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Shr 46 cts vs 49 cts Net 1101551 vs 831398 NOTE: Share adjusted for two-for-one stock split in May 1986. Reuter | COMMUNITY BANK SYSTEM INC <CBSI> 1ST QTR NET |
Sole underwriter Goldman Sachs and Co said it is publicly offering 40.05 mln dlrs of principal exchange rate linked securities or PERLS due 1991 that it purchased from Westinghouse Electric Corp <WX>. The securities have a 13-1/4 pct coupon and par pricing. Interest will be paid in U.S. dlrs. At maturity investors will receive the principal amount of their holdings in New Zealand dlrs Goldman Sachs detailed. Non-callable for life the issue is rated A-1 by Moodys and AA-minus by Standard and Poors. PERLS are relatively new in the domestic debt market. Reuter | GOLDMAN SACHS SELLS 'PERLS' AT 13-1/4 PCT RATE |
Qtly div 38 cts vs 35 cts prior Pay May 15 Record May One Reuter | FITCHBURG GAS <FGE> RAISES QUARTERLY |
Fitchburg Gas and Electric Light Co said its Board of Directors authorized a filing with the Massachusetts Department of Public Utilities seeking authority to issue up to 27 mln dlrs of long-term notes. Proceeds will be used to redeem after June one all outstanding shares of the companys cumulative preferred stock four dlr series redeem certain outstanding long-term indebtedness and repay outstanding short-term indebtedness. Fitchburg said this would lower its cost of capital in the future and give the utility an opportunity to reduce existing lines of credit. Reuter | FITCHBURG GAS <FGE> PLANS TO ISSUE NOTES |
A senior Japanese trade official met U.S. negotiators in an emergency effort to try to head off new high American tariffs on Japanese semiconductor goods set to go into effect on April 17. The vice minister of Ministry of International Trade and Industry Makoto Kuroda flew in from Tokyo for the talks with Deputy U.S. Trade Representative Michael Smith. A second round of talks is set for tomorrow. U.S. officials have said Japan has failed to live up to its semiconductor agreement with the U.S. and there was little that could be done now to avert the 300 mln dlrs in tariffs. reuter | U.S., JAPANESE TRADE OFFICIALS OPEN TALKS |
Northern Trust Corp said its first quarter earnings were reduced by 875000 dlrs by placing 53.2 mln dlrs of loans to Brazil and six mln dlrs in loans to Ecuador on a cash basis. Should these loans remain on nonperforming basis for the rest of 1987 net income for year will be cut by about 3.2 mln dlrs the bank said. Earlier it posted net income for the period of 14.7 mln dlrs or 87 cts a share up from 11.7 mln dlrs or 73 cts a share. Total nonperforming assets were 114.1 mln dlrs at March 31 up from 53.4 mln dlrs at December 31 and 79 mln dlrs at March 31 1986 the bank said. The provision for loan losses for the first quarter was eight mln dlrs compared to 11 mln a year ago. Net loan charge offs were six mln dlrs down from 11 mln dlrs a year ago. The reserve for loan losses was 78.1 mln dlrs or two pct of outstanding loans higher than the 56 mln dlrs of 1.65 pct of loans outstanding at March 31 1986. Reuter | NORTHERN TRUST <NTRS> NET HURT BY BRAZIL LOANS |
A further cut in West German taxes to overcome the current weakness of the domestic economy has been called for by Thomas Wegscheider management board chairman of Bank fuer Gemeinwirtschaft AG. He said in an interview due in tomorrows Die Welt newspaper that tax cuts already decided by the government should be expanded by implementation of the Stability Law which allows tax cuts of up to 10 pct for a limited period. Wegscheider also said a temporary rise in state borrowing resulting from such cuts would be tolerable according to excerpts of his remarks released early by Die Welt. In line with a pledge made at the Paris monetary conference in February the government announced in March that 5.2 billion marks worth of tax cuts would be added on to reductions of some nine billion marks already scheduled for next year. Wegscheider said the Bundesbank should pursue its policies aimed at lower interest rates and said a reduction in money market rates could encourage private capital market investment. Earlier today the Bundesbanks vice-president Helmut Schlesinger said the central bank saw no current reason to change its monetary course. REUTER | GERMAN BANKER CALLS FOR MORE TAX CUTS |
General Electric Co said it has received a 60 mln dlr order to provide CF6-80C2 engines for three <Airbus Industrie> A310-300 aircraft bought by TAP Air Portugal. It said aircraft deliveries are scheduled to start in late 1988. Reuter | GE <GE> GETS PORTUGUESE ENGINE ORDER |
Swiss franc notes issued after May 1 must be provided with a prospectus virtually erasing the difference in information requirements between notes and public bonds according to a convention drafted by the Bankers Federation. The convention requires that lead managers draw up a prospectus naming all syndicate members and providing certain details about the borrower. In contrast to public issues though the prospectus must merely be made available to clients on request via all syndicate banks rather than published and distributed in printed form. The convention which was approved by banks earlier this month replaces an earlier convention dating from 1984 and deals with what had been widely seen as an increasingly anachronistic distinction between notes and public issues. Its publication follows a long debate among bankers on the amount of information that should be provided by borrowers heightened by difficulties with Swiss franc issues here on recent occasions . It applies to all notes in units of at least 50000 Swiss francs the usual denomination which are placed directly with customers by the syndicate and not quoted on the bourse. Anything smaller than 50000 francs will be governed by the unchanged more demanding rules that apply to public issues. Bankers contacted by Reuters said they did not envisage that the new requirement would present them with problems or push up fees. Many banks said that they had for some time been providing more than the legal minimum of information. Traditionally notes or private placements as they were also known were medium term instruments denominated in 50000 francs and placed largely with institutional investors. They were normally not brought onto the open market and never quoted on the stock exchange. But over the years the distinction between notes and the publicly quoted and traded bonds gradually broke down. The National Bank therefore last May abolished all remaining restrictions on maturities and denominations which still formally divided them. However it was not in the competence of the National Bank to rule on prospectuses and banks have since continued largely as before: public issues generally quoted on stock exchanges have been provided with detailed prospectuses while notes virtually always not-quoted have been equipped only with information memorandums with varying degrees of detail. The new convention attempts to put an end to this. It says each notes prospectus must contain the following seven points: - The precise terms of the issue - Details of the company performance if it is more than six months since the last annual report - Naming of all guarantors - The source of the information - Details of ratings insofar as they have been made - For equity linked notes details of where the companys shares are listed and price high and lows over at least the last three years. - That the lead manager has required the borrower to provide information during the lifetime of the notes on the progress of his business. According to figures from Swiss Bank Corp total note issues by foreign borrowers reached 18.6 billion Swiss francs last year compared with 23.6 billion francs borrowed in the form of public bonds. A majority of the note issues were for Japanese borrowers. REUTER | SWISS AGREE ON NEW PROSPECTUS RULES FOR NOTES |
Brazils political crisis appears to be deepening as powerful state governors are calling for the removal of Finance Minister Dilson Funaro chief architect of economic policy. Commentators said their call front-page headlines in todays press laid bare President Jose Sarneys political weakness and highlighted Brazils economic planning turmoil. The demand for Funaros resignation came last night from four governors with much combined political clout those of Sao Paulo Rio de Janeiro Minas Gerais and Mato Grosso do Sul. At a news conference in Sao Paulo they delivered a blunt message -- the economy was in crisis and they wanted a new ministerial team to shape policy. Otherwise there was a risk of social chaos. Reuter | BRAZIL GOVERNORS CALL FOR REMOVAL OF FUNARO |
