: The company was not required to pay corporation tax
in the 1986/87 book year thanks to fiscal compensation
possibilities. The full company name is Koninklijke Luctvaart
Maatschappij NV <KLM.AS>.
KLM released provisional figures on May 26.
These were -
Net profit 301 mln guilders vs 312 mln.
Operating revenues 5.4 billion guilders vs 5.9 billion.
Reuter

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May Department Stores Co said it
terminated an agreement with Allied Stores Corp to buy from
Allied the four Dey Brothers Stores in Syracuse, N.Y.
May and Allied said conditions necessary for the closing
were not met.
May had planned to make the acquisition an expansion of its
Sibley's Department Store Co, which operates in Syracuse,
Rochester and Buffalo, N.Y.
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Unocal said it raised its postings for
crude oil by 50 cts a barrel, effective June 17. The company
said it is now posting West Texas Intermediate and West Texas
Sour at 19 dlrs a barrel.
Unocal said its new Light Louisiana Sweet posted price is
19.35 dlrs a barrel. the price move follows a wave of increases
initiated by Sun Co yesterday.
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Ecuador posted a trade surplus of 10.6 mln
dlrs in the first four months of 1987 compared with a surplus
of 271.7 mln in the same period in 1986, the central bank of
Ecuador said in its latest monthly report.
Ecuador suspended sales of crude oil, its principal export
product, in March after an earthquake destroyed part of its
oil-producing infrastructure.
Exports in the first four months of 1987 were around 639
mln dlrs and imports 628.3 mln, compared with 771 mln and 500
mln respectively in the same period last year.
Exports of crude and products in the first four months were
around 256.1 mln dlrs, compared with 403.3 mln in the same
period in 1986. The central bank said that between January and
May Ecuador sold 16.1 mln barrels of crude and 2.3 mln barrels
of products, compared with 32 mln and 2.7 mln respectively in
the same period last year.
Ecuador's international reserves at the end of May were
around 120.9 mln dlrs, compared with 118.6 mln at the end of
April and 141.3 mln at the end of May 1986, the central bank
said. gold reserves were 165.7 mln dlrs at the end of May
compared with 124.3 mln at the end of April.
Reuter
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Diamond Shamrock R and M said it raised
its crude oil contract prices by 50 cts a barrel, effective
June 17.
The company said its new posting for West Texas
Intermediate crude is 19 dlrs a barrel. The price increase
follows similar moves by several other companies.
Reuter
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Xerox Corp's affiliate Rank Xerox Ltd
said it signed a definitive agreement to sell its Rank Xerox
South Africa Pty Ltd affiliate to Altron Group <ALRN.O>, for
undisclosed terms.
Xerox said the preliminary agreement to sell the affiliate
to Fintech, an Altron unit, had been reached in March. Xerox
said completion of the sale awaits approval of Fintech
shareholders and a review by the Johannesburg Stock Exchange.
Rank Xerox South Africa was founded in 1964 as a wholly
owned unit of Rank Xerox, the Xerox affiliate that manufactures
and markets Xerox products in the Eastern Hemisphere.
Rank Xerox said that of the 800-man workforce of Rank Xerox
South Africa, 40 pct are black, colored or Asian. The company
will become a wholly owned unit of Altron.
Reuter
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Qtr ended June 7
Shr six cts vs 17 cts
Net 1,332,000 vs 3,658,000
Sales 58.3 mln vs 51.6 mln
Nine mths
Shr 40 cts vs 25 cts
net 8,875,000 vs 5,034,000
Sales 158.4 mln vs 133.6 mln
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Qtr ended May 2
Oper shr profit three cts vs loss five cts
Oper net profit 115,000 dlrs vs loss 152,000
Revs 7,652,000 vs 4,279,000
Six mths
Oper shr profit ten cts vs loss 34 cts
Oper net profit 342,000 vs loss 1,149,000
Revs 14.0 mln vs 7,398,000
Note: oper data does not include extraordinary gain of
28,000 dlrs, or one ct per shr, in 2nd qtr 1987 or or 118,000
dlrs, or four cts per shr, in six mths.
Reuter
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March 31 end
Shr profit 14 cts vs loss two cts
Net profit 345,544 vs loss 48,097
Sales 1,032,224 vs 514,656
Avg shrs 2,420,925 vs 2,289,925
1st half
Shr profit 21 cts vs profit nil
Net profit 496,714 vs profit 5,602
Sales 1,649,860 vs 1,099,379
Avg shrs 2,407,334 vs 2,222,591
NOTE: Prior half net includes 1,849 dlr tax credit.
Reuter
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Shr loss three cts vs loss three cts
Net loss 78,456 vs loss 95,812
Sales 513,607 vs 283,043
Avg shrs 3,106,000 vs 2,933,333
Reuter
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The European Community (EC) accused the
United States of violating a political commitment to free trade
through practices including a tax on imported gasoline and a
customs user fee.
EC ambassador Tran Van-Thinh made the formal charge to the
surveillance body of the General Agreement on Tariffs and Trade
(GATT), GATT spokesman David Woods told reporters.
Woods also said the EC was joined by the United States in
criticising Brazil for extending its list of products for which
import licenses have been temporarily suspended, so as to
improve its balance of payments.
The United States charged Japan with violating GATT rules
by restricting imports of agricultural products through an
import licensing system. The United States asked for
consultations with Tokyo on the issue.
Tran charged that the trade measures contravened a
political commitment to halt and reverse trade barriers,
pledged by ministers in Punta del Este last September.
When ministers established the four year Uruguay round to
negotiate freer trade in 13 areas, they set up the GATT
surveillance body to monitor this commitment, known in GATT
jargon as "standstill and rollback."
Tran criticised Washington for the "superfund" tax on oil
imports, a customs user fee, and the removal of a special
machine tool (known as category FSC34) from its government
procurement list for reasons of national security.
Warren Lavorel, a U.S. Trade official, defended the
policies, saying they did not violate GATT trade rules.
The surveillance body will send a record of today's talks
to the Trade Negotiating Committee, which oversees the round,
to decide any further action on the charges.
The oil tax and customs user fee have already been the
subject of formal GATT dispute panels set up outside the
Uruguay Round to rule on the legality of the practices.
The ruling GATT Council yesterday adopted a dispute panel's
report and ruled that the U.S. Superfund tax on oil imports
breached trade rules. It called on Washington to modify its
legislation.
Mexico and Canada, along with the European Community,
brought the dispute to the GATT last year.
