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One of several investor groups
formerly associated with London investor Christopher Moran in
his unsuccessful bid to take over Zondervan Corp last year,
said it cut its stake in the company to less than five pct.
In a filing with the Securities and Exchange Commission,
the group, led by investors Lawrence Altschul and James
Apostolakis, said it cut its Zondervan stake to 157,500 shares,
or 3.8 pct of the total, from 246,500 shares, or 5.9 pct.
The group, which earlier this month said in an SEC filing
it wanted join with other groups to maximize share values, said
it sold 89,000 shares between June 9 and 15 for 1.5 mln dlrs.
The group had joined with the Moran group, which last year
assembled a combined 44 pct stake in Zondervan during its
unsuccessful takeover try.
Last month, the Moran group broke up and splintered into
various factions. Moran himself withdrew from the takeover
effort and last reported his personal stake at 4.8 pct.
A group led by Miwok Capital Corp, a California broker with
a 10.6 pct stake, and another one led by Minneapolis
stockbroker Jeffrey Wendel with 2.6 pct, have both made recent
SEC filings saying they are seeking agreements with other
parties who may want to seek control of the company.
Reuter
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President Reagan's nominee as top
policeman for the nation's securities markets will inherit an
agency challenged by an insider trading scandal, wild stock
price gyrations and a host of uncertainties stemming from the
globalization of financial markets.
David Ruder, a 58-year-old Republican law professor at
Northwestern University in Evanston, Ill., was named Thursday
to be the 23rd chairman of the five-member U.S. Securities and
Exchange Commission.
If confirmed by the Senate, as expected, he will succeed
John Shad, who left the agency earlier this week after a record
six years as chairman to become ambassador to the Netherlands.
The SEC has been in the limelight for the past year as its
investigators have probed into the most colossal insider
trading scandal ever uncovered on Wall Street.
The investigation, which is still active, mushroomed in
recent months as a growing number of well known traders and
prominent investment banking firms have been charged with
wrongdoing.
The pace of the probe picked up markedly in November after
Ivan Boesky, one of Wall Street's most successful stock
speculators, agreed to cooperate with government investigators
and to pay a record 100 mln dlrs in penalties and illegal
profits after being charged with insider trading.
But the agency is also wrestling with a vexing new
phenomenon of huge and rapid swings in stock prices, spurred by
computer-driven trading strategies that span markets in
securities, options and futures. The price gyrations have
combined with rising trading volumes to bring unprecedented
volatility to some U.S. securities markets.
At the same time, the SEC is being pressed by some
lawmakers to put a stop to abusive tactics in corporate
takeover contests as an unrelenting wave of such takeovers
steadily reshapes the U.S. corporate landscape.
And the agency is being pushed by U.S. and foreign
exchanges intent on expansion to lay the regulatory groundwork
for an international securities marketplace in which trading
occurs across borders throughout the world, around the clock.
Such worldwide trading networks offer vast new investment
opportunities but could strain the SEC's ability to enforce
U.S. securities laws and guard investors from fraud.
Under the leadership of Shad, the SEC eased financial
disclosure requirements for publicly traded companies,
eliminated many minor investor protection rules, attempted to
spur competition among exchanges and streamlined the agency's
review of hostile corporate takeovers.
Shad, who had been vice chairman of the E. F. Hutton
investment banking firm, brought a Wall Street perspective to
the agency upon being named chairman in 1981.
In line with the views of other top administration
officials, he favored marketplace determination of takeover
battles over new federal regulations.
The SEC under Shad also stressed prosecution of insider
trading violations over the corporate wrongdoing cases that
topped the agency's enforcement agenda during the
administration of President Jimmy Carter, a Democrat.
Securities lawyers and industry officials acquainted with
Ruder say the new chairman-designate is unlikely to
significantly alter the commission's current priorities.
The SEC currently has about 2,000 employees, most of them
lawyers, and an annual budget of about 115 mln dlrs though that
figure likely will be significantly higher next year as the
agency moves to beef up its enforcement staff.
The agency is one of the few in the government that
actually has taken in more money than it has spent in the past
few years because of fees it charges public companies,
investment banks and other securities firms it regulates.
The SEC is structured as an independent regulatory agency,
meaning that its five commissioners are appointed by the
president to fixed five-year terms and protected from firing
for policy differences alone.
By law, no more than three commissioners may be of the same
political party, and the agency prepares its own budget request
each year instead of leaving this to the White House.
Established by Congress in 1934, the SEC traces its origins
to the great stock market crash of 1929, which was attributed
in large part to widespread trading on credit and attempted
market manipulations by large investment firms.
The agency requires public companies and investment
vehicles such as mutual funds to issue periodic reports on
their financial condition and to disclose changes in their
condition any time they issue new securities.
It requires brokers, dealers and investment banks to
register with it and comply with investor protection rules, and
it polices exchanges and regulates trading practices.
Its first chairman was Joseph Kennedy, an industrial
magnate who was also the father of John Kennedy, later to
become the nation's 35th president.
Other former chairmen include William Douglas, who served
from 1937 until his appointment to the U.S. Supreme Court in
1939, and William Casey, who served during President Nixon's
first term and was Reagan's director of the Central
Intelligence Agency until his death earlier this year.
Reuter
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The Administration asked Congress to
replace the U.S. tariff schedule with a new system to bring it
into line with international tariff categories, U.S. Trade
Representative Clayton Yeutter said.
The new system will add such items as fiber optics and more
accurately define new composites, items not widely traded when
the current schedule was devised some 30 years ago.
Yeutter said the Harmonized System, as the new schedule is
called, will change tariff categories and definitions to meet
the present-day needs of exporters and importers, but they
should pay about the same rates of duties.
Yeutter said, "American exporters will find it far easier to
deal with one standardized worldwide system than the variety of
differing systems which they now face."
He said the new system ended 12 years of multinational
negotiations to create the unified tariff schedule.
Yeutter said government and business moves are based on
data from tariff schedules and the new system will improve
knowledge of trade flows and the quality of decision-making.
He said 56 nations pledged to bring their standards under
the new system, with about half expected to join the system by
January 1988.
reuter
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A group led by Chas. P. Young Co, a
subsidiary of Service Resources Corp, said it cut its stake in
Sorg Inc to 366,700 shares, or 16.7 pct of the total
outstanding common stock, from 385,000 shares, or 17.5 pct.
In a filing with the Securities and Exchange Commission,
Young, which yesterday withdrew its 23 dlr a share takeover
proposal, said its other group member, SDI Partners Ltd
Partnership, sold 18,300 Sorg common shares between June 16 and
18 at 17-1/2 to 19 dlrs each.
Reuter
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Shr profit nil vs loss two cts
Net profit 39,617 vs loss 200,740
Revs 619,076 vs 491,085
Nine Mths
Shr loss nil vs loss five cts
Net loss 68,293 vs loss 434,087
Revs 1,614,960 vs 1,791,148
Reuter
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Towle and Co, a St. Louis, Mo.,
investment advisory firm, told the Securities and Exchange
Commission it has acquired 55,900 shares of Supreme Equipment
and Systems Corp, or 5.1 pct of the total outstanding.
Towle said it bought the stock for investment purposes on
behalf of its advisory clients.
Reuter
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Italy's Foreign Trade Minister Mario
Sarcinelli, commenting on speculation in the Italian press,
said a sharp balance of payments deficit in May could not be
attributed to recent moves liberalizing the purchase of foreign
securities.
Sarcinelli was reacting to suggestions that last month's
overall 3,211 billion lire deficit, which compares with April's
2,040 billion surplus, could be linked to a May 13 decree
abolishing obligatory non-interest-bearing deposits on foreign
securities purchases.
"The deficit can be better attributed to premature and
delayed foreign trade payments and receipts (leads and lags)
rather than capital outflow to portfolio investment," Sarcinelli
said in a statement.
Earlier today the newspaper La Repubblica cited remarks by
the Bank of Italy, which announced the deficit for May and said
it had been partly caused by "non-banking capital outflows."
"In practice, it seems that there has been a constant flow
of capital to foreign securities or investments outside our
borders," said the newspaper.
But the newspaper added that it was still not possible to
say how far the move to abolish foreign securities purchase
deposits had affected Italy's balance of payments.