Doe Run Company said it is increasing the price of its corroding grade lead by one-half cent to 26.50 cents a lb effective immediately. The price is quoted FOB Herculaneum Mo. and FOB Boss Mo. with freight allowed for carload quantities. Reuter | DOE RUN RAISES LEAD PRICE 0.50 CT TO 26.50 CTS |
Spains foreign reserves rose by 905 mln dlrs in February to total 17.05 billion dlrs compared with 14.11 billion dlrs in February 1986 Bank of Spain figures show. Under a new accounting system introduced this month Spains foreign reserves now exclude foreign currency held by financial institutions. Under the previous system Spains foreign reserves would have risen by 391 mln dlrs in February taking into account a fall of 514 mln dlrs in financial institutions foreign currency position. In January this year the Central Banks foreign reserves rose by 143 mln dlrs while financial institutions foreign currency position fell by 118 mln dlrs. REUTER | SPAIN'S FOREIGN RESERVES RISE IN FEBRUARY |
Shr not given Net loss 9900000 vs loss 17300000 Revs 14.7 mln vs 29.8 mln Note: Previous loss restated. Reuter | <SULPETRO LTD> 1ST QTR JAN 31 LOSS |
Standard and Poors Corp said it may downgrade the A-2 commercial paper of General Instrument Corp. S and P cited the firms 80 mln dlr loss for fiscal 1987 and a 90 mln dlr loss on discontinued micro-electronic and opto-electronic businesses and venture investments. These losses coupled with restructuring and re-evaluation actions have led to poor earnings and cash flow since fiscal 1985. Stockholders equity fell 25 pct since fiscal year-end 1984 to a 465 mln dlr pro forma level S and P said. S and P said it will assess the effects of managements restructuring plans on credit quality and profit improvement. Reuter | S/P MAY DOWNGRADE GENERAL INSTRUMENT <GRL> |
General Physics Corp said it has formed a new business unit called HP Technical Services to furnish health physics technicians and radiological engineers and scientists to the electric utility industry for use in nuclear power plants. Reuter | GENERAL PHYSICS <GPHY> FORMS NEW UNIT |
Shr 74 cts vs 92 cts Net 1300450 vs 1600258 NOTE: Share adjusted for 10 pct stock dividend in July 1986. Company based in Mayaguez Puerto Rico. Reuter | WESTERN FEDERAL SAVINGS BANK <WFPR> 1ST QTR NET |
Federated Group Inc said its sales for the five weeks ended April five totaled 33.9 mln dlrs compared with 33.8 mln during the same period last year. Comparable store sales fell eight pct to 29.4 mln dlrs from 32.1 mln a year earlier the company said. Federated said it now has 65 stores in operation compared with 59 during the like period a year ago. Reuter | FEDERATED GROUP <FEGP> POSTS HIGHER MARCH SALES |
USAir Group Inc said it is reducing coach fares up to 62 pct between Atlanta and 21 destinations for travel April 12 through June 15. The fares are non-refundable and applicable to roundtrip flights. Reservations must be made at least two days in advance and tickets purchased within 24 hours after reservations are made the company said. Roundtrip fares between Atlanta and Pittsburgh for example would be 178 dlrs instead of 478 dlrs USAir said. Reuter | USAIR <U> CUTS ATLANTA COACH FARES |
Nutmeg Industries Inc said it has agreed in principle on a license deal with United Media/United Feature Syndicate Inc under which it would have the right to sell a line of mens spectator sportswear bearing the likenesses of characters from Charles M. Schulz Peanuts comic strip. The company said the license runs through December 1988 and has renewal options for two more years. Reuter | NUTMEG INDUSTRIES <NUTM> IN LICENSING DEAL |
Shipboard Satellite Network Inc <SSN> said it will offer television service delivered by satellite to ships at sea beginning June 1. The company whose initial public offering began yesterday said its programming will include a mix of general and financial news sports and talk shows. In addition the company said it plans to offer first-run movies sports and entertainment specials. The company said its programming will be transmitted several times a day to passenger cabins and lounges. Reuter | FIRM TO OFFER TELEVISION PROGRAMMING FOR SHIPS |
Shr loss six cts vs loss 88 cts Net loss 123840 vs loss 1298377 Revs 1333416 vs 385146 Year Shr profit six cts vs loss 1.47 dlrs Net profit 124872 vs loss 2171011 Revs 4618232 vs 2959141 Reuter | FINAL TEST INC <FNLT> 4TH QTR LOSS |
Protective Life Corp said it has signed a letter of intent to assume <Liberty Life Insurance Cos> group insurance on July 1 subject to regulatory approvals. Terms were not disclosed. Reuter | PROTECTIVE LIFE <PROT> IN ACQUISITION |
Digital Communications Associates Inc said Bank South Corp <BKSO> purchased several of its recently introduced System 9000 intelligent T-1 switching systems. DCA said the switching systems will be used to transmit voice and data between the banks downtown banking location here and its new operations center near Atlantas Hartsfield International Airport. Reuter | DIGITAL COMMUNICATIONS <DCAI> SELLS SWITCHES |
Qtly divs Class A and B 20 cts vs 20 cts Pay May 15 Record April 30 Reuter | A.O. SMITH CORP <SMC> SETS QUARTERLIES |
Sony Corp <SNE.T> chairman Akio Morita played down the U.S.-Japanese trade conflict saying that direct investment abroad was the most effective way to reduce Japans trade surplus. Morita was speaking at the official opening of a 100 million franc (16.4 million dollars) compact disc player factory in eastern France. He said trade friction between the U.S. And Japan over high-technology was a very complicated and delicate issue but that Sony intended to invest directly throughout the world. Referring to the European Communitys stance against turnkey plants he said: I know Brussels is not very favourable to these so-called new Japanese screwdriver factories but in Sonys case our policy is quite different. The Colmar plant Sonys third in France would eventually use local components and be a purely French factory he said. Sony France SA was established in 1973. Its 1986 sales were two billion francs (327 mln dlrs) and the company says it expects sales of 2.7 billion francs (443 mln dlrs) in 1987. Sonys other two French plants in the south west of the country export over 80 per cent of their production. Company officials say that production from Sonys European factories currently accounts for over 30 per cent of the groups European sales and they expect this to increase. In 1986 over 20 per cent of Sonys eight billion dollar worldwide sales were made in Europe. At the beginning of 1987 Sony employed about 1100 people in Europe. The group plans to open a compact disc software factory in Austria this summer and an audio cassette plant in Italy next year. Reuter | SONY CHAIRMAN PLAYS DOWN TRADE CONFLICT |
Shr 1.02 dlrs vs 78 cts Net 14.4 mln vs 11.0 mln NOTE: 1987 net includes gain 2222000 dlrs from termination of pension plan. Results restated for pooled acquisitions and share adjusted for stock dividends. Reuter | CENTRAL BANCORP INC <CBAN> 1ST QTR NET |
<New Jersey Steel Corp> said it filed a registration statement with the Securities and Exchange Commission for the initial public offering of 1.8 mln shares of common stock at an estimated price of 20 dlrs to 22 dlrs a share. The company said it would sell one mln shares and that <Von Roll Ltd> would sell the remaining 800000 shares. Proceeds from the offering to be made through an underwriting group managed by PaineWebber Inc will be used for capital expenditures and repayment of long-term debt owed to Von Roll the company said. Reuter | NEW JERSEY STEEL FILES FOR INITIAL STOCK SALE |
Mars Stores Inc said sales for the five weeks ended April 4 were off 22.3 pct to 8242525 dlrs from 10.6 mln dlrs a year earlier. The company said sales for the first nine weeks of its fiscal year were off 14.5 pct to 14.1 mln dlrs from 16.5 mln dlrs a year before. Results exclude the discontiued Big Value Outlet division it said and are not directly comparable because Easter fell in March last year and will fall late in April this year. Reuter | MARS STORES <MXXX> MARCH SALES FALL |
Emcore said it completed the sale of 4.1 mln dlrs of stock to Citicorp Venture Capital Ltd Concord Ventures of Dillon Read and Co and private investors. Reuter | <EMCOR> COMPLETES SALE OF STOCK TO INVESTORS |
