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Ford Motor Co said it extended its buyer incentive program on light trucks to April 30 from April 6 the programs previous expiration date. Ford which saw a 23 pct rise in its March truck sales over the March 1986 level said the incentives were extended to maintain its truck sales momentum. The program itself was not changed. Customers have a choice of 3.9 to 9.9 annual percentage rate financing or a cash rebate of 300 dlrs or 600 dlrs depending on the type of transmission chosen. Ford last week extended to April 30 from March 12 its incentive program on its compact trucks and the Ford Taurus and Mercury Sable cars. Reuter | FORD <F> EXTENDS INCENTIVES ON LIGHT TRUCKS |
World output of staple foods maintained growth in 1986 following a record harvest the year before and most of the increase was in developing countries the director general of the U.N.s Food and Agriculture Organisation (FAO) said. Speaking to FAOs committee on world food security Edouard Saouma said sub-Saharan Africa registered a cereal production increase of 3.6 pct in 1986 and the Far East also continued to increase production. Despite ample supplies worldwide many countries face problems in paying for all the food they need he said. Saouma said many of the developing worlds food problems were the result of chaotic world trade. He said it was vital to promote employment to improve the food-security situation of the poor with policy reforms in developing countries to remove existing disincentives to production so that agriculture could play a greater role in stimulating economic growth. Reuter | FAO REPORTS BETTER CROPS IN DEVELOPING COUNTRIES |
AVX Corp said it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 75 mln dlrs prinicipal amount of convertible subordinated debentures. AVX said a syndicate managed by Shearson Lehman Brothers Inc will underwrite the offering. Reuter | AVX CORP <AVX> FILES FOR DEBENTURE OFFERING |
Sci-Med Life Systems Inc said its directors approved a previously proposed agreement of merger with Bristol-Myers Co. The proposed transaction is subject to completion of a due diligence investigation including a review by Bristol-Myers of a patent infringement suit served on Sci-Med by Advanced Cardiovascular Systems Inc on March 31 1987. Bristol-Myers has the right to call off the agreement under certain circumstances it said. Sci-Med said it continues to believe the patent suit is without merit. Reuter | SCI-MED <SMLS> BOARD AGREES TO BRISTOL<BMY>DEAL |
Fidelcor Inc said it has completed the sale of its Industrial Valley Title Insurance Co subsidiary to a group of investors including the units management for undisclosed terms. Industrial Valley has assets of about 37.6 mln dlrs and was acquired last year along with IVB Financial Corp. Reuter | FIDELCOR <FICR> COMPLETES SALE OF UNIT |
Shr 18 cts vs 13 cts Net 575000 vs 379000 Sales 6625000 vs 4537000 Avg shrs 3173000 vs 2977000 Reuter | DATA TRANSLATION INC <DATX> 1ST QTR FEB 28 NET |
Cheap oil feedstocks the weakened U.S. dollar and a plant utilization rate approaching 90 pct will propel the streamlined U.S. petrochemical industry to record profits this year with growth expected through at least 1990 major company executives predicted. This bullish outlook for chemical manufacturing and an industrywide move to shed unrelated businesses has prompted GAF Corp <GAF> privately-held Cain Chemical Inc and other firms to aggressively seek acquisitions of petrochemical plants. Oil companies such as Ashland Oil Inc <ASH> the Kentucky-based oil refiner and marketer are also shopping for money-making petrochemical businesses to buy. I see us poised at the threshold of a golden period said Paul Oreffice chairman of giant Dow Chemical Co <DOW> adding Theres no major plant capacity being added around the world now. The whole game is bringing out new products and improving the old ones. Analysts say the chemical industrys biggest customers automobile manufacturers and home builders that use a lot of paints and plastics are expected to buy quantities this year. U.S. petrochemical plants are currently operating at about 90 pct capacity reflecting tighter supply that could hike product prices by 30 to 40 pct this year said John Dosher managing director of Pace Consultants Inc of Houston. Demand for some products such as styrene could push profit margins up by as much as 300 pct he said. Oreffice speaking at a meeting of chemical engineers in Houston said Dow would easily top the 741 mln dlrs it earned last year and predicted it would have the best year in its history. In 1985 when oil prices were still above 25 dlrs a barrel and chemical exports were adversely affected by the strong U.S. dollar Dow had profits of 58 mln dlrs. I believe the entire chemical industry is headed for a record year or close to it Oreffice said. GAF chairman Samuel Heyman estimated that the U.S. chemical industry would report a 20 pct gain in profits during 1987. Last year the domestic industry earned a total of 13 billion dlrs a 54 pct leap from 1985. The turn in the fortunes of the once-sickly chemical industry has been brought about by a combination of luck and planning said Paces John Dosher. Dosher said last years fall in oil prices made feedstocks dramatically cheaper and at the same time the American dollar was weakening against foreign currencies. That helped boost U.S. chemical exports. Also helping to bring supply and demand into balance has been the gradual market absorption of the extra chemical manufacturing capacity created by Middle Eastern oil producers in the early 1980s. Finally virtually all major U.S. chemical manufacturers have embarked on an extensive corporate restructuring program to mothball inefficient plants trim the payroll and eliminate unrelated businesses. The restructuring touched off a flurry of friendly and hostile takeover attempts. GAF which made an unsuccessful attempt in 1985 to acquire Union Carbide Corp <UK> recently offered three billion dlrs for Borg Warner Corp <BOR> a Chicago manufacturer of plastics and chemicals. Another industry powerhouse W.R. Grace <GRA> has divested its retailing restaurant and fertilizer businesses to raise cash for chemical acquisitions. But some experts worry that the chemical industry may be headed for trouble if companies continue turning their back on the manufacturing of staple petrochemical commodities such as ethylene in favor of more profitable specialty chemicals that are custom-designed for a small group of buyers. Companies like DuPont <DD> and Monsanto Co <MTC> spent the past two or three years trying to get out of the commodity chemical business in reaction to how badly the market had deteriorated Dosher said. But I think they will eventually kill the margins on the profitable chemicals in the niche market. Some top chemical executives share the concern. The challenge for our industry is to keep from getting carried away and repeating past mistakes GAFs Heyman cautioned. The shift from commodity chemicals may be ill-advised. Specialty businesses do not stay special long. Houston-based Cain Chemical created this month by the Sterling investment banking group believes it can generate 700 mln dlrs in annual sales by bucking the industry trend. Chairman Gordon Cain who previously led a leveraged buyout of Duponts Conoco Incs chemical business has spent 1.1 billion dlrs since January to buy seven petrochemical plants along the Texas Gulf Coast. The plants produce only basic commodity petrochemicals that are the building blocks of specialty products. This kind of commodity chemical business will never be a glamorous high-margin business Cain said adding that demand is expected to grow by about three pct annually. Garo Armen an analyst with Dean Witter Reynolds said chemical makers have also benefitted by increasing demand for plastics as prices become more competitive with aluminum wood and steel products. Armen estimated the upturn in the chemical business could last as long as four or five years provided the U.S. economy continues its modest rate of growth. Reuter | ENERGY/U.S. PETROCHEMICAL INDUSTRY |
Federal Paper Board Co Inc said it has named Ozaki Trading Co Ltd of Osaka to represent it it Japan on the sale of bleached paperboard. Federal said it plans to open its own Japanese office in the near future. Reuter | FEDERAL PAPER BOARD <FBO> IN MARKETING DEAL |