Reuter
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Conoco Inc, a subsidiary of duPont
deNemours <DD>, said it raised the contract price it will pay
for all grades of crude oil 50 cts a barrel, effective
yesterday.
The increase brings Conoco's posted price for West Texas
Intermediate to 19.00 dlrs a barrel. The West Texas Sour grade,
at 34 API, now stands at 18.10 dlrs a barrel. Light Louisiana
was also raised 50 cts to 19.35 dlrs barrel.
Conoco last changed its crude postings on May 21.
Reuter
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Allegheny International Inc said it
has sold its Chemetron Railway Products Inc, True Temper
Railway Appliances Inc and Allegheny Axle Co units to
newly-formed Chemetron Railway Products Inc for undisclosed
terms.
It said the new company was formed by senior management of
the three railway product units and Kleinwort Benson Group of
London.
Reuter
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Rio de Janeiro's 3,500
dockworkers went on strike for an indefinite period today to
demand wage increases, a spokesman for the dockers said.
The Rio dockers did not get support from their colleagues
in Santos, Brazil's main port, but the spokesman said they
would not return to work unless their demands were met.
Earlier this week, some 65,000 dockworkers cancelled a
scheduled national strike to pressure port officials to give
them a wage increase and other benefits.
A Rio port spokesman said the halt would cause daily losses
of about 100,000 U.S. dlrs.
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Kelley Oil and Gas Partners Ltd said it
has agreed to purchase all of CF Industries Inc's oil and
natural gas properties for about 5,500,000 dlrs, effective July
1.
It said the Louisiana properties had proven reserves at
year-end of 11 billion cubic feet of natural gas and 85,000
barrels of oil, condensate and natural gas liquids.
Kelley said it currently owns working interests in some of
the properties.
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Leaseway Transportation Corp said it
has completed the previously-announced sale of its Leaseway of
Puerto Rico Inc subsidiary to Caguas Central Federal Savings
Bank for undisclosed terms.
The company said the sale satisfied a condition for its
proposed acquisition by an investor group led by Citicorp <CCI>.
Reuter
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<Magellan Corp> said its shareholders
approved the merger of Magellan with <Balzec Investments Inc>,
a privately held company based in Dallas.
Magellan, a company without operations that was formed to
acquire an operating entity, said it plans to engage in the
development and marketing of a battery charger product owned by
Balzac.
Magellan did not disclose the terms of the agreement.
Following the merger, Balzac shareholders will hold 80 pct
of the outstanding stock of Magellan, the company said.
Magellan said it will be the surviving corporation
following the merger.
The companies said they expect the merger will occur after
the declaration of effectiveness of an amendment to Magellan's
registration statement relating to its common stock purchase
warrants and the underlying shares.
Reuter
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GenCorp said its agreement to sell
its RKO Pictures subsidiary to a management group has been
terminated because the group could not raise the necessary
financing.
The company said it will again seek buyers for the unit and
its library of over 750 films.
Reuter
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Rio de Janeiro's 3,500
dockworkers went on strike for an indefinite period today to
demand wage increases, a spokesman for the dockers said.
The Rio dockers did not get support from their colleagues
in Santos, Brazil's main port, but the spokesman said they
would not return to work unless their demands were met.
Earlier this week, some 65,000 dockworkers cancelled a
scheduled national strike to pressure port officials to give
them a wage increase and other benefits.
A Rio port spokesman said the halt would cause daily losses
of about 100,000 U.S. Dlrs.
Reuter
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Britain's Defence Minister George Younger
said the U.S. Was unfairly protecting its defence industry, and
this could lead to British firms demanding counter-measures.
Younger told a U.S. Chamber of Commerce meeting that U.S.
Legislators were failing to realise "the true nature of the
two-way street in terms of ideas, technology and equipment.
A British parliamentary report said that up to March
British firms had been awarded just 34 mln dlrs worth of
contracts for the Strategic Defence Initiative, compared with
the 1.5 billion dlrs Britain had hoped to secure.
The committee said U.S. Technology export restrictions and
"selectiveness" towards foreign contractors had denied British
competitors more lucrative orders and largely excluded them
from technological research for SDI.
Younger said London had given U.S. Companies contracts
under conditions of fair and open competition. "All we ask is
for our companies to be given similar opportunities," he added.
If new American legislation aimed at curbing unfair
subsidies was used to exclude foreign suppliers it would not be
surprising if British firms pressed for retaliatory measures,
Younger said.
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Shr 36 cts vs 28 cts
Net 2,002,000 vs 1,518,000
Sales 166.0 mln vs 159.5 mln
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Second quarter ended May 31.
Shr 27 cts vs NA
Net 3,560 mln vs 2,389,000
Six mths
Shr 57 cts vs NA
Net 7,881,000 vs 5,415,000
NOTE: Year-ago per shr figures not available as bank
converted to stock ownership April 29, 1986.
1987 2nd quarter and six mth net excludes 2,288,000 dlrs or
17 cts a share and 4,648,000 dlrs or 33 cts a share,
respectively, for tax carryforwards.
1986 2nd qtr and six mth net excludes 667,000 dlrs and
3,043,000 dlrs, respectively, for tax carryforwards.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Pennwalt corp said it has agreed in
principle to acquire a line of fungicides, insecticides and
herbicidesand related manufacturing facilities from Le
Raffineries de Soufre Reunies of Marseilles for undisclosed
terms, subject to approval by bothe boards and government
authorities.
The company said the acquired products are sold mostly in
FRance for use on grapevines, wheat and sugar beets and sales
are about 40 mln dlrs annually.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Leader Development Corp said
shareholders at the annual meeting approved the acquisition of
privately-held Clinton American Corp and two related
partnerships for 3,450,000 common shares, with the transaction
to be accounted for as a pooling of interests.
The company said Clinton president F. Daniel Ryan will
become president of Leader.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Cheyenne Resources Inc said it
purchased interests in four producing oil and gas properties
for 2,240,000 shares of the company's restricted stock.
The largest interest was 25 pct of an oil and gas well in
Weld County, Colo, the company said. Cheyenne said it had five
pct or less interest in the three other properties.
Cheyenne said it should realized 10,000 dlrs net income
monthly at the properties' current production levels.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
Crane Co said it acquired certain
assets of Chicago Heater Co Inc, a wholly owned subsidiary of
the <Marley Co>.
The terms of the transaction were not disclosed.
Chicago Heater will be intergrated with Crane's Cochrane
Environment Systems division, the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The European Community (EC) has increased
the size of two special export tenders for British and West
German feed wheat held in intervention stores and included
South Korea as an acceptable destination, traders said.
