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Tug crews in New South Wales (NSW) Victoria and Western Australia yesterday lifted their ban on foreign-flag ships carrying containers but NSW ports are still being disrupted by a separate dispute shipping sources said. The ban imposed a week ago over a pay claim had prevented the movement in or out of port of nearly 20 vessels they said. The pay dispute went before a hearing of the Arbitration Commission today. Meanwhile disruption began today to cargo handling in the ports of Sydney Newcastle and Port Kembla they said. The industrial action at the NSW ports is part of the week of action called by the NSW Trades and Labour Council to protest changes to the states workers compensation laws. Reuter | AUSTRALIAN FOREIGN SHIP BAN ENDS |
RUBBERMAID INC 1ST QTR SHR 28 CTS VS 22 CTS |
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The two sides in the Rotterdam port general cargo dispute have agreed to appoint an independent chairman Han Lammers to preside over future meetings employers spokesman Gerard Zeebregts said. Lammers Queens Commissioner for the province of Flevoland will not act as a mediator but will draw up an agenda and procedures for meetings between the employers and unions on a work-practice agreement and proposed redundancies. Two months of strikes in the sector began on January 19 in protest at employers proposals for 350 redundancies from the 4000-strong workforce this year. The strikes were called off by the main port union FNV on March 13 following an Amsterdam courts interim injunction against the redundancies on procedural grounds. The court is due to make a final ruling on May 7 but Zeebregts said he expected the judgment to go against the employers and they were therefore very likely to restart the complicated legal redundancy procedures in the near future. Meanwhile the dispute over a new work-practice agreement in the ports grain sector continued with 30 maintenance workers on strike although loading was not affected a spokesman for Graan Elevator Mij the largest employer in the sector said. The employers have written to the union asking it to reconsider its position and a meeting of union members has been called for tomorrow. Reuter | INDEPENDENT CHAIRMAN FOR DUTCH CARGO DISPUTE |
Shr 20 cts vs 32 cts Net 1358000 vs 2476000 Revs 27.1 mln vs 26.2 mln Avg shrs 6852000 vs 7764000 Nine mths Shr 68 cts vs 1.05 dlrs Net 4957000 vs 8129000 Revs 82.6 mln vs 78.8 mln Avg shrs 7316000 vs 7754000 Reuter | ELECTRO RENT CORP <ELRC> 3RD QTR FEB 28 NET |
Boeing Cos Boeing Commerical Airplane Co said it selected an unducted fan engine for continued development as the baseline engine for the advanced technology 7J7 airliner due to enter service in 1992. Boeing said it reached the decision following a three-month study of <International Aero Engines> SuperFan concept and the General Electric <GE> UDF engine. Boeing said the UDF engine would up with a nine pct advantage in fuel savings over the SuperFan on a typical 500-nautical-mile trip. Boeing said it wil proceed with detail design of the 7J7 and could launch the program in 1987 depending on the market response. It will seat about 150 passengers the company said. Reuter | BOEING <BA> UNIT CHOOSES UNDUCTED FAN ENGINE |
Shr 28 cts vs 22 cts Net 20.6 mln vs 16.1 mln Sales 238.0 mln vs 188.8 mln Reuter | RUBBERMAID INC <RBD> 1ST QTR NET |
Shr profit 13 cts vs loss 33 cts Net profit 1149000 vs loss 2833000 Rev 51.8 mln vs 47.8 mln Year Shr profit 24 cts vs loss 18 cts Net profit 2050000 vs loss 1551000 Rev 200.6 mln vs 180.1 mln Reuter | WTC INTERNATIONAL INC <WAF> 4TH QTR FEB 28 NET |
The Bank of England said it provided the market with further help totalling 166 mln stg during the afternoon. In band one it bought 31 mln stg of treasury bills and three mln stg of bank bills at 9-7/8 pct while in band two it bought 69 mln stg of bank bills at 9-13/16 pct. In addition it bought 63 mln stg of band three bank bills at 9-3/4 pct. This brings the total assistance by the Bank so far today to 219 mln stg against a liquidity shortage it has estimated at around 300 mln stg. REUTER | U.K. MONEY MARKET GIVEN FURTHER 166 MLN STG HELP |
MEAD CORP 1ST QTR OPER SHR 1.09 DLRS VS 67 CTS |
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Canadian Airlines International said it agreed to purchase six Boeing Co 767-300ER (extended range) aircraft and options on eight more for 1.6 billion Canadian dlrs including spare parts and training. Delivery will begin in April 1988 and run through April 1989 the company said. The airline said it plans to finance the new aircraft by means of oeprating leases. Canadian Airlines was recently formed through the merger of Canadian Pacific Airlines and Pacific Western Airlines. Reuter | CANADIAN AIRLINES TO PURCHASE SIX BOEING<BA>JETS |
Rubbermaid Inc said its incoming order rates continue strong and it expects to continue recording favorable year to year comparisons in each remaining quarter of 1987. Today the company reported first quarter earnings of 20.6 mln dlrs on sales of 238.0 mln dlrs up from earnings of 16.1 mln dlrs on sales of 188.8 mln dlrs. Reuter | RUBBERMAID <RBD> SEES CONTINUED IMPROVEMENT |
Shr 55 cts vs 41 cts Net 494000 vs 204000 Avg shrs 896655 vs 494155 Reuter | CAYUGA SAVINGS BANK <CAYB> 1ST QTR NET |
Shr 33 cts vs not given Net 642484 vs 362883 NOTE: Company went public in October 1986. Net includes pretax loan loss provisions of 90000 dlrs vs 56250 dlrs and gain on sale of securities of 113432 dlrs vs 88946 dlrs. Reuter | JOHNSTOWN SAVINGS BANK FSB <JSBK> 1ST QTR NET |
2nd qtr March 31 Shr 57 cts vs not given Net 790874 vs 628020 1st half Shr 1.15 dlrs vs not given Net 1588985 vs 1073163 NOTE: Company recently went public. Reuter | HOME SAVINGS AND LOAN ASSOCIATION INC <HSLD> |
Shr 21 cts vs 20 cts Net 596000 vs 594000 Revs 8693000 vs 8164000 Nine mths Shr 61 cts vs 58 cts Net 1784000 vs 1653000 Revs 26.3 mln vs 23.0 mln Reuter | GEODYNAMICS CORP <GDYN> 3RD QTR FEB 27 NET |
North Star Uranium Inc said it has changed its name to West Coast Traders Inc to reflect its business the bulk importing of olive oil. The company said it plans to start distributing its Italia Olive Oil brand now sold on the West Coast nationally. North Star Uranium had been inactive until it acquired West Coast Traders in June 1986. Reuter | <NORTH STAR URANIUM INC> CHANGES NAME |
Great Lakes Chemical Corp said it will build a new plant in El Dorado Ark. to produce several fluorine-based specialty chemicals. It said total cost of the project which would employ up to 50 workers is estimated in excess of 20 mln dlrs. Reuter | GREAT LAKES CHEMICAL <GLK> TO BUILD NEW PLANT |
Swedish unemployment was steady at 2.2 pct of the workforce in March compared with the previous month the Central Bureau of Statistics said. In March 1986 the figure stood at 2.4 pct. REUTER | SWEDISH UNEMPLOYMENT STEADY IN MARCH |
