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Argentinas Economy Minister Juan Sourrouille said the narrow interest of creditor banks was holding up an accord to stretch out debt repayments and warned Argentina may break off negotiations. It is inadmissible that the private narrow interest of some banks threatens to turn into an insurmountable obstacle for a policy we have agreed with the international community Sourrouille said. Speaking to the International Monetary Funds Interim Committee meeting Sourrouille said Argentina had given ample proof that it is negotiating seriously with the banks. Today with that same responsibility we are clearly stating that it will be imposible for us to continue negotiating on that basis. A monetary source who heard Sourrouilles speech from a vantage point close to U.S. Treasury Secretary James Baker said Baker turned to one of his advisors to ask for the names of banks that Sourrouille said were stalling on an agreement. Lets give them a call right away the source quoted Baker as saying. Sourrouille reminded the Interim Committee that the IMF last February approved a 1.3-billion-dlr stand-by loan and a longer-term credit known as an extended Fund Facility for another 500000 dlrs. But he said that despite Argentinas disciplined effort to achieve inflation-free economic growth it was unable to obtain IMF payouts due to the link between that arrangement and settlement of a separate agreement with creditor banks. Sourrouille stated flatly that the banks were flouting a long-established practice under which debtor countries which reached agreements on economic reforms with the Fund were a good credit risk for the banks. In other words facts are demonstrating that the current debt strategy is showing that an IMF agreement is only a weak signal for the beginning of another discussion (with the banks) he stated. He added the fact that the strategy is not working was also demonstrated when governments that approved Argentinas program had to join in a bridge loan for his country. Sourrouille stated that Argentina has met IMF requirements regarding its balance of payments and its monetary and fiscal policies. Despite this Sourrouille said What we are facing is the inexplicable demands (from the banks) that are blocking negotations. Argentina with a foreign debt of 50 billion dlrs has been seeking to reschdule 24 billion dlrs in old debt and another 4.2 billion dlrs that had been refinanced in 1985. The minister also said there were two issues separating Argentina from an accord with creditor banks one was a minimum difference on the interest rate margin above international levels. The other condition of more concern were suggestions by the banks that would upset the countrys financial system. Monetary sources said creditor banks have been offering Argentina the London Interbank rate (Libor) plus 7/8 pct which they gave Venezuela in a recent refinancing agreement. The sources said Argentina is committed to winning the lower spread Mexico gained last year of 13/16 pct above Libor. Reuter | ARGENTINA WARNS IT MAY CUT OFF TALKS WITH BANKS |
General Electric Corp has received a 30.0 mln dlr contract for lot three of attack radar sets for the F/FB-111 avionics modernization program the Air Force said. reuter | GE <GE> GETS 30.0 MLN DLR F-111 RADAR CONTRACT |
Newhall Investment Properties said it declared a special distribution of 50 cts per share payable June one to unitholders of record April 24. Reuter | NEWHALL INVESTMENT <NIP> SETS SPECIAL PAYOUT |
Florida Citrus Processors Association said frozen concentrated orange juice movement into trade channels in the week ended April 4 totalled 4496533 gallons versus 5058976 gallons in the week ended March 28 and 4141578 gallons in the corresponding year-ago period. There were 499967 gallons of foreign imports last week versus 341280 gallons the week before. Domestic imports last week were 24774. Retail movement was 1741139 versus 1464490 a year ago. Bulk movement was 2328368 against 2139383 a year earlier. Current season cumulative movement was 79516753 gallons versus 76919119 last year. Cumulative net pack for the season was 86254846 versus 82355864 a year ago. Inventory was 75212711 versus 75985696 a year ago. Reuter | FCOJ MOVEMENT 4,496,533 GALLONS LAST WEEK |
National Heritage Inc said it acquired the assets of Chartham Management Corp of Salem Ore. Terms were not disclosed. The assets acquired will be used to form a new divisional office serving the northwest the nursing home operator said. The newly acquired Salem operation has management responsibility for about 2500 beds in 28 nursing homes in seven states. Southmark Corp <SM> which owns 80 pct of National Heritage recently agreed to acquire the 28 facilities. National is the manager of nursing home properties owned by Southmark. Reuter | NATIONAL HERITAGE <NHER> BUYS MANAGEMENT FIRM |
Medivix Inc said its American Subscription Plan Inc subsidiary signed a contract with <Midwest Benefits Corp> to provide mail order prescription services for employees of 300 companies. Midwest acts as a third party administrator for the companies Medivix said. The company said it anticipates the new pact will generate substantial revenues during the next 12 months. Reuter | MEDIVIX <MEDX> UNIT IN PACT FOR MAIL ORDERS |
Ohio Mattress Co said that its Ohio-Sealy Mattress Manufacturing Co unit completed its previously announced acquisition of Sealy Mattress Co of Michigan Inc. In addition the company said Sealy Inc of which its owns 82 pct redeemed the outstanding Sealy stock held by Michigan Sealy thus increasing the companys stake in Sealy to 93 pct. Reuter | OHIO MATTRESS <OMT> BUYS SEALY OF MICHIGAN |
Louisiana Land and Exploration Co said it Du Pont Cos Conoco Inc subsidiary and <Oranje-Nassau Energie B.V.> have been offered four exploration blocks offshore The Netherlands. Louisiana Land said Blocks Q4a E12c and E15b were offered to the group in which Conoco has a 67.5 pct interest Louisiana Land 20 pct and Orange-Nassau 12.5 pct while this group along with a consortium headed by Pennzoil Co <PZL> were offered Block Q5c. The offers were the result of applications submitted to the Ministry of Economic Affairs for the Netherlands Sixth Offshore Licensing Round. Louisiana Land said the Conoco group intends to provide a formal acceptance of the blocks with plans to start exploration this year. The company also said the two Q blocks immediately offset other offshore blocks on which hydrocarbons have been found in commercial quantities. Reuter | LA LAND <LLX>,DU PONT <DD>GET EXPLORATION TRACTS |
Standard and Poors Corp said it lowered the ratings on AFG Industries Incs subordinated debentures to B-plus from BB-plus. The issue is removed from creditwatch where it was placed on March 18. About 185 mln dlrs of debt is affected. S/P noted that while AFGs and Wagner and Browns 2.2 billion dlr offer to acquire Gencorp Inc has been withdrawn AFGs participation in the offer as well as its previous 1.4 mln dlr offer for Lear Siegler Inc shows a greater appetite for substantial acquisitions than was previously anticipated. Reuter | AFG INDUSTRIES <AFG> DEBT LOWERED BY S/P |
Moodys Investors Service said it has raised its ratings on about 50 mln dlrs of outstanding securities of Southwest Airlines Co unit TransStar Airlines Corp formerly named Musa Air Corp. The agency has up the companys senior secured debt to Ba2 from B2. The action reflects the improvement in the companys financial position since its acquisition by Southwest. Southwest operates TransStar as a separate unit and has not legally assumed its debt. Reuter | MOODY'S UPGRADES SOUTHWEST AIRLINES <LUV> UNIT |
Patient Technology Inc said it retained an investment banking firm to consider alternatives in restructuring its long-term debt including a possible exchange offer for 20 mln dlrs of outstanding convertible debentures. On April one it began consolidating sales marketing and manufacturing operations. The consolidation is expected to be complete by June one and the company said it is now focusing on restructuring its balance sheet. The company said the first quarter will be adversely affected by the consolidation effort. For the year ago first quarter the company reported a profit of 100000 dlrs on 7.3 mln dlrs. The company further said that the second quarter will be transitional period and that earnings growth will resume in the second half of 1987. For the year ended December 31 1986 Patient reported a net loss of 1.4 mln dlrs on sales of 29.8 mln dlrs due to write-offs from discontinued operations and a temporary backlog of orders. Reuter | PATIENT <PTI> CONSIDERING DEBT RESTRUCTURING |
Napco International Inc said it has suspended its plan to sell its international business to a group of that business top managers because the group has failed to obtain satisfactory financing. The company also said it still intends to pursue a new corporate direction and is exploring acquisition alternatives. Reuter | NAPCO <NPCO> MANAGEMENT CANNOT RAISE FUNDING |
Shr loss 18 cts vs loss 89 cts Net profit 161000 vs loss 5938000 Assets 3.43 billion vs 3.46 billion Deposits 2.68 billion vs 2.67 billion Loans 1.45 billion vs 1.64 billion Note: Shr data after payment of preferred dividends. Reuter | BANKS OF MID-AMERICA INC <BOMA> 1ST QTR NET |