The tender was originally for 120,000 tonnes of British and
120,000 tonnes of West German feed wheat for shipment only to
Poland.
But now both tranches have been increased by 50,000 tonnes
to 170,000 tonnes with South Korea added as a possible
destination. Both tenders are open from June 24.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Canada's bank rate rose marginally to
8.59 pct from 8.58 pct last week, Bank of Canada said.
The bank rate is set one-quarter percentage point above the
average yield on the weekly issue of 91-day treasury bills.
This week's yield was 8.34 pct, compared with the previous
week's 8.33 pct.
Tenders were accepted for 2.20 billion dlrs of 91-day bills
at an average price of 97.963 dlrs against 97.965 dlrs last
week.
The 1.20 billion dlrs of 182-day bills were priced at an
average 95.852 dlrs against 95.779 dlrs last week, to yield an
average 8.68 pct against 8.84 pct last week.
The 500 mln dlrs of 364-day bills were priced at an average
91.712 dlrs against 91.529 dlrs last week, to yield an average
9.06 pct against 9.28 pct last week.
Tenders will be received next week for 2.20 billion dlrs of
91-day bills, 1.20 billion dlrs of 182-day bills and 500 mln
dlrs of 364-day bills.
Reuter
| [
0,
0,
0,
0,
0,
1,
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0,
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]
|
Pengo Industries Inc said it
has agreed to sell its Wireline Products Manufacturing Division
in Fort Worth, Texas, Wireline Services Division operations in
several locations and Pengo International Inc subsidiary to
John Wood Group PLC for undisclosed terms.
The company said the Wireline Services operations being
sold are in Lafayette, Houma and Harvey, La., Alvin, Odessa and
Longview, Texas, and Moore, Okla.
Pengo said its Kuykenball Slickline operation in Moore and
surplus wireline equipment operations in fort Worth and
Cleburne, Texas, will be sold separately.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
The EC Commission cereals management
committee rejected all bids for licences to export free market
Spanish barley to non-EC countries, trade sources said.
The licence requests were for 35,000 tonnes at between 143
and 145 European Currency Units (ECUs), they said.
This tender was part of a special tender for 500,000 tonnes
of Spanish barley.
The sources said there had been no bids for licences for
free market soft wheat and non-Spanish barley exports to non-EC
countries.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Magic Years Child Care and
Learning Centers Inc said it signed a letter of intent to
acquire three profitable day care centers in south central
Pennsylvania for a total price of 350,000 dlrs.
The three privately owned centers had aggregate revenues of
474,000 dlrs in 1986, with profits of six thousand dlrs, the
company said.
The transaction is scheduled to close in early July, the
company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
<CBC Bancorp Inc> said it will
be acquired by the Memphis-based Union Planters Corp <UPCM.O>
in a merger agreement.
Details were not disclosed.
CBC, which is the holding company which owns Cookeville's
Citizens Bank, said it has signed an agreement which would
merge CBC with Union, which has 2.2 billion dlrs in assets.
According to CBC, Union reported shareholders equity of
nearly 190 mln dlrs for the period ending March 31.
CBC said the merger will not affect Citizens Banks' name,
management, board of directors or employees.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
TIE/Communications Inc said it
has renewed agreements to sell its GTE Corp <GTE>, Bell
Atlantic Corp <BEL>, NYNEX Corp <NYN> and US West Inc <USW> for
two years.
The company is providing small to mid-siezed key telephone
systems to GTE and key systems, hybrids and DATA STAR PABX
systems to the others.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Ronald Perelman, head of Revlon Group
Inc <REV>, may be trying to ignite a bidding war for Gillette
Co that could draw some big international players and in the
process make a lot of money for himself, Wall Street analysts
said.
Several hours before a regularly scheduled board of
directors meeting, Gillette disclosed that Perelman requested
consent of its board for an offer of at least 40.50 dlrs per
share. Perelman needed the consent because he agreed in
November not to buy stock for 10 years without permission.
"I think Ronald Perelman is less interested in Gillette and
more interested in putting Gillette into play because he stands
to make a ton of money," said Andrew Shore, analyst at Shearson
Lehman Brothers Inc. "In play" is a term used on Wall Street to
describe what happens when a company becomes an unwiling
takeover target.
Shore noted that according to the 1986 agreement Revlon
gets paid if there is any acquisition of Gillette through
November of this year at a price higher than 29.75 dlrs per
share. Gillette rose three to 40 today, following a gain of
three yesterday.
The agreement would be calculated on the basis of
Perelman's previous holding of 18.4 mln shares, adjusted for a
split. For example, a deal between Gillette and some other
company at 44 dlrs per share would make Revlon richer by 262
mln dlrs under the formula. Neither Perelman nor his spokesmen
returned telephone calls seeking comment.
"Revlon stands to make a substantial amount of money if
someone else takes over Gillette," said Analyst Deepak Raj of
Merrill Lynch and Co. "I'm not saying that is going to happen
but Gillette is an undervalued stock with a breakup value of 45
dlrs per share."
Shore of Shearson Lehman said there are a couple of reasons
why Perelman may not be really interested in acquiring
Gillette. He said Perelman, in the process of taking Revlon
private after acquiring control of the cosmetics company two
years ago, probably wants to concentrate on improving Revlon's
operations. "He's trying to overhaul and improve the image of
the dearptment store business." Another reason is that Revlon
has recently made two other acquisitions.
Under those circumstances, Shore would not be surprised if
some company such as Unilever plc <UN.AS> or Procter and Gamble
Co <PG> decided to take a look at Gillette.
Shore mentioned half a dozen other potential buyers for
Gillette including Sir James Goldsmith, Hanson Trust plc <HAN>,
RJR Nabisco Inc <RJR>, American Brands Inc <AMB> and Ralston
Purina Co <RAL>.
"Perelman is trying to put the company in play," said a
Wall Street arbitrageur. "He gets to share in the upside if the
company is sold." Another arbitrageur said he expects Gillette
to resist Perelman's overture. "I can't see the board
consenting, what has changed between November and now," he
said.
Another arbitrageur said he was not sure what was going on.
"Perelman never does anything without a fair amount of
calculation," he said. But he added, "The Gillette board has to
be careful. They just can't say no or they'll be sued by
shareholders." Gillette's board was still meeting at 1700 EDT,
three and one-half hours after the scheduled starting time.
According to a copy of Perelman's letter released by
Gillette, he would be prepared to sign a defnitive merger
agreement without any financing condition. He said Citibank
N.A. is his lead lender and First Boston Inc is his financial
adviser.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 58 cts vs 38 cts
Net 4,628,650 vs 3,041,407
Revs 45.0 mln vs 28.1 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
China has added 30,000 tonnes of U.S.
corn to its previous commitments, according to the U.S.