Compaq Computer Corp said it expects sales and earnings for the first quarter of 1987 to be higher than analysts expectations due to strong demand for its products. Rod Canion president and chief executive officer of Compaq said he expects sales of over 200 mln dlrs for the period ending March 31 above analysts estimates of 165-185 mln dlrs. He added that earnings per share would exceed analysts estimates of as high as 42 cts a share. Compaq reported earnings of 8.3 mln dlrs or 30 cts a share and sales of 144 mln dlrs for the first quarter 1986. The company said demand for its DESKPRO 386 PORTABLE III and the new COMPAQ DESKPRO 286 will contribute to the sales increase. The initial demand for the recently introduced COMPAQ PORTABLE III and the new models of the COMPAQ DESKPRO 286 exceeds that of any other Compaq personal computers Canion said. We saw continued demand for our personal computers across the quarter with March (1987) being a particularly strong month. Reuter | COMPAQ <CPQ> EXPECTS HIGHER FIRST QUARTER NET |
Italys majority Christian Democrats have handed in their resignation from the five-party government in which they are senior partners Deputy Prime Minister Arnaldo Forlani said. Forlani president of the party said he had handed a letter of resignation by the Christian Democrats who make up more than half the 30 member cabinet to the office of Prime Minister Bettino Craxi. Political sources said the withdrawal of the Christian Democrats meant the coalition -- which also includes Republicans Social Democrats and Liberals as well as the Socialists -- had collapsed. Reuter | CHRISTIAN DEMOCRAT MINISTERS RESIGN |
M/A-Com Inc said it has eliminated the post of cheif operating officer which had been held by president Thomas F. Burke until his recent election as chief executive officer. The company said in a reorganization it has named senior vice president-corporate marketing James F. Bunker to the new post of executive vice president and chief strategic officer giving him responsibility for corporate marketing component field sales strategic planning new business development and the companys corporate technology center. The company said Richard H. Hale president of the components division has been named executive vice president-Components Group giving him additional responsibility for the semiconductor division and advanced semiconductor operations. It said Harold C. Wells has been named executive vice president-Systems Group giving him responsibility for the government systems division Omni West subsystems division subsystems operations in Burlington Mass. microwave power devices operations in Hauppauge N.Y. and the M/A-Com MAC operation in Chelmsford Mass. Wells had been co-president of the subsystems division. Reuter | M/A-COM <MAI> ENDS CHIEF OPERATING OFFICER POST |
I.U. International Co said it reached a preliminary agreement to sell the Hawaiian Insurance Cos to Hawaiian Electric Industries Inc. <HE>. Terms of the transaction were not disclosed the company said. The transaction is subject to the execution of definitive agreements certain governmental approvals and approvals by the boards of directors involved I.U. International said. Hawaiian Electric said the planned purchase was part of its strategy to increase the companys investment in selected service industries in Hawaii including financial services. Reuter | I.U. INTERNATIONAL <IU> TO SELL INSURANCE UNITS |
Colorocs Corp said it has extended the expiration of the exercise period for its Class A warrants to May Eight from April 16. Each warrant allows the holder to buy a common share for 3.75 dlrs. Reuter | COLOROCS <CLRX> EXTENDS WARRANT EXERCISE PERIOD |
<Mason Best Co> said it has formed <Meridian Energy Corp> a privately-owned holding company structured to acquire operating companies ans assets in the oil and gas industry. Mason Best a Texas-based merchant banking firm said it is sponsor and largest shareholder of Meridian. The new companys chairman and chief executive officer is Ralph E. Bailey who retired as vice-chairman of Du Pont Co <DD> and chairman of its Conoco Inc subsidiary on March 31. Meridian is headquartered in Dallas with an administrative office in Stamford Conn. Reuter | MASON BEST FORMS ENERGY HOLDING COMPANY |
Shr nil vs nil Net 215000 vs 16000 Revs 2800000 vs 1100000 Nine mths Shr one ct vs nil Net 620000 vs 231000 Revs 8100000 vs 2100000 Reuter | CXR TELCOM CORP <CXRL> 3RD QTR MARCH 31 NET |
Senate Banking Committee Chairman William Proxmire (D-Wis) said he planned to introduce legislation shortly to require greater public disclosure of corporate takeovers and fairer treatment for all shareholders. Speaking to the National Association of Manufacturers Proxmire said recent insider trading stock scandals increased the chance that Congress will act to curb abuses. We are proposing legislation that would provide for more disclosure would be fairer to all shareholders and would insure that takeovers are properly financed he said. Among the provisions the bill would reduce the threshold for notifying the Securities and Exchange Commission that a investor or group has acquired a percentage of stock in a company to three pct from the current five pct threshold within 10 days Proxmire said. In addition there would be a pre-notificaton requirement that an investor intended to aquire three pct that would have to filed with the SEC. Proxmire said the pre-notification requirement was meant to prevent arbitragers from having a jump on the general public in knowing about coming takeover attempts. Proxmire said he would call for extending the period that a tender offer must be kept open under the Williams Act to 60 business days from the current 20 business days. His bill would provide for private suits if the acquiring company violated the time period on the tender offer. To correct abuses in the financing of takeovers Proxmire said the legislation would aim at insuring current margin requirments are properly enforced. The Federal Reserve Board has a 50 pct margin requirement for purchasing stock but Proxmire said it is not generally enforced in hostile takeovers. Rather the groups or individuals leading a takeover declare that they can raise the capital for a takeover without actually putting any of their own money Proxmire said. He said his bill would allow private suits for damages for failure to meet the Federal Reserves 50 pct margin requirements. The bill also would require more disclose when several investors form an alliance in a hostile takeover. When Pickens and Icahn get together we want people to know about it Proxmire said. Proxmire said he favored the approach used in Britain towards two-tiered tender offers that insures that all shareholders recieve equal treatment. He said he expected amendments to the bill also would cover defensive mechanisms such as green mail and poison pills. Proxmire said he intended to introduce his bill later this month and predicted the Senate committee would act this spring. He said he was hopeful Congress could pass a bill this year. Reuter | PROXMIRE OUTLINES INSIDER TRADING LEGISLATION |
Shr 17 cts vs 13 cts Net 598000 vs 392000 Sales 10.2 mln vs 7474000 Avg shrs 3432000 vs 3045000 Year Oper shr profit 1.05 dlrs vs loss 47 cts Oper net profit 3498000 vs loss 1427000 Sales 52.2 mln vs 40.8 mln Avg shrs 3320000 vs 3060000 NOTE: Latest year net excludes 782000 dlr tax credit. Reuter | HELEN OF TROY CORP <HELE> 4TH QTR FEB 28 NET |