Reuter
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Sico Inc said it agreed in principle
to buy the U.S. assets of Reichold Chemicals Inc's Sterling
Group, which manufactures electrical insulation compounds and
industrial resins and develops coatings for the electronics
industry. Terms were undisclosed.
Sico said it acquired Sterling Group's Canadian assets in
February.
It said the U.S. acquisition adds about 15 mln dlrs to its
annual sales volume.
Reuter
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A group of Boston investors and
investment partnerships told the Securities and Exchange
Commission it sold its entire stake in Silicon Systems Inc of
410,000 shares, or 6.0 pct of the total outstanding.
The group, which includes HLM Associates, HLM Associates II
and their three general partners, said it sold the stock
between April 22 and June 9 at 9.00 to 9.125 dlrs a share as
the result of an investment decision.
Reuter
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qtr ended May 2
Oper shr three cts vs 11 cts
Oper net 333,000 vs 885,000
Revs 14.9 mln vs 12.2 mln
Note: Latest qtr exludes writeoff of 735,000 dlrs from
store renovation.
Reuter
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A group of companies including
Chicago-based Coronet Insurance Co and Sunstates Corp, a
Jacksonville., Fla., real estate firm, said it raised its stake
in Tandy Brands Inc to 175,900 shares, or 6.9 pct of the total.
In a filing with the Securities and Exchange Commission,
the group said it bought 43,600 Tandy common shares between May
21 and June 9 for 633,333 dlrs in addition to the 132,300
shares, or 5.2 pct, it had held previously.
Reuter
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Gateway Medical Systems Inc said it has
withdrawn its May 27 offer to acquire <Westworld Community
Healthcare Inc>.
The company said it remains interested in acquiring the
Westworld's hospitals and will attempt to continue negotiations
with Westworld.
Reuter
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Shr profit six cts vs loss 18 cts
Net profit 156,000 vs loss 212,000
Revs 5,094,000 vs 5,669,000
Reuter
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Privately-held Joe Franklin Productions
Inc said it entered into a preliminary agreement to merge with
Assets Development Corp, a public company.
Terms were not disclosed.
The companies said they expected the merged group to
qualify for listing on NASDAQ.
Reuter
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Dart Group Corp <DARTA.O> said it has
no comment on reports the company has been accumulating shares
of Dayton Hudson Corp.
Dayton Hudson said in a letter to shareholders it told an
"aggressive buyer" of its stock that it does not want to be
acquired.
Wall Street sources have identified the buyer as Dart,
which earlier this year was thwarted in a takeover attempt for
the now privately held Supermarkets General Corp.
Reuter
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Shr loss 33 cts vs loss one ct
Net loss 320,000 vs loss 8,000
revs 822,000 vs 405,000
Reuter
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<WPP Group Plc> said it is extending
its 50.50 dlrs a share offer for JWT Group Inc until midday
June 22.
The company temporarily extended the offer on June 17 but
did not give an expiration date.
Its 45 dlrs a share offer for JWT, which has been rejected
by JWT, expires on July 10.
Reuter
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Maxicare Health Plans Inc said
it ended negotiations to sell Maxicare Alabama L.P. to
(Complete Health Inc).
The companies said last week they had reached agreement in
principle for Complete Health to purchase the health
maintenance organization, the largest in Alabama.
Maxicare said the terms would not be in the best interests
of the heatlh care providers who have built the Alabama HMO.
It said it now intends to work with its health care providers
in Alabama to further develop the HMO.
Reuter
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Shr loss 22 cts vs loss 18 cts
Net loss 2,494,000 vs loss 1,608,000
Revs 3,590,000 vs 1,710,000
Year
Shr loss 68 cts vs loss 53 cts
Net loss 7,318,000 vs loss 4,160,000
Revs 10,503,000 vs 7,134,000
Reuter
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qtr ended April 30
Shr nine cts vs 17 cts
Net 1,026,000 vs 1,840,000
Revs 25.9 mln vs 26.1 mln
Year
Shr 27 cts vs 56 cts
Net 2,942,000 vs 5,865,000
Revs 95.7 mln vs 96 mln
Reuter
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Charter Oak Partners, a Connecticut
investment partnership, said it raised its stake in Facet
Enterprises Inc to 480,000 shares, or 9.6 pct of the total
outstanding common stock, from 300,000 shares, or 6.0 pct.
In a filing with the Securities and Exchange Commission,
Charter Oak said it bought 180,000 Facet common shares on June
12 at 18.25 dlrs each.
Reuter
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The six basis point rise of the past
month in U.S. debt futures may be extended next week by a
series of U.S. economic reports, analysts said, as long as the
dollar holds firm.
"Interest rates have declined by approximately 50 basis
points over the last month, largely over indications that
inflation is not as high as people had feared and the narrowing
U.S. trade balance, in nominal terms," Samuel Kahan, chief
financial economist with Kleinwort Benson Government
Securities, said.
Kahan said recent government reports have shown strength in
the economy during the first quarter, but his concern is
whether the U.S. economy will sustain that strength in the
longer term.
Weak U.S. economic growth could hurt the dollar, which has
become more important to the direction of debt futures than the
beneficial impact on interest rates of a sluggish economy.
The median trade expectations for Tuesday's U.S. Consumer
Price Index and Durable Goods reports are up 0.4 pct and down
1.5 pct, respectively.
Meanwhile, the eight billion dlr drop in the M-1 money
supply announced this week was "surprising, much larger than
expected," according to Kahan. "Unless quickly reversed," such
a trend "will ensure that June M-1 growth will be negative,"
Kahan said.
Taken in conjunction with M-2 and M-3 aggregates which
Kahan said have "slowed to a crawl, below Federal Reserve Board
annual targets," the consequences could be a hint of economic
weakness down the road, he said.
Based on chart formations, T-bond futures may be poised for
further gains, although the advance has been slowed recently,
analysts said.
September T-bonds "are up almost six points since about May
18," Merrill Lynch debt analyst Jim Duggan noted. September
bond futures climbed from the low of 87 a month ago to over 93
in mid-June, Duggan said.
While follow-through buying has aided the advance so far,
and bouts of short covering have prohibited a slide through
chart support, the rally in September T-bonds has been thwarted
above the 93 level.
"The 93 level is formidable resistance and must be taken
out before this activity is anything other than a trading range
market," Carroll McEntee and McGinley Futures debt analyst
Brian Singer said.
The dollar remains the key fundamental factor, and the U.S.
currency has made little headway of late, analysts said.
"The critical variable remaining in the market is the value
of the dollar," Kahan said.
Additional influences next week will be possible
developments ahead of an OPEC members meeting, and the impact
and size of the U.S. budget deficit, "although these will not
be in the forefront of the market early next week," Kahan said.
In looking ahead to the U.S. Treasury mini-refunding
auctions of 24.25 billion in T-notes on Tuesday, Wednesday and
Thursday, Singer said the market will likely greet the results
with little excitement. However, a successful auction could
prove to be a turning point, depending on prevailing market
psychology.
Reuter
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Banking authorities and police are
investigating an alleged fraud by the second largest trading
house in the Caracas free foreign exchange market, Finance
Minister Manuel Azpurua told reporters.
The Superintendency of Banks and the Technical and Judicial
Police have both begun probes of Cambio la Guiara, Azpurua said
on Friday night.
Police said the owners of the firm, Mario Muggia and his
brother Luigi Muggia, have left Venezuela.
Cambio la Guiara operated in part on the "parallel market" in
which traders buy and sell dollars among themselves.
The Venezuelan central bank on June 17 suspended the
licences of all 21 foreign exchange operators in the parallel
market, blaming their speculation for the constant rise in the
value of the U.S. Dollar here.
Juan Domingo Cordero, vice-president of the Caracas Stock
Exchange and the owner of a foreign exchange trading house,
said on Friday he had begun legal action against Cambio la
Guiara for issuing him four checks without funds for a total
amount of almost one mln dlrs.
The Cambio la Guiara exchange house had operated in
Venezuela for more than 20 years.
REUTER
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Kuwait, whose shipping has come under
repeated attack by Iran, has the full support of Saudi Arabia
and other Gulf allies, a senior government official said.
Cabinet spokesman Abdul-Aziz al-Otaibi, quoted by the
Kuwaiti news agency KUNA yesterday, said Foreign Minister
Sheikh Sabah al-Ahmed al-Sabah had told cabinet he had found
"complete support...At this delicate phase" during visits to Gulf
Cooperation Council (GCC) states.