McDonnell Douglas Corp said it acquired Frampton Computer Services Ltd a British software company that is also known as Isis. Terms of the acquisition were not disclosed. Based in Bristol England Isis employs 65 workers and has annual revenues of about five mln dlrs McDonnell Douglas said. The company added that Isis will operate as part of McDonnell Douglas Information Systems International. Reuter | MCDONNELL DOUGLAS <MD> BUYS COMPUTER FIRM |
National Semiconductor Corp said it and Canon Inc <CANNY> plan to jointly develop integrated circuits and software products which will be manufactured by Canon. The first product will be a laser-beam printer for Nationals Series 32000 family of 32-bit microprocessor products the company said. Reuter | NATIONAL SEMI <NSM>, CANON IN DEVELOPMENT PACT |
Liberty Financial Group Charles D. Cheleden chairman and chief executive officer said Harold Kline has resigned his position as president of the group and its subsidiary Liberty Savings Bank effective May One. Cheleden said he will assume the offices previously held by Kline who will continue to serve on the board of the Liberty Financal Group and Liberty Savings Bank. Reuter | LIBERTY FINANCIAL GROUP <LFG> PRESIDENT RESIGNS |
The U.S. Agriculture Department announced the prevailing world market price adjusted to U.S. quality and location for Strict Low Middling 1-1/16 inch upland cotton at 50.57 cts per lb to be in effect through midnight April 16. The adjusted world price is at average U.S. producing locations (near Lubbock Texas) and will be further adjusted for other qualities and locations. The price will be used in determining First Handler Cotton Certificate payment rates. The department said since the adjusted world price is above the loan repayment rate of 44 cts per lb for the base quality no First Handler Cotton Certificates will be issued during the period. Based on data for the week ended April 9 the adjusted world price for upland cotton is determined as follows in cts per lb -- Northern European Price -- 62.88 Adjustments -- Average U.S. Spot Mkt Location -- 9.98 SLM 1-1/16 Inch Cotton -- 1.80 Average U.S. Location -- 0.53 Sum of Adjustments -- 12.32 Adjusted World Price -- 50.63 Reuter | WORLD MARKET PRICE FOR UPLAND COTTON - USDA |
A shareholder group controlling 48.3 pct of the stock of Rocky Mount Undergarment Co Inc told the Securities and Exchange Commission it will try to take control of the company by taking over its board of directors. The group which includes David Greenberg Rocky Mounts former president and several other members of the Greenberg family said it had been close to an agreement with the company on board representation when talks broke down. As a result it will propose its own slate of directors and vote for that slate at the companys April 24 annual meeting the group said. David Greenberg had been president and chairman of Rocky Mount until May 1986 when he resigned at the boards request. Davids younger brother Herbert Greenberg was a vice president until November 1986 when he was fired by the board. However Herbert refused to resign his board seat and remains a company director. Rocky Mount sued the group in federal court in North Carolina earlier this month charging that its accumulation of Rocky Mount stock amounted to an illegal tender offer in violation of the federal securities laws. Reuter | ROCKY MOUNT <RMUC> HOLDERS SEEK BOARD CONTROL |
U.S. corn sales of just over 1.0 mln tonnes in the week ended April 2 were eight pct above the prior week but 25 pct below the four-week average the U.S. Agriculture Department said. In comments on its latest Export Sales Report the department said Iraq Japan and the USSR were the largest buyers. Sales for the next marketing year which begins September 1 totaled 503200 tonnes and were mainly to Iraq and Taiwan. Wheat sales of 119300 tonnes for the current season and net reductions of 13700 tonnes for the 1987/88 season were four-fifths below the combined total for the prior week and the four-week average it said. Sri Lanka was the most active wheat destination with purchases of 52500 tonnes for the current year it said. Other significant purchasers for the current year were Mexico and Honduras it said. Soybean sales of 240500 tonnes were one-fifth below the prior week and nearly one-third below the four-week average. Japan Mexico South Korea Italy and Israel were the major purchasers the department said. Net sales of 117700 tonnes of soybean cake and meal fell 31 pct from the previous week and 38 pct below the four-week average. Major increases for West Germany Venezuela the Netherlands and Saudi Arabia were partially offset by reductions for unknown destinations USDA said. Activity in soybean oil resulted in decreases of 2400 tonnes with sales to unknown destinations down by 2700 tonnes while sales to Canada increased 200 tonnes the Department said. Combined sales of 71300 running bales of cotton -- 60200 bales for the current season and 11100 bales for 1987/88 season -- were four-fifths higher than the prior weeks level but nine pct below the four-week average. Mexico was the dominant buyer for the current year followed by Zaire Italy and Spain the department said. The primary buyers for the 1987/88 season were South Korea Spain Japan and Taiwan the department said. Sorghum sales of 143300 tonnes were 25 pct less than the prior week with Japan and Venezuela the main buyers. Reuter | USDA COMMENTS ON EXPORT SALES REPORT |
U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS IN MARCH 30 WEEK, FED SAYS |
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FED SAYS U.S. DISCOUNT WINDOW BORROWINGS 361 MLN DLRS IN APRIL 8 WEEK |
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U.S. BANK NET FREE RESERVES 447 MLN DLRS IN TWO WEEKS TO APRIL 8 |
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Westinghouse Electric Corp chairman Douglas Danforth said he was encouraged by first quarter results for fiscal 1987 and said the company was positioned to capitalize on the economys modest growth for the rest of the year. I am encouraged by the continuing improvement in earnings Danworth said. The first quarter met our expectations. Westinghouse recorded net income for the first quarter of 151.6 mln dlrs or 1.05 dlrs per share on revenues of 2.32 billion dlrs. Danworth attributed the results to an increase in the operating profit in the energy and advanced technology industries and commerical segments. Reuter | WESTINGHOUSE ELECTRIC <WX> OPTIMISTIC FOR YEAR |
Shr seven cts vs five cts Net 240000 vs 136000 Loans 264.5 mln vs 251.7 mln Deposits 319.7 mln vs 306.8 mln Assets 348.6 mln vs 334.6 mln Reuter | BSD BANCORP <BSD> 1ST QTR NET |
Shr 14 cts vs six cts Net 653561 vs 251955 Revs 4143056 vs 2199238 Reuter | GATEWAY COMMUNICATIONS INC <GWAY> 1ST QTR NET |
AMR Corps American Airlines will start its own information campaign in its dispute with the Association of Professional Flight Attendants. The company which has been negotiating with its 10000 attendants since late last year will give out information brochures at its terminals outlining its position according to L.C. Duncan Jr. vice president of corporate communications. During a news conference Duncan said the APFA was conducting a smear campaign by handing out leaflets at the companys terminals. The union says it was trying to win public support by presenting its position. Last month American fired 20 flight attendants for handing out the leaflets at Dallas-Fort Worth Airport. The union is fighting the move in court. In response to a question Duncan said the companys latest proposal for a new three-year contract which was offered March 11 does away with a two-tiered system of pay whereby new employees are paid on a lower scale than those hired before 1983. However the union has contended that the companys proposal keeps the system in a disguised form. A union spoksewoman had no immediate response to Americans announcement. Currently the airline and the union are in the middle of a federally-mandated 30-day cooling off period that was triggered after both sides rejected a federal mediators offer of binding arbitration. When the period ends on April 25 the union is free to strike and the company is free to unilaterally impose its latest offer under the Federal Railway Labor Act. Even though the union has repeatedly said it will not strike Duncan confirmed today that the company has received permission from the Federal Aviation Administration to speed up the hiring of new attendants. In response to a question Duncan denied the company was thinking of firing attendants who do not comply after the 25th. It (the speeded-up hiring) is a precautionary measure he said. Reuter | AMR (AMR) TO START INFORMATION CAMPAIGN IN DISPUTE |
British Airways said it suspended sale in the U.S. of its Europe on Us for travel from the U.S. due to disapproval by the U.S. Department of Transporation on grounds of reciprocity. Under the promotional program customers would buy a round trip from the U.S. to London and would receive a free round trip ticket from London to one of 45 cities in 16 countries. A company spokesman said the Transportation Departments contention was that American carriers could not compete in this program. British Airways said it is seeking a review of the decision. Reuter | BRITISH AIRWAYS <BAB> SUSPENDS PROMOTION |
