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The American Stock Exchange said Data Architects Inc common will begin trading on the exchange tomorrow under the symbol <DAI>. REUTER^M | DATA ARCHITECTS <DRCH> TO TRADE ON AMEX |
Iran said it launched a fresh offensive today north of Baghdad three days after it began a new thrust against Iraq on the southern Gulf war front. The Iranian news agency IRNA received in London said the offensive began before dawn northeast of Qasr-e-Shirin on the border 110 miles northeast of the Iraqi capital. Heavy casualties and losses have been inflicted on Iraqi forces in the fresh Iranian assault IRNA said. Iran today reported major gains on the southern front near the major Iraqi port city of Basra saying its forces had captured an important defensive line. Iraq said today it repelled an Iranian assault near its southern port of Basra last night inflicting thousands of casualties on the attackers. An Iraqi field commander told a correspondent of the official Iraqi news agency INA that four Iranian divisions were destroyed in the fighting. He said Our forces are still engaged in repelling the enemy offensive inflicting on them intensive losses but (they are) in full control of the situation. A Baghdad war communique last night said Iraq had foiled a three-pronged thrust some 10 km from Basra while admitting Iran had occupied some fresh territory. REUTER | IRAN SAYS IT OPENS NEW OFFENSIVE NORTH OF BAGHDAD |
Conseco Inc said it has filed to offer two mln common shares through underwriters led by Sears Roebuck and Co Incs <S> Dean Witter Reynolds unit. It said the offering is expected to be made in early May with proceeds to be used to partly finance the proposed 275 mln dlr acquisition of Western National Life Insurance Co or to repay bank debt if the acquisition is not completed. Reuter | CONSECO <CNC> FILES TO OFFER SHARES |
Comair Inc said March load factor fell to 36.6 pct from 39.8 pct a year earlier. The company said revenue passenger miles rose 9.0 pct to 12.4 mln from 11.3 mln and available seat miles rose 18.5 pct to 33.8 mln from 28.5 mln. For the year to date Comair said load factor fell to 36.3 pct to 40.3 pct a year before as revenue passenger miles rose 3.8 pct to 131.4 mln from 126.6 mln and available seat miles rose 15.3 pct to 362.3 mln from 314.3 mln. Reuter | COMAIR <COMR> MARCH LOAD FACTOR FALLS |
The Democratic-run House of Representatives defeated on a 394 to 27 vote President Reagans 1988 budget and planned to vote later on one written by House Budget Committee Democrats. The defeat was expected. Republicans as well as Democrats abandoned Reagans budget for containing what they said were unrealistic assumptions. Democratic leaders said they expected to pass the committees budget after considering two other alternatives but committee sources said the voting could be close. Reuter | U.S. HOUSE DEFEATS REAGAN'S 1988 BUDGET |
Toth Aluminum Corp said an offering of 2500000 common shares is under way at 1.875 dlrs each. It said another 5993577 shares are issuable on the exercise of outstanding options. Reuter | TOTH ALUMINUM <TOTH> SHARE OFFERING UNDER WAY |
<Varity Corp> said shareholders approved a previously reported proposal to transfer 137.5 mln U.S. dlrs to the contributed surplus account on the companys balance sheet from the stated capital account for common shares. The company said the move would allow it to meet Canadian government tests related to dividend payments. Reuter | VARITY <VAT> CAPITAL RESTATEMENT APPROVED |
Time Inc said its Time-Life Video Inc subsidiary has agreed in principle to sell its institutional training business to Time-Life Video president William V. Ambrose for undisclosed terms. It said the business will operate as Ambrose Video Publishing. Reuter | TIME <TL> TO SELL PART OF UNIT |
Toronto Dominion Bank Nassau Branch has increased its eurobond offering to 50 mln Australian dlrs from 40 mln lead manager Hambros Bank Ltd said. All other terms remain the same. REUTER | TORONTO DOMINION AUSTRALIA DOLLAR BOND INCREASED |
Council of Economic Advisers chairman Beryl Sprinkel said the Reagan Administration remains strongly opposed to a tax increase including 18 billion dlrs of new revenues in the budget plan by Congressional Democrats. We believe that significant increases in taxes would not reduce deficits and could have adverse effects on growth Sprinkel told the House Rules Committee. He said the Administration wanted to continue its policy of gradually reducing deficits through restraining government spending and promoting economic growth. Sprinkel said cutting the budget deficit was the best way to lower the trade deficit. Reuter | SPRINKEL SAYS TAX HIKE WOULD NOT REDUCE DEFICIT |
Shr 49 cts vs five cts Shr diluted 45 cts vs five cts Net 651000 vs 95000 Revs not given 1st half Shr 57 cts vs one ct Shr diluted 53 cts vs one ct Net 781000 vs 56000 Revs not given NOTE: Current year net both periods includes gain 873000 dlrs from repurchase of securities. Results exclude Business Forms Division which is to be sold. Reuter | ROYAL BUSINESS GROUP INC <ROY> 2ND QTR MARCH ONE |
Shr nil vs nil Net 18534 vcs 27431 Revs 270032 vs 188326 Avg shrs 6598871 vs 6090576 Year Shr nil vs nil Net 47299 vs 21570 Revs 1004392 vs 677909 Avg shrs 6618063 vs 5931324 NOTE: Share adjusted for one-for-11 reverse split. Reuter | <MSE CABLE SYSTEMS INC> 4TH QTR NET |
Shr 17 cts vs 10 cts Net 408000 vs 237000 Revs 8863000 vs 6738000 1st half Shr 27 cts vs 15 cts Net 647000 vs 356000 Revs 17.2 mln vs 12.5 mln Reuter | RULE INDUSTRIES INC <RULE> 2ND QTR FEB 28 NET |
Carson Pirie Scott and Co said its March retail sales increased 8.2 pct to 70.6 mln dlrs from 65.3 mln dlrs a year ago. It said cumulative sales gained 13.2 pct to 125.0 mln dlrs from 110.4 mln dlrs in the same 1986 period. Reuter | CARSON PIRIE SCOTT AND CO <CRN> MARCH SALES UP |
Japan which has been accused of dumping everything from steel to computer microchips on world markets is now under attack for alleged cutthroat selling of a product of a different sort -- banking services. At meetings here this week Bank of England officials pressed their Japanese counterparts to change regulations that foreign bankers say give their Japanese rivals an unfair advantage in world financial markets. The technical banking talks coincided with but were separate from discussions between Japanese officials and British corporate affairs minister Michael Howard who left Tokyo yesterday for South Korea. At the crux of the talks was the way regulators in various countries measure bank capital and how much capital banks must put up to back up their loans. It is generally agreed that shareholders equity forms the bulwark of bank capital but there is disagreement about what else should be included. Some foreign bankers contend that their Japanese rivals can undercut them on loans and other banking services because Tokyos capital regulations are easier to meet. The Japanese banks have an unfair advantage Paul Hofer head of the Foreign Bankers Association of Japan told Reuters. Sumitomo Bank Ltd chief economist Masahiko Koido said They see us as very aggressive. We say we are just trying to catch up with them. Earlier this year the United States and Britain agreed to adopt common regulations requiring banks to put up capital equivalent to at least six pct of total assets. The two countries urged others to follow suit notably Japan. But Japanese Finance Ministry officials held out little hope that would happen soon as they just introduced new regulations governing capital ratios last May. Under those regulations banks have until 1990 to attain a capital ratio of four pct. But in tacit recognition of overseas pressure the ministry set a six pct target for Japanese banks with overseas branches. But foreign bankers say the rub was that it allowed Japans banks to count 70 pct of the value of their massive holdings of Japanese shares - their so-called hidden reserves - as capital. Without the shares big Japanese banks would only have capital ratios of around three pct. With them their ratios are well above six pct especially after the recent record-breaking climb of Tokyo share prices. Western diplomats argue that the shares are valued far too high by the ministry. Japanese banks would never be able to realize anywhere near that amount if they were forced to sell the shares to raise funds in an emergency they say. Finance Ministry officials defended their stance by saying that studies of the stock market over the last 30 years show that prices have rarely fallen below the 70 pct value level. But the U.S. Federal Reserve seems to think otherwise. Japanese officials say the Fed has effectively held up applications for bank licenses by Japanese financial institutions by asking them for a very detailed accounting of their hidden reserves. The officials say Japan recently raised the issue with the Fed through its embassy in Washington and is hoping for talks on the subject. REUTER | JAPAN CRITICISED FOR "DUMPING" OF BANK SERVICES |