The GCC, an economic and military alliance which has
generally supported Iraq over Iran, comprises Bahrain, Kuwait,
Oman, Qatar, Saudi Arabia and the United Arab Emirates.
REUTER
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Santos Ltd <STOS.S> said it had made a
significant oil discovery at its Mawson One well in the Moomba
block of the Cooper Basin, South Australia.
It said the well flowed oil from sands at an average rate
of 1,440 barrels per day from 2,131 to 2,135 metres through a
6mm choke.
Santos said the well was cased and suspended pending
further evaluation. But it said the proximity of the discovery
to existing production facilities at the Gidgealpa South field
would allow Mawson One to be brought into production rapidly.
Santos has a 60 pct stake in the block, <Delhi Petroleum
Pty Ltd> has 30 pct and <South Australian Oil and Gas Corp Pty
Ltd> has 10 pct.
REUTER
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OPEC has shown itself to be in control
of the world oil situation with its speed in hammering out a
pact to limit crude oil output to 16.6 mln barrels per day
(bpd) for the rest of 1987, oil traders said.
They said market respect for the cartel has increased since
it announced Saturday that it would cut fourth quarter output
to 16.6 mln bpd from the 18.3 mln agreed in December.
"There are light oversupplies now, but OPEC ... Has ensured
there will be no oversupplies in the fourth quarter, and is in
effect putting pressure on end-users," a European crude oil
trader said.
In Tokyo, one oil analyst said, "There's no reason to expect
a weak market from now on."
A Japanese oil trader, also based in Tokyo, said, "We
thought OPEC would have difficulty agreeing on fourth quarter
production so the market will react very bullishly."
Traders in Singapore said that while there has been only a
slight increase so far in spot quotes for Dubai, a benchmark
crude, they expect price increases over the next few days.
August Dubai was discussed in cautious early activity at
around 17.35 dlrs, above Friday's 17.15-20 range, but still
below the government selling price (GSP) of 17.42.
Even prices of light Mideast grades, such as Qatar and Abu
Dhabi crudes, are expected to improve from recent weak
positions, 15 to 20 cents below their GSP's. Singapore traders
said sellers might now aim for GSP's at least.
They said that after initial jumps, they expect prices to
stabilise and hover around GSPs for the next few months.
They said the Japanese oil market would be most affected
and Japanese end-users would need to rebuild stocks for winter
requirements before October.
Prices are most likely to rise in the fourth quarter on
European and U.S. Stockbuilding for winter, they added.
"There's no doubt consumption will be higher than production
by the fourth quarter and stocks are not that high," said an
international trader in Tokyo. Another Tokyo trader was less
bullish, "For sure there will be some shortage but it depends on
how much they (OPEC members) cheat."
A Singapore trade source said, "There is enough cheating and
leakage in the OPEC sales system to convince traders there is
no need to worry about shortages."
Other traders said the questionable Iraqi production level,
after Iraq's rejection of its assigned quota, was a bearish
factor to be considered.
Traders also said end-users now would buy as much as
possible on term contracts and buy spot only when the market
cooled from its initial reaction to the OPEC agreement.
Spot product prices in Singapore were little changed in
thin early discussions, with naphtha and middle distillates
quiet on minimal buying interest.
Fuel oil products were steady to firm on light demand and
tight prompt supplies, dealers said.
REUTER
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OPEC's agreement to limit output to 16.6
mln barrels per day (bpd) for the rest of the year should boost
spot prices and enable the group to raise its official
reference price to 20 dlrs a barrel in January from the current
18 dlrs, Far East oil industry sources said.
"Fundamentally, the market situation is bullish and the
official price will be 20 dlrs in January," a Japanese refiner
said.
The sources said that in spite of over-production by OPEC
members such as Iraq, the United Arab Emirates, Kuwait and
Qatar, demand should exceed supply by the fourth quarter.
Spot oil prices surged on Friday in late U.S. Trading as
the market anticipated an OPEC agreement on second-half 1987
output. In early Tokyo trade, levels were firm at 17.30 dlrs
for Mideast Dubai cargoes loading next month and 19.00 dlrs for
U.K. Brent, traders said.
They said they expect more foreign crudes to be sucked into
the U.S. Market as the benchmark crude West Texas Intermediate
(WTI) trades at around 20.30 dlrs.
"With WTI at 20, 21 or 22 dlrs, U.S. Refiners will import
Mideast and Far East crudes and this will strengthen those
grades further," said a Japanese oil trader.
Some Tokyo traders were cautious about whether thU spot
market has further upward potential in the short term, having
risen strongly on the OPEC news on Friday.
"You could certainly argue that if New York rose on that
basis, there's no reason for prices to go up again today," said
one international oil trader in Tokyo.
"But I think if there's any sign of a dip, it will be bought
back up again pretty quickly," he added.
One oil industry analyst concurred, "There is no reason to
expect a weak market from now on." He said he expected OPEC to
raise prices to 20 dlrs when it meets on December 9.
Oil sources said spot prices are unlikely to surge strongly
in the next few months due to cheating by some OPEC members and
the likelihood that Saudi Arabia will act as swing producer to
maintain steady prices.
Iraq is currently producing around two mln barrels per day
compared to its second-half quota of 1.54 mln, they said. Its
export capability will rise to 2.5 mln bpd when a new pipeline
through Turkey, comes onstream in or around September.
Qatar is said to be achieving sales of around 350,000 bpd,
against its OPEC-assigned quota of 299,000, by discounting up
to 20 cents a barrel from official prices, the sources said.
Iran, the United Arab Emirates and Kuwait are also cheating
on the OPEC agreement with over-production and effective price
discounts through counter-purchases, industry sources said. But
they mostly agreed that Saudi Arabia will unofficially act as
swing producer, cutting production to compensate for higher
output by other members or boosting output if spot prices rise
too high too fast.
Saudi Arabia has a floating oil stockpile of 40 to 50 mln
barrels. "Saudi Arabia wants oil price stability so the
stockpile may be utilized to cool down the market if it rises
too much," an oil industry analyst said.
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The acting governor of Saudi Arabia's
state-owned oil company, Petromin, Jamal Hassan Jawa, has
retired at his own request, oil industry sources said.
They said Ali Ibrahim Rubaishi, head of organisation
planning in Petromin, would take over as acting governor.
Jawa held the post since his predecessor, Abdul-Hadi Taher,
left in a major oil industry shake up last December.
The sources said Rubaishi had not been expected to hold the
post permanently.
The government removed Taher and Oil Minister Ahmed Zaki
Yamani from their posts late last year in a move which industry
sources said was aimed at coming to grips with a buyers' oil
market.
The two men had run the Saudi oil industry for more than 20
years. Industry sources said that despite huge resources, Saudi
Arabia had been unable to mould an oil marketing strategy tuned
to the competitive realities of the 1980s glut.
Hisham Nazer, who replaced Yamani, successfully led an
OPEC-engineered return to fixed oil prices of 18 dlrs a barrel
last December.
Nazer is believed to be reviewing Saudi oil operations
which could lead to a thorough overhaul in the way Saudi Arabia
does business, the sources said.
The sources had said possible candidates for the governor's
job include Prince Abdul Aziz Ibn Salman Ibn Abdul Aziz, who
earlier ran a research center at Saudi Arabia's University of
Petroleum and Minerals, and former Deputy Planning Minister
Faisal Beshir. They also list Abdulla Bakr, President of the
University of Petroleum and Minerals, economist Ali Jonahi,
Ahmed Shinawi, and Zuheir Masoud, director of Jeddah Islamic
Port.
REUTER
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UAE Oil Minister Mana Said al-Oteiba
arrived in Alexandria last night for a visit to Egypt, the
national Middle East News Agency (MENA) said.
It said Oteiba, who had just attended the OPEC ministerial
meeting in Vienna, would stay for several days but gave no
details.
Non-OPEC Egypt has pledged to restrain output to support
OPEC's moves to boost oil prices. Oil Minister Abdel Hadi
Kandeel last week said Egypt plans to leave its oil production
of 870,000 barrels per day unchanged for the next five years.
Egypt is able to produce up to one mln bpd.
REUTER
|
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Willis Faber Plc <WIFL.L> will make an
agreed 302.6 mln stg offer for fellow insurance broker <Stewart
Wrightson Plc>, a joint statement said.