Shr loss two cts vs profit 38 cts Net loss 90000 vs profit 1685000 Revs 1826000 vs 29.3 mln Year Shr profit 3.37 dlrs vs profit 46 cts Net profit 15.0 mln vs profit 2047000 Revs 26.2 mln vs 123.6 mln NOTE: Net includes pretax securities sale gain 10000 dlrs vs loss 1000 dlrs in quarter and gain 486000 dlrs vs loss 112000 dlrs in year. Net includes pretax gains on sale of businesses of nil vs 4656000 dlrs in quarter and 26.0 mln dlrs vs 4656000 dlrs in year. Net includes pretax losses on disposition of product line of nil vs 3150000 dlrs in quarter and 3300000 dlrs vs 3150000 dlrs in year. Quarter net includes tax credits of 102000 dlrs vs 736000 dlrs. Net includes reversal of tax loss carryforwards of 259000 dlrs vs 264000 dlrs in quarter and tax loss carryforwards of 8635000 dlrs vs 579000 dlrs in year. Reuter | FIDATA CORP <FID> 4TH QTR LOSS |
CMS Enhancements Inc said it has introduced the first add-on mass storage products for the new International Business Machines Corp <IBM> IBM Personal System/2 Model 30 personal computers. CMS said the products are available immediately and include hard disk drives tape backup subsystems and a hard disk drive on an expansion card. It added it plans to introduce more products for higher- end models of the IBM personal computers within the next two months. Prices for the new products range from 795 dlrs for a tape backup subsystem to 5695 dlrs for a mass storage subsystem. Reuter | CMS <ACMS> UNVEILS FIRST IBM SYSTEM/2 ADD ONS |
Oper shr 26 cts vs not given Oper net 866000 vs 480000 NOTE: 1987 net excludes 157000 dlr gain from termination of pension plan. Company went public in August 1986. Reuter | MARBLE FINANCIAL CORP <MRBL> 1ST QTR NET |
Nantucket Industries Inc said James Adams has been named president of its hosiery division replacing John Wineapple and Terry Hampton has been named vice president of manufacturing for the division replacing Howard Fromkin. No reason was given for the changes. Reuter | NANTUCKET <NAN> NAMES NEW HEAD FOR UNIT |
DOMINION TEXTILE CALLS REPORT OF BID FOR BURLINGTON RUMOR |
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RAYTHEON CO 1ST QTR SHR 1.37 DLRS VS 1.19 DLRS |
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Freeport-McMoRan Inc said it has decided to begin accruing a portion of its estimate of the intanmgible drilling and development cost recapture amount as a cost in determining payments to be made to Freeport-McMoRan Oil and Gas Royalty Trust <PMR> unitholders. Freeport said this is expected to reduce monthly payments by about two cts per unit starting with the distribution payable July 10 to holders of record May 29. Reuter | FREEPORT <FTX> TO ACCRUE INTANGIBLE COSTS |
American Telephone and Telegraph Co said it has developed superconducting wires that can easily be formed into coils. It said when cooled to 91 degrees Kelvin or 296 degrees below zero Fahrenheit the wires conduct electricity without resistance. ATT said the wires are made of a barium-yttrium-copper oxide compound. It said while many engineering details remain to be worked out The ability to draw the material into fine wire and to wind the wire into coils and other forms is key for many superconductor applications now being considered. Reuter | ATT <T> DEVELOPS SUPERCONDUCTING WIRE |
Faulty repair work by The Boeing Company <BA.N> was a contributary cause to a Japan Air Lines Co Ltd <JAPN.Y> 747 crash on August 12 1985 that killed 520 people the final draft of a Ministry of Transport report says. There were only four survivors when the aircraft crashed into a mountain north of Tokyo. The report said inadequate inspection of the aircraft by Japanese inspectors after the repairs was another factor in the crash. The crew were cleared of any responsibility for the disaster. The report which was sent on March 23 to the U.S. National Transportation Safety Board for comment should be released in late May. Under an international convention the draft must be submitted for final comments to the relevant authorities. Boeing spokesmen were unavailable for comment. On April 4 a Boeing spokesman at the firms headquarters said the company would probably make no comment on the Japanese investigation teams report until it was officially released. On September 6 1985 Boeing said in a statement that the 1978 repairs it had undertaken were faulty. This statement did not however connect the faulty repairs with the cause of the crash. Reuter | JAL BOEING CRASH CAUSED BY FAULTY REPAIRS-REPORT |
FLEET FINANCIAL GROUP 1ST QTR SHR 73 CTS VS 60 CTS |
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<Shared Network Technologies Inc> said it entered into a cooperative marketing agreement with MCI Communications Corp involving services designed specifically for the university market. Under the agreement the companies will jointly promote and support TelNet Plus a combination of MCIs PRISM family of services and TelNet Shared Networks telephone billing and network management services the company said. TelNet Plus keeps track of all calls made through a universitys telephone system rates the calls and produces monthly invoices for each student or departmental account Shared Network said. The system also offers a variety of reportes which aid college telecommunications directors in controlling and managing their telephone systems it added. Reuter | MCI <MCIC> ENTERS JOINT MARKETING AGREEMENT |
Reynolds and Reynolds said that it filed a coutersuit in the U.S. District Court in Detroit against Advanced Voice Technologies and that it denied all allegations in Advanceds March lawsuit against Reynolds. As previously reported Advanceds suit charges Reynolds with pirating a computer-based voice messaging system for auto dealer departments using confidential information it received while test marketing the system for Advanced. In the countersuit Reynolds claimed that Advanced used its proprietary inofrmation contrary to an agreement between the companies. Reynolds also said Advanced interfered with its plans to enter the market and compete with Advanced through a public relations campaign and other activities. Reynolds said its suit asked the court for injunctive and monetary relief based on Advanceds activities. Reuter | REYNOLDS <REYNA> FILES COUNTER SUIT |
Qtly div 30 cts vs 30 cts prior Pay June 8 Record May 18 Reuter | DIEBOLD INC <DBD> DECLARES DIVIDEND |
Qtly div 10 cts vs 10 cts previously Pay April 20 Record April 10 Reuter | INDEPENDENT BANK CORP <IBCP> REGULAR DIVIDEND |
Shr 1.37 dlrs vs 1.19 dlrs Net 101.8 mln vs 92.3 mln Revs 1.750 billion vs 1.725 billion Avg shrs 74.2 mln vs 77.8 mln Reuter | RAYTHEON CO <RTN> 1ST QTR NET |
The Victorian Corporate Affairs Commission CAC said it had suspended the futures trading licence of G H Shintoh (Australia) Ltd after a receiver was appointed to the companys South Australian branch. The one month suspension followed consultation with the Sydney Futures Exchange SFE which was liaising with Shintoh concerning the open positions of its clients the CAC said. The South Australian CAC had applied for the appointment of a receiver and manager over the Adelaide office of Shintoh an associate member of the SFE the CAC said. Shintohs is the first licence suspended under a Futures Industry Code introduced by Australian states from July 1 1986 SFE chief executive Les Hosking told Reuters. Asiavest Pty Ltd a commodities futures trader associated with Shintoh and incorporated in Queensland was placed in receivership earlier this year he said. Reuter | LICENCE OF AUSTRALIAN FUTURES TRADER SUSPENDED |
Shopsmith Inc said its board has released Joseph DiGaicomo Jr. as president but he will remain on the board. The company said the post of president will not be filled at present. With very disappointing sales results during the quarter just ended adjustments are appropriate the company quoted chairman John R. Folkerth as saying. Reuter | SHOPSMITH <SHOP> REMOVES PRESIDENT |
Qtly div eight cts vs N.A. Payable May 11 Record April 24 Reuter | WALTHAM SAVINGS BANK <WLBK> INITIAL DIVIDEND |
Eastman Kodak Co is issuing a 200 mln Australian dlr zero-coupon bond due May 12 1992 and priced at 54-3/8 for an effecitve yield of 13.52 pct said Merrill Lynch Capital Markets as lead manager. The securities which are available in denominations of 1000 and 10000 dlrs will be listed on the Luxembourg Stock Exchange. Eastman Kodaks outstanding issues are rated AAA/AA. There is a 7/8 pct selling concession and 1/2 pct combined management and underwriting fee. Payment is due May 12 1987. REUTER | EASTMAN KODAK ISSUES AUSTRALIA DOLLAR BOND |
