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Three for two stock split Pay and record date subject to shareholder confirmation May four Qtly dividend 5-1/4 cts vs four cts Pay May 15 Record May one Note: dividends declared on pre-split shares. Laidlaw Transportation Ltd Reuter | LAIDLAW <LDMFA> SPLITS STOCK, HIKES PAYOUT |
Security Pacific National Bank and Provident National Bank said they increased their prime lending rates a quarter point to 7-3/4 pct. They said the move is effective immediately. Reuter | SECURITY PACIFIC, PROVIDENT NATIONAL LIFT PRIME |
J.P. MORGAN SAYS BRAZIL ACTION WILL REDUCE FIRST QUARTER NET BY ABOUT 20 MLN DLRS |
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Qtly div 72 cts vs 70 cts prior Payable June 10 Record May 15 Reuter | HOUSTON INDUSTRIES INC <HII> INCREASES DIV |
Emery Air Frieght Corp which has launched a 40 dlr a share tender offer for 83 pct of Purolator Courier Corp said it would sell some Purolator assets to help pay the estimated 265 mln dlr cost of the stock purchase deal. In a filing with the Securities and Exchange Commission Emery said it would sell or lease Purolators air hub in Indianapolis Ind. which is currently under construction and would divest Purolators Stant Inc subsidiary. No indications of interest for the assets have been received so far Emery said. Emery said it would operate Purolator as a subsidiary if it succeeded in the takever but would integrate its air hub. It said it plans to finance its stock purchases with borrowings from Chemical Bank Morgan Guaranty Trust Co of New York Bankers Trust Co and Salomon Brothers Holding Co Inc the parent of Salmon Brothers Inc Emerys financial advisor. Emery said it already has a commitment letter from its banks for up to 129.9 mln dlrs for the stock purchases. An unspecified amount of internally generated funds would also be used for the stock purchases it added. Reuter | EMERY <EAF> PLANS PUROLATOR <PCC> ASSET SALES |
Shr 39 cts vs 31 cts Net 232991 vs 198185 Revs 2.9 mln vs 2.3 mln Year Shr 2.20 dlrs vs 1.12 dlrs Net 1.3 mln vs 715113 Revs 11.3 mln vs 10.1 mln NOTE:1986 revs includes 260000 dlr finders fee net includes 112000 gain from sale of securities 115000 dividends 78000 dlrs from lease recalculations. 1985 revs includes 700000 finders fee and 75000 gain from sale of asset. Reuter | CENTURY BUSINESS CREDIT CORP <CTY> 4TH QTR |
Treasury balances at the Federal Reserve rose on March 31 to 3.576 billion dlrs from 3.254 billion dlrs on the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 5.394 billion dlrs from 7.291 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 8.969 billion dlrs on March 31 compared with 10.544 billion dlrs on March 30. Reuter | TREASURY BALANCES AT FED ROSE ON MARCH 31 |
GM TO IDLE SIX CAR PLANTS NEXT WEEK, TEMPORARILY LAY OFF 21,600 WORKERS |
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Illinois Central Gulf Railroad a subsidiary of IC Industries Inc said it will complete the sale to the Chicago Missouri and Western Railway of its 631-mile line from Joliet Ill. to St. Louis by April 30. The Chicago Missouri is a wholly owned subsidiary of the Venango River Corp a transportation holding company. It said the purchase price of the line is 81 mln dlrs. The Chicago Missouri will employ 625 workers and start operation immediately upon closing of the transaction. Reuter | IC INDUSTRIES<ICX> UNIT TO SELL OFF MORE TRACK |
Johnstown American Cos said it began a tender offer for the 500000 outstanding shares of its 1985 preferred stock. Under the offer the company said holders of the preferred would receive one share of a new issue of convertible redeemable preferred stock for each share of their 1985 preferred. The company said terms of the new preferred will permit it to redeem and retire the 1985 preferred shares at a discount from their current liquidation value of 50 mln dlrs or 100 dlrs a share. The company said that if all the 1985 preferred shares are tendered it will issue 500000 1987 preferred shares disburse 250000 dlrs and cancel all 1985 preferred shares that are tendered. The company said that if it elects to redeem the 1987 preferred it must pay holders 12.3 mln dlrs in cash. It said it must also issue warrants for the purchase of three mln common shares at a price of 4.50 dlrs a share or 33 pct over the market price on the day before the notice of redemption whichever is greater. The company said the exchange offer is conditioned on tendering shareholders releasing certain rights to contingent payouts and profit-share interests that were given in connection with its 1985 acquisition of Consolidated Capital Equities Corp and Johnstown Management Co. The offer it said is also conditioned on the tender of at least two-thirds of the outstanding preferred shares. The company said the exchange offer will expire at 1500 EST on May one unless extended. Reuter | JOHNSTOWN AMERICAN <JAC> MAKES EXCHANGE OFFER |
Japan appears to be relying less on corn from China Argentina and South Africa and more on supplies from the United States the U.S. Agriculture Department said. In its World Production and Trade report the department said in the past seven weeks reported U.S. corn sales of nearly three mln tonnes to Japan are about three times the level during this period last year. Reports of short Argentine supplies and the apparent unwillingness of the Chinese to sell at current world prices may have caused Japanese buyers to turn to the United States for corn supplies the department said. Reuter | STRONG DEMAND FOR U.S. CORN IN JAPAN -- USDA |
BRITISH PETROLEUM RAISES NORTH SEA BUTANE PRICES BY 15.50 DLRS A TONNE TODAY |
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British Petroleum Co plc said it raised its posted butane prices by 15.50 dlrs per tonne to 123 dlrs fob north sea effective today. Posted propane prices were unchanged at 110 dlrs per tonne the company said. Reuter | BP <BP> RAISES NORTH SEA BUTANE PRICES |
Allis-Chalmers Corp said it is deferring approximately three mln dlrs of interest payments due March 31 and April 1. The company said it is actively negotiating with lenders for concessions on a restructuring plan proposed March Four calling for Allis-Chalmers to divest itself of all businesses except the American Air Filter Co. Allis-Chalmers said it is building a consensus among its shareholders retired employees and creditors regarding the consents that will be required for it to complete its restructuring. To provide health care protection for its retired employees Allis-Chalmers said it proposed setting up a secure 75 mln dlr fund. It said about 4400 current U.S. employees and 12000 U.S. retirees are presently supported by Allis-Chalmers health care plans. Allis-Chalmers in a statement said it planned to continue payments to its vendors in the ordinary course of business while the restructuring is being negotiated. Earlier Allis-Chalmers said it executed a letter of intent to sell its solids processing equipment and minerals systems businesses to Boliden AB of Sweden for about 90 mln dlrs. Reuter | ALLIS-CHALMERS <AH> DEFERS INTEREST PAYMENTS |
Atlantic Fuels Marketing Corp said today it will raise the posted cargo prices for high sulphur fuels in New York Harbor 50 to 75 cts per barrel effective April two. The increase brings the prices for two pct sulphur to 19.25 dlrs up 50 cts 2.2 pct sulphur to 18.75 dlrs up 50 cts 2.5 pct sulphur to 18.50 dlrs up 50 cts 2.8 pct sulphur to 18.25 dlrs up 75 cts the company said. Posted prices for 0.3 pct and one pct low sulphur fuels were unchanged at 22 and 20 dlrs it said. Reuter | ATLANTIC TO RAISE HIGH SULPHUR FUEL PRICES |
The First National Bank of Boston the main banking unit of Bank of Boston said it is raising its prime lending rate to 7.75 pct from 7.50 pct effective immediately. Reuter | FIRST NATIONAL BANK OF BOSTON <BKB> RAISES PRIME |
Gencorp Inc said its board took no action with respect to a two pct stock dividend at its annual meeting yesterday due to the press of other business specifically the companys pending takeover offer by General Acquisition Corp formed by AFG industries inc and Wagner and brown. A spokesman said the two pct stock dividend normally issued everly year was not issued in February because the company was examining other dividend alternatives. Management said it would give consideration to this matter at a later time. Yesterday the companys chairman A. William Reynolds told shareholders he would be presenting an alternative to the 100 dlrs a share takeover offer within a week. Reuter | GENCORP TAKES NO ACTION ON STOCK DIVIDEND |
J.P. Morgan and Co Inc parent of Morgan Guaranty Trust Co of New York said that it will place 1.3 billion dlrs of medium- and long-term loans to Brazil on a non-accrual basis matching similar action by BankAmerica Corp <BAC> earlier today. The move which follows Brazils suspension of interest payments on 68 billion dlrs of commercial bank debt on February 20 is expected to reduce first quarter net income by about 20 mln dlrs of which four mln dlrs represents interest accrued prior to 1987 but still uncollected the bank said. Morgan earned 233.9 mln dlrs in the first quarter of 1986. Morgan also said that based on current interest rates and assuming cash interest payments are not received for the rest of the year 1987 net income would be reduced by about 72 mln dlrs. 1986 net income was 872.5 mln dlrs. Although U.S. banks do not have to put loans on nonaccrual until they are over 90 days past due Morgan said some of the loans affected by the Brazil payment freeze may reach the 90-day limit during the second and third quarters. Morgan said it assumes talks between Brazil and commercial bank lenders will proceed expeditiously and interest payments will resume at the earliest practicable date. Reuter | MORGAN <JPM> PLACES BRAZIL LOANS ON NONACCRUAL |