Bankers Trust New York Corp said it has placed its approximately 540 mln dlrs of medium- and long-term loans to Brazil on non-accrual status and that first-quarter net income will be reduced by about seven mln dlrs as a result. Brazil suspended interest payments on its 68 billion dlrs of medium- and long-term debt on February 22. U.S. banking regulations do not require banks to stop accruing interest on loans until payments are 90 days overdue but Bankers Trust said it acted now because of the high potential of a continued suspension that would result in reaching the 90-day limit in the second quarter of 1987. Assuming no cash payments at current interest rates are received for the rest of 1987 Bankers Trust estimated that full-year net income would be reduced by about 30 mln dlrs. Bankers Trust said it assumes that debt negotiations between Brazil and its commercial bank lenders will lead to the resumption of interest payments. The negotiations resume in New York on Friday when central bank governor Francisco Gros is expected to ask banks for a 90-day rollover of some 9.5 billion dlrs of term debt that matures on April 15. Reuter | BANKERS TRUST <BT> PUTS BRAZIL ON NON-ACCRUAL |
Shr profit 63 cts vs 22 cts Net 775868 vs 276446 Revs 2255742 vs 706130 Reuter | <FIRST MERCANTILE CURRENCY FUND INC> 1ST QTR NET |
UK INTERVENTION BD SAYS EC SOLD 118,350 TONNES WHITE SUGAR AT REBATE 46.496 ECUS. |
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West German Finance Minister Gerhard Stoltenberg said todays meetings of major industrial countries would look at ways of strengthening the Paris accord on stabilizing foreign exchange rates. Stoltenberg told journalists he saw no fundamental weakness of the February 22 agreement of the Group of Five countries and Canada to keep exchange rates near the then-current levels. But he declined to say what measures would be discussed ahead of a communique of the Group of Seven ministers later today. Stoltenberg and Bundesbank President Karl Otto Poehl said the importance of the Paris agreement also known as the Louvre accord had been underestimated. Stoltenberg said there is greater agreement now among major countries than six months ago at the time of the annual meeting of the International Monetary Fund and World Bank marked by sharp discord between the United States and its major trading partners. There is no fundamental weakness of the Paris accord he said. We will be looking at ways of strengthening it but I do not want to discuss that here. Stoltenberg said the Louvre agreement was working despite a slight firming of the yen against the dollar. And Poehl noted that the dollar/mark parity was unchanged since February 22 without the Bundesbank having had to sell marks to support the dollar. The Louvre agreement has been honored by the market he said. Poehl said West Germany had lived up to its side of the bargain in Paris by preparing the way for tax cuts to be accelerated as a way of stimulating growth. Poehl said however that Japan had not yet fulfilled its pledges for economic stimulation. And we will have to see if the United States is able to do what they promised in Paris on reducing the budget deficit -- and get it through Congress he added. Stoltenberg reiterated West German concern about a further fall in the dollar noting that the mark was up 85 pct against the dollar and nearly 20 pct on a trade-weighted basis. You cannot expect that to go unnoticed in an economy. And it is not just a German problem it is a European problem he said. REUTER | STOLTENBERG SEES MOVES TO STRENGTHEN PARIS ACCORD |
A total 118350 tonnes of current series white sugar received export rebates of a maximum 46.496 European Currency Units (Ecus) per 100 kilos at todays European Community (EC) tender the U.K. Intervention Board said. Out of this traders in the U.K. Received 37800 tonnes in France 34500 in West Germany 20000 in Belgium 18500 in Spain 5800 and in Denmark 1750 tonnes it added. Earlier today London traders had declined to give a projected view on the level of subsidy although some said total tonnage awards would be around 60000 tonnes. Paris traders foresaw between 60000 and 100000 tonnes being authorised for export at a 46.40/46.50 Ecu subsidy. Cumulative sales authorisations for the current season (1986/87) now stand at 2194970 tonnes (43 weeks). Last week saw 102350 tonnes whites authorised for export under licences to end-Sep at the higest ever rebate of 46.864 European Currency Units (Ecus) per 100 kilos. REUTER | U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES |
FORD EXTENDS INCENTIVE PROGRAM ON LIGHT TRUCKS TO APRIL 30 FROM APRIL SIX |
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<Noranda Inc> said it will sell 150 mln dlrs of adjustable convertible subordinated debentures to a group of investment dealers led by Gordon Capital Corp. The debentures will be convertible into Noranda common shares until April 29 2007 at 35 dlrs per share. Interest rate will be five pct subject to upward adjustment based on dividends paid on common shares Noranda said. Reuter | NORANDA TO SELL 150 MLN DLRS IN DEBENTURES |
BACHE SECURITIES CANADA BUYS TORONTO EXCHANGE SEAT FOR 301,000 DLRS |
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The issue amount of Mafina BVs seven year two pct Swiss franc bond with equity warrants has been set at 250 mln Swiss francs lead manager Credit Suisse said. REUTER | MAFINA BOND WITH WARRANTS SET AT 250 MLN SFR |
Mead Corp said the outlook for its major paper markets looks strong for the second quarter and augurs well for its earnings in 1987. The generally strong outlook bodes well for significantly improved earnings this year Burnell Roberts chairman and chief executive officer said. Earlier the company reported first quarter earnings of 34.2 mln dlrs or 1.09 dlrs a share versus 20.3 mln dlrs or 65 cts a share in last years first quarter. In 1986 the company reported earnings from continuing operations of 109.3 mln dlrs or 3.50 dlrs a share. Mead said its first quarter benefitted from stronger market conditions and improved operations. The combination of capital improvement programs and more employee involvement has been paying off throughout our paper operations Roberts said. He added that Meads pulp and paperboard businesses are operating well as prices have improved and strong demand has placed most products in a sold-out position through the middle of the year. Mead said sales of its unbleached coated paperboard was particularly strong up 13 pct versus the first quarter 1986. Reuter | MEAD <MEA> EXPECTS IMPROVED EARNINGS THIS YEAR |
Endotronics Inc said because of its decisions to discontinue development of health care products reorganize under Chapter 11 and establish adequate allowances for uncollectible receivables it expects to establish reserves totaling about 11 mln dlrs in the March 31 second quarter. The company said it plans to seek buyers for health care technologies including proprietary rights to a Hepatitis B Vaccine and technologies related to LAK cell cancer immunotherapy. Reuter | ENDOTRONICS SEEKS TO ESTABLISH 2ND QTR RESERVE |