First Boston Corp analyst William Randol recommended the purchase of Texaco Inc today saying the discount that investors have made in the share price to reflect the ongoing litigation with Pennzoil has been overdone relative to how we expect the case to conclude. Texacos stock rose 1/8 to 34-1/8. On Monday the stock tumbled four points after the Supreme Court overturned a lower court decision that cut Texacos bond in the 10.3 billion dlr legal dispute with Pennzoil Co <PZL> to one billion dlrs. Yesterday a Texas court granted a temporary injunction on the bond issue pending a hearing next week. The current litigation arose from Texacos buyout of Getty Oil Co in 1984. Pennzoil sued arguing its earlier agreement to buy Getty was binding. Two Texas state courts upheld Pennzoils position. Randol noting that the stock has suffered a great deal in the two years since the litigation was filed said we recognize the legal problems but think investors have overdone it. He said the stock is selling at 48 pct of its asset value and we think it represents a good value at this level. Reuter | TEXACO <TX> RECOMMENDED BY FIRST BOSTON |
NV Philips Gloielampenfabrieken <PGLO.AS> expects volume turnover to show a satisfactory increase in the first 1987 quarter chairman Cor van der Klugt told the annual shareholders meeting. But an average dollar rate of only 2.07 guilders against the 2.69 guilders in the first quarter of 1986 would take turnover for January to March this year in guilder terms to less than the 13.06 billion guilders posted in the comparable 1986 period. He said all the first quarter figures were not yet available and would be released on April 29. Reuter | PHILIPS SEES HIGHER FIRST QUARTER TURNOVER |
Data I/O Corp said it unveiled a software package that helps engineers design complex integrated circuits that fit on circuit boards built by <Mosaic Systems Inc>. It said the Mosaic boards allow engineers to develop the circuits at one-tenth their present size. The software will be marketed in conjuction with the circuit boards the company said. Reuter | DATA I/O <DAIO> HAS SOFTWARE FOR MOSAIC SYSTEMS |
Photographic Sciences Corp said it has formed a new Metrology Division for the production and marketing of surface profiler measurement equipment. It said the equipment a new market area should add significantly to company revenues in the next few years. Reuter | PHOTOGRAPHIC SCIENCES <PSXX> FORMS NEW UNIT |
Merck and Co Inc said a combination heart drug is available by prescription in the U.S. The drug is Vaseretic a once-a-day medication combining an angiotensin converting enzyme inhibitor (ACE) and a diuretic to treat high blood pressure. The inhibitor is a new class of antihypertensive drugs. Last year Merck introduced Vasotec an ACE inhibitor. The new drug combined Vasotec and HydroDiuril a frequently prescribed diuretic. Reuter | MERCK <MRK> COMBINATION HEART DRUG AVAILABLE |
Britain intends to negotiate further agreements on international securities regulation to match those now in force with the U.S. And Japan government sources said. The Department of Trade and Industry said earlier it had concluded a memorandum of understanding with Japans Finance Ministry to swap supervisory and investigatory information. The agreement covers stocks shares and government bonds but not commodity futures whose regulation in Japan does not come under the Finance Ministry. It therefore does not cover some transactions on the London International Financial Futures Exchange and the London commodities and metal exchanges. The DTI said it hoped to seek further understandings with other countries which met in the U.K. Last December. The meeting involved delegates from the U.K. Switzerland the U.S. Canada Australia Hong Kong Japan France West Germany and Holland. Government sources said the deal with Japan completes arrangements linking Tokyo the U.S. And London. A U.K. Agreement with the U.S. Securities and Exchange Commission (SEC) was signed last September. Todays agreement will deal with requests for information on a case by case basis U.K. Government sources said. It is not legally binding and comes into force immediately. REUTER | U.K. SEEKS MORE GLOBAL SECURITIES CO-OPERATION |
Shr primary 73 cts vs 60 cts Shr diluted 70 cts vs 58 cts Net 38528000 vs 31680000 Avg shares 52087634 vs 51294652 NOTE: Qtr net interest income is 130.7 mln dlrs vs 114.8 mln dlrs. Earnings per share reflects two-for-one common stock split on March 15. Reuter | FLEET FINANCIAL GROUP <FLT> 1ST QTR NET |
<Dominion Textile Inc> considers a published report that it has bought a stake in Burlington Industries Inc and is considering making a joint bid for the company to be a rumor a company spokesman said. As far as I am concerned and the company is concerned they are rumors and were not commenting on rumors spokesman Michel Dufour told Reuters in response to a query. All the information that has been given out publicly is that yes Dominion Textile is interested in making an acquisition that big...probably based on that people are starting all sorts of rumors he said. Dufour said yes when asked whether the report was only a rumor but said the company was not prepared to comment further. Dominion Textile president and chairman Thomas Bell was out of town and unavailable for comment. Dominion Textile last year made an unsuccesful 104-mln- U.S.-dlr bid for Avondale Mills and has maintained a 120-mln- U.S.-dlr line of credit to be used for an American acquisition. Dufour said the company has been negotiating with many U.S. textile companies but would not say whether Burlington Industries was one of them. Burlingtons stock rose sharply this morning on the report which said Dominion Textile had joined with U.S. investor Asher Edelman to buy a stake in the company and to consider making a takeover offer. Dominion Textile which reported operating profit of 11.1 mln Canadian dlrs last year on sales of 926.5 mln dlrs has repeatedly said it will concentrate on expanding into the U.S. The company has said it plans to diversify into new product and market areas in addition to expanding its textile operations. Reuter | DOMINION CALLS BURLINGTON <BUR> REPORT RUMOR |
FED SETS OVERNIGHT SYSTEM REPURCHASES, FED SAYS |
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Raytheon said a 10 pct rise in its first quarter net to 101.8 mln dlrs reflected improved operations and a lower effective tax rate. The company said revenue gains in electronics major appliances and other lines were offset by decreases in energy services and aircraft products. Revenues in the quarter rose 1.4 pct to 1.75 billion dlrs it said. The company said backlog stood at 7.520 billion dlrs down from 7.912 billion dlrs a year earlier. It said a five year 3.55 billion dlr U.S. defense contract was awarded shortly after the close of the first quarter. Reuter | RAYTHEON <RTN> NET RISES ON OPERATIONS |
Ended Feb 28 Shr loss 2.80 dlrs vs profit 17 cts Net loss 90.5 mln vs profit 5271000 Revs 240.9 mln vs 159.4 mln Year Shr loss 2.49 dlrs vs loss 2.07 dlrs Net loss 80.4 mln vs loss 66.5 mln Revs 787.9 mln vs 612.4 mln NOTE: Includes loss of 89.6 mln dlrs vs loss 14.5 mln dlrs in year and loss of 91.6 mln dlrs in current qtr from discontinued operations. 1986 qtr includes pretax gain of five mln dlrs from settlement of litigation and tax gain of 5.1 mln dlrs from change in estimated effective tax rate. Reuter | GENERAL INSTRUMENT CORP <GRL> 4TH QTR LOSS |