A New Jersey investor Joseph Falkenstein told the Securities and Exchange Commission he holds 5.2 pct of the shares of Kinark Corp. He said he has no plans to change the company and that he bought the shares because he believed the stock was undervalued and would rise in the next six months. reuter | NEW JERSEY INVESTOR BUYS 5.2 PCT OF KINARK <KIN> |
<Honeywell Bull> is seeking a 400 mln dlr five-year multi option facility arranger Banque Nationale de Paris said. The facility will be co-arranged by Morgan Guaranty and The Industrial Bank of Japan Ltd. The operation has an evergreen facility and can be extended up to eight years BNP said. The facility will be made up of two components. The first A part will consist of a maximum 400 mln dlrs with a maximum spread of Libor plus 3/8 pct. Component B to be unsecured will be for a maximum of 200 mln dlrs with a maximum spread of Libor plus 5/8 pct for the first three years Libor plus 3/4 pct for the fourth to sixth years and LIBOR plus 7/8 pct for the seventh year. Honeywell Bull was recently created by Cie des Machines Bull <BULP.PA> <Honeywell Inc> and <NEC Corp> of Japan. REUTER | HONEYWELL BULL SEEKING 400 MLN DLR FACILITY |
National Distillers and Chemical Corp expects to realize a second quarter after-tax gain of four dlrs per share from the 545 mln dlr sale of its spirits business to American Brands Inc <AMB>. National Distillers stock rose 1-1/8 to 65-1/2 after an opening delay on the New York Stock exchange for an imbalance of orders. I think the sales price was higher than most people expected said John Henry of E.F. Hutton Group. A company spokeswoman said the four dlr per share gain will be included in second quarter net which compares with 31 cts per share last year including the spirits and wine business They netted over 700 mln dlrs for spirits and wine. That will ease their interest cost burden said Henry. National Distillers sold its wine business last month to Grand Metropolitan PLCs Heublein Inc for 128 mln dlrs. Henry said he had anticipated National Distillers would net only 600 mln dlrs at the most from the sale of the two liquor businesses. Henry said the company recovered from the sales the cost of buying Enron Chemicals in the fourth quarter last year. National Distillers paid 570 mln dlrs cash for Enron and assumed 34 mln dlrs in debt. National Distillers said at the time it bought Enron it would sell the spirits and wine businesses moving more into the chemical area. For 1986 two thirds of income were from chemicals and propane. National Distillers earned excluding the liquor businesses 2.21 dlrs per share for 1986. Income from discontinued operations including the liquor businesses was 67 cts per share. Reuter | NATIONAL DISTILLERS <DR> SEES SECOND QTR GAIN |
Unfavorable weather conditions during the second week of March caused damage to oranges in the Calabria region in southern Italy the U.S. Agriculture Departments officer in Rome said in a field report. The report dated April 3 said the region accounts for about 22000 hectares of the Italian orange crop or about 26 pct of total production. However orange production in the region for marketing year 1986/87 is forecast at 565000 tonnes or 25 pct of the total Italian orange crop it said. The report said trade contacts agree that about 15 pct of the orange output in Calabria was damaged by frost. Reuter | WEATHER HURTS ITALIAN ORANGES - USDA REPORT |
The European Commission authorised the export of 65000 tonnes of free market barley at todays tender at a maximum rebate of 138.75 European currency units and 55000 tonnes of French maize at 130 Ecus grain traders here said. It rejected bids for breadmaking and feed wheat they said. Reuter | EC GRANTS FREE MARKET BARLEY, MAIZE EXPORTS |
FED BUYING DOLLARS FOR YEN IN OPEN MARKET, NEW YORK DEALERS SAY |
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Lloyds of London has offered to meet part of the 235 mln stg in claims that investors in PCW Underwriting Agencies face due to fraud and mismanagement chairman Peter Miller said at a press conference. Miller urged 3000 PCW members to accept the offer so that the five-year-old affair could be closed. The members have until May 30 to accept the offer involving a 103 mln stg payment by Lloyds and some of Lloyds underwriters in exchange for a 34 mln stg contribution from PCW members he said. Miller said that at end-1985 PCW syndicates had gross liabilities of 680 mln stg. To offset this they had assets including cash and payments from reinsurance policies on some of the risks underwritten by the syndicates of 445 mln stg leaving net liabilities of 235 mln he said. The total sum on offer including a 48 mln stg payment from Lloyds 311 mln stg contingency fund and 55 mln stg from Lloyds brokers who could otherwise face court cases for their involvement in PCW is designed to cover the full reinsurance cost for those 235 mln stg of net liabilities Miller said. Under the offer which requires 90 pct acceptance Lloyds itself would take over all members future obligations connected with the PCW syndicates Miller said. Members would have to agree not to pursue the matter in court. Miller said a rejection of the offer would probably lead to protracted litigation in court which even if succesful for members was unlikely to produce a better deal for them. He added that acceptance would mean members could continue underwriting in the Lloyds market and qualify for tax relief on the cash payments they would make towards the settlement. Miller denied that PCW members would face bills of over 200000 stg. He said only 34 members would be asked to pay between 100000 and 200000 stg and about 100 between 60000 and 100000 stg. Special arrangements would be sought for those who accept the offer but are unable to pay. Miller said the offer did not imply Lloyds accepted responsibility for the affair uncovered in the late autumn of 1982 when it became quite clear that (PCW agency founder) Peter Cameron Webb and (his partner) Peter Dixon had perpetrated theft upon members he said. Part of the sum involved was subsequently recovered and repaid to members but Cameron Webb and Dixon left the affairs of PCW syndicates in a state of chaos which led to a sharp deterioration of their underwriting results Miller said. Both were fined by a Lloyds disciplinary committee and expelled from membership. He said Lloyds would continue to seek reparation in British and U.S. Courts with the utmost vigour ... To bring to a close one of the most shameful episodes in the history of Lloyds and was contemplating claiming the full amount of the settlement now on offer from Cameron Webb and Dixon. In a reaction insurance brokerage Sedgwick Group Plc <SDWK.L> said it supported Lloyds proposals and had contributed 10 mln stg towards the proposed settlement. It said in a statement as largest broker in the Lloyds market the company has an essential interest in maintaining the reputation of the market. That reputation has been damaged by problems at PCW and will continue to be so as long as they remain unresolved. It had contributed to the proposed settlement to avoid costs related to the defence of some of its subsidiaries which had been named as potential defendants to litigation by PCW members it said. Reuter | LLOYD'S OFFERS CASH IN BID TO END PCW AFFAIR |
Shr loss eight cts vs loss nine cts Net loss 311255 vs loss 157941 Revs 546069 vs 284636 Avg shrs 3790235 vs 1819680 Year Shr loss 27 cts vs loss 24 cts Net loss 858624 vs loss 399385 Revs 1491518 vs 1407441 Avg shrs 3175157 vs 1692700 Reuter | WASTE RECOVERY INC <WRII> 4TH QTR NET |
Shr primary 99ct vs 82 cxts Shr diluted 93 cts vs 78 cts Net 7784000 vs 6357000 Assets 3.25 billion vs 2.74 billion Deposits 2.58 billion vs 2.24 billion Loans 2.20 billion vs 1.81 billion Reuter | BRANCH CORP <BNCH> 1ST QTR NET |
Amsterdam-Rotterdam Bank NV <AMRO.AS> said it plans to issue 300 mln 6.75 pct capital bonds due 1988/2007. The bonds will be redeemable in 20 almost equal annual instalments starting June 1 1988. Early redemption is not permitted the bank said. The issue price will be announced no later than Wednesday April 15. Subscriptions close on Thursday April 16 at 15.00 hrs local time. The coupon and payment date is June 1. The bonds will be listed on the Amsterdam Stock Exchange. A spokesman for the bank said the capital bonds were subordinated and had an average maturity of 10.5 years. The bonds will be in denominations of 1000 and 5000 guilders. REUTER | AMRO BANK PLANS 300 MLN GUILDER 6.75 PCT BONDS |