Shr loss 42 cts vs loss 56 cts Net loss 596354 vs loss 795009 Revs 3818258 vs 2070772 Reuter | BAKER COMMUNICATIONS INC <BAKR> YEAR LOSS |
Shr 39 cts vs 28 cts Net 491000 vs 356000 Revs 890000 vs 720000 Year Shr 1.54 dlrs vs 2.49 dlrs Net 195200 vs 3165000 Rev 3463000 vs 3005000 Note: Net includes state tax credit of 400000 for 1986 qtr and year. Net also includes gains from sale of real estate of 3000 vs 83000 for qtr and 563000 vs 1317000 for year. Reuter | EASTOVER CORP <EASTS> 4TH QTR NET |
The Treasury said sales of EE U.S. savings bonds were 17 pct higher during March at 703 mln dlrs than in March 1986. It was the highest savings bond sales total for any March since 1978. Total holdings of U.S. savings bonds reached 94.76 billion dlrs the highest in the history of the program the Treasury said. March redemptions fell six pct to 441 mln dlrs last month from 468 mln dlrs in March 1986. For the first six months of fiscal 1987 savings bonds sales have risen 129 pct from the comparable fiscal 1986 period to 7.01 billion dlrs from 3.07 billion dlrs the Treasury said. Reuter | MARCH U.S. SAVINGS BONDS SALES RISE STRONGLY |
U.S. bank discount window borrowings less extended credits averaged 361 mln dlrs a day in the week to Wednesday April 8 the Federal Reserve said. Total daily borrowings in the week fell 99 mln dlrs to 591 mln dlrs with extended credits down 35 mln dlrs at 230 mln dlrs. The week was the second half of the two-week statement period that ended Wednesday. Net borrowings averaged 425 mln dlrs in the first week of the period. Commenting on the two-week statement period that ended on April 8 the Fed said banks had average net free reserves of 447 mln dlrs. A Fed spokesman told a press conference that there were no large one-day net misses in the Feds estimates of reserves in the week ended Wednesday. Of the weeks borrowings money center banks accounted for 65 pct and small banks for almost 35 pct. On Wednesday when net borrowings were 1.36 billion dlrs and Fed funds averaged a high 6.45 pct money center banks accounted for more than 90 pct of the borrowing. Borrowings in the latest two weeks averaged 393 mln dlrs a day the highest since the statement period ended January 28. Float ranged from about 250 mln dlrs on Thursday to between one and 1.25 billion dlrs on Monday and Tuesday. The spokesman said Mondays float included 500 mln dlrs in holdover float at one Fed branch due to mechanical problems. About 500 mln dlrs of Tuesdays float reflected non-weather-related transportation float in one Eastern Reserve bank. As-of adjustments ranged from minus 500 mln dlrs on Monday when cash letter errors at two eastern reserve banks were corrected to plus 500 mln dlrs on Thursday when a correction was made to unposted funds at a single bank. In the first half of the statement period ended Wednesday banks held excess reserves on the first four days of the week but ran a deficit on Wednesday. In the second week they ran a deficit on Thursday Friday and Monday but held excess reserves on the final two days. Reuter | U.S. BANK DISCOUNT BORROWINGS 361 MLN DLRS |
Noranda Inc said it began salvage operations at its Murdochville Quebec mine where a fire last week killed one miner and caused 10 mln dlrs in damage. Noranda said the cause and full extent of the damage is still unknown but the fire destroyed 6000 feet of conveyor belt. The company said extreme heat from the fire caused severe rock degradation along several ramps and drifts in the mine. Production at the mine has been suspended until investigations are complete. The copper mine and smelter produced 72000 tons of copper anodes in 1986. The smelter continues to operate with available concentrate from stockpiled supplies Noranda said. Reuter | NORANDA BEGINS MURDOCHVILLE MINE SALVAGE |
U.S. M-1 money supply fell two billion dlrs to a seasonally adjusted 738.9 billion dlrs in the March 30 week the Federal Reserve said. The previous weeks M-1 level was revised to 740.9 billion dlrs from 741.0 billion while the four-week moving average of M-1 rose to 739.8 billion dlrs from 739.7 billion. Economists polled by Reuters said that M-1 would be anywhere from down two billion dlrs to up 1.8 billion. Reuter | U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS |
ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 1.39 BILLION DLRS IN LATEST WEEK TO 236.77 BILLION |
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The Federal Deposit Insurance Corp said a bank in Texas and one in Oklahoma were closed and their deposits transferred to other banks for the 54th and 55th bank failures in the nation this year. The Southwestern Bank of Houston was closed and its deposits transferred to OMNIBANC North Belt also of Houston. The failed banks main office will reopen as a branch of OMNIBANC. Southwestern had total assets of 14.8 mln dlrs. First National Bank of Braman Okla. was closed and its desposits assumed by Community Bank of Shidler Okla. First National had total assets of 12.3 mln dlrs. Reuter | FDIC SAYS BANKS IN TEXAS, OKLAHOMA CLOSED |
A group led by Shamrock Associates told the Securities and Exchange Commission it will mount a proxy contest in an effort to elect three class one directors to the Prime Medical Services Inc board of directors. The Shamrock shareholder group said its members also pledged not to sell their holdings back to the company unless we sell in connection with a transaction that woulde include all Prime stockholders. The group has about 1.5 mln Prime shares or 17.8 pct of the total outstanding. Shamrock is an investment partnership controlled by Far Hills N.J. lawyer Natalie Koether. Reuter | HOLDERS PLAN PRIME MEDICAL <PMSI> PROXY CONTEST |
Bevis Industries Inc which has been seeking to be acquired said it recently received inquiries concerning the purchase of the company. The company did not identify the parties that made the inquiries but it said they had been referred to its investment bankers Tucker Anthony and R.L. Day Inc for study. On March 18 the company said it engaged Tucker Anthony to seek purchasers of its operating units Greenville Tube Corp and MD Pneumatics Inc. Reuter | BEVIS <BEVI> RECEIVES TAKEOVER INQUIRIES |
LTV Corp said it will seek approval from the U.S. bankruptcy court to make one-time hardship payments to retired steelworkers who lost some pension benefits when their retirement plans were terminated. The payments would range from 100 dlrs to 750 dlrs per person for more than 9800 steel company salaried and hourly retirees LTV said. The companys steel unit retirement plans were terminated in January by the federal Pension Benefit Guaranty Corp which said the plans were insolvent. LTV filed Chapter 11 bankruptcy last July 17. Under Chapter 11 a company is protected from creditors while it works out a plan to pay debts. While most regular pension payments were continued after LTV Steel Cos pension plans were terminated some retirees got a reduction in their supplemental early retirement benefits or other payments that were more than maximums guaranteed by the federal agency. LTV also began talks with the United Steelworkers union and both sides have made a commitment to reach a new labor agreement by May 1 the steel aerospace and energy concern said. LTV has the right to renegotiate its labor contracts while operating in Chapter 11. At issue are pension and health benefits for active and retired employees and other items such as use of manpower and equipment. The company plans to present a comprehensive proposal to the U.S. bankruptcy court in May to deal with pensions and health care benefits for steel and energy retirees and health care benefits for aerospace retirees it said. All LTV retirees are currently receiving health and life insurance payments mandated by federal laws passed in October that have been extended until May 15. Reuter | LTV <QLTV> TO MAKE ONE-TIME BENEFIT PAYMENTS |
Jacor Communications Inc said it agreed to buy two Denver radio stations from A.H. Belo Corp <BLC> for 24 mln dlrs in cash and notes. Jacor said the two stations are KOA-AM and KOAQ-FM. The acquisitions must be approved by the Federal Communications Commission Jacor added. Reuter | JACOR <JCOR> TO BUY TWO DENVER RADIO STATIONS |
Assets of money market mutual funds increased 1.39 billion dlrs in the week ended yesterday to 236.77 billion dlrs the Investment Company Institute said. Assets of 93 institutional funds were up 481.1 mln dlrs to 65.65 billion dlrs 93 broker-dealer funds rose 285.3 mln dlrs to 107.31 billion dlrs and 197 general purpose funds gained 625.5 mln dlrs to 63.8 billion dlrs. Reuter | ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK |
Polycast Technology Corp told the Securities and Exchange Commission it sold off 119800 of its Spartech Corp common shares reducing its stake in Spartech to 30000 shares or 1.2 pct of the total outstanding. Polycast said it made the sales April 6-8 in the over-the-counter market. It gave no reason for the sales. Reuter | POLYCAST <PTCC> REDUCES SPARTECH <SPTN> STAKE |
