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The Bank of France said it left its intervention rate unchanged at 7-3/4 pct when it injected funds to the market against first category paper in todays money market intervention tender. Money market dealers had earlier expressed mixed views on a possible quarter point cut. The rate was last adjusted on March 9 when it was reduced to 7-3/4 pct from the eight pct rate set in January. REUTER | BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED |
Mauritius has lifted import duties on textiles and other goods connected with the textile industry as part of its economic liberalisation programme Finance Minister Vishnu Lutchmeenaraido said. Lutchmeenaraido said the move was aimed at boosting the local textiles industry and making this Indian Ocean island a shopping paradise for textile goods. He said all types of textiles textile machinery and associated goods such as sewing thread buttons and collar supports would be placed on the duty-free list effective from April 1. Official sources said the government was also planning to abolish import duties on fertiliser and agricultural equipment with the liberalisation measures would be extended to other areas of industry later. The textiles industry dominates Mauritiuss Export Processing Zone and the island has become a major exporter of woollen knitwear. Reuter | MAURITIUS LIFTS DUTY ON TEXTILE-RELATED GOODS |
NP Energy Corp said the U.S. Bankruptcy Court has indicated it will appoint a trustee to oversee the companys Chapter 11 bankruptcy proceedings. It said it hopes the appointment will thwart hostile actions being pursued by two unsecured creditors to whose claims the company objects. NP further said the Nielsen 1-20 well in Duchesne County Utah has tested 300 barrels of oil per day. NP owns a 61 pct working interest. Reuter | NP ENERGY <NPEEQ> SAYS TRUSTEE APPOINTED |
CPC International Inc said it has completed the sale of its South African subsidiary Robertsons Pty Ltd to a consortium of European and South African investors for an undisclosed amount in excess of book value due to the increasing difficulty of operating there. It said the operation accounted for less than two pct of worldwide sales of 4.5 billion dlrs in 1986. The company said small royalties expected to result from use of CPC trademarks by the new owners will be utilized for social programs in south Africa. It said no significant impact on earnings is expected from the sale. Reuter | CPC INTERNATIONAL <CPC> SELLS SOUTH AFRICAN UNIT |
Shr 23 cts vs 46 cts Net 987000 vs 1990000 Revs 14.6 mln vs 15.0 mln Year Shr 89 cts vs 1.32 dlrs Net 3846000 vs 5690000 Revs 58.1 mln vs 56.6 mln Reuter | <GIANT YELLOWKNIFE MINES LTD> 4TH QTR NET |
Shr loss 85 cts vs loss 1.36 dlrs Net loss 1653386 vs loss 2646876 Year Shr loss 12 cts vs loss 1.30 dlrs Net loss 236469 vs loss 2522293 NOTE: Year net includes realized investment gains of 734609 dlrs vs 645438 dlrs. Reuter | NORTH EAST INSURANCE CO <NEIC> 4TH QTR LOSS |
New applications for unemployment insurance benefits rose to a seasonally adjusted 355000 in the week ended March 21 from 341000 in the prior week the Labor Department said. The number of people actually receiving benefits under regular state programs totaled 2480000 in the week ended March 14 the latest period for which that figure was available. That was up from 2454000 the previous week. Reuter | U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK |
MELLON BANK EXPECTS TO REPORT A FIRST QUARTER LOSS OF 55 MLN TO 65 MLN DLRS |
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First Chicago Corp said its First National Bank of Chicago raised its prime rate to 7-3/4 pct from 7-1/2 pct effective immediately. Reuter | FIRST CHICAGO <FNB> RAISES PRIME RATE |
Hokkaido Takushoku Bank Ltd is issuing a 100 mln dlr convertible eurobond due March 31 2002 paying an indicated coupon of two pct lead managed by Takugin International bookrunner Yamaichi International Ltd said. The par-priced issue is callable from 1990 at 104 pct declining by 1/2 pct per annum to par thereafter but is not callable until 1991 unless the share price exceeds the conversion price by 150 pct. Final terms will be fixed on April 9. The selling concession is 1-1/2 pct while management and underwriting each pay 1/2 pct. The payment date is April 30 and there is a short first coupon. REUTER | HOKKAIDO TAKUSHOKU BANK ISSUES CONVERTIBLE BOND |
MELLON BANK SAYS IT WILL CUT DIVIDEND TO 35 CTS A SHR FROM 69 CTS |
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American Barrick Resources Corp said it sold two coal supply agreements and substantially all assets at its two coal mines in Ohio to <Peabody Coal Co> of Henderson Kentucky for an undisclosed price. The company said proceeds from this sale together with the sale of the remaining coal assets should allow it to fully recover its investment in the operations. It said the transactions will complete its previously announced plan to sell all non-gold assets. Reuter | AMERICAN BARRICK <ABX> SELLS OHIO ASSETS |
Officials at Toshiba <TSBA.T> told reporters they have developed a kind of wire which can conduct electricity with no resistance and therefore no loss of power. Although other firms have developed such superconductive materials Toshiba scientists said their discovery is the first that allows the material to be formed into a pliable wire. Developing a superconducting material that works at room temperature with no resistance is the object of a frenetic worldwide scientific race. The main applications would be in super powerful magnets small computers of immense power and speed electric transmission lines which use negligible power and electric generators which consume no power. Toshiba said that it will probably be five years before it can incorporate superconductors in marketable machines. But problems still have to be surmounted. Present superconductors including Toshibas need to be cooled to very low temperatures before they can pass electricity with no resistance. This requires costly liguid gas coolants. Superconductors developed to date transmit only small currents and cannot conduct alternating current only direct current government scientists said. Toshiba which spent 190.3 billion yen on research and development in the year ended March 31 1986 counts itself among the leading superconductor research companies in Japan manager of Toshibas public relations Yuji Wakayama said.. The wires the company uses are a blend of yttrium barium and copper oxide and can conduct with no resistance at minus 179.5 degrees centigrade. REUTER | TOSHIBA PRODUCES SUPERCONDUCTIVE WIRE |
Comerica Inc said it raised its prime interest rate to 7-3/4 pct from 7-1/2 pct effective April 1. Reuter | COMERICA <CMCA> RAISES PRIME RATE |