Kurz-Kasch Inc a Dayton thermoset molding maker told the Securities and Exchange Commission it had increased its holdings in Component Technology Corp by two pct to 9.3 pct. It said it bought the 39000 shares of stock at 5.30-6.875 dlrs a share for investment purposes. Reuter | KURZ-KASCH UPS STAKE IN COMPONENT TECH <CTEC> |
First Interstate Bancorp said it signed franchise agreements with banks in Louisiana and Washington D.C. The banks Citizens Bank and Trust Co of Thibodaux Louisiana and National Enterprise Bank of Washington will change their names to First Interstate this summer. Citizens Bank has assets of 267 mln dlrs in eight offices. National Enterprise has 53 mln dlrs in assets in one office. Under its franchise system member banks offer a variety of First Interstate financial services but are not owned by First Interstate. First Interstate operates 24 banks in 12 states but its franchise operation extends the geographic area through its affiliate banks to 19 states plus the District of Columbia. First Interstate the nations ninth largest bank has 42 banks with 138 offices under its franchise system. Todays move is its first into the east coast and southern portion of the nation. Most of its other franchise system banks are located in the western region. First Interstate Chairman Joseph Pinola told Reuters in a recent interview the lagging agricultural economy in the Midwest continues to inhibit expansion into that region. Reuter | FIRST INTERSTATE <I> SETS TWO FRANCHISE PACTS |
Avions Marcel Dassault-Breguet Aviation <AVMD.PA> has offered the French Defence Ministry a new design of its Rafale fighter which is lighter and less detectible by radar a company spokesman said today. The new version would weigh between 8.5 and nine tonnes unarmed against 9.5 tonnes for the existing Rafale-A demonstrator which first flew last year he said. The Rafale-D design calls for special paints and materials to absorb radar signals as well as smoother contours and electronic counter-measures. Reuter | DASSAULT OFFERS NEW PLANE TO DEFENCE MINISTRY |
A key U.S. lawmaker in the securities field said the insider trading scandal gripping Wall Street reflects the attitude of the Reagan administration. They dont ask the question Is it right or is it wrong? They ask the question Can you pull it off? Rep Edward Markey (D-Mass) told a state securities administrators meeting here. Markey Chairman of the House telecommunications and finance subcommittee which oversees U.S. securities markets said this ethic permeated Wall Street as well as the Reagan administration. He cited as examples a number of administration officials tainted by charges of wrongdoing including ex-Reagan advisor Michael Deaver former national security aide John Poindexter and former Environmental Protection Agency official Rita Lavelle. Some Wall Street critics have blamed the insider trading scandal on the so-called Yuppie mentality in which young professionals strive for financial reward and neglect social values. But Markey said the inspiration for this attitude came from the administration. Reuter | WALL ST. SCANDAL SAID TO REFLECT REAGAN ETHIC |
Based on field travel in the Brazilian state of Parana soybean yields should be about average or 2.0 to 2.2 tonnes per hectare the U.S. Agriculture Departments officer in Sao Paulo said in a field report. The report dated March 24 noted Parana accounts for about 20 to 24 pct of Brazils total soybean crop. It said generally favorable weather from early December through February helped compensate for earlier dryness. However hot dry weather during the past 20 to 30 days followed by an unseasonably brief cold spell during the second week of march has raised concern about late planted soybeans which are still immature but the impact may be localized the report said. The corn crop is expected to be a record and will create serious storage problems the report said. Due to favorable support prices corn area increased by more than 25 pct at the expense of soybeans and yields are expected to be above average it said. Due to late plantings only about 20 pct of the corn crop crop has been harvested. During the field trip long truck lines were noted at grain elevators where preference is given to soybeans over corn the report said. New crop wheat plantings are expected to decline -- Parana accounts for about 60 pct of total production. Major reasons for the decline are expected reduced government support price and good summer crop harvests. Reuter | BRAZIL SOYBEAN YIELDS SEEN AVERAGE - USDA REPORT |
Colombia has secured total borrowings this year for 1.95 billion dlrs of which 1.40 billion correspond to loans arranged before 1986 Director of Public Credit Mauricio Cabrera said. Cabrera said about half of the borrowings would come from the World Bank and the Inter-American Development Bank. He was speaking at a forum for industrialists upon his return from London where he attended the signing of a 50 mln dlr floating rate note Colombias first such offering on the euromarket. Cabrera reaffirmed that Colombia has no intention of rescheduling its foreign debt which he put at 14.35 billion dlrs of which 11.35 billion are from the public sector. For the international banking community Colombia continues to be the best house in spite of being in the worst neighbourhood he said. He said debt servicing will remain a burden in 1987 and will amount to 34.6 pct of total exports. REUTER | COLOMBIA SECURES 1.95 BILLION DLRS OF DEBT |
Qtly div 10 cts vs eight cts prior Pay June Four Record May 14 Reuter | ZAYRE CORP <ZY> RAISES QUARTERLY |
The Federal Reserve was detected buying dollars for yen in the open market as the dollar fell to a 40-year low of 144.60 yen in nervous late morning trading currency dealers said. They said the size of the intervention was relatively modest so far but it was a clear indication that the U.S. remained committed to the late February Paris currency stabilization accord which was reaffirmed in Washington last night. A Fed spokeswoman had no comment on the dealer reports. The dollar hovered around 144.70 just before midday. Reuter | FED SEEN BUYING DOLLARS FOR YEN IN OPEN MARKET |
MAY DEPARTMENT STORES MARCH SALES RISE 3.5 PCT |
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RJR Nabisco Inc said its 1987 first quarter results will include an after-tax gain of 208 mln dlrs from the sale of Heublein Inc and offsetting charges. The company said its operations are performing well and in line with expectations. RJR Nabisco said the charges reflect reserves it established to cover certain expenses. RJR Nabisco said the expenses covered on after-tax basis include -- -- 50 mln dlrs for the write-down of redundant equipment and facilities resulting from modernization of its U.S. tobacco operations -- 79 mln dlrs for continuing restruction of its food subsidiaries and -- 80 mln dlrs in connection with the early retirement of high coupon debt. Reuter | RJR NABISCO <RJR> HAS OFFSETTING GAINS, CHARGES |
Oper shr 1.08 dlrs vs 96 cts Oper shr diluted 1.02 dlrs vs 89 cts Oper net 16.1 mln vs 12.8 mln Avg shrs 14.9 mln vs 13.4 mln Avg shrs 16.1 mln vs 14.8 mln NOTE: 1987 net excludes gain 4820000 dlrs from cumulative effect of change in calculating depreciation expense. Reuter | BAYBANKS INC <BBNK> 1ST QTR NET |
The United States and Britain served notice that they would block a move in the U.N. Security Council to impose sanctions against South Africa in a bid to end its rule of Namibia (South West Africa). Their vetoes would repeat the joint action they took on February 20 to bar selective sanctions against Pretoria over its apartheid policy. Measures of this sort would be counterproductive giving South Africa the excuse to remain intransigent John Birch the British delegate said. Vernon Walters the U.S. representative said Washington flatly opposed mandatory sanctions. Reuter | U.S., BRITAIN BAR SANCTIONS AGAINST SOUTH AFRICA |
French Finance Minister Edouard Balladur said that the financial community is closer to arriving at a system of target zones for currencies despite the fact that little is being said about them. Speaking with reporters at the semiannual meetings of the International Monetary Fund Balladur said We are not very far from the notion of target zones even if we dont say so. He told reporters that our ideas are progressing adding that the finance ministers have been talking about more cooperation on economic policies and on levels around which currencies should stabilize. Reuter | FRANCE'S BALLADUR SAYS TARGET ZONE NOTION NEARER |
Shr 95 cts vs 71 cts Net 42.4 mln vs 34.5 mln Assets 18.61 billion vs 15.66 billion Reuter | STUDENT LOAN MARKETING ASSOCIATION <SLM> 1ST QTR |
