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Pacific Gas and Electric Co said its Diablo Canyon Unit 2 nuclear power plant will begin its first refueling today after about 13 months of operation. The refueling outage is expected to last about 12 weeks and will include a variety of maintenance as well as the replacement of about one-third of Unit 2s fuel the company said. Pacific Gas said Unit 2 generated power about 93.7 pct of the time during its first year of operation. Pacific Gas two Diablo Canyon units generate about 2.2 mln kilowatts of electricity in full operation. Reuter | PACIFIC GAS <PCG> PLANT TO BEGIN REFUELING |
Mid-State Federal Savings and Loan Association said it and First Federal Savings and Loan Association of Brooksville <FFBV> reached a definitive merger agreement. As previously announced Brooksville shareholders will get cash and stock in exchange for their shares. The transaction is expected to be completed during the summer 1987. Reuter | MID-STATE <MSSL>, FIRST FEDERAL IN DEAL |
<Memotec Data Inc> said it completed the previously announced 488.3 mln dlr acquisition of Teleglobe Canada from the federal government. Memotec Data said Teleglobe which has provided Canadas overseas telecommunications services since 1950 now becomes Teleglobe Canada Inc a unit of Memotec. Teleglobe president and chief executive Jean-Claude Delorme will continue in the same post the company said. In addition to the sale price the government will receive Teleglobes accumulated cash of 102 mln dlrs and a special 18 mln dlr dividend making total proceeds 608.3 mln dlrs. Reuter | MEMOTEC DATA COMPLETES TELEGLOBE ACQUISITION |
Citizens First Bancorp Inc said its banking subsidiary pleaded guilty to two technical violations of the Bank Secrecy Act and was fined 2000 dlrs. The subsidiary Citizens First National Bank of New Jersey pleaded guilty to two misdemeanors in Federal District Court for the District of New Jersey. Charges had been brought by the U.S. Attorneys office. The company said no additional charges will be brought against it and that it has instituted additional procedures to reduce the possibility of future violations. It cooperated with authorities in the investigation. The violations occurred on Aug 12 1982 and May 25 1984 when the bank failed to report currency transactions involving more than 10000 dlrs. Reuter | CITIZENS FIRST BANCORP <CFB> RECEIVES FINE |
U.S. and Japanese officials meet tomorrow to try to settle a dispute over semiconductor trade and to cut short the 300 mln dlr penalty tariffs President Reagan has ordered imposed on Japanese exports. But U.S. officials held out little hope that any accord could be reached before the tariffs of 100 per cent - up from about five per cent - are to take effect on April 17. The Customs Bureau last week started to levy a bond on the Japanese goods that Reagan ordered penalized. The penalties would be retroactive to March 31. Reagan said on March 27 when ordering the tariffs that he hoped the Japanese would soon end their unfair practices in semiconductor trade and that sanctions could be lifted. Technical meetings are to be held today and tomorrow with meetings at a more senior level scheduled for Thursday and Friday. Public hearings on the sanctions are set for April 13. The Japanese aides here for the technical talks include Shigeru Muraoka director-general of international trade policy of the Ministry of International Trade and Industry (MITI) and Masashi Yamamoto deputy director-general of the information and machinery bureau. Meeting with them will Glen Fukushima director of the Japan office of the U.S. Trade Representatives Office and Jim Gradoville of trade representatives office of industry and services. The two sides in the Thursday and Friday talks will be headed by Deputy U.S. Trade Representative Michael Smith and MITI vice minister Makoto Kuroda. Reuter | U.S., JAPANESE OPEN TALKS ON SEMICONDUCTORS |
Tribune Co said it filed a shelf registration with the Securities and Exchange Commission for 300 mln dlrs in debt securities. Underwriters may include Salomon Bros Inc and Merrill Lynch it said. Proceeds will be for general needs. Reuter | TRIBUNE <TRB> FILES 300 MLN DLR SHELF REGISTRATION |
Ameron Inc said its board adopted a rights plan designed to protect shareholders from potentially unfair takeover tactics. The plan calls for distribution of one right for each of its outstanding common shares and each right entitles the holder to buy one/one-hundredth of a share of newly authorized Series A Junior Participating cumulative Preferred stock at an exercise price of 55 dlrs Ameron said. It said the rights are exercisable if a group acquires 20 pct or more of its common stock or announces a tender offer for 30 pct or more of its shares. Reuter | AMERON <AMN> ADOPTS SHAREHOLDER RIGHTS PLAN |
Britains Export Credits Guarantee Department (ECGD) is holding talks with Nigeria aimed at resuming insurance cover for British exporters to Nigeria the head of ECGDs international debt division Gerry Breach said. The ECGD suspended cover on Nigeria in 1984 after the country fell into arrears on payments of insured and uninsured debts. Following last weeks bilateral accord between Britain and Nigeria to reschedule the countrys insured trade debts bankers had hoped that talks would commence on a resumption of cover. Breach made his comments in an address to a private meeting of businessmen a copy of which was made available to the press. Breach noted that for the ECGD to consider a gradual introduction of a package of new support certain criteria would have to be met. This would involve the Nigerian economic structural adjustment program being put into effect and being endorsed by the International Monetary Fund the program remaining on course and continuing to be endorsed by the IMF and a satisfactory level of acceptance by the Nigerian government of the ECGD insured short-term trade arrears. Breach said that these criteria are now beginning to be satisfied adding that while the ECGD could not yet formally announce new cover it was holding discussions with Nigeria on priorities for new credits. He said an announcement would be made as soon as possible on an agreement and the ECGD would create a package for Nigeria that would include the departments normal range of export trade support facilities. British exports to Nigeria exceeded 550 mln stg in 1986. Breach noted that since cover was removed the ECGD has maintained a limited amount of short-term trade cover for Nigeria which was backed by letters of credit from the Nigerian Central Bank. While the ECGD would initially continue to use this structure under a new package it would also hope to expand the volume of coverage in the short-term area and relax the terms it is prepared to underwrite towards the commonly accepted maximum of 180 days. REUTER | BRITAIN'S ECGD DISCUSSING NEW COVER FOR NIGERIA |
FCS Laboratories said its merger talks with another unidentified company in the health care field ended without agreement. The talks began last August the company said. The company also said it will no longer actively seek out potential merger partners but will respond to serious inquiries. Reuter | FCS LABORATORIES <FCSI> ENDS MERGER TALKS |
International Business Machines Corp said recently elected secretary John Manningham and his wife Patricia died early this morning in a fire at their Reidgefield Conn home. Manningham 53 began his IBM career in 1959 as a marketing representative. His election would have been effective July 1. Tom Irwin is the current secretary. IBM Chairman John Akers said this is a great loss to the IBM Company and to the Manninghams family friends and community. Reuter | IBM <IBM> NEWLY NAMED SECRETARY DIES IN FIRE |
The U.K. government hopes for a breakthrough on the deadlock with Japan over trade policies during next weeks visit to Tokyo by Corporate Affairs Minister Michael Howard political sources said. Howard who leaves for Japan tomorrow told Reuters he will try to promote understanding on trade issues during his visit. Meanwhile Britain will re-examine a letter from Japanese Prime Minister Yasuhiro Nakasone promising personal help in solving the row over a U.K. firms bid to win a significant role in Japans telecommunications market government sources said. Tensions have risen following Britains decision to arm itself early with new statutory powers which it says could be used against certain Japanese financial institutions. Britain reacted optimistically at first to the letter from Nakasone to Prime Minister Margaret Thatcher seeing it as a signal that he would work towards ensuring a satisfactory outcome to the bid launched by Cable and Wireless Plc government officials said. But this view has since been clouded by reports from Tokyo that Nakasones assurances really constituted little more than politeness in the face of British anger they added. Reuter | UK MINISTER LOOKS TO EASE TENSION WITH JAPAN |