North East Insurance Co said due to the magnitude of its losses in 1986 and 1985 it may be found in violation of minimum capital and surplus requirements by officials in Maine and New York and be subject to sanctions and administrative actions in those and other states. The company today reported a 1986 loss of 236469 dlrs after realized investment gains of 734609 dlrs compared with a 1985 loss of 2522293 dlrs after investment gains of 645438 dlrs. Its fourth quarter net loss was 1653386 dlrs compared with 2646876 dlrs. The company said its fourth quarter and year losses resulted from additions to loss reserves. Reuter | NORTH EAST <NEIC> MAY VIOLATE CAPITAL RULES |
Shr profit nil vs loss three cts Net profit 140022 vs loss 882869 Revs 13.3 mln vs 8870035 Avg shrs 45.0 mln vs 35.0 mln Backlog 1683000 vs 978000 NOTE: Current year net includes tax credit of 51000 dlrs. Reuter | ELECTROMEDICS INC <ELMD> YEAR NET |
Electromedics Inc said it expects to take a 150000 dlr charge against first quarter results due to the conversion of debentures. The company said however it expects positive operating comparisons for the period. Electromedics lost 6000 dlrs in last years first quarter. Reuter | ELECTROMEDICS <ELMD> TO TAKE 1ST QTR CHARGE |
British Telecommunications Plc <BTY.L> will market electronic data transmission equipment of its own design in North America a spokesman said. The spokesman told Reuters the equipment known as fourth-generation modems will be sold by <Mitel Datacom Inc> a wholly-owned subsidiary of Canadas Mitel Corp <MLT.TO> in which British Telecom has a controlling stake. He declined to comment on the volume of projected sales. He said the modems already available in Europe where they hold a majority share of the market were the first of their kind to comply with the latest international standards. Reuter | BRITISH TELECOM TO SELL EQUIPMENT IN NORTH AMERICA |
South Africas largest labour federation has issued a broad call to the countrys trade union movement to support thousands of striking black railway workers and criticised the state-owned rail company for threatening to replace the strikers with whites. Jay Naidoo general secretary of the Congress of South African Trade Unions (COSATU) which claims a membership of over 600000 workers most of whom are black urged labour unions to show solidarity with the striking railwaymen adding that a key issue in the strike was the freedom of workers to join trade unions of their choice. Naidoo criticised the government-run South African Transport Services (SATS) for refusing to recognise the South African Railway and Harbours Workers Union which represents most of the strikers. He also accused SATS of applying racist labour policies by threatening to replace the strikers and added that the corporations decision had further inflamed the dispute. The strike began on March 14 when workers walked out following the railway companys refusal to go to formal arbitration talks over the dismissal of a train driver. SATS says that some 13000 workers are involved in the stoppage but union leaders put the number of strikers closer to 18000. The Cosatu official said a number of its affiliate unions had resolved to take solidarity action and would inform South Africas Labour Minister of their decision. He also urged the countrys two largest employer groups the Association of Chambers of Commerce and the Federated Chamber of Industries to intervene to resolve the strike. REUTER | LABOUR GROUP URGES SUPPORT FOR RAILWAY STRIKERS |
Shr 24 cts vs four cts Net 663000 vs 109000 Sales 20.5 mln vs 13.9 mln Six mths Shr 48 cts vs nine cts Net 1311000 vs 255000 Sales 43.2 mln vs 30.0 mln Avg shrs 2719205 vs 2804048 Reuter | SHELDAHL INC <SHEL> 2ND QTR FEB 28 NET |
Mellon Bank Corp said it expects to report a loss for the first quarter in the range of 55 mln to 65 mln dlrs or 2.13 to 2.15 dlrs a share. The company also said it intends to reduce its second quarter common stock dividend to 35 cts a share from 69 cts. Mellon said it will make a provision for loan losses in the first quarter of 175 mln dlrs reflecting about 95 mln dlrs in charge-offs and 80 mln dlrs in additions to the loan-loss reserve. It will also put 310 mln dlrs in Brazilian loans on a cash basis resulting in interest reversals of 10 mln dlrs. In the first quarter of 1986 Mellon earned 60.4 mln dlrs or 2.13 dlrs a share. Chairman David Barnes said the loan charge-offs and increased provisions address four areas of concern in the banks wholesale lending portfolio - the energy sector developing countries some basic industrial companies and several commercial real estate businesses. Mellon said the loan loss reserve at the end of the first quarter is estimated to be 575 mln dlrs or about 2.5 pct of the loan book compared with 493.8 mln dlrs or 2.17 pct of total loans at the end of 1986. Mellon said its primary capital ratio at the end of the first quarter will be in line with the end-1986 figure of 7.23 pct well in excess of regulatory guidelines. Non-performing loans at quarter-end are estimated at 1.45 billion dlrs or 6.5 pct of the loan portfolio compared with 928 mln dlrs or 3.94 pct at the end of 1986. Barnes noted that Mellon has a bigger involvement in energy-based lending than many other banks. Because of the lack of a substantial recovery in energy prices this year especially in natural gas prices it was felt prudent to increase reserves and take losses on loans in this sector. This action relates both to loans to companies directly involved in energy as well as loans to real estate developers home builders and financial institutions in the Southwestern United States Barnes said. As for LDC loans he said Mellon had removed about 80 mln dlrs in fully current Argentine loans from cash basis but had charged off about 20 mln dlrs in private-sector Mexican debt. He said Mellon which was ordered in December to quit Brazil because of its refusal to renew some short-term credit lines expects to participate in efforts to helpt Brazil and other sovereign borrowers to reschedule their debts. Loans to basic industries were not major contributors to the increase in non-performing assets or to first-quarter charge offs but Mellon said it remains concerned about the absence of a strong recovery in steel and related industries. The increase in reserves the dividend cut and continued management cost-cutting are aimed at ensuring that Mellon has the financial strength to deal with current uncertainties Barnes said. We cannot predict when the uncertainties that presently trouble us will end but we are confident we are managing them aggressively he added. Reuter | MELLON <MEL> SEES LARGE FIRST-QUARTER LOSS |
Turkeys Central Bank set a lira/dollar rate for April 3 of 782.50/786.41 to the dollar down from 780.00/783.90. It set a lira/D-mark rate of 428.30/430.44 to the mark up from 429.15/431.30. REUTER | TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES |
The Bank of England said it had provided the money market with around 40 mln stg late assistance. This takes the Banks total help today to some 537 mln stg and compares with its estimate of a 700 mln stg shortage. REUTER | U.K. MONEY MARKET GIVEN 40 MLN STG LATE HELP |