The offer would be on the basis of three Willis shares for
every two in Stewart, valuing each Stewart share at about
655.5p.
Willis already owns 2.05 mln shares, or 4.62 pct, and has
received acceptances from Stewart's directors for a further
247,469 shares.
Full acceptance of the offer would involve the issue of
66.2 mln new Willis shares, or 28.2 pct of the enlarged total.
The companies said the proposed merger would bring together
businesses that were largely complementary. Both believed the
combination would permit more effective competition throughout
the world and enahnce the service provided to clients.
Following the merger, the two companies saw significant
opportunities for growth in brokerage income and considerable
scope for improved operating efficiency.
Willis shares were suspended on Friday at 437p. When
trading restarted they dropped sharply to 393p.
Stewart Wrightson shares rose to 576p at 0835 gmt from a
suspension price of 499p.
REUTER
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Norway will extend its 7.5 pct cutback in
planned North Sea oil output in support of OPEC from July 15
until the end of this year, Oil Ministry spokesman Egil Helle
told Reuters.
"We took a very positive view of the OPEC meeting in Vienna,"
he said. "The accord reached there means stability in the oil
market and we shall continue making our contribution."
The cuts, originally brought in from February 1, would
probably be officially approved on July 10 by parliament, Helle
said. The ministry had written to Norway's oil companies and
would now discuss with them how best to implement the cuts.
OPEC agreed this weekend in Vienna on an output ceiling of
16.6 mln barrels per day (bpd) for the rest of 1987 and
retained the fixed prices that were set in its December accord
based on an 18 dlr per barrel reference point.
OPEC's first half 1987 output ceiling was 15.8 mln bpd, and
it's December pact had provisionally set a third quarter
ceiling of 16.6 mln bpd, rising to 18.3 mln in the fourth
quarter.
Norway, which pumps around one mln bpd from its offshore
fields, previously said it would continue its output curbs from
planned production for the rest of the year if OPEC remained
within its December accord on output and prices.
Norway's oil production rose 10 pct to an average of around
840,000 bpd in 1986. Since then it has risen to around one mln
bpd, and is expected to reach about 1.5 mln bpd by 1995.
The 7.5 pct cut from planned production implemented since
February reduced Norway's oil output by about 80,000 bpd.
Norway's Oil Minister Arne Oeien, currently in Iceland for
a meeting of Nordic ministers, has made no official statement
on the latest oil production cutbacks.
Over the past year several other leading non-OPEC
producers, including the Soviet Union, Mexico, China, Malaysia
and Egypt have also pledged support for OPEC's bid to keep
prices stable.
Norway decided on the initial round of cuts following an
OPEC agreement last December which boosted oil prices to around
18 dlrs per barrel from around 14 to 15 dlrs last December.
Norway relies on oil for about 40 pct of its total export
earnings and was hit hard by the collapse in the oil price
during the first half of 1986.
But firmer oil prices since then have brought some
stability to the economy and helped narrow the foreign trade
deficit.
Norway's North Sea neighbour Britain has consistently
refused to cooperate with OPEC output cuts saying it is up to
the producing oil companies to set the levels of production.
REUTER
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<Brent Walker Group Plc> said it had
agreed to buy the group of companies comprising Lonrho Plc's
<LRHO.L> Metropole Casino Division, together with a freehold in
central London, for 121.55 mln stg.
Payment will be in cash on completion except for three mln
stg payable on December 1, 1988.
Brent said it also proposed to raise about 126 mln stg net
through the issue of 131.67 mln convertible shares at one stg
each. The shares can be converted between 1990 and 2002 at the
rate of four ordinary shares for every 15 convertibles held.
On full conversion, the issued ordinary share capital of
the company would increase by some 64 pct.
<Birdcage Walk Ltd>, a company controlled by the Walker
family, owns 20.68 pct of the shares and is entitled to 27.2
mln convertible shares under the offer. The trustees had
indicated that it intended to sell enough of the convertibles,
nil paid, to enable it to take up the remainder.
Brent would buy the casino companies and the freehold of
45, Park Lane in London. Under the arrangements, it would also
arrange for the repayment of 6.45 mln stg in inter-company
debt.
Brent Walker shares firmed sharply on the announcement to
385p from 353p at Friday's close, while Lonrho also firmed, to
275p from 265.5p.
REUTER
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The Bank of Japan bought 100 billion yen
in certificates of deposit (CDs) via repurchase agreements
today to show its determination to maintain an easy money
policy, central bank officials said.
"Today's CD buying operation was designed to seek an
announcement effect, in which we would reassure the market of
the fact that we have not changed our policy stance," a senior
central bank official told Reuters.
The bank also bought 400 billion yen in two-month
commercial bills to smooth out tight credit conditions in the
interbank market today, the officials said.
The central bank was concerned about growing market
expectations of higher interest rates, which were in part
responsible for the recent plunge in stock and yen bond prices,
the officials said.
But money traders said the market generally shrugged off
the bank's CD operation because it was small and at a rate far
below prevailing market rates. The rate on the key three-month
CDs in the primary market was 4.08/00 pct, while the bank's bid
was 3.75 pct, they said.
The bank's bill buying operation also had little impact
because it was regarded as a routine operation, they said.
The money traders said they regarded the central bank's CD
buying operation as simply a gesture to live up to Japan's
pledge to guide interest rates lower and stimulate the economy.
"We did not expect the central bank to ease its credit grip
any further," a bank manager said, adding that the prevailing
market expectation of higher rates will remain.
"If this is the case, the three-month CD rate will stay
above four pct for the time being," he said.
REUTER
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The Bank of Japan will tomorrow sell 1,200
billion yen in bills from its holdings to help absorb a
projected money market surplus of 2,100 billion, money market
traders said.
Of the total, 800 billion yen will yield 3.6004 pct on
sales from money houses to banks and securities houses in
34-day repurchase agreements maturing on August 3.
The other 200 billion yen will yield 3.6003 pct in 43-day
repurchase accords maturing on August 12.
The remaining 200 billion yen will yield 3.6503 pct in
50-day repurchase agreements maturing on August 19.
The repurchase agreement yields compare with the 3.5625 pct
one-month commercial bill discount rate today and 3.6250 pct on
two-month bills.
They attributed the projected surplus mainly to 1,900
billion yen of government tax allocations to local governments
and public bodies.
REUTER
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Group shr 24.20 yen vs 37.42
Net 10.95 billion vs 15.46 billion
Pretax 25.25 billion vs 31.15 billion
Operating 28.39 billion vs 31.73 billion
Sales 592.37 billion vs 593.86 billion
NOTE - No forecast for current year
REUTER
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Yields on certificates of deposit (CDs)
issued today by the United Arab Emirates central bank were
unchanged from those on last Monday's offer, the bank said.
The one month yield was set at last week's 6-3/4 pct, while
two and three month CDs also remained unchanged at 6-13/16 pct.
The six month yield was set at seven pct.
REUTER
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|
Bangladesh's trade gap is expected to
widen in fiscal 1987/88 beginning on July 1 after the
government relaxed restrictions on some imports including
luxury cars.
The country has set its export target for the year at 1.1
billion U.S. Dlrs against imports of 1.805 billion dlrs,
compared with 1986/7's one billion dlrs of export earnings and
1.113 billion dlrs of imports.
Commerce Minister Mohammad Abdul Munim said the changes
were aimed at encouraging export oriented industries to boost
foreign exchange earnings and imports of essential machinery
and raw materials, to increase industrial production.
The government was easing procedures to enhance incentives
especially for exporters of textiles and frozen food and
importers of industrial machinery and raw materials, Munim told
reporters.
Commerce Ministry officials told Reuters the import policy
covered only commercial imports amounting to 1.805 billion
dlrs. Imports of capital machinery and foodgrains by the
government were not included in the policy, they added.
They said the country's total import bill (both commercial
and other imports) was expected to reach 2.7 billion dlrs in
the new year compared with 2.4 billion dlrs in 1986/87.
The minister said ending restrictions on imports of cars
and dropping 50 pct sales tax on small cars would not harm the
economy.
Munim said Bangladesh feared a further drop in prices for
its main export jute, "which will certainly affect our export
earnings" in the coming year.
Bangladesh's jute exports fell to 410 mln dlrs from 500 mln
in 1986/87, according official figures.