Smithkline Beckman Corp said its genetically engineered hepatitis B vaccine has received regulatory approval for marketing in Switzerland and Luxembourg. The vaccine called Engerix-B has been approved in several other countries including Belgium and Hong Kong. Smithkline said it is currently considering marketing avenues in the United States. Merck and Co <MRK> also has a genetically engineered vaccine being marketed in several foreign markets according to industry sources. Reuter | SMITHKLINE <SKB> VACCINE GETS APPROVAL OVERSEAS |
There were 287700 tonnes of U.S. corn shipped to the Soviet Union in the week ended April 2 according to the U.S. Agriculture Departments latest Export Sales report. That compares with 106200 tonnes shipped in the prior week. There were no wheat or soybean shipments during the week. The USSR has purchased 2825600 tonnes of U.S. corn as of April 2 for delivery in the fourth year of the U.S.-USSR grain agreement. Total shipments in the third year of the U.S.-USSR grains agreement which ended September 30 amounted to 152600 tonnes of wheat 6808100 tonnes of corn and 1518700 tonnes of soybeans. Reuter | GRAIN SHIPMENTS TO THE USSR -- USDA |
Jiffy Lube International Inc said it plans to expand into the Australian market as well as neighboring countries with its chain of automotive fast oil change and maintenance centers. Jiffy Lube said it plans to open its first center in Brisbane later this year and have 100 centers open within six years. Reuter | JIFFY LUBE INTERNATIONAL <JLUB> IN AUSTRALIA |
TREASURY'S BAKER SAYS MACROECONOMIC INDICATORS NEED MORE PROMINENT ROLE |
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HOSPITAL CORP SAYS IT RECEIVED 47 DLR A SHARE OFFER FROM INVESTOR GROUP |
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Qtly div five cts vs five cts prior Pay July 13 Record June 30 Reuter | BEVERLY ENTERPRISES <BEV> SETS REGULAR DIVIDEND |
TREASURY'S BAKER SAYS FLOATING EXCHANGE RATE SYSTEM NEEDS GREATER STABILITY |
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Crude oil netback values in complex refineries rose sharply in Europe and firmed in the U.S. last Friday from the previous week but fell sharply in Singapore according to calculations by Reuters Pipeline. The firmer tone to refining margins in Europe and the U.S. relected higher prices for petroleum products particularly gasoline and support from crude oil prices. Netback values for crude oil refined in Northern Europe rose substantially following strong gains in gasoline prices there. Brent is valued at 19.45 dlrs up 56 cts a barrel or three pct from the previous week. In the U.S. Gulf sweet crudes rose in value by 14 cts to 19.33 dlrs for West Texas Intermediate up about 0.7 pct. Sour grades in the U.S. Gulf showed an increase of 33 cts a barrel for Alaska North Slope up 1.7 pct. But netbacks for crude oil refined in Singapore fell sharply down 15 cts to as much as 68 cts a barrel as ample distillate supplies weighed on petroleum product prices. Attaka in Singapore is valued at 18.55 dlrs a decline of 68 cts a barrel or 3.5 pct from the previous week. For refineries in the Mediterranean netback values were mostly lower with declines of seven to 14 cts. The value of Kuwait crude fell 14 cts to 18.37 dlrs while Iranian Light fell 11 cts to 19.14 dlrs. On the U.S. West Coast netback values for ANS CIF L.A. also jumped sharply up 40 cts a barrel or 2.2 pct to 18.82 dlrs on higher gasoline prices. Reuter | CRUDE OIL NETBACKS UP SHARPLY IN EUROPE, U.S. |
Treasury Secretary James Baker said the floating exchange rate system has not been as effective as had been hoped in promoting stability and preventing imbalances from emerging in the global economy. In remarks before the afternoon session of the International Monetary Funds Interim Committee Baker said he was not suggesting that the system should be abandoned. But I do suggest he said that we need something to give it more stability and to keep it headed in the right direction when the wind shifts. He said that indicators can serve as a kind of compass but added that structural indicators can help focus attention on some policies. Baker however said the IMF needs to move beyond macroeconomic indicators and find structural indicators that can help focus attention on some of the policies of specific relevance to the imbalances we face today. The Treasury Secretary said that indicators should be given a more prominent role in the annual economic reviews -- Article IV consultations -- that the Fund performs. Baker also told the policy making group that it was time for the IMF to adopt earlier recommendations making IMF surveillance more relevant to national policymakers and the public. In particular we urge increased publicity for IMF appraisals developed in Article IV consultations the use of follow-up reports on country actions to implement IMF recommendations and greater use of special consultation procedures he said. Baker emphasized that indicators were a device for moving beyond rhetoric to action. He said they provide more structure to the system and induce more discipline and peer pressure into the process of policy coordination. He said the Funds procedures for surveillance need to be reviewed and updated to reflect the use of indicators. This should be matter of priority for the executive board he said. Baker also urged the Fund to develop alternative medium-term economic scenarios for countries that can help us focus even more clearly on the most important imbalances by identifying options for addressing them and analyzing the implications of these options. He said also that further work should be done on finding paths that lead toward possible medium-term objectives. If we are to take effective remedial action when there are significant deviations from an intended course then we must have more definitive ways of indentifying the right course for key variables he said. Reuter | TREASURY'S BAKER SAYS SYSTEM NEEDS STABILITY |
Nerco Inc said its oil and gas unit closed the acquisition of a 47 pct working interest in the Broussard oil and gas field from <Davis Oil Co> for about 22.5 mln dlrs in cash. Nerco said it estimates the fields total proved developed and undeveloped reserves at 24 billion cubic feet or equivalent of natural gas which more than doubles the companys previous reserves. The field is located in southern Louisiana. Reuter | NERCI <NER> UNIT CLOSES OIL/GAS ACQUISITION |
For the second time in seven weeks the United States and Britain vetoed a Security Council resolution to impose mandatory sanctions against South Africa. Nine of the Councils 15 members voted for the draft aimed at forcing South Africa to implement an eight-year-old U.N. independence plan for Namibia (South West Africa) a vast sparsely populated territory rich in minerals. The U.S. and Britain were joined by West Germany in casting negative votes. France Italy and Japan abstained. The resolution called for comprehensive mandatory sanctions because Pretoria insists on making Namibian independence conditional on the withdrawal of more than 30000 Cuban troops from neighbouring Angola. Reuter | U.S. AND BRITAIN VETO SANCTIONS AGAINST S.AFRICA |
Commodities from gold to grains to cotton posted solid gains in a flurry of buying today as losses in the U.S. dollar and rising interest rates kindled fears of inflation and economic instability. Gains were most pronounced on the Commodity Exchange in New York where gold jumped 12.40 dlrs and closed at 436.50 dlrs a troy ounce and silver 22.5 cents to 6.86 dlrs a troy ounce. A key factor behind the advance was anticipation that inflation will be the only way for the major industrial nations to halt the slide in the value of the U.S. dollar said Steve Chronowitz director of commodity research with Smith Barney Harris Upham and Co. in New York. The dollar tumbled one day after top finance officials from the seven largest industrial nations reaffirmed their commitment to support its value and despite reports of intervention by the U.S. Federal Reserve Bank traders said. Traders said it appears that the industrial nations known as the Group of Seven lack the ability to change the long-term direction of the currency markets. Maybe they have some ideas or plans said Chronowitz. If they do its not evident. It looks like theres no cure but to let the free market take values to where they should be. One way or another we will force our major trading partners to stimulate their economies as a measure to correct the mounting U.S. trade deficit Chronowitz said. I think the markets believe and have believed for a long time that the only recourse is to reflate at some point. Its going to be a long and tedious process but thats whats happening he said. The falling value of the dollar makes U.S. commodities cheaper for foreign buyers stimulating demand. At the same time traders who are holding stocks and bonds saw the value of their investments falling and many are turning to commodities such as precious metals as a hedge said Marty McNeill a metals analyst in New York with the trading house of Dominick and Dominick. The reaction in the metal markets reverberated throughout the commodities markets as grains livestock and cotton posted broad gains. Traders at the Chicago Board of Trade said attention in the grain markets has shifted from concern about burdensome supplies to the outlook that a lower dollar will stimulate export demand. After the close of trading the Agriculture Department raised its estimate for grain imports by the Soviet Union by two mln tonnes from the month-earlier report. Live hogs and frozen pork bellies posted sharp gains on the Chicago Mercantile Exchange while live cattle were moderately higher. Analysts said several factors boosted hog prices. They said hogs havent been making the weight gains that are normal at this time of year and farmers have been too busy with field work to market animals. Reuter | U.S. DOLLAR LOSSES PROPEL BROAD COMMODITY GAINS |