Kloeckner-Werke AG <KLKG.F> should have turnover this year around 1985/86s 2.4 billion marks though more growth is likely in engineering in coming years management board chairman Herbert Gienow said. He told a news conference at the trade fair here that by the mid-1990s turnover should reach between six and seven billion marks mainly through acquisitions totalling several hundred million marks. Kloeckner reported in March higher profits in its engineering sector which enabled it to raise profits by nearly a third in the 1985/86 year to 45.2 mln marks from 33.8 mln. Reuter | KLOECKNER SEES FURTHER GROWTH IN ENGINEERING |
Citicorp said that on behalf of its Citibank N.A. Subsidiary it is issuing 100000 naked currency warrants priced at 67-1/2 marks each to purchase Australian dlrs for marks at a rate of 1.1825 marks per Australian dlr. The current rate is 1.2850 marks per Australian dlr. Each warrant is for a nominal amount of 1000 marks and the minimum purchase will be for 100 warrants. The warrants expire on January 8 1988. Payment is due on April 8 and the warrants will be listed on the Luxembourg Stock Exchange. REUTER | CITIBANK SELLS MARK/AUSTRALIAN DLR WARRANTS |
Pier One Imports Inc <PIR> said its board has accelerated the expiration date of the companys warrants to May 11 1987 from July 15 1988. To the extent any warrants remain outstanding after May 11 they will automatically convert into common shares at the rate of one share for each 100 warrants. Each warrant entitles the holder to purchase 3.46 common shares and 0.17 of its 25 cts preferred for 22 dlrs the company noted. Reuter | PIER ONE ACCELERATES WARRANT <PIRWS> EXPIRATION |
Thermo Electron Corp is raising 75 mln dlrs via an offering of convertible subordinated debentures due 2012 with a 5-3/4 pct coupon and par pricing said lead manager Shearson Lehman Brothers Inc. The debentures are convertible into the companys stock at 30.50 dlrs per share representing a premium of 25.77 pct over the stock price when terms on the debt were set. Non-callable for two years the issue is rated Ba-3 by Moodys Investors and BB by Standard and Poors. Drexel Burnham and Tucker Anthony co-managed the deal. Reuter | THERMO ELECTRON <TMO> SELLS CONVERTIBLE DEBT |
Landmark Savings Association said its board has authorized the repurchase of up to 100000 shares or four pct of its outstanding stock from time to time over the next 12 months. It said purchases are expected to start around May Four. Reuter | LANDMARK SAVINGS <LSA> TO REPURCHASE SHARES |
First Federal Savings and Loan Association of Fort Myers said its board has executed a letter of intent to acquire First Presidential Savings and Loan Association of Sarasota Fla. for 8500000 dlrs in cash. The company said a definitive agreement is expected to be executed by May 15 and the transaction is expected to be completed by year-end. The purchase price is subject to an increase on a dollar for dollar basis to the extent that the net worth of First Presidentail exceeds 4100000 dlrs at the time of closing the company said. | FIRST FEDERAL FORT MYERS <FFMY> TO MAKE PURCHASE |
ELI LILLY AND CO PLANS TO SELL ITS ELIZABETH ARDEN SUBSIDIARY |
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San Diego Gas and Electric Co said a California Public Utilities Commission decision to reconsider allowing only 20 mln dlrs of the 69 mln dlrs in San Onofre nuclear station costs it disallowed makes it likely that earnings in 1987 will be reduced at least 36 cts per share. The company said if the decision to disallow the other 20 mln dlrs is not changed earnings would be penalized by another 19 cts. Reuter | SAN DIEGO GAS <SDO> SEES DECISION HURTING NET |
Eli Lilly and Co said its board decided to sell Elizabeth Arden Inc a wholly owned subsidiary that manufactures and markets cosmetics and fine fragrance products. It said the business which had sales of 67 mln dlrs when it was acquired in 1971 had sales last year of 398 mln dlrs up 12 pct from 1985. It had operating profits of about 33 mln dlrs in 1986. Lilly said it retained Morgan Stanley and Co to help evaluate offers. Lilly said it expects to use the after-tax proceeds from the sale of its cosmetics business for general corporate purposes including the repurchase from time to time of its common stock or warrants on the open market. In a statement Lilly Chairman Richard Wood said This strategic decision was reached on the basis of our belief that in the future the corporations resources including its research activities should be focused on its other business which have a high technology life sciences orientation. Reuter | ELI LILLY <LLY> TO SELL ELIZABETH ARDEN UNIT |
An estimated 1.2 mln metro users in Madrid were stranded today as striking railway workers halted the underground transport system industry sources said. The strikers joined coal miners steel and oil refinery workers in Spains latest wave of stoppages over wage demands. Some 10000 pitmen in the northern province of Leon entered the second day of an indefinite stoppage to demand wage rises and a five-day working week the sources said. Oil refinery workers picketed the state-owned Empresa Nacional de Petroleo SA (EMP) to prevent fuel lorries leaving the companys largest plant in Puertollano central Spain. Paramilitary police were guarding steel mills at Reinosa in northern Spain from the daily protests against planned job cuts. A local government official said the police force would remain in place until tempers had cooled down. More than 60 people were injured in pitched battles between police and steel foundry workers in Reinosa last month. REUTER | MADRID METRO HALTED AS SPANISH STRIKES SPREAD |
Belgian unemployment based on the number of jobless drawing unemployment benefit fell to 11.8 pct of the working population at the end of March from 12.1 pct at end of February the National Statistics Office said. The rate compares with 12.0 pct at the end of March 1986. The total number of jobless stood at 495208 compared with 508392 in February and 504652 in March last year. REUTER | BELGIAN UNEMPLOYMENT FALLS IN MARCH |
<BCE Development Corp> about 69 pct owned by Bell Canada Enterprises Inc said its previously announced offering of preferred shares will total 90 mln dlrs with shares priced at 25 dlrs each. It also said it will redeem its 75-cent class A shares at six dlrs a share plus accrued dividends on closing of the preferred share issue expected April 22. BCE Development said the cumulative redeemable retractable class A preferred shares will pay dividends at an annual rate equal to the higher of 2.25 Canadian dlrs a share or the Canadian dollar equivalent of 1.7186 U.S. dlrs. | BELL CANADA <BCE> UNIT SETS OFFERING TERMS |