Agriculture Department's latest Export Sales report.
The report, covering transactions in the week June 11, the
additional corn resulted from changes in destinations.
Total corn commitments for delivery in the 1986/87 season
amount to 1,083,400 tonnes.
Reuter
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Period ended May 31
Shr loss five cts vs loss 11 cts
Net loss 306,007 vs loss 102,420
Sales 110,522 vs 10,105
NOTE: Full name is Data Med Clinical Support Services Inc
Per-share data adjusted for three-for-one stock split
payable June 30, 1987
The only sales reflected in fiscal 1987 period are sales
recorded subsequent to the May 22, 1986 acquisition of the
assets of a predecessor company by Data Med
Reuter
| [
0,
0,
0,
1,
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0,
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0,
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]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
Carter Hawley Hale Stores Inc said
it has set June 29 as the record date for shareholders voting
on the company's proposed restructuring at its annual meeting.
The company has yet to set a date for the meeting, but has
said it will be held before the end of August.
Under the proposal, Carter Hawley would split into a
specialty store company and a department store company.
Shareholders would get 17-dlrs in cash and a share in each
of the two new companies for each existing common share they
hold. The restructuring was announced in December, after Carter
Hawley rejected a buy-out offer by Retail Partners.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Allegheny International Inc said it
sold three of its industrial units which served the railroad
industry to <Chemetron Railway Products Inc>, a senior
management group of Allegheny.
Terms of the transaction were not disclosed.
Included in the sale were Chemetron Railway Products, True
Temper Railway Appliances Inc and Allegheny Axle Co, the
company said.
The three units include 12 plants throughout the U.S., the
company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
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0,
0
]
|
Sen. Tom Harkin, D-Iowa, defended his
controversial mandatory supply control farm bill and said U.S.
farmers should be allowed to vote in a referendum whether they
approve of the proposal.
The Harkin proposal would set loan rates of 5.17 dlrs per
bushel for wheat, 3.77 dlrs for corn and 9.32 dlrs for
soybeans, all to be put in effect under strict controls on
planted acreage reductions. Present loan rates are 2.28 dlrs
for wheat, 1.92 for corn, and effectively 4.56 for soybeans.
Also under the plan, the U.S. would seek a world market
sharing cartel with the European Community and other exporting
nations, to share-out export markets, Harkin said during the
first of several Senate Agriculture subcommittee hearings
examining farm programs.
Harkin made the following claims in testimony on his
"Family Farm Act."
-- The mandatory control bill would increase farm income
and reduce government spending on agriculture.
-- Harkin said his policy of high price supports would not
ruin U.S. agricultural exports as critics claim, but would
increase overall revenue from exports.
This would be done by seeking agreement among major
exporting countries including the European Community on market
sharing at agreed high prices.
Sen. Christopher Bond, R-Mo., countered during the hearing
that such a grain export cartel is not workable.
-- Harkin acknowledged that higher commodity price supports
would be passed onto consumers, but he said high food prices
stem more from "gouging" by food processing companies than from
high farm product prices.
Harkin cited what he termed "excessive" net returns on
equity over five years of 33.4 pct at Kellogg, 31.9 pct
Monfort, 22.8 pct Nabisco, 22.8 pct ConAgra, 21.2 pct H.J.
Heinz, 19.1 pct Ralston Purina, 17.2 pct Pillsbury and 16.7 pct
Quaker Oats.
-- Harkin said a "legitimate" concern about his bill would
be the impact of higher prices on livestock producers.
He said as a transition to the higher prices, he would
allow livestock producers to purchase Commodity Credit Corp.
grain stocks for three years.
Thereafter, livestock farmers would benefit from a
"predictable and stable" grain price, he said.
-- Harkin said that under his policy approach farm
participation would be no more "mandatory" than the current
farm program. He said farmers now must participate in farm
programs in order to receive credit for planting and to protect
farm income.
Reuter
| [
0,
1,
0,
0,
1,
0,
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]
|
Nova Corp is considering a
takeover bid for Dome Petroleum Ltd, either alone or as part of
a consortium, Nova chairman Bob Blair said.
"We are thinking about making an offer to Dome or Amoco
(Canada Petroleum Co Ltd) or the creditors," Blair told
reporters before the annual meeting. Amoco Canada is a unit of
Amoco Corp <AN>, which has made a 5.2 billion-dlr acquisition
offer for Dome.
"There is ongoing, serious thought applied to Dome in Nova
and in Husky, but no decision of substance as to future action
has been taken in either company," Blair said. Nova owns 43 pct
of Husky Oil Ltd <HYO.TO>.
Blair also said that Nova has made no decision as to
whether it would want to be lead partner in a joint purchase of
Dome.
He added that some of the discussions with other parties
about Dome included TransCanada PipeLines Ltd <TRP>, but
refused to name the other participants.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
WEDGE Group Inc, a Houston investment
firm, said it raised its stake in TVX Broadcast Group Inc to
682,419 shares, or 15.1 pct of the total outstanding common
stock, from 559,219 shares, or 12.4 pct.
In a filing with the Securities and Exchange Commission,
WEDGE said it bought 123,200 TVX common shares at prices
ranging from 8.00 to 10.625 dlrs a share.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
A group including members of the
Sobey family of Nova Scotia and Empire Company Ltd, said it
raised its stake in Nash Finch Co to 442,498 shares, or 8.6 pct
of the total outstanding, from 374,498 shares, or 7.3 pct.
In a filing with the Securities and Exchange Commission,
the group said it bought 68,000 Nash Finch common shares
between April 7 and June 17.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Japan's trade surplus is likely to
continue to grow in 1987, as sales of Japanese goods abroad
increase while domestic demand remains sluggish, the
Organization for Economic Cooperation and Development (OECD)
said.
In its latest half-yearly review of the world economy, the
OECD said Japan managed to considerably reduce its surplus last
year, when domestic demand grew by four pct in 1986 while
export markets rose by only two pct.
But it said this differential between the growth of
domestic and foreign demand would reverse in 1987 and 1988,
"thus weakening the international adjustment process."
It forecast a slowing in domestic growth to little over two
pct but with a rise in exports of 3.3 pct in 1987 and 3.6 pct
in 1988. As a result, the current account surplus in 1987 will
rise to 95 billion dlrs from 86 billion in 1986, although in
1988 it should fall back to 87 billion dlrs.