General Motors Corp will idle six of its car assembly plants next week temporarily laying off 21600 workers according to spokespersons for the companys groups. The automaker will shut three plants each in its two groups--the Buick-Oldsmobile-Cadillac group and the Chevrolet-Pontiac-GM of Canada group. The plants will be closed for a week starting August six for inventory adjustment. Five of the plants are located in the United States. The sixth is in Canada. The three Buick-Oldsmobile-Cadillac plants that will be idled are located at Wentsville Mo. (4900 workers) the Hamtramck plant in Detroit (3000 workers) and the body assembly plant in Flint Mich. (2500 workers). The Chevrolet-Pontiac-GM of Canada facilities to be shut temporarily are located in North Tarrytown N.Y. (3500 workers) Pontiac Mich. (1600 workers) and Oshawa Ont. (6100 workers). All of General Motors truck and bus plants will be operating next week a spokesman for the truck and bus group said. Reuter | GM <GM> TO IDLE SIX PLANTS, 21,600 WORKERS |
The downturn in the Texas economy has bottomed out and growth should return at a slow rate in the second or third quarter said Coyle Kelly executive assistant to the chairman of the Texas Public Utilities Commission. Indicators are pointing to a turnaround ... but uncertainty still remains he said at a meeting of utilities analysts. The states economy will begin to expand by the end of the year he said but growth will be flat when averaged over the full 12 months. Kelly said his projection assumes oil prices in the range of 15 dlrs to 19 dlrs a barrel. He added that the oil and agriculture sectors were still severely depressed but that there are scattered signs of improvement in the industrial sectors. Reuter | REGULATOR SEES UPTURN IN TEXAS ECONOMY |
Gould Inc said it has completed the sale of its Systems and Simulations Division to the units management for an undisclosed price. Gould said the move is part of its plan to divest its defense systems businesses and focus on its computer and electronics sectors. Gould added that it accounted for the division as a discontinued operation. Reuter | GOULD <GLD> COMPLETES SALE OF DIVISION |
Morrison Inc said its board adopted a shareholder rights plan designed to fend off unwanted takeovers. Morrison said that it was not aware of any party interested in acquiring the company. It said it declared a dividend on its outstanding common stock of stock purchase rights which have a term of 10 years and will be issued April 10 to holders of record April 10. It said each right entitles shareholders to buy one one-thousandth of a share of newly authorized preferred at a purchase price of 75 dlrs. It said the rights will be distributed as a dividend and will become exercisable if a party acquires 20 pct or more of its common or begins a tender offer for 30 pct or more of its stock among other things. It said the rights are redeemable by its board at one-half ct per right. Reuter | MORRISON <MORR> ADOPTS SHAREHOLDER RIGHTS PLAN |
U.S. corn sales to Tunisia Morocco and other North African countries may face increased competition from European Community (EC) corn sales the U.S. Agriculture Department said. In its World Production and Trade report the USDA said sales of French corn for nearby delivery have been confirmed with an export subsidy of about 145 dlrs per tonne bringing the French price to about 72 dlrs per tonne FOB. While this is about the same price as U.S. corn EC corn has lower transport costs the department noted. The French sales mark the beginning of commercial EC corn exports which could reach 750000 tonnes to North Africa and the Middle East areas which have traditionally purchased their corn needs from the United States the department said. Department officials said the 750000 tonnes of exports are for the year up to September 30 1987. They said export licenses for about 500000 tonnes have been issued so far. Reuter | FRENCH SUBSIDIZED CORN FOR TUNISIA/MOROCCO-USDA |
CHRYSLER MADE 98,648 U.S. CARS IN MARCH, DOWN FROM 115,540 LAST YEAR |
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New Zealand may need about 100000 tonnes of wheat this year which would normally come from Australia but may be from the United States the U.S. Agriculture Department said. In its report on Export Markets for U.S. Grains the department said with the deregulation of the New Zealand Wheat Board which normally imports wheat from Australia there is the possibility of wheat purchases from the united states since the shipping cost between New Zealand and the Eastern Coast of Australia and the West Coast of the United States are about equal. Reuter | NEW ZEALAND MAY BUY U.S. WHEAT -- USDA |
Democrats rammed through the House Budget Committee a trillion dollar U.S. spending budget for 1988 over Republican protests. After a brief partisan debate in which Republicans said they were kept in the dark about the plan the committee approved the budget by voice vote and sent it to the full House. It was the first major congressional action on a U.S. budget for the government year starting October 1 this year. President Reagan has had his own budget virtually ignored by Democrats and fellow Republicans alike. The House budget would cut the deficit about 38 billion dlrs off an estimated 171-billion-dlr deficit for a 133- billion-dlr deficit using Congressional Budget Office estimates. Using President Reagans more optimistic economic assumptions committee Democrats said the deficit would be 107 billion -- the goal of a new budget law designed to gradually end deficits by 1991. The estimated deficit for this year is about 175 billion dlrs. Reuter | U.S. DEMOCRATS RAM BUDGET THROUGH COMMITTEE |
There were five grain ships loading and three ships were waiting to load at Portland according to the Portland Merchants Exchange. Reuter | GRAIN SHIPS LOADING AT PORTLAND |
The National Broadcasting Co delivered its final offer for a new contract to representatives of 2800 writers editors and technicians early today and waited for a response. A committee of the National Association of Broadcast Employees and Technicians discussed the offer but after three hours they had not come to any decision. If the union walks out it would mean simultaneous strikes against all three major U.S. television networks. A different union struck CBS Inc <CBS> and Capital Cities/ABC Inc <CCB> a month ago. NBC is owned by the General Electric Co <GE>. Were instructing all our members to continue working without a contract said John Krieger a union official. The contract expired at midnight March 31. Krieger said the committee is empowered to call a strike if it sees fit but he added were not gun shy and were not strike-happy we dont take it lightly. He said the union needed time to draft a formal response to the NBC proposal which the network billed as its best and final offer. A spokeswoman for NBC said management personnel were prepared to take assume technical duties if its radio and television facilities are struck. If there were a strike we would not expect any interruption in our service the NBC spokeswoman said. At CBS and ABC where the Writers Guild of America has been on strike since early March viewers have noticed little difference in the programs. However technicians are not involved in the walkout at CBS and ABC. Krieger said the major stumbling block in the talks with NBC was the networks insistence on having the right to hire engineers and writers on a daily basis. In a broad sense this would decimate the union he said with temporary workers jeopardizing the jobs of staff employees. NBC said its proposal contains assurances that there is no intention to replace regular employees with daily hires. NBC said regular employees who may be on layoff would be offered employment first. NBC also said any daily hires would be represented by the union and would be phased in at four pct of regular staff in the first year of a contract and six percent afterward. Top scale wages would increase to 855 dlrs per week in the first year of the two-year contract and 895 dlrs in the second year under the NBC proposal. Krieger said the networks wage proposals were disappointing but not the main issue. NBC said its proposals would give it greater flexibility in sports and news coverage. It said its proposals would permit limited access to news materials from affiliates and subscription services and allow Cable News Network to join network pool facilities. Cable News Network is owned by Turner Broadcasting System <TBS>. Material from subscription servoces would be limited to an average of about one minute in a half-hour program NBC said. The network said the changes it seeks would reduce costly duplication and are vital to NBCs long term health. The major U.S. networks have experienced cost cutting campaigns following a series of ownership changes that affected the parent companies of all three in the past two years. Laurence Tisch became the largest shareholder in CBS NBCs former parent RCA was acquired by General Electric and ABC was merged into Capital Cities Broadcasting. The broadcast operations have been hit with layoffs and other belt-tightening measures. Network executives cited cable television services and video cassette players which compete for viewers. Reuter | NBC MAKES 'FINAL' OFFER TO WRITERS, TECHNICIANS |
Moore Corp Ltd said it proposed amendments to a special resolution seeking shareholder approval for authority to issue preference shares so that the shares will be non-voting except in the event of dividend non-payment. It said it proposed the amendments in response to shareholder concerns that under the existing resolution voting rights could be attached to the preference shares that are disproportionate to common share voting rights. Moore Corp said it has no immediate plans to issue preference shares under the proposed resolution. The resolutions will be considered at the April 9 annual and special meeting the company said. Reuter | MOORE <MCL> TO AMEND RIGHTS OF PREFERENCE SHARES |