Tidewater Inc said it completed agreements to restructure about 125 mln dlrs in debt that call for payment of interest only through March 1989. The deferral of all principal payments until April 1989 will save the company 12 mln dlrs in cash flow in each of the next two years it said. The restructured agreements call for suspending dividend payment on Tidewaters common and convertible adjustable preferred stock and contain other restrictive covenants including a requirement to maintain minimum tangible net worth. <Prudential Insurance Co> and Manufacturers Hanover Corp <MHC> the companys principle lenders will receive as collateral a pledge of stock in Tidewater subsidiaries that own interests in oil and gas ventures offshore Indonesia. Banca Nazionale del Lavoro an Italian bank will obtain a security interest in Tidewaters assets in Italy. Reuter | TIDEWATER <TDW> COMPLETES DEBT RESTRUCTURE |
Stanley Interiors Corp is raising 25 mln dlrs through an offering of convertible subordinated debentures due 2012 with a seven pct coupon and par pricing said lead manager Salomon Brothers Inc. The debentures are convertible into the companys common stock at 14.06 dlrs per share representing a 25 pct premium over the stock price when terms on the debt were set. Non-callable for two years the issue is rated B-2 by Moodys and B-minus by Standard and Poors. First Albany and Wheat First co-managed the deal which was reduced from an initial offering of 30 mln dlrs. Reuter | STANLEY INTERIORS <STHF> SELLS CONVERTIBLE DEBT |
Key Centurion Bancshares Inc said it has completed the previously-announced acquisitions of Union Bancorp of West Virginia Inc and Wayne Bancorp Inc. Reuter | KEY CENTURION <KEYC> COMPLETES ACQUISITIONS |
MerchantsBank said it has formed a new subsidiary Merchants Title Corp to provide settlement services for MerchantsBank subsidiaires. Reuter | MERCHANTSBANK <MCBK> FORMS NEW UNIT |
CB and T Bancshares Inc said it has completed the acquisition of First Community Bancshares Inc Of Tifton Ga. which as assets of 62 mln dlrs. Reuter | CB AND T <CBTB> COMPLETES ACQUISITION |
Swissair <SWSZ.Z> said that its traffic volume rose six pct in February compared with a year earlier but revenues were down seven pct because of currency movements. Cargo traffic rose 11 pct and passenger traffic was up six pct compared with February 1986. The overall load factor slipped to 60 pct from 61 pct and the seat load factor fell to 56 pct from 58 pct in February 1986. Costs before depreciation were eight pct lower. REUTER | SWISSAIR REVENUE FALLS IN FEBRUARY |
ELI LILLY TO BUY UP TO 2.3 MLN OF ITS COMMON SHARES TO OFFSET DILLUTION OF 10-YEAR NOTES |
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Colombia recently bought 25000 tonnes of French soft wheat at 108 dlrs per tonne c and f for end-April shipment trade sources said. This follows the countrys tender for 25000 tonnes of optional origin wheat for shipment April 20-30 they said. France had not sold wheat to Colombia for several years. Reuter | COLOMBIA BUYS 25,000 TONNES FRENCH WHEAT - TRADE |
A spokesman for General Public Utilities Corp said the company would have a statement later this morning. Trading in the companys stock was delayed at the opening by the New York Stock Exchange which indicated the company would make an announcement. The spokesman would not elaborate on todays news. Yesterday the company said power output at its Three Mile Island unit one was cut to 81 pct of reactor power because of mineral deposits on the non-nuclear side of two steam generators. Reuter | GENERAL PUBLIC UTILITIES<GPU> TO MAKE STATEMENT |
GENERAL PUBLIC UTILITIES RESUMES DIVIDENDS ON COMMON STOCK, PAYS 15 CTS |
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The Zimbabwe government has bought 85 pct of the equity in <Astra Corporation> for 25.5 mln dlrs from Netherlands-based <Bommenede Houdstermaatschappij (Nederland BV)> Astra announced. Astra owns five companies with interests in engineering paint manufacture and the distribution of farm machinery and equipment motor vehicles and earthmoving equipment. The company is now locally controlled with 80 pct of its equity owned by the government 14 pct by the Dutch firm. A six pct stake was donated to the Astra Corporation Workers Trust by the government and the Dutch company. Reuter | ZIMBABWE GOVERNMENT BUYS INTO ASTRA |
HOLIDAY CORP SAID NEW JERSEY CASINO CONTROL CLEARS RECAPITALIZATION |
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Eli Lilly and Co said its board approved a plan to buy up to 2.3 mln shares of its common stock to offset dilution from conversion of its 10-year notes issued in connection with the acquisition of Hybritech Inc in March 1986. The non-transferable notes pay interest at an annual rate of 6.75 pct. The notes which mature on March 31 1996 became convertible into 2.3 mln shares of Lilly stock at 66.31 dlrs a share beginning March 18 1987. Lilly said it will buy shares of stock from time to time in the open market at prevailing prices or in privately negotiated transactions. The newly announced purchase plan is in addition to its existing anti-dilutive stock repurchase programs. Under these programs the company systematically buys back shares in the open market to replace shares issued under its stock plan and acquisition earnout agreements. Currently the only other potentially diluting instruments are the warrants that the company also issued in connection with the Hybritech acquisition. Lilly issued 17.1 mln warrants with an expiration of March 31 1991. A warrant gives the holder the right to purchase one share of Lilly common at 75.98 dlrs. Since the acquisition Lilly has repurchased 2.0 mln warrants so there are currently 15.1 mln outstanding. The warrants are publicly traded on the New York Stock Exchange. Because of the theoretical size of the dilution resulting from the outstanding warrants warrants convertible notes stock plan and acquisition earnout agreements the company said it will be required to report earnings per share on a fully diluted basis beginnng with the first quarter of 1987. At the end of February Lilly had 139.6 mln shares outstanding. Reuter | ELI LILLY <LLY> TO BUY 2.3 MLN SHARES |
UTILICORP RECOMMENDS THREE-FOR-TWO SPLIT, DIVIDEND INCREASE AND ADDITIONAL CLASS OF STOCK |
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General Public Utilities Corp said its board declared a dividend of 15 cts per share on common stock its first dividend since it omitted payment in February 1980 as a result of the Three Mile Island nuclear accident in 1979. The company said it was able to declare the dividend due to progress in the cleanup of Three Mile Island Unit Two. A company spokesman said GPU expects to continue declaring dividends on a quarterly basis with the rate depending on the progress of the cleanup and on other company operations. GPU said the dividend is of modest size representing less than a third of the amount paid as a dividend by the average electric utility. As the operating companies need to return to the capital markets for debt and preferred stock this should tend to produce lower cost and better terms the company said. The dividend is payable May 29 to holders of record April 24. Reuter | GPU <GPU> DECLARES FIRST DIVIDEND SINCE 1979 |