No raw sugar is being unloaded at Tate and Lyles refinery at Silvertown on the River Thames following a fire yesterday afternoon Tate and Lyle Plc said. The fire destroyed a large sector of the main conveyor from the raw sugar jetty to the weighhouse. The company said it is not yet known how long the jetty will be out of use but it hoped that by tomorrow unloading of the bulk carrier Mykon Wave will be able to continue using temporary arrangements Tate and Lyle said. The Mykon Wave arrived in the port recently with about 18300 tonnes of bulk sugar from Maputo in Swaziland. About 1600 tonnes remain to be discharged. Five other ships loaded with raw sugar are awaiting at Silvertown to be discharged Tate and Lyle added. Reuter | FIRE AT TATE/LYLE LONDON JETTY HALTS UNLOADING |
May Department Stores Co said sales for March rose 3.5 pct to 885.4 mln dlrs from 855.2 mln dlrs for the five-week period ended April 4. It said a major factor in March was the absence of Easter sales which will be three weeks later this year than last year. For the first two months of fiscal 1987 sales were 1.52 billion dlrs up eight pct from 1.40 billion dlrs a year ago. Reuter | MAY STORES <MA> MARCH SALES RISE 3.5 PCT |
JP Industries Inc confirmed the announcement by Clevite Industries Inc <CLEV> that JP Industries has submitted a proposal to Clevite for the acquisition of the company at 13.50 dlrs per share in cash. John Psarouthakis chairman and president of JP Industries said that the company hopes to promptly negotiate an agreement with the special committee of Clevites board. In February JP Industries said it purchased Clevites engine parts division. JP Industries said it is not aware of any other reason for activity in its stock. Reuter | JP INDUSTRIES <JPI> CONFIRMS PROPOSAL |
SCI Holdings Inc and its unit Storer Communications Inc said they are negotiating with <The Gillet Group> to create a new entity jointly owned by SCI and Gillet to own and operate six of Storers television stations Storer Television sales and Storers Washington News Bureau. SCI said the six stations involved include WAGA-TV Atlanta WJW-TV Cleveland WJBK-TV Detroit and WITI-TV Milwaukee all CBS Inc <CBS> affiliates NBC affiliate KCST-TV San Diego and WSBK-TV Boston an independent station. Reuter | <SCI HOLDINGS INC> DISCUSSES JOINT VENTURE PACT |
GenCorp Inc said its board extended to April 13 the date the rights issued under the companys shareholder rights plan will trade separately from the common stock. The company said the plan originally adopted February 18 has been extended several times since its adoption. GenCorp said the rights plan makes it more difficult for an outside company or person to takeover the company. The plan has been extended indefinitely and to no person acquiring 20 pct or more of the common stock prior to April 13 the company said. The plan calls for the attachment of one preferred stock purchase right to each common share outstanding. On Monday GenCorp announced it will buy up to 54 pct of its own outstanding common shares for 130 dlrs per share. It said details of the plan will be announced by the end of the week. Reuter | GENCORP <GY> EXTENDS SHAREHOLDER RIGHT PLAN |
Rep. Anthony Beilenson D-Cal said he introduced legislation to triple the federal excise taxes on beer and on two types of wine which have the least alcohol. His bill would raise the tax on beer from nine dlrs to 27 dlrs per 31-gallon barrel an increase of about 32 cents per six pack. The tax on the two types of wine would go from 17 cents to 51 cents per gallon and from 67 cents to 2.01 dlrs per gallon respectively he said in a statement. Raising the tax rates on beer and wine is an entirely justifiable means of reducing the deficit. It would also modestly discourage excessive drinking Beilenson said. Reuter | U.S. TAX INCREASE PROPOSED ON BEER AND WINE |
Qtly div 43 cts vs 38 cts prior Pay May 15 Record April 30 Reuter | MEDITRUST <MTRUS> RAISES QUARTERLY |
Monsanto Corps G.D. Searle and Co unit said it will report an operating loss for 1987 mainly due to expenses for research and development. Searle chairman Sheldon Gilgore said Searles operating loss in 1987 will be less than the 87 mln dlr operating loss in 1986. He said Searles first quarter sales will be up 21.8 pct to 179 mln dlrs from 147 mln dlrs in the year ago quarter. In 1986 Searles sales were 665 mln dlrs. Gilgore said the company intends to have sales of three billion dlrs by the mid-1990s. He said the company anticipates approval in Japan the U.S. Italy Spain and the U.K. for its ulcer treatment drug Cytotech. He also said that in a paper not yet published the drug was shown to prevent a flare-up of ulcers for a longer period of time than Tagamet made by SmithKline Beckman Corp <SKB>. Other drugs in Searles pipeline include tissue plasminogen activator (TPA) made by a different process than Genentechs <GENE> TPA expected to be approved for marketing this year. Reuter | MONSANTO <MTC> UNIT SEES OPERATING LOSS IN 1987 |
Oper shr six cts vs one ct Oper net 194109 vs 28751 Revs 2731688 vs 347134 Avg shrs 3360527 vs 2295359 Nine mths Oper shr 11 cts vs five cts Oper net 356571 vs 111545 Revs 5923907 vs 1491852 Avg shrs 3296982 vs 2289762 NOTE: Share adjusted for 10 pct stock dividend in December 1986. Prior year net excludes tax credits of 5775 dlrs in quarter and 17325 dlrs in nine mths. Net excludes discontinued amusement game operations gains 144095 dlrs vs 70194 dlrs in quarter and loss 2952814 dlrs vs gain 196872 dlrs in nine mths. Reuter | STATUS GAME CORP <STGM> 3RD QTR FEB 28 NET |
International Surgical and Pharmaceutical Corp said it will offer diagnostic testing services to hospitals clinics and private medical practices in the metropolitan New York area. The company said it has leased a vascular diagnostic testing mobile unit to conduct a test for early indicators of potential stroke. Medicare/Medicaid and other insurance programs have approved the test and are paying up to 500 dlrs for the diagnostic procedures it said. Reuter | INT'L SURGICAL <SURG> TO OFFER TEST |
European airlines hit by a drop in business across the North Atlantic for much of last year today reported record passenger traffic for February. The 21-member Association of European Airlines said passenger traffic in February was 11 pct higher than a year earlier allowing carriers to fill just under 60 pct of seat capacity the highest ever recorded in the month. On the North Atlantic route where 1986 business suffered because American visitors were deterred by the falling dollar fears of terrorism and the Chernobyl nuclear accident passenger traffic was up 15.5 pct. Improvements were also registered on South and Mid-Atlantic European Asian and Middle East routes. If the momentum is maintained AEA airlines can anticipate sustained growth this summer -- in marked contrast to last year Henderson said in a statement. Reuter | EUROPEAN AIRLINES REPORT RECORD PASSENGER RESULTS |
Qtly div 20 cts vs 20 cts prior qtr Pay 6 May Record 21 April Reuter | UNIVERSAL FOODS CORP <UFC> VOTES DIVIDEND |
Qtly div 35 cts vs 35 cts prior Pay May 14 Record April 30 Reuter | BETZ LABORATORIES INC <BETZ> SETS QUARTERLY |
Qtly div 24 cts vs 21-1/2 cts prior Pay May 15 Record April 24 NOTE: Northwestern National Life Insurance Co. Reuter | NORTHWESTERN NATIONAL LIFE <NWNL> UPS PAYOUT |
Ten grain ships were loading and 14 were waiting to load at New Orleans elevators trade sources said. ELEVATOR LOADING WAITING Continental Grain Westwego 1 6 Mississippi River Myrtle Grove 1 0 ADM Growmark 1 4 Bunge Grain Destrehan 1 0 ELEVATOR LOADING WAITING ST CHARLES DESTREHAN 1 1 RESERVE ELEVATOR CORP 1 0 PEAVEY CO ST ELMO 1 0 CARGILL GRAIN TERRE HAUTE 2 1 CARGILL GRAIN PORT ALLEN 0 0 ZEN-NOH 1 2 reuter | GRAIN SHIPS WAITING AT NEW ORLEANS |
Centel Corp is raising 50 mln dlrs through an offering of debentures due 2017 yielding 9.233 pct said lead manager Smith Barney Harris Upham and Co Inc. The debentures have a 9-1/8 pct coupon and were priced at 98.90 to yield 117 basis points over comparable Treasury securities. Non-callable for five years the issue is rated A-3 by Moodys Investors Service Inc and A by Standard and Poors Corp. E.F. Hutton and Co Inc and UBS Securities Inc co-managed the deal. Reuter | CENTEL <CNT> SELLS DEBENTURES AT 9.233 PCT |
Ames Department Stores Inc said sales for the five weeks ended April Four were up 8.2 pct to 164.0 mln dlrs from 151.6 mln dlrs a year earlier with same-store sales up 6.5 pct. The company said for the first nine weeks of its fiscal year sales were up 16.3 pct to 277.6 mln dlrs from 238.7 mln dlrs a year before with same-store sales up 14.5 pct. Reuter | AMES DEPARTMENT STORE <ADD> MARCH SALES UP |