Major cocoa exporters are likely to limit sales in the weeks ahead in an effort to boost world prices sources close to a meeting of the Cocoa Producers Alliance (CPA) said. The sources said the depressed world market had been one of the main topics discussed in a closed door meeting of the 11-member CPA which began on Monday. They said producers agreed that cutting sales would aid the buffer stock manager of a new international cocoa pact in his effort to support prices. Major cocoa producing and consuming nations agreed operation rules for the buffer stock at a meeting in London last month and the stock manager is expected to enter the market soon. Prices under the weight of three successive cocoa surpluses recently fell to the level at which the manager has to buy cocoa under stock rules. The buffer stock aims to keep prices within a pre-set range by buying when prices fall and selling when they rise. The worlds cocoa price at present is just not interesting commented one delegate representing a major CPA producer. Another source said that with much of the 1986/87 (October-September) world cocoa crop sold limiting sales in the near term concerns essentially next years harvest. The sources noted however that the cocoa industry in Brazil the worlds number two producer is in private hands. This means limiting sales is more difficult than in major West African producers where sales are made or authorized by commodity marketing boards. The CPA includes the worlds top three producers Ivory Coast Brazil and Ghana and accounts for 80 pct of all output. The meeting here is due to end tomorrow evening. Reuter | COCOA EXPORTERS EXPECTED TO LIMIT SALES |
The Federal Reserve entered the U.S. Government securities market to arrange overnight System repurchase agreements a Fed spokesman said. Dealers said that Federal funds were trading at 6-3/8 pct when the Fed began its temporary and direct supply of reserves to the banking system. Reuter | FED ADDS RESERVES VIA OVERNIGHT REPURCHASES |
Honduras will tender April 13 under Public Law 480 for approximately 52500 tonnes of various wheats in bulk an agent for the country said. The agent said Honduras is seeking U.S. no. 2 or better northern spring/DNS with 14 pct protein minimum and 13 pct moisture maximum and U.S. no. 2 or better hard red winter with 12 pct protein minimum and 13 pct moisture maximum. The agent said NS/DNS laydays include July 1-10 for 7500-9500 tonnes Aug 1-10 for 8000-10000 tonnes and Sept 15-25 for 12500-14500 tonnes. HRW laydays include June 20-30 on 5000-7000 tonnes July 15-25 for 6500-8500 tonnes and September 15-25 for 7000-9000 tonnes. Offers are due by 1550 hrs EDT April 13 and will remain valid until 1000 hrs EDT April 14 the agent said. Reuter | HONDURAS SEEKING PL-480 BULK WHEAT APRIL 13 |
Pan Am Corps Pan Am World Airways said it began hiring pilots and flight engineers for the first time in 19 years. The need for about 130 to 150 new pilots has been created by the Pan AM shuttle it said. Processing of applicants began March 30 and the first class of new-hire pilots will begin training on APril 15. Pan Am said it also completed the recall of more than 250 pilots. Most of the new hires will begin as flight engineers but as many as 50 will move directly into the first officer position it said. Reuter | PAN AM <PN> BEGINS HIRING PILOTS |
Thermwood Corp said it is extending the expiration date of its 620000 common stock warrants through Dec 31 1987. It said the warrants to purchase one share of common stock which have an exercise price of 3.00 dlrs were to expire April 11. The company noted that its stock price has more than doubled since late last year and is now much closer to the exercise price of the warrants. Thermwood is trading at 1-7/8 off 1/8. Reuter | THERMWOOD <THM> EXTENDS DATE ON WARRANTS |
Ameribanc Inc is raising 15 mln dlrs through an offering of convertible subordinated capital notes due 1995 with an eight pct coupon and par pricing said lead manager Stifel Nicolaus and Co Inc. The debentures are convertible into the companys common stock at 18.75 dlrs per share representing a premium of 27.1 pct over the stock price when terms on the debt were set. The issue is non-callable for two years. It was not rated by Moodys Investors or Standard and Poors at the time of the pricing Stifel said. Burns Pauli and Co Inc co-managed the deal. Reuter | AMERIBANC <ABNK> SELLS CONVERTIBLE CAPITAL NOTES |
Highland Superstores Inc said its March sales rose to 50.6 mln dlrs from 47.4 mln dlrs a year ago. On a comparable store basis it said the sales decreased nine pct. Reuter | HIGHLAND SUPERSTORES <HIGH> MARCH SALES GAIN |
Investment Technologies Inc said it will make available its online investment advisory service to <Spear Securities Inc> customers. Investment Technologies said that through a Spear rebate program purchasers of the investment advisory service VESTOR can receive a cash rebate of up to the full subscription price of the investment advisory service from Spear Securities. Spears brokerage commission rebate program will allow money managers or individual investors who purchase VESTOR from Investment Technologies or from other authorized distributors to recive a rebate of the brokerage commissions the company said. Each month Spear will send participating customers a check equal up to 25 pct of monthly commissions generated by the client account it added. Reuter | INVESTMENT TECHNOLOGIES <IVES> IN REBATE PACT |
J.P. Morgan and Co Inc said its first-quarter earnings fell by 3.2 pct largely reflecting its previously announced decision to place on non-accrual status its 1.3 billion dlrs of medium- and long-term loans to Brazil. That decision spurred by Brazils suspension of interest payments on February 20 reduced the quarters net income by 20 mln dlrs to 226.4 mln dlrs compared with 233.9 mln in the first three months of 1986. Morgan also reported a loss of 1.8 mln dlrs from securities underwriting and trading in contrast to a gain of 45.4 mln dlrs in the year-earlier period. In the fourth quarter of 1986 Morgan posted other trading losses of 5.5 mln dlrs because of setbacks in the trading and underwriting of Euromarket securities. Conditions in some sectors of the Euromarket remained difficult last quarter with floating rate notes suffering heavy price falls but a spokeswoman was unable to say whether Morgans trading losses were restricted to the Euromarket. On the positive side Morgan reduced its provision for loan losses to 35 mln dlrs from 70 mln a year earlier. Foreign exchange trading income rose to 82 mln dlrs from 72.6 mln and trust income increased to 95.9 mln dlrs from 75.9 mln. Morgan said other operating income mainly fees and commissions rose to 102.2 mln dlrs from 88.4 mln but net investment securities gains dropped to 43.1 mln from 58.1 mln. Net interest earnings were 490.4 mln dlrs in the first quarter down from 499.4 mln a year earlier and net yield fell to 2.79 pct from 3.20 pct. If Brazil had not been placed on non-accrual which means that interest can be recorded as income only when payments are actually received net interest earnings would have been 525.9 mln dlrs and net yield 2.99 pct. If Brazil does not resume payments 1987 net would be cut by 72 mln dlrs Morgan added. After the provision for loan losses Morgans allowance for credit losses at the end of March totaled 953 mln dlrs compared with 910 mln at end-1986 and 815 mln a year earlier. It reported net recoveries of six mln dlrs after charge-offs of eight mln compared with net charge-offs of 49 mln dlrs after recoveries of three mln a year earlier. Excluding Brazil non-accruing loans at quarters end were 583 mln dlrs down from 633 mln at end-1986 and 684 mln a year earlier. Non-interest expenses rose to 371.1 mln dlrs from 303.5 mln dlrs with more than half the increase related to personnel costs Morgan said. Reuter | J.P. MORGAN <JPM> NET HURT BY BRAZIL, TRADING |
Shr loss 17.3 cts vs 21.5 cts Net loss 14.5 mln vs loss 18.0 mln Revs 27.3 mln vs 23.7 mln Year Shr loss 58 cts vs loss 1.01 dlrs Net loss 48.3 mln vs loss 84.2 mln Revs 111.7 mln vs 141.9 mln Reuter | ATLAS CONSOLIDATED MINING <ACMB> 4TH QTR |
Avnet Inc said it filed with the Securities and Exchange Commission a registration statement covering a 150 mln dlr issue of convertible subordinated debentures due 2012. Proceeds will be used for general working capital and the anticipated domestic and foreign expansion of Avnets businesses the company said. Avnet named Dillon Read and Co Inc as manager of the offering. Reuter | AVNET <AVT> FILES CONVERTIBLE DEBT OFFERING |