General Motors Corp said it will temporarily lay off 9800 workers at two plants next week. The layoffs will bring to 11900 the number of General Motors workers temporarily let go by the company. Indefinite layoffs remain unchanged at 37000. General Motors said its Chevrolet-Pontiac-GM of Canada plant at Okalhoma City Okla. will be shut down April 13 through April 20 for inventory adjustment. Some 5500 workers will be idled at the plant. General Motors Chevrolet-Pontiac-GM of Canada plant at Doraville Ga. will be closed for the same period for inventory adjustment with 4300 workers affected. The companys Lakewood Ga. plant has been shut since December with 2100 workers on temporary layoff. General Motors said it will have one car plant and five truck plants working on on overtime Saturday April 11. Reuter | GENERAL MOTORS <GM> TO IDLE 9,800 WORKERS |
<Tennex Industries Inc> a Japanese owned supplier of air cleaners for the automotive industry said it will build a seven mln dlr plant in Munfreesboro Tenn. The company said the 37500-square-foot plant will initially supply parts to <Nissan Motor Manufacturing Corp USA> in nearby Smyna. The company said it hopes to eventually produce parts for other U.S. car makers. Reuter | TENNEX INDUSTRIES TO BUILD PLANT IN TENNESSEE |
Egypt is expected to tender April 22 for 500000 tonnes of corn for May through September shipments private export sources said. Reuter | EGYPT SEEKING 500,000 TONNES CORN - U.S. TRADERS |
Shr 67 cts vs 62 cts Net 9160000 vs 7722000 Assets 4.5 billion vs four billion Note: Shr and net data are before accounting change announced in 1986 which added 30 cts a share to year-ago 1st qtr results. Reuter | TRUSTCORP INC <TTCO> 1ST QTR NET |
 N.Y. GRAIN FREIGHTS - April 9 Nidera took TBN 12000 tonnes HSS Toledo to Casablanca April 29-May 5 25.00 dlrs three days load 1000 discharge Comanav took Radnik 20000 tonnes Lakehead to Morocco April 15-25 22.00 dlrs 5000 load 3000 discharge Krohn took Akron 75000 tonnes anygrains on 55 feet stowage Mississippi River to Rotterdam May 1-10 8.05 dlrs 12 days all purposes Continental took Legionario 40000 tonnes River Plate to Japan April 25-May 10 22.50 dlrs 2000 load 5000 free discharge Garnac took Sokorri 30000 tonnes U.S. Gulf to Constanza April 15-25 17.00 dlrs load terms unknown 3000 discharge reuter  | |
Shr 20 cts vs 25 cts Net 487000 vs 435000 Reuter | NAPA VALLEY BANCORP <NVBC> 1ST QTR NET |
Shr loss 21 cts vs loss 28 cts Net loss 817000 vs loss 1058000 Revs 5627000 vs 7397000 Year Shr loss 75 cts vs loss 1.36 dlrs Net loss 2872000 vs loss 5200000 Revs 23.3 mln vs 21.1 mln Note: 1985 net includes 1255000 adjustment in inventory valuations and 486000 in cost-reduction expenses. Full name is International Power Machines Corp. Reuter | INTERNATIONAL POWER MACHINES <PWR> 4TH QTR LOSS |
The Chicago Board Options Exchange CBOE said it will list new Standard and Poor 500 stock index options beginning April 20 that will trade side-by-side with the existing S and P 500 options <SPX>. The new S and P 500 option contract differs from the existing contract in that settlement of the new contract will be based on the opening value of the index on expiration Friday. Settlement of the existing contract is based on the closing value of the index on expiration Friday. The new opening settlement S and P 500 options will be offered only in months in which there are S and P 500 futures. Initial months to be listed in the new options will be June September and December the CBOE said. Dissemination of the settlement of price of the new options will be made through a special ticker symbol -- <SET> the exchange said. There will initially be seven series of strike prices for each contract month of the new options -- one strike price at the money or near to the actual spot index value and three above and three below the spot index. Position limits in any combination of both the new and existing S and P 500 options will be 15000 contracts. The exchange said in the rare event that a stock does not open on expiration Friday the previous days closing price of that stock will be used to calculate the settlement value of the index. Reuter | CBOE TO LIST NEW S AND P OPTIONS <NSX> APRIL 20 |
The European Community has told Congress that if textile legislation injuring EC interests is approved there was no doubt the community would retaliate against U.S. exports. Roy Denmam head of the EC delegation here issued the warning in a letter to Senator Lloyd Bentsen chairman of the Finance Committee. A copy of the letter was provided Reuters. Denmam told Bentsen a Texas Democrat that if the textile legislation passed on its own or was included in an omnibus trade bill and injured EC interests there should be no doubt that the EC will retaliate against the United States. He added that at a time when U.S. textile exports to the EC are growing rapidly one result of such retaliation would be a substantial reduction of U.S. exports and jobs. The textile legislation backed strongly by the industry hard hit by imports and by senators from textile-producing states would impose new tough global quotas on textile imports and for the first time include Europe in the quotas. Reagan Administration officials have also opposed the textile legislation saying that if it passed it would likely prompt a presidential veto. Denman made his comments on the textile issue in a general assessment of the Senate trade bill titled S.490. He said he was concerned about provisions in the Senate bill that would limit if not eliminate the presidents discretion if retaliating against nations for keeping their home markets closed to foreign goods. U.S. Trade Representative Clayton Yeutter has also opposed those provisions arguing that presidential flexibility was needed in order to be able to negotiate with countries to open their markets with retaliation being retained as a final but discretionary weapon. The pending overall trade legislation would force the Administration to consult often with Congress and seek its approval during step-by-step GATT negotiations. He said enactment of S. 490 would reduce the confidence of other governments in Americas commitment to multinational trade. Summing up the senate legislation Denman said a number of provisions of that bil may achieve the opposite of what is intended and lead to dangerous consequences for the world and the U.S. economy. Reuter | EC WARNS AGAINST PASSAGE OF TEXTILE BILL |
The Chicago Board Options Exchange CBOE said it will list new Standard and Poor 500 stock index options beginning April 20 that will trade side-by-side with the existing S and P 500 options. The new S and P 500 option contract differs from the existing contract in that settlement of the new contract will be based on the opening value of the index on expiration Friday. Settlement of the existing contract is based on the closing value of the index on expiration Friday. The new opening settlement S and P 500 options will be offered only in months in which there are S and P 500 futures. Initial months to be listed in the new options will be June September and December the CBOE said. Dissemination of the settlement price of the new options will be made through a special ticker symbol -- <SET> the exchange said. There will initially be seven series of strike prices for each contract month of the new options -- one strike price at the money or near to the actual spot index value and three above and three below the spot index. Position limits in any combination of both the new and existing S and P 500 options will be 15000 contracts. The exchange said in the rare event that a stock does not open on expiration Friday the previous days closing price of that stock will be used to calculate the settlement value of the index. Reuter | CBOE TO LIST NEW S AND P OPTIONS APRIL 20 |
A Grand Jury in Manhattan Federal Court indicted three arbitrageurs charging they swapped inside information between their firms Goldman Sachs and Co and Kidder Peabody and Co court documents showed. Robert Freeman head of risk arbitrage at Goldman Sachs and Co Richard Wigton an employee of Kidder Peabody Co Inc and Timothy Tabor also formerly with Kidder were charged with trading on inside information between June 1984 and January 1986. They were arrested in February. The indictments also alledged that Goldman Sachs and Freeman made money on the insider trading scheme. According to the indictment Freeman exchanged inside information with Martin Siegel who at the time was a vice president of Kidder Peabody. Siegel pleaded guilty last February 13 to charges he participated in the conspiracy. The indictment charged Siegel passed on non-public information to both Wigton and Tabor from Freeman. Reuter | THREE TRADERS INDICTED FOR INSIDER TRADING |