World Bank President Barber Conable expressed concern that trade protectionism at the heart of a new showdown between the United States and Japan might spread throughout the industrial world. But in an interview with Reuters Conable said the action by the United States to slap tariffs on certain electronic goods from Japan did not mean the countries were heading for a full-scale trade war. Conable said the World Bank has been pressing developing countries to open their markets arguing that a free trading environment increased the possibility of global economic growth. We have in fact been making adjustment loans to many countries in the developing world which have encouraged the opening of their markets and we want to be sure that the developed world doesnt close at the same time he said. He said the U.S. action against Japan was a significant retaliatory step but it did not constitute a basic change in trade policy. The interview came just before next weeks semi-annual meetings of the Bank and the International Monetary Fund. Referring to Brazils recent interest payments moratorium Conable also said the global debt situation was very serious and must be closely watched. He said the Bank which in the past has concentrated on making loans that assist the basic underpinnings in the developing world such as dams roads and sewers will increasingly make assistance available for economic reform. The Bank has increased these loans in part because of the debt crisis that has found countries desperately in need of new funds for balance of payments adjustment and economic reforms aimed at opening their markets encouraging foreign investment and reducing governments role in the economy. Were comfortable with adjustment lending we expect however that it will never reach a majority of our portfolio Conable said. He made clear however that adjustment lending would continue to increase as a proportion of overall Bank lending for some time. He noted the problem of debt was a severe one and many countries are asking for adjustment assistance because of the problem of debt. Conable is a a former Republican Congressman from New York chosen by President Reagan for the Bank position last year. He is an associate of Treasury Secertary James Baker who launched the U.S. strategy for shoring up indebted nations in October 1985 which included a call for increased adjustment lending by the World Bank. Conable also said that he expected the result of a major study of the Banks organization to be completed in the next several weeks. He said the decision to seek a reorganization was based in part on the fact that the Bank had come under fire from the poorest countries for not doing enough to help and from the richest countries because of inefficiency. the reorganization is considered a major initiative by Conable and is being closely-watched by the agencys 151 member-countries as an indication of his management style and priorities. I want to be sure this institution is viewed by those who must support it as soundly constituted so that it will be permitted to grow Conable said. However he said I dont believe there is anything basically wrong with this institution and I dont believe it has to have any redefinition of its purpose. He said however that it was apparent that the debt initiative proposed by Baker has given the Bank a central role in dealing with the debt crisis. Conable added that cooperation between the Bank and its sister agency the International Monetary Fund was good and that he talked often with IMF Managing Director Michel Camdessus on a variety of issues. On a personal level Conable said that he not feel a need to put his personal stamp on the Bank noting that I dont have a particular mission here except to be useful to the institution and to the process of development. He added so I dont feel a great calling to personalize the institution. On the development needs of sub-Sahara Africa Conable said that the Bank was constantly reviewing new ways for assisting the region noting that half of the recently agreed financing of 12.4 billion dlrs for Banks International Development Association was earmarked for Africa. Leading industrial nations are expected to consider new forms of debt relief for the very poorest nations like those in the Sub-Sahara during next weeks meetings. Reuter | CONABLE WARNS PROTECTIONISM MIGHT SPREAD |
American Savings Bank F.S.B. said it applied for a state charter and it intends to change its depositor insurance coverage to the Federal Deposit Insurance Corp and to withdraw from coverage by the Federal Savings and Loan Insurance Corp. The savings bank also said state chartered institutions have broader banking powers and the conversion will be in the best interest of both shareholders and depositors. Reuter | AMERICAN SAVINGS <AMSB> SEEKS STATE CHARTER |
LTV Corp said its AM General division received two contracts valued at 11.7 mln dlrs from the U.S. Army to make special equipment kits for Hummer troop and cargo vehicles. Deliveries are set for May 1987 through November 1988 the company said. AM General is part of LTV Missiles and Electronics Group. Reuter | LTV <QLTV> UNIT WINS TWO ARMY CONTRACTS |
Boeing Co. <BA> is trying to find out what caused an engine brace to snap on one of Japan Air Lines 747-SR jumbo jets a spokesman for the airplane manufacturer said. We know about the problem and we have provided a service advisory to operators of 747s said the spokesman. We are not advising any massive inspections at this time. The advisory alerts operators of the jumbo jets that a problem has occurred and under what circumstances but it does not recommend any action. A service bulletin would be sent out if there is anything they should be concerned about the spokesman said. A JAL spokesman in Toyko said inspectors making a routine check found one of three diagonal braces attaching an engine to the wing of a 747-SR had snapped due to metal fatigue. The airlines said it had ordered an inspection of all 11 of its 747-SRs. The plane is a full-sized jumbo jet that has been modified slightly to handle short-haul routes in Japan mainly between Tokyo and Osaka. The jetliners have beefed-up landing gear to accommodate a higher-than-normal number of landings and takeoffs. Boeings spokesman said only JAL and All Nippon Airlines use the 747-SR. JAL took delivery of its first 747-SR in 1973 and purchased two more last year. He said the braces had been shipped to a Boeing plant near Seattle where they were being inspected. Reuter | BOEING SEEKS CAUSE OF JAL ENGINE PROBLEM |
Britains Export Credits Guarantee Department (ECGD) is holding talks with Nigeria aimed at resuming insurance cover for British exporters to Nigeria the head of ECGDs international debt division Gerry Breach said. The ECGD suspended cover on Nigeria in 1984 after the country fell into arrears on payments of insured and uninsured debts. Following last weeks bilateral accord between Britain and Nigeria to reschedule the countrys insured trade debts bankers had hoped that talks would commence on a resumption of cover. Breach told a businessmens meeting that for the ECGD to consider a gradual introduction of a package of new support certain criteria would have to be met. This would involve the Nigerian economic structural adjustment program being put into effect and being endorsed by the International Monetary Fund the program remaining on course and continuing to be endorsed by the IMF and a satisfactory level of acceptance by the Nigerian government of the ECGD insured short-term trade arrears. British exports to Nigeria exceeded 550 mln stg in 1986. Reuter | BRITAIN'S ECGD DISCUSSING NEW COVER FOR NIGERIA |
A five billion dlr credit facility being arranged for two units of British Petroleum Co Plc <BP.L> attracted over 15 billion dlrs in syndication but will not be increased Morgan Guaranty Ltd said on behalf of Morgan Guaranty Trust Co of New York the arranger. It said that 64 of BPs relationship banks will be joining the facility although their participations will be cut back dramatically. Banks had been invited as lead managers at 200 mln dlrs managers at 125 mln and co-managers at 75 mln. BP will make the final decision on the allotments broadly based on relationships rather than on the amounts offered. The facility is being arranged for BP International and BP North America in conjunction with the companys planned tender offer for the 45 pct of Standard Oil Co it does not already own. Because of the purpose of the facility Morgan only had five business days to arrange the facility. As a result it carried terms that bankers considered relatively favourable when compared with those on most other recent credits. The facility fee for example was 1/8 pct compared with the 1/16 pct BP paid on a recent 1.5 billion dlr refinancing. REUTER | BP CREDIT FACILITY SUBSTANTIALLY OVERSUBSCRIBED |
Spains Minas de Almaden y Arrayanes S.A. has agreed with Algerian producer ENOF to establish a minimum price of 300 dlrs per flask for spot mercury sales Almaden spokesman Jesus Gallego said. In response to enquiries from Reuters he said his company had raised the minimum price for its spot sales from 240 dlrs per flask following talks with ENOF. In a separate press release the company said that ENOF and Almaden held talks in Istanbul a week ago with Turkish mercury producers on ways to improve prices but Gallego said he was not in a position to say what action the Turkish companies would be taking. Reuter | MINAS DE ALMADEN RAISES MERCURY PRICE |