Storage problems with Brazils record grain crop are likely to result in losses of about five mln tonnes an Agriculture Ministry spokesman said. Ministry spokesman Leonardo Brito speaking from Brasilia told Reuters he believed that about five mln tonnes of this years estimated crop of 65 mln tonnes would be lost. He said part of this would be the normal loss inevitable in harvesting but that most of it would stem from storage problems. Brazil has a storage capacity of 66 mln tonnes theoretically sufficient for the crop. But Brito said that the storage capacity was badly distributed. The states of Sao Paulo Parana and Rio Grande do Sul had between them 70 pct of the nations capacity but were responsible for only 50 to 60 pct of production. The biggest problems are concentrated in the Centre-West growing regions where rising production has outpaced storage capacity. Brito said the Centre-West whose crops include soya and maize had between 30 and 40 pct of the nations grains production but only 20 pct of its storage space. In addition to the poor distribution of storage units there is the problem that too much of the capacity is geared to storing grain in sacks while not enough is suitable for storing loose grain Brito said. Finally there is a shortage of lorries to transport the crops. The sheer scale of the task in transporting the record crop has been evident from television reports which have shown enormous queues of lorries waiting outside granaries. Reuter | BRAZIL GRAIN HARVEST FACES STORAGE PROBLEMS |
Fleet Financial Group said its shareholders approved an increase in shares of the companys authorized common stock to 100000000 shares from 75000000 shares currently. The company said shareholders approved the move at the annual meeting in Providence today when the company reported that its first quarter earnings rose to 38.5 mln dlrs or 73 cts a share from 31.7 mln dlrs or 60 cts a share in the first quarter 1986. J. Terence Murray chairman and president of Fleet Financial said Fleets mortgage banking activities in particular continued to produce signficant income increases (in the first quarter). Murray said Fleets mortgage servicing portfolio reached 22.1 billion dlrs by March 31 including 1.8 billion dlrs purchased in March. Reuter | FLEET <FLT> SHAREHOLDERS APPROVE SHARE INCREASE |
General Motors Acceptance Corp a unit of General Motors Corp is raising 500 mln dlrs via offerings of 300 mln dlrs of notes due 1990 and 200 mln dlrs of notes due 1994 said lead manager Merrill Lynch Captial Markets. The three-year notes have a 7-1/4 pct coupon and were priced at 99.682 to yield 7.37 pct or 52 basis points over comparable Treasury securities. The seven-year notes were priced at 99.473 with an eight pct coupon to yield 8.10 pct or 71 points over Treasuries. Both issues are non-callable for life and are rated AA-1 by Moodys Investors and AA by Standard and Poors. Reuter | GM <GM> UNIT OFFERS 500 MLN DLRS OF NOTES |
Shr 42 cts vs 35 cts Net 854000 vs 839000 Revs 23.2 mln vs 21.9 mln Reuter | ROWE FURNITURE CORP <ROWE> 1ST QTR FEB 28 |
Exchanges and telecommunications authorities should abolish their restrictions on full and free dissemination of information to the investment and banking communities Reuters Holdings Plc <RTRS.L> chairman Sir Christopher Hogg said. In the 1986 annual repoprt he said lengthy negotiations had brought agreement with the Tokyo and London Stock Exchanges for fuller but still not complete access to market data through Reuter services. Many other markets maintain restrictions he added. Hogg said members of some markets appear to believe that information restrictions protected their interests. In other cases exchanges seem to be limiting the distribution of data in order to provide competitive advantage to their own commercial information businesses. He also noted that despite increasing liberalisation in the telecommunications field some countries continue to protect their state monopolies at the expense of other economic sectors. Reuter dealing services remain excluded from such countries. As a result banking communities serving entire economies are put at a competitive disadvantage he added. Reuters increased its 1986 pre-tax profit by 39 pct from the previous year to 130.1 mln stg on a 43 pct rise in revenues to 620.9 mln stg. Earnings per ordinary share were up 47 pct to 19.4p. The annual shareholder meeting will be held in London on April 29. Reuter | REUTERS CHAIRMAN URGES FREER INFORMATION FLOWS |
<CCL Industries Inc> said it purchased a majority interest in Monobloc U.S.A. from Envases Metalurgicos de Alava of Spain. Terms were not disclosed. CCL also said it agreed to exchange present and future technology with Envases. Reuter | CCL INDUSTRIES PURCHASES STAKE IN MONOBLOC |
The Association of White Metals has decided to publish a daily tin price here in French francs per 100 kilos the French Federation of Non-Ferrous Metals said. The price quoted for the first time yesterday was introduced as the lack of tin quotes was causing problems for some French companies a spokesman for the non-ferrous metals association said. Todays price was set at 4776 francs per 100 kilos and Tuesdays at 4790. The International Chamber of Commerce stopped publishing a tin price after the London Metal Exchange (LME) stopped tin trading on October 24 1985. The Association has tested the basis it uses to calculate a French franc price over the last few months to ensure it was reliable the spokesman said. The French franc price is pre-tax for specified quality a minimum 99.9 pct purity at a French port or border railway station and a minimum delivery of 10 tonnes. The French Federation of Non-Ferrous Metals groups various metal associations including the Association of White Metals. Reuter | PARIS GROUP PUBLISHING DAILY FRANC TIN PRICE |
AVX Corp said it filed with the Securities and Exchange Commission a registration statement covering a 75 mln dlr issue of convertible subordinated debentures. The company named Shearson Lehman Brothers Inc as manager of the offering. Reuter | AVX <AVX> FILES TO OFFER CONVERTIBLE DEBENTURES |
Securities and Exchange Commission John Shad said he wanted Congress to write a better definition of insider trading but thought action should wait until the Supreme Court ruled on an insider trading case. Id like the benefit of the Winans decision before deciding on a definition Shad told a Senate Appropriations subcommittee hearing. Shad was refering to the appeal by former Wall Street Journal reporter R. Foster Winans of his conviction on insider trading charges for telling a friend in advance what stocks he was going to write about in his column. The stocks usually went up or down in price depending on Winans recommendation. He said insider trading accounted for only 11 percent of the SECs enforcement activities last year despite the publicity given to recent major cases. Insider trading makes up only a tiny fraction of one pct of the 50 billion dlrs of daily securities trading Shad said. Shad asked for a budget increase so the SEC could enlarge its enforcement staff by 20 this year and 73 next year to deal with all types of securities fraud. Shad said he hoped to start his new duties as U.S. Ambassador to the Netherlands by June. He said he did not know when his successor would be named by President Reagan. Reuter | SHAD WANTS INSIDER TRADING DEFINITION |
The Brotherhood of Railway and Airline Clerks said more than 5500 former Republic Airlines workers will receive an average of 10000 dlrs each as part of a stock payout. It said some members will receive almost 19000 dlrs in payments. The total 56 mln dlr payment comes from an employee stock ownership plan negotiated by several unions representing Republic employees before the carriers takeover by <Northwest Airlines> in 1986 it said. Reuter | FORMER REPUBLIC WORKERS GET STOCK PAYOUT |
Western Digtial Corp said it has completed the redemption of its 47 mln dlr 6-3/4 pct convertible subordinated debentures due 2011. The redemption resulted in the issuance of 2685142 shares of the companys common stock Western Digital said. Reuter | WESTERN DIGITAL CORP <WDC> REDEEMS DEBT |
OMB'S MILLER SAYS REAGAN WILL REJECT TAX INCREASE IN HOUSE 1988 BUDGET |
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Qtly div nine cts vs nine cts prior Pay July 15 Record June 15 Reuter | RHODES INC <RHD> DECLARES DIVIDEND |
<Madeira Inc> said it signed a letter of intent to be acquired by Tradevest Inc through a stock-for-stock exchange. After completion of the transaction Tradevest would own 90 pct of the issued outstanding stock of Madeira. Reuter | MADEIRA IN LETTER OF INTENT TO BE ACQUIRED |