Britton Lee Inc said it expects to report a loss on lower sales than it had anticipated for the first quarter. The company earned 119000 dlrs before a 70000 dlr tax credit on sales of 7227000 dlrs in the year-ago period. | BRITTON LEE <BLII> SEES FIRST QUARTER LOSS |
The Chernobyl nuclear plant disaster has left Soviet plans to extend nuclear power stations unchanged but will in the long run cause major problems for the electricity industry a Western expert said. West German economics researcher Jochen Bethkenhagen in a report presented to a NATO economics seminar said increased targets for Soviet nuclear energy output showed the April 1986 disaster had not caused any change in Moscows energy policy. But the accident was expected to prompt design changes in future Soviet power stations to exclude manipulations of safety equipment of the sort that occurred at Chernobyl he said. This will presumably result in substantial delays in the completion of reactor blocks and in stricter quality controls during the construction of nuclear power stations he said. Bethkenhagen said the Chernobyl accident was also likely to have frustrated for a long time Soviet hopes of exports of nuclear power stations to countries outside the Comecon bloc. It is also doubtful that the talks with China Syria Libya and Iraq with regard to Soviet deliveries in the next few years will have positive results he said. The meeting heard views of academics and Kremlin-watchers on the impact of Soviet leader Mikhail Gorbachev on energy policy. Several participants today argued that Gorbachev was unlikely to extend his internal economic policies to the energy sector at least for now. Bethkenhagen said high energy growth targets set by the Soviet Union up to the end of the decade showed Moscow intended to stick to a rigid supply- rather than demand-oriented policy. Norwegian academics Arild Moe and Helge Ole Bergesen said that the Soviet fuel industries represented such a pillar of the economy that immediate reform was tricky. Any experiment on a large scale cannot be allowed because the negative consequences if a reform backfires will be too great they said. REUTER | CHERNOBYL TO CAUSE PROBLEMS FOR SOVIET ELECTRICITY |
Fleet Financial Groups First Connecticut Bancorp subsidiary said it has combined its four banking subsidiaries into one operating entity called United Bank. Reuter | FLEET FINANCIAL <FLT> CONSOLIDATES UNITS |
The Dutch central bank announced new 12-day special advances at an unchanged rate of 5.3 pct to cover money market tightness for the period April 3 to 15. The amount will be set at tender on April 3 between 0700 and 0730 hours GMT. The new facility replaces the current 4.2 billion guilders of nine-day advances which expire tomorrow. Money market dealers said the rate for the new advances was in line with expectations. They added they expect the Bank to allocate between 4.0 and 4.5 billion guilders. REUTER | NEW DUTCH SPECIAL ADVANCES UNCHANGED AT 5.3 PCT |
The European Community (EC) is to boost spending to help the jobless this year. The ECs executive commission said in a statement spending on its so-called social fund would rise to 3.1 billion European Currency Units from 2.5 billion ECUs in 1986. The fund is designed to help boost job creation and improve worker mobility and supplement national schemes in the ECs 12 member states. Another 60 mln ECUs could be added if EC ministers switch unused project credits to other programs the Commission said. Italy is the largest net beneficiary in 1987 getting 635 mln ECUs with Britain in second place with 580 mln. REUTER | EC TO BOOST SPENDING ON JOB CREATION THIS YEAR |
Bacob Finance NV is issuing a 50 mln Australian dlr eurobond due July 5 1990 paying 14-3/4 pct and priced at 101-3/8 pct lead manager Goldman Sachs International Corp said. The non-callable bond is available in denominations of 1000 and 10000 Australian dlrs and will be listed in Luxembourg. The selling concession is one pct while management and underwriting combined pays 1/2 pct. The payment date is May 5 and there will be a long first coupon. The issue is guaranteed by Bacob Savings Bank. REUTER | BACOB FINANCE ISSUES 50 MLN AUSTRALIAN DLR BOND |
Jacobs Suchard AG said it acquired a comfortable majority interest in its takeover bid for Cote dOr SA Belgiums leading producer of chocolate. In a statement Jacobs said it had acquired all the shares tendered by the time its offer expired on March 30. The offer for 100 pct of Cote dOr at 8050 Belgian francs per ordinary share was agreed with the Belgian firms board. A Jacobs spokesman declined to specify the size of the majority stake and said Jacobs had not decided what it would do about acquiring the outstanding shares. Reuter | JACOBS TAKES MAJORITY STAKE IN COTE D'OR |
YEUTTER SAYS U.S. SHOULD STRESS TRADE NEGOTIATIONS AS LONG-TERM U.S. TRADE POLICY |
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Holiday Corp said the New Jersey Casino Control Commission has approved its recapitalization plan providing the final regulatory approval needed. The company said it expects to announce next week the record date for the special 65 dlr per share dividend shareholders will receive under the plan and to pay the dividend during the month of April with the exact timing depending on the closing of financing arrangements. Holiday operates Harrahs Marina Hotel and Casino in Atlantic City N.J. Reuter | HOLIDAY <HIA> RECAPITALIZATION APPROVED |
Istituto Mobiliare Italiano> said it was not in a position at present to formulate proposals on an IMI bond issue convertible into Fiat SpA <FIAT.MI> shares or carrying warrants for exercise into these shares. The IMI statement which referred to recent press reports that such an issue was imminent or possible said IMI was still examining the problems involved but gave no further details. Reuter | ITALY'S IMI HAS NO PRESENT PLAN FOR FIAT ISSUE |
Lowes Cos Inc said sales for the four weeks ended March 27 were up seven pct to 183.9 mlnm dlrs from 171.1 mln dlrs a year earlier with same-store sales up one pct to 172.5 mln dlrs from 170.4 mln dlrs. Reuter | LOWE'S <LOW> SALES UP SEVEN PCT |
January 31 end Oper shr profit 16 cts vs loss six cts Oper net profit 2879000 vs loss 958000 Revs 41.9 mln vs 24.1 mln Avg shrs 18.2 mln vs 15.8 mln Year Oper shr profit 49 cts vs profit 18 cts Oper net profit 8660000 vs profit 2832000 Revs 141.8 mln vs 87.5 mln Avg shrs 17.8 mln vs 15.8 mln NOTE: Net excludes extraordinary tax charge 156000 dlrs vs credit 2257000 dlrs in quarter and credits 1041000 dlrs vs 3589000 dlrs in year. Reuter | COMP-U-CARD INTERNATIONAL INC <CUCD> 4TH QTR NET |