Great American Management and Investment Inc told the Securities and Exchange Commission it acquired a 7.7 pct stake in Atcor Inc. Great American said it bought the stake for investment. It added that it has also considered--but not yet decided--to buy additional Atcor shares either in the open market in private transactions through a tender offer or otherwise. Great American said it paid about 6.1 mln dlrs for its 462400 Atcor shares. It said its most recent purchases included 191400 shares bought March 18-April 6. Reuter | GREAT AMERICAN MGMT<GAMI> HAS ATCOR<ATCO> STAKE |
Oper shr one ct vs 13 cts Oper net 17806 vs 312692 Revs 1318165 vs 2239349 Nine mths Oper shr 27 cts cs 28 cts Oper net 640156 vs 671291 Revs 5612818 vs 5632044 Note: Oper excludes gain from discontinued operations of 15598 for year-ago qtr and loss from discontinued operations of 49040 for year-ago nine mths. Reuter | RAI RESEARCH CORP <RAC> 3RD QTR FEB 28 NET |
Moore Corp Ltd expects 1987 profits from continuing operations will exceed 1986 results and recover to 1985 levels when the company earned 152 mln U.S. dlrs or 1.70 dlrs a share president M. Keith Goodrich said. Well have a substantial increase in earnings from continuing operations he told reporters after the annual meeting. He said he expected profits would recover last years lost ground and reach 1985 results. In 1986 profits from continuing operations slumped to 139.5 mln dlrs or 1.54 dlrs a share. The total excluded losses of 30 mln dlrs on discontinued operations. Goodrich said Moore is still actively looking for acquisitions related to its core areas of business forms manufacturing or handling. We could do a large acquisition he said when asked if the company could raise as much as one billion dlrs for this purpose. Chairman Judson Sinclair answering a shareholders question told the annual meeting that a special resolution passed by shareholders to create a new class of preferred shares would allow Moore to move quickly if it decided to pursue an acquisition. If we were to make a major acquisition ... it means we can move with a certain expediency Sinclair said. Asked if the resolution was designed to give Moore protection from a possible hostile takeover Sinclair said only I know of no threat to the corporation at this time. Reuter | MOORE <MCL> SEES SUBSTANTIAL 1987 PROFIT GAIN |
Arvin Industries Inc said its shareholders at the annual meeting voted to increase authorized common shares to 50 mln from 30 mln. The company told shareholders that the offering of 1.7 mln common shares in January raised 50 mln dlrs and the 500 shares of variable rated preferred stock offered in February also raised 50 mln dlrs. The company said it also placed 150 mln dlrs in long-term debt in March. Reuter | ARVIN <ARV> RAISES NUMBER OF AUTHORIZED SHARES |
Raytheon Co said the United States Navy awarded it a 215.3 mln dlr contract to produce 1927 AIM/RIM-7M Sparrow Missile Guidance and Control Sections and associated hardware. Under the contract the company said it will provide missiles and associated hardware to the U.S. Navy and Air Force and to several U.S. allies. Raytheon said the contract represents the major share of the fiscal 1987 competitive Sparrow missile procurement. Reuter | RAYTHEON <RTN> WINS U.S. NAVY CONTRACT |
Gabelli Group Inc said it and two subsidiaries held a total of 295800 Decision/Capital Fund Inc shares or 14.8 pct of the total outstanding. It said the shares were held on behalf of investment clients and it said it had no intention of seeking control of the fund. Gabelli said its most recent purchases of Decision/Capital Fund stock included 95800 shares bought April 3-6 on the Philadelphia Stock Exchange. Gabelli is an investment firm headquartered in New York City. Its Gabelli and Co subsidiary is a brokerage firm. Reuter | FIRM HAS 14.8 PCT OF DECISION/CAPITAL FUND<DCF> |
Consumers Power Co said it has 56 mln dlrs available to be used to redeem at par any 15 pct series first mortgage bonds that are not exchanged under an outstanding bond exchange program. The utility on March 17 offered to exchange its 15 pct first mortgage bonds due March 1 1994 for a new series of first mortgage bonds 9-1/4 pct due April 1 1997. The offer will expire April 14 1987. Reuter | CONSUMERS POWER <CMS> TO REDEEM BONDS |
The Semiconductor Industry Association put the three-month average book-to-bill ratio at 1.21 which was above analysts expectations and reflects the sixth straight increase in this indicator of computer industry activity. Average booking in the three month period ended in March totaled 910.8 mln dlrs up 15.6 pct from a month ago and the highest bookings since September 1984. March billings or computer chip sales in the month totaled 912.1 mln dlrs up 34.6 pct from a month ago the association said. The three month average billings totaled 751.3 mln dlrs up 6.5 pct. March billings were the strongest recorded since November 1984 the association said. The book to bill ratio at 1.21 was the highest since May 1984 it noted. Preliminary total solid state shipments for the first quarter of 1987 totaled 2.25 billion dlrs up 4.9 pct from last quarter and up 15.9 pct from last years first quarter. Semiconductor Industry Association President Andrew Procassini said the rise in the book to bill was due to a substantial increase in U.S. bookings during March. We believe that the bookings increase reflects growing confidence by electronic equipment manufacturers that some end-equipment market segments have improved substantially during the first quarter Procassini said in a statement. The association also revised its book-to-bill ratio estimate for the three months ended in February to 1.12 from 1.13 earlier. It further revised the January book-to-bill figure to 1.09 from 1.12 estimated earlier. The three-month average book-to-bill ratio of 1.21 for March means for every 100 dlrs worth of product shipped computer chip maker received 121 dlrs in new orders. Drexel Burnham Lambert Inc analyst Michael Gumport said association numbers indicate March orders were up 20 pct above the normal seasonal level. The association does not break out March orders from its three-month average which it put at 910.8 mln dlrs. Gumport noted the three-month average bookings were well above the 800-865 mln dlrs anticipated by the industry. He said semiconductor stock could rise five to ten pct on the stock market open tomorrow due to the positive numbers. Skeptics are going to have to have some pretty strong reasons not to like this group (of stocks) Gumport said. Kidder Peabody and Co analyst Michael Kubiak said the ratio indicates March orders at about one billion dlrs which would be the highest monthly order rate since April 1984. He predicted at least a five pct rise in semiconductor stocks on the open and said the stock group could soar as high as 15 pct during the session. One month does not a boom-time make but this is very good news he said. Kubiak attributed the stong semiconductor orders to strength in the personal computer market inventory restocking and strong buying by distributors. Purchasing managers had been keeping computer chip inventories low due to the overcapacity in the industry and the slow growth of the economy in general analysts noted. The semiconductor industry has been in a slump for the past three years. The analysts said the March order and sales numbers are the strongest evidence yet that the trend may be turning. Nevertheless they do not expect the Administration to retreat from proposed sanctions against Japanese chip makers. They added however if the industry continues to improve it could mean the sanctions will be short term. Jack Beedle President of In-Stat an electronics industry research firm called the March numbers excellent but also cautioned against excessive optimism. I still believe caution should be the word rather than euphoria said Beedle adding that he has yet to see strong indications from the general economy or the computer industry that support a solid long-term recovery. Beedle said while he thinks the semiconductor industry will have a very good second quarter he still thinks positive shifts in exports and industrial production are needed to sustain a recovery. Reuter | SEMICONDUCTOR BOOK TO BILL RATIO AT 1.21 PCT |
MP Co a New York investment partnership told the Securities and Exchange Commission it bought a 6.8 pct stake in IPCO Corp common stock. The partnership said it acquired 346600 IPCO shares paying 4.9 mln dlrs because it believed the securities to be an attractive investment opportunity. It said it planned to regularly review its investment and may in the future recommend business strategies or an extraordinary corporate transaction such as a merger reorganization liquidation or asset sale. The partnership is controlled by Marcus Schloss and Co Inc a New York brokerage firm and Prime Medical Products Inc a Greenwood S.C. medical supplies firm. Reuter | PARTNERSHIP BUYS IPCO <IHS> STAKE OF 6.8 PCT |