The Federal Home Loan Bank Board has retained Salomon Bros to seek ways to inject new capital into Financial Corp of America a Financial Corp spokeswoman said. Financial Corp which recently has held preliminary talks with unidentified parties concerning a possible acquisition of the company is also negotiating with a firm to advise and represent it in matters regarding potential acquisition matters as they may arise Financial Corp said last month. The Financial Corp spokeswoman said there have been no new developments since the company announced the preliminary talks on March 27. Financial Corp parent of American Savings and Loan Association the nations largest thrift has repeatedly said it would give serious consideration to a merger as a means of rapidly improving its capital position. The company has also said it would need more than one billin dlrs of capital to bring its regulatory net worth up to regulatory requirements. Reuter | FHLBB HIRES ADVISOR FOR FINANCIAL CORP <FIN> |
The Securities and Exchange Commission said it will hold a public hearing against Martin Saposnick who was a co-underwriter of a 1983 public offering of North Atlantic Airlines Inc. The SEC claims that Saposnick chairman of Marsan Securities Co Inc knew the offering prspectus failed to adequately disclose the companys delinquent federal and state taxes and its inability to pay debts when due. No specific date was set. The SEC said the hearing will determine whether Saposnick misrepresented compliance with NASDAQ and if so will determine remedial action. Reuter | SEC TO HOLD HEARING AGAINST BROKER |
Michigan General Corp said it has extended its exchange offer for its 10-3/4 pct senior subordinated debentures due December 1 1988 until April 23. It said the offer is being extended to allow it to conclude talks with its lender and with representatives of the holders of 75 pct of the debentures on the terms of the offer. The holders have indicated their intention to tender and to reach an agreement with the company Michigan General said. Reuter | MICHIGAN GENERAL <MGL> EXTENDS EXCHANGE OFFER |
Endotronics Inc said Richard Sakowicz has been named president chief executive officer and a director effective April 13. Sakowicz recently vice president at Control Data Corp <CDA> succeeds John Wright who will be resigning it said. In other action the company said that Burton Merical has been retained as a consultant to provide management and financial advisory services and to act as chief financial officer. Merical has provided consulting services to companies who have successfully reorganized under Chapter 11 bankruptcy proceedings Endotronics noted. In late March Endotronics reported that its auditing firm said its opinion for the fiscal year ended September 30 1986 should no longer be relied upon. The company also reported at the time that it was the subject of a formal private investigation by the Securities and Exchange Commission and the Federal Bureau of Investigation. Reuter | ENDOTRONICS <ENDO> NAMES NEW PRESIDENT |
Shr seven cts vs six cts Net 1612000 vs 1406000 Revs 38.2 mln vs 34.3 mln Avg shrs 23742000 vs 22945000 Reuter | VLSI TECHNOLOGY INC <VLSI> 1ST QTR NET |
U.S. Healthcare Inc said it has been granted a certificate of authority to operate a health maintenance organization in Delaware by the Delaware Department of Health and Social Services. Reuter | U.S. HEALTHCARE <USHC> TO RUN HMO IN DELAWARE |
Ugandan Finance Minister Chrispus Kiyonga has asked the National Resistance Council the countrys interim parliament to approve 1000 billion shillings (714 mln dlrs) in extra government spending over the last three months of this financial year council sources said. Kiyonga told the council that because of high inflation estimated to be running at over 150 per cent a year the government needed extra money to keep its services running until the financial year ends on June 30. The new appropriation requested by the minister is almost as much as the 1127 billion shillings (805 mln dlrs) the government expected to spend during the whole year. Kiyonga said the government was having trouble keeping to the deficit target of 350 billion shillings (250 mln dlrs) contained in the original budget announced last August. The deficit was to be financed by borrowing. The minister did not give a new budget deficit estimate. Reuter | UGANDAN ASKS FOR MORE MONEY TO KEEP up SERVICES |
Belgiums current account surplus measured on a cash basis widened sharply to 134.9 billion francs last year from 17.5 billion in 1985 the Finance Ministry said. The increase was due almost entirely to a sharp rise in the goods trade surplus to 126.1 billion francs from 20.4 billion. The services trade surpluses increased to 52.4 billion francs from 38.9 billion while the deficit on transfers rose slightly to 43.6 billion from 41.8 billion. Private sector capital operations showed a steeply higher deficit of 160.7 billion francs after 56.9 billion in 1985. Reuter | BELGIAN CURRENT ACCOUNT SURPLUS WIDENS IN 1986 |
Guinness Plc <GUIN.L> director Thomas Ward told a High Court hearing that the companys action against him and ex-chairman Ernest Saunders sought to give the impression of an international hunt for Wards 5.2 mln stg fee in connection with the Distillers Co Plc <DIST.L> takeover the Press Association news agency reported. In a sworn statement Ward a U.S. Lawyer said Guinness had failed to acknowledge that his attornies in March had offered to put the money less tax and various expenses into an escrow account where it could only be touched under agreed circumstances. Ward said Guinness had made a transparent attempt to belittle his services the PA reported. I wish to emphasise that the fee paid for my services was when considered out of context admittedly very large. But every aspect of the (Distillers) bid - the size of the target the benefit to Guinness from success the potential damage from failure the difficulties of the issues raised and the cost for all services - were not merely large but virtually unprecedented in the history of English takeovers Ward said. Failure would have cost Guinness between 25 mln stg and 100 mln stg he added. Ward said it was his idea to have a merger agreement with Distillers under which Distillers agreed to pay Guinnesss bid costs the PA reported. Wards statement was read to the court by his lawyer Peter Curry. Ward and ex-Guinness chairman Saunders want to end a temporary court freeze of their assets up to the disputed amount of the 5.2 mln stg fee which Guinness is trying to recover. Guinness acquired Distillers in a fierecly fought 2.7 billion stg battle during 1986. The U.K. Government is also probing the affair and has yet to report. Reuter | WARD CRITICISES GUINNESS'S FEE COMPLAINT |
Members of prime minister Yasuhiro Nakasones ruling Liberal Democratic Party (LDP) have shunned his support in their campaigns for upcoming local elections. His presence will do more harm than good an LDP candidate in Tokyo told Reuters. The candidate is one of several conservatives who have rebelled and joined the public outcry against Nakasones proposal for a five pct sales tax. Political analysts said Nakasone might have to step down before the Venice summit of industrial democracies on June 8-10 if the LDP lost too many major local seats. Nakasones popularity has dropped sharply since he led his party to its greatest-ever election victory last July and analysts said the proposed tax was one reason for the decline. Over 2500 local seats will be filled during two rounds of polling. The first round is on Sunday the second on April 26. Political analysts said a seat to watch would be the governorship of Fukuoka southern Japan. The LDP and two centre parties are challenging the incumbent governor Hachiji Okuda who is supported by the opposition socialist and communist parties. The proposed tax is a key campaign issue. The LDP and the centrist parties should have about 1350000 votes against 700000 for Okuda. But Okuda is the incumbent and has the sales tax weapon said Rei Shiratori professor of political science at Dokkyo University. Nakasone will serve out his term to the end of October if the LDP wins in Fukuoka he said. Analysts believe the opposition is likely to win the governorship of the northern island of Hokkaido. But Kenzo Uchida professor of political science at Hosei University said Nakasone can afford to get fairly tough if the LDP loses only in Hokkaido. The opposition parties are campaigning to scrap the sales tax proposal. The tax is one of the main pillars of Nakasones plan to overhaul the tax system which has remained unchanged for 36 years. It is also a key element in plans to boost Japanese domestic demand and cut back on exports. Without the tax revenue the government would have less to spend on stimulating the economy. REUTER | MEMBERS OF JAPAN'S RULING PARTY SHUN NAKASONE |