U.S. Attorney Rudolph Giuliani clarifying earlier remarks about being offered a top job at the Securities and Exchange Commission said he had no intention about commenting on whether the offer was made. A spokeswoman for Giuliani said the problems arose because he thought he was responding to questions about newspaper speculation and not about an actual offer. In a brief morning press conference Giuliani said he had received feelers about becoming head of the FBI and had turned that down. He then mentioned the SEC and said he had not made up his mind but could not leave New York for several months. In a later clarification of his remarks Giuliani told reporters I cant comment. I am not able to confirm that. This is not a good time to leave New York. I have important work to do here. He did not deny that an offer had been made. Earlier Reuters reported that Giuliani confirmed that he had been offered a top post at the SEC but would not say what that position was. Reuter | U.S. ATTORNEY GIULIANI CLARIFIES SEC REMARKS |
Compagnie Generale Des Eaux <EAUG.PA> a French water waste treatment and disposal heating ventilation and air conditioning concern said it has a 5.0 pct stake in California Water Service Co. In a filing with the Securities and Exchange Commission Compagnie Generale said it bought its 139200 California Water shares for a total of 7.0 mln dlrs for investment purposes. While it said it might acquire more shares in the company it said it has no plans to seek control of it. Reuter | FRENCH FIRM HAS FIVE PCT OF CALIF. WATER <CWTR> |
The U.S. Agriculture Department said an estimated 8700 head of dairy cattle were slaughtered during the week ending March 13 as a result of the Whole Herd Dairy Buyout program. The cumulative total of cattle slaughtered under the program from April 1 through March 13 is estimated at 1032300 head it said. Cumulative meat purchases through March 27 total 376897330 lbs the department said. Dairy cattle reported for export under the program for the period April 1 through March 27 totaled an estimated 55055 head the department said. Live cattle exports are in addition to the meat purchase requirements the department said. Reuter | USDA REPORT ON CATTLE SLAUGHTER, MEAT PURCHASES |
Most major U.S. banks today matched Tuesdays quarter-point prime rate cuts by Citibank and Chase Manhattan Bank the first prime rate boosts since mid-1984. Most cited narrower spreads between the prime and funding costs as justification. Analysts said the prime rate rises may have been triggered partly by a desire by banks to enhance profit margins given problems with developing country loans. Commenting on the prime rate increases U.S. Treasury Secretary James Baker told a House Appropriations Committee that I hope it was a temporary blip upward. Among the major banks which today announced prime rate increases to 7-3/4 pct were Bankers Trust Chemical Bank Continental Illinois National Bank Harris Trust and Savings Bank Irving Trust Manufacturers Hanover Trust Co Marine Midland and Security Pacific National Bank. Other banking companies announcing prime rate rises included Pittsburgh National Bank Texas Commerce Bank-Houston Provident National Bank First National Bank of Boston Florida Federal Savings and Loan Association and SunTrust Banks. Reuter | MAJOR U.S. BANKS MOVE TO HIGHER 7-3/4 PCT PRIME |
Shr three cts vs seven cts Net 52.1 mln vs 112713 Revs 5.1 mln vs 4.4 mln Six months Shr five cts vs 15 cts Net 75605 vs 244119 Revs 9.5 mln vs 9.5 mln Reuter | JEM RECORD INC <JEMR> 2ND QTR JAN 31 |
AMR Corps American Airlines and Citibank are expected to announce a joint marketing program at a press conference tomorrow analysts said. The program will probably allow consumers using a credit card issued by Citibank to pay for flights on American and earn frequent flyer miles they said. Its an incentive to use the card and it potentially builds traffic for the carrier said one analyst who asked not to be named. One analyst noted that Texas Air Corps <TEX> Continental Airlines has a similar agreement with a bank issuing Mastercard. Texas Air officials were not immediately available. American Airlines and Citibank scheduled a press conference at 1030 EST in New York tomorrow to announce a major new credit card alliance marketing program. Spokesmen for Citibank declined additional comment. American Airlines spokesmen were not available. Reuter | AMR <AMR>, CITICORP <CCI> TO SET MARKETING PACT |
The Union Bank subsidiary of Standard Chartered PLC said today it was raising its prime lending rate to 7.75 pct from 7.50 pct effective immediately. Reuter | UNION BANK RAISES ITS PRIME RATE TO 7.5 PCT |
After an already steep fall in the past week U.S. interest rate futures may be in for further declines in the near term financial analysts said. However some analysts said recent sharp losses in bond futures have left the bond market somewhat oversold and the contracts on long-term debt could stage a recovery before resuming their decline. Key to the near-term direction of futures will be the course of the dollar they said. As the dollar goes so goes the bond market said Dean Witter analyst Karen Gibbs. The recent decline in the dollar which hit a 40-year low against the Japanese yen Monday was reversed Wednesday when several large U.S. money center banks unexpectedly raised their prime lending rates by a quarter point to 7-3/4 pct. Even though the prime rate cut was good for the dollar foreign exchange traders are not convinced the dollar decline is over Gibbs said. The dollar decline was key in recent weakness in debt futures as it rekindled concern about a pickup in inflation. Indeed the falling dollar may have been a key topic at the meeting of the Federal Reserves policy making arm the Federal Open Market Committee this week analysts said. To the Fed the combination of a falling dollar a steepening yield curve and rising commodity prices look suspiciously like the traces of expectations of accelerating inflation said Denis Karnosky analyst at Carroll McEntee and McGinley Inc. Such expectations could mean that a shift in policy toward restriction of bank reserves is likely to get very serious consideration at the FOMC meeting he said. Any such restriction of reserves will not be a highly visible form of monetary tightening Karnosky said. Rather the key to detecting a change will be found in seasonal and adjustment borrowing at the discount window he said. Borrowings have held near a weekly average of 300 mln dlrs over the past several months he said. In the meantime however the market looks a bit oversold said Jim Wysoglad analyst at Golden Gate Futures. Wysoglad said a recovery from the oversold condition could drive June bonds to a high near 99 before falling back to test chart support near the recent low of 97-13/32. Technician Leslie Keefe of Technical Data Corp of Boston said that the key test for June bonds will be whether the nearby contract holds above chart support at 96-24/32. All previous selloffs since mid-November have stopped and buyers have surfaced at that level Keefe said. If that level is broken and the dollar continues to decline Keefe said she expects the June bond contract to decline to test support between 92 and 93 the primary uptrend line dating back to 1984. Reuter | FURTHER DECLINES IN U.S. DEBT FUTURES POSSIBLE |
The Federal Grain Inspection Service Advisory Committee will meet here Monday April 13 the U.S. Agriculture Department said. Items on the agenda for the meeting which is scheduled to begin at 0830 edt are grain-quality issues status of proposed regulations financial matters and safety matters the department said. The Federal Grain Inspection Service Advisory Committee is composed of 12 members representing the grain industry who provide advice to the administrator of the Federal Grain Inspection Service. Reuter | USDA GRAIN INSPECTION ADVISORY COMMITTEE MEETING |
Deak International a foreign currency and precious metals firm announced the acquisition of Johnson Matthey Commodities of New York from Minories Finance Limited a unit of the Bank of England. The purchase valued at 14.8 mln dlrs follows the recent acquisition of Londons Johnson Matthey Commodities Limited Deak said. The New York firm will be known as Deak International Trading Ltd the company said. Arkadi Kuhlmann president and chief executive officer of Deak International said the purchase will expand Deaks operations in precious metals and wholesale non-ferrous metals trading. Reuter | DEAK BUYS JOHNSON MATTHEY COMMODITIES |