Foothill Group Inc said it reached a standstill agreement with Santa Cruz Resources Inc and its parent Sierrita Resources Inc that bars the companies from acquiring more than a 30 pct interest in Foothill except through a business combination approved by Foothills board. The company also said Santa Cruz has advised it that it owns 24.7 pct of Foothills outstanding common stock. In addition Santa Cruz and Sierrita have agreed to vote their shares in accordance with instructions from the Foothill board in connection with certain business combinations and certain anti-takeover matters Foothill said. Foothill said the arrangement also bars Santa Cruz and Sierrita fron tendering any Foothill securities owned by them into any tender offer unless certain unspecified conditions are met. Reuter | FOOTHILL <FGI>, SIERRITA IN STANDSTILL ACCORD |
Shoe-Town Inc said sales for the five weeks ended April four 1987 rose 19 pct to 16.8 mln dlrs from 14.1 mln dlrs a year ago. It said year-to-date rose 19.4 pct to 36.3 mln dlrs from 30.4 mln dlrs a year ago. Reuter | SHOE-TOWN <SHU> MARCH SALES RISE 19 PCT |
Shr 3.33 dlrs vs 3.39 dlrs Net 37069000 vs 36902000 Avg shrs 10.95 mln vs 10.05 mln Reuter | FIRST FEDERAL OF MICHIGAN <FFOM> 1ST QTR NET |
Waste Recovery Inc said it has received an exclusive license to use <Blue Circle Industries PLCs> refuse-derived fuel technology in the U.S. The company said it plans to modify a 750 short ton per day resource recovery plant in Miami to use the technology and will sell refuse-derived fuel from the Miami plant to Lone Star Industries Incs <LCE> Hialeah Fla. cement plant to take the place of about 20 pct of the Hialeah plants coal usage. Waste Recovery said initial demonstration trials are scheduled for the fourth quarter. Waste Recovery said it also plans to build two new scrap tire processing plants to produce tire-derived fuel in Atlanta and in the Philadelphia area. It said Goodyear Tire and Rubber Co <GT> its main shareholder has agreed to supply Waste Recovery with scrap tires for raw materials for fuel. It said tire-derived fuel trials by major cement and paper companies in the Southeast are scheduled for the second and third quarters of 1987 with fuel for the trials to come from its Houston plant. Reuter | WASTE RECOVERY <WRII> IN DEAL WITH BLUE CIRCLE |
Colonial BancGroup said it has signed letter of intent to acquire Community Bank and Trust of Hartselle Ala. with assets of 26 mln dlrs for undisclosed terms subject to approval by regulatory authorities and Community Bank shareholders. Completion is expected within the next year it said. Reuter | COLONIAL BANCGROUP <CLBGA> MAKES ACQUISITION |
The United States will push for a strong statement from Western heads-of-state at the June economic summit in Venice urging comprehensive negotiations on agriculture begin immediately to reduce domestic farm subsidies the senior U.S. planner for the summit said. Agriculture has really become the number one international economic problem Allen Wallis undersecretary of state for economic affairs told Reuters in an interview. At the Tokyo economic summit last year western leaders identified agriculture as a major international problem but made no specific recommendations. This year Wallis said the U.S. will press for a statement instructing trade ministers to begin negotiating on the issue and include domestic programs. While the Western leaders including president Reagan will not conduct specific negotiations Wallis said they can give a push to the agriculture talks under the General Agreement on Tariffs and Trade (GATT). Wallis said the leaders should endorse a comprehensive negotiation which is interpreted as including domestic policies as well as import restraints and export subsidies. Reuter | U.S. TO PUSH STRONG SUMMIT AGRICULTURE STATEMENT |
Shr 69 cts vs 67 cts Net 2488000 vs 2435000 Revs 27.6 mln vs 26.5 mln Reuter | FAB INDUSTRIES INC <FIT> 1ST QTR FEB 28 NET |
The European Commission was authorised to buy up to one mln tonnes of maize into intervention stores in the second half of June although sales into intervention normally end on April 30 Commission sources said. They said approval was given by the ECs Cereals Management Committee because of the possible disturbance of the market due to heavy imports of maize under the agreement between the EC and the United States. The agreement guarantees access to the Spanish market for two mln tonnes of non-EC maize a year for the next four years. The sources said the intervention price for the maize would be 201.49 Ecus a tonne. They said at this price it seemed unlikely that the full They added the decision is also designed to prevent massive offers of maize for intervention just ahead of the normal April 30 deadline which could be caused by speculation about the implementation of the accord with the United States. Reuter | EC COMMISSION AUTHORISED TO BUY MAIZE IN JUNE |
Japan bought 5000 tonnes Canadian rapeseed overnight at an undisclosed price for May shipment trade sources said. Reuter | JAPAN BUYS 5,000 TONNES CANADIAN RAPESEED |
Corroon and Black Corp said <Minet Holdings PLC> of which it owns 25 pct agreed to participate in a 103 mln stg fund set up by Lloyds of London to cover part of the claims faced by PCW underwriting agencies. The company said Minet and several other companies were involved in the syndicate which faces 235 mln stg in claims due to fraud and mismanagement. The fund was proposed by Lloyds to cover a portion of the claims in return for a contribution of 34 mln stg from PCW members. The offer is subject to acceptance by 90 pct of the PCW members by May 30. Lloyds 103 mln stg offer including 48 mln stg from Lloyds and 55 mln stg from brokers is designed to cover the reinsurance costs on the 235 mln stg of net liabilities. Minet was unable to disclose the amount of its proposed contribution to the fund Caroon and Black said. However Minet was confident that the losses could be funded from existing cash resources. Under the terms proposed Lloyds would take over all members future obligations connected with PCW and members would agree not to pursue the matter in court. Reuter | CORROON/BLACK <CBL> SAYS UNIT IN LLOYD'S FUND |
Shr 87 cts vs 73 cts Net 14.7 mln vs 11.7 mln Assets 8.38 billion vs 7.43 billion Loans 3.91 billion vs 3.40 billion Deposits 5.60 billion vs 5.08 billion Reuter | NORTHERN TRUST CORP <NTRS> 1ST QTR NET |
The consumption of some base metals along with dollar prices are showing signs of modest improvement according to Rio Tinto-Zinc Corp Plc (RTZ). However the company said iron ore markets have weakened. RTZ commodity specialist Philip Crowson told reporters he thought base metals industry forecasts for 1987 were erring on the side of caution whereas forecasts for the last several years had proven over-optimistic. RTZ said it expected to benefit from a rise in U.S. And industrial production in 1987. Earlier RTZ reported 1986 net attributable profit of 245 mln stg against 257 mln in 1985. Reuter | RIO TINTO SEES MODEST INCREASE IN METALS DEMAND |
The value of colombian exports other than coffee rose 55 pct in january compared with the same period last year apparently setting a trend for the trade balance in 1987 government statistics institute figures show. They amounted to 180.8 mln dlrs fob compared with 147.5 mln dlrs for coffee a drop of 42 pct from last year. The trade balance registered a 35 mln dlr surplus compared with a 56 mln dlr surplus in january 1986. The national planning department forecast that in 1987 coffee colombias traditional major export will account for only one-third of total exports or about 1.5 billion dlrs. Reuter | COLOMBIA JAN EXPORTS UP BUT COFFEE VALUES FALL |
27000 long tons USG/Taiwan 23.25 dlrs fio five days/1500 1-10/5 Continental. Trade Banner - 30000 long tons grain USG/Morocco 13.50 dlrs 5000/5000 end-April/early-May Comanav. Reference New York Grain Freights 1 of April 8 ship brokers say the vessel fixed by Cam from the Great Lakes to Algeria at 28 dlrs is reported to be the Vamand Wave. Reference New York Grain Freights 2 of April 8 they say the Cory Grain maize business from East London at 22 dlrs is to Japan and not to Spain as reported. Reuter | LONDON GRAIN FREIGHTS |
TBN 1400 mt bulk sugar Fiji/Prai 16 dlrs fio 10000/1000 1-10/5 Fiji Sugar Marketing. TBN 15000 mt bulk sugar Queensland/Japan 14.65 dlrs fio 10000/1000 20-30/4 CSR. ENQUIRIES - Antwerp/1-3 ports Greece 40000 mt bagged sugar indications 750/750 in shipments of 10000/15000 tonnes spread from May to July a/c unnamed charterer. Inchon/India 12600 mt bagged sugar 1000/1000 20/4-5/5 a/c Kaines. Reunion/1-2 ports Portugal 10000 mt bulk sugar about 20 dlrs 2000/750 1-10/5 a/c French charterer. Reuter | LONDON SUGAR FREIGHTS |