Denpac Corp said it placed an order for the assembly of the first 100 production units of its Sinterloy processor which will begin delivery later this year. The company said two pre-production units have been placed for clinical and laboratory evaluations with an additional six pre-production units to be placed shortly. The company said the Sinterloy processor is used by dental laboratories to fabricate dental appliances such as bridges and crowns. Reuter | DENPAC <DNPC> PLACES PROCESSOR ASSEMBLY ORDER |
Shr profit five cts vs profit two cts Net profit 325000 vs profit 105000 Revs 19.5 mln vs 16.1 mln Six Mths Shr profit nine cts vs loss 35 cts Net profit 627000 vs loss 2280000 Revs 36.9 mln vs 27.4 mln Reuter | SILICON SYSTEMS INC <SLCN> 2ND QTR MARCH 28 |
Zimbabwes beef exports to the European Community (EC) potentially worth 70 mln Zimbabwean dlrs this year may be jeopardised by an outbreak of foot and mouth disease in southwestern Matabeleland industry sources said. The country has temporarily suspended beef exports to the EC because of the outbreak and awaits a decision from the EC veterinary committee which is considering a formal ban. The outbreak in the countrys main ranching province has already led neighbouring beef-producing Botswana and Zambia to bar beef and dairy imports from Zimbabwe threatening the dairy industry with a loss of at least one mln dlrs in export revenue. The situation is still uncertain at the moment. Normally when an outbreak occurs there is an automatic suspension of beef exports one industry source said yesterday. Commenting on EC policy he explained Depending on the seriousness of the outbreak the (veterinary) committee then decides on three options allowing us to continue exporting beef from disease-free areas clamping a three-month suspension on exports or banning us from exporting for a year. We are still awaiting their decision he added asking not to be identified. Zimbabwe was granted an export quota of 8100 tonnes of high-grade beef to EC markets in 1985 after the country had spent millions of dollars erecting disease-control fences and upgrading abattoirs to meet stringent EC rules. Should the EC ban Zimbabwean exports the country will be forced to sell its beef on glutted world beef markets at low prices the source said. Projected earnings from beef sales could fall about 23 mln dlrs as a result he said. Reuter | DISEASE PUTS ZIMBABWE BEEF EXPORTS IN JEOPARDY |
Italian Prime Minister Bettino Craxi whose five-party coalition government fell apart yesterday told the Senate he was resigning. Craxi said at the end of a Senate (upper house) debate on the government that he would go tonight to hand his resignation to President Francesco Cossiga. Craxis government collapsed when the majority Christian Democrats withdraw their 16 ministers from the 30 member cabinet yesterday. Craxi had been prime minister for three and a half years. Reuter | CRAXI SAYS HE IS RESIGNING |
Shr 1.32 dlrs vs 1.26 dlrs Net 21.2 mln vs 17.4 mln Avg shrs 16.1 mln vs 13.8 mln Assets 10.0 billion vs 8.4 billion Deposits 7.2 billion vs 6.1 billion Loans 6.7 billion up 26 pct NOTE: Results restated for pooled acquisitions of Shawmut Home Bank and Fidelity Trust Co and include First Gibraltar Mortgage Corp from December 30 1986 purchase. Loan loss provision 8800000 dlrs vs 6300000 dlrs. Reuter | SHAWMUT CORP <SHAS> 1ST QTR NET |
Minntech Corp said it expects to report loss for its fiscal 1988 first quarter to end June 30 due to start-up costs related to a new membrane oxygenator and water filtration products. However revenues and earnings should consistently increase throughout the remainder of the year President Louis Cosentino told analysts. Reuter | MINNTECH <MNTX> SEES FIRST QUARTER LOSS |
The United States said a new attack by Iran in the Gulf war against Iraq does not appear to be a major offensive. We dont believe that what has been called Karbala-8 is a major offensive State Department spokesman Charles Redman said. He was responding to Irans announcement that it had launched its second offensive in three days against Iraq. Karbala-8 is the code name for the attack in which both sides have reported heavy fighting on the southern front near the major Iraqi port of Basra. Redman said the offensive appears to have been an Iran attack which has not made much of an advance. Detailed information is lacking he said but this seems to be largely a repetition of the kind of fighting we had seen previously in the same area east of Basra. Redman restated the U.S. call for an immediate end to hostilities and said Washington deplored the loss of life in this tragic war. Reuter | NEW GULF FIGHTING NOT A MAJOR OFFENSIVE - U.S. |
<Gordex Mineral Ltd> said geologists located more than one mln tons of gold-bearing deposits 0.057 ounces per ton at Cape Spencer. The company said it plans to invest 2.5 mln Canadian dlrs to expand on-site treatment facilities to process 100000 tons of gold-bearing deposits this year and 200000 tons in 1988. Prior to the completion of the recent exploration program Gordex estimated the Cape Spencer deposit had 200000 tons. Gordex said the expansion of the Cape Spencer facilities is intented to enable it to operate 24 hours a day throughout the year. Reuter | GORDEX MINERALS LOCATES GOLD DEPOSITS |
Rep. John Porter R-Ill. introduced in the House of Representatives legislation proposed by the Reagan administration to slash the U.S. sugar price support a spokesman for Porter said. The spokesman said the bill was introduced without any changes from the administrations proposal sent to Congress last month. That plan calls for a cut in the sugar loan rate to 12 cents per pound from 18 cents now. Sugar growers would be compensated for the price cut with targeted direct payments to be gradually phased-out through 1990. The payments to growers would cost an estimated 1.1 billion dlrs. Representatives of sugar growers have rejected the proposal saying it would ruin the domestic sugar industry. Reuter | U.S. CONGRESSMAN INTRODUCES REAGAN SUGAR BILL |
CANADA 91-DAY T-BILLS AVERAGE 6.95 PCT, MAKING BANK RATE 7.20 PCT |
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The U.S. drilling rig count rose by four last week to a total of 752 against 987 working rigs one year ago Hughes Tool Co said. In Canada the rig count continued falling last week because of the governments annual springtime ban prohibiting heavy equipment from being transported over rain-softened highways. A total of 85 rigs were working in Canada down 46 from the previous week Hughes said. At this time last year a total of 109 rigs were working in Canada. Among individual states Louisiana and New Mexico each reported drilling declines of 10 rigs and Kansas was down by seven. Gains were reported in Oklahoma Wyoming and Texas which increased by 20 seven and one respectively. Hughes said the total of 752 working rigs in the United States included 17 in inland waters 74 in offshore waters and 661 on land. Reuter | HUGHES' <HT> U.S. RIG COUNT RISES TO 752 |
Shr 89 cts vs not available Net 1163000 vs 466000 Nine Mths Net 3696000 vs 1624000 NOTE: Company converted to stock ownership effective August 1986. Periods end March 31 1987 and 1986 respectively. Reuter | REPUBLIC SAVINGS AND LOAN <RSLA> 3RD QTR NET |
Southmark Corp said shareholders will be issued as a special dividend rights to acquire 22 shares of American Realty Trust <ARB> for each 100 shares of Southmark owned. The record date for Southmark shareholders to receive these rights will be May one with an ex-dividend date of April 27. Southmark received these rights on April six as the holder of about 84 pct of American Realty Trusts outstanding shares. Reuter | SOUTHMARK <SM> TO ISSUE AMERICAN REALTY RIGHTS |