But Munim said exports of non-traditional items, which
accounted for over 40 pct of total exports this year, would
play a key role in achieving the 1987/88 export target.
REUTER
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Norway's central bank sold crowns in the
open market in a bid to ease strong upward pressure on the
currency, which threatens to rise above set levels in a basket
of currencies, dealers said.
The central bank declined comment, but dealers noted the
bank had also intervened and sold small amounts of crowns on
Friday. The bank is committed to defending the crown at certain
levels in a basket of 14 trade-weighted currencies.
"They've been in again this morning, selling piecemeal
whenever they think necessary," a senior dealer at an Oslo bank,
who declined to be identified, told Reuters.
The crown's index is currently around 109.60 in the basket
-- close to its upper limit of 109.50 which the central bank is
committed to defending.
A low index figure indicates a high value for the crown.
The limit at the other end of the scale is set at 114.50.
The crown has been bolstered by high Norwegian interest
rates, currently around 16 pct in the money market, and better
than expected economic indicators which showed a sharply
reduced foreign trade deficit in May and inflation stabilising
around the current annual rate of 10 pct.
REUTER
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Top-level talks last week between the
European Community (EC) and the United States failed to resolve
a dispute over pasta which may provoke new trade frictions next
month, diplomatic sources said.
The U.S. Insists the EC complies with what it regards as an
unambiguous ruling from the world trade body GATT and
dismantles an export subsidy system which has led to Italy
taking an increasing share of the U.S. Pasta market.
The sources said the EC, which currently provides subsidies
of around 16 cents a pound, offered a compromise in last week's
talks in Brussels but that this was rejected by the U.S.
U.S. Assistant Special Trade Representative Jim Murphy has
returned to Washington ahead of a theoretical July 1 deadline
for agreement, set last August when the two sides resolved a
related dispute over EC restrictions on U.S. Citrus imports.
The diplomatic sources said the citrus issue could be
reopened if the pasta dispute was not solved quickly. It was
also possible the U.S. Would reimpose a 40 pct tariff on EC
pasta, lifted when the citrus row was settled.
But the two sides may agree to extend the deadline for a
few days as EC Commissioners Willy de Clercq and Frans
Andriessen are due to visit Washington from July 7 to 10.
REUTER
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Polish farmers will receive price rises
ranging from 13.4 pct for some crops to 23.3 pct for meat from
July 1, the Finance and Agriculture ministries said.
The state procurement price for rape will rise 13.4 pct to
5,500 zloties per quintal, while wheat and rye will go up an
average 18.2 pct to 3,100 and 2,400 zloties per quintal. Pork
will rise by 18.8 pct and beef 23.3 pct.
The ministries said the new prices aimed to ensure farmers'
profits and meet higher living costs. But at the same time they
said fertilisers would rise by an average 50 pct, animal feeds
by 38 pct and tractors by 25 pct.
REUTER
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Canada has threatened to stop imports
of Danish pigmeat from July 14 after Canadian veterinary
inspectors approved only two of 33 slaughterhouses, a Danish
agriculture ministry official told Reuters.
The Canadians postponed the original July 1 deadline at the
request of the European Commission, which Denmark approached
for support.
Danish Foreign Minister Uffe Ellemann-Jensen said in an
interview with the daily Berlingske Tidende: "Denmark will not
accept a ban on Danish meat exports, and I am sure we can reach
an understanding with the Canadians with the help of the EC."
Danish pigmeat exports to Canada were worth 106 mln crowns
in 1986, while Canadian exports to the European Community
totalled about 6.5 billion U.S. Dlrs.
Some Danish slaughterhouse officials expressed suspicion
that the Canadian action was in response to tightening up by EC
veterinary inspectors on Canadian food exports to the EC.
But an official at the Canadian embassy in Copenhagen said
the inspection of Danish slaughterhouses was based on EC
regulations. "Canadian officials are very concerned about the
trade implications. We are holding active discussions with the
EC and bilaterally," she added.
REUTER
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Following are extracts from the
communique issued at the conclusion of the OPEC conference
here.
"The conference expressed satisfaction about the positive
results of the agreement signed in December, 1986, by which
OPEC re-established the system of fixed price at a level of 18
dlrs per barrel supported by OPEC production ceilings
distributed into national production levels.
"The conference noted that all market indicators, including
spot prices in the market and netback values of all OPEC
crudes, have been firming up significantly, thus consolidating
the OPEC price structure as defined by the agreement."
"The conference examined the supply/demand outlook for the
second half of the year and decided that in order to secure
continued firm prices in the market, OPEC production during the
fourth quarter of 1987 will be equal to that of the third
quarter, I.E. 16.6 mln barrels per day (bpd), distributed into
the same national production levels as were defined by the
above-mentioned agreement for that quarter."
"Furthermore, the conference decided to establish a
committee of five heads of delegation to monitor the price
evolution in the market in relation to the OPEC official prices
in order to secure price stability around the opec price
structure.
"Should there be any significant change in market prices,
the committee would immediately call for an extraordinary
meeting of the conference with a view to deciding on the
necessary OPEC production levels during the second half of the
year, which would secure the desired market stability."
"The conference reiterated the necessity of member
countries' strict adherence to the agreement signed in December
1986, both in terms of official price, and national production,
levels.
"For this purpose, the conference decided to establish a
committee of three heads of delegation to undertake visits to
member countries in order to motivate them to comply with the
terms of the agreement."
"Moreover, the conference stressed the necessity of the
cooperation of the oil-producing exporting countries outside
OPEC as an essential prerequisite for a lasting market
stability.
The conference, therefore, decided to reinstate the group
of five heads of delegation established by the 77th
(extraordinary) meeting of the conference in April, 1986 to
undertake the necessary contacts with those countries.
"The conference observed the continued fall in the value of
the U.S. Dollar and agreed that the matter should be studied
and reported to the next meeting of the conference."
"The conference discussed the appointment of the secretary
general and decided to discuss the matter again in its next
ordinary meeting.
"The conference extended the term of office of Fadhil
al-Chalabi as deputy secretary general for a period of one year
from October 7, 1987.
"The next ordinary meeting of the conference will be
convened in Vienna on December 9, 1987."
REUTER
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Bundesbank President Karl Otto Poehl said
West Germany would be badly advised to lower interest rates and
that he believed the economy would continue to recover after a
six-month lull.
Asked by the newspaper Bild am Sonntag if lower interest
rates could boost the domestic economy, Poehl said: "We would be
badly advised if we forced further interest rate cuts.
"This could, under certain circumstances, release new
inflationary fears which would then be more likely to lead to
higher interest rates," he added.
Poehl said Germany had practically no growth in the past
six months because of the mark's surge and the cold winter.
"But since April, statistics clearly show that the economy
finds itself on a course of growth," he said. "I expect this
development to continue in the coming months."
Asked about his expectations of a U.S.-European Community
trade war, Poehl said such an event would be disastrous.
"For this reason we in Europe must avoid everything used by
protectionist forces in the U.S. As pretexts," he added. "This
includes...Eliminating existing restrictions in the EC as far
as possible. Protectionism is not found only in the U.S."
Reuter
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OPEC output for the second half of 1987,
including that of Iraq, will be above the official 16.6 mln
barrels per day (bpd) output ceiling agreed by OPEC Saturday,
Kuwait oil minister Sheikh Ali al-Khalifa al-Sabah, said.
Iraq refused to sign the pact, by which OPEC maintained its
ceiling at 16.6 mln bpd for both the third and fourth quarters
of 1987. In December, OPEC set a provisional fourth quarter
level of 18.3 mln bpd, now cut back to the third quarter
target.
Ali told a news conference that including Iraq, "OPEC third
quarter output will be between 17.5 and 17.7 mln bpd while
fourth quarter output will be nearly 18 mln bpd"
Ali did not detail what effect he thought these production
levels would have on prices.
Iraq has an official first half quota of 1.466 mln bpd,
rising to 1.54 mln in the second half, but has refused to
adhere to it and has recently been producing around two mln
barrels per day, exporting it through pipelines to Saudi Arabia
and Turkey. Iraq's export capacity will be further boosted when
a 500,000 bpd oil pipeline via Turkey comes on stream in about
September.
Iraq has been insisting on a quota equal to its Gulf War
enemy Iran, which has a quota of 2.255 mln bpd, rising to 2.369
mln in the second half.
