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Qtly div five cts vs five cts prior Pay July One Record June 17 Reuter | UNIFIRST CORP <UNF> SETS QUARTERLY |
Arus Corp said it has received a letter of intent from Winston Financial Corp for the purchase of over 5200000 dlrs in telephone diagnostic testing equipment. It said it expects to negotiate a firm order in May. The company said the total value of the order is at least 5200000 dlrs and could be more depending on circuit configurations required. Reuter | ARUS <ARSCC> GETS 5.2 MLN DLR ORDER |
Net profit 2529000 vs loss 1066000 Revs 59.0 mln vs 52.6 mln Year Net profit 15.4 mln vs profit 865000 Revs 247.0 mln vs 231.1 mln NOTE: Company became wholly owned and operated by Donald Trump in May 1986 when he acquired 50 pct interest that had been owned by former operator Holiday Corp <HIA>. Reuter | <TRUMP PLAZA> 4TH QTR NET |
European currency markets reacted quietly to the G-7 communique with comments from bankers and dealers ranging from disappointment that it was not more concrete to surprise that the markets should have expected so much. The dollar opened lower against virtually all currencies and traded in a narrow range after the communique which reaffirmed support for the Paris accord on currency stabilisation but contained no moves to strengthen it. Dealers in Frankfurt and Zurich saw the dollar remaining broadly entrenched in its current trading range. The dollar is likely to stay within a range of 1.80 to 1.84 marks said Gisela Steinhaeuser senior dealer at Chase Bank AG. She said there was some resistance to further climbs. However she said the dollar could break out of the range with major surprises such as a worse-than-expected U.S. Merchandise trade deficit due next Tuesday. Theodor Stadelmann dealer with Bank Julius Baer and Co Ltd in Zurich said he expects the dollar to hold steady against the mark and Swiss franc but to weaken further against the yen possibly to 140 yen. A Milan banker shared Stadelmanns view saying he expects a dollar-yen range of 140-150 in the short term. London traders said the G-7 communique failed to curb underlying bearishness toward the dollar but this negative sentiment was not yet strong enough to tempt interbank operators to test the downside. Concern that finance ministers and officials still in Washington could issue more concrete statements in favour of currency stabilisation kept players sidelined along with worries about provoking fresh central bank intervention in the long term the traders said. Most Paris dealers expressed disappointment at the communique saying nothing has changed to reverse the dollars downward trend. Traders in several centres said the market would look for fresh opportunities to test the willingness of central banks to defend current ranges which the communique said were broadly consistent with economic fundamentals and the basic policy intentions outlined at the Louvre meeting. Dave Jouhin senior dealer at Midland Bank in London said Theyre going to put somebodys resolve to the test soon. The U.S. February trade data may provide the trigger dealers said. However some dealers said London-based operators would be unlikely to open major positions next week ahead of the long Easter weekend. They saw near-term technical support at 1.825 marks and 145 yen and resistance about 1.83 marks and 146 yen. Chase Banks Steinhaeuser and other Frankfurt dealers said the G-7 communique guaranteed a relatively calm and stable market for the foreseeable future compared with the extreme volatility seen in the first few months of this year. One dealer at a German bank said the wording of the communique made clear the leading nations did not want a further dollar drop and this was supporting the dollar. The German dealer saw the dollar gradually appreciating to 1.87 marks broadly seen as its upper limit within the Louvre accords supposed currency target range. A Swiss bank economist said he believed the markets were ready for a period of mainly sideways movement. But Milan dealers were sceptical about the communique contributing to greater stability. Nothing has changed substantially to give the dollar a big boost said one dealer while another Italian banker said he expects the dollar to trade between 1.77 and 1.87 German marks in the next three months. Reuter | EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE |
Westronix Inc said it has completed the private sale of 2500000 common shares at 2.30 dlrs each. Reuter | WESTRONIX <WSTX> COMPLETES STOCK SALE |
Unseasonal cold weather has delayed sugar beet plantings in West Germany by up to three weeks the agriculture ministry said. A ministry spokesman said in some central areas especially in the Rhineland farmers have taken advantage of warmer weather and started plantings in the past two days. West German planting intentions this year are put at 381000 hectares down from 390500 ha last year he said adding that the 1980/1985 average was 405000 ha. REUTER | WEST GERMAN BEET PLANTINGS DELAYED THREE WEEKS |
Southwest Realty Ltd said it has filed for a rights offering. It said for each three shares owned a shareholder will receive a transferable right to purchase one additional share at 2.50 dlrs. The company said the offering is expected to be made on June 15. Reuter | SOUTHWEST REALTY <SWL> IN RIGHTS OFFERING |
Step-Saver Data Systems Inc said Bergen-Richards Corp has exercised a warrant to buy 450000 Step-Saver shares at two dlrs each. It said warrants issued to the underwriter in its initial public offering were exercised in March for an aggregate of 169200 dlrs. Reuter | STEP-SAVER <CODA> SAYS WARRANT EXERCISED |
Galaxy Oil Co said its common stock and nine pct convertible subordinated debentures due 1994 are being delisted from the <American Stock Exchange> because the company no longer meets listing criteria. Galaxy filed Chapter 11 bankruptcy on April Six. The company said trading in both issues will be suspended by the Amex at the close on May One but is expected to start elsewhere on May Four. Reuter | GALAXY OIL <GOX> BEING DELISTED BY AMEX |
TransCapital Financial Corps TRANSOHIO Savings Bank subsidiary said it plans to close 11 offices in the Cleveland area and one in Columbus Ohio reducing its total number of offices to 81 statewide. The company said accounts will be moved into other TRANSOHIO offices. Four closings are set for May 23 and four for June 20 and the rest are tentatively set for September 19. It said it is closing branches were overlaps exist following its August 1986 acquisitions of Citizens Federal Savings and Loan Association of Cleveland and Dollar Savings Bank of Columbus or where efficiencies could be improved. Reuter | TRANSCAPITAL <TFC> UNIT CLOSING 12 OFFICES |
Coast Savings and Loan Association said it is in talks with the Federal Savings and Loan Insurance Corp on the acquisition of Central Savings and Loan Association of San Diego. Central which operates 46 branches has been under management guidance of the FSLIC since May 1985. Coast said the acquisition would give it an entry into the San Joaquin Valley market besides strengthening its presence in the San Diego Los Angeles and Orange Counties areas. Reuter | COAST SAVINGS <CSA> IN TALKS ON BUYING BANK |
<C.D. Bramall Plc> said in a statement accompanying its annual results that it proposed to acquire Gelco U.K. For some 26.3 mln dlrs. Part of the cost will be met by the issue of 2.14 mln new ordinary Bramall shares which are being placed at 265p each. The acquisition will be satisfied by an initial payment of some 25.3 mln dlrs in cash with further payments of 500000 dlrs up to a maximum 26.3 mln dlrs. These further payments will only be made if profits achieved by Gelco for the year ending July 31 1987 reach a certain level. Bramall shares were trading 6p lower at 278p. REUTER | BRAMALL TO ACQUIRE GELCO FOR UP TO 26.3 MLN DLRS |
Privately-held software developer SAPC Inc said it has filed suit in U.S. District Court in Boston against Lotus Development Corp alleging the infringement of a copyright and the misappropriation of trade secrets and is seeking 100 mln dlrs in damages. The firms suit alleges that Lotus spreadsheet program 1-2-3 violates the copyright of VisiCalc which was developed by SAPC several years ago before 1-2-3 was introduced when the firm was known as Software Arts Inc. Software Arts sold rights to VisiCalc to Lotus in 1985 and changed its name. The suit also alleges that Lotus founder Mitchell D. Kapor who resigned as chairman in July 1986 breached a confidentiality agreement with SAPC. Kapor also named as a defendant had worked for a firm that had marketing rights to VisiCalc before founding Lotus. The suit alleges that Lotus and Kapor deliberately sought to make 1-2-3 look and feel like VisiCalc by copying a number of commands keystrokes and screen displays. Lotus in response said it feels the suit is without merit. Reuter | <SAPC INC> SUES LOTUS <LOTS> OVER COPYRIGHT |