A steep drop in goods-producing jobs detracted from U.S. March non-farm payroll employment and makes it unlikely that the Federal Reserve will tighten monetary policy to defend the dollar economists said. U.S. March non-farm payroll employment rose 164000 less than the gain of 220000 to 290000 the financial markets expected. Manufacturing employment fell 25000 compared with Februarys 50000 gain while March construction employment dropped 45000 after being unchanged in February. The momentum of industrial activity is tapering off as we end the first quarter said Stephen Roach of Morgan Stanley and Co Inc. This sets the stage for more sluggish growth in the second and third quarters. The Fed will view this as a caution flag on the economy he said. They will not ease as long the dollar is weak but clearly they cant tighten. David Wyss of Data Resources Inc said that the downward revision in February non-farm payroll employment to 236000 from 337000 means that employment gains in the first quarter were weaker than expected. While Wyss left his first-quarter forecast of real U.S. gross national product growth at 3.5 pct he said the March jobs data suggested a downward revision in his second-quarter growth forecast to 2.5 pct from 2.8 pct. Bill Sullivan of Dean Witter Reynolds Inc said the average monthly gain in non-farm jobs in the first quarter was only 237000 compared with 254000 in the fourth quarter of 1986. Theres momentum in first quarter labor force activity but less than assumed he said. Gains in goods-producing jobs were subdued at best. This rules out any possibilty of the Fed tightening for exchange-related purposes. In March the average workweek fell back to its January level of 34.8 hours from 35.0 hours in February. Manufacturing hours also fell back to their January level totalling 40.9 hours in March compared with 41.2 hours in February. The Commerce Department noted that loss of manufacturing jobs in March was concentrated in automobile electrical and electronic manufacturing. Robert Brusca of Nikko Securities International said that a 13000 decline in auto manufacturing employment accounted for nearly half of the total drop in manufacturing jobs. Economists said that a build-up in auto inventories resulting from a steep drop in sales has finally caught up with the labor force and may point to slower growth ahead. Most expect an increase in inventories of as much as five pct to offset a steep four to five pct drop in final sales in the first-quarter GNP accounts. Roach said he expects first quarter U.S. GNP to rise two pct to be followed by a gain of 1.0-1.5 pct at best in the second and third quarters. He said the March drop in industrial activity is a reasonable response in light of the inordinate contribution inventory accumulation made to GNP. Economists said the employment data also suggest weak gains in industrial production and personal income for March. They expect only marginal gains if not small declines for these indicators compared with a February increases of 0.5 pct in industrial production and 0.9 pct in personal income. Steve Slifer of Lehman Government Securities said the drop in March construction employment may also signal a drop in March housing starts which rose 2.6 pct in February to 1.851 million units at an annual rate from 1.804 million units in January. The rate of unemployment fell to 6.6 pct its lowest level since March 1980 from 6.7 pct in February. But Wyss pointed out that this resulted from a drop in the labor force which fell to 119.2 mln in March from 119.35 mln in February. This just means that there were fewer people looking for work so the drop in unemployment doesnt mean much he said. He said the latest employment report will not concern the Fed because it does points to GNP growth in the first half of 2.5-3.0 pct but it does suggest they cant afford to tighten to quickly either. The statistical factors used to smooth out seasonal fluctuations in the jobs data may have understated March labor force gains just as seasonal factors probably overstated them in January and February Slifer said but are consistent with his forecast of 1.8 pct first quarter GNP growth. Economic growth remains sluggish but Silfer does not think that the Federal Open Market Committee changed policy at their meeting this week. At some point they will be more inclined to ease he said. For the time being however the March employment report increases the likelihood they wont tighten regardless of the dollar. Reuter | U.S. JOBS DATA SAID TO RULE OUT FED TIGHTENING |
SciMed Life Systems Inc <SMLS> said Bristol-Myers Co is analyzing the pending lawsuit brought against SciMed by <Advanced Cardiovascular Systems Inc> to determine whether to consummate its previously announced plans to merge with SciMed. The company said its was served the suit in Minneapolis on March 31 the day after it announced its definitive merger agreement with Bristol-Myers. SciMed said the suit which alleges that SciMed infringed on Advanced Cardiovascular patents is without merit. Reuter | BRISTOL-MYERS <BMY> REVIEWING SCIMED MERGER |
Corporate Affairs Minister Michael Howard said he will use a coming trip to Tokyo to seek a memorandum of understanding between Britain and Japan on the exchange of information to fight fraud in world financial markets. He told journalists that he would be seeking an agreement with Japan similar to one struck last autumn between the U.K. Department of Trade and Industry on the one hand and the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission on the other. Market sources have persistently speculated that it was information passed on to the U.K. By the SEC through their pact that triggered the DTIs investigations into (Guinness Plcs) <GUIN.L> takeover of <Distillers Co Plc> last year. The probe launched in December triggered the resignation of some of Guinness senior management including Chairman Ernest Saunders. The Trade department however has never confirmed this and has yet to state what its investigation actually concerns. REUTER | UK SEEKS PACT WITH JAPAN FOR INFORMATION EXCHANGE |
Iraq said its forces sank three Iranian boats which tried to approach its disused deep water oil terminal in the northern Gulf today. A military spokesman quoted by the official Iraqi news agency said other Iranian boats fled. He did not identify the vessels. Iraqs major oil outlets in the northern Gulf were closed shortly after the war with Iran started in late 1980. Reuter | IRAQ SAYS ITS FORCES SINK THREE IRANIAN VESSELS |
Housing group France HLM is launching a 750 mln French franc 8.40 pct 15-year bond with an issue price of 95.36 pct and denominated in 5000 franc units lead manager Banque Paribas said. The issue is being co-led by Credit Lyonnais. Payment date is April 20 and redemption will be in 12 equal annual instalments starting after the first three years of the issues life. It will be listed in the Official Bulletin (BALO) on April 6. REUTER | FRANCE HLM LAUNCHES 750 MLN FRANC BOND |
Texas Air CorpS Continental Airlines said its March 1987 load factor rose to 65.6 pct from 64.3 pct last year. Available seat miles rose to 5.1 mln from 2.5 mln and revenues passenger miles rose to 3.3 mln from 1.6 mln For the year to date load factor fell to 61.8 pct from 61.9 pct available seat miles rose to 13.2 mln from 7.3 mln and revenue passenger miles rose to 8.2 mln from 4.5 mln Reuter | TEXAS AIR'S <TEX> CONTINENTAL MARCH TRAFFIC UP |
Qtly div 82 cts vs 76 cts prior Pay May 1 Record April 16 Reuter | US WEST <USW> HIKES DIVIDEND |
Bell Petroleum Services Inc said it agreed to begin talks with Regal International Inc to form a plan of reorganization under which Bell would become a subsidiary of Regal. The plan would be subject to Bankruptcy court approval due to Bells status as a debtor-in-possesion under Chapter 11. the companys expect to file a plan by the end of May. This agreement terminates litigation between the companies concerning previous attempts at a plan of reorganization.. Bell is also free to continue talks with any third parties interested in an acquisition it said. Reuter | BELL PETROLEUM <BPSIO>, REGAL TO FORM PLAN |
Toyota Motor Sales U.S.A. Inc said domestic car sales for the month of march rose four pct to 40554 units from 39008 but truck sales were down 19.3 pct to 28046 compared with the 34745 sold in March 1986. Reuter | TOYOTA ANNOUNCES HIGHER DOMESTIC CAR SALES |
Healthvest said its board declared a dividend for the final three weeks of the March quarter of 14 cts payable April 28 to holders of recrod April 15. Previously it dclared a special interim dividend of 42 cts for January 1 to March 9 in connection with its recently completed offering. The combined dividend totals 56 cts for the March quarter an increase from the prior quarters dividend of 55 cts Reuter | HEALTHVEST <HVT> DECLARES THREE-WEEK DIVIDEND |
Hyundai Motor America a unit of Hyundai Motor Co of South Korea said domestic car sales during the month of March rose to 19502 compared witrh 10432 during March last year. Year-to-date car sales rose to 56164 from 11020 during the same period last year the company said. Hyundai began selling cars in the United States last February 20. Reuter | HYUNDAI HAS HIGHER MARCH DOMESTIC CAR SALES |
Shr 43 cts vs 36 cts Net 7209000 vs 5574000 Sales 77.7 mln vs 58.7 mln Avg shrs 16676000 vs 15478000 Year Shr 1.12 dlrs vs 1.10 dlrs Net 18371000 vs 17032000 Sales 257.5 mln vs 198.3 mln Avg shrs 16411000 vs 15433000 NOTE: Year-ago period ended Feb 1 1986 Full-year earnings include gains from discontinued operations of 184000 dlrs or one ct a share vs 3143000 dlrs or 20 cts a share Reuter | CPI CORP <CPIC> 4TH QTR FEB 7 NET |
The New York Stock Exchanage said two seats were sold on the New York Futures Exchange. The Exchange said the first seat sold for 1500 dlrs which is unchanged from the previous sale made earlier today. The Exchange said a second seat then sold for 1250 dlrs off 250 dlrs. It said the current bid is 300 dlrs and the current offer is 1500 dlrs. Reuter | TWO SEATS SELL ON THE NYFE |
Daltex Medical Sciences Inc said it received a grant from the National Cancer Institute to develop a commercial ultrasound mammography system. The award is valued at 48394 dlrs. Reuter | DALTEX <DLTX> GETS RESEARCH GRANT FOR SCANNER |