Shr profit 20 cts vs loss three cts Net profit 849299 vs loss 82512 Revs 7929138 vs 3849224 Reuter | AMERTEK INC <ATEKF> 1ST QTR NET |
Comstock Group Inc said it has signed a letter of intent to sell about 20 mln dlrs of convertible preferred stock to <Spie Batignolles SA> of Paris Spie Group Inc U.S. subsidiary. Details were not disclosed. Reuter | COMSTOCK GROUP <CSTK> SELLS PREFERRED STOCK |
QVC Network Inc said its agreement in principle with Safeguard Scientifics Inc <SFE> allows Safeguard to name the majority of QVCs directors only if a seven mln dlr indebtedness to Safeguard is in default. Yesterday QVC said announced it entered into the agreement in principle with Safegaurd under which QVC would receive 13 mln dlrs in financing including seven mln dlrs of QVC notes to be purchase by Safeguard and a six-mln-dlr revolving credit facility to be provided by a local bank. QVC said as long as the seven mln dlr indebtedness to Safeguard remains outstanding Safeguard will be able to name three of QVCs nine directors. Safeguards ability to name a majority of QVCs directors will be triggered only if the seven mln dlr indebtedness to Safeguard is in default the company said. Reuter | QVC NETWORK <QVCN> CLARIFIES AGREEMENT |
Shr primary 78 cts vs 68 cts Shr diluted 75 cts vs 68 cts Qtrly div six cts vs five cts Net 7929000 vs 6569000 Revs 78.7 mln vs 61.9 mln NOTE: Pay date for the qtrly div is April 28 for shareholders of record April 20. Reuter | ALEX BROWN INC <ABSB> 1ST QTR MARCH 27 NET |
Equitable Resources Inc said it filed with the Securities and Exchange Commission a registration statement covering a 75 mln dlr issue of units. Each unit will consist of a 1000 dlr face amount 25-year debenture with up to 21 five-year warrants to purchase the companys common stock. Each warrant will equal one share. The debentures will be non-refundable for 10 years. Proceeds will be used to repay short-term loans incurred to finance part of Equitables 1986 capital expenditure program and the redemption of 9-5/8 pct and 10-1/2 pct first mortgage bonds of 1995. First Boston will manage the issue. Reuter | EQUITABLE RESOURCES <EQT> FILES UNIT OFFERING |
4thh qtr Feb 28 Shr 46 cts vs 22 cts Net 2139034 vs 854182 Sales 30.8 mln vs 20.6 mln Avg shrs 5280854 vs 4559646 Year Shr 1.34 dlrs vs 1.15 dlrs Net 5935117 vs 4156171 Sales 107.2 mln vs 71.6 mln Avg shrs 5281387 vs 3616183 NOTE: Town and Country Jewelry Manufacturing Corp. Reuter | TOWN AND COUNTRY JEWELRY MANUFACTURING <TCJC> |
Paxar Corp said it has acquired Thermo-Print GmbH of Lohn West Germany a distributor of Paxar products for undisclosed terms. Reuter | PAXAR CORP <PAKS> MAKES ACQUISITION |
Shr 10 cts vs 32 cts Net 975000 vs 3145000 Sales 159.1 mln vs 147.3 mln Reuter | <MARK'S WORK WEARHOUSE LTD> YEAR JAN 31 NET |
Key Tronic corp said it has received contracts to provide seven original equipment manufacturers with which it has not done business recently with over 300000 computer keyboards for delivery within the next 12 months. The company said The new contracts represent an annual increase of approximately 25 pct in unit volume over last year. Reuter | KEY TRONIC <KTCC> GETS NEW BUSINESS |
Canadian Bashaw Leduc Oil and Gas Ltd said it agreed to merge with Erskine Resources Ltd. Terms were not disclosed. Ownership of the combined company with 18.8 pct for the current shareholders of Canadian Bashaw and 81.2 pct to the current shareholders of Erskine the companies said. Reuter | CANADIAN BASHAW, ERSKINE RESOURCES TO MERGE |
Entourage International Inc said it had a first quarter loss of 104357 dlrs after incurring 70000 dlrs in costs for an internal audit a report for shareholders and proxy soliciation and 24000 dlrs in startup expenses for opening London offices. The company went public during 1986. Entourage also said it has started marketing a solid perfume packaged in a lipstick tube called Amadeus retailing at 15 dlrs. The company also said it has acquired North Country Media Group a video productions company. Reuter | ENTOURAGE <ENTG> HAS FIRST QUARTER LOSS |
Shr 58 cts vs 29 cts Net 3141000 vs 1440000 Sales 24.7 mln vs 13.0 mln Reuter | <MR. JAX FASHIONS INC> YEAR FEB 28 NET |
Digital Communications Associates Inc said its board has named James Ottinger president and chief operating officer. The company said Ottinger replaces Bertil Nordin as president. Nordin will become chairman and chief executive officer Digital Communications added. Reuter | DIGITAL COMMUNICATIONS<DCAI> NAMES NEW PRESIDENT |
Teradyne Inc said Digital Equipment Corp signed a multi-license purchase agreement valed at over one mln dlrs for Teradynes Lasar Version Six Simulation System. The company said the agreement includes the option for futrue lasar purchases by Digital. Reuter | DIGITAL <DEC> IN TERADYNE <TER> LICENSING PACT |
Home Intensive Care Inc said it has opened a Dialysis at Home office in Philadelphia its 12th nationwide. Reuter | HOME INTENSIVE <KDNY> EXTENDS DIALYSIS AT HOME |
Bache Securities Inc 80 pct owned by Prudential Bache Securities Inc said it acquired its third Toronto Stock Exchange seat for 301000 Canadian dlrs. The company said the price was the highest yet paid for an exchange seat. A Toronto Stock Exchange spokesman said an exchange seat last sold for 195000 dlrs in March which was acquired by <Toronto Dominion Bank>. Bache Securities said it needed a third exchange seat as part of an extensive plan to provide an enhanced level of service to clients. The seat will be used to further build its professional trading area the investment dealer said. Reuter | BACHE CANADA BUYS TORONTO STOCK EXCHANGE SEAT |
F.W. WOOLWORTH CO SAYS IT HIKES DIVIDEND TO 33 CTS A SHARE FROM 28 CTS |
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Qtly div 33 cts vs 28 cts prior Pay June 1 Record May 1 Reuter | F.W. WOOLWORTH CO <Z> HIKES DIVIDEND |
Roughly half of this years expected 130000 hectare Dutch sugar beet crop is already in the ground a spokesman for Suiker Unie the largest sugar processor in the Netherlands told Reuters. Conditions are generally good and the average sowing date for the crop is expected to be around April 11 against April 23 last year and a 10-year average of April 14 the spokesman added. It is far too early yet to say what kind of output we can expect when it comes to harvest in September but at least the crop is off to a very good start he said. Last year the Netherlands planted a record 137600 hectares of sugar beet and produced a record 1.2 mln tonnes of white sugar substantially more than the countrys combined A and B quota of 872000 tonnes. This year however a self-imposed quota system has been introduced with the aim of cutting plantings to 130000 hectares and reducing white sugar output to around 915000 tonnes to minimise the amount of non-quota C sugar produced. Only farmers with a record of growing suger beet have been allotted quotas. This is expected to prevent the area being boosted by dairy or cereal farmers moving into sugar. Reuter | DUTCH SUGAR BEET PLANTING HALF FINISHED |