The United States which has long sought Japanese action to stimulate its economy appears to be satisfied Tokyos latest package is a major development and allows leading industrial nations to reaffirm their agreement to stabilize currencies. Monetary sources said they believed that U.S. Treasury Secretary James Baker considered Tokyos package announced yesterday to be a major stimulation of the Japanese economy. But yesterdays statement by seven leading industrial powers endorses the yens rise from around 153 to the dollar the level at the February 22 Paris Accord to about 145 today. The supplementary budget worth about 34.48 billion dlrs was announced by the ruling Liberal Democratic Party on the eve of Miyazawas departure for Washington to attend yesterdays meetings of leading industrial nations. In a strongly worded statement terming the Japanese action extraordinary and urgent the meeting reaffirmed the Paris Accord by noting that current exchange rates are within ranges broadly consistent with fundamentals or economic reality. The Group of Seven -- the United States Japan West Germany France Britain Italy and Canada -- therefore repeated their willingness to continue close cooperation to foster exchange rate stability. The cooperation agreement has resulted in concerted central bank intervention of 8 billion to 9 billion dlrs to halt the dollars fall. While relatively unsuccessful the scale of intervention between so many nations is unprecedented in recent years. Monetary sources also said they understood that Secretary Baker considered the meeting to be extremely successful in the light of the Japanese announcement. They also said there was a growing feeling among the finance ministers and central bankers that cooperation over medium-term policies has replaced the bickering over short-term differences in past meetings. West Germany whose currency has not risen anything like the yen since the Paris Agreement appears from the face of yesterdays statement to have won acceptance from other countries that its exchange rate is acceptable. Bonns finance minister Gerhard Stoltenberg argues that major currency shifts needed to remedy the huge imbalance between West Germany and Japans trade surpluses and Americas trade deficit have already taken place. No mention was made however of the U.S. commitment to cut the budget deficit even though it is implied in the reafffirmation of Paris. European nations and Japan believe deficit cuts are essential to curbing the record U.S. trade shortfall that reached nearly 170 billion dlrs last year. A similar argument was made on Capitol Hill earlier this week by Federal Reserve Board chairman Paul Volcker. A further sharp fall to redress trade imbalances would clearly pose substantial risks of renewed inflationary momentum and could undermine confidence in future financial stability he said. Volcker warned a further dollar fall might force the politically independent Fed to drive up interest rates. Monetary sources said that privately West Germany welcomed the rise in the yen against the dollar while its own currency remained relatively stable against the U.S. unit. Bonn and other European nations worry that once the weak dollar blunts Tokyos export drive to the United States the Japanese monolith will concentrate on European markets. The ministers meanwhile also continued talks on making their policy coordination more binding and one Canadian Finance Minister Michael Wilson said good progress was made. Wilson said they will meet before the June Economic Summit to prepare a report for the leaders of the seven nations. The United States and France backed by the International Monetary Fund want the seven to agree on ranges or norms for a limited number of economic objectives such as growth inflation monetary conditions trade balances and current account balances. Sharp deviations from these guidelines would result in consultations between the countries on whether corrective action should be required. But the inclusion of currencies as one of the objectives has Bonn and London worried monetary sources say because it implies Washington is moving in the direction of target zones. The sources said the Reagan administration unsuccessfully sounded out its allies on a system of target zones to limit currency fluctuations just before the February meeting. The concept is a much more rigid one than the secret ranges of the Paris Accord and would mark a sharp departure from the relatively free currency markets of recent years. Reuter | U.S. SAID TO VIEW G-7 MEETING AS MAJOR SUCCESS |
The Kingdom of Belgium is launching 100 mln Swiss francs of seven year notes with warrants attached to buy gold lead mananger Credit Suisse said. The notes themselves have a 3-3/8 pct coupon and are priced at par. Payment is due April 30 1987 and final maturity April 30 1994. Each 50000 franc note carries 15 warrants. Two warrants are required to allow the holder to buy 100 grammes of gold at a price of 2450 francs during the entire life of the bond. The latest gold price in Zurich was 2045/2070 francs per 100 grammes. REUTER | BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS |
The U.N. Food and Agriculture Organisation (FAO) said global wheat and coarse grain output was likely to fall in 1987 but supplies would remain adequate to meet demand. FAO said in its monthly food outlook bulletin total world grain output was expected to fall 38 mln tonnes to 1353 mln in 1987 due mainly to unusually high winter losses in the Soviet Union drought in China and reduced plantings in North America. World cereal stocks at the end of 1986/87 were forecast to rise 47 mln tonnes to a record 452 mln tonnes softening the impact of reduced production. But stocks are unevenly distributed with about 50 pct held by the U.S. Thus the food security prospects in 1987/88 for many developing countries particularly in Africa depend crucially on the outcome of this years harvests FAO said. FAO said world cereal supplies in 1986/87 were estimated at a record 2113 mln tonnes about five pct higher than last season and due mainly to large stocks and a record 1986 harvest estimated at 1865 mln tonnes. FAOs forecast of 1986/87 world cereals trade was revised upwards by eight mln tonnes to 179 mln due to the likelihood of substantial buying by China and the Soviet Union. REUTER | FAO SEES LOWER GLOBAL WHEAT, GRAIN OUTPUT IN 1987 |
Carter Hawley Hale Stores Inc said sales for the five weeks ended April Four were up 7.8 pct to 314.0 mln dlrs from 291.3 mln dlrs a year earlier with same-store sales up 5.5 pct. The company said sales for the first two months of its fiscal year were up 7.7 pct to 554.7 mln dlrs from 515.1 mln dlrs a year earlier with same-store sales up 5.6 pct. Carter Hawley said sales were helped by shifting some promotions to March from April to compensate for the later Easter this year. Reuter | CATER HAWLEY HALE <CHH> MARCH SALES UP 7.8 PCT |
Independent Air Inc said its board has extended the expiration of its Class A warrants to June 30 from April 11 and left the exercise price unchanged at 18 cts per common share. Reuter | INDEPENDENT AIR <IAIR> EXTENDS WARRANTS |
Xicor Inc said based on recent talks with Intel Corp it expects its joint research program with Intel on the development of advanced memory devices to be ending shortly. The company said it will reallocate personnel presently assigned to the program to its one megabit CMOS E2 PROM program and other development programs. Reasons for the end of the Intel venture were not given. Reuter | XICOR <XICO> SEES END OF INTEL <INTC> PROGRAM |
Shr 27 cts vs 24 cts Net 5223000 vs 4682000 Avg shrs 19.7 mln vs 19.4 mln NOTE: Results reflected pooled acquisition of First Community Bancshares Inc on March 31 1987 and include Camden Bancorp from January 31 1987 purchase. Reuter | CB AND T BANCSHARES INC <CBTB> 1ST QTR NET |
Shr profit five cts vs loss 16 cts Net profit 689000 vs loss 1910000 Revs 12.3 mln vs 9432000 NOTE: 1987 net includes 276000 dlr tax credit. Reuter | XICOR INC <XICO> 1ST QTR MARCH 22 NET |
George Wimpey Plc <WMPY.L> said the outlook for 1987 looked encouraging as the company realised the continuing benefits of restructuring. It said its overall financial position showed further improvement in 1986 and the reshaping of its U.K. Business into clearly defined and activity related divisions had been successfully achieved. Wimpey was commenting in a statement on its 1986 results which showed pretax profits up 42 pct to 66.5 mln stg. The group had a good overall year in North America the company said in a statement. Reuter | GEORGE WIMPEY SAYS BENEFITS OF RESTRUCTURING SEEN |
C.O.M.B. Co said it has acquired the principal assets of National Tech Industries Inc and Telkom Corp which are engaged in the sale and telemarketing of consumer electronic merchandise and do business as House of Imports and N.L. Industries respectively. The company said it paid a total of 8700000 dlrs including the assumption of liabilities. National Tech had sales of about 23 mln dlrs for 1986 it said. Reuter | C.O.M.B. <CMCO> MAKES ACQUISITION |
The European Community Commission said today it has shelved threatened legal action against West Germanys Lufthansa <LHAG.F> Alitalia of Italy <AERI.MI> and Olympic Airways of Greece after they agreed to change practices that restrict competition in the heavily-protected EC sector. The Commission had also written to seven other Community airlines including British Airways <BAB.L> and Air France last summer warning them that agreements such as capacity and revenue sharing accords broke EC competition rules. The seven have already agreed to hold talks with the Commission on bringing such practices into line with the rules. In a statement the ECs executive authority also spelled out tough demands it will be putting to carriers in talks on liberalising EC air transport and bringing down airfares warning that new legal moves were possible if they refused to comply. As a first step the Commission wanted the 10 carriers to eliminate the most serious distortions of competition caused by the current practices and agreements. The latest demands go further towards liberalisation than proposals that are currently the subject of difficult negotiations between by EC Transport Ministers. REUTER | EC SHELVES LEGAL ACTION AGAINST THREE AIRLINES |