Coffee futures dipped further today and closed below 1 dlr a pound for the first time in six years. Coffee for delivery in May ended at 99.28 cents a pound on the Coffee Sugar and Cocoa Exchange down 0.76 cent and the lowest price since August 1981. Prices have been falling steadily since the International Coffee Organization failed in February to reach an agreement controlling exports by its members and pressure was renewed this week as the executive board of the organization met in London without reopening debate on its export quotas. The executive board has limited its current discussions to administrative matters and is set to adourn Thursday. Burdensome supplies have pressed the market down from 1.30 dlr a pound in February when the organizations discussions aimed at re-establishing export quotas broke down. Sandra Kaul a coffee analyst in New York with Shearson Lehman Brothers said supplies currently are at their high point for the year because most producing nations have just completed their harvests. In addition she said many of those nations are faced with serious debt and need to sell coffee to raise capital. This should keep substantial pressure on exporters to undertake sales despite the drop in prices she said. Further U.S. demand could be sluggish because winter the period of greatest consumption is ending. Prices could fall another 10 cents to 15 cnts a pound analysts said. Gold futures retreated from modest early gains and closed steady while silver prices rallied on the Commodity Exchange in New York. The increase in U.S. banks prime rates prompted concern about renewed inflation but the strength of the U.S. dollar discouraged new buying. The market is getting mixed signals and it doesnt know which way to go one analyst said. Gold futures retreated from modest early gains and closed steady while silver prices rallied on the Commodity Exchange in New York. The increase in U.S. banks prime rates prompted concern about renewed inflation but the strength of the U.S. dollar discouraged new buying. The market is getting mixed signals and it doesnt know which way to go one analyst said. Reuter | COFFEE FUTURES AT SIX-YEAR LOW, UNDER 1 DLR/LB |
Shr loss 1.92 dlrs vs profit five cts Net loss 5.6 mln vs profit 136598 Revs 1.4 mln vs. 2.5 mln Year Shr loss 3.81 dlrs vs profit 21 cts Net loss 10.8 mln vs profit 435176 Revs 7.6 mln vs 9.4 mln NOTE:1986 4th qtr includes write-off of about 373000 dlrs or 13 cts and writdown of assets of 4.0 mln dlrs. 1986 year includes 4.1 mln dlrs 1st qtr writedown. Reuter | BELDEN AND BLAKE ENERGY CO <BBE> 4TH QTR |
Masstor Systems Corp said it it signed a volume purchase agreement with National Westminster Bank PLC worth up to 7.3 mln dlrs. Reuter | MASSTOR <MSCO> IN PACT WITH NAT'L WESTMINSTER |
Tenera LP said it plans to periodically repurchase up to 200000 limited partnership units in the open market. The timing and amount of the proposed purchases will depend on the prevailing market price and trading volumes in the units to comply with Securities and Exchange Commission regulators Tenera said. Reuter | TENERA <TLPZV> PLANS TO BUY BACK LP UNITS |
Crown Resources Corp said it plans to sell its Oklahoma-based oil and gas unit as part of its strategy to focus on developing precious metals properties. The company said it bought the Wyona Water Flood Oil and Gas unit in 1984 for 650000 dlrs. Crown said the Wyona field is fully developed with 28 producing wells. Current oil production is 80 barrels a day it said adding that no gas was produced for sale in 1986. Reuter | CROWN RESOURCES <CRRS> PLANS ENERGY UNIT SALE |
M.D.C. Holdings Inc said it sold substantially all the assets of its oil and gas unit Mizel Petro Resources Inc and affiliated partnerships for 38 mln dlrs in cash to <Parker and Parsley Petroleum Co> Midland Texas. The company said that subject to certain post-closing adjustments it expects to post a small profit on the sale. Reuter | M.D.C. HOLDINGS <MDC> SELLS ENERGY UNIT |
Shr six cts vs three cts Net 1.7 mln vs 3.1 mln Revs 187.3 mln vs 129.7 mln NOTE:Increase in earnings due to elimination of preferred dividend requirements. Reuter | LIVINGWELL INC <WELL> YEAR |
Peoples Telephone Co the third largest private pay phone firm in the U.S. said it signed an exclusive five-year 25 mln dlr contract with the Southland Corp. Under the contract Peoples said it will provide telephone service to Southlands 7-Eleven Stores in Florida and install and maintain telephone circuitry for 7-Elevens MovieQuick and computerized lottery systems. Reuter | PEOPLES TELEPHONE SIGNS PACT WITH SOUTHLAND <SLC> |
Mexico bought 51000 tonnes of U.S. number two yellow soybeans in an overnight tender for various ocean and rail shipments in May private export sources said. About 40000 tonnes sold for ocean shipment at prices ranging from 199.67 to 210.17 dlrs per tonne c and f and about 11000 tonnes sold for rail shipment at prices from 205.50 to 217.88 dlrs per tonne they said. Reuter | MEXICO BUYS 51,000 TONNES U.S. SOYBEANS |
SciMed Life Systems Inc said <Advanced Cardiovascular Systems Inc> is suing it for patent infringement. The company said the suit involves a patent for a vascular guiding catheter assembly and a vascular dilating catheter assembly. SciMed said the suit is without merit and it has turned the matter over to its attorneys. It added that the lawsuit will not affect the negotiations on the merger transaction with Bristol-Meyers Co <BMY> announced Monday. Reuter | SCIMED <SMLS> BEING SUED FOR PATENT INFRINGEMENT |
Fidelcor Incs Fidelcor Business Credit Corp subsidiary said it reached a definitive agreement to acquire a substantial portion of the Bank of New England Corps <BKNE> Lazere Financial Corps assets. Terms of the acquisition were not disclosed. The acquisition is subject to approval of the Federal Reserve Board. Fidelcor said it would acquire most of Lazeres loan portfolio and other assets including its Miami office. It said it plans to hire the majority of Lazeres 100 employees. Reuter | FIDELCOR <FICR> UNIT ACQUIRES LAZERE FINANCIAL |
Shr loss 3.51 dlrs vs loss 6.14 dlrs Net loss 3.2 mln vs loss 6.6 mln Year Shr loss 2.38 dlrs vs loss 5.17 dlrs Net loss 692872 vs loss 4.5 mln NOTE:1986 loss includes loss of 301000 for discontinued oeprations vs a loss of 5.5 mln dlrs net of a 1.4 mln credit in 1985. 1985 4th qtr includes loss of 3.5 mln dlrs for discontinued operations. share amts relfect dividend requirements. Reuter | SUNSTATES CORP <SUST> 4TH QTR |
Shr 86 cts vs 79 cts Net 4042000 vs 3549000 Revs 59.7 mln vs 47.3 mln Reuter | <BII ENTERPRISES INC> YEAR NOV 30 NET |
Shr loss 27 cts vs loss 2.27 dlrs Net profit 2150000 vs loss 14700000 Revs 121.3 mln vs 69.8 mln Note: shr after payment of preferred stock dividends Reuter | <SCOTTISH AND YORK HOLDINGS LTD> YEAR LOSS |
Bangor Hydro-Electric Co said the Maine PUblic Utilities Commission approved changes in rates effective today that will decrease revenues by about 412000 dlrs or 0.5 pct. The decrease results from changes in the base rates and in the fuel cost adjustment rate charged by the company. Base rates will decrease by 6.25 mln dlrs due largely to its sale in the Seabrook nuclear power project a reduction in federal income taxes and lower costs of capital. The base rate assumes a rate of return of 11.57 pct down from 13.1 pct. Offsetting the decrease however is an authorization to increase fuel rates by 5.84 mln dlrs it said. Reuter | BANGOR HYDRO-ELECTRIC <BANG> GETS APPROVAL |
Coffee futures dipped further and closed below one dlr a pound for the first time in six years. Coffee for delivery in May ended at 99.28 cents a pound on the New York Coffee Sugar and Cocoa Exchange down 0.76 cent and the lowest price since August 1981. Prices have fallen steadily since the International Coffee Organization failed in February to reach an agreement controlling exports by its members and pressure was renewed this week as the executive board of the organization met in London without reopening debate on its export quotas. The executive board has limited its current discussions to administrative matters and is set to adourn Thursday. Burdensome supplies have pressed the market down from 1.30 dlrs a pound in February when the organizations discussions aimed at re-establishing export quotas broke down. Sandra Kaul a coffee analyst in New York with Shearson Lehman Brothers said supplies currently are at their high point for the year because most producing nations have just completed their harvests. In addition she said many of those nations are faced with serious debt and need to sell coffee to raise capital. This should keep substantial pressure on exporters to undertake sales despite the drop in prices she said. Further U.S. demand could be sluggish because winter the period of greatest consumption is ending. Prices could fall another 10 to 15 cents a pound analysts said. Gold futures retreated from modest early gains and closed steady while silver prices rallied on the Commodity Exchange in New York. The increase in U.S. banks prime rates prompted concern about renewed inflation but the strength of the U.S. dollar discouraged new buying. The market is getting mixed signals and it doesnt know which way to go one analyst said. Cattle futures posted new highs on the Chicago Mercantile Exchange while live hogs rallied from early losses and frozen pork bellies finished sharply lower. Cattle prices continued to draw support from the winter storm that swept the Plains states leaving animals stranded in snowbound fields and feed lots in miserable condition. Live hogs were pressured early by the Agriculture Departments report Tuesday that producers expanded their breeding herds more than the market expected last quarter. Prices recovered to keep pace with higher cash prices. Frozen pork bellies fell sharply on the outlook for greater production and closed with limit losses. Soybean futures posted sharp gains on the Chicago Board of Trade while corn and wheat were lower. Soybeans rallied in response to Tuesdays USDA report that farmers intend to plant 56.9 mln acres this year down from 61.5 mln planted last year. Corn prices were pressured by the outlook for 67.6 mln acres of corn which is down from last years 76.7 mln acres but was larger than analysts expected. Reuter | COFFEE FUTURES UNDER DLR A POUND AT SIX-YEAR LOW |
Two executives of a Memphis Tenn. investment advisory firm told the Securities and Exchange Commission they have acquired 132000 shares of Killearn Properties Inc or 10.4 pct of the total outstanding. The executives O. Mason Hawkins and William Reid who work for Southeastern Asset Management Inc said they bought their Killearn stock with personal funds as an investment. While they said they might increase their stake Killearn Properties they said they have no plans to seek control of it. Reuter | INVESTMENT ADVISORS HAVE 10 PCT OF KILLEARN<KPI> |