Demand for shares in state-owned engine maker <Rolls Royce Plc> is expected to be substantial when the government privatises it at the end of April Christopher Clark of the groups bankers Samuel Montagu and Sons Ltd said. He told a press conference after the release of an initial prospectus for the float that the issue would be offered to U.K. Institutions company employees and the general public. As in previous flotations clawback arrangements would be made if public subscriptions exceeded initial allocations. He declined to say how the shares would be allocated beyond saying that a significant proportion would go to institutions. A decision on what percentage would go to each sector would be made shortly before the sale price was announced on April 28. Minimum subscription would be for 400 shares with payment in two tranches again a method broadly in line with previous privatisations. Chairman Sir Francis Tombs denied suggestions that Rolls was a stock that should be left to the institutions. He noted that although the aircraft industry was cyclical Rolls had several operations -- such as spare parts and military equipment -- that evened out the swings. Rolls 1986 research and development expenditure in 1986 was 255 mln stg and could be expected in the future to vary according to changes in turnover. He noted that net research and development expenditure was written off in the year it occurred a policy that received inadequate recognition in one or two of the more extravagant forecasts of future profits. He made no forecast himself. In 1986 Rolls reported that pretax profit rose 48 pct to 120 mln stg on turnover 12 pct higher at 1.8 billion. Reuter | U.K. EXPECTS SUBSTANTIAL DEMAND FOR ROLLS SHARES |
NV Philips Gloeilampenfabrieken <PGLO.AS> shares are due to start trading on the New York Stock Exchange on April 14 Philips chairman Cor van der Klugt told the annual shareholders meeting. In March the Dutch electronics group announced it would end its current over the counter listing on the New York NASDAQ system and move to the NYSE. Philips said the big board listing in New York is expected to boost its profile in the U.S. Where 10 pct of all outstanding Philips shares are held. Reuter | NV PHILIPS SHARES GET NYSE QUOTE FROM APRIL 14 |
J.P. MORGAN AND CO INC 1ST QTR SHR 1.22 DLRS VS 1.28 DLRS |
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The EC Commission confirmed it granted export licences for 118350 tonnes of current series white sugar at a maximum export rebate of 46.496 European Currency Units (ECUs) per 100 kilos. Out of this traders in France received 34500 tonnes in the U.K. 37800 in West-Germany 20000 in Belgium 18500 in Spain 5800 and in Denmark 1750 tonnes. REUTER | EC COMMISSION DETAILS SUGAR TENDER |
<Pancontinental Oil Ltd> said it arranged a 10 mln dlr private financing with Pemberton Houston Willoughby Bell Gouinlock Inc. The private placement consists of special warrants to purchase seven pct convertible redeemable preferred shares. The shares will be convertible for five years into common shares at five dlrs per share. The preferred shares are not redeemable for 2-1/2 years. Net proceeds will be used to increase working capital and finance exploration and development. Reuter | PANCONTINENTAL OIL HAS PRIVATE FINANCING |
Todays dollar convertible eurobond for Federal Realty Investment Trust has been increased to 100 mln dlrs from the initial 75 mln lead manager Salomon Brothers International said. The coupon has been fixed at 5-1/4 pct compared with the indicated range of 5-1/4 to 5-1/2 pct. The conversion price has been fixed at 30-5/8 dlrs compared with last nights close in the U.S. Of 25-1/2 dlrs. This represents a premium of 20 pct. The put option after seven years was priced at 120 pct to give the investor a yield to the put of 7.53 pct. REUTER | FEDERAL REALTY CONVERTIBLE INCREASED, PRICED |
Volkswagen AG <VOWG.F> VW is due to make a formal announcement about its 1986 dividend tomorrow after saying the 1985 level of 10 marks per ordinary share would be held despite massive losses because of a suspected foreign currency fraud. A spokesman said VWs supervisory board will meet tomorrow to discuss the payout. A statement will be made afterwards. VW has also said disclosed profits for 1986 will reach their 1985 level despite provisions of a possible 480 mln marks linked to the currency affair. The figure is virtually the same as the 477 mln mark 1985 parent company net profit. When VW first confirmed the currency scandal on March 10 it said the management board would propose an unchanged 10-mark dividend to the supervisory board. A dividend of 11 marks would be proposed for the companys new preference shares. Share analysts said they saw supervisory board approval of the management board proposal as virtually a formality. Anything else would be more than a surprise one said. Company sources said VW would have to dig into reserves to maintain the disclosed profit. Parent company reserves stood at around three billion marks at end-1985. Reuter | VOLKSWAGEN DIVIDEND DECISION DUE TOMORROW |
Toronto Dominion Bank Nassau Branch is issuing a 40 mln Australian dlr eurobond due May 15 1990 paying 14-1/2 pct and priced at 101-3/8 pct lead manager Hambros Bank Ltd said. The non-callable bond is available in denominations of 1000 Australian dlrs and will be listed in London. The selling concession is one pct while management and underwriting combined will pay 1/2 pct. The payment date is May 15. REUTER | TORONTO DOMINION UNIT ISSUES AUSTRALIAN DLR BOND |
Toronto Dominion Bank Nassau Branch is issuing a 40 mln Australian dlr eurobond due May 15 1990 paying 14-1/2 pct and priced at 101-3/8 pct lead manager Hambros Bank Ltd said. The non-callable bond is available in denominations of 1000 Australian dlrs and will be listed in London. The selling concession is one pct while management and underwriting combined will pay 1/2 pct. The payment date is May 15. Reuter | TORONTO DOMINION UNIT ISSUES AUSTRALIAN DLR BOND |
Shr 1.40 dlrs vs 1.16 dlrs Net 5776000 vs 4429000 Avg shrs 4132828 vs 3834117 Reuter | CITYTRUST BANCORP INC <CITR> 1ST QTR NET |
Southmark Corp said it acquired 28 long-term care facilities containing for approximately 70 mln dlrs in cash. It said the facilities which contain approximately 2500 beds in seven western states were bought from Don Bybee and Associates of SalemOre. The acquistion brings to 57 health care facilities acquired in the last three months the company said. Reuter | SOUTHMARK <SM> ACQUIRES 28 NURSING HOMES |
Helen of Troy Corp said it filed with the Securities and Exchange Commission a registration statement covering a 20 mln dlr issue of covertible subordinated debentures due 2007. Proceeds will be used for general corporate purposes including possible repayment of bank debt product development and possible acquisitions Helen of Troy said. The company named Drexel Burnham Lambert Inc as sole underwriter of the offering. Reuter | HELEN OF TROY <HELE> FILES CONVERTIBLE OFFERING |