Antwerp/Libya 5500 mt bagged flour 14 daps 24-27/4. New Orleans/Guanta 9387 mt bulk hss 3000/13 days 25-4/5-5. Naantali/Saudi Red Sea 30000/35000 mt barley 4000/3000 20-30/4 or early May. Dunkirk/Xingang 12000 mt bagged flour 1500/1700 13-20/4. Toledo/Seaforth 17000 mt hss offers 18.50 dlrs four days/8000 13-15/4. River Plate/Malaysia 20000/22000 long tons hss 2000/2000 Apr. Reuter | LONDON GRAIN FREIGHT ENQUIRIES |
Shr 51 cts vs not given Net 6089000 vs 7310000 NOTE: Company went public in November 1986. Net includes loan loss provisions of 75000 dlrs vs 30000 dlrs and gains on sale of securities of 756000 dlrs vs 2468000 dlrs pretax. 1986 net includes tax credit 1022000 dlrs. 1987 net includes 2400000 dlr gain from tax credit resulting in reduction of goodwill. Reuter | HOME SAVINGS BANK <HMSB> 1ST QTR NET |
Israeli helicopter gunships attacked Palestinian guerrilla positions near Sidon in southern Lebanon today in the ninth air raid over Lebanon this year the military spokesman said. All our aircraft returned safely to base and the pilots reported accurate hits he said. The aircraft returned ground fire he said. The targets three buildings on the outskirts of Ain el-Hilweh refugee camp were command posts for planning guerrilla attacks the military said. The army says Israels air raids on its northern neighbour averaging two a month are aimed mostly at Palestinian guerrilla bases weapons depots and launching posts for attacks against Israel. The last Israeli Air Force attack was on March 23. Reuter | ISRAEL IN NINTH AIR RAID OVER LEBANON THIS YEAR |
Ross Stores Inc said its five-week sales for the period ended April 4 totaled 44 mln dlrs up five pct from a year earlier. The company said for the two months ended April 4 sales totaled 85 mln dlrs up nine pct from a year ago. Ross stores operates 121 retail stores. It closed 25 of its stores earlier this year. It said comparing sales to a year ago not counting the 25 stores now closed sales were up 22 pct in the five-week period and up 29 pct in the two month period. Reuter | ROSS STORES <ROST> FIVE WEEK SALES UP FIVE PCT |
Shr 70 cts vs 67 cts Net 6416000 vs 6057000 NOTE: Net includes pretax securities sales gains of 5900000 dlrs vs 5900000 dlrs. Reuter | AMOSKEAG BANK SHARES INC <AMKG> 1ST QTR NET |
Shr loss five cts vs profit 10 cts Net loss 381391 vs profit 736974 Revs 6161391 vs 9241882 NOTE: Canadian dollars. Proved oil reserves at year-end 3.3 mln barrels up 39 pct from a year earlier and natural gas reserves 4.7 billion cubic feet off nine pct. Reuter | MSR EXPLORATION LTD <MSR> YEAR LOSS |
Analysts who follow Sears Roebuck and Co said the companys 4.2 pct sales gain in March by its Merchandise Group reflects more competitive pricing and continues a pattern of growth started in late 1986. Sears said sales for the five weeks ended April 4 rose to 2.62 billion dlrs from 2.51 billion dlrs a year earlier. Linda Kristiansen of Paine Webber Inc called the numbers impressive and said she looks for a full-year sales gain of five pct for the nations largest retailer. reuter^M | SEARS <S> SALES REFLECT COMPETITIVE PRICING |
Beirut radio stations said Israeli helicopter gunships raided south Lebanon and that one of the craft was downed. State owned Beirut Radio quoted witnesses as saying one helicopter was apparently shot down by heavy anti-aircraft fire as it attacked targets in the Ain al-Hilweh area east of the port of Sidon. The Sunni Moslem Voice of the Homeland radio said the helicopter was seen falling into the sea. There was no immediate independent confirmation of the reports. REUTER | ISRAELI HELICOPTERS RAID SOUTH LEBANON - RADIO |
Southmark Corp said it will issue its shareholders a special dividend right to acquire 22 shares of American Realty Trust <ARB> for each 100 shares of Southmark they own. Each right entitles the holder to buy one share of beneficial interest of American Realty Trust at a price of 3.75 dlrs per share Southmark said. Southmark said the offers record date is May 1 with an ex-dividend date of April 27 adding that the it will issue the rights to shareholders on May 6 and the offer will expire on May 22. Southmark said it received the rights on April 6 as the holder of about 84 pct of American Realty Trusts outstanding shares. Holders of fewer than 455 Southmark shares who would receive rights to acquire fewer than 100 American Realty shares will be paid cash in lieu of the rights distribution the company said. Southmark said it will compute the cash price paid based on the average closing market price of the rights on the American Stock Exchange for the first ten days the rights are traded beginning April 6. In order to get the dividend for these rights a Southmark shareholder must own common stock on the ex-dividend date April 27 the company said. After that Southmark said its common stock will be traded on an ex-rights basis. Reuter | SOUTHMARK <SM> TO OFFER SPECIAL DIVIDEND |
Colombian exports other than coffee rose 55 pct in January compared with the same period last year figures from the government statistics institute show. Non-coffee exports amounted to 180.8 mln dlrs fob compared with 147.5 mln dlrs for coffee a drop of 42 pct from last year. The trade balance registered a 35 mln dlr surplus compared with a 56 mln dlr surplus in January 1986. The national planning department forecast that in 1987 coffee Colombias traditional major export will account for only one third of total exports or about 1.5 billion dlrs. REUTER | EXPORTS OTHER THAN COFFEE RISE SHARPLY IN COLOMBIA |
The United States will push for a strong statement from Western heads-of-state at the June economic summit in Venice urging comprehensive negotiations on agriculture begin immediately to reduce domestic farm subsidies the senior U.S. planner for the summit said. Agriculture has really become the number one international economic problem Allen Wallis undersecretary of state for economic affairs told Reuters in an interview. At the Tokyo economic summit last year western leaders identified agriculture as a major international problem but made no specific recommendations. This year Wallis said the U.S. will press for a statement instructing trade ministers to begin negotiating on the issue and include domestic programs. While the Western leaders including president Reagan will not conduct specific negotiations Wallis said they can give a push to the agriculture talks under the General Agreement on Tariffs and Trade (GATT). Wallis said the leaders should endorse a comprehensive negotiation which is interpreted as including domestic policies as well as import restraints and export subsidies. They (GATT talks) really have to deal with domestic policies as well as trade arrangements Wallis said. Trade Representative Clayton Yeutter has said a summit statement of support for agriculture talks is part of an overall U.S. strategy to build momentum for the GATT farm talks. Public statements in recent weeks by several members of the Reagan cabinet have stressed the agriculture issue. Yeutter and Agriculture Secretary Richard Lyng will repeatedly discuss agriculture during a visit to Japan starting next week. Yeutter said agriculture will also be on the agenda of the trade ministers quadrilateral talks among Japan the European Community the U.S. and Canada this month. And the ministerial meeting of the Paris-based Organization for Economic Cooperation and Development OECD in May will highlight the agriculture problem Yeutter said. The OECD in May is expected to release a study of domestic farm subsidies which shows that Japan has the highest subsidies among industrial countries but aid to farmers is also generous in the EC and United States. The controversial OECD study calculated a measure of farm subsidies called the Producer Subsidy Equivalent PSE which allows farm aid to be compared across countries. Some officials including British Agriculture Minister Michael Jopling have said the PSE could be useful as a method of negotiating lower domestic farm subsidies worldwide. However the State Departments Wallis said while the PSE can be useful in negotiations it has shortcomings and its not definitive. He and other U.S. officials said the Reagan administration has not yet reached a decision on a specific U.S. agriculture proposal to present to the GATT. I would expect it (U.S. proposal) to be in the fall after the series of international meetings Wallis said. At preliminary meetings of the GATT agriculture committee the United States has pushed for the so-called freeze and rollback approach. Subsidies would first be frozen at current levels then rolled-back jointly in stages. However the Reagan administration perplexed some trade analysts recently by reacting cooly to a plan by Australian prime minister Bob Hawke calling for a similar approach. Hawke unveiled a seven-point plan to freeze and subsequently reduce the gap between high farm price supports and world prices. Australia is leading a the so-called Cairns group of 13 coutries pressing for freer agriculture trade. The proposals that the so-called Cairns group are coming up with seem to be focusing on short-run quick fixes which is not what we think is whats called for here Wallis said. Wallis and other said the U.S. wants a long-range solution to the agriculture problem. U.S. officials also have criticized the Australian proposal because they said it deals primarily with the difference between domestic prices and world levels in the EC and U.S. but fails to focus on the question of market access. At the same time the U.S. is rejecting the Australian quick fix Wallis said the U.S. will press at the summit for a declaration urging that agriculture talks be completed expeditiously or within two years. The unstated U.S. strategy U.S. officials said is to keep the pressure on the EC this year through the export enhancement program and lower value of the dollar in the hope that a sweeping agriculture agreement is possible in 1988. Reuter | U.S. TO PUSH STRONG SUMMIT AGRICULTURE STATEMENT |