The OECD outlook did not take account of the 6,000 billion
yen package announced last month to stimulate domestic demand
and increase imports to Japan. However, OECD officials said the
measures will significantly strengthen domestic demand, quite
possibly exceeding one pct GNP when the full effects have
worked through, and thus will provide some stimulus to imports.
The OECD outlook said, "Continued large current account
surpluses and the further build-up of an already-substantial
net external asset position could well lead to upward pressure
on the yen." It said that further appreciation could then lead
manufacturers to postpone their investment plans and thus
weaken domestic growth.
The OECD said Japan's Gross National Product was likely to
gorw an annual two pct in 1987 and 1988, below 1986's 2.5 pct
growth. But it said Japan would continue its good performance
on inflation, with a zero figure expected in 1987 compared to a
0.6 pct rise in consumer prices last year.
Reuter
| [
0,
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0,
0,
0,
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]
|
U.S.-Canadian ties could worsen if
the two nations are unable to reach a free trade pact,
according to a study published by two nonpartisan public policy
research groups.
The Cato Institute of Washington and the Fraser Institute
of Vancouver said removing the remaining tariffs on cross
border trade would benefit both countries.
But Cato chairman William Niskanen added "the two nations'
generally harmonious trade relations are probably not
sustainable without a new agreement."
The United States and Canada, whose cross-border trade
totaled about 125 billion dlrs last year, have been holding
talks since last June on a pact to end the few trade barriers
remaining between their two countries.
The U.S. put a deadline on the talks of October 1, but both
sides have said an agreement is likely despite tough bargaining
remained.
Niskanen said if no pact is reached, bilateral trade ties
could deteriorate because of Congressional pressure on
President Reagan to implement trade laws more aggressively, and
this could hit some Canadian trade practices.
He noted Canada is seeking foreign investment in its auto
industry, which could put strains on the considerable bilateral
free trade in U.S. and Canadian autos and parts.
Niskanen also said the Canadian government is vulnerable to
a resurgence of economic nationalism which could restrict U.S.
exports to Canada.
A free trade pact, backed by President Reagan and Prime
Minister Brian Mulroney, would open new markets for Canada and
enable its industries to achieve economies of scale, which
would also help it widen exports worldwide, he said.
It would also increase the gross national products of both
countries.
Niskanen said the goal of a pact should be to end all
tariffs within 10 years, lower subsidies on exports, set rules
for trade in services and investments, end curbs on government
procurement and agree ways to resolve trade disputes.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Period ended May 2
Shr loss four cts vs loss three cts
Net loss 397,000 vs loss 330,000
Revs 32.1 mln vs 30.4 mln
Note: Full name Mark's Work Wearhouse Ltd.
Reuter
| [
0,
0,
0,
1,
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0,
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]
|
Robert Fildes, president and chief
executive of Cetus Corp <CTUS.O>, told Reuters that Squibb Corp
is not interested in buying Cetus.
Earlier the companies said Squibb would buy from Cetus a
five pct equity postion in Cetus for about 40 mln dlrs.
"This is not an attempt by Squibb to become a major
majority holder in Cetus," Fildes told Reuters in an interview.
"Squibb has not approached us with any indication that they
want to acquire us and we wouldn't be interested in that kind
of arrangement," said Fildes.
Squibb could not be reached to comment on the late comments
by Fildes.
Squibb is Cetus' first pharmaceutical partner and the only
one to own an equity position in Cetus. Eastman Kodak Co <EK>
and W.R. Grace <WR> both have joint ventures with Cetus, but
neither owns an equity position in the company, said Fildes.
Cetus has a venture with Kodak to develp diagnostic
products and with Grace to develop agricultural products.
Earlier, Squibb and Cetus announced in a joint statement
an agreement in principle to form a joint venture to develop
new biotechnology products in several fields.
As part of the deal Squibb will license several of Cetus'
anticancer agents, including interleukin-2, in development.
Squibb will sell the drugs only in Japan and other markets but
not in North American and Western Europe.
"We wouldn't have done this deal had it not been understood
that Cetus wants to build its own fully integrated business in
North America and Europe," said Fildes.
He said Squibb was the good partner because Squibb has a
major joint venture in Japan and has sales capabilities of its
own in that market.
Fildes said Cetus has shunned licensing arrangements with
pharmaceutical companies because it wanted to build its own
business. Many large corporations have invested in small
biotech firms.
But Squibb's investment in Cetus is the first it has made
in biotechnology. Fildes said that was attractive to Cetus
because it wanted a partner that didn't have a relationship
with a large number of other biotechnology companies."
Fildes said his strategy was to have partners in non drug
areas like diagnostics and agriculture, but to "keep the
biggest developments in anticancer drugs to ourselves."
Fildes said the partnership with Squibb would be used to
broaden the company's reach in such big money making areas
as the cardiovascular, anti-infective and the anti-inflammatory
markets.
Squibb is also investming 75 mln dlrs in Cetus' research
over the next five years.
"Squibb is putting up over 75 mln dlrs in research and
development to make it happen, while the equity position part
of the package is simply to demonstrate the seriousness of this
partnership," said Fildes.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr four cts vs four cts
Net 1,180,000 vs 902,000
Revs 146.9 mln vs 37.0 mln
Avg shrs 33 mln vs 23.9 mln
NOTE: Company changed its fiscal year from December 31 to
the last day of February, thus results of operations for the
year-ago period have been restated to reflect this change.
Current first quarter includes results of operations of
Loews Theatre Management Corp which Tri-Star acquired December
31.
Reuter
| [
0,
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1,
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0,
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]
|
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
The Australia and New Zealand Banking
Group Ltd <ANZA.S> said it will cut its prime rate to 16.00 pct
from 16.50, effective June 22.
The cut takes the ANZ's prime to the lower end of the range
of prime rates being offered by Australian trading banks. The
highest rate is 17.50 pct.
The cut follows announcements of cuts yesterday by
<Citibank Ltd> to 16.00 pct from 16.5, effective today, and
<Commonwealth Bank of Australia> to 15.75 pct from 16.25,
effective June 24.
REUTER
| [
0,
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0,
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]
|
The Finance Ministry is still asking
financial institutions to limit speculative dollar dealings,
Finance Minister Kiichi Miyazawa told reporters.
He was responding to rumours in the New York currency
market overnight that the Ministry was reducing its pressure on
institutions to refrain from excessively speculative dollar
dealings.
REUTER
| [
0,
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]
|
New U.S. Banking data suggest the
Federal Reserve is guiding monetary policy along a steady path
and is not signalling any imminent change of course, economists
said.