shr 1.22 dlrs vs 1.28 dlrs net 226.4 mln vs 233.9 mln assets 80.45 billion vs 70.23 billion loans 35.16 billion vs 35.99 billion deposits 45.22 billion vs 39.68 billion return on assets 1.14 pct vs 1.35 pct return on common equity 18.20 pct vs 22.08 pct NOTE: 1987 qtr net was reduced by 20 mln dlrs because 1.3 billion dlrs of loans to Brazil were placed on non-accrual. loan loss provision 35 mln dlrs vs 70 mln year earlier. Reuter | J.P. MORGAN AND CO INC <JPM> 1ST QTR NET |
Shr 74 cts vs 67 cts Net 8067000 vs 7317000 Reuter | FIRSTBANC CORP OF OHIO <FBOH> 1ST QTR NET |
Qtr ends Feb 28 Shr Class A 61 cts vs 48 cts Shr Class B 59 cts vs 46 cts Net 2358000 vs 1876000 Revs 122508000 vs 105871000 Six mths Shr Class A 1.15 dlrs vs 86 cts Shr Class B 1.13 dlrs vs 84 cts Net 4485000 vs 3378000 Revs 242453000 vs 210117000 NOTE: qtr and six mths prior figures reflect two-for-one stock split in August 1986. Reuter | MAYFAIR SUPER MARKETS INC <MYFRA> 2ND QTR NET |
Hanover Insurance Co said its stockholders approved a two-for-one stock split. As a result of the split Hanover said it increases the number of authorized shares of capital stock from 10.4 mln having a par value of one dlr to 20.9 mln also having a par value of one dlr. The stock split is payable April 30 to stockholders of record April 10 Hanover said. Reuter | HANOVER INSURANCE <HINS> GET SPLIT APPROVAL |
Federal Paperboard Co Inc said it has entered into an agreement with Ozaki Trading Co Ltd of Osaka Japan allowing Ozaki to represent Federal Paperboards bleached paperboard sales in Japan. Federal added it will be opening an office in Japan in the near future. Reuter | FEDERAL PAPERBOARD <FBO> ENTERS AGREEMENT |
National Guardian Corp said it has acquired a number of security services companies recently with aggregate revenues of about 3500000 dlrs for an aggregate cost of about 2700000 dlrs. It said it acquired guard service companies C.S.C. Security Gaurd Service of Paramus N.J. from Cartel Security Consultants Inc the Guard Services Division of Security Services of America of Wayne N.J. Capital Investigations and Protective Agency of Hackensack N.J. and Meyer Detective Agency Inc of National Park N.J. The company said it bought alarm service operations Certified Security Services Inc of Key West Fla. Custom Security Services of Myrtle Beach S.C. A-T-E Security Group Inc of Houston and the Louisville Kent and Nashville Tenn offices of Wells Fargo Alarm Services. Reuter | NATIONAL GUARDIAN <NATG> MAKES ACQUISITIONS |
Qtly distribution 7-1/2 cts vs 7-1/2 cts prior (excluding 2-1/2 cts special) Pay April 30 Record April 22 NOTE: Full name is Universal Medical Buildings L.P. Reuter | UNIVERSAL MEDICAL <UMBIZ> DISTRIBUTION SET |
The Zambian government has no immediate plans to follow last weeks increase in the producer price of maize with a hike in the retail price of maize meal an official of the ruling party said. Last December a 120 pct increase in the consumer price for refined maize meal a Zambian staple led to food riots in which at least 15 people died. That price increase which President Kenneth Kaunda later revoked followed pressure by the International Monetary Fund (IMF) to reduce the governments subsidy bill. However if the producer price rise from 6.10 dlrs to 8.67 dlrs per 90-kg bag is not accompanied by a retail price increase the government will have to spend more on subsidies a practice discouraged by the IMF. There is no way out but to raise the subsidy levels of meal. It (the government) would have to choose between the demands of the IMF and those of the people a Ministry of Agriculture economist said. Reuter | ZAMBIA DOES NOT PLAN RETAIL MAIZE PRICE HIKE |
Blocker Energy corp said an offering of 20 mln common shares is underway at 2.625 dlrs per share through underwriters led by <Drexel Burnham Lambert Inc> and Alex. Brown and Sons Inc <ABSB>. The company is offering 19.7 mln shares and shareholders the rest. Before the offering it had about 33.6 mln shares outstanding. Reuter | BLOCKER ENERGY <BLK> SHARE OFFERING UNDERWAY |
Asarco Inc said it completed the sale of four mln shares of Asarco common stock to an underwriting group led by First Boston Corp. The underwriters sold the shares to the public at a price of 22.50 dlrs a share the minerals and energy company said. Proceeds of about 86 mln dlrs will be used to reduce outstanding debt it said. The offering included 3.5 mln shares announced April 1 and 500000 to cover overallotments. Reuter | ASARCO <AR> COMPLETES SHARE OFFERING |
American Midland Corp said <Braodway Casinos Inc> has entered into a letter of intent for a new company to be formed by <Carnival Cruise Lines Inc> and <Continental Hotel Cos> to operate Broadways planned hotel/casino in the Marina area of Atlantic City N.J. American Midland has agreed to spin off its 8.2 acre Atlantic City property to Broadway a new company in which American Midland shareholders would initially own an 85 pct interest. Reuter | AMERICAN MIDLAND <AMCO> SETS OPERATOR FOR CASINO |
Wedgestone Realty Investors Trust said shareholkders have approved the acquisition of its advisor Wedgestone Advisory Corp for 600000 shares. It said completion is expected to take place April 10. Reuter | WEDGESTONE REALTY <WDG> ACQUISITION APPROVED |
Sun Cos Sun Refining and Marketing Co subsidiary said it is decreasing the price it charges contract barge customers for heating oil in ny harbor by 0.50 cent a gallon effective today. The 0.50 cent a gallon price reduction brings Suns heating oil contract barge price to 50 cts a gallon the company said. Reuter | SUN <SUN> CUTS HEATING OIL BARGE PRICE |
MOODY'S AFFIRMS AVCO FINANCIAL'S LONG-TERM DEBT, CUTS COMMERCIAL PAPER |
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Promising new findings in the use of a controversial experimental drug called Interleukin-2 as a cure for cancer will be published in the April 9 issue of the prestigious New England Journal of Medicine according to a Wall Street analyst who has obtained an advance copy of the magazine. Among interleukins principal U. S. makers are Cetus Corp <CTUS> headquartered in Emeryville Calif. and Immunex Corp <IMNX> based in Seattle Wash. The journal to be released late today contains two articles reporting high remission rates several cancer types. The journal also contains a signed editorial concluding that the new results mark a significant milestone in the search for a successful immunotherapy for cancer. Interleukin-2 also known as IL-2 is a substance naturally produced by living cells in the laboratory. The drug is controversial because it was widely praised as a promising cancer treatment in early reports on its effectiveness in late 1985 only to come under criticism a year later for its failure to live up to its promise and due to its ravaging side effects. One of the new studies conducted by Dr. William West of Biotherapeutics Inc of Franklin Tenn. is particularly significant because it found far fewer harsh side effects after it changed the way in which the drug is administered. In that study researchers administered IL-2 to 48 cancer patients and found a 50-pct remission rate for kidney cancers and a 50 pct remission rate for melanoma a type of skin cancer