Western Carolina Savings and Loan Association said the Federal Home Loan Bank Board approved the completion of its conversion to a state chartered stock savings and loan from a state chartered mutual bank. Carolina said 575000 shares were subscribed for at 10 dlrs per share during its initial offering. It said trading will begin in its stock April eight on NASDAQ under the sumbol WCAR. Reuter | FEDS OKAY WESTERN CAROLINA SAVINGS CONVERSION |
Selas Corp of America said the U.S. District Court in Tacoma Wash. issued a judgment against the company in a lawsuit filed by <Milgard Tempering Co>. The company said the suit filed by Milgard in 1983 in connection with a contract dispute seeks 3.7 mln dlrs in damages as well as legal fees. While the court has not issued a final judgment Selas said it indicated that Milgard will be awarded about one mln dlrs in damages. Selas said it has not decided whether it will appeal the ruling. Reuter | SELAS <SLS> LOSES RULING IN CONTRACT DISPUTE |
Ford Motor Co said it made 189610 U.S. cars in March up from 150520 in the same period last year. Ford said it made 143949 trucks during the month compared to 116727 in the 1986 period. Year-to-date Ford said it produced 534209 U.S. cars up from 446505 last year-to-date. Truck production through the end of March was 403836 vehicles up from 362986 vehicles Ford said. Reuter | FORD <F> MARCH U.S. CAR PRODUCTION UP |
Chrysler Corp said it made 98648 cars in the U.S. in March down from the 115540 cars it produced in the same month last year. The company said it produced 23961 trucks in the U.S. during the month compared to 134 in the same month last year when most of Chryslers truck operations were temporarily closed down for model changovers. Year to date Chrysler made 315635 U.S. cars and 63795 U.S. trucks compared to 373481 and 134 in the 1986 period respectively. Reuter | CHRYSLER <C> SAYS MARCH U.S. CAR OUTPUT FELL |
The Argentine grain board adjusted minimum export prices of grain and oilseed products in dlrs per tonne FOB previous in brackets as follows: Sunflowerseed cake and expellers 99 (97) pellets 97 (95) and meal 95 (93). Sunflowerseed oil for shipments through May 308 (300) and June onwards 314 (307). Linseed cake and expellers 137 (136) pellets 115 (114) and meal 105 (104) all for shipments through June. Linseed cake and expellers 146 (145) pellets 124 (123) and meal 114 (113) all for shipments July onwards. Soybean cake and expellers 169 (167) pellets 162 (160) and meal 152 (150) all for shipments through May. Soybean cake and expellers 166 (164) pellets 159 (157) and meal 149 (147) all for shipments June onwards. REUTER | ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED |
Shr loss 42 cts vs loss five cts Net loss 4.0 mln vs loss 446000 Revs 58.9 mln vs 70.3 mln NOTE:1986 net includes gain of 40 cts from discontinued operations. 1985 net includes gain of 22 cts from discontinued operations. Reuter | SAVOY INDUSTRIES INC <SAVO> YEAR |
The federal government and the Japanese trading company C. Itoh and Co Ltd have signed a letter of understanding to try and boost trade ties between the two countries the Industry department said. The two parties have agreed to encourage direct Japanese investment in Canada bilateral trade and more joint ventures and licensing accords between Canadian and Japanese companies. C. Itoh has just begun a trade mission in Canada to investigate trading opportunities in the aerospace autoparts electronics and other sectors and will visit some 30 leading companies across Canada. Reuter | CANADA, JAPAN TRADING FIRM AGREE TO BOOST TIES |
Qtr ended March 14. Shr profit 32 cts vs loss 1.30 dlrs Net profit 2704000 vs loss 7589000 Rev 105.2 mln vs 82.3 mln NOTE: Qtr net includes extraordinary gain of 1.1 mln dlrs. Reuter | AMERICAN HOIST AND DERRICK CO <AHO> 1ST QTR NET |
Stanley Simon was charged with extorting 50000 dlrs from a defense contractor in the first indictment in a corruption probe involving two Congressmen a former aide to President Reagan and other government officials. Simon who resigned last month as Bronx Borough President was accused of extorting the money and forcing the now bankrupt contractor the Wedtech Corp. to hire his brother-in-law and then give him raises. Simon is also accused of perjury and forcing one of his employees to pay him 14000 dlrs in salary kickbacks. He is the first public official to be indicted for demanding money from Wedtech a minority-owned company that builds pontoon bridges for the Defense Department. Wedtech was one of the success stories in the Bronx but the company was manipulated and raped Thomas Scheer the head of the FBIs New York office said of the payoffs the company allegedly made to win contracts. Wedtech executives have said they paid bribes to about 20 government officials. Law enforcement sources say two Bronx congressmen Mario Biaggi and Robert Garcia are under investigation. A special federal prosecutor has been appointed to determine whether former Reagan aide Lyn Nofziger acted improperly when he became a Wedtech consultant four months after leaving the White House. Nofziger was given up to 1 mln dlrs in Wedtech stock. Reuter | SIMON INDICTED IN WEDTECH <WDT> CASE |
 N.Y. GRAIN FREIGHTS - April 1 Tradax took Y.S. Tonnage 52000 tonnes U.S. Gulf to Japan early May dates 16.00 dlrs 11 days all purposes Tradax took Dimitrios 76000 tonnes any grains 4952000 grain cubics U.S. Gulf to Holland May 1-10 8.50 dlrs 12 days all purposes ADM took Ymuiden Maru 93500 tonnes DWCC 4726937 grain cubics U.S. Gulf to Holland April 20-30 lumpsum 675000 dlrs 11 days all purposes Dreyfus took Golden Crown 20000 tonnes U.S. Gulf to East Coast Mexico April 6-10 10.00 dlrs 1500 discharge Marubeni took NYK TBNs 52000 tonnes HSS seven times U.S. Gulf to Japan July 1987-January 1988 dates 14.25 dlrs 9000 load 6500 discharge reuter  | |
The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Allied Supermarkets Inc <ASU> - Offering of 140 mln dlrs of senior subordinated discount debentures due 1999 and 100 mln dlrs of subordinated debentures due 2001 through Drexel Burnham Lambert Inc and Donaldson Lufkin and Jenrette Securities Corp. Integrated Resources Inc <IRE> - Offering of 150 mln dlrs of senior notes with 50 mln dlrs due April 15 1990 50 mln dlrs due April 15 1992 and 50 mln dlrs due April 15 1995 all through Drexel Burnham Lambert Inc. Reuter | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
American Barrick Resources Corp said it sold two coal supply agreements and certain mining equipment representing substantially all of the assets of its two Ohio coal mines to Peabody Coal Co of Kentucky. Terms were not disclosed. Proceeds from the sale combined with the sale of the companys remaining coal assets should result in full recovery of its investments in the operations the company said without further elaborating. The sale will complete the planned disposition by American Barrick of all its non-gold assets it said. Reuter | AMERICAN BARRICK <ABX> SELLS COAL ASSETS |
mexico today received the first 250 mln dlrs of a 500 mln dlr credit from japans eximbank aimed at financing a mexican oil pipeline project the finance ministry announced. The funds will be used in the 700 mln dlr pacific petroleum project which includes the construction of a 267-klm (160.2-mile) pipeline connecting nuevo teapa in the oil-rich state of veracruz and salina cruz oaxaca on the pacific coast. The project aims to facilitate mexican oil exports to japan and the far east and is expected to be completed in three years. Reuter | MEXICO RECIEVES FIRST 250 MLN DLRS OF JAPAN LOAN |
United Press International announced that Milton Benjamin had resigned as company president and the news agencys chairman Mario Vazquez-Rana a Mexican newspaper owner would take over his duties. The agency which emerged from bankruptcy court protection when Vazquez-Rana bought it for 41 mln dlrs last June has had four presidents over the past year. Benjamin who had served in the post since last November said he was stepping down because restoring UPI would take a greater financial investment than he had envisaged and Vasquez-Rana thus wished to take direct control. In recent weeks Mario (Vazquez-Rana) has indicated that in light of the increased investment he wants to devote even more time to UPI and to play a more direct role in managing its financial affairs Benjamin said in a statement. Benjamin said he would return to his consulting firm of Anderson Benjamin Read and Haney Inc. which he founded in 1984. He left the firm on November six last year to take over as president of UPI. Besides Benjamin and Vazquez-Rana the other presidents have been Luis Nogales a California businessman who helped steer the agency through bankruptcy proceedings and Maxwell McCrohon former editor and managing editor of the Chicago Tribune. Vazquez-Rana who is both chairman and chief executive officer of UPI is the publisher of a successful chain of 62 newspapers in Mexico chairman of the Mexican Olympics Committee and chairman of the worldwide Association of National Olymnpics committees. Reuter | UPI PRESIDENT RESIGNS AFTER FIVE MONTHS |
 N.Y. TANKERS - April 1 Citgo took West Virginia 62000 tons dirty April 9 Caribbean to U.S. Gulf worldscale 63 reuter  | |