Market response to the Italian Treasurys 3000 billion lire offer of short-term bills (BOTs) was mixed with six month paper oversubscribed but 12-month bills little in demand Bank of Italy figures show. Rates were unchanged on those indicated at the time the offer was announced on April 4. The market was assigned all the 1500 billion lire worth of six-month bills on offer after requesting a total of 1660 billion. Effective net annualized compound yield on the bills is 9.19 pct against 9.24 pct at the end-March auction. Of the 1500 billion lire of 12-month paper offered operators requested and were assigned 911.975 billion lire at a net annualized compound rate of 9.02 pct. The Bank of Italy took up the remaining 588.025 billion lire of 12-month paper. The bills replace maturing paper worth 2485 billion lire of which 1985 billion was in the hands of market operators and the remainder with the Bank of Italy. Reuter | ITALIAN TREASURY BILL OFFER MEETS MIXED DEMAND |
Takeover speculation continues to fuel heavy trading in UAL Inc traders said. UAL rose 1-5/8 to 73-5/8 on volume of more than two mln shares after trading with little upward movement earlier in the session. Traders said rumors which began yesterday added to speculation that the company would be the target of a takeover. They said it was believed Coniston Partners and the Pritzker family of Chicago were buying the stock. Coniston declined comment and the Pritzkers had no comment. Traders said there was speculation a bidder might appear and also that real estate developer Donald Trump who holds a stake in UAL might participate in a takeover bid. UAL pilots said they would be willing to pay 4.5 billion dlrs which includes debt for the companys United Airlines unit. Reuter | WALL STREET STOCKS/UAL INC <UAL> |
Gordex Mineral Ltd said geologists located more than one mln short tons of gold-bearing deposits 0.057 ounces per ton at Cape Spencer. The company said it plans to invest 2.5 mln Canadian dlrs to expand on-site treatment facilities to process 100000 tons of gold-bearing deposits this year and 200000 tons in 1988. Prior to the completion of the recent exploration program Gordex estimated the Cape Spencer deposit had 200000 tons. Gordex said the expansion of the Cape Spencer facilities is intended to enable operation 24 hours a day throughout the year. Reuter | GORDEX MINERALS LOCATES CANADA GOLD DEPOSITS |
NIGERIAN OIL MINISTER RILWANU LUKMAN SAID TODAY GOVERNMENT SUBSIDY ON DOMESTIC OIL PRODUCTS HAD RISEN FROM 20 TO 85 PCT AFTER THE FLOTATION OF THE NAIRA CURRENCY LAST SEPTEMBER. THE NAIRA HAS DEPRECIATED BY OVER 60 PCT AGAINST THE DOLLAR SINCE IT WAS FLOATED AND THE GOVERNMENT SAYS PETROLEUM PRODUCTS HAD BECOME TOO CHEAP ENCOURAGING SMUGGLING TO NEIGHBOURING STATES. LUKMAN TOLD REPORTERS DOMESTIC OIL PRICES WERE BEING CRITICALLY STUDIED AND A DECISION WOULD BE TAKEN SOON ON WHETHER OR NOT TO REDUCE THE SUBSIDY. LAST YEAR THE GOVERNMENT CUT OIL SUBSIDY BY 80 PCT AS PART OF ITS ECONOMIC ADJUSTMENT PROGRAM. OIL FIRMS HAVE ARGUED THAT THE DEPRECIATION OF THE NAIRA HAS MADE FURTHER REMOVAL OF PETROLEUM SUBSIDY NECESSARY. Reuter | NIGERIA PUTS DOMESTIC OIL SUBSIDY AT 85 PCT |
U.K. Property company Greycoat Group Plc is seeking two financings one for 120 mln stg and the other for 16 mln stg in connection with its Embankment Place development above and around Charing Cross station in London banking sources said. The first transaction a 120 mln stg credit will be arranged by N.M. Rothschild and Sons Ltd and Bank of Tokyo International Ltd on behalf of a special purpose Greycoat subsidiary yet to be incorporated. It matures in June 1993 but will be extendible by up to two years to June 1995 at the option of the borrower. The first credit a project financing will carry a basic margin of 5/8 point over London Interbank Offered Rates (LIBOR) with an additional 1/4 pct per annum payable on outstanding amounts to the extent that the property is not substantially pre-let. In addition if the property is pre-sold while amounts are still outstanding the basic margin will be reduced to 1/2 point over LIBOR the banking sources said. For a one year extension of the maturity an extra 1/8 point margin will be paid with a further 1/8 point if the maturity is lengthened for the optional second year. There will be a commitment fee of 1/4 pct per annum on available amounts and of 1/8 pct on unavailable amounts the sources said. Rothschild is sole agent for this transaction. The second transaction a 16 mln stg credit for the purpose of working capital is being arranged by Rothschild alone on behalf of the Greycoat Group Plc itself. It will be secured on a property called Brettenham House. The margin will be 1/2 point over LIBOR in years one to four 5/8 point over LIBOR in years five and six and 3/4 point over LIBOR thereafter. The credit will mature in June 1995. The sources said that a commitment fee of 20 basis points will be payable on the available tranche with 10 basis points on unavailable amounts. Reuter | GREYCOAT GROUP SEEKS TWO FINANCINGS |
<Sulpetro Ltd> said it had not yet obtained Canadian government approval of a previously reported agreement to restructure its 505 mln dlr debt and remaines dependent in the interim on support from its principal banker. Sulpetro said it was operating as if the restructuring were implemented and was required to pay interest only on the term loan part of its debt. It earlier said its net loss for the first quarter ended January 31 fell to 9.9 mln dlrs from a restated year-earlier loss of 17.3 mln dlrs. Sulpetro president Michael Williams declined to speculate in reply to a query on when government approval of the restructuring deal was likely. The company said first quarter costs fell to 25.4 mln dlrs from year-ago 45.5 mln dlrs due partly to lower sales costs and reduced depletion because of its fiscal 1986 writedown. First quarter revenues fell to 14.7 mln dlrs from year-earlier 29.8 mln because of lower wellhead prices reduced gas and natural gas liquids sales disposal of its British properties and surrender of part of the Irish-Lindbergh heavy oil properties Sulpetro said. Reuter | SULPETRO AWAITS GOVERNMENT APPROVAL ON DEBT |
Delta Air Lines said it filed with the U.S. Department of Transportation its application for one-stop service from Portland Ore to Seoul Korea via Tokyo. If all government approvals are given promptly Delta said service could begin by July One 1987. Delta said it started service from Portland to Tokyo on March two and operates five weekly round trips. It will increase service to six flights on June One and plans daily service by 1988 Delta said. Reuter | DELTA AIR <DAL> FILES FOR ONE-STOP TO SEOUL |
Canadas key bank rate rose to 7.20 pct from 7.15 pct the week before Bank of Canada said. Bank rate is set 1/4 percentage point above the average yield on the weekly issue of 91-day treasury bills. This weeks yield was 6.95 pct compared with the previous weeks 6.90 pct. Tenders were accepted for 2.55 billion dlrs of 91-day bills at an average price of 98.296 dlrs against 98.310 dlrs last week. The 1.40 billion dlrs of 182-day bills were priced at an average 96.488 dlrs against 96.549 dlrs last week to yield an average 7.30 pct versus 7.17 pct last week. The 500 mln dlrs of 364-day bills were priced at an average 92.969 dlrs against 93.159 dlrs last week to yield an average 7.58 pct versus 7.38 pct last week. Tenders will be received next week for 2.50 billion dlrs of 91-day bills 1.40 billion dlrs of 182-day bills and 500 mln dlrs of 364-day bills. Reuter | CANADIAN BANK RATE RISES IN WEEK |
The quarterly session of the International Tin Council (ITC) continued without formal agreement on an extension of the sixth International Tin Agreement (ITA) but delegates said it was apparent there was a general consensus the Agreement should be prolonged. Some delegations are still awaiting formal instructions from capitals but informally most have indicated they favour an extension delegates said. This afternoons session was used by delegates to seek further clarification on some of the issues involved and to discuss internal matters. Some sources were optimistic a resolution on an extension could be passed tomorrow but others suggested a special session would be convened to adopt the resolution after the Association of Tin Producing Countries meeting April 14 to 16. The full Council session resumes tomorrow at 1330 GMT after a European Community coordination meeting at 1100. Reuter | CONSENSUS SEEN ON TIN PACT EXTENSION |