Celltronics Inc said its directors declared a one-for-10 reverse stock split of its common stock. It said the split will be payable April 17 to shareholders of record April 16. Reuter | CELLTRONICS <CELT> DECLARES ONE-FOR-10 SPLIT |
<Montedison SPA> of Italy said net consolidated profit for its Agrimont Group formed in June 1986 totalled 1.5 billion lire in 1986. Agrimont SPA the holding company for Montedisons Agro-Industrial businesses had sales of 810 billion lire and a net profit of about 1.1 billion lire after amortization costs of 35 billion lire and a 13 billion lire reduction in the value of inventory due to falling market prices Montedison said. Agrimont still wholly owned by Montedison is taking steps to be traded on the Milan exchange the company said. The company said that 1986 was characterized by an unstable fertlizer market due to the weak dollar and the decline of international prices for products sold in Europe and the U.S where Agrimont operates through its Conserv division. In pesticides and in animal health care products Agrimont maintained its previous level of revenues and market share in 1986 Montedison said. Montedison said it named Ettore dellIsola to the newly created position of president of Agrimont. Montedison also said it named Renato Picco managing director of <Eridania SPA> and Gianfranco Ceroni managing director of <Italiana Olii e Sifi> both of whom are members of the the Ferruzzi Groups management board to Argimonts board of directors. Ferruzzi owns about 40 pct of Montedison the company said. Reuter | MONTEDISON'S AGRIMONT UNIT 1986 EARNINGS |
Datron Corp said it agreed to merge with GGFH Inc a Florida-based company formed by the four top officers of the company. According to terms of the proposed transaction each share of Datron common stock excluding those shares owned by the four officers will be bought for six dlrs a share it said. Datrons officers hold about 73 pct of the total 896000 Datron common shares outstanding. Upon completion of the proposed transaction the officers of Datron would own 100 pct of the company. The merger is subject to GGHFs receiving financing for the plan Datron said. Shareholders of Datron will be asked to approve the plan at their annual meeting to be held in June or July and the merger is expected to be completed by July 31 it said. Reuter | DATRON <DATR> AGREES TO BUYOUT BY OFFICERS |
Office of Management and Budget Director James Miller said President Reagan will reject the tax increase called for in the House Budget Committees 1988 budget proposal which is before the House for a vote today. Its just completely unacceptable Miller told a House Appropriations subcommittee on Treasury Postal Service and General Government Appropriations. The plan drafted by the Democratic-controlled Budget committee calls for 22 billion dlrs in higher revenues of which 18 billion would be from new taxes set by the tax-writing committees. The House committees budget proposal includes some increases in federal user fees as well as 18 billion dlrs in taxes. Miller warned that failure to reduce the federal deficit would jeopardize the U.S. economy. If we do not further reduce the deficit... we place this economic expansion that weve had in the last five years at risk Miller told the subcommittee. The result of any kind of tax increase would be to increase substantially the prospects that the expansion would come to an end Miller said. Reuter | MILLER SAYS REAGAN WILL REJECT TAX INCREASE |
TRUMP AND INTERSTATE PROPERTIES IN TALKS TO ACQUIRE ALEXANDERS |
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Dutch state-owned chemical firm NV DSM <DSMN.AS> the former Dutch state mines which today reported a 2.5 pct increase in 1986 net profit to 412 mln guilders said it was poised to be privatised possibly next year. DSM chairman Hans van Liemt told journalists We have done our homework. Were ready. It is up to the state now. He said a public sale of 30 pct of DSMs assets in 1988 was not unlikely but the timing of the sell-off was entirely in the hands of Parliament. Dutch Finance Minister Onno Ruding is known to be a proponent of privatisation and the centre-right government coalition mentioned plans to privatise DSM in its policy declaration last autumn. Van Liemt would not speculate on a possible market price but said his company had raised its total 1986 dividend to 98 mln guilders almost 25 pct of 1986 net profit. We ought to be able to match our German competitors on price earnings ratio although the Amsterdam bourse generally has a lower ratio than the worlds major exchanges he said. The average Dutch price/earnings ratio is 10. Reuter | DUTCH CHEMICAL FIRM DSM TO BE PRIVATISED |
Shr 26 cts vs 52 cts Net 1386000 vs 2773000 Revs 47.7 mln vs 38.5 mln Nine mths Shr 52 cts vs 97 cts Net 2765000 vs 5419000 Revs 116.9 mln vs 97 mln Reuter | SOUND WAREHOUSE INC <SWHI> 3RD QTR FEB 28 NET |
CNA Income Shares Inc said it filed with the Securities and Exchange Commission a registration statement covering a 30 mln dlr issue of convertible extendible notes due 1992. The proceeds will be used for investment purposes the company said. CNA Inc named Drexel Burnham Lambert Inc as sole underwriter for the offering. Reuter | CNA INCOME SHARES <CNN> FILES FOR NOTE OFFERING |
Donald Trump and Interstate Properties said they were holding preliminary discussions regarding a possible joint acquisition of Alexanders Inc at 47 dlrs per share. The possible acquisition is subject to any applicable real estate gains and transfer taxes the joint statement said. Trump and Interstate which presently own about 40 pct of Alexanders common stock said they intend to keep the company as a retailer if they succed in their acquisition. There can be no assurances that the parties will reach any agreement regarding an acquisition or what price might be offered the statement said. Reuter | TRUMP AND INTERSTATE IN TALKS FOR ALEXANDERS |
Japan bought 4000 tonnes of Canadian rapeseed overnight at an undisclosed price for last half May/first half June shipment trade sources said. Reuter | JAPAN BUYS 4,000 TONNES CANADIAN RAPESEED |
Shr profit 12 cts vs loss 14 cts Net profit 183000 vs loss 234000 Revs 2.4 mln vs 1.5 mln Six months Shr profit 22 cts vs loss 22 cts Net profit 345000 vs loss 358000 Revs 5.2 mln vs 2.9 mln NOTE:1987 2nd qtr and six months include gains of 78000 dlrs and 154000 dlrs for tax loss carryforward. Reuter | TELECRAFTER CORP <SWHI> 2ND QTR FEB 28 NET |
Entourage International Inc said it plans to package solid perfume in a lipstick tube and retail the product called Amadeus for 15 dlrs. The company said the product was first test marketed in Feburary after six months of research and development. Reuter | ENTOURAGE <ENTG> TO SELL SOLID PERFUME |
Tunisia is expected to tender April 14 for 100000 tonnes of French soft wheat for delivery between May and August and which would be covered by the French export credit agency COFACE export credits traders said here. No official tender has been announced yet by Tunisia they said. France has sold a total of 200000 tonnes of soft wheat to Tunisia since the begining of the current campaign which was covered by COFACE export credits. Of this amount a total of 150000 tonnes was exported by March 1 they said. Reuter | TUNISIA EXPECTED TO TENDER FOR FRENCH WHEAT |
Great Lakes Chemical Corp said it registered with the Securities and Exchange Commission a proposed public offering of two mln shares of its common stock. Proceeds from the offering will be used to repay debt incurred in the acquisition of two chemical companies to increase Great Lakes equity investment in Huntsman Chemical Corp and for general corporate purposes it said. Underwriters are led by First Boston Corp Goldman Sachs and Co and Eberstadt Fleming Inc. Reuter | GREAT LAKES CHEMICAL <GLK> FILES OFFERING |
Northern Telecom said it shipped the first digital central office switching system it sold to Nippon Telegraph and Telephone under the terms of a 250 mln dlrs supply agreement. The agreement began with the signing of a letter of understanding in December 1985. THe formal seven-year agreement was signed in May 1986. The Northern Telecom systems is the first U.S.-manufactured digital central office switching systems to be installed in the Japanese public telephone network it said. Reuter | NORTHERN TELECOM <NT> SENDS SHIPMENT TO NIPPON |