But they also said that if money supply growth remains
weak, as this week's unexpected eight billion dlr M-1 decline
suggests it may, this could influence the Fed to loosen its
credit reins and move toward a more accommodative monetary
policy.
A Reuter survey of 17 money market economists produced a
forecast of a 600 mln dlr M-1 decline for the week ended June
8, with estimates ranging from a gain of one billion dlrs to a
decline of four billion. Instead, M-1 fell eight billion dlrs
to 745.7 billion dlrs at a seasonally adjusted annual rate.
Coming on the heels of a 4.3 billion decrease in M-1 for
the week ended June 1, this means the nation's money supply has
fallen more than 12 billion dlrs in the past two weeks,
economists said.
"M-1 has hit an air pocket of weakness," said Bill Sullivan
of Dean Witter Reynolds Inc.
While M-1 may have lost its significance as an indicator of
economic growth, Sullivan said Fed officials might be concerned
the latest drop in M-1 means another month of sluggish growth
in the broader monetary aggregates, M-2 and M-3, which are seen
as better gauges of economic growth.
Latest monthly M-2 and M-3 data showed that as of May, both
measures were growing at rates below the bottom of the Fed's
5-1/2 to 8-1/2 pct target ranges.
If money growth does not accelerate, Fed officials,
concerned that this indicates economic growth is flagging,
could turn toward easier monetary policy, economists said.
"Does this mean that the Fed abandons its current open
market position? No," Sullivan said. "But does this mean the end
of tightening for the time being? Definitely yes."
Economists said average adjusted discount window borrowings
of 385 mln dlrs for the latest two-week bank statement period
were lower than they had expected. Most believed the Fed had
targetted a two-week borrowings average of around 500 mln dlrs.
But they said that if it had not been for a large one-day
net miss in the Fed's reserve projections, the higher
borrowings target would probably have been reached.
A drop in May U.S. Housing starts and continued weakness in
auto sales show key sectors of the U.S. Economy are lagging,
while a recent modest 0.3 pct gain in May producer prices has
helped dispel inflation fears, Slifer said.
"If this continues, we can entertain the notion of Fed
easing at some point," he said.
Other economists said the Fed would probably pay little
attention to weak money supply growth. "It has been a number of
years since M-1 has given good signs of what's going on in the
economy," one said. "I don't think M-1 shows that the economy is
falling apart and the Fed should ease."
Economists agreed a stable dollar will continue to be a
prerequisite for any move by the Fed toward easier monetary
policy.
They said the Fed is reluctant to lower short-term rates
for fear this would spur expectations of a weaker dollar and
higher inflation which would push up long-term yields and choke
off econmomic growth.
But Sullivan said the dollar has been steady since late
April. "The Fed has to determine if this represents a
fundamental change for the dollar. If it does, then this gives
them more room to ease," he said.
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Shr profit six cents vs loss 10
Net profit 8.1 mln dlrs vs loss 7.1 mln
Sales 511.9 mln vs 397.8 mln
Avg shrs 97.0 mln vs 90.5 mln
YEAR
Shr loss 38 cents vs loss 1.10 dlrs
Net loss 24.6 mln dlrs vs loss 91.5 mln
Sales 1.87 billion vs 1.48 billion
Avg shrs 91.7 mln vs 89.8 mln
NOTE - Current year figure includes previously announced 15
mln dlr restructuring charge.
Figures include extraordinary credit from tax benefit of
4.2 mln dlrs in quarter vs 2.3 mln a year earlier and 4.2 mln
for year vs 5.6 mln year earlier.
The 1986 year net reflects 51.2 mln dlr gain from
cumulative effect of accounting change.
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U.S. Secretary of State George Shultz
warned members of the Association of Southeast Asian Nations
(ASEAN) they could no longer rely on increased exports to the
U.S. For growth.
"Given the importance of exports, particularly export
manufactures, to all of your countries, you are going to have
to work hard to diversify your markets," he said.
"While you may be able to maintain your current market share
in the U.S., You clearly will not be able to look to the U.S.
To take major increases in your exports," he added.
Shultz told the foreign ministers of Brunei, Indonesia,
Malaysia, the Philippines, Singapore and Thailand the U.S.
Would cut its huge foreign trade deficit more rapidly than many
now believed.
He said ASEAN's looming trade problems would not
necessarily stem from protectionist legislation now being
contemplated by Congress, "but simply because of the adjustments
the U.S. Economy will have to make in order to service our
large and growing external debt."
Shultz said the U.S. Deficit had resulted not from falling
exports but from higher imports that had fuelled world growth.
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Recent government moves to curb capital
inflow have temporarily helped to slow the rise of Taiwan's
foreign exchange reserves and to stabilise the local dollar
against the U.S. Currency, officials and bankers said.
Central bank governor Chang Chi-Cheng told reporters the
reserves rose only about 500 mln U.S. Dlrs in the past two
weeks and the local dollar appreciated more slowly against the
U.S. Dollar.
Chang said, "The pace of increase in our reserves is much
slower now than before and our currency is getting more stable."
He said the reserves, mainly the result of the trade surplus
with the U.S., Rose at the rate of two to three billion U.S.
Dlrs a month between January and May.
The reserves, the world's third largest after Japan and
West Germany, now total well over 60 billion U.S. Dlrs.
On June 2 the central bank froze overseas borrowings of
local and foreign banks and cut the limit on central bank
purchases of forward U.S. Dollars from banks to 40 pct from 90
pct of the value of a contract.
Local and foreign bankers said the June 2 measures had
drastically limited their ability to lend foreign exchange to
importers and exporters.
They said their overseas borrowings and forward dollar
transactions showed a drastic decline with some banks
registering a fall of up to 30 pct.
Bank dealers said the Taiwan dollar has stabilised against
the U.S. Currency this week after rising two to five Taiwanese
cents a day between June 2 and 13 compared with a rise of five
to eight cents in May.
The bank dealers said the central bank, which had
previously bought U.S. Dollars heavily, sold at least 1.1
billion U.S. Dlrs in the past two weeks to meet commercial
demand.
They said they expected the government to keep the local
dollar stable in the near term to give breathing space to
businesses experiencing slower exports because of the rise of
more than 23 pct in the value of the Taiwan dollar since
September 1985.
The Taiwan dollar opened at 31.09 to the U.S. Dollar today,
unchanged from yesterday.
Keh Fei-Lo, vice president of First Commercial Bank, said,
"It appears the central bank's move to curb the capital inflow
is quite successful."