Brazilian Finance Minister Dilson Funaro shrugged off demands by a group of Brazilian governors that he resign. At this moment I am discussing something much more serious for Brazil and its absolutely indispensible in a negotiation like this one that I dedicate myself entirely to the discussions Funaro told reporters. Funaro who spoke today to the International Monetary Funds interim committee was referring to talks he began Tuesday with creditor banks in New York in which unveiled Brazils economic targets and financial needs. The governor of Sao Paulo state Orestes Quersia and other governors last night called on Brazilian President Jose Sarney to assume direct control of the debt negotiations. Asked if the governors demands for his resignation would affect negotiations Funaro said: We are building a new refinancing position and that is what we are doing now. The rest is secondary. He added that Brazils economic program clearly demonstrates the intention to renegotiate the countries international financial committments and added: The domestic problems are our business. Funaro said discussions on Brazils refinancing proposals were well under way with private creditor banks and added World Bank President Barber Conable had also accepted the proposals as a good plan at a meeting they had last night. But Conable who was also present at todays IMF interim committee meeting told reporters that the World Bank wanted further clarifications on Brazils economic programs. We wish further clarification about the program with respect to adjustment lending Conable said. He added that a World Bank mission would travel to Brazil early next week to explore the state of Brazils new economic measures. Reuter | FUNARO SHRUGS OFF CALLS FOR RESIGNATION |
Shr four cts vs 10 cts Net 31000 vs 82000 Sales 10.9 mln vs 9760000 Reuter | SLATER ELECTRIC INC <SLAT> 1ST QTR FEB 28 NET |
<Skyswitch Satellite Communications Co> said it GTE Corps GTE Spacenet has signed an original equipment manufacturing agreement with Skyswitch that will enable the two companies to set the standard for satellite news gathering voice communications systems. The equipment will be provided under GTEs specifications and label it said. Reuter | GTE <GTE> UNIT SIGNS DEAL WITH SKYSWITCH |
Oper shr 1.64 dlrs vs 1.50 dlrs Oper net 6200000 vs 5600000 Revs not given 12 mths Oper shr 2.76 dlrs vs 2.58 dlrs Oper net 10.4 mln vs 9600000 NOTE: Net income including discontinued operation and in both 1986 periods 1500000 dlr gain from change in accounting for which results restated 6200000 dlrs vs 7200000 dlrs in quarter and 10.6 mln dlrs vs 11.6 mln dlrs. Reuter | SOUTH JERSEY INDUSTRIES INC <SJI> 1ST QTR NET |
Shr 56 cts vs 35 cts Net 10271000 vs 6425000 Loans 1.44 billion vs 1.20 billion Deposits 2.36 billion vs 1.96 billion Assets 2.96 billion vs 2.55 billion Reuter | CITY NATIONAL CORP <CTYN> 1ST QTR NET |
Shr 50 cts vs 26 cts Net 1316000 vs 656000 NOTE: qtr 1987 includes tax gain 500000 dlrs or 19 cts per share. Reuter | ALLIED BANKSHARES INC <ABGA> 1ST QTR NET |
Texaco Canada Inc 78 pct owned by Texaco Inc <TX> likely would not form any part of a possible settlement in a 10.3 billion U.S. dlr legal battle between Texaco Inc and Penzoil Co <PZL> Texaco Canada chief executive Peter Bijur told reporters. I just just dont believe that it (Texaco Canada) would be part of any settlement Bijur said during a interview. Bijur said he could not comment directly on the Texaco-Penzoil dispute adding he had no first-hand information concerning efforts by Texaco and Penzoil to resolve the matter. We dont have any problems that I am aware of that are a result of that litigation in the United States and we continue to do business on a normal business as usual basis Texaco Canadas Bijur told reporters during an interview session. As previously reported Texaco Inc is seeking a court order to block Pennzoil from taking action to secure a 10.3 billion dlr judgement against Texaco. In reply to a query Bijur said Texaco Inc has imposed no spending retraints on Texaco Canada as it continues previously reported efforts to make an energy-related acquisition. After considering making an acquisition for several months Texaco Canada set up a business development team of five people about one month ago to increase its efforts Bijur said. The company has also widened the scope of its search to include candidates involved in refining and marketing as well as production segments of the industry. Were going to widen the scope of our view. Were going to look at the downstream and were going to look at the entire petroleum business he said. Bijur declined to specify how much money Texaco Canada would spend on an acquisition. Bijur said the company was not close to concluding any acquisitions and declined to specify when he expected a transaction might be made. Were not in a hurry he said. Texaco Canada said in the annual report it had a cash position of 808 mln dlrs at the end of 1986 and Bijur said the companys cash fund has not changed materially during the first quarter. Commenting on earnings results Bijur said he expected first quarter profit to be lower than last years earnings of 84 mln dlrs or 70 cts a share due to lower profit contribution from production because of lower oil prices. REUTER^M | TEXACO CANADA <TXC> LIKELY NOT IN A TEXACO PACT |
Minnesota Laser Corp said it introduced a new line of Coagulase Series Nd:YAG surgical laser systems. It said the lasers use 400 micron fiberoptics designed for endoscopic microscopic and freehand surgical applications in gynecology urology gastroenterology and pulmonology. Reuter | MINNESOTA LASER INTRODUCES NEW SURGICAL LASERS |
The House of Seagram Seagram Co Ltds U.S. marketing arm for Joseph E. Seagram and Sons distilled spirits and wine coolers said it is replacing its four current national spirits companies with a single sales force one marketing unit and a centralized finance and administrative function. Effective May four House of Seagram said its sales force will operate nationally through seven equal-sized regions five in open states and two in control states Seagram said. The change reflects a more aggressive marketing and sales focus on the local level the company said. A vice president-general manager will head each region reporting to Jerome Mann executive vice president Seagram said adding that Sales Seagram Distillers 375 Spirits Perennial Sales and Summit Sales will cease to exist as companies. We will no longer have individual spirits companies the resulting internal competition for distributor and retailer attention or centalized decision making on virtually all issues Edgar Bronfman House of Seagram president said. Seagram said the group that markets Seagrams line of wine coolers the be caled the Seagram Beverage Co will not be affected by the reorganization. The company added that Seagram Beverage will remain inside the House of Seagram but separate from the spirits unit. Reuter | SEAGRAM <VO> REORGANIZES U.S. SALES, MARKETING |
Reuters Holdings Plc <RTRS.L> said it has launched its colour videotext service Reuter News-Watch in Britain to service the customers of hotels restaurants airports and banks. News-Watch subscribers can insert their own advertisements and announcements for display. The service uses information from the Reuter database of news prices and displays. It carries the latest news and sport from around the world financial rates and prices weather forecasts and horoscopes. News-Watch already available in most West European countries will go worldwide this year. Reuter | REUTERS LAUNCHES VIDEOTEXT SERVICE IN U.K. |
The Government of Bermuda is seeking a 40 mln dlr seven year revolving credit which will be the only credit outstanding in its own name N.M. Rothschild and Sons Ltd said as arranger and agent. The credit will pay a margin of 20 basis points over U.S. Dollar London Interbank Offered Rates (LIBOR) and will incorporate a tender panel for U.S. Dlr advances. There is a 10 basis point annual facility fee in years one to four rising to 12-1/2 points thereafter. A 7-1/2 basis point participation fee is payable on the transaction which started syndication this week. Reuter | BERMUDA SEEKS 40 MLN DLR REVOLVING CREDIT |
Royal Dutch/Shells Scallop Petroleum Co subsidiary said it will reduce the price it charges contract barge customers in New York harbor for heating oil by 2.5 cts a gallon effective tomorrow. The company said the price cut will bring the contract barge price for heating oil to 51 cts a gallon. Reuter | ROYAL DUTCH <RD> UNIT TO CUT HEATING OIL PRICE |
Bankers Trust New York Corp filed with the Securities and Exchange Commission for a shelf offering of up to 400 mln dlrs of subordinated debentures on terms to be set at the time of sale. The bank holding company said proceeds will be used for general corporate purposes including investments in or extensions of credit to its subsidiaries. Underwriters were not named in the draft prospectus. Reuter | BANKERS TRUST <BT> FILES 400 MLN DLR OFFERING |
