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Tokyo stock index rises 69.92 to record closing 23,938.35 - brokers |
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Guangdong International Trust and Investment Corp is preparing to issue 300 mln HK dlrs in bonds in Hong Kong the China Daily Business Weekly said. It said the issue will be the first such bond issue in Hong Kong by a local organisation but gave no more details. REUTER | CHINA UNIT TO ISSUE BONDS IN HONG KONG |
South Korea has decided on major changes in its trade investment and finance policies aimed at reducing the growth of its balance of payments surplus and avoiding a trade war with the United States Deputy Prime Minister Kim Mahn-je said. Kim told reporters the excessively fast rise in exports could make South Korea too reliant on exports increase nflation and produce trade friction. The policy shift which means abandoning Seouls goal of rapidly reducing its foreign debt was worked out at a series of ministerial meetings. Kim who is also Economic Planning Minister said the current account surplus previously expected to exceed eight billion dlrs this year would be held at about five billion dlrs by increasing imports accelerating market liberalisation and rationalising exports. He said Seoul would try to limit its current account surplus to around five billion dlrs a year for the next few years although trade volume would continue to grow. This will gradually reduce the ratio of the surplus to GNP (gross national product) from the current five pct level to three pct by 1991 he added. Koo Bon-yong an aide to Kim said South Koreas foreign debt had been expected to fall below 40 billion dlrs by the end of 1987 against the initial forecast of 41.8 billion and 44.5 billion dlrs at end-1986. But now (with the policy changes) the debt is expected to remain above 40 billion dlrs although it could still be lower than the originally projected 41.8 billion dlrs he said. The policy change was announced two days before the scheduled arrival of U.S. Commerce Secretary Malcolm Baldrige for talks with Trade Minister Rha Woong-bae. South Korea is under U.S. Pressure to reduce its bilateral trade surplus which rose to 7.4 billion dlrs last year from 4.3 billion dlrs in 1985. Kim said the policy changes were also prompted by the swing in South Koreas current account to a surplus of 2.06 billion dlrs in the first quarter of 1987 from a deficit of 438 mln dlrs in the same 1986 period. First quarter 1987 exports rose 36 pct to 9.4 billion dlrs. The government would make foreign currency loans worth 2.5 billion dlrs to firms willing to import capital goods raw materials and equipment preferably from the U.S. He said. The foreign currency-based loans which carry interest at 1.5 points above LIBOR (London Interbank Offered Rate) are considerable incentives given to increase imports Koo said. Koo said the loans would be repayable in foreign currency. It means they could become interest-free loans if the Korean currency continues to rise in value he said. He said the South Korean won would be revalued against the dollar gradually but added We do not believe in rapid one-shot changes in the value of the won. The won fixed at 839.70 to the dollar today has risen six pct against the dollar since the beginning of 1986. REUTER | SOUTH KOREA TO CHANGE POLICIES TO AVERT TRADE WAR |
Japans vehicle exports fell 3.8 pct to 6.59 mln in the year ended March 31 1987 while vehicle output fell 1.2 pct to 12.27 mln industry sources said. Toyota Motor Corp <TOYO.T> said its exports fell 5.5 pct to 1.87 mln in 1986/87 and comprised 1.20 mln cars down 0.8 pct from a year earlier 649587 trucks down 11.7 pct and 14797 buses down 48.2 pct. Nissan Motor Co Ltd <NSAN.T> said its 1986/87 exports fell 8.1 pct to 1.29 mln. They comprised 1.03 mln cars down 0.3 pct from a year earlier 258278 trucks down 29.5 pct and 4857 buses down 37.1 pct. Toyotas exports to the U.S. Rose 4.2 pct from a year earlier to 1.01 mln and those to Europe rose 17.7 pct to 428977. Of the European total shipments to West Germany rose 46.9 pct to 96589 and those to U.K. Fell 13.9 pct to 34131. Toyotas 1986/87 exports to the Middle East fell 56.8 pct to 71631 and those to Southeast Asia fell 58.2 pct to 62145. Nissan exports to the U.S. Fell 5.5 pct to 659118. Exports to Europe rose 17.3 pct to 413462 of which those to West Germany rose 43.3 pct to 97284 but those to the U.K. Fell 8.9 pct to 100831. Exports to the Middle East fell 59.6 pct to 40679those to Southeast Asia fell 55.8 pct to 33398. REUTER | JAPANESE VEHICLE EXPORTS, OUTPUT FALL IN 1986/87 |
State-owned Bank of China has bought a three to five pct share of BAII Holding SA a financial institution registered in Luxembourg the China Daily Business Weekly said. It said the institution is 50 pct owned by Arab interests and has set up a wholly owned commercial banking branch in Hong Kong but gave no more details. REUTER | BANK OF CHINA BUYS SHARE IN LUXEMBOURG COMPANY |
Saudi Arabia hopes to increase the volume of its oil exports to Japan through expanding bilateral trade Saudi Arabian Interior Minister Naif bin Abdul-Aziz said. He told a Tokyo reception his country hopes to raise crude and products exports to Japan to earlier levels but did not elaborate. To promote trade Saudi Arabia is inviting Japanese industries to do business there he said. Japanese firms now have long-term contracts to import a total of 150000 barrels per day of Saudi crude. REUTER | SAUDI ARABIA WANTS TO INCREASE OIL SALES TO JAPAN |