A grain elevator in Burlington Iowa exploded today leaving five injured. The elevator operated by Archer Daniels Midland Co. of Decatur Ill. is a terminal elevator on the Mississippi River Doug Snyder assistant to the vice president said. The cause of the explosion and the extent of damage to the elevator was not immediatley known. Reuter | ADM GRAIN ELEVATOR EXPLODES IN BURLINGTON, IOWA |
Several pharmaceutical companies drawn in the 1970s to the fast growing cosmetics industry are no longer finding it fashionable to sell makeup. The fad right now is to purify and concentrate on the most attractive business. Right now thats the drug business said David Saks an analyst with Morgan Olmstead. Yesterday Eli Lilly and Co joined the ranks of other drug companies by choosing to sell off its lower growth Elizabeth Arden cosmetics business. Its not that Elizabeth Arden is bad. To some it may be their pride and joy but to Eli Lilly its a diversion of their management energies and financial resources from their gemstone which is the drug business Saks said. Arden is a good company. Im sure its going to be a hot property. Im sure people will be lining up to buy it said Lynne Hyman E.F. Hutton cosmetics analyst. Analysts said the Arden business could command about 600 mln dlrs and likely buyers would be interested in its well-known name and distribution channels. Analysts said Avon Products Inc a door-to-door makeup distributor and the Japanese company Shiseido Co of Tokyo might be willing buyers. An Avon spokesman said the company is interested in Arden but it has not yet seen offering documents. Analysts said most of the changes of control in the cosmetics industry have been determined for the time being. Theres not much out there that hasnt changed hands or isnt relatively stable said Hyman. Squibb <SQB> last year sold its Charles of the Ritz business to Yves Saint Laurent for 630 mln dlrs and Beecham Plc said last month it was selling its Germain Monteil unit to Revlon Group <REV>. American Cyanamid <ACY> a chemical and drug concern is selling its Jacqueline Cochran Inc unit. One big cosmetics concern whose fate hasnt been sealed is Revlon Group Inc. The company received a takeover offer from McAndrews and Forbes which is controlled by its chairman Ronald Perelman. A major Revlon shareholder McAndrews and Forbes is offering 18.50 dlrs per share to take the company private. But Wall Street has been estimating values for the company of 20 dlrs per share and more. The stock was trading today at 20-7/8 off 1/2. Analysts said Revlons cosmetics lines and name might be attractive to a corporate buyer but they doubt one would jump into the situation one analyst described as a can of worms. Analysts said drug companies are getting high prices for the cosmetics companies. They said buyers are attracted by strong brand names because of profit stability and prestige. REUTER...^M | DRUG COMPANIES GET OUT OF COSMETICS BUSINESSES |
French industrialists have sharply revised down their investment expectations forecasting that investment in the competitive sector will rise by just three pct in real terms this year compared with a forecast of six pct growth made last November according to the latest study by the National Statistics Institute (INSEE). Last year investment in the competitive sector grew by just one pct in real terms. Investment by small companies is expected to grow by nine pct this year while investment by medium and large companies will grow by only three pct. REUTER | FRENCH INDUSTRY REVISES DOWN INVESTMENT FORECAST |
U.S. grain carloadings totaled 25744 cars in the week ended March 28 down 4.3 pct from the previous week but 41.6 pct above the corresponding week a year ago the Association of American Railroads reported. Grain mill product loadings in the week totalled 10920 cars up 0.1 pct from the previous week and 12.7 pct above the same week a year earlier the association said. Reuter | U.S. GRAIN CARLOADINGS FALL IN WEEK |
Bank of New England Corp is offering 200 mln dlrs of subordinated capital notes due 1999 yielding 8.86 pct said lead manager Morgan Stanley and Co Inc. The notes have an 8-3/4 pct coupon and were priced at 99.20 to yield 125 basis points more than comparable Treasury securities. Non-redeemable for life the issue is rated A-3 by Moodys Investors and A by Standard and Poors. Keefe Bruyette Goldman Sachs and Merrill Lynch co-managed the deal. Bank of New England said the notes will count as primary capital of the corporation. Reuter | BANK OF NEW ENGLAND <BKNE> SELLS CAPITAL NOTES |
The Securities and Exchange Commission reminded corporate raiders and others tendering for the shares of companies that they must extend the period their offers are open if key conditions are changed. Specifically the agency said those making tender offers for companies stock must extend the offers if they decide to eliminate conditions requiring a minimum number of shares to be tendered in order for the offers to be valid. Tender offers typically include minimum share conditions. As a result a purchaser would not be bound to buy the shares that were tendered if the minimum level were not reached. In an interpretation of current rules which officials said clarifies the SECs present position the agency said a tender offer must be extended if a minimum share condition is waived even if the purchaser reserved the right to do so. The interpretation makes clear that waiving a minimum share condition is a material change of the tender offer under U.S. securities law SEC officials said. The SEC has already said that other specific material changes such as changes in the percentage of securities being sought or the price being offered made during the course of a tender offer require a 10-day extension of the offer. The length of the extension which is aimed at giving shareholders an adequate chance to assess revisions of a tender offer was not specified in cases where the minimum share conditions were waived. SEC officials said the length of the extension in such cases would depend on the facts and circumstances surrounding each case but would generally be between five and 10 days. The agency cited two recent tender offers in which waivers of a minimum share conditios were tried on the last day of each offer denying shareholders the chance to react to the new information. Officials declined to identify the two offers. If a bidder makes a material change near or at the end of its offer it will have to extend the offer to permit adequate dissemination the SEC said. Federal securities law requires that all tender offers remain open for at least 20 business days. Reuter | SEC CLARIFIES POSITION ON TENDER OFFER CHANGES |
Fox Broadcasting owned by Rupert Murdochs News Corp Ltd is set to launch two prime time television shows this Sunday on what some have called the fourth television network. The company built around Murdochs two billion dlr acquisition of seven television stations last year marks the first network startup since 1948 when ABC now owned by Capital Cities/ABC Inc <CCB> hit the airwaves. I think our goal more than anything else is to provide an alternative to the three networks said Fox president Jamie Kellner. Foxs debut comes when earnings at two of the three networks are under pressure and network advertising dollars have been growing slowly. The barriers to entry are exceptionally high industry analyst Peter Appert of C.J. Lawrence said. Their (Fox) saving grace is that their parent has deep pockets. The question television industry advertising and Wall Street executives are asking is whether this new entry can lure advertisers from the big three: CBS Inc <CBS> ABC and NBC a unit of General Electric Co <GE>. Network advertising revenues rose to 8.6 billion dlrs in 1986 from 8.3 billion a year earlier with NBC accounting for all of the gain. Revenues at CBS and ABC declined analysts noted. They (Fox) are competing for the same pool of funds as the traditional networks said Jon Mandel associate media director at Grey Advertising Inc. But James Mandelbaum a Los Angeles-based entertainment attorney said If they have enough money they have a good chance of making it work. Fox president Jamie Kellner said the company expects to lose 30 to 50 mln dlrs this year on revenues of about 150 mln dlrs. He said it will take three to five years to turn a profit. To succeed the company must also win over the young viewership it has targeted with an offbeat set of shows two of which debut this Sunday and another next weekend. The first Fox-produced program -- The Late Show featuring comedienne Joan Rivers -- was shown last fall on Foxs seven stations and close to 100 affiliates. Although the show has dropped recently in ratings it still has a captive young audience in the late night time slot analysts said. Sundays prime-time shows include a situation comedy Married ... with Children which Kellner describes as an alternative to the suger coated family shows on the networks. It is also airing The Tracy Ullman Show featuring the British comedienne singer and actress. Fox has lined up 107 independent TV stations around the U.S. to run the shows. The networks have some 637 affiated stations. To make sure viewers get a chance to see the programs the company is taking the unprecedented step of airing them three times in the course of the evening. I believe if some of their shows were on the traditional networks it would be extremely high-rated Mandel said who added that his firm has signed up several million dlrs in advertising for the shows. But some question whether Fox will really become a fourth network. Robert Adler president of the Cabletelevision Advertising Bureau said many cable shows are geared to the audience Fox is attempting to win. There are already many alternatives out there to the three networks he said. And at least one network is not yet ready to consider Fox the competition. An ABC spokesman said the schedule weve put together for this Sunday night ... has not taken Foxs programming schedule into account. But analysts noted that the major networks are keeping a eye on the venture to see how it fares in the ratings and with its advertisers. Fox also appears willing to take a long-term view. Asked whether the company will be looking at ratings after Sundays debut Kellner said the last thing I want to do is worry about ratings because that was the last thing Murdoch told me to do. Reuter | NEWS CORP'S <NWS> FOX DEBUTS U.S. NETWORK |