U.S. Trade Representative Clayton Yeutter stressed the importance of trade negotiations to open foreign markets rather than trade restrictions in a statement to the Senate Finance Committee. In the long term we cannot repeatedly bludgeon other nations into opening their markets with threats of U.S. restrictions. Rather we must be able to negotiate credibly for global liberalization Yeutter said. Yeutter did not mention the recent U.S. trade sanctions against Japanese semiconductors in his testimony on the pending trade bill. Yeutter said the trade bill should increase U.S. competitiveness aid U.S. trade negotiating leverage and avoid provoking foreign retaliation. He urged Congress to reject provisions that would mandate U.S. retaliation against foreign unfair trade practices. Yeutter emphasized the importance of the new multilateral trade negotiating round and called on Congress to quickly approve an extension of U.S. negotiating authority. We want to open foreign markets and establish and enforce rules of international competition not foster dependence on protection and subsidies he said. Reuter | YEUTTER STRESSES IMPORTANCE OF TRADE TALKS |
The U.S. and the European Community could enter into a new trade dispute unless urgent action is taken to explain EC farm policy to the U.S. Congress French official sources said. They said Prime Minister Jacques Chirac planned to urge EC Commission president Jacques Delors to send a team of experts to Washington as soon as possible. Chirac returned to Paris this morning after three days of talks in New York and Washington in which trade and protectionism featured prominently. At the centre of the new trade tension is an EC Commission proposal to tax vegetable oils the sources said. Reuter | EC MUST EXPLAIN FARM POLICY TO U.S., FRANCE SAYS |
Aldo Mazzaferro analyst at C.J. Lawrence Inc issued an agressive buy opinion on Bethlehem Steel Corp traders said. Bethlehem rose 7/8 to 10-3/4 the first time in several months the stock has been over 10 dlrs. Mazzaferro was not immediately available for comment. Reuter | C.J. LAWRENCE HAS BUY ON BETHLEHEM STEEL <BS> |
Aetna Life and Casualty Co said it filed a shelf registration with the Securities and Exchange Commission for the issue of 200 mln dlrs of debt securities. Managers of the offering have not been selected. Terms of the securities will be based on market conditions the company said. Proceeds will be added to general funds and used to support Aetnas basic insurance and financial services businesses. Reuter | AETNA LIFE/CASUALTY <AET> FILES TO OFFER NOTES |
Standard and Poors Corp said it assigned a preliminary AAA rating to 150 mln dlrs of 7-1/4 pct guaranteed subordinated bonds due 1992 of Nomura International Finance PLC the U.K. unit of Nomura Securities Co Ltd. S and P cited the guarantee which is a senior obligation of the parent company the largest of the Big Four securities houses in Japan. The rating agency noted that Nomura Securities has by far the largest capital base in nominal terms of any securities firm in the world and is conservatively leveraged. Reuter | S/P RATES NOMURA INTERNATIONAL PLC BONDS AAA |
Status Game Corp said it will immediately start selling condoms through the 500 cigarette machines it owns and operates in Las Vegas. The company said it is negotiating a contract with one of the worlds largest condom maker which it did not identify for the production of specially-packaged condoms for the cigarette machine sales. Reuter | STATUS GAME <STGM> TO SELL CONDOMS |
Oper shr loss 11 cts vs loss 36 cts Oper net loss 2383000 vs loss 4285000 Total income 2194000 vs nil NOTE: Resultes restated for discontinued operations and exclude discontinued operations loss 5755000 dlrs vs gain 4933000 dlrs. Reuter | CENTRONICS CORP <CEN> YEAR LOSS |
Feb 28 end Shr nil vs nil Net 132804 vs 53510 Revs 2001107 vs 1467742 Avg shrs 73.9 mln vs 56.7 mln Nine mths Shr nil vs nil Net 302316 vs 171034 Revs 5230014 vs 4112562 Avg shrs 74.4 mln vs 56.7 mln Reuter | SANDSPORT DATA SERVICES INC <SAND> 3RD QTR NET |
North Carolina Federal Savings and Loan Association said it has raised its prime rate to 7-3/4 pct from 7-1/2 pct effective yesterday following moves by major banks. Reuter | NORTH CAROLINA FEDERAL <NCFS> RAISES PRIME RATE |
Shr loss one ct vs loss seven cts Net profit 108419 vs loss 241192 Revs 2044882 vs 317266 Year Shr loss 18 cts vs loss 23 cts Net loss 430027 vs loss 432982 Revs 5088065 vs 416777 NOTE: Share after preferred dividends. Reuter | HEALTH IMAGES INC <HIMG> 4TH QTR LOSS |
<Shell Canada Ltd> 72 pct owned by Royal Dutch/Shell Group anticipates an improved level of earnings in 1987 assuming a continuation of prices and margins that existed at the end of 1986 and early 1987 the company said in the annual report. Shell previously reported 1986 operating profit fell to 130 mln dlrs excluding a 24 mln dlr unusual gain from 146 mln dlrs in the prior year. The company also said 1987 capital and exploration spending of 420 mln dlrs will be 160 mln dlrs lower than last year due to the uncertain short-term outlook. | SHELL CANADA SEES BETTER PROFIT, LOWER SPENDING |
Utilicorp United Inc said its management is recommending to the board of directors a three-for-two stock split and an increase in the quarterly cash dividend rate currently at 37 cts per common share. The company said it is also submitting to shareholders at its May 21 annual meeting a proposal authorizing an additional class of common stock. Utilicorp said the board of directors will vote on the split at its next regularly scheduled board meeting on May 6. It added that its semi-annual four pct stock dividend will not change. Utilicorp said the proposal to create a new class of stock if approved will authorize 20 mln shares of Class A common stock with a par value of one dlr. The stock could be issued in various series with terms rights and preferences designated by the board in each instance Utilicorp said. The company said the new stock is intended to enhance Utilicorps ability to carry out future financings investments acquisitions or for other corporate purposes. Reuter | UTILICORP <UCU> SEEKS TO SPLIT STOCK |
Cherokee Group said an offering of 2500000 common shares is underway at 22 dlrs each through underwriters First Boston Inc <FBC> and American Express Cos <AXP> Shearson Lehman Brothers Inc. The company is selling 1800000 shares and shareholders 700000. Reuter | CHEROKEE GROUP <CHKE> SHARE OFFERING UNDERWAY |
Bank of Spain governor Mariano Rubio said the central bank was worried that money supply was growing too fast reflecting excessive internal demand in the Spanish economy but added that he was confident recent measures would succeed in restricting money growth. In testimony to the economic commission of Congress Rubio said the main measure of money supply the broad-based Liquid Assets in Public Hands grew at an estimated annualised rate of 17 pct in March the same as in February. The banks target range for growth in this measure in 1987 is 6.5 to 9.5 pct compared with 11.4 pct last year. Rubio said he was aiming for the lower end of the range. He added that real GDP growth of three pct in 1986 was due to a six pct increase in real internal demand and a three pct real drop in the contribution of the external sector. The aim for 1987 was for the same real growth in GDP but a drop in the internal contribution to 4.5 pct with the negative component of the external sector trimmed to 1.5 pct he said. REUTER | BANK OF SPAIN GOVERNOR SAYS MONEY GROWTH TOO FAST |