Vice economic minister Wang Chien-Shien said the slower
rise in foreign exchange reserves would help ease pressure from
Washington over the large U.S. Trade deficit with Taiwan.
Over the past year Taiwanese businessmen have delayed
imports of machinery and production equipment because of
exchange rate uncertainty, he said. The stable exchange rate
would help boost imports, particularly from the United States.
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Mitsui and Co Ltd <MITS.T> paid 1.5 mln
dlrs in early May for a five pct stake in <Zoran Corp>, a
California-based maker of large scale integrated circuits (LSI)
with computer graphic, communications and medical applications,
a Mitsui spokesman told Reuters.
He said the two firms will form a marketing company in
Japan as early as next year, although details of the joint
venture are not yet fixed. Mitsui expects last year's 10
billion yen Japanese LSI market to grow quickly.
Zoran was founded in 1981 and now has about 100 employees,
he said.
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Japan's custom-cleared trade surplus
narrowed to 1.61 billion dlrs in the first 10 days of June from
1.97 billion a year earlier, the Finance Ministry said.
The June interim surplus compares with a 1.76 billion dlr
surplus in the same May period.
FOB exports in the first 10 days of June rose 17.6 pct from
a year earlier to 6.05 billion dlrs while CIF imports rose 39.6
pct to 4.44 billion.
The average yen/dollar rate used for the figures was 141.04
yen against 169.03 a year earlier.
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Year ended March 31
Group shr 18.83 yen vs 18.73
Net 20.07 billion vs 18.47 billion
Pretax 22.14 billion vs 25.36 billion
Operating 37.57 billion vs 51.57 billion
Sales 14,762 billion vs 15,900 billion
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J Sainsbury Plc<SNB.L> said it agreed to
take control of the U.S. Shaw's Supermarkets Inc through a
combination of share purchases and a tender offer at 30 dlrs a
share.
Sainsbury bought about 21 pct of the stock in 1983. It said
its U.S. Subsidiary, Chene Investments Inc, bought 2.55 mln
common shares from the controlling Davis family yesterday at 30
dlrs a share for 76.5 mln dlrs, lifting its stake to 49.4 pct.
A tender offer for the outstanding shares will be launched,
also at 30 dlrs a share for a maximum further cost of 184.4
mln.
The Shaw's Board and the Davis family has agreed to accept
the offer, thus assuring Sainsbury's a total holding of 74.0
pct.
The company had allotted 20.18 mln new ordinary shares to
<Warburg Securities Ltd> which it said would be sufficient to
finance about 188 mln dlrs of the maximum 261 mln dlrs payable.
Shaw's operates a chain of 49 supermarkets in
Massachusetts, Maine and New Hampshire which in 1986 produced
sales of 1.1 billiob dlrs and pretax profit of 31.1 mln. At the
end of 1986 it had net assets of 88 mln dlrs.
Last September, Sainsbury's increased its stake in Shaw's
to 28.5 pct. In the year to March 21, it reported a rise in
pretax profit to 246.9 mln stg from 192.7 mln on sales that
increased to 4.04 billion from 3.58 billion.
Sainsbury shares had fallen five pence before the
announcement to 590p from last night's close but were unmoved
by news of the deal.
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Parent shr loss 15.85 yen vs profit 2.02
Interim div nil vs nil
Net loss 12.92 billion vs profit 1.65 billion
Current loss 12.52 billion vs profit 4.44 billion
Operating loss 8.76 billion vs profit 6.52 billion
Sales 443.90 billion vs 528.03 billion
Outstanding shrs 815.10 mln vs 814.97 mln
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The navy is unloading
foodgrains at Chittagong port following a strike by nearly
1,000 dockworkers, Bangladesh Shipping Corp officials said.
The navy was unloading 74,000 tonnes of foodgrains from two
ships today, and four vessels laden with some 90,000 tonnes of
grains were waiting at the outer anchorage, port officials
said.
A spokesman for the workers said they would continue their
strike until authorities agree to their demands for higher pay
and other benefits. The strike began on June 11.
"Unloading of grains and other essential commodities started
normally after we called in navy personnel to help," a port
official told Reuters.
"The strike has caused no serious dislocation," he said.
The government meanwhile declared the port jobs an
"essential service" and said the strikers could be dismissed
unless they end the strike soon.
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The government should cut its consumer
rice price if the official producer price is reduced next
month, Tetsuo Kondo, director general of the government's
Economic Planning Agency (EPA), told reporters.
Kondo said after a cabinet meeting that consumers should
receive the benefits of the falling costs of rice farming due
to the strong yen and lower oil prices.
Agriculture Ministry sources said the producer rice price
paid to rice farmers would be cut after discussions by the Rice
Price Council, an advisory body to the ministry, on July 1 and
2. The consumer rice price is usually set in December.
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Japan could avoid a sharp rise in the
value of the yen against the dollar if Japan, the U.S. And
other nations succeeded in restructuring their economies, an
advisory panel to the government's Economic Planning Agency
(EPA) said.
The advisory body said in its report that the yen would
soar against the dollar if structural adjustments on a global
basis were delayed.
An EPA official told Reuters the dollar could fall to
slightly below 100 yen by 1993 if Japan and the U.S. Failed to
restructure their economies.
The dollar's fall without structural adjustments would cut
Japan's current account surplus to two pct of gross national
product (GNP) in 1993, the report said. It said such a change
would slow real GNP growth to an average of two pct annually
during the seven-year period to 1993.
If the two nations restructured their economies, the dollar
would remain stable in real terms, while reducing Japan's
current-account surplus to 2.1 pct of GNP in 1993. This
scenario put Japan's GNP growth at 3.5 pct a year.
It forecast real growth of three pct for the world economy
and four pct for Japan by 2,000 if the adjustments were made.
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Japan must try harder to reduce its trade
surplus or the yen will come under renewed upward pressure,
Economic Planning Minister Tetsuo Kondo.
He told a press luncheon he hoped Japan could cut its
current account surplus by some 10 billion dlrs a year until it
is reduced to some 50 to 60 billion dlrs. In the fiscal year
ended March 31 the surplus totalled 93.76 billion dlrs, or
about 4.5 pct of GNP.
The 6,000 billion yen economic stimulation package the
government unveiled late last month would help slash Japan's
current account surplus by five to six billion dlrs, he said.
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Ceylon Petroleum Corp (CPC) has decided
to renew its one-year contract with Abu Dhabi for 480,000
tonnes of Upper Zakum crude oil, CPC officials told Reuters.
They said CPC made the recommendation to the cabinet and is
now awaiting its approval.