Iraq said its forces sank three Iranian boats that tried to approach its disused deep water oil terminal in the northern Gulf today. A military spokesman quoted by the official Iraqi news agency said other Iranian boats fled. He did not identify the vessels. Iraqs major oil outlets in the northern Gulf were closed shortly after the war with Iran started in late 1980. Reuter | IRAQ SAYS ITS FORCES SINK THREE IRANIAN VESSELS |
M/A-Com Inc said it won a major contract from Ford Motor Co to provide a corporate switching network. The value of the contract awarded to M/A-Coms telecommunications unit in Germantown Md. was not disclosed. Reuter | M/A-COM <MAI> WINS FORD <F> CONTRACT |
Anadarko Petroleum Corp is raising 100 mln dlrs via an offering of convertible subordinated debentures due 2012 with a 5-3/4 pct coupon and par pricing said sole manager Kidder Peabody and Co Inc. The debentures are convertible into the companys common stock at 32.625 dlrs a share representing a premium of 23.11 pct over the stock price when terms on the debt were set. Non-redeemable for two years the debentures have a mandatory sinking fund beginning in 1998 calculated to retire 70 pct of the issue prior to maturity Kidder said. Moodys and S and P ratings are pending. Reuter | ANADARKO PETROLEUM <APC> SELLS CONVERTIBLE DEBT |
GenCorp said its RKO General Inc subsidiary completed the sale of WOR-TV to MCA Inc <MCA> for 387 mln dlrs. The Federal Communications Commission approved the sale last December GenCorp said. The closing was delayed because that decision was appealed by four parties to the U.S. Court of Appeals GenCorp explained. WOR-TV is based in Secaucus N.J. GenCorp said. Earlier today <General Partners> said it was prepared to raise its bid to 110 dlrs per share or even more in its bid for GenCorp. Reuter | GENCORP <GY> UNIT COMPLETES WOR-TV SALE |
Galileo Electro-Optics Corp said estimated earnings for the second quarter ended March 31 1987 will be over current analysts estimates of 40 cts to 45 cts per share. However the company said it has not closed its books for the quarter and release earnings April 20. Reuter | GALILEO ELECTRO-OPTICS CORP <GAEO> 2ND QTR |
United Water Resources Incs Hackensack Water Co subsidiary said the New Jersey Board of Public Utilities has authorized a 5.9 pct cut in its water rates. The company said the cut which is effective today is expected to reduce its revenues by 5.2 mln dlrs a year. The company also said it probably will not need to seek additionalk rate adjustments until the end of 1987. It applied in January for a decrease of about 2.3 mln dlrs in annual revenues equal to about three pct. This was adjusted to reflect increased water use and lower power costs and taxes. Reuter | UNITED WATER <UWR> UNIT RATE CUT APPROVED |
U.S. scientists said some tropical vegetable oils can be hazardous to consumers whose health is at risk because of high levels of saturated fat lending weight to a campaign by the American Soybean Association (ASA) for labelling changes. The scientists appeared to support an ASA charge denied by Malaysian palm growers that imported coconut palm and palm kernel oils contain high levels of saturated fat and thus raise blood cholesterol and the risk of heart disease. In a petition filed in January the ASA asked the U.S. Food and Drug Administration (FDA) to require palm palm kernel and coconut oils to be identified as saturated fats on food manufacturers labels. The FDA responded to the ASA in a letter saying it would consider the petition as a comment to a proposed rule dealing with cholesterol and fatty acid labelling of foods. Malaysian oil palm growers have said the charges by the ASA that palm oil consumption increases blood cholesterol and contributes to heart disease are untrue. But Steve Chang Professor of Food Science at Rutgers University said Palm oil is definitely not good for human health because it has a high content of saturated fatty acid. He added that the higher the fatty acid the greater the blood cholesterol level. It has been well established that high cholesterol levels will have a higher level of heart disease he said. A Malaysian Oil Palm Growers Council official Borge Bek-Nielsen has said studies have shown that palm oil is cholesterol-free low in saturated fats has anti-cancer properties and prevents blood clotting and blocking of arteries in humans. Bek-Nielsen said Americans consume more saturated fats daily through food like butter bacon ham and beef than from palm oil which he added is rich in vitamins A and E. David Kritchevsky Associate Director of the Wistar Institute in Philadelphia appeared to take the ASA view on labelling. What people really have to learn is to read labels said Kritchevsky. The more a consumer knows the more likely he will make an intelligent choice. The U.S. scientists said they had no doubt imported palm palm kernel and coconut oils contain high saturated fat levels. Kritchevsky a specialist in nutrition said More saturated fat would raise cholesterol levels...So from that point of view its a health risk. High cholesterol levels in the blood are a risk factor for heart disease. Susanne Harris deputy assistant secretary of the U.S. Agriculture Departments Food and Consumer Services Division said the health risk among consumers of vegetable oils with high saturated fat levels was highest among those who have heart disease. The scientists said more than 50 pct of the fatty acid content of the tropical oils was saturated whereas less than 20 pct of the fatty acid content of soybean oil was saturated. David Ericksen director of ASAs technical services said U.S. soybean producers could regain about one-half of the 273 mln dlrs in sales lost to imported tropical oils if consumers were aware the vegetable oils were high in saturated fat. Imported tropical oils displace 171 mln bushels of U.S. soybean sales in the U.S. market ASA estimates. U.S. imports of coconut oil during January totaled 82.9 mln lbs compared with 48.0 mln lbs in December and 106.5 mln a year earlier according to Commerce Department figures. Imports of palm oil totaled 44.0 mln lbs compared with 51.3 mln lbs in December and 85.2 mln a year earlier. Reuter | U.S. SCIENTISTS SAY TROPICAL OILS HEALTH RISK |
 GENERAL MOTORS CANADA MARCH CAR SALES UP TO 38520 UNITS FROM YEAR-AGO 34209  | |
Portugals minority centre-right government was ousted in a parliamentary censure vote backed by three left-wing opposition parties. President Mario Soares who returns from a visit to Brazil on Sunday now faces the task of either forming a new government or calling an early general election. The Socialist Party Democratic Renewal Party and Communist Party with 140 of the 250 parliamentary seats voted for the motion against the ruling Social Democratic Party and its Christian Democrat allies. Reuter | PORTUGUESE GOVERNMENT FALLS |
Nissan Motor Corp said it is raising the suggested retail price for its cars and trucks sold in the United States by 1.9 pct or an average 212 dlrs per vehicle effective April 6. The company said the increase is the result of the continued strengthening of the Japanese yen against the U.S. dollar. Reuter | NISSAN RAISES U.S. CAR, TRUCK PRICES 1.9 PCT |
Portugals minority centre-right government was ousted in a parliamentary censure vote backed by three left-wing opposition parties. The Socialist Party (PS) Democratic Renewal Party (PRD) and Communist Party (PCP) who held 140 of the 250 parliament seats voted for the motion against the Social Democratic Party (PSD) government and their Christian Democrat allies. President Mario Soares who returns from a visit to Brazil on Sunday was now faced with the task of either forming a new government or calling an early general election. Reuter | PORTUGUESE GOVERNMENT FALLS |
Snyder Oil Partners L.P. told the Securities and Exchange Commission it made an exchange offer to Cenergy Corp that would allow Snyder to acquire up to 49.9 pct of the companys common stock. Under the exchange offer which was proposed yesterday to Cenergys officers and directors each share of Cenergy common stock could be exchanged for 8.50 dlrs in market value of Snyders limited partnership units Snyder said. Under the proposal Snyder which already holds 1170400 Cenergy common shares or 12.0 pct of the total could boost its Cenergy stake to a total of 49.9 pct it said. Snyder did not say whether it has received any response to its proposal from Cenergy. If it acquires the 49.9 pct stake Snyder said in its SEC filing it would use the stock to obtain a proportionate beneficial interest in the companys assets and liabilities. It said it has not decided its next move it the exchange proposal does not lead to negotiations with Cenergy. Snyder said it may boost its stake or sell some or all of its current holdings. It repeated a statement made in its initial SEC filing last month that it is considering several alternatives including seeking control of Cenergy. Reuter | SNYDER <SOI> MAKES CENERGY <CRG> EXCHANGE OFFER |