The Kingdom of Belgium is launching 100 mln Swiss francs of seven year notes with warrants attached to buy gold lead manager Credit Suisse said. The notes themselves have a 3-3/8 pct coupon and are priced at par. Payment is due April 30 1987 and final maturity April 30 1994. Each 50000 franc note carries 15 warrants. Two warrants are required to allow the holder to buy 100 grammes of gold at a price of 2450 francs during the entire life of the bond. The latest gold price in Zurich was 2045/2070 francs per 100 grammes. Reuter | BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS |
Shr profit nil vs profit nil Net profit 27622 vs profit 5556 Sales 1031306 vs 840906 Nine mths Shr loss one ct vs loss two cts Net loss 195095 vs loss 445379 Sales 2702085 vs 2219961 Reuter | DATATRAK INC <DTRK> 3RD QTR FEB 28 NET |
Japanese Finance Minister Kiichi Miyazawa said the strengthening of the yen against the dollar since the Paris Agreement was within the range agreed in the Louvre discussions. I would say that what has happened (to the yen) in the past several weeks was not outside the range we agreed to in the discussions in Paris Miyazawa told a press conference following the Group of Seven meeting here. He said the current discussions were a reaffirmation of that agreement saying the solidarity that occurred in Paris was still in place. Reuter | MIYAZAWA SAYS YEN STILL INSIDE PARIS RANGE |
Todd Shipyards Corp said production workers represented by the multi-union Pacific Coast Metal Trades District Council at its San Francisco division struck on April Six. It said negotiations are expected to resume at the end of this month. Todd also said the collective bargaining division in effect at its Galveston Division expires April 17 and negotiations with the Galveston Metal Trades Council are continuing. The company said results of balloting on a new collective bargaining agreement proposal in its Seattle Division are expected to be tabulated at the close of business tomorrow. The Pacific Coast Council has recommended acceptance of that proposal by membership Todd said. Reuter | TODD SHIPYARDS <TOD> STRUCK ON WEST COAST |
New applications for unemployment insurance benefits fell to a seasonally adjusted 338000 in the week ended March 28 from 355000 in the prior week the Labor Department said. The number of people actually receiving benefits under regular state programs totaled 2436000 in the week ended March 21 the latest period for which that figure was available. That was down from 2480000 the previous week. Reuter | U.S. FIRST TIME JOBLESS CLAIMS FELL IN WEEK |
Japanese Finance Minister Kiichi Miyazawa said the Group of Seven (G-7) countries reaffirmed their Paris accord on stabilising currencies to convince the market of their resolve. At a news conference after yesterdays G-7 meeting Miyazawa said the ministers and central bank governors did not believe a totally new statement was needed. The speculative selling did not reflect economic fundamentals and since the fundamentals had not changed only a reaffirmation of the goals of the Paris accord was needed he said. He said this test of the G-7 nations resolve had concentrated on the yen while other currencies especially the mark had remained stable. Reuter | G-7 WANTS TO SHOW MARKETS ITS RESOLVE - MIYAZAWA |
CLEVITE INDUSTRIES SAYS J.P. INDUSTRIES OFFERED 13.50 DLRS A SHARE TO BUY COMPANY |
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Indias private businessmen say they have been placed on an unequal footing in raising money from the capital market because government companies are wooing investors by issuing more attractive tax-free bonds. Stock brokers and bankers polled by Reuters said although equity shares or debenture issues floated by private firms provide a higher return and shorter maturity they are fast losing their popular appeal as they are liable to both wealth and income taxes. Brokers said many investors are transferring funds into government company bonds because of their tax-free status and easy transferability. About 100 private companies have postponed plans to issue equity shares and debentures in the first quarter of fiscal 1987/88 partly on account of fierce competition from public sector bonds a merchant banker said. They included equity shares and rights issue worth one billion rupees planned to be issued this month by Tata Fertilisers Ltd he said adding the issue has been postponed indefinitely. The government bonds are making serious inroads on the private sector companies resources said R. P. Goenka president of the Federation of Indian Chambers of Commerce and Industry. The discriminatory tax treatment should be done away with and equal facilities be provided to the two sectors to mobilise resources from the market which is common to both Goenka said. A senior Finance Ministry official said government and private firms were free to compete to raise resources adding it was not correct that public sector-issued bonds were preventing private firms from raising money on the stock market. Debentures and equity shares floated by private companies still account for at least 60 pct of total capital raised in stock exchanges the ministry official said. A spokesman at Bombay stock brokers Batliwala and Karani said government bonds were valued at about 20 billion rupees or about 40 pct of 50 billion rupees raised by both government and non-government firms in the domestic capital market in 1986/87. The share was 35 to 40 pct of about 36.95 billion rupees mobilised in 1985/86 he said. To save taxes commercial banks mainly foreign banks and some private companies are investing their surplus funds in the tax free bonds he said. Individuals who are very well off are also investing in the bonds to gain tax benefits while only small investors are going for equities or debentures floated by private companies on a selective basis the spokesman said. The maturity period of government company bonds varies between seven and 10 years. No wealth or income taxes are payable on nine pct seven-year bonds but those carrying 13 pct interest on 10-year bonds are subjected to income tax if interest amount^M exceeds 7000 rupees a year. Equity shares the 14 pct non-convertible debentures and 12.5 to 14 pct convertible debentures issued by private companies are not exempted from either the wealth tax or from the tax on income earned from them. The government bonds are listed as securities but traded on Indias four major stock exchanges. They can be sold freely on the stock market by simple endorsement while debentures can only be sold to the company after one year brokers said. Government companies are trying to capitalise on a boom in the stock market since 1984/85 sparked by liberal tax concessions and reforms in exchange operations brokers said. The National Thermal Power Corp NTPC was the first government company to issue the bonds to raise one billion rupees in January last year breaking the monopoly of private companies on the capital market. The seven-year NTPC bond was oversubscribed three times brokers said. Official figures show bonds floated by government companies have been heavily oversubscribed. More state companies have sought the Ministrys permission to issue them in coming months. NTPCs second bond issue at the end of 1986 raised 4.51 billion rupees against 1.2 billion originally permitted by the Finance Ministry. The Mahanagar Telephone Nigam mobilised 3.83 billion rupees last year against authorised 1.5 billion and last month the Indian Railway Finance Corporations record susbcription totalled 5.5 billion rupees against authorised 2.5 billion. In most cases the government has allowed the companies to maintain the oversubscribed amount brokers said. Goenka said that government bonds are making it increasingly difficult for private companies to launch new equity or debenture issues. He said the government could at least fix a suitable limit on the funds to be raised through such bonds by the public sector. Merchant bankers said the government is pressing state companies to borrow from the public by reducing financial support to them. To ease its internal debt burden the government has reduced the budgetary support to development investment in about 120 public sector companies to 69.92 billion rupees in 1987/88 from 77.92 billion a year earlier official figures show. REUTER | INDIAN STATE COMPANY BONDS PROVOKE COMPLAINTS |
Shr 54 cts vs 49 cts Net 70.2 mln vs 64.0 mln NOTE: Share adjusted for two-for-one split in July 1986. Results restated for pooled acquisition of Third NAtional Corp in December 1986. Net chargeoffs 15.0 mln dlrs vs 14.2 mln dlrs. Assets 25.8 billion dlrs up 7.2 pct from a year earlier deposits 21.1 billion up 9.4 pct and loans 17.1 billion dlrs up 17.2 pct. Reuter | SUNTRUST BANKS INC <STI> 1ST QTR NET |
SunTrust Banks Inc said in the first quarter it placed about 20.2 mln dlrs of loans to Brazil and 21.6 mln dlrs of loans to Ecuador on nonaccrual status. The company made the disclosure in reporting that first quarter earnings rose to 70.2 mln dlrs from 64.0 mln dlrs a year earlier. Reuter | SUNTRUST <STI> PUTS LOANS ON NONACCRUAL |