The U.S. House Agriculture Committee approved proposals to extend the life of the Export Enhancement Program EEP through fiscal 1990 and urged the Reagan administration offer EEP wheat to the Soviet Union. The proposals were approved as amendments to a comprehensive trade bill moving through Congress this year. In addition to the amendments on EEP the committee approved several proposals which could restrict imports of lamb casein sugar-containing products and tobacco. Those amendments affecting imports face an uncertain future because the House Ways and Means Committee which has overall jurisdiction over trade legislation will oppose them Congressional sources said. The effect of the EEP amendments would be to extend the life of the program five years through fiscal 1990 rather than the current three years through fiscal 1988. The amendments offered by Rep. Dan Glickman D-Kan. also would increase funding for the program to 2.5 billion dlrs from 1.5 billion now. Furthermore the committee passed an amendment offered by Rep. Glickman which instructs the U.S. Agriculture Department to value EEP bonus commodities at market value not acquisition value. Glickman said the change would make the program 30 pct less expensive to operate. The provision on EEP wheat to the Soviet Union offered by Rep. Bob Smith R-Ore. does not require the administration make an offer but urges such action. The committee approved an amendment offered by Rep. Glenn English D-Okla. requiring the Secretary of Agriculture to begin discussions with other major grain producing countries aimed at jointly reducing world grain production. Trade Representative Clayton Yeutter yesterday opposed the amendment saying such commodity agreements do not work. Among the host of amendments to restrict imports approved by the panel the most significant would require quotas on imports of goods containing more than 25 pct of a bulk farm product that is subject to U.S. quotas. The amendment offered by Rep. Arlan Stangeland R-Minn. is aimed primarily at curbing imports from Canada of products containing sugar and foreign foods containing dairy products. It also may affect peanut cotton and tobacco imports Committee sources said. Another amendment would place a quota on U.S. imports of casein a dairy product shipped to the U.S. primarily by New Zealand and Ireland. The panel also voted to apply to lamb imports the same countercyclical import quota law which is operating for U.S. beef imports. Other miscellaneous amendments included: -- Urging the administration consider retaliating against Japan and South Korea if those countries do not remove restrictions on beef imports. -- Boosting the amount of U.S. grain which must be shipped each year under a food aid program called Section 416 to 800000 tonnes from 500000 tonnes now. -- Requiring the Agriculture Secretary conduct a study of the Canadian Wheat Board import licensing system for wheat to determine if it is a non-tariff trade barrier. -- Requiring the Agriculture Secretary reimburse the National Corn Growers Association up to 500000 dlrs for the costs of defending the U.S. feedgrains program against a Canadian countervailing duty case this year. -- Urging the administration oppose the Canadian decision to apply a duty on U.S. corn imports and a proposal by the European Community to apply a vegetable oils tax. -- USDA conduct a study of the findings of a National Commission on Agricultural Export Policy which recommended a reorganization of USDAs trade policy apparatus. Reuter | U.S. HOUSE PANEL EXTENDS EEP, URGES USSR OFFER |
General Motors Corp will idle six of its car assembly plants next week temporarily laying off 21600 workers according to spokespersons for the companys groups. The automaker will shut three plants each in its two groups--the Buick-Oldsmobile-Cadillac group and the Chevrolet-Pontiac-GM of Canada group. The plants will be closed for a week starting April six for inventory adjustment. Five of the plants are located in the United States. The sixth is in Canada. - corrects the date of the plant closings. | CORRECTED - GM <GM> TO IDLE SIX PLANTS |
<Novamin Inc> said its board will recommend to shareholders the takeover offer made by Breakwater Resources Ltd. Breakwater is offering to exchange one Breakwater share for each two shares of Novamin the company said. Breakwater will issue about 3.7 mln shares for all Novamin shares presently issued and outstanding. Additional shraes of Breakwater will be issued if warrants and options of Novamin are exercised. Reuter | NOVAMIN BOARD TO RECOMMEND BREAKWATER <BWRLF> BID |
The U.S. Agriculture Department said its summary report on the Feed Situation and Outlook scheduled for release April 24 has been delayed until May 15. The department said the delay will enable analysts to incorporate into the report USDAs first supply and demand estimates for the 1987/88 marketing year and data on farm program participation. Reuter | U.S. FEED SITUATION SUMMARY REPORT DELAYED |
Exotic Newcastle a highly contagious disease of pet birds and poultry has been confirmed in two pet-bird dealer facilities in Maryland and New York the U.S. Agriculture Department said. The department said no domestic poultry are involved in the outbreak. State quarantines have been placed on the two facilities in Hunt Valley Maryland and Schenectady New York. The most serious U.S. outbreak of the disease occurred in 1971-73 in southern California where the disease spread from infected pet birds to a dense poultry population and nearly 12 mln birds mostly laying hens were destroyed at a cost of 56 mln dlrs the department said. Reuter | EXOTIC NEWCASTLE DISEASE IN MD/NEW YORK-USDA |
Beryl Sprinkel Chairman of President Reagans Council of Economic Advisors denounced protectionism as a means of addressing the U.S.s mounting trade imbalance and said stepped-up ecomonic growth would be a more effective means of reducing the deficit. Rather than risking the outbreak of protectionism we should strive to reduce trade restrictions and to promote a more open system of international trade Sprinkel said. Sprinkel in a speech delivered to the Los Angeles Chamber of Commerce also said the budget deficit must be reduced through lower government spending in order to promote growth. Reuter | SPRINKEL DENOUNCES PROTECTIONISM |
Newmont Mining Corp said it completed the previously announced reduction of its share in <Peabody Holding Co Inc> to 49.97 pct from 61.47 pct. Newmont realized 116.8 mln dlrs in the transaction. For 1986 Newmont reported net income of 74.2 mln dlrs. Peabody the largest coal producer in the U.S. had net income of 100.8 mln dlrs on sales of 1.4 billion dlrs in 1986. Newmont doubled its ownership in Peabody in January by purchasing 30.74 pct interest held by the Williams Cos for 320 mln dlrs. The reduction resulted from completion of an earlier announced agreement by Peabody to sell a 15.01 pct interest in the company to Eastern Gas and Fuel Associates in exchange for all the coal properties owned by Eastern. Reuter | NEWMONT MINING CORP REDUCES STAKE IN PEABODY |
Shr loss 26 cts vs profit eight cts net loss 2.8 mln vs profit 897000 Revs 27.0 mln vs 30.0 mln Nine months Shr loss 51 cts vs profit 46 cts Net loss 5.4 mln vs profit 4.9 mln Revs 88.4 mln vs 99.8 mln Reuter | MR. GASEKT CO <MRGC> 3RD QTR DEC 31 |
Shr loss 64 cts vs loss 1.70 dlrs Net loss 13.4 mln vs loss 35.6 mln REvs 47.9 mln vs 72.1 mln NOTE:1985 includes loss of 941000 from discontinued operations and 5.8 mln dlrs from disposal of net asset solds. Reuter | DELTAUS CORP <DLTA> YEAR |
The Chicago Mercantile Exchange (CME) traded a record 19656498 contracts in the first quarter of 1987 up 17 pct from 16768145 in the same quarter last year. The previous record for quarterly volume total was established in the third quarter of 1986 when 18106452 futures and options were traded at the CME. The record volume for January through March of 1987 included 16.7 mln futures contracts -- up 12 pct compared to 14918036 in the 1986 quarter -- and three mln options contracts up 61 pct over 1850109 in the 1986 quarter. Total trading volume for March reached 6750431 contracts up from 5522932 in March 1986 for a 22 pct increase and the highest March total ever. Trading in options on futures in March exceeded previous records with 1015327 contracts traded compared to 586471 in March 1986. The previous record was established in January with 990010 options contracts traded. March volume included a record 2247513 currency futures and options contracts compared to 2040642 a year ago. The previous single-month high of 2216682 currency futures and options traded was in September 1986. In currency futures Canadian dollar futures soared to a record 147010 contracts traded in March up 83.2 pct over the 80256 contracts traded in March 1986. West German mark futures however slipped 15.8 pct in March with 561830 contracts traded compared to 667041 traded in March 1986. Among interest rate futures Eurodollar futures contracts increased 90.6 pct to 1196731 compared to 627895 in March 1986. The Standard and Poors 500 the second most actively traded futures contract anywhere traded 1780538 contracts in March up 4.9 pct from 1696912 in March 1986. Major gains in agricultural futures were posted in March by live hog contracts up 52 pct to 172710 contracts from 113660 a year ago. Live cattle contracts reached 474156 in March up 16.2 pct from 408170 a year ago. Trading in options on futures also was up strongly. Agricultural options on futures soared 142.7 pct in March to 123643 contracts up from 50938 a year ago. Currency options were up 69.2 pct to 469695 contracts from 277627 a year ago. Interest rate options climbed 81.3 pct to 217127 from 119738 a year ago. And equity options rose 48.3 pct to 204862 contracts from 138168 a year ago. In addition March trading included two single-day volume records: British pound futures traded 35960 contracts March 9 compared to 33269 February 19 and Canadian dollar futures traded 20905 contracts March 11 compared to the previous record of 12456 set May 12 1982. Reuter | CME POSTS RECORD TRADING VOLUME IN FIRST QUARTER |