General Motors of Canada Ltd wholly owned by General Motors Corp said March car sales increased 12.6 pct to 38520 units from 34209 units a year earlier. Year-to-date car sales fell 10.1 pct to 82000 units from 91243 units in the same period last year the company said. Reuter | GM <GM> CANADA MARCH CAR SALES UP 12.6 PCT |
<Paperboard Industries Corp> said it agreed to sell 93 mln dlrs of convertible notes with half to be purchased by brokers Wood Gundy Inc and McLeod Young Weir Ltd and the other half by controlling shareholder Kinburn Industrial Corp. The notes will be convertible into six mln common shares at 15.50 dlrs a share by September 30. Paperboard now has 6057495 shares outstanding. Proceeds will be used partly to finance the previously announced acquisition of Belkin Inc. Purchase of notes will be conditional on Paperboard acquiring 98.2 pct of Belkins shares from Balaclava Enterprises Ltd. Reuter | PAPERBOARD TO SELL 93 MLN DLRS OF NOTES |
Seaway Multi-Corp Ltd said Peat Marwick Ltd was appointed receiver-manager of its operating subsidiary Levy-Russell Ltd after it was unable to meet the Canadian Imperial Bank of Commerces demand for repayment of loans totaling about 20 mln dlrs. It said the receiver is seeking offers for the sale of Levy-Russell as a going concern. Reuter | RECEIVER NAMED FOR SEAWAY'S LEVY-RUSSELL UNIT |
Harleysville Group Inc said it was in talks to acquire Atlantic Mutual Fire Insurance Co a property and casualty insurer licensed in five southern states. The company said it believes an acquisition could be completed by June 30 subject to approval by regulatory and Atlantic Mutual policyholders. Harleysville plans to invest about four mln dlrs in the business if the deal is completed. Reuter | HARLEYSVILLE GROUP <HGIC> SEEKS TO ACQUIRE FIRM |
Kroger Co said it agreed to buy nine retail food stores from the Dallas division of <Safeway Stores Inc> which announced it was closing the 141-store division as part of a restructuring. Terms were not disclosed. Kroger expects to take over operation of the stores one of which is under construction in late April. The addition of the stores will bring Krogers Dallas division to 75 stores it said. It operates more than 1300 stores in 20 states. Reuter | KROGER <KR> TO BUY EIGHT FOOD STORES |
International Business Machines Corp said recently elected secretary John Manningham and his wife Patricia died early this morning in a fire at their Ridgefield Conn home. Manningham 53 began his IBM career in 1959 as a marketing representative. His election would have been effective July 1. Tom Irwin is the current secretary. IBM Chairman John Akers said this is a great loss to IBM and to the Manninghams family friends and community. (corrects spelling of town in line five) Reuter | CORRECTED - IBM <IBM> NEWLY NAMED SECRETARY DIES |
Shr seven cts vs one ct Net 178919 vs 34429 Sales 3148420 vs 1912438 Reuter | <DOUGLAS COMPUTER INTERNATIONAL> YEAR NET |
Shr loss 65 cts vs loss 1.31 dlrs Net loss 1366340 vs loss 2148656 Revs 2664852 vs 799864 Reuter | MEDICAL STERILIZATION INC <MSTI> YEAR LOSS |
The U.S. Agriculture Department said it has accepted a bid for an export bonus to cover the sale of 50000 tonnes of hard red winter wheat to Sri Lanka. A bonus of 37.44 dlrs per tonne was awarded to Continental Grain Co on the shipment scheduled for April 8-16 Melvin Sims USDA general sales manager said. An additional 10000 tonnes of wheat are still available to Sri Lanka under the export enhancement program Sims said. Reuter | CCC ACCEPTS EXPORT BONUS FOR WHEAT TO SRI LANKA |
<Carburos Metalicos> of Spain has bid 2205 francs a share for French chemicals group <Duffour et Igon> rivalling the 2100 franc bid announced yesterday by Union Carbide France the French subsidiary of the U.S. Chemical giant Union Carbide Corp <UK.N> the stockbrokers assocation (CSAC) said here. Duffour et Igons capital is comprised of 133100 shares with a nominal value of 100 francs each. Shares were last quoted at 856 francs on January 9. Banque Paribas will act for Carburos Metalicos while Union Carbide Frances bid is being led by Rothschild et Associes Banque. Duffour et Igon shares will be suspended on April 6 and 7 and will resume trading on April 8. Reuter | RVIAL TO UNION CARBIDE EMERGES IN FRENCH BID |
Brazil will import 30000 barrels per day of crude oil from Kuwait a spokesman for the state oil company Petrobras said. He said that unlike Saudi Arabia Kuwait did not impose any conditions on Brazil. Last month Petrobras cancelled a 40-mln dlr oil purchase from Saudi Arabia after the Saudis refused to accept credit guarantees from the official Bank of Brazil. The Saudis eventually lifted the condition and Brazil decided to reconfirm the purchase. Brazil currently consumes 1.1 mln barrels of oil per day. Reuter | BRAZIL TO BUY 30,000 BPD OF KUWAITI OIL |
The U.S. Agriculture Department said it has accepted a bid for an export bonus to cover the sale of 18000 tonnes of U.S. durum wheat to Algeria. A bonus of 43.25 dlrs per tonne was awarded to Cam USA Inc on the shipment scheduled for June 20-30 Melvin Sims USDA general sales manager said. An additional 228000 tonnes of durum wheat are available to Algeria under the departments export enhancement program Sims said. Reuter | U.S. DURUM WHEAT BONUS BID TO ALGERIA ACCEPTED |
Chrysler Canada Ltd wholly owned by Chrysler Corp said it sold 16484 passenger cars in March a 9.7 pct increase over the 15024 sold in the same month of last year. The company said truck sales rose 32 pct to a March record of 7400 units from 5603 in March of last year. For the first quarter car sales totaled 34578 compared with 37097 a year earlier while truck sales totaled 15397 compared with 14069. Reuter | CHRYSLER <C> CANADA MARCH CAR SALES UP 9.7 PCT |
The U.S. Agriculture Department announced Colombia has been made eligible for sales of up to 15000 tonnes of barley malt under the departments export enhancement program EEP. As with the previous 64 EEP initiatives sales of U.S. barley malt would be made to buyers in Colombia at competitive world prices USDA said. The export sales would be subsidized with commodities from the inventory of the Commodity Credit Corp and enable U.S. exporters to compete at commercial prices in the Colombian market USDA said. Reuter | USDA OFFERS EEP BARLEY MALT TO COLOMBIA |
Erly Industries Inc said it provided privately-owned Hanson Foods Inc with a 23 mln dlr credit line needed to carry out its voluntary reorganization plan. The plan calls for about 20 mln dlrs of the credit facility to be used to retire outstanding bank debt and to pay trade creditors with the balance to be used for working capital Erly said. Reuter | ERLY INDUSTRIES <ERLY> MAKES LOAN TO HANSON |
USX Corps USS division said it it intends to close the Geneva Works near Provo Utah effective July one. The company said it is continuing talks with local interests in Utah concerning a possible sale of the Geneva works plant. The company had announced the indefinite idling of the integrated steel mill in February. The plant which produced flat rolled steel products and small diameter pipe had employeed 2200 workers the company said. Reuter | USX <USX> TO SHUT DOWN UTAH STEEL PLANT |
Texas Petroleum Corp said it issued 14.4 mln shares of restricted common stock in exchange for oil and gas properties and joint ventures located in the U.S. and overseas. The properties were acquired from <North American Oil and Gas Corp> and Texas Petroleum Corp in Canada the company said. It added the acquisitions were the first step toward creating an oil and gas exploration and development enterprise. Reuter | TEXAS PETROLEUM ACQUIRES OIL AND GAS PROPERTIES |
<Metromedia Co> said it purchased from Time Incs <TL> Home Box Office Inc a warrant to purchase 800000 shares of common stock of Orion Pictures Corp <OPC>. The price for the warrant was 10 mln dlrs Metromedia said. It added that it now owns 16.4 pct of the outstanding common stock of Orion. Reuter | METROMEDIA BUYS WARRANT FOR SHARES OF ORION |
Analysis and Technology Inc said it won 7.6 mln dlrs worth of Navy contracts subcontracts and increases to existing contracts. The company said its backlog of contracts is approximately 107 mln dlrs compared to 62 mln dlrs of backlog contracts a year ago this time. Reuter | ANALYSIS AND TECHNOLOGY <AATI> WINS CONTRACTS |
Bank of Montreal said it will reduce the interest rate it charges on outstanding MasterCard balances to 18.3 pct from 21 pct beginning in July. The bank said it will continue its policy of not charging any annual fee or transaction fees to credit card holders. Reuter | BANK OF MONTREAL LOWERS CREDIT CARD RATE |
Synergen Inc said it plans to file with the Securities and Exchange Commission to sell about 1.5 mln shares of common stock. Proceeds would be used to fund research and development for product testing working capital and general purposes. The offering will be made through underwriters and only by means of a prospectus the biotechnology firm said. Reuter | SYNERGEN <SYGN> PLANS COMMON STOCK OFFER |
USX Corps USS division said it it intends to close its Geneva Works near Provo Utah effective July one. The company said it is continuing talks with local interests in Utah concerning a possible sale of the Geneva works plant. The company had announced the indefinite idling of the integrated steel mill in February. The plant which produced flat rolled steel products and small diameter pipe had employeed 2200 workers the company said. Reuter | USX TO SHUT DOWN UTAH STEEL PLANT |