Ropak corp said it has formed a new Tokyo-based subsidiary called Ropak Nippon Ltd to market its North American products in Japan. It said the new unit has started importing plastic pans and other products for the packaging of seafood and will also market rigid-plastic shipping pails for a variety of packaging uses. Reuter | ROPAK <ROPK> FORMS JAPANESE UNIT |
Burlington Industries Inc is raising 75 mln dlrs through an offering of convertible subordinated debentures due 2012 with a 6-1/4 pct coupon and par pricing said lead manager Kidder Peabody and Co Inc. The debentures are convertible into the companys common stock at 63.50 dlrs per share representing a premium of 18.1 pct over the stock price when terms on the debt were set. Non-callable for three years the issue is rated Ba-2 by Moodys Investors Service Inc and BBB by Standard and Poors Corp. Merrill Lynch Capital Markets and Salomon Brothers Inc co-managed the deal. Reuter | BURLINGTON INDUSTRIES <BUR> SELLS CONVERTIBLES |
The Pacific Stock Exchange said it will start options trading on Baker Hughes Inc today. Expirations will be January May July and October. Reuter | PSE TO START OPTION TRADE ON BAKER HUGHES <BHI> |
<International Thomson Organisation Ltd> said it will report financial results in U.S. funds rather than sterling beginning from Jan 1 1987. It said the change will not be applied retroactively to prior financial periods. The company said as a result of recent investments most of its assets now are located in the United States. Reuter | INTERNATIONAL THOMSON TO REPORT IN U.S. FUNDS |
Shr three cts vs 18 cts Net 220000 vs 1250000 Revs 11.8 mln vs 9430000 Year Shr 45 cts vs 69 cts Net 3400000 vs 4037274 Revs 45.1 mln vs 34.3 mln Reuter | PHILIP CROSBY ASSOCIATES INC <PCRO> 4TH QTR NET |
Shr 52 cts vs 40 cts Qtly div 18 cts vs 15 cts prior Net 793740 vs 603661 NOTE: Share adjusted for 10 pct stock dividend in November 1986. Dividend pay May One record April 25. Reuter | COLONIAL AMERICAN BANKSHARES CORP <CABK> 1ST QTR |
<Biosystems Research Inc> said its new technique for a treatment for Acquired Immune Deficiency Syndrome showed good results on subjects who were treated. Called biostimulation the non-drug approach to the treatment of those with AIDS and AIDS related complex involves exposure to low-level magnetic and electrical stimulation in combination with phototherapy from the visible light spectrum the company said. Biosystems said it tested its technique in two studies with eight subjects since January 1986 for periods of five to 60 weeks. It said the treatments have not produced any adverse effects in the subjects. Reuter | BIOSYSTEMS RESEARCH TESTS TECHNOLOGY FOR AIDS |
Chicago Pacific Corp is raising 150 mln dlrs through an offering of convertible subordinated debentures due 2012 with a 6-1/2 pct coupon and par pricing said lead manager Goldman Sachs and Co. The debentures are convertible into the companys common stock at 62.50 dlrs per share representing a premium of 25.63 pct over the stock price when terms on the debt were set. Non-callable for two years the issue is rated B-1 by Moodys Investors Service Inc and B by Standard and Poors Corp. First Boston Corp and Lazard Freres and Co co-managed the deal. Reuter | CHICAGO PACIFIC <CPAC> SELLS CONVERTIBLE DEBT |
Durakon Industries Inc said Canadian Tire Corp the large Canadian auto retailer has selected Durakons All Star Liner as its exclusive pickup truck bed liner to be sold in the 400 Associate Stores across Canada. Reuter | DURAKON <DRKN> PRODUCT SOLD BY CANADIAN TIRE |
The Argentine Grain Board adjusted minimum export prices of grain and oilseed products in dlrs per tonne FOB previous in brackets as follows: Sorghum 64 (63) sunflowerseed cake and expellers 103 (102) pellets 101 (100) meal 99 (98) linseed oil 274 (264) groundnutseed oil 450 (445) soybean oil 300 (290) rapeseed oil 290 (280). Sunflowerseed oil for shipment through May 323 (313) and june onwards 330 (320). The board also adjusted export prices at which export taxes are levied in dlrs per tonne FOB previous in brackets as follows: Bran pollard wheat 40 (42) pellets 42 (44). REUTER | RPT - ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED |
Clevite Industries Inc said it received a written proposal from J.P. Industries Inc <JPI> seeking to buy all of its outstanding shares for 13.50 dlrs a share. Clevites stock was trading on NASDAQ at 13-1/4. J.P. Industries recently completed the acquisition of Clevites Engine Parts Division. J.P. Industries said its proposed transaction would be financed through borrowings under its available bank lines and a bridge financing facility which Donaldson Lufkin and Jenrette Securities Corp agreed to arrange. To expedite the transaction J.P. Industries said it would be willing to start a cash tender for Clevites shares within five days after agreeing upon a definitive merger and confirmation of Clevites financial results and condition. Reuter | CLEVITE <CLEV> GETS 13.50 DLR/SHR OFFER |
MERCANTILE STORES MARCH SALES UP 0.5 PCT |
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The leaders of two of Japans top business groups said in separate statements the Group of Seven (G-7) accord reached in Washington yesterday is of deep concern to Japan because it shows the major industrial nations regard the yens current level as appropriate. Eishiro Saito chairman of the Federation of Economic Organizations (Keidanren) said the yens present rate is well above adequate levels. He did not elaborate. Takashi Ishihara chairman of the Japan Committee for Economic Development said the accord will not prevent the yen from rising further. We do not understand why the G-7 approved present rates as the yen has risen excessively since the Paris accord Ishihara said. Reuter | JAPAN BUSINESS LEADERS SAY G-7 ACCORD WORRYING |
ABOUT 3314 HEAD OF CATTLE WERE AUCTIONED IN LINIERS CATTLE MARKET AGAINST 13952 ON WEDNESDAY AND 9217 LAST THURSDAY TRADE SOURCES SAID. MAXIMUN PRICES IN AUSTRALES PER KILO WITH DOLLAR EQUIVALENT IN BRACKETS INCLUDED: TODAY WEDNESDAY STEERS OVER 480 KILOS 1.02(0.658) 1.015(0.654) STEERS 460 TO 480 KILOS 1.05(0.677) 1.032(0.665) COWS FOR CANNING 0.56(0.361) 0.56 (0.361) REUTER | ARGENTINE CATTLE MARKET REPORT |
<Thesing-Verwaltungsgesellschaft GmbH> of Coesfeld West Germany is issuing a 10 mln Swiss franc eight year bond with an indicated 6-3/8 pct coupon and par issue price joint lead managers Fintrelex SA and E.Gutzwiller und Cie Banquiers said. Subscription is from May 7 until May 13. The issue is guaranteed by Schallplattentruhe A. Thesing GmbH und Co Kommanditgesellschaft Martin Thesing Handelsgesellschaft. REUTER | WEST GERMANY'S THESING ISSUES 10 MLN SFR BOND |
Mercantile Stores Co Inc said sales for the five weeks ended April four were up 0.5 pct to 184.7 mln dlrs from 183.7 mln dlrs a year earlier with same-store sales off 1.7 pct. Mercantile said sales for the first nine weeks of its fiscal year were up 2.9 pct to 297.9 mln dlrs from 289.6 mln dlrs a year before with same-store sales up 0.5 pct to 288.6 mln dlrs from 287.3 mln dlrs. Reuter | MERCANTILE STORES <MST> MARCH SALES UP 0.5 PCT |
Best Products Co Inc said sales for the five weeks ended April four were off 0.5 pct to 151.2 mln dlrs from 152.0 mln dlrs a year earlier. It said year-to-date sales were off 5.9 pct to 263.2 mln dlrs from 279.6 mln dlrs a year before. Reuter | BEST PRODUCTS <BES> MARCH SALES OFF 0.5 PCT |
American Woodmark Corp said it plans to build a 100000 square foot kitchen cabinet component plant in Toccoa Ga. with completion expected in the spring of 1988. Reuter | AMERICAN WOODMARK <AMWD> TO BUILD PLANT |
K mart Corp said its sales for the five weeks ended April One rose 4.6 pct to 2.18 billion dlrs from 2.08 billion dlrs a year earlier. On a comparable store basis sales rose one-tenth of one pct. It said year-to-date sales increased 7.9 pct to 3.64 billion dlrs from 3.37 billion dlrs in the same 1986 period. On a comparable store basis the increase was 3.2 pct. Reuter | K MART <KM> MARCH SALES SHOW INCREASE |
The Bank of England said it has revised its estimate of todays shortfall to 350 mln stg from 400 mln before taking account of 103 mln stg morning assistance. REUTER | U.K. MONEY MARKET DEFICIT REVISED DOWNWARD |
Physio Technology Inc said it expects to have a third quarter ended March 31 loss of about 200000 dlrs and is in default on its bank loan because of the resignation of chairman and chief executive officer. The company said the loss followed four quarters of modest profits. In the year ago quarter it earned 11000 dlrs or one cent a share. For the first half of fiscal 1987 it reported a profit of 42000 dlrs or two cts a share compared to a year earlier loss of 294000 dlrs or 17 cts a share. It said President Michael R. Hall will assume the duties of chief executive officer. Physio Technology said the resignation of Chairman James C. Lane can constitute non-compliance with its Series A convertible subordinated debentures due 1996 and a default under its agreement with the Merchants Bank of Kansas City. It explained a declaration of non-compliance under the debentures would create a a default under the loan agreements requiring immediate payment of 1.8 mln dlrs of debentures and about 450000 dlrs outstanding under the bank credit line. The company said the debenture holders intend to waive the non-compliance but reserve the right to withdraw the waiver at the end of any 30 day period. Physio Technology said it is changing its field sales force to independent representatives and dealers from employees to significantly reduce its fixed overhead. Its statement did not indicate how many employees would be affected by the move. The company said Lane will become an independent dealter for the company in certain midwestern states. He will continue to serve as a director it added. Reuter | PHYSIO TECHNOLOGY <PHYT> SEES LOSS, IN DEFAULT |