Shr loss 56 cts vs loss 71 cts Net loss 809000 vs loss 1.0 mln Revs 5.3 mln vs 5.3 mln Year Shr loss 1.51 dlrs vs profit 61 cts Net loss 2.2 mln vs loss 2.3 mln Revs 26.5 mln vs 29.1 mln Reuter | DEROSE INDUSTRIES INC <DRI> 4TH QTR |
Revlon Group Inc told the Securities and Exchange Commission it had net profits of 16465000 on sales of 1.61 billion dlrs for the year ended Dec. 31 1986. Revlon in a filing with the SEC compared the results to the five months ending Dec. 31 1985. In that period it lost 28.4 mln dlrs on sales of 262.4 mln dlrs. Earlier today MacAndrews and Forbes Group Inc began an 18.50 dlr a share cash offer for all common stock of Revlon it does not own. Revlon today rose 3/8 to 19-1/4 in active trading. MacAndrews controls 31.8 pct of the voting power. For 1986 Revlon said the loss applicable to common stock after preferred dividends is 9.5 mln dlrs. The net loss per share was 24 cts compared to a net loss of 99 cts per share last year. Revlon said it had a 1986 operating profit of 64.3 mln dlrs compared to a loss of 13.3 mln dlrs in the year earlier period. The 1986 net includes a provision for estimated loss on dispositions of 57.0 mln dlrs compared to 15.1 mln dlrs the year earlier. Earnings in 1986 before extraordinary items were 7.4 mln dlrs. Reuter | REVLON GROUP <REV> REPORTS 1986 RESULTS |
General Motors of Canada Ltd a unit of General Motors Corp said about 1600 hourly-rated employees at the Oshawa plant will be laid off for one week due to high inventories. The workers affected produce the Oldsmobile Ciera and Pontiac 6000 models a spokesman said. Reuter | GM <GM> CANADA SETS ONE-WEEK LAYOFF |
General Motors Corps Hughes Aircraft Co said it named Albert Wheelon as chairman and chief executive officer succeeding Allen Puckett who retired after more than 38 years with the company. Wheelon has served in key management positions at Hughes since joining in 1966. Reuter | HUGHES <GMH> ELECTS CHAIRMAN |
LIfetime Corp said Retirement Housing Corp has accepted its previously announced acquisition offer. Retirement will operate autonomously as a separate subsidiary. Reuter | LIFETIME <LFT> EXCHANGE OFFER ACCEPTED |
Standard and Poors Corp said it may downgrade GAF Corps 415 mln dlrs of BB-minus senior debt and B-rated subordinated debt. S and P cited GAFs 3.2 billion dlr acquisition offer for Borg-Warner Corp <BOR>. Pro forma debt leverage would rise to nearly 90 pct assuming total financing. But proceeds from asset sales would probably pay down debt the agency noted. Borg-Warners 420 mln dlr A-plus senior debt and A-1 commercial paper were placed on creditwatch December one. S and P said it will review the timing and extent of asset sales debt reduction and strategic benefits of the purchase. Reuter | GAF <GAF> DEBT MAY BE DOWNGRADED BY S/P |
System Energy Resources Inc a unit of Middle South Utilities Inc said it plans to file with the Securities and Exchange Commission a request for authorization to retire a number of outstanding first mortgage bonds. It plans to buy back up to 300 mln dlrs of 16 pct first mortgage bonds due 2000 and up to 100 mln dlrs of 15-3/8 pct mortgage bonds of 2000. To refinance the redemptions System Energy said it would ask the SEC for approval to issue up to 300 mln dlrs of new first mortgage bonds. Reuter | MIDDLE SOUTH <MSU> UNIT PLANS TO RETIRE DEBT |
Manufacturers Hanover Corp said it placed 1.4 billion dlrs of medium- and long-term loans to Brazilian borrowers on non-accrual as of yesterday meaning that income will be recorded only when actual cash payments are received. As a result net income for the first quarter will be reduced by 18 mln dlrs. If Brazil which suspended interest payments on its term debt on February 20 continues to defer interest payments for the rest of the year net income for the whole of 1987 would be reduced by a total of 72 mln dlrs. U.S. bank accounting guidelines do not require loans to be placed on nonaccrual unless interest payments are past due 90 days or more. However Manufacturers Hanover said that in light of current circumstances it was more appropriate to record income on its Brazilian loans only when cash payments were received. It added that it believes Brazil will reach agreement with its banks on a debt restructuring and that all interest payments will be received later in 1987. The company earned 102.1 mln dlrs in first-quarter 1986 and 410.7 mln dlrs for the whole of the year. Reuter | MANUFACTURERS <MHC> PUTS BRAZIL ON NON-ACCRUAL |
<Galveston Resources Ltd> said it agreed in principle for an option to earn up to a 50 pct interest from <Hemlo Gold Mines Inc> in certain mining properties known as the Interlake Property subject to regulatory approvals. Galveston said it will earn up to a 50 pct interest by spending a minimum of one mln dlrs in exploration and development work by December 31 1989. It expects work will commence shortly and continue during the 1987 exploration season. Galveston also said it granted Hemlo Gold options to acquire up to two mln Galveston shares. It said the options can be exercised at 10 dlrs a share up to December 31 1987 then at 12.50 dlrs a share until December 31 1988 and then at 15 dlrs a share until December 31 1989. Separately Galveston said it agreed in principle with <Noranda Inc> unit Noranda Explorations Ltd for an option to earn up to a 50 pct interest in a major mineral property located at the Baie Verte Peninsula Newfoundland. Galveston can earn a 50 pct interest by spending six mln dlrs in exploration and development work on the property by December 31 1989. The company also said it granted Noranda an option to purchase two mln Galveston shares. The options can be exercised at 10 dlrs a share until December 31 1987 then at 12.50 dlrs a share until December 31 1988 and then at 15 dlrs a share until December 31 1989. Reuter | GALVESTON TO AQUIRE MINE PROPERTY INTERESTS |
Shr loss 15.29 dlrs vs loss 2.80 dlrs Net loss 221.3 mln vs loss 40.4 mln Revs 146.3 mln vs 260.7 mln Note: 1986 loss includes extraordinary loss of 171.6 mln dlrs or 11.85 dlrs shr related to writedown of certain petrochemical assets and reduced by tax gain of 4.2 mln dlrs or 28 cts shr. 1985 results restated. Reuter | <OCELOT INDUSTRIES LTD> YEAR LOSS |
mexico received the first 250 mln dlrs of a 500 mln dlr credit from japans eximbank to finance a mexican oil pipeline the finance ministry announced. The funds will be used in the 700 mln dlr pacific petroleum project which includes the construction of a 267-km pipeline connecting nuevo teapa in the oil-rich state of veracruz and salina cruz oaxaca on the pacific coast. The project aims to facilitate mexican oil exports to japan and the far east and is expected to be completed in three years. REUTER^M | MEXICO RECIEVES FIRST 250 MLN DLRS OF JAPAN LOAN |
Brentwood Instruments Inc said it filed a lawsuit against the University of Utah for publishing evaluations of its Spiorscan 1000 pulmonary function testing instrument. Brentwood said in the suit the evaluations were misleading and has damaged its reputation. The suit which asks damages in excess of 90 mln dlrs seeks an injunction against further publishing or distribution of evaluations. | BRENTWOOD <BRWD> FILES SUIT |
Deutsche Bank AG <DBKG.F> has seen a slow start to 1987 after posting record profits in 1986 management board joint spokesman F. Wilhelm Christians said. Credit business declined in the first few weeks of the year and the interest margin was squeezed further. The weak German bourse saw earnings on commission fall sharply and trading in securities also fell. But earnings from currency dealing were still satisfactory he told a news conference. Deutsche group partial operating profits rose to 3.78 billion marks in 1986 from 2.92 billion in 1985 on a balance sheet of 257.22 billion marks after 237.23 billion. Profits were swollen by earnings from the placement of the former Flick group which have been estimated at some one billion marks and from record profits in trading on the banks own account not included in partial operating profits. Earnings from the Flick transaction were booked through a subsidiary and therefore showed up as part of the interest surplus in a section current earnings from securities and participations. In the group this nearly doubled to 2.64 billion marks from 1.45 billion. As usual the bank did not detail total operating profits. But it said that total operating profits including own account trading rose 24.9 pct or 4.5 pct without the Flick transaction in the group and 35.1 pct or seven pct in the parent bank. Banking analysts said this put group total operating profits at some 6-1/2 to seven billion marks and parent bank operating profits at over five billion marks. Christians said Deutsche used the extraordinary earnings from Flick to pay a record five mark bonus on top of its unchanged 12 mark dividend. The bank had decided against raising the dividend itself because of the uncertain business outlook at the end of 1986 and developments so far this year showed that was correct Christians said. West German banks rarely raise dividends unless they are sure they can maintain the increased payout in subsequent years preferring to use bonuses for one-of profits. The bank also used its extraordinary earnings to continue a high level of risk provision Christians said. Disclosed group risk provisions rose to 867 mln marks in 1986 from 765 mln in 1985. Under German law disclosed provisions do not necessarily reflect the full amount of risk provisions. Management board joint spokesman Alfred Herrhausen said Deutsches total debt exposure to problem countries had fallen to over six billion marks in 1986 from 7.4 billion in 1985 because of the fall in the dollar. He agreed with a questioner who asked if over two thirds of such problem country debt had been written off. Deutsche Bank posted a sharp rise in holdings of other securities to 4.64 billion marks from 2.71 billion in the parent bank. Christians said this 1.93-billion-mark rise was partly due to its increased activity in international share placements with some shares such as those from Fiat SpAs international placement last year remaining on its books. Herrhausen said that no concrete measures were planned to place these shares and conclude the original placement. Reuter | DEUTSCHE BANK SEES SLOW START TO 1987 |