PRESIDENT REAGAN COMING TO CAPITOL TO LOBBY SENATORS ON HIGHWAY BILL VETO |
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Standard and Poors Corp said it raised to A from BBB-plus the preferred stock of MDU Resources Group Inc. S and P affirmed the companys A-rated first mortgage bonds and A-minus unsecured industrial revenue bonds. About 300 mln dlrs of debt and preferred were outstanding at December 31 1986. The rating agency cited recent redemptions that reduced the layer of preferred in the companys capital structure. S and P expects fundamentals to remain strong for electric utility and natural gas pipeline and distribution units. Reuter | MDU <MDU> PREFERRED STOCK UPGRADED TO A BY S/P |
American Realty Trust said its board has set April 3 as the record date for its previously announced rights offering and the rights will be issued on April 6 and expire May 22. Shareholders will be able to subscribe for 1.25 shares for each share held at a price of 3.75 dlrs per share. Reuter | AMERICAN REALTY <ARB> SETS RECORD DATE FOR OFFER |
Qtly div 20 cts vs 20 cts prior Pay June 1 Record April 16 Reuter | CARTER-WALLACE INC <CAR> SETS REGULAR PAYOUT |
President Reagan is going to the U.S. Capitol to personally urge senators to support his veto of an 88 billion dlr highway and mass transit funding bill Republican leader Robert Dole of Kansas said. Reagan will meet with senators at 1115 est/1615 gmt Dole told the senate. Reuter | REAGAN TO LOBBY SENATORS ON HIGHWAY BILL |
Software Publishing Corp said it has converted all of its programs to the three and a half inch disk format required to run on International Business Machines Corps <IBM> new Personal System/2 computers. Reuter | SOFTWARE PUBLISHING <SPCO> USING SMALLER DISKS |
The European Community Commission awarded export licences for 20000 tonnes free market French maize at a maximum export rebate of 129.40 European currency units (Ecus) per tonne trade sources said here. All requests for export licences for free market feed wheat and barley were rejected they said. Reuter | EC SETS EXPORT LICENCES ON 20,000 TONNES MAIZE |
Frances major farm union the FNSEA criticised the recent European Community farm ministers meeting for failing to come to any agreement on 1987/88 farm prices before the start of the crop year on April 1. It was damaging that no important decision was taken and that there will be no further meeting of EC agricultural ministers before the end of this month when the meat and milk campaigns started on April 1 the union said in a statement. The FNSEA also criticised the failure of the ministers to uphold their intention to suspend monetary compensatory amounts mcas in the pork sector. Reuter | FRENCH FARMERS ATTACK LACK OF EC PRICE DECISION |
Pakistan will tender tomorrow for 12000 tonnes of refined bleached deodorised palm olein tomorrow split in two equal cargo lots for first and second half April shipments traders said. The tender will be financed with Islamic Development Bank credit. Reuter | PAKISTAN TO TENDER FOR RBD PALM OLEIN TOMORROW |
The Securities and Exchange Commission (SEC) had Elliott Enterprises an investment firm in Naples Fla. shut down accusing it of defrauding investors and misusing funds. An SEC spokesman in Miami said the agency closed the investment holding company and two related firms Elliott Securities and Elliott Mortgage Co. In a complaint filed in federal court in Miami the SEC said the firms had at least 1000 customers who invested around 50 mln dlrs. U.S. District Judge William Hoeveler ordered the company closed appointed a receiver and froze the assets of the firms executives. Reuter | FLORIDA INVESTMENT FIRM SHUT BY SEC |
No changes have been made or are being planned in the Agriculture Departments calculation of price differentials between interior grain locations and the Texas Gulf a senior USDA official said. Ralph Klopfenstein USDA deputy administrator for commodity operations told Reuters We do not anticipate any changes to be made in the Texas Gulf differentials used to calculate posted county prices for corn. We do not relate the Texas Gulf structure with the Louisiana Gulf structure at all. Its a totally different situation he said. Rumors had circulated through the market this morning that USDA had widened Texas Gulf differentials in a similar manner to last weekends adjustments with the Louisiana Gulf. Reuter | USDA DENIES CHANGES IN TEXAS GULF DIFFERENTIALS |
Lawson says his sterling target comments were misunderstood, and insignificant |
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The stock of International Business Machine Corp declined slightly today and shares of Digital Equipment Corp <DEC> rose after brokerage house Morgan Stanley and Co reiterated a negative opinion on IBM and a buy on Digital traders said. IBM which this morning introduced four new personal computers the first major overhaul of its PC line since it entered the business in 1981 fell 1-3/4 to 149-3/8. Digital Equipment rose 1-3/8 to 163-5/8. Analyst Carol Muratore of Morgan Stanley was unavailable for comment. | IBM <IBM> DOWN ON LOWER MORGAN STANLEY OPINION |
Lone Star Industries Inc said it formed a joint venture with Monier Ltd of Australia to make and sell concrete railroad ties in North America. The equally owned venture Lone Star Monier Concrete Tie Co initially will operate a new Denver Colo. plant that will make 1.75 mln ties ordered by Burlington Northern Inc <BNI>. In addition the venture will market ties made at Lone Stars existing Massachusetts facilities. Based in Chatswood New South Wales Monier is a manufacturer of building and construction products and concrete ties. Reuter | LONE STAR <LCE> FORMS JOINT VENTURE |
SEC WOULD BACK ONE-DAY DISCLOSURE RULE ON FIVE PCT STOCKHOLDINGS |
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J.P. Morgan and Co Inc said it is raising its prime lending rate to 7-3/4 pct from 7-1/2 pct effective today. Most major U.S. banks are now posting a 7-3/4 pct rate. Citibank was the first to announce an increase on Tuesday. Reuter | J.P. MORGAN <JPM> INCREASES PRIME RATE |
LAWSON SAYS HIS STERLING-TARGET COMMENTS WERE MISUNDERSTOOD AND INSIGNIFICANT |
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Remaining recoverable gas reserves in the areas held by the Santos Ltd <STOS.S>-led Cooper Basin joint ventures have been upgraded to 2721.7 billion cubic feet (bcf) from the 2466 estimated last May Santos said. The upgrading followed a re-review by consultant <Coles Nikiforuk Pennell Associates> in light of the large number of gas finds since May 1986 Santos said in a statement. This means that total contractual commitments of 2455.5 bcf to <The Australian Gas Light Co> of New South Wales and the Pipeline Authority of South Australia can be met with spare gas available for sale in South Australia it said. REUTER | COOPER BASIN NATURAL GAS RESERVES UPGRADED |