Ali said the position of the 400,000 bpd production from
the Neutral Zone between Saudi Arabia and Kuwait, which has
been supplied to Iraq as war relief crude, was fixed. "We will
not discuss it. There will not be any change," he said.
Ali said the conference, which began Thursday and ended
Saturday evening, had been too short for all necessary problems
to be adressed. "We are overdoing it in holding too short a
meeting. We sweep a lot under the carpet," he said.
Ali said the problem of price differentials between the
prices of various OPEC crudes had not been dealt with properly
at the meeting.
Ali said "The problem of differentials is a real one. I
would hate to be producing today a light crude and that problem
has not been dealt with properly. Light crudes are overpriced
relative to heavy crudes."
Asked if the issue of differentials would be raised at the
next OPEC meeting to be held in Vienna on December 9, Ali said
"If my crudes are affected I will raise the issue, I will not do
the work of another minister."
Kuwait's own crudes range from medium to heavy grades.
OPEC reintroduced fixed prices on February 1, with a spread
of 2.65 dlrs a barrel between its lightest and heaviest crudes.
Reuter
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Iraq has rejected its new OPEC
production quota set in Vienna for the second half of this
year, the official Iraqi news agency INA reported.
It quoted Oil Minister Issam Abdul-Rahim al-Chalabi, who
returned Sunday, as saying "Iraq will continue to adhere to its
position considering itself as not included in the agreement."
Last December, Iraq rejected its assigned first half 1987
quota of 1.466 mln bpd and demanded a share equal to the 2.255
mln bpd quota set for Iran, its enemy in the nearly
seven-year-old Gulf war.
The accord reached by OPEC ministers in Vienna Saturday set
an output ceiling of 16.6 mln bpd for the group's 13 members
from July to December, raising Iraq's share to 1.54 mln bpd and
Iran's to 2.369 mln.
Reuter
|
[
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Shr 15.8 cents vs 12.9 cents
Int div six cents vs same
Group net 19.90 mln dlrs vs 16.25 mln
Turnover 390.70 vs 381.60 mln
NOTE - Div pay Aug 3, register July 31. Co says it expects
results for the second half year to be similar to those of the
first half.
REUTER
|
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Year ended March 31
Group shr 33.98 yen vs 39.10
Net 21.16 billion vs 19.96 billion
Current 45.23 billion vs 32.87 billion
Operating 77.17 billion vs 63.90 billion
Sales 616.96 billion vs 527.88 billion
NOTE - The company said the 37.6 pct increase in 1986/87
group current profit from a year earlier was mainly due to a
drop of two billion yen in interest payments.
REUTER
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|
Year to March 31, 1987
Share 106 rupees vs 130
Pre-tax profit 995.2 mln rupees vs 1.57 billion
Net profit 875.2 mln vs 1.07 billion
Sales 14.16 billion vs 12.85 billion
Dividend 25 pct vs same
Tax 120 mln vs 500 mln
Note - Full company name is Tata Iron and Steel Co Ltd
<TATA.BO>. Dividend is payable to shareholders on Aug 12.
REUTER
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Kraft Inc said it has completed
the previously announced acquisition of the Anderson Clayton
Foods Division from Quaker Oats Co for 235 mln dlrs in cash.
Reuter
|
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Staley Continental Inc
said it sold its 50 interest in Sociedad Iberica de
Molturacion, S.A. (Simsa), a soybean and sunflower seed
processing company based in Madrid, Spain.
Staley's investment in Simsa no longer fit its overall
coporate strategy and an agreement to sell the interest was
completed in May, it said.
Staley said the Simsa transaction will not have a material
effect on its balance sheet.
Reuter
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|
Frontier Insurance Group Inc
said it acquired the malpractice book of business generated by
Medical Quadrangle Inc and Medical Professional Liability
Agency Ltd, a producer of medical malpractice coverage.
It said the acquisition will enable all of Frontier's
medical malpractice coverage to be serviced internally.
Reuter
|
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Period end May 31
Shr profit four cts vs loss 22 cts
Net profit 139,000 vs loss 799,000
Revs 101.9 mln vs 86.8 mln
Reuter
|
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Period ended May 31
Shr 41 cts vs 35 cts
Net 15.4 mln vs 11.9 mln
Revs 234.4 mln vs 96.6 mln
Avg shrs 38.0 mln vs 34.4 mln
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Oper shr three cts vs one ct
Oper net 210,000 vs 67,000
Revs 10,252,000 vs 8,929,000
Avg shrs 7,933,000 vs 8,553,000
Six mths
Oper shr five cts vs two cts
Oper net 420,000 vs 133,000
Revs 20.3 mln vs 17.1 mln
Avg shrs 7,952,000 vs 8,551,000
NOTE: 1987 earnings exclude gain from utilization of tax
loss carryforwards of 125,000 dlrs, or one ct a share in the
quarter and 150,000 dlrs, or two cts a share for the six months
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
<New Generation Products
Inc> said it has acquired a 20 pct ownership in <Personal
Protection Technolgies Inc>.
New Generation said Personal Protection is developing a
group of personal care products, which are effective in killing
a variety of viruses and bacteria on contact, for U.S. and
export markets.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 15 cts vs 12 cts
Net 1,240,939 dlrs vs 989,714 dlrs
Revs 32.9 mln dlrs vs 21.1 mln dlrs
Note: first quarter ended May 31. The company's full name
is Town and Country Jewelry Manufacturing Corp
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 19 cts vs 16 cts
Net 502,000 dlrs vs 401,000 dlrs
Revs 8.8 mln dlrs vs 6.7 mln dlrs
Six mths
Shr 38 cts vs 29 cts
Net 989,000 dlrs vs 745,000 dlrs
Revs 16.3 mln dlrs vs 12.5 mln dlrs
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Martin Processing Inc said its
board approved an agreement to be acquired by Courtaulds Plc
<COU.L> for 20 dlrs a share.
The company said the transaction is valued at more than 99
mln dlrs, based on its 4,963,620 shares of stock outstanding.
It said Courtaulds has privately agreed to purchase a
majority of Martin's common from trusts established by Julius
Hermes for 20 dlrs a share. It said Courtaulds intends to
conduct a tender offer for all the Martin stock it does not
own, beginning as soon as necessary documents are prepared.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 15 cts
Net 3.6 mln dlrs
Revs 96.9 mln dlrs
Note: the company said year-ago figures are not comparable
due to its reverse merger last year
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr loss two cts vs loss four cts
Net loss 199,010 dlrs vs loss 398,202 dlrs
Revs 1,284,939 dlrs vs 359,440 dlrs
Nine mths
Shr loss 10 cts vs loss 14 cts
Net loss 973,542 dlrs vs loss 1,298,203 dlrs
Revs 3.9 mln dlrs vs 1,269,098 dlrs
Note:the third quarter ended April 30
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
BSN Corp said it purchased MacGregor
Sporting Goods' common stock in recent open market
transactions.
BSN said its position is less than the five pct ownership
which would require specific disclosure. The company will
continually review its position and may nelect to increase or
decrease the number of shares owned, it added.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 38 cts vs 47 cts
Net 968,000 dlrs vs 1,053,000 dlrs
Revs 15.4 mln dlrs vs 12.6 mln dlrs
Note:the year ended March 31.
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 27 cts vs 14 cts
Net 5,664,000 vs 2,812,000
Revs 68.2 mln vs 54.7 mln
Avg shrs 21,254,054 vs 20,167,714
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Talks between the European Community
(EC) and the United States have failed to settle a trade
dispute over pasta, an EC Commission spokesman said.
Diplomatic sources said the dispute could provoke new trade
friction unless it was settled soon.
Washington is insisting that the EC comply with what it
regards as an unambiguous ruling from the world trade body GATT
and cut export subsidies which have allowed Italy to take an
increasing share of the U.S. pasta market.
The EC provides subsidies of about 16 cents a pound on
pasta exports. The spokeswoman said the talks foundered on the
question of how much the subsidy should be cut.
Reuter
|
[
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
Utilicorp United Inc said its
UtilCo Group subsidiary completed the purchase of a 38 pct
interest in Westwood Energy Properties Limited Partnership for
about 10 mln dlrs.
The company said the partership is building and will
operate a 30-megawatt electric generation facility in Schuykill
County, Penn., scheduled to begin commercial operation in July.