West Germanys total net direct investments abroad fell to 11.2 billion marks in 1986 from 13.6 billion in 1985 but investments in developing countries rose to 683 mln marks from 358 mln the Economics Ministry said. Foreign investments in West Germany were a net 5.8 billion marks in 1986 up from 3.6 billion in 1985 with higher European investments largely responsible for this increase. The ministry noted that despite last years rise in West German investments in developing countries the 1986 level was below the investments of over two billion marks seen in 1981 1982 and 1983. REUTER | GERMAN INVESTMENTS ABROAD FALL IN 1986 |
Shr 28 cts vs 16 cts Net 9387000 vs 25617000 Revs 410.1 mln vs 393.5 mln Avg shrs 35.4 mln vs 164.7 mln NOTE: 1987 net reflects interest expense on debt incurred to finance recapitalization in Oct. 1986. Prior year earnings restated to reflect recapitalization plan. Reuter | COLT INDUSTRIES INC <COT> 1ST QTR NET |
The Senate Budget Committee ended its stalemate over a budget plan and approved by a single vote a revised 1988 budget proposed by chairman Lawton Chiles to cut the deficit to 133.7 billion next year. The new plan broke last weeks gridlock in which the committee failed to approve a similar Chiles plan on a tie vote. Today the measure was sent to the Senate 13 to 11. Among a series of changes to get the extra vote Chiles added about 400 million dlrs for additional unspecified agricultural spending programs to be paid with partly with higher user fees. Reuter | U.S. SENATE BUDGET COMMITTEE APPROVES BUDGET |
Yankee Cos Inc said its Eskey Inc <ESK> subsidiary has decided not to sell its Yale E. Key unit. Further details were not disclosed. Reuter | YANKEE <YNK> UNIT NOT TO SELL SUBSIDIARY |
The Chicago Mercantile Exchange CME said it has added a new chief compliance officer and will expand its regulatory surveillance program. Paul OKelly currently assistant regional administrator of the Securities and Exchange Commission was named vice-president of compliance for the exchange the CME said. The expanded compliance program which calls for an increase in the exchanges compliance budget and addition of staff was in response to recent criticisms that the CMEs current surveillance was not able to keep up with increased demands of recent volatility and volume the CME said. The new surveillance program calls for the addition of three floor investigators and five compliance investigators the CME said. Some of the new staff will monitor the exchanges new Computerized Trade Reconstruction system scheduled to start July 1. In addition three computer programmers will be added to assist in regulatory support for the exchanges management information system department. Recent criticism has been especially directed at the CMEs Standard and Poors stock index futures and options division. A special membership referendum to prohibit CME members from filling customer orders and trading for their own account in S and P 500 futures and options will be voted on April 13. In a letter dated March 12 CME chairman John Sandner and Executive committee chairman Leo Melamed urged members to reject the referendum in favor a series of new rules. Included in the rule changes was the requirement that futures brokers in the S and P pit manually record all personal trades to the nearest minute intended to enhance the effectiveness of surveillance and compliance functions We made a promise to our members that we have kept Melamed said in a release today. He said the new surveillance program represents a commitment to a vigorous enforcement policy. Reuter | CME ADDS COMPLIANCE CHIEF, EXPANDS SURVEILLANCE |
Plans to rejuvenate Polands economy by reducing central government control would help reassure Western creditors that the countrys economy was safe to invest in a senior Polish official said. The business of granting loans to Poland is not as bad a business as you might imagine senior Polish government spokesman Jerzy Urban told a news conference in Stockholm. Urban visiting the Swedish capital to deliver a lecture at the Foreign Policy Institute announced earlier this week that Poland would soon offer shares to private citizens in state companies in a bid to make the economy more responsive. This was part of a major economic reform to be announced in the coming weeks he said. Urban said the main problem with his countrys foreign debt burden of 32 billion dollars was short term interest charges but the long term looked more secure. He said he hoped talks under way with the Paris Club grouping Polands main government creditors would shortly solve the problem of short term servicing. Urban told reporters that debt servicing was hampering the expansion of the national economy but that the new plans for economic reform would open new vistas for Polish exports. He criticised the blocking efforts of some Western governments whom he declined to name for putting political considerations ahead of economic co-operation. After the lifting of U.S. Sanctions against the Polish economy we considered all political obstacles had been removed but that has not been the case Urban said. REUTER | POLAND REASSURES CREDITORS ON ECONOMIC REFORMS |
Shr 59 cts vs 46 cts Net 2.4 mln vs 1.9 mln Revs 122.5 mln vs 105.9 mln Six months Shr 1.13 dlrs vs 84 cts Net 4.5 mln vs 3.4 mln Revs 242.5 mln vs 210.1 mln NOTE: 1986 share adjusted for 2-for-1 stock split. Reuter | MAYFAIR SUPER MARKETS INC <MYFRA> 2ND QTR FEB 28 |
Iran decided to continue its operations east of Basra to destroy Iraqs forces Iranian Prime Minister Mir-Hossein Mousavi told Tehran Radio. That seems to be the best spot for the complete destruction of (Iraqi President) Saddams forces. This is why it was decided that the operations would forcefully continue there he said. At the same time we have maintained our ability to act throughout the length of the fronts Mousavi told the radio monitored by the British Broadcasting Corporation. Tehran Radio reported over 1500 Iraqi casualties today as Iran continued its Karbala-8 operation launched early yesterday. Iran said over 2600 Iraqis had been killed or wounded yesterday. Iraq said today its forces had beaten back the latest attacks inflicting heavy casualties. Mousavi told Tehran radio that on the whole our advances have broken the back of the military forces of Saddam. Earlier today the Iranian news agency IRNA said Tehrans forces were stabilising new positions after their assault on Iraqi lines defending Basra Iraqs second city. In Baghdad a military spokesman said Iraqi warplanes today destroyed an oil pumping station and a production unit at Irans Ahvaz field. Reuter | IRAN SAYS OFFENSIVE AIMED AT DESTROYING IRAQ ARMY |
The Bank of France said it will offer 9.5 billion francs worth of negotiable Treasury bills at its next weekly tender on April 13. The total includes four billion francs worth of 13-week bills 2.5 billion francs of two-year bills and three billion francs of five-year bills. At this weeks tender on Monday the Bank sold a total of 7.7 billion francs worth of 13 and 26-week bills against an original offer of seven billion and demand for 22.66 billion. REUTER | FRANCE SETS 9.5 BILLION FRANC T-BILL TENDER |
Shr 33 cts vs 31 cts Net 9219017 vs 8515539 Revs 112.0 mln vs 95.4 mln Reuter | <BATON BROADCASTING INC> SIX MTHS FEB 28 NET |
Shr loss 24 cts vs profit seven cts Net loss 5952000 vs profit 2078000 Revs 55.9 mln vs 50.6 mln Avg shrs 25.2 mln vs 24.7 mln Nine mths Shr loss 11 cts vs profit 24 cts Net loss 2673000 vs profit 6800000 Revs 162.6 mln vs 143.9 mln Avg shrs 25.0 mln vs 24.4 mln NOTE: Current year net both periods includes pretax charge seven mln dlrs from increase in reserve for investments in broadcast television entities and tax credits of 1002000 dlrs in quarter and 520000 dlrs in nine mths. Reuter | UNITED CABLE TELEVISION CORP <UCT> 3RD QTR NET |
Investment Canada said it has allowed the indirect takeover of Holt Rinehart and Winston Canada Ltd. W.B. Saunders Co of Canada Ltd and Les Editions HRW Ltd by Harcourt Brace Jovanovich Canada Inc. The government agency said however Harcourt Canada has agreed to sell control of the firms to Canadian interests within two years. Harcourt Canadas U.S. parent Harcourt Brace Jovanovich Inc <HBJ> indirectly acquired the Canadian book publishing companies when it purchased Holt Rinehart and Winston from CBS Inc <CBS> last October. Reuter | CANADA ALLOWS PUBLISHING TAKEOVER BY HARCOURT |