Nissan Motor Corp in USA a unit of Nissan Motor Co Ltd said its domestic car sales for the March 21-31 period rose 82.8 pct to 4635 from 2536 a year ago. It said automobile sales for the month gained 37.6 pct to 10130 from 7363 and year to date they increased to 23899 from 20209. Nissan said late-March U.S. truck sales increased 15.5 pct to 3567 from 3089. The months truck sales declined 4.2 pct to 7271 from 7592 and year to date sales increased to 20398 from 18477. Reuter | NISSAN U.S. CAR SALES RISE IN LATE MARCH |
Bioassay Systems Corp said its common stock was deleted from Nasdaq as of March 17 because two of the companys three market makers ceased trading in the stock. The company also said it agreed to sell for 100000 dlrs assets of its closed Woburn Mass. plant to <Toxikon Corp> which will assume the lease on the facility. Bioassays common stock will continue to be traded in the National Daily Quotation or pink sheets it said. Reuter | <BIOASSAY SYSTEMS> STOCK DELETED FROM NASDAQ |
Shr not given Net loss 330613 vs profit Revs 2170628 vs 614511 Year Shr loss one ct vs profit nine cts Net loss 212289 vs profit 829747 Revs 5397167 vs 3785688 Reuter | ENEX RESOURCES CORP <ENEX> 4TH QTR LOSS |
American Honda Motor Co said domestic car sales for the March 21-31 period rose to 16635 from 6358 a year ago. It said sales for all of March advanced to 28476 from 15175. Year to date the domestic car sales rose to 76225 from 43075. Reuter | AMERICAN HONDA U.S. LATE-MARCH CAR SALES UP |
Sears Roebuck and Co said in its annual report that its Merchandise Group plans 1987 capital expenditures of 355 mln dlrs up from 280.4 mln dlrs in 1986. It said about 131 mln dlrs will be used for 32 new and relocated stores and 38 new paint and hardware stores. The nations largest retailer also said it plans to remodel 126 stores this year. Of five new stores to open in 1987 Sears said four will replace units in markets already served and one will be in a new area. At yearend 1986 the company said it had 284 full-line stores operating in its new market-driven format. Sears said it was optimistic about prospects for 1987 citing its positioning to meet merchandise and financial service needs of its customers. To broaden its apparel customer base Sears said it will issue a new catalog called Changes featuring natural fiber clothing. It said the catalog printed on oversized pages will be distributed in limited markets in 1987 with national circulation planned for 1988. In the annual report Sears reiterated its expectation that losses from introducing the companys financial services instrument Discover Card should continue to decline throughout 1987 and cross the breakeven line and generate a profit in 1988. The company scheduled its annual meeting for May 14. Reuter | SEARS <S> MERCHANDISE PLANS HIGHER SPENDING |
Shr loss 12 cts vs loss three cts Net loss 646000 vs loss 96000 Revs 9414000 vs 9899000 Avg shrs 5382833 vs 3722833 NOTE: Converted using Dec 31 exchange rate of 40.05 Belgian francs to the U.S. dlr. Reuter | OSHAP TECHNOLOGIES LTD <OSHUF> YEAR LOSS |
Shr seven cts vs one ct Net 178919 vs 34429 Revs 3148420 vs 1912438 Reuter | <DOUGLAS COMPUTER INTERNATIONAL> YEAR END 1986 |
Firmer crude oil prices government aid packages and corporate spending cuts will help Canadas oil industry recover from last year sharp downturn industry analysts said. They said there will be significant earnings gains in 1987 compared to last years dismal results when oil prices dropped about 50 pct. On Canadas stock exchanges energy shares have soared to their highest levels since 1983 with many issues trading at record highs. This is reflecting a tremendous amount of optimism on the part of the investment community that the outlook for the industry for the future is extremely attractive Peters and Co Ltd oil analyst Wilf Gobert said. Financial statements from Canadas major oil companies culminating with Dome Petroleum Ltds 2.20 billion Canadian dlr 1986 loss reported this week painted a bleak picture of last years results analysts said. But the financial statements are a snap shot and a recording of history. The stock market is the indication of the future Gobert commented. The Toronto Stock Exchanges oil and gas index of 41 companies is up to 4065.4 so far in trading today from 3053.15 at the end of 1986. Among Canadas largest oil companies class A shares of Imperial Oil Ltd <IMO.A> 70 pct owned by Exxon Corp <XON> is trading at 71 up from a 52-week low of 34-3/4. Shell Canada Ltd 72 pct owned by Royal Dutch/Shell Group is at 40-1/2 up from a low during the last year of 18-3/4. Texaco Canada Inc <TXC> 78 pct owned by Texaco Inc <TX> is at 34-7/8 up from a low of 24-1/2. Levesque Beaubien Inc oil analyst Robert Plexman forecasts operating profit for 10 of Canadas largest oil and gas companies will rise 37 pct in 1987 to about 1.44 billion dlrs and operating cash flow will increase 12 pct to 3.24 billion dlrs based on an average oil price for the year of 16.50 U.S. dlrs a barrel. However if prices hold about 18 U.S. dlrs a barrel...1987 net operating income could show a 69 pct increase with cash flow 27 pct higher analyst Plexman said. Although it is difficult to forecast the extent of the profit improvement this year the gain should be significant he added. Those improvements follow a sharp downturn in 1986 when operating income for the ten companies dropped 47 pct to 1.05 billion dlrs and operating cash flow fell 22 pct to 2.90 billion dlrs. But one industry source doesnt think oil prices will hold recent gains and more government assistance is needed. Canadian Petroleum Association technical director Hans Maciej sees industry cash flow falling another 10 pct in 1987 after dipping about 60 pct last year. Maciej said he sees crude oil supply outweighing demand and doesnt believe a recent OPEC production accord will continue to support prices. However several companies share the optimistic industry outlook expressed by a majority of analysts. Shell Canada and <Norcen Energy Resources Ltd> forecast improved 1987 earnings in their annual reports issued this week assuming oil prices remain at or above 1986 levels. The industrys outlook for 1987 is positive but not robust Texaco Canada said in its annual report. While oil prices have strengthened somewhat and there is good reason to believe that the general level is sustainable continued volatility is likely Texaco Canada added. In the face of short-term uncertainty many companies have pared 1987 spending plans from last years lower levels deferring most frontier exploration work. The industry is becoming very selective in investments very conservative and cautious which is not unexpected Canadian Petroleum Associations Maciej said. Federal and Alberta goverment aid measures helped cushion the industry downturn in 1986 and are improving 1987 results. The most significant help came last September when the federal government lifted the 10 pct Petroleum Gas Revenue Tax (PGRT) 28 months earlier then planned. Analysts estimate the tax relief will save larger oil companies about 1.50 billion dlrs by the end of 1988. The PGRT cut helped brake the steep profit and cash flow decline in 1986 for many oil companies and prevented further exploration spending cuts analysts said. For a number of companies the PGRT cut was absolutely necessary to even maintain the kind of reduced investments that were made otherwise the reduction would have been considerably more Maciej said. Reuter | CANADA OIL INDUSTRY SET FOR RECOVERY - ANALYSTS |
U.S. mine production of gold rose to 244900 troy ounces in December from 244749 ounces in November the U.S. Interior Departments Bureau of Mines said. U.S. imports of gold in December were 692700 ounces vs 2011754 ounces in November and 611811 ounces in December 1985. Gold exports totaled 243191 ounces in December vs Novembers 374468 ounces and 350078 ounces in December a year earlier. Mine production of gold in the 12-month period Jan-Dec 1986 totaled 2951151 ounces vs 2475436 ounces over the same period in 1985. Gold imports in Jan-Dec 1986 totaled 15749447 ounces vs 8225999 ounces for the same period in 1985 while exports stood at 4612919 ounces and 3966678 ounces over the respective periods the bureau said. Reuter | U.S. GOLD PRODUCTION ROSE IN DECEMBER |
Pictel Corp said it completed the public offering of 1.05 mln units at six dlrs apiece through F.N. Wolf and Co and Sherwood Capital Inc. Proceeds will be used for product development marketing expenses capital equipment and working capital the telecommunications products company said. Each unit consists of five shares of common stock and three redeemable common stock purchase warrants exercisable at 1.25 dlrs a share for five years. Reuter | PICTEL <PCTL> COMPLETES PUBLIC OFFER |
Shr loss 67 cts vs loss seven cts Net loss 2410000 vs loss 245000 Revs 11.0 mln vs 10.9 mln 12 mths Shr loss 21 cts vs profit 43 cts Net loss 748000 vs profit 1571000 Revs 46.9 mln vs 40.5 mln Reuter | JACK WINTER INC <JWI> 4TH QTR JAN 3 LOSS |
U.S. mine production of silver rose to 2295230 troy ounces in December from 2181082 in November the Interior Departments Bureau of Mines said. U.S. imports of silver in December were 8458000 ounces vs 19950000 in November and 8840000 in December 1985. Silver exports totaled 1549000 ounces in December vs 2346000 in November and 1504000 ounces in December 1985. Silver mining production in the 12-month period Jan-Dec 1986 totaled 31720769 ounces vs 39357197 ounces produced over the same period in 1985. Imports of silver in Jan-Dec 1986 totaled 144890000 ounces vs 152601000 ounces in Jan-Dec 1985 while silver exports stood at 25114000 ounces and 24756000 ounces over the respective periods the bureau said. Reuter | U.S. SILVER PRODUCTION ROSE IN DECEMBER |