It said the 38 pct interest was sold by Westwood Funding Corp,
a wholly-owned subsidiary of Combustion Engineering Inc <CSP>.
Westwood Funding retains an interest in the partership and
serves as a general partner, it said.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Coradian Corp said a group led by
privately held Sage Equities Group agreed to buy a 7.6 pct
interest in Coradian.
In connection with the agreement, the company said it sold
666,667 shares at 75 cts a share.
It said that in addition to common stock, Sage Equities
will receive 667,667 warrants exercisable at 1.50 dlrs a share.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 24 cts vs 18 cts
Shr diluted 21 cts vs 18 cts
Net 2,108,805 vs 1,605,278
Sales 28.9 mln vs 24.2 mln
NOTE: Share results reflect two for one stock split to be
paid July eight
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Danish crops are up to two weeks
behind normal growth levels due to the cold weather in May and
June, when mean temperatures were up to four centigrade below
average, the State Plant Cultivation Bureau said in a report.
At the season's first crop test on June 26, the bureau
rated crops at an overall 94, the same as on June 20 last year.
The figure of 100 represents normal in a year of average growth
conditions with no crop damage.
The test gave ratings expressed as a factor of 100, as
follows - winter wheat 96 (last year 91), winter rye 97 (98),
winter barley 92 (90), spring barley 94 (98), oats 96 (98),
fodder and sugar beets 87 (96), winter rapeseed 98 (94), spring
rapeseed 94 (98).
Final harvest figures for 1986 were not yet available.
Reuter
|
[
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
The Reserve Bank of India, RBI,
announced new rules to allow exporters of 25 products to use
foreign exchange up to 10 pct of their firm's total annual
export earnings for export promotion abroad.
The move is designed by the government to improve India's
trade deficit.
Products eligible for the new Blanket Exchange Permit
Scheme include tea bags, cigarettes, coffee, leather, various
textiles, chemicals, pharmaceuticals, plastics, engineering and
electronic goods, ready-made garments, processed food, sports
goods, fabricated mica and consultancy services.
The scheme replaces current rules which allow different
amounts of foreign exchange to be used only when firms attain a
minimum annual turnover prescribed for each product.
RBI said under the new rule, 16 other products will
qualify, on a discretionary basis, for overseas promotional
spending of not more than two pct of the freight-on-board value
of annual export earnings.
These include oil cakes, cereals, raw cotton, raw and
semi-processed leather, gems, castor and sandalwood oil,
psyllium husks and seeds, opium and various mineral ores.
RBI said exporters of products not covered by either of the
two groups will be eligible to use up to five pct of their
freight-on-board value of their annual export earnings.
Industry sources said the new entitlements, considerably
higher than the previous limits, are also more flexible because
holders of new permits no longer need to frequently apply to
RBI for release of foreign exchange for export purposes.
Reuter
|
[
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
Shr four cts vs one ct
Net 335,000 vs 67,000
Rev 10.1 mln vs 8.7 mln
Avg shares 7,933,000 vs 8,553,000
Six Months
Shr seven cts vs two cts
Net 570,000 vs 133,000
Rev 19.9 mln vs 16.8 mln
Avg shares 7,952,000 vs 8,551,000
NOTE: Qtr includes extraordinary gain of 125,000 dlrs, or
one ct a share, while six months' net includes gain of 150,000,
or two cts a share.
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
DataCard Corp said it adopted a
dividend rights plan in response to Deluxe Check Printers Inc
<DLX> having agreed to sell its 38 pct interest in DataCard to
National Computer Systems Inc <NLCS.O>.
DataCard declared a dividend distribution of one preferred
stock purchase right on each outstanding share its common
stock. The dividend is designed to deter National Computer or
other potential suitors from preventing DataCard from
evaluating all alternatives to maximize shareholder value,
DataCard said.
National Computer told Reuters June 22 it could make a bid
for DataCard. On June 25 DataCard filed suit in Hennepin County
District Court in Minnesota to block the sale of the 38 pct
stake of its stock to National Computer.
In announcing the rights plan, DataCard said it "is not
designed to deter takeovers that would be consistent with the
objective of maximizing stockholders value to all of DataCard's
stockholders."
The rights will not become exercisable until 10 days after
an announcement that a person or group has acquired beneficial
ownership of 44 pct or more of DataCard's common stock.
Once exercisable, each right would entitle a holder to buy
1/500th of a share of DataCard Series A junior participation
preferred Stock for 35 dlrs. Holders other than an acquirer
would be entitled to purchase, for six-months after the right
becomes exercisable, a number of shares of the new preferred
stock with a market value equal to twice the exercise price of
the rights.
The rights dividend distribution is payable July 9 to
shareholders of record July 9.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 12 cts vs one cent
Net 546,000 vs 48,000
Revs 22.3 mln vs 16.0 mln
Nine mths
Shr 44 cts vs seven cts
Net 1,857,000 vs 303,000
Revs 65.5 mln vs 46.0 mln
NOTE: Per share figures adjusted for three-for-two stock
split paid April 1987.
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Federal Resources Corp said it has
acquired the capital stock and related real estate assets of
<New Generation Inc>, a regional consumer electronics specialty
retailer.
Terms of the acquisition were not disclosed.
New Generation has annual sales volume of about 30 mln
dlrs, Federal Resources said.
Federal Resources said it will search for additional
acquisitions including, but not limited to, specialty
retailers.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Enetertainment Marketing Inc and its
president Elias Zinn have demanded a list of Crazy Eddie Inc
shareholders from the company and said they may pursue a merger
of the Edison, N.J. electronics retailer.
In a filing with the Securities and Exchange Commission,
Zinn said the demand for the shareholder list was made on June
26 because he may desire to communicate with other Crazy Eddie
shareholders "regarding the affairs" of the company.
Zinn and his firm, which disclosed they hold a 5.1 pct
stake in Crazy Eddie common stock, said they may acquire more
shares through a negotiated merger or tender offer.
Entertainment Marketing was informed on June 25 by Shearson
Lehman Brothers Inc., acting on behalf of Crazy Eddie, that it
would be provided with "certain information" about Crazy Eddie,
it told the SEC.
Entertainment Marketing, a Houston-based firm involved in
electronics wholesaling and televised home shopping sales,
proposed an eight dlr a share merger acquisition of Crazy Eddie
on May 29, and modified the proposal on June 9 to include the
possible participation of Crazy Eddie management.
Entertainment Marketing told the SEC it expects to meet
with Crazy Eddie representatives in the near future.
Entertainment Marketing also disclosed that it retained
Drexel Burnham Lambert Inc as its financial advisor and
investment banker.
In light of a June 17 announcement from Crazy Eddie that
Chemical Bank would no longer fund a 52 mln dlr credit facility
with the company, plus further declines in the price of its
stock, Entertainment Marketing and Zinn said they are
"continuing to evaluate their alternatives with respect to
their investment" in Crazy Eddie stock.
Depending on its evaluation of the company, including
actions by Crazy Eddie's board and any possible third party
bids for the company, Entertainment Marketing and its president
said they may hold their present stake in the company, sell
some of their shares, or purchase more shares on the open
market, through private purchases or in connection with a
merger or tender offer.
According to the SEC filing, Entertainment Marketing and
Zinn bought their current holdings of 1,560,000 Crazy Eddie
common shares between May 20 and June 17 at 7.42 dlrs to 7.93
dlrs a share, or a total of about 11.9 mln dlrs.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
U.S. moves to increase its warships in
and around the Mideast Gulf could trigger more attacks on
unprotected merchant ships but run little risk of sparking a
direct military clash with Iran, diplomats said.
They said the American decision inevitably carries some
risk of armed confrontation, but Iran -- despite its blunt
rhetoric -- would want to avoid this as much as Washington.
"As Iran knows very well, what America is bringing into the
Gulf could do serious damage," said one western diplomat.
Diplomats see the greatest potential danger in more attacks
on "soft targets" such as merchant shipping not protected by
American or other western navy vessels patrolling the Gulf.
The risk of Iranian attack on U.S. Warships or Kuwaiti oil
tankers carrying the U.S. Flag and under naval escort is rated
by diplomats as low. However, "There is the threat that the
Iranians, seeing these heavily protected U.S.-flag tankers,
will go for softer targets," one diplomat said.
Tehran Radio quoted Iran's top defence spokesman Ali Akbar
Hashemi Rafsanjani as saying yesterday that Washington was
"moving to the brink of an armed encounter with us."