TVX Broadcast Group Inc <TVXG> said it has completed the previously-announced purchase of five Taft television stations. Last week TVX said the sale which was scheduled to close then had been delayed. Taft said the purchase price was 240 mln dlrs as previously announced. The price is subject to final adjustments Taft said. Taft did not indicate the size of the gain if any it would post on the sale. It said the stations are WTAF-Philadelphia WDCA-Washington WCIX-Miami KTXA-Dallas and KTXH-Houston. Reuter | TAFT BROADCASTING <TFB> COMPLETES STATION SALE |
Beirut radio stations said Israeli helicopter gunships raided south Lebanon and that one of the craft was downed. State owned Beirut Radio quoted witnesses as saying one helicopter was apparently shot down by heavy anti-aircraft fire as it attacked targets in the Ain al-Hilweh area east of the port of Sidon. The Sunni Moslem Voice of the Homeland radio said the helicopter was seen falling into the sea. There was no immediate independent confirmation of the reports. Reuter | ISRAELI HELICOPTERS RAID SOUTH LEBANON - RADIO |
European Community trade experts will meet in Brussels tomorrow to discuss possible EC action against Japan over trade British Prime Minister Margaret Thatcher said. She told Parliament the officials would examine ideas put forward by the U.K. Last weekend. Trade matters and trade initiatives have to be taken by the Community Thatcher said. She said the experts would focus on more effective action against the dumping of components (by Japan) possible unbinding of tariffs on certain products (to allow each EC country to set their own tariffs) ... And measures which might be necessary to avoid diversion if the United States acts against Japan. REUTER | EC EXPERTS TO STUDY POSSIBLE ACTION AGAINST JAPAN |
U.S. retailers lackluster March sales were due to a late Easter according to analysts who expect a recovery in April. Sales look soft because of the Easter shift but underlying business is better than the numbers indicate said Bear Stearns analyst Monroe Greenstein. Analysts generally average the sales results of March and April to account for the variation of Easters occurance. This year Easter is being observed on April 19 which is three weeks later than last year. Analyst Edward Johnson of Johnson Redbook Associates said sales for March rose an unadjusted 2.5 to 3.0 pct and a seasonally adjusted 5.5 pct to six pct compared to an adjusted 5.7 pct last year. The obvious question is whether these numbers indicate that the consumer activity is slowing but it does not appear to be because liquidity and employment are rising said analyst Jeff Edelman analyst of Drexel Lambert and Burnham. Overall analysts said first half sales are coming in according to expectations. Sales for all of 1987 are expected to rise about 5.5 pct to six pct up a bit from 1986s rise. In March sales of housewares furniture and big ticket items were stronger than apparel sales signaling to many analysts that apparel sales will be strong in April as the holiday nears. Sales gains in home appliances and home fashions reflect a continuing strength in the housing market said Edward Brennan chairman of Sears Roebuck and Co <S> which reported an overall sales gain of 4.2 pct. Brennan said sales of womens sportswear were also excellent. Sears total apparel sales was up only modestly but even a modest improvement in apparel is a very good accomplishment due to the fact that most people will buy apparel in April said C.J. Lawrence analysts Harry Mortner. J.C. Penney Co Inc <JCP> and Dayton Hudson Corp <DH> were among the weaker performers with comparable stores sales declining 1.5 pct and 4.9 pct respectively. Penneys store and catalog sales declined 1.3 pct overall and Dayton Hudsons overall sales rose 4.8 pct. Penney chairman William Howell said Sales continued strong for catalog operations and geographically ranged from very active in the east to weak in the economically depressed southwest. Penneys been shifting away from leisure time activity wear to other apparel lines which yield higher profit margins but are currently hurting sales said Greenstein of Bear Stearns. Hudson chairman Kenneth Mackes cited the late Easter for the decline. Edelman of Drexel said that Hudson had a tougher comparison because it had an exceptionally good 1986. Most analysts agreed that promotions are slightly lower than last year. Retailers are not planning for much - inventories are being kept lean markdowns are lower than last year but sales are coming through anyway said CJ Analyst Harry Mortner. Mortner said he expects profits in the first quarter to be better than he had originally expected in the beginning of the year. Most retailers report their first quarter in the middle of May. MARCH RETAIL SALES FOR MAJOR U.S. RETAILERS STORE PCT 1987 1986 SEARS 4.2 2.6 BIL 2.5 BIL K MART 4.6 2.2 BIL 2.1 BIL JC PENNEY (1.3) 1.1 BIL 1.1 BIL WAL-MART 32 1.1 BIL 855 MLN FEDERATED 4.9 934 MLN 891 MLN MAY 3.5 885 MLN 855 MLN DAYTON 4.8 792 MLN 756 MLN WOOLWORTH 0.2 591 MLN 590 MLN ZAYRE 12.7 522 MLN 464 MLN Reuter | U.S. MARCH RETAIL SALES CUT BY LATE EASTER |
Eurodollar bonds closed as much as a full point lower as the dollar fell to a post-war low against the yen and interest rates on U.S. Treasuries rose almost to eight pct. The dollar fell to 144.30 yen and recovered only slightly after foreign exchange traders in New York said the Federal Reserve intervened to buy dollars for yen. But despite the dollars woes Japan Development Bank wholly owned by the Japanese government raised 150 mln dlrs in a seven-year eurobond carrying an eight pct coupon. Lead manager for the issue Bank of Tokyo said the deal at the time of pricing was to yield 60 basis points over comparable maturity Treasuries. However by the close of trading that spread had narrowed to 55 and continued to slide in aftermarket activity. Dealers noted that the spread to Treasuries is wide for a newly-priced AAA-rated borrower like Japan Development Bank. For example earlier this week the World Bank raised U.S. Dlrs at only 25 basis points over Treasuries. Dealers said that because the borrower comes to market fairly infrequently -- the last time was about nine months ago the spread appears wide. But officials at Bank of Tokyo said the spread is intended to compensate for the lack of liquidity and for the uncertainty currently associated with owning dollar securities. The officials said the borrower opted to raise funds in dollars despite the currencys weakness because it is the only market deep enough to accommodate an issue of that size. Japan Development Bank is not allowed to raise euroyen. Market sources said the deal is likely to be swapped into yen as the borrowers previous issues were. Late in the day the deal was trading just inside its fees at less 1.75 less 1.55. Also issued today was a 40 mln dlr five-year offering from Toshiba International Finance (Netherlands) carrying a 7-3/8 pct coupon and priced at 101-1/2. Three equity linked dollar denominated deals were offered the largest of which was a 200 mln dlr offering by Sekisui Chemical Co and guaranteed by Sanwa Bank Ltd. The issue has equity warrants attached and late in the day it was quoted on brokers screens at 106-1/2 bid only. The Australian dollar market continued active with Canadian Imperial Bank of Commerce offering a bond of 125 mln five-year with a zero coupon priced at 54. Late in the day the deal was quoted at less 1-1/4 bid. A similar deal yesterday by Toronto Dominion priced slightly higher at 54.37 pct for an effective yield of 13.52 pct was quoted slightly lower at less 1.37 less 1.25 pct. Dealers said that investors are apparently willing to accept zero-coupon bonds yielding 50 to 100 basis points less than annual-pay bonds because their are tax benefits for retail buyers. Also the bonds are more volatile and if interest rates fall in Australia as many analysts expect the potential for capital gains is greater with a zero-coupon. The bonds are also better for those who expect the australian dlr to appreciate. Dealers said that the Australia dlr zero coupon bonds are apparently being placed with retail accounts on the European continent with very little placement being done in Japan. Euroyen issues sank slightly in line with prices on domestic Japanese bond markets but recovered in late trade as the yen soared. After the markets closed the dollar fell to 144 yen. The European Investment Bank (EIB) issued a 40 mln euroyen issue paying 4-5/8 pct over seven years. This is the second seven-year yen issue in two days -- a sector of the yield curve in Japan that dealers feel has not yet become overpriced. REUTER | LONDON EURODOLLAR BONDS CLOSE LOWER |