CPC's one-year contract with Abu Dhabi expired on May 31
this year and it wants the renewed contract to begin on June 1
at the government selling price. Delivery will be determined in
the course of the year. Last year, shipments were in three
parcels of 120,000 tonnes each and four of 30,000 tonnes each.
CPC officials also said the company agreed with the
Egyptian government for the supply of 240,000 tonnes of Gulf of
Suez crude for delivery in two shipments this year at the
government selling price.
Last year, CPC bought 120,000 tonnes Gulf of Suez through
C.Itoh.
Officials said plans to buy 240,000 tonnes of Basra Light
from Iraq have not been finalised yet because of several
constraints. CPC said it could not accept 120,000 tonne parcels
and proposed to lift 30,000 tonnes in eight shipments.
Iraq National Oil Co (INOC) told CPC a Red Sea port where
lifting was to take place could not accept small ships. INOC
then proposed to deliver eight shipments of 30,000 tonnes each.
CPC said INOC planned to ship the oil to an Indian port for
delivery of Indian requirements, later going to Colombo to
offload CPC's needs, but CPC considered this unsuitable.
CPC said it had not received a reply from INOC since
December. Sri Lanka imports all its annual needs of 1.7 mln
tonnes. This year it plans to buy 400,000 tonnes on the spot
market compared with about 1.3 mln tonnes last year.
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Liner shipping specialist <Evergreen
Marine Corp>, Taiwan's largest private company, has applied to
the Security and Exchange Commission to go public next month, a
company spokeswoman told Reuters.
She said Evergreen had doubled its capital to eight billion
Taiwan dlrs since last August.
"The capital increase will boost our operations," she said.
She said Evergreen will use the funds raised from the stock
market to buy new ships and step up its global services.
The spokeswoman said the company posted an after-tax profit
of more than one billion dlrs last year on total revenues of
20.46 billion, compared to an after-tax profit of 1.18 billion
on revenues of 17.99 billion in 1985.
Evergreen has placed newbuilding orders for three 3,428-teu
(twenty-foot equivalent unit) fully cellular container ships
with the state-owned <China Shipbuilding Corp> for delivery in
late 1988.
Evergreen has a fleet of 66 container vessels, totalling
more than two mln dwt, the spokeswoman said.
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The British Printing and Communication
Corp Plc<BPL.L> is considering selling its specialist packaging
and labelling operations, a spokeswoman said.
She gave no dates or prices for the transaction but said
the units would be sold by negotiation.
She declined to give any turnover or profit figures for the
packaging and labelling operations, beyond saying that they
were very profitable. They formed a self-contained part of the
overall group, she said.
Analysts said the packaging and labelling division could be
sold for up to 150 mln stg.
Earlier this week group chairman Robert Maxwell also said
it expected to float its Mirror group newspaper subsidiary,
bought from Reed International Plc <REED.L> for 100 mln stg in
1984.
The spokeswoman said that BPCC intended to keep a majority
share in the newspaper group if it was floated.
BPCC is currently locked in legal battles resulting from
its attempt to take over U.S. Publisher Harcourt Brace
Jovanovich Inc <HBJ>. Earlier this week, BPCC launched a
two-for-three rights issue to raise 640 mln stg and said the
money raised would enable it to renew its assault on Harcourt.
It has also expressed interest in Dutch publisher Kluwer NV
<KLUW.AS>.
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A 24-hour strike by Belgian public
employees protesting against a government pay offer disrupted
transport and hit ferry services and shipping, port and union
officials said.
Some cross-Channel ferry services from Ostend were
cancelled, the local news agency Belga said.
An Antwerp port authority spokesman said electricians came
out in support, reducing ship movements to a trickle. Unions
said Ghent and other major Belgian ports were also hit.
Few trains were running and some early morning flights by
Sabena, Belgian's national airline, were cancelled.
Reuter
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China has resumed repairs of Soviet ships
after a 23 year break caused by the ideological split between
the two countries.
The New China News Agency said an agreement to resume the
business was signed by the two sides on Wednesday in Shanghai,
where three Soviet commercial vessels were being repaired.
The China Daily said the first two Soviet ships to be
repaired in China since 1964 left the ports of Dalian and
Xingang last month.
Bi Yueran, managing director of China State Shipbuilding
Corp's ship repair department, told the newspaper the Soviet
Union lacked adequate repair facilities for the more than 600
ships deployed in the far east. Bi said China's yards offered
competitive prices, guaranteed quality and prompt delivery.
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Proven oil and gas deposits in Saudi
Arabia increased in 1986 despite higher oil output, according
to the kingdom's main producing company, Aramco.
Recoverable oil reserves in Aramco fields rose to 167
billion barrels by the end the year from 166.5 billion in 1985,
while gas reserves jumped by 7.7 pct to 135.8 trillion cu ft
from 126.1 trillion, the company's annual report said.
Aramco, responsible for all Saudi production except about
200,000 barrels per day (bpd) in the Neutral Zone between Saudi
Arabia and Kuwait, increased production to 4.69 mln barrels per
day in 1986 from 3.04 mln barrels a year earlier.
Most of 1986 was a virtual free-for-all in production, as
OPEC members abandoned restraint in an effort to recapture
their share of the market. In the process, prices collapsed
from about 28 dlrs a barrel to below nine dlrs, until the
organisation decided to cut production again from last
September onwards.
Saudi output in 1985 had been the lowest since the 1960s.
Production of natural gas liquids in 1986 declined slightly
to 304,178 bpd from 316,310, said the report, carried on the
official Saudi Press Agency.
The increase in reserves came despite a sharp cut in the
number of wells Aramco drilled to 33 in 1986 from 103 in 1985.
Aramco's only refinery, at Ras Tannurah, processed 142.44
mln barrels (390,246 bpd) of crude last year. The plant was
upgraded to a capacity of 530,000 bpd during the year, enabling
it to supply 50 pct of local demand for oil products, the
report said.
The country's other five, smaller refineries -- owned by
another state-owned oil organisation, Petromin -- produced
around 750,000 bpd last year.
Sulphur production rose to 1.23 mln tonnes in 1986 from
998,707 tonnes in 1985. During the year the company began
operating a sulphur granule plant with capacity of 4,000 tonnes
per day, the report said.
Aramco said it awarded 1,303 contracts last year worth 1.4
billion riyals -- about 370 mln dlrs.
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Fidelcor Inc said it has acquired a
substantial portion of the assets of Bank of New England Corp's
Lazere Financial Corp subsidiary for undisclosed terms.
The company said the transaction includes most of Lazere's
loan portfolio and other assets, including Lazere's Miami
office.
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