The U.S. is increasing its Gulf fleet from seven to 10
warships and sending the refurbished battleship Missouri to
patrol just outside the Strait of Hormuz.
The build-up ties in with U.S. plans to start escorting
Kuwaiti oil tankers next month, which have been re-registered
to fly the American flag to give them naval protection.
Shipping serving Kuwait has come under repeated attack by
Iran, angered at the emirate's war backing of Iraq.
Concern in the region has mounted over the threat posed by
Chinese-made Silkworm missiles, which the U.S. says Iran is
preparing to deploy near the Strait of Hormuz.
The Missouri, with its four-escort flotilla, is likely to
make Iran think twice about using the missiles, diplomats said.
A military source in the Gulf has said Iran also set up a
launching site for the Silkworms on captured Iraqi soil in the
Faw peninsula, within range of Kuwait.
"But anything that went as far as a direct attack on Kuwaiti
territory would be a very serious escalation" likely moving
world opinion against Iran, remarked one.
Some diplomats believe Iran could also consider carrying
out reprisals against the United States outside the Gulf.
Rafsanjani, who is also parliamentary leader, predicted
last Friday "a river of blood" throughout the world in the event
of any U.S. strike against Iran.
Western diplomats said Iran, which Washington has accused
of being behind state-sponsored terrorism, had no demonstrable
capacity to carry out attacks in the U.S. itself.
Diplomats saw few potential targets in Lebanon now that
most Americans have left in the wake of kidnappings linked to
pro-Iranian groups. But Europe and Asia were potential
trouble-spots, and Kuwait was one of the most obvious targets.
Any backlash was likely to take the form of sabotage or
other action to make it difficult to blame Iran, they added.
Reuter
|
[
0,
0,
1,
0,
0,
0,
0,
1,
0,
0
] |
[
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
|
Cyclops Corp said shareholders
approved a previously announced merger of the company with a
subsidiary of dixons Group PLC.
It said Dixons held about 83 pct of Cyclops stock following
a tender offer and other purchases earlier in the year.
With the completion of the transaction, Dixons will proceed
to pay 95 dlrs a share to the remaining Cyclops shareholders.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The Federal Reserve entered the
government securities market to arrange two-day repurchase
agreements for system account, a spokesman for the New York Fed
said.
Federal funds were trading at 6-3/4 pct at the time of the
direct injection of temporary reserves, in line with Friday's
6.72 pct average.
Reuter
|
[
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
Vernitron Corp said it has set a
new record date of July 10 for shareholders entitled to vote on
the proposed merger of Vernitron with <SB Holding Corp>.
The original record date was May 26.
Vernitron said that it currently expects the special
shareholder meeting concerning the merger will be held in
August.
Following its tender offer in November 1986, SB Holding
holds 55.2 pct of Vernitron, a maker of electromechanical
components and related products and services.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Energas Co said it has agreed in
principle to purchase Western Kentucky Gas Co from Texas
American Energy Corp for 61.5 mln dlrs in cash plus assumptrion
of certain liabilities.
Western Kentucky is a gas distribution company which serves
about 143,000 customers in 108 towns and communities in
Kentucky.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Gibraltar Financial Corp
said its Gibraltar Savings unit has agreed in principle to buy
<First Federal Savings and Loan of Ridgecrest> for about 12.1
mln dlrs cash.
The company said the actual price will be determined at the
close, based on net book value at May 31.
It said First Federal is located in Kearn County northeast
of Los Angeles and has assets of 130 mln dlrs.
It said the transaction is subject to a definitive
agreement, shareholder and regulatory approval.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Winley Home Builders Inc said
it completed a land purchase agreement with M.D.C. Holdings Inc
<MDC> for 1,090,000 dlrs in notes and preferred stock.
The company said it bought 33 lots in Colorado from
Richmond Homes Ltd, an M.D.C. unit, in return for 650,000 dlrs
in promissory notes and 440,000 dlrs in preferred stock.
The company said M.D.C. has an option to convert Winley
preferred stock into 20 pct Winley common in a year.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr three cts vs two cts
Net 97,224 vs 58,503
Rev 906,368 vs 714,747
Avg shrs 3,300,000 vs 3,948,719
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
year ended March 31
Shr three cts vs 11 cts
Net 384,723 vs 800,137
Revs 5.1 mln vs 3.5 mln
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Interstate Bakeries Corp said
its Royal American Foods subsidiary agreed to buy the assets of
Landshire Food Products Inc, a New-Mexico-based producer of
packaged Mexican food products.
Terms of the proposed transaction were not disclosed.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Period ended May 31.
Shr loss eight cts vs profit six cts
Net loss 895,000 vs profit 662,000
Sales 91.1 mln vs 89.8 mln
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
A group of firms led by Gabelli Group
Inc told government regulators it holds a 28.5 pct stake in
Digiorgio Corp common stock, and said two partnerships making
up part of the group may seek control of the company.
In a filing with the Securities and Exchange Comission, the
group of firms said it holds 2,430,100 shares of Digiorgio
common stock. Of the total, 2,059,400 shares are held by GAMCO
Investors Inc and Gabelli Funds Inc. for investment purposes,
the group said.
Gabelli-Rosenthal and Partners LP and G and R Partners,
which hold the remaining 370,700 Digiorgio common shares, told
the SEC their "purpose is to ultimately obtain control of
Digiorgio contingent upon approval of Digiorgio," according to
the SEC filing.
As previously reported, Gabelli and Co Inc, acting as
investment advisor to a group including Gabelli-Rosenthal,
proposed on June 25 to acquire all Digiorgio common shares for
a per share price of 20 dlrs in cash, a subordinated note with
a face value of eight dlrs, 14 pct redeemable preferred stock,
and one common share of the post-buyout company.
The June 25 buyout proposal, which remains open until July
17, also provides that key members of Digiorgio management and
some of its directors would be invited to remain with the firm
and participate in the group acquiring the company.
The proposal is also subject to a due diligence review,
execution of a merger agreement, arrangement of financing and
receipt of government approvals, all of which Gabelli and Co
said could be completed within 60 days.
Between April 13 and June 26, the entire group led by
Gabelli Group Inc made net purchases of 403,600 Digiorgio
common shares at 22.20 dlrs to 26.79 dlrs a share.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Unicoa Corp said it agreed to a merger
with its wholly-owned subsidiary, United Insurance Co of
America.
Under the agreement, each outstanding share of Unicoa
common stock will be converted into one share of United common
stock.
The agreement is subject to shareholder and regulatory
approval. Teledyne Inc <TDY> owns about 98.4 pct of Unicoa's
outstanding shares. A shareholder meeting is expected to be
held in August.
Reuter
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Weekend rain over the Western Corn Belt
brought further relief to crop areas that had been dry earlier
this month, and developing weather patterns will bring welcome
moisture to central and eastern belt locations this week,
according to Dale Mohler, senior meteorologist for Accu-Weather
Inc.
"There is going to be more rain for the next two, three
days," he said. "We're in a fairly wet pattern with normal to
above normal moisture this week."
Mohler said rainfall averaged 1/2 inch across southern
Minnesota, 3/4 inch over southwest Iowa, one inch in eastern
Nebraska and 1-1/2 inches in south-central Nebraska.
Illinois fields saw virtually no rain over the weekend but
were receiving scattered thundershower activity today, he said.
Rain patterns will move across Indiana to Ohio with
thudershower activity yielding to more general rains, he said.
"Tomorrow, that eastern area will get 1/4 to one inch, a
pretty good rain," Mohler said.
Rain was heavier than expected over the weekend, sparking
an early selloff in soybean futures at the Chicago Board of
Trade. Prices were off 14 to 20-1/2 cents with November off
19-1/2 cents at 5.43-1/2 dlrs.
Mohler said the cold front now over the eastern belt is
expected to move over the central Midwest, then move north
later in the week. That could bring new rain patterns across
the Corn Belt and assure good crop conditions as
early-developed corn moves into the crucial pollination stage
in early July, he said.
Reuter
|
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
] |
May 31 end
Shr 27 cts vs 14 cts
Net 5,664,000 vs 2,812,000
Revs 68.2 mln vs 54.7 mln
Avg shrs 21,254,054 vs 20,167,714
NOTE: First quarter report
Reuter
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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