Texas International Co said it has retired 2700000 dlrs of its 10 pct third delayed convertible snior subordinated notes of 1993 Series A and B. As a result it said it has eliminated the scheduled May 1987 conversions of 1300000 dlrs of Series A notes and 1400000 dlrs of Series B notes. Reuter | TEXAS INTERNATIONAL <TEI> RETIRES SOME NOTES |
<Derlan Industries Ltd> said it plans to issue 2.1 mln common shares in a private placement at a price of 14 dlrs per share for gross proceeds of 29.4 mln dlrs. The issue will be placed by McLeod Young Weir Ltd and Loewen Ondaatje McCutcheon and Co Ltd. Proceeds will be used by the company to continue its acquisition program and for internal expansion. Reuter | DERLAN INDUSTRIES PLANS PRIVATE PLACEMENT |
Compaq Computer Corp said the General Service Administration has awarded it a contract allowing federal agencies to purchase COMPAQ personal computers until March 31 1988. The previous Compaq GSA contract expired March 31. Under the new agreement federal agencies can order the COMPAQ presonal computers through any one of 1400 authorized COMPAQ computer government dealers without going through time-consuming competitive bids. Puchases of over 300000 dlrs however must still be bid competitively Compaq said. Reuter | COMPAQ <CPQ> AWARDED 1988 GSA CONTRACT |
Qtr ends March 31 Shr one dlr vs 76 cts Net 11.9 mln vs 8929000 Six mths Shr 1.92 dlrs vs 1.43 dlrs Net 22.8 mln vs 16.8 mln NOTE: full name of bank is washington federal savings and loan association. Reuter | WASHINGTON FEDERAL SAVINGS <WFSL> 2ND QTR NET |
Cominco Ltd said it is forming a new publicly held company Cominco Resources International Ltd to continue exploration and development of its mineral holdings outside Canada Alaska and Australia. Cominco will maintain a majority position in the company but the remaining interest will be sold in offerings led by Wood Gundy Inc and First Marathon Securities Ltd in Canada and S.G. Warburg Securities and Wood Gundy Inc internationally. Cominco said it is filing a preliminary prospectus with securities regulators in all Canadian provinces. Reuter | COMINCO <CLT> TO FORM EXPLORATION UNIT |
CalFed Inc said it has entered the property-casualty insurance business through the formation of Anglo-American Insurance Co Ltd a London-based subsidiary initially capitalized at 80 mln dlrs. The company said <London United Investment PLC> will share equally in all risks premiums and reinsurance with Anglo-American and perform all underwriting activities for Anglo-American. It said more than half of the ventures business is expected to be in the U.S. Reuter | CALFED <CAL> FORMS INSURANCE UNIT |
Sekisui Chemical Co Ltd is issuing a 200 mln dlr equity warrant bond due May 7 1992 paying an indicated coupon of two pct and priced at par lead manager Yamaichi International (Europe) Ltd said. The issue is guaranteed by Sanwa Bank Ltd and is available in denominations of 5000 dlrs. The selling concession is 1-1/2 pct while management and underwriting combined pays 3/4 pct. The payment date is May 7 while listing will be in Luxembourg. Final terms will be fixed on April 15. The warrants are exercisable from May 20 1987 until April 20 1992. REUTER | SEKISUI CHEMICAL ISSUES EQUITY WARRANT EUROBOND |
Payless Cashways Inc said its sales for the five weeks ended April Four rose to 167.4 mln dlrs from 147.5 mln dlrs a year ago or one pct on a comparable store basis. Year to date it said sales gained to 499.6 mln dlrs from 422.0 mln dlrs or four pct on a comparable store basis. Reuter | PAYLESS CASHWAYS <PCI> MARCH SALES UP |
Traders expect U.S. energy futures will open unchanged to slightly lower this morning with support near yesterdays lows. Crude futures are called unchanged to five cts weaker tracking unchanged domestic crudes and North Sea Brent crude which traded at 18.01 dlrs a barrel today about ten cts below yesterdays New York close. Traders said the supply squeeze in 15-day forward April Brent appears to have ended. Product futures which fell sharply yesterday are due to open unchanged to 0.25 cent lower traders said. Traders expect some followthrough selling in products but said gasoil futures in London will probably lend some support since they are trading as expected. May gasoil futures were off 1.50 dlrs a tonne this morning while June was down 1.25 dlrs in thin conditions. Reuter | U.S. ENERGY FUTURES CALLED UNCHANGED TO LOWER |
Shr 63 cts vs 89 cts Net 3425216 vs 3370682 Avg shrs 5421330 vs 3803425 NOTE: net for both qtrs reflects gains on sales of securities of 1755137 or 51 pct of net in 1987; and 3001222 or 89 pct of net in 1986. Reuter | PONCE FEDERAL BANK F.S.B. <PFBS> 1ST QTR NET |
BUNDESBANK SEES NO REASON TO CHANGE MONETARY COURSE - VICE-PRESIDENT SCHLESINGER |
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The Bank of England said it has satisfied its revised estimate of todays shortfall in the money market providing 261 mln stg assistance in afternoon operations. The Bank bought in band one 60 mln stg bank bills at 9-7/8 pct and in band two 200 mln stg bank bills and one mln stg treasury bills at 9-13/16 pct. This brings the total help so far today to 364 mln stg compared with its deficit estimate of 350 mln stg. REUTER | U.K. MONEY MARKET DEFICIT REMOVED |
Stop and Shop Cos Inc said its Bradlees Discount Department Stores Divisions sales for the five weeks ended April four were up six pct to 156 mln dlrs from 147 mln dlrs a year before with same-store sales up one pct. The company said sales for the first nine weeks of the year were up six pct to 259 mln dlrs from 245 mln dlrs a year before with same-store sales up two pct. Reuter | STOP AND SHOP'S <SHP> BRADLEES MARCH SALES RISE |
China is likely to succeed in joining GATT despite policies that contradict free trade because western countries support its entry western diplomats said. China applied to join the General Agreement on Tariffs and Trade (GATT) in July 1986. The organisation formed in 1948 to integrate the worlds free market economies now regulates 80 pct of world trade. The GATT secretariat is expected to submit a list of detailed questions to China next month at the start of long and complex entry negotiations the diplomats said. One diplomat said Chinas prospects are good with its application supported by the United States Japan and the European Community for political and economic reasons. The fear is that if China was refused entry it would draw back the bamboo curtain and go back to the way it was he said. Another said the Soviet Union was waiting in the wings. If GATT accepted China it would be hard not to accept the Soviet Union he said. Chinas agreement will be seen as a model for the Soviet Union. GATT is not a political body. But serious problems have to be tackled during the talks including Chinas pricing system and trade subsidies. GATT is based on free trade and aims to lower tariffs and promote trade with prices alone dictating who buys what. One diplomat said it was very hard in China to establish the real cost of goods because many prices are set by the state and often contain subsidies. Reuter | CHINA LIKELY TO JOIN GATT, DIPLOMATS SAY |
Wang Laboratories said it signed an agreement with <Desk Top Financial Solutions Inc> giving Wang the right to market the Desk Top Financial Planning System for Wangs Office Information Systems (OIS) product line. Wang said the Desk Top Financial Planning System for its OIS comes in two basic packages -- the Advanced Planning System priced at 2995 dlrs and the Budget Reporting System priced at 1995 dlrs. Both are avialable on eight inch and 5-1/4 inch diskettes Wang said. Reuter | WANG <WAN> SIGNS MARKETING AGREEMENT |
The Lebanese Pound fell sharply against the U.S. Dollar again today with dealers attributing the decline to continued political uncertainty. The pound closed at 118.25/118.75 against the dollar compared to yesterdays close of 115.60/115.80. Political deadlock is reflected in the pounds position. There was more demand and less on offer in the market one dealer told Reuters. The pound which was at 18 to the dollar in January 1986 has lost more than 30 pct of its international value over the past three months. REUTER | LEBANESE POUND FALLS SHARPLY AGAINST DOLLAR |
Dividend on 1986 business 12 marks per share vs seven marks. (Company is a subsidiary of Switzerlands BBC AG Brown Boveri und Cie <BBCZ.Z>). Reuter | BROWN BOVERI UND CIE AG LIFTS 1986 DIVIDEND |
Rio Tinto-Zinc Corp Plc <RTZL.L> cut its balance sheet gearing measured as net debt as a proportion of equity to 35 pct at the end of 1986 from 61 pct a year earlier finance director Andrew Buxton told reporters. He said currency movements last year did not greatly affect the earnings outcome though had a greater impact on the balance sheet. At year-end 40 pct of its assets were industrial 35 pct in metal mining and processing and 25 pct in energy. Earlier RTZ reported 1986 net attributable profit of 245 mln stg against 257 mln the previous year. Reuter | RIO TINTO CUTS DEBT-EQUITY RATIO |