Magma Copper Co a subsidiary of Newmont Mining Corp said it is raising its copper cathode price by 0.25 cent to 65.75 cents a lb effective immediately. Reuter | MAGMA RAISES COPPER PRICE 0.25 CT TO 65.75 CTS |
Shr 95 cts vs 80 cts Net 57.4 mln vs 46.6 mln Assets 28.39 billion vs 25.87 billion Loans 13.99 billion vs 14.35 billion Reuter | FIRST BANK SYSTEM INC <FBS> 1ST QTR NET |
Shr 94 cts vs 1.02 dlrs Net 7255000 vs 7856000 Loans 2.88 billion vs 2.94 billion Deposits 4.05 billion vs 3.73 billion Assets 5.43 billion vs 5.14 billion Reuter | CENTERRE BANCORP <CTBC> 1ST QTR NET |
Oper shr four cts vs one ct Oper net 108000 vs 30000 Revs 12.8 mln vs 14.8 mln Note: Current qtr figures exclude operating loss carryforward gain of 57000 dlrs or two cts per share vs gain of 21000 dlrs or one ct per share. Reuter | SEA GALLEY STORES INC <SEAG> 1ST QTR NET |
IRT Property Co a real estate investment trust based in Atlanta Georgia has launched a 30 mln dlr convertible subordinated debenture in the Euromarket a partner of Chandler Partnership Ltd said. The issue is unique in several respects and is only one of a handful of such deals to be brought to this market he said. Unlike most eurobonds the issue will not be underwritten. Instead IRT mandated Chandler Partnership to find potential investors with whom the issue can be preplaced and to then place on a best efforts basis what ever amount may not be subscribed. Chandler itself was set up in the Isle of Jersey in the middle of last year as a partnership whose members have been involved in financial markets. The deal has two sponsors who assist in the placement-- Interallianz Bank Zurich AG and Nivison Cantrade Ltd a small U.K. Trading firm that formerly was broker R. Nivison and Co. The debentures are due June 1 2002 and pay a semi-annual coupon of two pct and are priced at par. They can be converted into shares of the companys stock at 23-1/2 dlrs a share. IRTs shares closed last night on the New York Stock Exchange at 19-7/8. The debentures can be redeemed at par at maturity and are callable at the companys option after the first two years. On or after August 1989 the company can call half the debentures if the stock trades for 30 days at 123 pct of the conversion price and half if it reaches 140 pct of the conversion price Nivison said. In addition holders will be able to surrender half the bonds during May 1991 at 123 pct for a semi-annual yield of 7.043 pct and the other half in May 1993 at 140 pct for a yield of 7.383 pct. The payment date is June 1 1987. The debentures will be listed in London and the fees for the deal total 2-1/4 pct. Nivison said that the deal contains a convenent which states that if the companys debt to equity ratio exceeds two to one the debentures cannot be converted unless the company obtains a bank guarantee or a letter of credit. Nivison said IRTs debt to equity ratio currently is less than one to one. The Chandler partner said that this type of deal gives the borrower funds that are less costly than if it had done an issue in the U.S. Domestic market. REUTER | IRT PROPERTY LAUNCHES DEBENTURE IN EUROMARKET |
Egypt has cancelled its April 2 tender for 200000 tonnes of any origin wheat for April 15-30 shipment trade and Egyptian official sources said. Trade sources said the cancellation followed an offer by an Egyptian company Islamic Corp at 85.80 dlrs/tonne cost and freight undercutting other traders offers of between 93.90 and 94.49 dlrs/tonne. An Egyptian trade official in Paris confirmed cancellation of the tender following the Islamic Corp offer which he said the government had refused for legal reasons. The official denied trade reports that the government might have substituted a private deal with Islamic Corp for the original tender. Reuter | EGYPT CANCELS WHEAT TENDER |
U.K. Helicopter maker <Westland Plc> will reduce the 6000 workforce of its helicopter division by around a third over the next few weeks a company spokesman said. He said the decision was in part the result of a 400 mln stg government order for military helicopters announced earlier. The spokesman said the order had reduced the number of redundancies necessary but was not large enough to avoid job losses. The total group workforce is 11000. The company was rescued last year by a consortium of United Technologies Corps <UTX.N> Sikorsky unit and Fiat SpA <FIAT.MI>. Reuter | WESTLAND TO CUT A THIRD OF HELICOPTER WORKFORCE |
The House Armed Services Committee has voted for a transfer in the management of stockpiled materials for national defense to the U.S. Defense Secretary. The committee also voted for legally-binding quantity and quality requirements on the materials mostly metals. The measures are a part of the Defense Authorization Bill which will be voted on in the House next month. The purpose of the measures passed by the committee yesterday is to improve stockpile management and discourage sell-offs of materials that could jeopardize strategic needs a staff member of the committee told Reuters. They (the stockpiles) stand to gain the most by being managed properly said the staffer. Management of the stockpile over the last 10 years has been atrocious. Responsibility for stockpile management now belongs to a White House agency the Federal Emergency Management Agency. The staffer said under the measures passed by the committee the Secretary of Defense would have more influence over decisions to keep or sell strategic stockpile materials. The administration has proposed a goal of 700 million dlrs worth of strategic materials to be held in the stockpile. The stockpile now contains around 10 billion dlrs of materials. He said several agencies currently helped FEMA to manage the stockpile and decide how much to sell to help the deficit. These agencies included the Office of Management and Budget and the Departments of Interior and Commerce he said. The committee believed the shared involvement in stockpile management was counter-productive he said. Reuter | HOUSE PANEL WANTS PENTAGON MANAGE U.S. STOCKPILE |
SALOMON INC MANAGING DIRECTOR SAID RUMORS COMPANY SUFFERED BOND TRADING LOSSES ARE "NOT TRUE" |
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Canadas trade picture has brightened considerably underscoring economists predictions the sector would post a long awaited recovery this year. The federal government reported today that the monthly surplus soared to 1.25 billion Canadian dlrs in February double Januarys 623 mln dlrs surplus and sharply higher than February 1986s 189 mln dlr tally. Hopefully its the beginning of a trend said Richardson Greenshields of Canada Ltd economist Susan Clark in Toronto. Economists generally dont expect such large gains over the next months but are looking for an upward trend throughout the year. We thought the trade balance would improve ... over the year and it certainly looks as if this mornings figure is indicative of that commented economist James Donegan at the Toronto securities firm of Midland Doherty Ltd. Statistics Canada reported the surplus was driven by a 23 pct gain in automobile product exports to a record 3.2 billion dls in the month. Recovery in the automotive sector helped push the value of exports up by 5.9 pct in February the agency said in its monthly report. Total exports expanded to 10.44 billion dlrs from 9.85 billion dlrs in February while imports slipped to 9.19 billion dlrs from 9.23 billion dlrs. Economists have predicted the 1987 trade surplus would end up three to five billion dlrs higher than last years dismal 10.1 billion dlr total. In 1985 the surplus was 17.48 billion dlrs. Money market analysts said the positive trade news touched off a modest rally in the Canadian dollar which rose to 76.85 U.S. cts on North American markets early this morning after closing at 76.58 cts Wednesday. The currency was hovering around 76.78 cts in early afternoon trading. Economists have been banking on an improved trade performance this year to stimulate an otherwise sluggish Canadian economy. Money market analysts said the positive trade news touched off a modest rally in the Canadian dollar which rose to 76.85 U.S. cts on North American markets early this morning after closing at 76.58 cts Wednesday. The currency was hovering around 76.78 cts in early afternoon trading. Economists have been banking on an improved trade performance this year to stimulate an otherwise sluggish Canadian economy. They say the countrys consumers who have been spending at a torrid pace in recent years will sharply curtail outlays this year and this should help curtail the flow of imports into the country. Meanwhile demand for Canadian exports in the United States by far the countrys largest market is expected to be strong as a result of a projected rise in American consumer spending and the relatively low value of the Canadian currency. We maintain whats going to drive Canadas export performance is income growth in the U.S. said Midlands Donegan. But at the Bank of Nova Scotia deputy chief economist Warren Jestin was less optimistic about the U.S. outlook and said it could be a mistake to read too much into Februarys trade upturn. Jestin said Given the fact the U.S. economy is showing signs of weakening--particularly car sales--it would indicate that part of the strength (in Canadas trade figures) is probably transitory. Reuter | CANADA TRADE RISE SEEN AS START OF RECOVERY |