Oper shr loss 30 cts vs loss 1.27 dlrs Oper net loss 8648000 vs loss 25.6 mln Revs 27.4 mln vs 33.3 mln Avg shrs 29.1 mln vs 20.1 mln Note: Oper excludes loss on provision for discontinued operations of 971000 vs 12.2 mln and loss from conversion of debt 587000 vs gain of 1734000. 1985 oper excludes loss from pension plan liquidation of 631000 and loss from discontinued operations of 1015000. Reuter | DELMED INC <DMD> YEAR LOSS |
Retail sales of trucks in March rose 16.4 pct over the same month last year said the Motor Vehicle Manufacturers Association. The trade group said dealers sold 377617 trucks in March up from 324327 last year. Year-to-date truck sales were up 3.6 pct at 934074 from 1986s 901757. Reuter | MARCH TRUCK SALES SAID UP 16.4 PCT |
Elements of the drug industry endangered the lives of children by pressuring the government to delay a now common warning on the link between aspirin and an often fatal disease a doctor said. The warning involving Reyes Syndrome has since been required on aspirin products under a Food and Drug Administration (FDA) directive of one year ago and now appears on the labels of aspirin and aspirin-containing products. The industry under government coaxing began voluntarily printing warning labels in mid-1985. But in an editorial in this weeks Journal of the American Medical Association Dr Edward Mortimer of Case Western Reserve University in Cleveland said some aspirin manufacturers misled physicians and acted irresponsibly in opposing the warning for several years before then. Mortimers criticism was prompted by a new government study published in the same issue of the Journal which said it had found a strong association between aspirin and Reyes Syndrome. Reyes Syndrome which kills about 20 per cent of its victims strikes following chicken pox influenza and other illnesses. Symptoms include lethargy belligerence and excessive vomiting. Those who survive sometimes suffer brain damage. Reuter | DRUG INDUSTRY ATTACKED ON ASPIRIN ISSUE |
CADILLAC FAIRVIEW SAYS IT HAS RECEIVED SOME ACQUISITION PROPOSALS |
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General Motors Corps Hughes Aircraft Co said it received a contract worth more than 20 mln dlrs from Boeing Cos Boeing Commercial Airplane Co. Hughes will supply a cabin entertainment and service system for Boeings new 747-4000 jumbo jetliners. Reuter | GM <GM> UNIT GETS BOEING <BA> CONTRACT |
<Audec Corp> said it sold privately 24 units each consisting of 40000 common shares and 40000 redeemable common share purchase warrants for a total of 480000 dlrs. Audec said the sale was part of its plan to place a total of 28 units at 20000 dlrs each. Reuter | AUDEC IN PRIVATE PLACEMENT OF STOCK, WARRANTS |
The French government said it proposed the creation of a new facility for development and for debt reduction under the framework of the World Bank. In a statement issued in conjunction with the meeting of the International Monetary Funds policy-making Interim Committee the French said the multilateral resources thus collected would permit a partial refinancing on highly concessional terms of previously rescheduled official debts. The statement said the French government believes it is necessary to take new steps to deal with the issue of the poorest countries debt. The French statement said that Paris club reschedulings should have a lengthening of the repayment period up to between 15 and 20 years instead of the current limit of 10 years. And grace periods would be extended. These measures would be confined to the poorest heavily indebted countries and would be decided on a case-by-case basis it said. The French also called for making the IMFs compensatory financing facility for export shortfalls more concessional. Reuter | FRENCH PROPOSE NEW WORLD BANK DEBT FACILITY |
<Cadillac Fairview Corp Ltd> said it received proposals to acquire the company following its announcement last August that it had retained investment dealers to solicit offers for all outstanding common shares. Cadillac Fairview said the offers are subject to clarification and negotiation and offered no further details. Reuter | CADILLAC FAIRVIEW SAYS IT RECEIVED TAKEOVER BIDS |
Chrysler Corp said one of its U.S. car and truck assembly plants will work overtime next week. Six of its seven U.S. facilities will work during the week. The plant on overtime both during the week and on Saturday April 11 is the companys Sterling Heights Mich. factory. The companys U.S. plants and offices will be closed Friday April 17 and Monday April 20 for the Good Friday and Martin Luther King Jr. holidays. Reuter | ONE CHRYSLER <C> PLANT TO WORK OVERTIME |
The European Community (EC) will retaliate against U.S. textile exports if Congress passes trade legislation damaging European interests an EC official warned today. Roy Denman head of the EC delegation here issued the warning in a letter to Senator Lloyd Bentsen chairman of the Finance Committee. A copy was provided to Reuters. The bill backed by the textile industry and senators from textile-producing states would impose global quotas on textile imports and for the first time include Europe. Denman said he was concerned about provisions in the bill that would limit if not eliminate the presidents discretion in retaliating against nations that keep their home markets closed to foreign goods. Reuter | EC WARNS AGAINST PASSAGE OF TEXTILE BILL |
 N.Y. TANKERS - April 9 Tennaco took Nicopolis part cargo 50000 tons dirty April 12 Caribbean to U.S. Gulf worldscale 130 Exxon took Brazil Glory 77000 tons dirty April 17 East Coast Mexico to U.S. Atlantic Coast worldscale 75 Champlin took Tamba Maru part cargo 57000 tons crude April 18 Caribbean to U.S. Gulf worldscale 105 Pecten took World Cliff part cargo 74500 tons dirty April 14 Sullom Voe to U.S. Atlantic Coast/U.S. Gulf worldscale 70 for Atlantic Coast worldscale 67.5 for Gulf Crown Petroleum took British Skill (Gotco relet) part cargo 100000 tons dirty April 18 West Africa to U.S. Gulf worldscale 63 Oroleum took Marika P. part cargo 59000 tons dirty April 16 Caribbean to U.S. Atlantic Coast/U.S. Gulf rate not reported Reuter  | |
Winterhalter Inc said its shareholders approved the 525000 dlr acquisition of Winterhalter by Interface Systems Inc <INTF>. The acquisition would be for 15 cts per Winterhalter share. Reuter | WINTERHALTER <WNTLC> HOLDERS OKAY TAKEOVER |
Harold H. Kline 48 will resign on May one as president of Liberty Financial Group Inc and its Liberty Savings Bank unit to pursue other business opportunties the company said. The company said Klines post will be filled by Charles G. Cheleden chairman and chief executive officer. Kline will continue to serve on the boards of Liberty Financial and Liberty Savings the company added. Reuter | LIBERTY FINANCIAL <LFG> PRESIDENT TO RESIGN |
Immunomedics Inc said it filed a registration statement with the Securities and Exchange Commission for the proposed sale of 2500000 shares of common stock. The company said it will sell 2100000 shares and that certain stockholders will sell the remaining 400000 shares. Proceeds from the offering will be used for product development basic research staff expansion prepayment of debt capital expenditures and working capital the company said. The offering will be co-managed by E.F. Hutton and Co Inc and First Boston Corp Immunomedics said. Reuter | IMMUNOMEDICS <IMMU> TO SELL COMMON STOCK |
Mobil Corp Chairman Allen E. Murray said the companys exploration and production budget would not be increased in the foreseeable future as it is operating on the assumption that (oil) prices will remain on the lower end of the spectrum. Our budget is at about the same level as it was last year and I think it is the right amount said Murray who was in town for ceremonies celebrating the consolidation of Mobils domestic exploration and production operations into a new locally-based subsidiary. Last year Mobil spent a total of 2.13 billion dlrs on exploration and production 341 mln dlrs in the United States and 1.79 billion overseas. Murray said the new subsidiary Mobil Exploration and Production U.S. Inc. was not created as part of any cost saving effort but instead to increase our efficiency and ability to stay ahead of the pack. The consolidation will however save Mobil about 15 mln dlrs annually once relocation and reorganization costs have been absorbed according to A.F. Stancell vice president of U.S. producing operations for the company. Mobil the nations second largest oil company responded to the collapse of oil prices last year -- from 30 dlrs a barrel at end-1985 to as low as 10 dlrs in mid-1986 -- by laying off 5500 people and cutting its budget in midyear by 27 percent or 1.1 billion dlrs. Of that amount more than 900 mln dlrs was eliminated from its exploration and spending spending plans. But the company reported an increase in profits in 1986 over 1985 and a jump in per share earnings to 3.45 dlrs a share from 2.55 dlrs. Reuter | MOBIL <MOB> WILL NOT INCREASE BUDGET |