The Semiconductor Industry Association is expected to report the sixth straight increase in its three-month average book-to-bill ratio reflecting a continued modest recovery in the computer chip industry semiconductor analysts said. Semiconductor analysts contacted by Reuters put the March book-to-bill -- which is the ratio of new orders to actual sales -- at around 1.15 up from a preliminary 1.13 in the three months ended in February. The association is expected to release its estimates later today or on friday. The analysts said they expect strong March performance both in new orders and actual sales. Michael Gumport analyst with Drexel Burnham Lambert Inc projected the three-month average of new computer chip orders at about 835 mln dlrs up from 788 mln dlrs in February. He put three-month average sales at about 720 mln dlrs also an increase from the 700 mln dlrs reported last month. Gumport said average new orders over 850 mln dlrs would be a plus for semiconductor industry stocks while orders under 800 would be interpreted negatively on Wall Street. Gumport said cut backs in Japanese computer chip production are aiding U.S. chip maker orders and sales. Edward White analyst with E.F. Hutton Group Inc said while Japanese cut backs may be a small factor their effect should be more readily apparant in April and May. White who put the March book-to-bill ratio at 1.15-1.16 said the ratio might hit 1.20 later this spring before showing a normal seasonal decline during the summer. He forecast three-month average orders at 825 mln dlrs for March with three-month average billings at about 711 mln dlrs. This says the industry is still in a phase of moderate recovery...it is not dramatic yet said White. He said the industry still has not seen a pick-up in high technology capital spending needed to create a strong recovery. He said a boost in spending on such big-ticket items as mainframe computers would enhance the recovery which is now focused on personal and small business computers. Kidder Peabody and Co analyst Michael Kubiak agreed the industry is showing a recovery trend that while encouraging is not dramatic. Kubiak projected the March book-to-bill ratio at 1.14. He said the three-month average for orders will be up about 4.5 pct from last month while shipments rise about one pct. He noted however orders during the month of March alone a statistic the Semiconductor Industry Association does not publish should show a 15-20 pct rise from February orders. Kubiak said a book to bill ratio of 1.14 would have little or no effect on semincondutor industry stocks while a ratio of 1.13 would be negative for the market and a ratio of 1.16 would likely cause the stocks to rise. Reuter | TALKING POINT/SEMICONDUCTOR BOOK TO BILL RATIO |
Moderately active grain fixing was reported out of the U.S. But none of the business involved the significant voyages to the Continent or Japan ship brokers said. A steady 13.50 dlrs was paid from the U.S. Gulf to Morocco and 23.25 dlrs was paid for 27000 long tons from the Gulf to Taiwan. A vessel carrying 13500 long tons of bagged wheat flour from the Gulf to Aqaba received a lump sum of 472500 dlrs. Grain from the Great Lakes to Algeria made 28 dlrs against 27.75 paid for similar fixing towards the end of March. Market talk suggested a Federal Commerce vessel had been booked to move grain from the Great Lakes to Morocco on Comanav account at about 22 dlrs and 15.50 had been paid for a cargo of oilseeds from British Columbia to Japan but no confirmation was obtainable. On the Continent shippers agreed 19 dlrs for wheat from La Pallice to Buenaventura and 10.75 dlrs for grain from Ghent to Naples/Venice range. Elsewhere maize from East London to Japan paid 22 dlrs. Soviet charterers reappeared in the timecharter sector and secured a 30000 tonner from Savona for a trans-Atlantic round trip at 4450 dlrs daily and a 31000 tonner from Antwerp-Hamburg for a similar voyage at 4250 dlrs daily. Reuter | LONDON FREIGHT MARKET FEATURES GRAIN OUT OF U.S. |
Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating todays hog slaughter at about 287000 to 295000 head versus 292000 week ago and 322000 a year ago. Cattle slaughter is guesstimated at about 124000 to 128000 head versus 129000 week ago and 134000 a year ago. Reuter | HOG AND CATTLE SLAUGHTER GUESSTIMATES |
Senetek PLC said its Senetek A/S Danish subsidiary has signed a letter of intent to market <Diagnostic Biotechnology Co Pt Ltd> of Singapores AIDS antibody tests to the health care industries in Britain and the Scandinavian countries. The company said its 49 pct owned Tessek Ltd joint venture affiliate in Prague has also signed a letter of intent to market Diagnostics AIDS tests in Czechoslovakia and other Comecon countries. It said Tessek has agreed to exchange research information with Diagnostic in the development of a new AIDS diagnostic kit using Tessek technology. Reuter | SENETEK <SNTKY> UNIT TO MARKET AIDS TEST |
The number of cards in the Eurocheque system Europes biggest personal payments system grew by 11 pct to 39.1 mln last year and is expected to continue increasing by around 10 pct in coming years Eurocheque International Secretary General Mark Van Wauve said. He told a news conference Eurocheque cards can now be used in 40 European and Mediterranean countries to back Eurocheques written in local currency and where facilities are available as electronic debit cards. The system would have 5000 automatic cash dispensers by the end of this year and aimed to have 25000 throughout Europe by 1992. Eurocheques and cards are issued by banks in 21 countries. Van Wauve said Italian banks who already accept Eurocheques had recently asked to be allowed also to issue Eurocheques and cards to their clients. It was possible these would be launched in Italy this year if the Rome government agreed to lift exchange controls that prevent residents writing cheques abroad in any currency but lira he told Reuters. Eurocheque International the systems Brussels-based coordinating centre was also reviewing a request from the Soviet Union for permission to issue cheques and cards. Eurocheques agreements with banks do not permit them to charge commissions from clients using Eurocheques and Van Wauwe said problems with French banks that have demanded such commissions had been reduced to a minimum last year. Eurocheques can also be used to pay in local currency for goods and services bought in over five mln retail outlets in 28 countries with Hungary Tunisia and Greece added to the system this year. East Germany last year became the 40th country to accept Eurocheques made out in dollars at banks and shops. Eurocheque International estimated the total of Eurocheques used nationally and internationally at over one billion a year. REUTER | EUROCHEQUE EXPECTS AROUND 10 PCT CARD GROWTH |
WHIRLPOOL CORP 1ST QTR SHR 66 CTS VS 67 CTS |
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THE FOLLOWING RAINFALL WAS RECORDED IN THE 24 HOURS UP TO (1200) GMT TODAY PARANA STATE: CASCAVEL NIL PONTA GROSSA NILCAMPO MOURAO NIL LONDRINA NIL MARINGA NIL. RIO GRANDO DO SUL STATE: PASSO FUNDO NIL SANTA MARIA 7.0 MILLIMETRES CRUZ ALTA 8.5 MM SAO LUIZ GONZAGA 4.4 MM. REUTER | BRAZILIAN SOY RAINFALL |
Biotherapeutics Inc said its cooperative findings on interleukin-2 the anti-cancer drug were published today in the New England Journal of Medicine. Biotherapeutics along with the Biological Therapy Institute and the National Cancer Institute said the publication focused on a reduction in toxicity through the use of a constant infusion mode of intravenous administration protocol. Reuter | BIOTHERAPEUTICS <BITX> REPORTS DRUG FINDINGS |
Wal-Mart Stores Inc said March sales were up 32 pct to 1.13 billion dlrs from 855 mln dlrs a year earlier with same-store sales up eight pct. The company said sales for the first two months of its fiscal year were up 37 pct to 2.01 billion dlrs from 1.47 billion dlrs a year before with same-store sales up 11 pct. Reuter | WAL-MART STORES <WMT> MARCH SALES RISE |
The Bundesbank sees no current reason to change monetary course vice-president Helmut Schlesinger told Reuters in a telephone interview. Schlesinger was responding to questions following remarks yesterday by Bundesbank board member Claus Koehler and West Berlin state central bank president Dieter Hiss which dealers said revived some speculation that German interest rate cuts may once again be under discussion. Schlesinger said he had no comment on the remarks of his two central bank council colleagues. But he added that the last central bank council meeting on April 2 had discussed the economic situation with a mood of subdued optimism particularly influenced by the news brought by several state central bank presidents. Much is going better than the impression gained by the public from the January figures which have been in the meantime superseded he said. German January industrial output fell 3.0 pct after a decline of 0.9 pct in December. New industry orders fell 1.9 pct after they had been unchanged in December. Bank economists said that the two together showed the economy would either stagnate or contract in the first quarter of 1987. Aside from the economic developments Schlesinger added a steady monetary course was important to hold the dollar/mark rate around current levels as Bundesbank president Karl Otto Poehl had said while attending the Washington World Bank/IMF meeting. Asked however if the Bundesbank could move to cut rates on repurchase agreements at the setting of the next repurchase tender due next Tuesday Schlesinger said Since the central bank council gives its opinion on this theme only every 14 days this is hardly probable. Responding to the question whether the Bundesbank had moved away from a policy of targetting monetary growth toward one of targetting currency rates Schlesinger said he could have no comment on the subject while negotiations were still in progress in Washington. REUTER | BUNDESBANK SEES NO CHANGE IN MONETARY COURSE |