First Bank Systems Inc in reporting higher first quarter net said that if interest is not paid on the 140 mln dlrs in Brazilian loans and nine mln dlrs in Ecuadorian loans for the rest of 1987 its profits for the entire year will be cut by 6.9 mln dlrs. The banking firm said the non-performing status of these loans cut first quarter net by 1.7 mln dlrs. Earlier it reported first quarter profits of 57.4 mln dlrs or 95 cts a share up from 46.6 mln dlrs or 80 cts a share in the year-ago period. Nonaccrual loans restructured loans and other real estate were 637 mln dlrs or 2.24 pct of total assets compared to 514 mln dlrs or 1.84 pct of assets at the end of 1986 and 636.1 mln or 2.46 pct of assets at March 31 1986. The provision for loan losses in the quarter was 35 mln dlrs compared to 152.1 mln in the first quarter 1986 when there was a special addition to the reserve of 100 mln dlrs. Net charge offs were 34.7 mln compared to 41.1 mln dlrs a year earlier. REUTER^M | FIRST BANK <FBS> SEES LOSS ON BRAZILIAN LOANS |
USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS 28.0 MLN TONNES VS 26.0 IN MARCH, 29.9 YEAR AGO |
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International American Homes Inc said it would not be able to release any statements concerning its stock halt on Nasdaq for about 45 minutes to an hour. American Homes whose stock halted on a last sale of 7-3/4 said the only executive who could release the news would not be available until then. Reuter | INTERNATIONAL AMERICAN <HOME> NEWS TO COME |
USDA ESTIMATES 1986 SOVIET GRAIN CROP AT 210 MLN TONNES VS 210 IN MARCH, 192 YEAR-AGO |
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USDA - U.S. 1986/87 ENDING CORN STOCKS 5,240 MLN BU, WHEAT 1,848 MLN, SOYBEANS 610 MLN |
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USDA 1986/87 U.S. ORANGE CROP 190,050,000 BOXES, FLORIDA CROP 122,900,000 BOXES |
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USDA ESTIMATES 1986/87 ORANGE JUICE YIELD AT 1.50 GALS PER BOX FROM FLORIDA CROP |
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National Medical Enterprises Inc said it filed a registration statement with the Securities and Exchange Commission covering 300 mln dlrs of debt securities. The proposed offering includes 150 mln dlrs of 30-year debentures and 150 mln dlrs of 10-year notes the company said. Net proceeds from the offering will be used to reduce bank borrowings National Medical said adding Merrill Lynch Capital Markets will manage the underwriting. Reuter | NATIONAL MEDICAL <NME> FILES FOR DEBT OFFERING |
Comdata Network Inc said it has received a letter from Drexel Burnham Lambert Inc stating that subject to conditions the company could raise up to 235 mln dlrs in debt securities to finance the previously announced merger of a newly formed corporation controlled by <Welsh Carson Anderson and Stowe IV> and Comdata. Comdata said the letter was in accordance with the previously announced terms with Welsh Carson. Reuter | COMDATA <CDN> GETS MERGER FINANCING |
Western Bell Communications Inc said it is preparing a 23-mln-dlr syndicated limited partnership to finance three films and three television pilots through its Western Bell Entertainment Inc unit. Western Bell Entertainment will produce all of the projects the company said. Reuter | WESTERN BELL <WBEL> SETS FILM PARTNERSHIP |
Oper shr 1.64 dlrs vs 84 cts Oper net 4583000 vs 2869000 Revs 20.1 mln vs 19.0 mln Avg shrs 2791639 vs 3432746 Year Oper shr 4.46 dlrs vs 3.20 dlrs Oper net 14.1 mln vs 10.9 mln Revs 74.6 mln vs 68.0 mln Avg shrs 3154665 vs 3425187 NOTE: Operating net excludes gains of nothing vs 2444000 dlrs or 72 cts a share in quarter and 1890000 dlrs or 60 cts a share vs 93267000 dlrs or 2.72 dlrs a share in year from tax loss carryforwards Reuter | VORNADO INC <VNO> 4TH QTR JAN 31 NET |
FIRST UNION CORP FIRST QTR SHR 71 CTS VS 61 CTS |
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Following are highlights of the U.S. Agriculture Department supply/demand projections for the 1986/87 seasons in mln bushels with comparisons unless noted -- Corn -- Stocks Aug 31 1987 at 5240 vs 5595 last month. Stocks Aug 31 1986 at 4040 vs 4040 last month. Exports projected at 1375 vs 1250 last month. Exports in 1985/86 at 1241 vs 1241 last month. Domestic use at 5680 vs 5450 last month. Usage in the 1985/86 season at 5255 vs 5255 last month. Wheat -- Stocks May 31 1987 projected at 1848 vs 1877 last month. Stocks on May 31 1986 at 1905 vs 1905 last month. Exports in 1986/87 season at 1025 vs 1025 last month. 1985/86 season at 915 vs 915 last month. Domestic use in 1986/87 at 1134 vs 1105 last month. 1985/86 at 1045 vs 1045 last month. Cotton -- in mln 480 lb bales - Stocks July 31 1987 at 5.40 vs 5.49 last month. Stocks July 31 1986 at 9.35 vs 9.35 last month. Exports in 1986/87 season at 6.66 vs 6.76 last month. Exports in 1985/86 - 1.96 vs 1.96 last month. Soybeans -- in mln bushels - Stocks Aug 31 1987 projected at 610 vs 635 last month. Stocks Aug 31 1986 at 536 vs 536 last month. Soybean crushings during 1986/87 - 1130 vs 1115 last month. Crushings in 1985/86 at 1053 vs 1053 last month. Exports in 1986/87 season at 700 vs 700 last month. Exports in 1985/86 at 740 vs 740 last month. Soybean Oil -- mln lbs - Stocks on Sept 30 1987 at 1360 vs 1200 last month. Stocks on Sept 30 1986 at 947 vs 947 last month. Exports in 1986/87 at 1350 vs 1350 last month. Exports in 1985/86 at 1257 vs 1257 last month. Soybean Cake/Meal -- thousand short tons - Stocks Sept 30 1987 at 270 vs 315 last month. Stocks Sept 30 1986 at 212 vs 212 last month. Exports in 1986/87 season at 6500 vs 6350 last month. Exports in 1985/86 at 6036 vs 6008 last month. Reuter | U.S. SUPPLY/DEMAND HIGHLIGHTS |
The U.S. Agriculture Department estimated 1986/87 citrus production as follows (in boxes) -- Total U.S. orange crop (excluding Florida Temples) -- 190050000 boxes vs 190850000 boxes last month and 176410000 boxes in the 1985/86 crop. Florida oranges (excluding Temples) -- 122900000 boxes vs 124000000 last month and 119000000 boxes in 1985/86. Florida Temples -- 3400000 boxes vs 3400000 last month and 2950000 boxes in 1985/86. The departments estimates are based on April 1 crop conditions. Reuter | U.S. CITRUS CROP ESTIMATE -- USDA |
The U.S. Agriculture Department projected an average yield of 1.50 gallons of frozen concentrated orange juice per box (42.0 degree brix equivalent) from Floridas 1986/87 crop. That compares with 1.47 gallons per box previously and 1.38 gallons per box from the 1985/86 crop. The crop reporting board said the estimates for the 1986/87 season are based on maturity and yields tests as of April 1. Reuter | USDA ORANGE JUICE YIELD ESTIMATE |
The Soviet Union has added 175600 tonnes of U.S. corn to its previous commitments for delivery in the fourth year of the U.S.-USSR Grain Supply Agreement which began October 1 1986 the U.S. Agriculture Department said. According to the departments Export Sales Report covering transactions in the week ended April 2 corn transactions consisted of 140600 tonnes of new sales and changes in destinations for 35000 tonnes. Total corn commitments to the USSR for delivery in the fourth agreement year amount to 2825600 tonnes. The Soviets have not purchased wheat or soybeans in the fourth year of the agreement. Reuter | USSR ADDS U.S. CORN TO COMMITMENTS - USDA |
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