The New Jersey Hospital Association said it will hold a symposium on the quality of hospital care on Friday April 10. Thirty-eight health-care executives from 18 nations will be on hand at the symposium. Reuter | NEW JERSEY HOSPITAL ASSOCIATION SYMPOSIUM |
FED SAYS IT BUYS ALL COUPONS FOR REGULAR DELIVERY |
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The largest U.S. textile maker focused on its own business as its competitors found merger partners but now Burlington Industries Inc may have restructured itself into an attractive takeover candidate analysts said. The takeover spotlight fell today on Burlington which rose 4-7/8 to 52-7/8 on speculation that investor Asher Edelman and Dominion Textiles Inc of Canada bought an almost five pct stake. A published report said Edelman and Dominion jointly acquired a stake in Burlington and were weighing a takeover offer. Edelman would not comment and a spokesman for Montreal-based Dominion called the report just rumors. Burlington said it did not know if the report was true. Wall Street professionals said they were not convinced of the story or that Edelman and Dominion would be the victors if Burlington actually came into play. Arbitragers said past comments from Dominion however added credence to the speculation. Dominion has said that it was looking for a takeover in the U.S. Last year Dominion unsuccessfully bid for Avondale Mills and has maintained a 120 mln dlr line of credit to be used for a U.S. acquisition. A Dominion spokesman said Canadas largest textile producer has been negotiating with many U.S. textile companies but would not say whether Burlington was among them. There have been acquisitions in this area. Its not unusual that someone could be looking at Burlington after the housecleaning theyve done said Eileen Gormley of Thomson McKinnon. Burlington sold its domestic operations which made sheets and other linens to J.P. Stevens and Co Inc for 110 mln dlrs last year. It also has reorganized management and focused its operations on businesses that would be less affected by foreign competition Gormley said. Theyve pulled back so as not to be a commodity marketer said Gormley. She said in moving more heavily into industrial fabrics Burlington bought C.H. Masland which supplies carpets and other fabric to the auto industry. In the past they just spent and never realized the return on the outlays they did make she said. You look at their record over the year and I think theyre poised to be more profitable than they had been in the past Gormley said. She estimated 1987 earnings of 2.50 dlrs per share up from 2.01 dlrs per share. Some analysts today recommended clients not buy Burlington at its current levels. Edward Johnson of Johnson Redbook said he recommends selling. He said he believes the stock is worth only about 50 dlrs on a takeover basis and about 46 dlrs on an earnings basis. Some arbitragers however said takeover values have been placed on the company of 60 to 65 dlrs per share. After Ashers (Edelman) recent history a lot of people dont find him very credible anymore said one arbitrager. Another however said Edelman succeeds in forcing managements to take steps to enhance shareholder values even if he doesnt win the target company. Edelman was unsuccessful last year in offers for Lucky Stores Inc and Fruehauf Corp. He did succeed in buying Ponderosa Inc. The stocks of other textile makers rose along with Burlington. J.P. Stevens <STN> climbed 5/8 to 44-7/8 and Fieldcrest Cannon Inc <FLD> the result of a merger of Fieldcrest and Cannon rose 1-1/8 to 39-3/4. West Point-Pepperell Inc <WPM> rose 1-7/8 to 67-1/8. Reuter | TALKING POINT/BURLINGTON INDUSTRIES <BUR> |
UNITED AIRLINES MARCH LOAD FACTOR RISES TO 70.6 PCT FROM 66.2 PCT |
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Kidder Peabody and Co and E.F. Hutton Co Inc acting as co-managers in the underwriting group said <Amplicon Incs> initial public offering of 1650000 shares of its common stock was being offered at 12.25 dlrs per share. Of the shares being offered 1400000 are being sold by the company and 250000 shares are being sold by selling stockholders Kidder Peabody said. Reuter | AMPLICON INITIAL OFFERING AT 12.25 DLRS A SHARE |
Shr profit 10 cts vs loss 17 cts Net profit 206000 vs loss 281000 Revs 102200 vs 344000 Reuter | STERIVET LABORATORIES LTD <STVTF> 1ST QTR NET |
Shr loss 48 cts vs loss 19 cts Net loss 746000 vs loss 342000 Revs 3213000 vs 2925000 Reuter | STERIVET LABORATORIES LTD <STVTF> YEAR LOSS |
Senior Japanese officials tomorrow open talks with American trade negotiators in a last-ditch effort to avert new high U.S. tariffs to be imposed on a wide variety of Japanese electronic exports. Makoto Kuroda vice minister of Japans Ministry of International Trade and Industry (MITI) is to hold two days of meetings with the Deputy U.S. Trade Representative Michael Smith and the Under Secretary of Commerce Bruce Smart. The new tariffs to go into effect on April 17 are in retaliation for Japans failure to adhere to an agreement to end dumping semiconductors in world markets at below cost and to open its home market to U.S. semiconductor shipments. They are to be imposed on goods which use semiconductors including television and audio equipment and computers. Both U.S. and Japanese officials have said there was little likelihood the talks would do anything to avert the 100 pct duties on 300 mln dlrs worth of Japanese shipments. President Reagan announced the planned tariffs on March 27 after he said that close monitoring of the July 1986 U.S.-Japanese semiconductor pact convinced U.S. officials that Japan was not honoring the agreement. In making the annoucement Reagan said I am committed to the full enforcement of our trade agreements designed to provide American industry with free and fair trade. Trade analysts said his move was aimed as much at Japans semiconductor trade practices which are said to have injured the U.S. semiconductor industry as Congress which has complained about presidential timidity on trade issues. Congressional Democrats have pledged to enact aggressive trade laws to counter what they contend has been Reagans inaction to redress the growing U.S. trade deficit which last year reached 169.8 billion dlrs. About one-third of the deficit was with Japan. Reagan said there were recent signs Japan was beginning to adhere to the pact and that was why he was not terminating it. Kuroda said on leaving Tokyo today he had no new proposals but did have an explanation of the semiconductor situation. He told the daily newspaper Ashai Shimbun that Reagans decision was based on inaccurate data and an exaggerated sense of MITIs power to control Japanese traders. The United States has excessive expectations. he said. To stabilize supply-demand relations which have been disrupted by excess inventories since 1985 will take some time. He also said that U.S. firms had not been aggressive enough in trying to sell in the Japanese market. Reuter | JAPAN IN LAST-DITCH EFFORT TO AVERT TARIFFS |
Emerson Radio Corp said it has sold 10 mln dlrs of eight pct senior notes due March 1992 to a major institutional investor it did not name. The company also said 5800000 dlrs of its convertible subordinated notes due 1997 have been converted into 728476 common shares. Reuter | EMERSON RADIO <EME> SELLS NOTES PRIVATELY |
<Hoechst Celanese Corp> said it sent propsective customers a confidential report describing its polyester textile fiber facilities in North Carolina and South Carolina. The company did not disclose any prices. The report describes the facilities in Darlington County S.C. and Fayetteville N.C. the company said. The report also decribes related manufacturing marketing administrative and technical resources that could be made avialable to a buyer. Hoechst Celanese was formed Feb 27 by the merger of Celanese Corp and American Hoechst Corp. The merger took place after an agreement was reached with the Federal Trade Commission that certain domestic polyester textile fiber assets of the combined companies would be divested it said. Hoechst Celanese said it has the option of divesting either the South Carolina facilities of the former American Hoechst or a package of polyester textile fiber facilities of the former Celanese. Reuter | HOECHST CELANESE SENDS REPORT ON NEW FACILITIES |
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