The Soviet Union conducted an underground nuclear test aimed at perfecting military technology the official news agency Tass reported. Tass said the test was carried out at 0120 gmt at the Semipalatinsk testing ground in Kazakhstan Soviet Central Asia. It was the third Soviet underground blast since Moscow halted an 18-month nuclear test moratorium last February saying Washingtons refusal to join the ban had forced it to resume testing. REUTER | SOVIET UNION STAGES THIRD NUCLEAR TEST |
At a time when Britain is threatening to revoke the license of Japanese banks in retaliation for restrictive trade practices Hong Kong is rolling out the welcome mat to Japan. The British colony last week issued a banking licence to the Bank of Fukuoka Ltd making it the 24th Japanese bank here. Japan has the largest banking contingent in Hong Kong followed by the U.S. With 22 banks. Eleven Japanese banks have representative offices here and Japanese institutions operate 34 deposit-taking companies (DTCs). Assistant banking commissioner K.K Wong told Reuters: There are no special favours towards the Japanese...But because of Japans strong economy and currency they easily meet our requirement on assets (14 billion U.S. Dlrs). The Japanese control the largest share of assets of the financial institutions here but incorporated elsewhere with 980.5 billion H.K. Dlrs at end-1986 or 57.5 pct of the total. Hong Kong authorities welcome Japanese banks said Haruo Kimura assistant general manager of the Bank of Tokyo. But the U.S. And Britain are unhappy with the slow liberalisation of the Tokyo financial market. Japanese bankers said Hong Kong offers good business opportunities especially in China trade to Japanese banks who are following their clients international expansion. As their clients become more international they have to keep up and follow them said Yutaka Toda Dai-Ichi Kangyo Banks general manager here. We can have access to local traders and regional corporations said Bank of Tokyos Kimura. We can also pick up business with China. Bankers said more Japanese banks are on the way. An influx of Japanese banks began in the late 1970s when the government lifted a moratorium on new licences. But newcomers are allowed one branch each and only the Bank of Tokyo Sanwa Bank and Sumitomo Bank have more than one branch. Because of this limitation Japanese banks have mostly concentrated on wholesale business. It is very difficult to compete with those giants such as the Hongkong Bank and the Bank of China said Kimura of the Bank of Tokyo. Bank of Tokyo has the largest Japanese bank network here with seven branches while Hongkong and Shanghai Banking Corp and the Bank of China groups each have hundreds of branches. To broaden their client and deposit base some Japanese banks have taken equity in local banks. The latest such move was Dai-Ichi Kangyos increase of its stake in Chekiang First Bank last year to 95 pct from 33 pct. Tokai Bank Fuji Bank and Mitsubishi Bank also have interests in small local banks. But Mitsubishi not content with its single-branch licence and a 25 pct stake in the small Liu Chong Hing Bank bought Mercantile Bank Ltds multi-branch licence early this year. We will open one more branch in (Hong Kongs district of) Kowloon soon to better serve our clients on the other side of the harbour said Mitsubishi Bank general manager Takeshi Tange. Their weakness in the retail market forces Japanese banks to rely on the interbank market for funding. Government data show that despite their large share of total assets Japanese banks had only 54.4 billion dlrs in deposits at end-1986 or 17.1 pct of deposits of banks in Hong Kong incorporated elsewhere. Most Japanese banks international lendings in the region are booked in Hong Kong said a Japanese banker who declined to be named. He said it is mainly for tax reasons adding that assets such as loans booked in Hong Kong are not subject to Japanese tax. Japanese banks are barred by the Tokyo government from issuing Eurobonds but their Hong Kong subsidiaries can tap the Euromarket and lend the funds to the parent. Bankers said this role could be undermined by a five pct capital adequacy ratio that goes into effect next year requiring many DTCs to increase their capital. Many Japanese banks are seeking special treatment for their largely offshore operations or a different risk calculation for their assets. I dont think this will stop them from coming here said a banker. But it may mean they have to conduct some of their offshore funding operations elsewhere. REUTER | JAPANESE BANKS EXPAND HONG KONG PRESENCE |
Australia and New Zealand Banking Group Ltd <ANZA.S> said it will lower its Australian prime lending rate to 18 pct from 18.25 effective April 6. The cut is the second announced by the bank in the last week following a cut from 18.5 pct effective last Monday. The ANZs new rate will be the lowest prime set by the four major trading banks and matches the rate set by one of the smaller foreign banks in January and left unchanged during the rise in primes over the last three months. Other primes range from 18.25 to 18.5 pct including those of the other three majors. REUTER | ANZ BANK TO CUT AUSTRALIAN PRIME RATE TO 18 PCT |
The Australia and New Zealand Banking Group Ltd in New Zealand said it will raise its indicator lending rate to 23 pct from 21.5 pct on April 7. A bank statement said the continuing rise in the cost of funds had to be passed on to the lending customers. ANZ managing director Brian Weeks said: Recent developments in the money markets are of deep concern to all participants ... Market participants are understandably nervous and cautious about future developments. These include flows to and from the government relating to the privatisation of seven government departments on April 1. We welcome the flexibility evident in the Reserve Banks move to raise the system cash target yesterday but feel that to reduce the present nervousness the cash target and primary liquidity level need to be raised further... he said. The Reserve Bank has raised its daily cash target to 45 mln N.Z. Dlrs from its normal 30 mln dlrs. Call rates have traded as high as 65 pct this week because of business year-end March 31 balance date book squaring. Westpac Banking Corp in New Zealand announced yesterday it would increase its indicator lending rate by 1.5 percentage points to 22.5 pct on April 7. REUTER | ANZ BANK IN N.Z. RAISES INDICATOR LENDING RATE |
Tokyo stockmarket index rises 43.13 to record 22,410.85 closing high |
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The China International Trust and Investment Corp (CITIC) will issue a 30 billion yen 10-year bond on April 23 Daiwa Securities said as lead manager. The samurai bond to be signed on on April 14 will be the first since an Asian Development Bank issue in February. The coupon is expected to be around five pct Daiwa said. The April Japanese government 10-year bond coupon has been set at 4.7 pct against five pct on the March bond. REUTER | CITIC TO ISSUE 30 BILLION YEN BOND IN TOKYO |
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