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 |
Wm. Wrigley Jr. Co said it raised the wholesale price for seven-stick packages of its Spearmint Juicy Fruit Doublemint and Big Red brands marching competitive moves to a 35 cts retail price. The gum previously sold at 30 cts a pack. The company also said on March 30 it brought out a five-stick package of the four brands. The new package-size generally phased out by the trade in 1972 was priced at 25 cts a pack Wrigley said. A company spokesman said the five-stick size was well received by the trade. Reuter | WRIGLEY <WWY> RAISES GUM PRICE, SELLS NEW SIZE |
Shr 32 cts vs 28 cts Net 2194000 vs 1929000 Reuter | PLANTERS CORP <PNBT> 1ST QTR NET |
Rising demand for U.S. rice may gradually reduce surpluses while a marketing loan should help increase the U.S. share of the world rice market despite sluggish trade this year the U.S. Agriculture Department said. In its quarterly rice outlook and situation summary the department said U.S. rice use may surpass production during the 1986/87 marketing year causing stocks to fall about 10 mln hundredweight from a year earlier to an estimated 67 mln cwt on July 31. Long grain acreage as a percentage of total acreage is expected to decline this year the report said. USDA said factors once supportive of increased long grain acreage have turned around. Domestic prices of medium grain relative to long grain have increased the loan differential has been greatly reduced and increases in long grain yields relative to those of other classes have leveled off. With the drop in domestic prices resulting from the marketing loan domestic rice use is expected to grow at a faster rate USDA said. Development of new products and increased promotion have helped make rice more available and visible to a wider range of consumers USDA said. USDA said world trade is expected to fall in 1987 because of large production and stocks but a weaker market should affect competing exporters more than the U.S. The United States has already recovered a substantial share of the European Community market and made inroads into markets in the Middle East and Africa the report said. World rice consumption is projected to reach record levels in 1986/87 the report said as higher per capita incomes increased domestic production and low import prices have allowed people in many countries to substitute rice for coarse grains. China India and South Korea have increased output while the Middle East and Africa have doubled imports since the mid-1970s the report said. Reuter | LOWER U.S. RICE STOCKS, STRONG EXPORTS - USDA |
E.F. Hutton LBO Inc is still interested in an acquisition of Purolator Courier Corp and is examining the possibility of raising its 35 dlr per share offer an E.F. Hutton spokesman said. Huttons offer was topped by a 40 dlr per share offer from Emery Air Freight Corp <EAF> earlier this week. Were definately not out of it at this point the Hutton spokesman said. We want to see what the offer is completely and understand it fully and then fashion our response the spokesman said. After Emery made its offer Hutton extended the deadline on its offer to Monday. The offer was to have expired Wednesday. Analysts said it might be difficult for Hutton to raise the offer since Emery an overnight courier might have an easier time justifying a lofty price since it would realize cost savings by combining its business with those of Purolator. Purolator a New Jersey-based overnight courier has declined comment. Purolator had traded above the Hutton offer price on speculation a new bidder would emerge. It was up 1/8 today at 40-3/8 above the Emery offer. Reuter | HUTTON <EFH> STILL INTERESTED IN PUROLATOR <PCC> |
Mellon Bank Corp said a shareholder filed a class action suit in Philadelphia in light of the precipitous decline in Mellons stock on the New York Stock Exchange. Mellons stock fell 3-1/2 to 40-7/8 today after plunging 6-1/4 yesterday after the bank holding company reported its first loss in its 118 years according to the shareholder John Paul Decker. Yesterday the company said it expected to report a first quarter loss of between 55 mln and 65 mln dlrs and its intention to reduce the quarterly dividend. The shareholder charges that Mellon and its senior officers failed to disclose the companys true financial condition during the class period between February 1 1985 and April 2 1987 Mellon said it had no comment because it had not yet seen the suit. Reuter | MELLON <MEC> SUED BY SHAREHOLDER |
Mtly div 10.4 cts vs 10.8 cts prior Paid April 1 Record March 31 Reuter | <DREYFUS A BONDS PLUS INC> MONTHLY PAYOUT |
American Exploration Co said it raised 63 mln dlrs for its property acquisition program and has spent all but 10 mln dlrs of that total on acquiring property. American Exploration said the 63 mln dlrs raised for its APPL-IV program represented the largest amount raised for any of its APPL programs. It said it will attempt to raise more capital in its upcoming APPL-V program. American said it raises money from outside sources and then uses the funds to buy on and off shore oil and gas producing properties mostly in Texas and Louisiana. Reuter | AMERICAN EXPLORATION <AXCO> RAISES 63 MLN DLRS |
Standard and Poors Corp said it upgraded 295 mln dlrs of debt of Hawaiian Telephone Co a GTE Corp unit. It raised the companys first mortgage bonds to AA from AA-minus and sinking fund debentures to AA-minus from A-plus. S and P cited earnings improvement better capital recovery a stable construction program and a sophisticated network as well as financial improvement. This gave Hawaiian Telephone a strengthened capital structure and cash flow in both regulated and non-regulated businesses. But S and P said it considers coverage a little weak. Reuter | GTE <GTE> UNIT DEBT UPGRADED BY S/P |
The U.S. Agriculture Department said Turkey has been made eligible for the sale of up to 70000 tonnes of medium grain milled rice under the departments export enhancement program EEP. As with the 65 previous EEP initiatives the export sales would be subsidized with commodities from the inventory of the Commodity Credit Corp and made at competitive world prices USDA said. Reuter | TURKEY ELIGIBLE FOR U.S. BONUS RICE |
International LPG prices were mixed in the past week with North Sea prices easier while prices in the Mediterranean and the Gulf were up in April traders said. In the North Sea market small cargoes of propane were sold as high as 126 dlrs per tonne on the f.o.b. basis early in the week but prices eased after the majors posted their April contract prices traders said. British Petroleum plc <BP> left propane unchanged at 110 dlrs and raised butane prices 5.50 dlrs to 123 dlrs Shell a unit of Royal Dutch/Shell Group <RD> <ST> raised propane three dlrs to 113 and butane 5.50 dlrs to 123 dlrs they said. In the Mediterranean prices firm in Lavera as Algerian supplies were not always available. Spot propane was unchanged while butane rose about 25 dlrs from last week traders said. They said however the Mediterranean butane market was very thin making it subject to wide price swings. In the Gulf strong demand from the Far East pushed premium on small cargoes five to 10 dlrs above government selling price (gsp) for propane and 10 dlrs for butane traders said. The rising premium over gsp however was partially offset by about 10 pct decline in shipping making prices for propane about unchanged and butane five dlrs higher basis c. and f. Japan the traders said. SPOT.(DLRS/TONNE)......PROPANE..............BUTANE........... NORTH SEA (FOB)........113/117..............125/130.......... NORTH SEA (CIF)........120/125..............135/140.......... MEDITERRANEAN.(CIF)....140/145..............175/180.......... THE GULF (FOB).........130/135..............140/145.......... JAPAN (C AND F)........155/160..............160/165.......... OFFICIAL PRICES-FOB.......................................... SAUDI ARABIA (3/1)........125.................125............ ALGERIA......(3/1)........120.................130............ BP/POSTED PRICE.(4/1).....110.................123.00......... SHELL/POSTED PRICE.(4/1)..113.................123.00......... Reuter | INTERNATIONAL LPG PRICES MIXED |
Shr loss 15 cts vs loss 27 cts Net loss 1905774 vs loss 2160717 Revs 868117 vs 307135 Reuter | SCOTT INSTRUMENTS CORP <SCTI> YEAR LOSS |
US West Inc said it named A. Gary Ames to succeed Robert Blanz as president and chief executive officer of its Mountain Bell subsidiary. Blanz who announced his intention to retire effective June 1 was elected chairman of the Mountain Bell board of directors. Ames currently serves Mountain Bell as executive vice president and chief operating officer. Reuter | US WEST <USW> UNIT NAMES NEW PRESIDENT |
Pacific Horizon Funds Inc said it will place a sales charge on three of its six portfolios effective April 20. The sales charge which will not apply to investors who were shareholders prior to that date will be 4-1/2 pct on investments less than 100000 dlrs and progressively less on larger amounts. The funds affected are Pacific Horizons Aggressive Growth its California Tax-Exempt Bond and its High-Yield Bond. Reuter | PACIFIC HORIZON FUNDS <PHAGX> ADDS SALES CHARGE |
The Mitsubishi Motor Sales America Inc unit of Mitsubishi Motor Corp said domestic car sales during March rose to 6403 from 4089 a year earlier and year-to date car sales were up to 14071 from 12937 last year. Truck sales rose to 3800 during the month from 2526 last year and year-to-date sales increased to 11126 from 6520 Mitsubishi said. Reuter | MITSUBISHI REPORTS HIGHER U.S. MARCH SALES |
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