World Bank President Barber Conable said his agency plans to send a mission to Brazil next week to explore economic conditions. Speaking to reporters at the International Monetary Fund and World Bank annual meeting Conable said that he felt positive and optimistic that something between Brazil and its creditors will be worked out. Conable met last night with Brazilian officials and told reporters that We agreed to send a mission to Brazil next week to explore further the state of progress and to get clarifications. Reuter | WORLD BANK TO SEND ECONOMIC MISSION TO BRAZIL |
Reducing the amount of crop base a farmer can receive deficiency payments on is being looked at as one way to cut the U.S. agriculture budget for fiscal year 1988 congressional aides and lobbyists said. Rep. Charles Stenholm (D-Tex.) has suggested that the planted crop base a producer receives deficiency payments on be reduced by five pct an aide to Stenholm said. The aide said no official proposal has yet been drawn up but that as it becomes more clear exactly how much agriculture spending will have to reduced specific numbers will be discussed and a proposal could very likely be drafted. Under the proposal if a farmer idled 20 pct of his acreage base and was eligible to plant the remaining 80 pct he would receive payments on only 75 pct of his total base. Current regulations provide farmers with deficiency payments on 100 pct of their non-idled acreage. Reducing the payment base by five pct could save around 400 to 500 mln dlrs but would have to be applied to the 1987 crop programs in order for any savings to accrue in fiscal year 1988 an Agriculture Department economist said. Stenholms aide said when the proposal is officially offered it would likely be an amendment to the budget reconciliation bill. Other options currently being talked about as a way to cut one to two billion dlrs from the farm budget include increasing acreage reduction programs limiting farm payments implementing a 0/92 acreage set-aside program or limiting the use of generic in-kind certificates. Reuter | LOWER U.S. FARM PAYMENT BASE EYED FOR SAVINGS |
Gillette Canada Inc is issuing a 70 mln stg bond due October 30 1993 carrying a coupon of 9-5/8 pct and priced at 101-1/2 Morgan Stanley Ltd said as lead manager. The issue is guaranteed by Gillette Co and is available in denominations of 1000 and 5000 stg. Payment date is April 30 and there is a long first coupon. The issue will be listed in Luxembourg. There is a selling concession of 1-1/4 pct and a combined management and underwriting fee of 5/8 pct. REUTER | GILLETTE CANADA ISSUES 70 MLN STG BOND |
Gillette Canada Inc is issuing a 70 mln stg bond due October 30 1993 carrying a coupon of 9-5/8 pct and priced at 101-1/2 Morgan Stanley Ltd said as lead manager. The issue is guaranteed by Gillette Co and is available in denominations of 1000 and 5000 stg. Payment date is April 30 and there is a long first coupon. The issue will be listed in Luxembourg. There is a selling concession of 1-1/4 pct and a combined management and underwriting fee of 5/8 pct. Reuter | GILLETTE CANADA ISSUES 70 MLN STG BOND |
European Community trade experts will meet in Brussels tomorrow to discuss possible EC action against Japan over trade British Prime Minister Margaret Thatcher said. She told Parliament the officials would examine ideas put forward by the U.K. Last weekend. Trade matters and trade initiatives have to be taken by the Community Thatcher said. She said the experts would focus on more effective action against the dumping of components (by Japan) possible unbinding of tariffs on certain products (to allow each EC country to set their own tariffs) ... And measures which might be necessary to avoid diversion if the United States acts against Japan. Reuter | EC EXPERTS STUDY POSSIBLE ACTION AGAINST JAPAN |
FIRST INTERSTATE EXPECTS BRAZIL, ECUADOR LOAN ACTIONS TO CUT 1987 NET BY 15.4 MLN DLRS |
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World Bank President Barber Conable said his agency plans to send a mission to Brazil next week to explore economic conditions. Speaking to reporters at the International Monetary Fund and World Bank annual meeting Conable said that he felt positive and optimistic that something between Brazil and its creditors will be worked out. Conable met last night with Brazilian officials and told reporters We agreed to send a mission to Brazil next week to explore further the state of progress and to get clarifications. Reuter | WORLD BANK TO SEND ECONOMIC MISSION TO BRAZIL |
Morocco is scheduled to tender April 14 for a total of 55000 tonnes of U.S. soyoil under PL-480 for shipments from May through September private export sources said. The tender calls for shipment of 6100 tonnes in May 12200 tonnes each in June July and August and 12300 tonnes in September they said. Reuter | MOROCCO TENDERS FOR 55,000 TONNES PL 480 SOYOIL |
President Reagan declared that a major disaster existed in the State of Maine in following severe storms and flooding there paving the way for federal relief and reconstruction assistance. In announcing Reagans action the White House said in a written statement that Androscoggin Franklin Kennebec Oxford Penobscot Piscataquis and Somerset counties would be eligible for federal aid. Those counties were hit by storms and flooding in late March and early April. Reuter | REAGAN DECLARES MAINE DISASTER AREA |
Shr diluted 1.18 dlrs vs 1.04 dlrs Net 45.0 mln vs 39.2 mln Assets 16.7 billion vs 15.2 billion Deposits 13.0 billion vs 12.1 billion Loans 11.9 billion vs 10.1 billion NOTE: Results restated for merger of Midlantic Banks Inc and Continental Bancorp Inc on January 30 1987. Reuter | MIDLANTIC CORP <MIDL> 1ST QTR NET |
<Worldwide 800 Services Inc> whose Service 800 unit recently filed a lawsuit against American Telephone and Telegraph Co for false advertising and anti-competitive practices said it has named <Young and Rubicam> an advertising firm as a defendent in the case. Worldwide said Young and Rubicam designed and placed the ATT advertisements in question. The amended complaint filed in the U.S. District Court for the Northern District of Illinois Eastern Division seeks injuctive relief damages the company said. The suit charges Young and Rubicam with misrepresenting ATTs involvement in the toll-free international dialing service network through a series of false and misleading advertisements. Reuter | YOUNG AND RUBICAM IS DEFENDENT IN ATT <T> SUIT |
(Canadian Airlines International Ltd) said it signed an agreement with (The Flying Tiger Line Inc) that will offer Canadas first around-the-world cargo service. The service from Mirabel airport will link Canada to a large network of worldwide air freight markets using wide-body B747 freighter aircraft Canadian Airlines said. It said the agreement calls for the two companies to share aircraft capacity on a 50/50 basis and compete independently for cargo on the route. The airline said the joint operating agreement will give Canadian shippers a fast reliable and cost effective way of moving their products to major markets including the U.S. Reuter | CANADIAN AIRLINES, FLYING TIGER IN PACT |
A.T. Brod and Co Inc an investment banking firm said Michael L. Brod has been named president and chief operating officer succeeding his father Albert T. Brod who remains chairman and chief executive officer. Reuter | A.T. BROD NAMES NEW PRESIDENT |
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