according to Prudential-Bache Securities Stuart Weisbrod who obtained the advance copy of the magazine. For rectal and colon cancer the researchers found no remissions but none of the 48 patients treated had side effects serious enough to be placed under intensive hospital care according to the article. In the second study whose principal author is Dr. Steven Rosenberg of the National Cancer Institute researchers administered IL-2 to 157 cancer patients and found a 33 pct remission rate in cancers of the kidney a 27 pct rate in melanomas and a 15 pct rate in cancers of the colon and rectum. In the National Cancer Institute trials a total of four patients died the magazine reported confirming the harshness of the drugs side effects as originally administered. Perhaps we are at the end of the beginning of the search for successful immunotherapy for cancer said the editorial signed by John Durant of Philadelphias Chase Cancer Center. These observations reported by Rosenberg and West surely did not describe successful practical approaches ready for widespread applications in the therapy of cancer patients the editorial said. On the other hand if they reflect as seems possible a successful manipulation of the cellular immune system then we may be near the end of our search for a meaningful direction in the immunuotherapy of cancer the editorial concluded. Reuter | MEDICAL JOURNAL REPORTS NEW INTERLEUKIN PROMISE |
An audit submitted to the Georgia Public Service Commission claims that between 944 mln dlrs and 1.8 billion dlrs of the costs of the Plant Vogtle nuclear power station should be disallowed a Southern Co spokeswoman said. Southerns Georgia Power Co subsidiary has a 45.7 pct interest in the plant and estimated earlier this year it would cost a total of 8.87 billion dlrs. Last year the plants owners pledged to Georgia regulators they would limit the cost passed on to rate payers to 8.4 billion dlrs. The Southern spokeswoman said the company feels the report by OBrien-Kreitzberg is flawed and biased. She said the report was released yesterday by the state attorney general. Responding to the report today Georgia Power Chairman Robert W. Scherer told a news conference the conclusions drawn by the firm are not only wrong -- they also reflect the same bias against nuclear power that these auditors have demonstrated in similar cases accross the country. Saying he was not suggesting Georgia power was without fault Scherer said the audit identified several things I wish we had done differently. Scherer pointed out a report OBrien-Kreitzberg submitted to Georgia regulators in March 1986 projected Georgia Power would not finish Plant Vogtle unit one before the end of 1987. Noting unit one is finished and we expect it to be in commercial operationg by June he said the firms latest report ignored the earlier projection gave the utility no credit for the completion and actually penalized us by suggesting that costs to maintain t he schedule be disallowed. Scherer said the latest audit alleges Georgia Power could have saved 95 mln dlrs if it had stopped using four shifts seven days a week to speed construction three years sooner. He said this would have delayed completion of the plant for another year and it would have cost several hunderd million dlrs more. Noting the audit said costs were increased 600 mln dlrs by schedule delays totaling 20.5 months he said First we have the best concrete placement record in the industry Second new government regulations after the Three Mile Island incident significantly increased construction time. Reuter | REPORT SEEKS TO DISALLOW SOUTHERN <SO> COSTS |
The coupon on the 75 mln dlr 15-year convertible eurobond for Atari Corp has been set at 5-1/4 pct compared with indicated range of five to 5-1/4 pct lead manager Paine Webber International said. The conversion price was set at 32-5/8 dlrs representing a premium of 20.38 pct over yesterdays Atari share close of 27 dlrs. REUTER | FINAL TERMS SET ON ATARI CORP CONVERTIBLE EUROBOND |
Argentine grain producers adjusted their yield estimates for the 1986/87 coarse grain crop downward in the week to yesterday after the heavy rains at the end of March and beginning of April trade sources said. They said sunflower maize and sorghum production estimates had been reduced despite some later warm dry weather which has allowed a return to harvesting in some areas. However as showers fell intermittently after last weekend producers feared another spell of prolonged and intense rain could cause more damage to crops already badly hit this season. Rains in the middle of last week reached an average of 27 millimetres in parts of Buenos Aires province 83 mm in Cordoba 41 in Santa Fe 50 in Entre Rios and Misiones 95 in Corrientes eight in Chaco and 35 in Formosa. There was no rainfall in the same period in La Pampa. Producers feared continued damp conditions could produce rotting and lead to still lower yield estimates for all the crops including soybean. However as the lands began drying later in the week harvesting advanced considerably reaching between 36 and 40 pct of the area sown in the case of sunflower. Deterioration of the sunflower crop evident in harvested material in Cordoba La Pampa and Buenos Aires forced yield estimates per hectare to be adjusted down again. The seasons sunflowerseed production is now forecast at 2.1 mln to 2.3 mln tonnes against 2.2 mln to 2.4 mln forecast last week and down 43.9 to 48.8 pct on the 1985/86 record of 4.1 mln. Area sown to sunflowers was two to 2.2 mln hectares 29.9 to 36.3 pct below the record 3.14 mln hectares last season. Maize harvesting has also reached 36 to 40 pct of the area sown. It is near completion in Cordoba and Santa Fe and will begin in La Pampa and southern Buenos Aires later in April. Production estimates for maize were down from last week at 9.5 mln to 9.8 mln tonnes against 9.6 mln to 9.9 mln estimated previously. This is 22.2 to 23.4 pct below the 12.4 mln to 12.6 mln tonnes estimated by private sources for the 1985/86 crop and 21.9 to 25.8 pct down on the official figure of 12.8 mln tonnes. Maize was sown on 3.58 mln to 3.78 mln hectares two to seven pct down on last seasons 3.85 mln. Sorghum was harvested on 23 to 25 pct of the area sown in Cordoba Santa Fe and Chaco. Harvest will start in La Pampa and Buenos Aires in mid-April. The total area sown was 1.23 mln to 1.30 mln hectares 10.3 to 15.2 pct down on the 1.45 mln sown last season. The new forecast for the sorghum crop is 2.9 mln to 3.2 mln tonnes compared with three mln to 3.3 mln forecast last week and is 23.8 to 29.3 pct down on last seasons 4.1 mln to 4.2 mln tonne crop. The soybean crop for this season was not adjusted remaining at a record 7.5 mln to 7.7 mln tonnes up 4.2 to 5.5 pct on the 7.2 mln to 7.3 mln estimated by private sources for 1985/86 and 5.6 to 8.5 pct higher than the official figure of 7.1 mln. The area sown to soybeans this season was a record 3.7 mln to 3.8 mln hectares 10.8 to 13.8 pct up on the record 3.34 mln sown in 1985/86. The soybean crop is showing excessive moisture in some areas and producers fear they may discover more damage. Some experimental harvesting was carried out in Santa Fe on areas making up only about one pct of the total crop but details on this were not available. Preparation of the fields for the 1987/88 wheat crop which will be sown between May and August or September has so far not been as intense as in previous years. Reuter | FURTHER ARGENTINE COARSE GRAIN LOSSES FEARED |