Deutsche Bank AG <DBKG.F> has agreed to take over the outstanding 25 pct in <Deutsche Bank (Asia) AG> the former <European Asian Bank AG> from Creditanstalt-Bankverein <CABV.VI> Deutsche management board joint spokesman Alfred Herrhausen told a news conference. Euras broke even in 1986 and required no funding from Deutsche he said. He gave no details of the deal with Creditanstalt. Press reports that Deutsche was planning a takeover of Lloyds Bank plc <LLOY.L> were without foundation he said. Herrhausen said Deutsche had taken part in the recent capital increase of <Morgan Grenfell Group plc> but had no plans to raise its 4.4 pct share in Morgan Grenfell. <Banca dAmerica e dItalia SpA> in which 98.3 pct was acquired from Bankamerica Corp <BAC.N> late last year would be consolidated this year and contribute to further expansion of Deutsches business management board joint spokesman F. Wilhelm Christians said. Following a ruling earlier this year from the Federal High Court Deutsche had included its non-bank holdings in the balance sheet section participations Christians said. But Christians said the bank still regarded shares in these non-bank companies as an investment rather than an active participation. Parent bank total participations rose to 6.45 billion marks in 1986 from a comparable 4.57 billion in 1985 including a rise to 3.79 billion from 2.34 billion in bank participations. Herrhausen said the grouping of holdings in the balance sheet in this was was not a first step to floating them off in a separate holding company. Reuter | DEUTSCHE AGREES FULL TAKEOVER OF FORMER EURASBANK |
A world recession is unlikely this year as fiscal and monetary policy in most industrialized countries is supporting the economy Deutsche Bank AG <DBKG.F> management board joint spokesman Alfred Herrhausen said. But growth rates will be smaller than last year with 1.5 to 2.5 pct likely in most industrialized countries he told a news conference. Herrhausen said he was confident private consumption would support economic growth in West Germany this year with net income increases turning into purchasing power as long as inflation did not revive. Herrhausen said he did not expect interest rates to rise in West Germany this year but there was little room for further falls. Rates in the U.S. were however rising as evidenced by the latest prime rate moves but this rise would be moderate. Herrhausen said he did not expect any major narrowing of the U.S. Trade and budget deficits in the next few months. One success of the Paris agreement in February to foster currency stability was that U.S. Officials have stopped talking down the dollar he noted. The recent stability would last until markets decided to test the resolve of central banks he said. He noted that central banks had spent some 10 billion dlrs this week to stabilize the dollar against the yen in the first such test. A massive attack on the mark which could come if we get bad news out of the U.S. Would require a much higher intervention amount raising the danger of inflation he said. Turning to the international debt problem Herrhausen said Brazils unilateral debt moratorium had surprised banks. But the move showed that a real solution to debt problems was only possible with the involvement of all parties. Reuter | WORLD RECESSION UNLIKELY - DEUTSCHE'S HERRHAUSEN |
Singapores major banks are diversifying and gradually shifting their asset holdings from loans to debt instruments banking sources said. The banks following the trend are the <Overseas Union Bank Ltd> <United Overseas Bank Ltd> <Oversea-Chinese Banking Corporation> and the <Development Bank of Singapore Ltd>. The shift towards securitisation has been helped by volatile financial markets which have developed hedging facilities such as floating rate notes and bonds for risk management said Overseas Union General Manager Loh Hoon Sun. Loh told Reuters in an interview that Singapore banks see limited growth in credit risk. More and more of them are switching from term lending to major growth areas such as stockbroking and fee based income he said. Major local banks ventured into stockbroking after being granted seats on the stock exchange. Bankers said they are now moving into the new government securities market and the Stock Exchange of Singapore Dealing and Quotation System. One foreign banker said the Development Bank and the Overseas Union Bank Ltd have become major players in the equity market in Singapore. Loh said the banks participation in the stock market has increased business transactions and provided long term growth for the market. The banks are not competition for individual stockbroking firms because of the increased business they generate he added. Loh said the Stock Exchange of Singapore might expand equity issues by as much as one billion dlrs this year because of the increasing ability of foreign and local market participants to absorb new issues. Loh said <OUB Investment management Ltd> a subsidiary of the Overseas Union Bank Ltd has teamed up with a U.K. Firm to launch the Union Global Fund. The fund is for local investors seeking capital growth through a diversified international portfolio. It will invest in international shares with the emphasis on U.S. And Japanese markets he said. <DBS Securities Singapore Pte Ltd> a subsidiary of the Development Bank of Singapore has applied to the Hong Kong Stock Exchange to set up a Hong Kong stockbroking firm. Loh predicted fixed deposit and prime interest rates in Singapore will stay low this year. As a result banks will be forced to provide fund management services for major clients seeking better returns he said. Economic analysts and bankers are optimistic the major banks will show profits in 1987 helped by higher income from treasury and investment banking activities. They expect the 1987 after-tax profits of Oversea-Chinese and United Overseas to show stable growth of four to eight pct against respective gains of four and seven pct in 1986. Overseas Unions profits are expected to jump to over 40 mln dlrs from seven mln dlrs in 1986 economists said. The Development Banks after-tax profits rose 39.2 pct in 1986 mainly due to a dividend of 20.4 mln dlrs paid by <National Discount Company Ltd> before it became a subsidiary of the bank they said. REUTER | SINGAPORE BANKS SAY DIVERSIFICATION KEY TO GROWTH |
Westpac Banking Corp in New Zealand said it will increase its indicator lending rate by 1.5 percentage points to 22.5 pct from April 7. Westpac said in a statement the increase reflects high costs of funding. The bank said nervousness in the wholesale deposit market is creating uncertainty about the immediate outlook for interest rates. Liquidity is expected to remain tight over the next month and this will put upward pressure on interest rates. Base lending indicator rates of the other three trading banks range between 21.0 pct and 21.5 pct. REUTER | WESTPAC IN N.Z. RAISES INDICATOR LENDING RATE |
Thai coffee exporters said they hoped the International Coffee Organisation (ICO) would not reimpose export quotas even though this may lead to a further slump in world prices. Susin Suratanakaweekul president of the Thai Coffee Exporters Association told Reuters that Thailand obtained little benefit from previous ICO quotas which represented only about 30 pct of its total annual exports. Thailand expects increased overall coffee export revenue if there are no restrictions on sales to current ICO members who offer higher prices than non-members he said. The Customs Department said Thailand exported 21404 tonnes of coffee last year up from 20602 in 1985. Thai coffee production is projected to fall to about 25000 tonnes in the 1986/87 (Oct/Sept) season from 28000 the previous year. However a senior Commerce Ministry official said the Thai government supports coffee producers lobbying for reimposed ICO quotas which he said would help lift world prices. Somphol Kiatpaiboon director general of the Commercial Economics Department said an absence of ICO quotas would encourage producers to rapidly release coffee on to the market further depressing prices. He said Indonesia is expected to export a substantial amount of coffee this month without such restrictions. REUTER | THAI TRADERS OPPOSE REIMPOSITION OF COFFEE QUOTAS |
The <Sanwa Bank Ltds> three-year business plan foresees securities and international operations making a greater contribution to operating profits a bank official said. The banks plan also emphasises retail and medium and small-sized business operations he told Reuters. Officials at <Fuji Bank Ltd> and <Mitsubishi Bank Ltd> outlined similar three-year plans. They said lower interest rates and financial liberalisation have cut profits from dealings with big firms to nearly nothing. They dont need us they can do their own financing one official said. Sanwa Banks plan forecasts that securities and international operations will contribute 40 pct of total operating profits by the end of the fiscal year ending March 1990 compared with 30 pct in fiscal 1985 the Sanwa official said. REUTER | SANWA BANK LOOKS TO SECURITIES, WORLD OPERATIONS |
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