Shr loss 10 cts vs profit 17 cts Net loss 1546000 vs profit 4078000 Revs 22.6 mln vs 38.9 mln Reuter | <AMERICAN EAGLE PETROLEUMS LTD> YEAR LOSS |
TREASURY'S BAKER SAYS DEBTOR NATIONS NEED TIMELY DISBURSEMENTS |
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General Motors Hughes Aircraft Co said it was awarded a contract worth more than 20 mln dlrs by Boeings Boeing Commercial Airplane Co to provide an advanced cabin entertainment and service system for Boeings new 747-400 airliners. Hughes said the new system uses advanced digital electronic techniques and also adds cabin lighting control cabin advisory signs and seat information. Hughes said the first 747-400 is scheduled to be completed in early 1988. Reuter | GM'S<GM> HUGHES AIRCRAFT HAS BOEING<BA> CONTRACT |
President Reagan criticized the House-passed budget by saying the Democratic budget plan was just business as usual. The budget cut defense by eight billion dlrs and called for 18 billion dlrs in new taxes. He said the defense cut potentially theratened national security and was asking the American taxpayers to pay for the Democrats excesses. Reuter | REAGAN HITS HOUSE-PASSED BUDGET |
Standard and Poors said it lowered its rating on 190 mln dlrs of Zenith Electronic Corp debt because of continued poor earnings results and increased debt leverage. Among the rating changes the companys senior debt was lowered to BB-plus from BBB-plus. Reuter | S/P DOWNGRADES ZENITH ELECTRONIC <ZE> |
Moodys Investors Service said it lowered the ratings on 464 mln dlrs of long-term debt issued by RepublicBank Corp and its two principal subsidiaries but upgraded 451 mln dlrs of securities of Interfirst Corp <IFC>. The rating adjustments are based on the likelihood that the proposed merger of the two Texas banks will be consummated. Moodys said Interfirst is considerably the weaker of the two institutions. Among the rating changes RepublicBanks senior debt was downgraded to BA-1 from BAA-1 while Interfirsts was raised to BA-1 from B-1. Reuter | MOODY'S DOWNGRADES REPUBLICBANK <RPT> |
Treasury Secretary James Baker said that commercial banks need to develop more flexibility in their concerted lending mechanisms to help assure continued participation in new money packages. He said that major debtor nations need to be able to count on receiving timely disbursements on new loans essential to support well-conceived economic programs. His remarks were made to the afternoon session of the International Monetary Funds policy making Interim Committee. Baker said The sense of urgency and willingness to cooperate in support of a larger general interest that helped to carry us through the difficult crisis period of 1982 and 1983 is now less evident. He said to address this problem it is important for the commercial banks to develop a menu of alternative new money options from which all banks with debt exposure can choose in providing continuing support for debtor reforms. He said the continued implementation of the debt strategy may well rest on their doing so. Baker also said that growth prospects for the lowest income countries remain an issue of critical concern to the United States. He said that he intended to address the problem of poor country prospects in greater detail at tomorrows meeting of the joint IMF-World Bank Devlopment Committee. Baker said however that ministers should guard against what appear to be magical solutions to the complex debt problem. I want to stress the need for all to guard against the ephemeral attraction of magical solutions which may appear as tantalizing alternatives to the rigorous realities of grappling with our debt problems he said. But he emphasized that the only lasting progress is to approach each situation on a case-by-case basis bringing to bear the policies and financing needed to bring the economy back to sustained economic growth. Reuter | TREASURY'S BAKER CALLS FOR MORE BANK FLEXIBILITY |
chiles trade surplus narrowed to 102.2 mln dlrs in february from 105.4 mln dlrs in the same month last year but it was above the 18.2-mln-dlr surplus recorded in january 1987 the central bank said. Exports in february totalled 379.4 mln dlrs 17.2 pct above the january figure. Imports fell 9.2 pct from the previous month to 277.2 mln dlrs. The figures for the same month last year were 314 mln and 208.6 mln dlrs respectively. The accumulated trade surplus over the first two months of 1987 stands at 120.4 mln dlrs against 132.8 mln dlrs the previous year. Reuter | CHILEAN TRADE SURPLUS NARROWS SLIGHTLY IN FEBRUARY |
Economists said that they doubt the Federal Reserve is firming policy to aid the dollar despite higher discount window borrowings in the latest two-week statement period and very heavy borrowings Wednesday. Data out today show net borrowings from the Fed averaged 393 mln dlrs in the two weeks to Wednesday up from 265 mln dlrs in the prior statement period. Wednesday borrowings were 1.4 billion dlrs as Federal funds averaged a high 6.45 pct. One could make a case that the Fed is firming but it probably isnt said William Sullivan of Dean Witter Reynolds. Sullivan said some may assume the Fed has firmed policy modestly to support the dollar because net borrowings in the two-weeks to Wednesday were nearly 400 mln dlrs after averaging around 250 mln dlrs over the previous two months. However the Dean Witter economist noted that the latest two-week period included a quarter end when seasonal demand often pushes up borrrowings. Some might argue that the Fed was firming policy but it looks like it tried to play catchup with reserve provisions late in the statement period and didnt quite make it said Ward McCarthy of Merrill Lynch Capital Markets. A Fed spokesman told a press press conference today that the Fed had no large net one-day miss of two billion dlrs or more in its reserve projections in the week ended Wednesday. Still McCarthy said it may have had a cumulative miss in its estimates over the week that caused it to add fewer reserves earlier in the week than were actually needed. The Fed took no market reserve management action last Thursday and Friday the first two days of the week. It added temporary reserves indirectly on Monday via two billion dlrs of customer repurchase agreements and then supplied reserves directly via System repurchases on Tuesday and Wednesday. Based on Fed data out today economists calculated that the two-day System repurchase agreements the Fed arrranged on Tuesday totaled around 5.9 billion dlrs. They put Wednesdays overnight System repos at approximately 3.4 billion dlrs. It is quite clear that the Fed is not firming policy at this time said Larry Leuzzi of S.G. Warburg and Co Inc. Citing the view shared by the other two economists Leuzzi said the Fed cannot really afford to seriously lift interest rates to help the dollar because that would harm already weak economies in the United States and abroad and add to the financial stress of developing countries and their lenders. Those who believe the Fed tightened policy in the latest statement period have to explain why it acted before the dollar tumbled said McCarthy of Merrill Lynch. He said the dollar staged a precipitous drop as a new statement period began today on disappointment yesterdays Washington meetings of international monetary officials failed to produce anything that would offer substantive dollar aid. In fact currency dealers said there was nothing in Wednesdays G-7 communique to alter the prevailing view that the yen needs to rise further to redress the huge trade imbalance between the United States and Japan. The economists generally agreed that the Fed is aiming for steady policy now that should correspond to a weekly average Fed funds rate between six and 6-1/8 pct. This is about where the rate has been since early November. Im not so sure that the Fed is engineering a tighter policy to help the dollar as some suspect said Sullivan of Dean Witter. If it is however he said that Fed probably has just nudged up its funds rate goal to around 6.25 to 6.35 pct from six to 6.10 pct previously. Reuter | ANALYSTS DOUBT FED FIRMED DESPITE BORROWING RISE |
mln-dlr 20-year loan to assist Pakistan in a project designed to improve power plant efficiency. Noting that a shortage of power constrains Pakistans economic development the Bank said one objective of the project is to provide at least 200 megawatts of additional generating capacity. Another objective is to improve the efficiency with which hydrocarbons are used by Pakistans Water and Power Development Authority (WAPDA) in power production it said. One effect of this would be reduced atmospheric pollution. Reuter | PAKISTAN GETS 70 MLN DLR WORLD BANK LOAN |
Shr loss six cts vs loss 84 cts Net loss 219632 vs loss 16.3 mln Revs 1.4 mln vs 2.8 mln NOTE:1985 net includes 15.5 mln dlrs of writedowns and tax benefit of 51294. Reuter | VALEX PETROLEUM INC <VALP> YEAR DEC 31 |
Valex Petroleum Inc said its 1.3 mln dlrs in long-term debt with a commercial bank was reclassified as a current liability which resulted in its auditors giving it a qualified opinion. Earlier Valex reported a net loss 219632 for 1986. Reuter | VALEX PETROLEUM <VALP> RECLASSIFIES DEBT |
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