THE FOLLOWING RAINFALL WAS RECORDED IN THE AREAS OVER THE PAST 24 HOURS PARANA STATE: UMUARAMA NIL PARANAVAI NIL LONDRINA NIL MARINGA NIL. SAO PAULO STATE PRESIDENTE PRUDENTE NIL VOTUPORANGA NIL FRANCA NIL CATANDUVA NIL SAO CARLOS NIL SAO SIMAO NIL. MINAS GERAIS STATE: GUAXUPE NIL TRES PONTAS NIL. REUTER | BRAZILIAN COFFEE RAINFALL |
The coupon on the 100 mln dlr 15-year convertible eurobond for Hokkaido Takushoku Bank Ltd has been set at 1-3/4 pct compared with the indicated two pct joint-lead bookrunner Yamaichi International (Europe) Ltd said. The conversion price was set at 1052 yen while the foreign exchange rate was fixed at 146.20 yen per dollar. REUTER | HOKKAIDO TAKUSHOKU CONVERTIBLE EUROBOND COUPON CUT |
E.F. HUTTON LBO INC SAID TENDER OFFER BY PC ACQUISITTION FOR PUROLATOR COURIER EXPIRED |
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The World Bank will support Sri Lankas development program provided the country reduces its budget and current account deficits the Ministry of Finance said. It said Bank President Barber Conable at a meeting with Sri Lankas Finance Minister Ronnie de Mel in Washington also emphasised the need for structural adjustment and reform to the economy battered by five years of separatist disturbances. Officials said Sri Lankas budget deficit this year is expected to surpass the projected 28.7 billion rupees while defence spending already up by two billion rupees from a targetted 10 billion is also likely grow. The Ministry said de Mel asked the World Bank to give Sri Lanka 6.5 billion rupees balance of payments support. REUTER | WORLD BANK TO SUPPORT SRI LANKA IF DEFICITS CUT |
E.F. HUTTON LBO INC SAYS UNIT TERMINATES MERGER AGREEMENT WITH PUROLATOR COURIER |
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Holding company <Gemina Spa> said it had no comment on an Italian press report today that it has acquired a 12 pct stake in <Nuovo Banco Ambrosiano Spa>. Italian daily La Repubblica said that Gemina paid 205 billion lire for the shareholding from several Italian banks. A Gemina spokeswoman told Reuters We have nothing to say about the report. A spokeswoman for Milan-based Ambrosiano said We have no information at this time. In February Ambrosiano chairman Giovanni Bazoli said foreign and domestic firms have expressed interest in buying stakes in the bank. REUTER | GEMINA HAS NO COMMENT ON AMBROSIANO REPORT |
Sears Roebuck and Co said retail sales of its Merchandise Group in March rose 4.2 pct to 2.62 billion dlrs from 2.51 billion dlrs a year ago. For the nine weeks ended April Four Sears Merchandise Group sales rose 4.5 pct to 4.46 billion dlrs from 4.27 billion dlrs in the same 1986 period. Reuter | SEARS, ROEBUCK <S> MARCH RETAIL SALES UP |
Dividend on 1986 business unchanged at 10 marks per ordinary share. Company also set dividend of 11 marks for new preference shares which were issued last year. (Note: Company has said profit will match 1985 level despite provisions of 480 mln marks connected with alleged currency fraud. Group net profit in 1985 was 596 mln marks parent company net was 477 mln marks. Companys full name is Volkswagen AG <VOWG.F>). REUTER | VOLKSWAGEN DIVIDEND UNCHANGED ON 1986 |
Shr 66 cts vs 67 cts Net 48700000 vs 49300000 Sales 961.0 mln vs 870.6 mln Avg shrs 74123837 vs 73374398 Reuter | WHIRLPOOL CORP <WHR> 1ST QTR NET |
The United States which has long sought Japanese action to stimulate its economy appears to be satisfied Tokyos latest package is a major development and allows leading industrial nations to reaffirm their agreement to stabilize currencies. Monetary sources said they believed that U.S. Treasury Secretary James Baker considered Tokyos package announced yesterday to be a major stimulation of the Japanese economy. But yesterdays statement by seven leading industrial powers endorses the yens rise from around 153 to the dollar the level at the February 22 Paris Accord to about 145 today. And the initial reaction of currency markets in the Far East demonstrates that financial markets are unconvinced that currencies yet reflect economic fundamentals even though the countries appear to do so. The yen sank below 145 at one point despite intervention by the Bank of Japan. Kiichi Miyazawa Japans Finance Minister said the movement since Paris was consistent with currency trading ranges the nations agreed to defend in the February talks. I would say that what has happened (to the yen) in the past several weeks was not outside the range we agreed to in the discussions in Paris Miyazawa said yesterday. The supplementary budget worth about 34.48 billion dlrs was announced by the ruling Liberal Democratic Party on the eve of Miyazawas departure for Washington to attend yesterdays meetings of leading industrial nations. In a strongly worded statement terming the Japanese action extraordinary and urgent the meeting reaffirmed the Paris Accord by noting that current exchange rates are within ranges broadly consistent with fundamentals or economic reality. The Group of Seven -- the United States Japan West Germany France Britain Italy and Canada -- therefore repeated their willingness to continue close cooperation to foster exchange rate stability. The cooperation agreement has resulted in concerted central bank intervention of 8 billion to 9 billion dlrs to halt the dollars fall. While relatively unsuccessful the scale of intervention between so many nations is unprecedented in recent years. Monetary sources also said they understood that Secretary Baker considered the meeting to be extremely successful in the light of the Japanese announcement. They also said there was a growing feeling among the finance ministers and central bankers that cooperation over medium-term policies has replaced the bickering over short-term differences in past meetings. West Germany whose currency has not risen anything like the yen since the Paris Agreement appears from the face of yesterdays statement to have won acceptance from other countries that its exchange rate is acceptable. Bonns finance minister Gerhard Stoltenberg argues that major currency shifts needed to remedy the huge imbalance between West Germany and Japans trade surpluses and Americas trade deficit have already taken place. No mention was made however of the U.S. commitment to cut the budget deficit even though it is implied in the reafffirmation of Paris. European nations and Japan believe deficit cuts are essential to curbing the record U.S. trade shortfall that reached nearly 170 billion dlrs last year. A similar argument was made on Capitol Hill earlier this week by Federal Reserve Board chairman Paul Volcker. A further sharp fall to redress trade imbalances would clearly pose substantial risks of renewed inflationary momentum and could undermine confidence in future financial stability he said. Volcker warned a further dollar fall might force the politically independent Fed to drive up interest rates. Monetary sources said that privately West Germany welcomed the rise in the yen against the dollar while its own currency remained relatively stable against the U.S. unit. Bonn and other European nations worry that once the weak dollar blunts Tokyos export drive to the United States the Japanese monolith will concentrate on European markets. The ministers meanwhile also continued talks on making their policy coordination more binding and one Canadian Finance Minister Michael Wilson said good progress was made. Wilson said they will meet before the June Economic Summit to prepare a report for the leaders of the seven nations. The United States and France backed by the International Monetary Fund want the seven to agree on ranges or norms for a limited number of economic objectives such as growth inflation monetary conditions trade balances and current account balances. Sharp deviations from these guidelines would result in consultations between the countries on whether corrective action should be required. But the inclusion of currencies as one of the objectives has Bonn and London worried monetary sources say because it implies Washington is moving in the direction of target zones. The sources said the Reagan administration unsuccessfully sounded out its allies on a system of target zones to limit currency fluctuations just before the February meeting. The concept is a much more rigid one than the secret ranges of the Paris Accord and would mark a sharp departure from the relatively free currency markets of recent years. Reuter | U.S. SAID TO VIEW G-7 MEETING AS MAJOR SUCCESS |
The Bank of France said it left its intervention rate unchanged at 7-3/4 pct when it injected funds in the market against first category paper in todays money market intervention tender. Money market dealers had earlier expressed mixed views on the possibility of quarter point cut. The rate was last adjusted on March 9 when it was cut to 7-3/4 pct from the eight pct rate set in January. REUTER | BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED |
The global economy is expected to weaken this year adding new worries to an already serious poverty outlook economic analysts said. For finance ministers and central bankers attending this weeks semi-annual meetings of the International Monetary Fund and World Bank the new figures released by the IMF add an additional concern. The Fund estimated world output would only grow by 2.7 pct this year versus 2.9 pct last year and 3.1 pct in 1985. In the industrial countries Gross National Product a measure of all goods and services was expected to decline to 2.3 pct this year compared with 2.4 pct in 1986 the IMF said. For the developing countries the Gross Domestic Product another measure of economic growth was expected to fall to 3.0 pct from 3.5 pct last year. The new figures are considered a major disappointment to the poorest countries. They had hoped that new vitality in the industrial countries brought on by a sharp decline in oil prices would assist their economic recovery and help them cope with growing mounds of debt. IMF officials discussing their outlook said they believed the industrial country economies would move up to an annual growth rate of three pct by the end of the decade. Economic analysts and the IMF have been saying for some time that the ability to keep the debt crisis from turning into an economic rout rests on sustained economic growth. Since the debtor countries must look to the wealthier states for markets for their products as well as financial assistance economic weakness in the developed nations economies poses fundamental worries. Debtor countries including the very poorest states have only a few avenues open to them for earning foreign exchange including the key one of exports. The U.S. economy which is in its fifth year of expansion has served as a mainstay for developing country exports but it too is seen as being rather feeble this year growing by only 2.3 pct according to the IMF. For this reason and because of a high trade deficit the United States has been pressuring Japan and West Germany to ignite their economies but with little apparent success. The IMF study also examines the course of the dollar and the curious lack of impact it has had on the U.S. trade deficit. Reagan administration officials have been saying that the impact is now beginning to show up although it has been much slower than expected. The IMF observed in its World Economic Outlook that it has to be recognized that exchange rate adjustments take time to work through to payments flows -- probably at least three years to get a resonably complete effect. The report added however the adjustments may take even more time on this occasion. REUTER^M | GLOBAL ECONOMIC SLOWDOWN RAISES NEW DEBT FEARS |
The head of Spains employers federation Jose Maria Cuevas said employers were worried about the governments monetary policies because high real interest rates were hampering investment. He told a news conference wage pacts signed so far this year were not endangering the governments five pct inflation target. The governments perceived need to control inflation by keeping a tight rein on credit was unnecessary he said. High real interest rates were attracting an influx of speculative foreign capital which was undercutting the governments target for monetary growth Cuevas said. Spains most closely-watched measure of money supply liquid assets in public hands grew at an annualised rate of 17 pct in March against 11.4 pct in December last year and a target range of 6.5 to 9.5 pct for 1987. To combat this the Bank of Spain has raised its call money rate 14 times so far this year to 14.5 pct at present from 11.8 at end-1986. Cuevas said employers were heeding the governments call to hold wage increases to its five pct inflation target this year with increases from salary reviews awarded last year and new wage pacts averaging 5.6 pct in the first quarter of 1987. These agreements covered less than 40 pct of Spanish workers Cuevas said with the rest still in wage negotiations. He said Spains current wave of strikes mainly affected the state sector where the government is trying to impose its five pct wage ceiling. Cuevas said employers were also worried about the trend in Spains foreign trade balance. The trade deficit in the first two months of 1987 totalled 233 billion pesetas a 68 pct increase over the corresponding period last year. However employers did not favour a devaluation of the peseta to correct the imbalance. REUTER | SPANISH EMPLOYERS WORRIED BY HIGH INTEREST RATES |
Showboat Inc said its board declared a two-for-one stock split payable to shareholders of record on May 15. Reuter | SHOWBOAT <SBO> DECLARES STOCK SPLIT |
J.C. Penney Co Inc said sales for the five weeks ended April Four for its JCPenney stores and catalog were off 1.3 pct to 1.12 billion dlrs from 1.13 billion a year before with same-store sales off 1.5 pct. The company said total company sales were off 0.2 pct to 1.25 billion dlrs from 1.26 billion dlrs. Penney said sales for ther first nine weeks of its fiscal year for its JCPenney stores and catalogs were up 1.3 pct to 1.90 billion dlrs from 1.87 billion dlrs a year before with same-store sales up 1.2 pct. Penney said year to date sales company-wide were up 2.3 pct to 2.14 billion dlrs from 2.09 billion dlrs with same-store sales up 2.2 pct. Penney said Sales were in line with expectations in light of the shift of Easter from March in 1986 to April this year. Sales continued strong for catalog operations and geographically ranged from very active in the East to weak in the economically depressed Southwest. Reuter | J.C. PENNEY <JCP> MARCH SALES OFF 1.3 PCT |
Supermarkets General Corp said its sales were 540.9 mln dlrs for the five-week period ended April 4 1987 a 7.8 pct increase over sales of 501.8 mln dlrs for the comparable period a year ago. For the nine-weeks of its current fiscal year through April 4 the company said sales were 965.8 mln dlrs a 7.5 pct increase over 898.2 mln dlrs for the comparable period last year. Reuter | SUPERMARKETS GENERAL <SGL> FIVE WEEK SALES |
Lead prices have risen this week against a background of a finely balanced physical sector traders said. Further gains are possible if the USSR steps up its buying or if labour problems develop in North America they added. London Metal Exchange (LME) prices are unusually buoyant at a time of year when seasonal demand is normally slackening and prices tending to drift lower. This buoyancy is generally attributed by traders to the low level of LME stocks and steady if unspectacular physical demand in the Northern Hemisphere finding supplies curtailed. The supply problems are not new but are beginning to be felt by a market in which as peak winter demand tails off stocks usually build fast and availability increases traders said. The lower supply levels result from a number of different factors around the globe. Delayed shipments from Peru to Mediterranean countries because of production and transport problems lack of Spanish exports since the closure last year of Cia La Cruzs smelter at Linares and lower output in Morocco and Greece have all meant additional demand being directed to merchants who in turn have been drawing on LME stocks. In addition Broken Hill Associated Smelters Port Pirie South Australia smelter is halting production for five weeks for maintenance. Although the company said it would meet commitments this will put further pressure on stocks. And the U.S. Company Doe Run has kept its 140000 tonnes per year Boss Montana smelter closed. This cut producer stocks and contributed to a closer supply/demand balance within the U.S. Market for many years depressed by surplus production and a regular supplier to the world market. Mexican supplies which have sometimes swelled LME stocks have been normal but are finding ready buyers traders said. On the demand side winter battery manufacture has held up quite well and some U.S. Buying of lead sheet has been reported in the U.K. Soviet lead buying notably absent in Europe in the first two months of the year was resumed when a large buying order was filled by merchants in March. Merchant demand has fuelled the rise in LME lead prices this week and has seen cash metal move above 320 stg and establish a premium of around 10 stg over three months delivery. Specific demand has been directed towards metal in Gothenburg and Trieste warehouses. Gothenburg material is often a target for merchants shipping to the USSR traders said. On stocks the popular LME Continental warehouses Antwerp and Rotterdam have little more than 3000 tonnes of lead each and this is believed to be in strong hands. Out of a total 22125 tonnes in LME stocks the lowest level since June 1980 just over half is in U.K. Warehouses which are not popular with merchants putting together shipments. But even U.K. Stocks have dropped around 6000 tonnes since the start of the year. Traders said this is partly due to secondary smelters buying ingots to supplement feed supplies affected by environmental controls which put restrictions on the transport of used batteries. Labour negotiations in North America will play an important part in determining the direction of prices with contracts expiring end-April at Comincos Trail and Kimberley B.C. Mine/smelter and at Doe Runs Herculaneum Mo smelter. Norandas New Brunswick mine/smelter also has a contract expiry in July which may cause some nervousness in view of strikes by its zinc and copper workers over recent months. Traders said LME three months delivery already attracting speculative buying could rise to 320/330 stg on current firmness while nearby tightness could widen the cash premium to 20 from four. Three months was quoted at 313 stg at midsession. Reuter | LEAD PRICES RISE ON FINELY BALANCED PHYSICALS |
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