TOP OFFICIALS ARRIVE AT U.S. TREASURY TO BEGIN GROUP OF FIVE MEETING |
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Dutch seasonally adjusted unemployment rose in the month to end-March to a total 693000 from 690600 at end-February but was well down from 730100 at end-March 1986 Social Affairs Ministry figures show. The figure for male jobless rose by 2000 in the month to 436500 compared with 470700 a year earlier. The figure for women was 256500 at end-March against 256100 a month earlier and 259400 at end-March 1986. On an unadjusted basis total unemployment fell by 16500 in the month to end-March to 692200. In March 1986 the figure was 725000. A ministry spokesman said the unadjusted figures showed a smaller than usual seasonal decrease for the time of year because of particularly cold weather delaying work in the building industry. He said this explained the increase in the adjusted statistics. Total vacancies available rose by 1900 to 26300 at end-March. A year earlier the figure was 28763. REUTER | DUTCH ADJUSTED UNEMPLOYMENT RISES IN MARCH |
 HARTMARX CORP <HMX> BOOSTS DIVIDEND CHICAGO April 8 Qtly div 25 cts vs 23 cts prior qtr Pay 15 May Record 1 May  | |
Moodys Investors Service Inc said it affirmed the long-term debt ratings but cut the commercial paper to Prime-2 from Prime-1 of Avco Financial Services Inc a unit of Avco Corp. Avco Financial has 2.5 billion dlrs of debt outstanding. For the paper cut Moodys cited a higher risk profile inherent in the companys core business. Moodys said the affirmation reflected its assessment of a less diversified risk profile in the companys receivables. Affirmed were Avco Financials A-3 senior debt Baa-2 senior subordinated debt and Baa-3 junior subordinated debt. Reuter | MOODY'S AFFIRMS AVCO UNIT'S LONG-TERM DEBT |
Top officials of leading industrial nations arrived at the U.S. Treasury main building to begin a meeting of the Group of Five. Officials seen arriving by Reuter correspondents included West German Finance Minister Gerhard Stoltenberg and Bundesbank President Karl Otto Poehl French Finance Minister Edouard Balladur and his central banker Jacques de Larosiere. Also seen arriving were Japanese Finance Minister Kiichi Miyazawa and Japans central bank governor Satoshi Sumita and British Chancellor of the Exchequer and central bank governor Robin Leigh Pemberton. There was no immediate sign of Italian or Canadian officials. Monetary sources have said a fully blown meeting of the Group of Seven is expected to begin around 3 p.m. local time (1900 gmt) and last at least until 6 p.m. (2200 gmt) when a communique is expected to be issued. Italian sources said Italian acting Finance Minister Giovanni Goria met Treasury Secretary James Baker last night. At those talks Baker apparently convinced Goria who declined to attend the February meeting of the Group of Seven in Paris that Italy would participate fully in any meaningful decisions. Reuter | TOP OFFICIALS ARRIVE AT TREASURY FOR G-5 TALKS |
The Federal Reserve is expected to intervene in the government securities market to supply temporary reserves indirectly via customer repurchase agreements economists said. Economists expect the Fed to execute 2.0-2.5 billion dlrs of customer repos to offset pressures from the end of the two-week bank reserve maintenance period today. Some also look for a permanent reserve injection to offset seasonal pressures via an outright purchase of bills or coupons this afternoon. The Federal funds rate opened at 6-3/8 pct and remained at that level up from yesterdays 6.17 pct average. Reuter | FED EXPECTED TO SET CUSTOMER REPURCHASES |
Best Buy Co Inc said its sales for March rose to 26.1 mln dlrs from 11.9 mln dlrs in the comparable 1986 period. It said sales for the fiscal year ended March 31 rose to 329.5 mln dlrs from 113.1 mln dlrs a year earlier. The company said sales performance was based on the addition of 12 new retail facilities. Reuter | BEST BUY <BBUY> MARCH SALES RISE |
AutoSpa corp said it will redeem all its common stock purchase warrants on May Five at 7.5 cts each. Through May Four each warrant may be exercised into one common share at 1.75 dlrs. Reuter | AUTOSPA <LUBE> TO REDEEM WARRANTS |
<The Readers Digest Association Inc> said it sold its subsidiary Source Telecomputing Corp to the venture capital firm of <Welsh Carson Anderson and Stowe>. The purchase price was not disclosed Readers Digest said. It said it purchased an 80 pct stake in Source in 1980 and earned an unspecified profit on 14 mln dlrs in revenues in 1986. Reuter | READER'S DIGEST ASSOCIATION SELLS UNIT |
Shr 59 cts vs 51 cts Net 18.0 mln vs 15.6 mln Revs 278.6 mln vs 272.2 mln Reuter | WEIS MARKETS INC <WMK> 1ST QTR MARCH 28 NET |
Anvet Inc said it filed with the Securities and Exchange Commission a registration statement for a proposed public offering of 150 mln dlrs of convertible subordinated debentures due 2012. Avnet said it will use the net proceeds for general working capital purposes and the anticipated domestic and foreign expansion of its distribution assembly and manufacturing businesses. The company said an investment banking group managed by Dillon Read and Co Inc will handle the offering. Reuter | AVNET INC <AVT> FILES FOR DEBENTURE OFFERING |
Continental Bank of Canada said shareholders approved a capital reorganization to allow an initial payout by the end of May to common shareholders from last years 200 mln Canadian dlr sale of most Continental assets to <Lloyds Bank PLC>s Lloyds Bank Canada. The bank said the initial distribution would take the form of a stock dividend of cumulative redeemable retractable class A series two preferred shares entitling holders to monthly floating rate dividends at 72 pct of prime and to 12.75 dlrs a share on retraction. Continental said the initial payout was subject to Canadian government approval. The bank reiterated that total distributions to common shareholders would range from 16.50 dlrs a share to 17.25 dlrs including the initial stock dividend and a final distribution in late 1988 or early 1989. The payout of existing preferred shareholders will be completed just before next months initial distribution to common shareholders Continental added. Reuter | CONTINENTAL BANK INITIAL DISTRIBUTION APPROVED |
4th qtr Shr loss 17 cts vs loss 22 cts Net loss 14.5 mln vs loss 18.0 mln Revs 27.3 mln vs 23.7 mln Year Shr 58 cts vs 1.01 dlrs Net loss 48.3 mln vs loss 84.2 mln Revs 111.7 mln vs 141.9 mln NOTE: Atlas Consolidated Mining and Development Corp of Manila. Translated from Philippine pesos at 20.3489 pesos to dollar vs 18.5571 in quarter and 20.2315 vs 18.2743 in year. Reuter | ATLAS CONSOLIDATED MINING AND DEVELOPMENT <ACMB> |
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