U.S. Agriculture Secretary Richard Lyng has asked Japan to open its farm market further to help Washington cut its trade deficit and ease protectionist pressures an Agriculture Ministry official told reporters. Hideo Maki Director General of the ministrys Economic Affairs Bureau quoted Lyng as telling Agriculture Minister Mutsuki Kato that the removal of import restrictions would help Japan as well as the United States. The meeting with Kato opened a 12-day visit to Japan by Lyng who is here to dicuss farm trade. However Maki quoted Kato as replying that Japan was already the worlds largest grain importer. Kato added Japan is the largest customer for U.S. Grain and depended on domestic output for only 53 pct of its food requirements in 1985. Lyng said the U.S. Put high priority on talks on 12 farm products named in U.S. Complaints against Japan to the General Agreement on Tariffs and Trade (GATT) last year as well as on beef citrus products and rice. Kato said Japan will maintain its current level of self-sufficiency and will try not to produce surplus rice because potential production is higher than domestic demand. The world farm market suffers from surpluses because of rising production by exporting countries he added. Lyng said the U.S. Has been trying to reduce farm product output with expensive programs Maki said. Maki said the U.S. And Japan will hold detailed discussions on each trade item as well as a new round of GATT trade talks at a meeting on April 20 in which U.S. Trade Representative Clayton Yeutter will join. REUTER | U.S. URGES JAPAN TO OPEN FARM MARKET FURTHER |
South Koreas Securities Supervisory Board has ordered securities houses to report by tomorrow the list of their clients holding shares worth 100 mln won or more Board officials said. They said the order was aimed at preventing large investors from manipulating the Seoul exchange to make illegal margin profits. It was believed that such shareholders were responsible for overheating the market earlier this year one official told Reuters. No further details were given. REUTER | S.KOREA TO INVESTIGATE LARGE-SCALE STOCK INVESTORS |
At least 60000 tonnes of corn worth 240 mln pesos have been smuggled into the Philippines over the past few months the Manila Bulletin newspaper said quoting an official in the National Food Authority (NFA). The official who was not named said a large corn shortage and corruption among customs and Coast Guard personnel have jeopardised the governments ban on corn imports which was aimed at saving foreign currency. The newspaper quoted NFA Marketing Director Jig Tan as saying monthly corn consumption stood at about 331000 tonnes against a national stock inventory of 191732 tonnes. Tan said a continuing drought affecting about 49150 hectares of corn has led to the loss of 43725 tonnes of corn worth 174.9 mln pesos and contributed to the shortage. The newspaper quoted Linda Geraldez an NFA statistician as saying despite the drought and the shortage the total inventory at the end of the January/June crop season is expected to be at least 201000 tonnes. REUTER | 60,000 TONNES CORN SMUGGLED INTO PHILIPPINES-PAPER |
The Washington Post said the U.S. Commerce Department yesterday issued a new report showing that the U.S. Merchandise trade deficit was 13.65 billion dollars in February a reduction of 1.4 billion dlrs from the 15.06 billion figure the department reported only two days earlier. The newspaper said: News of the unexpectedly large 15 billion deficit helped batter the dollars value on foreign exchange markets and boosted U.S. Interest rates. However the new report went largely unnoticed by financial markets since such a downward revision in the deficit is a monthly occurrence. The Washington Post said: By law the department must first publish what a top commerce official agreed are misleading trade figures and then wait 48 hours before putting out the more accurate ones. No one was immediately available at the Commerce Department for comment on the Washington Post report. REUTER | PAPER SAYS U.S. TRADE DEFICIT CUT TO 13.65 BILLION |
South Koreas index of leading indicators rose 1.9 pct to 172.9 (base 1980) in February after a 0.8 pct rise in January to stand 17.2 pct higher than in Feburary 1986 provisional Economic Planning Board figures show. The index is based on 10 indicators which include export values letters of credit received warehouse stocks M-1 and M-3 money supply figures and the composite stock exchange index. REUTER | SOUTH KOREA'S LEADING INDICATORS RISE IN FEBRUARY |
Dai Nippon Printing Co Ltd <DPRI.T> said it will issue three convertible yen bonds on domestic markets. It will issue a 25 billion yen 15-year bond through public placement with Yamaichi Securities Co Ltd as lead manager. It will also issue a 15 billion yen 10-year bond and a 10 billion yen six-year bond through public placement both with Nomura Securities Co Ltd as lead manager. Coupon and conversion price for the par-priced bonds will be set at Dai Nippons next board meeting. Payment will be due on June 1. The 15-year bond will mature on May 31 2002 the 10-year on May 30 1997 and the six-year on May 31 1993. Dai Nippons share price rose 20 to 1800 yen on the Tokyo Stock Exchange today. REUTER | DAI NIPPON TO ISSUE THREE DOMESTIC CONVERTIBLES |
The Finance Ministry is likely to allow Japanese financial institutions here to use overseas financial futures market from next month bond market sources said. A senior ministry official declined to give an exact timing but said he expects removal of the ban on trading in overseas financial futures as soon as possible. The domestic call for participation in overseas markets to hedge foreign securities holding risks was reinforced by the launch of a night trading session by the Chicago Board of Trade from April 30. The session covers morning trading hours in Tokyo. Resident financial institutions are currently not allowed to participate in foreign financial futures markets although their overseas branches may. The newly eligible institutions are expected to be securities houses banks life insurance companies and investment trusts the market sources said. But the ministry is likely to prohibit broking business by those institutions and by individuals the sources said. In addition corporate investors are expected to be barred initially because of their relative lack of experience. REUTER | JAPAN LIKELY TO ALLOW USE OF OVERSEAS FUTURES |
Japans ruling Liberal Democratic Party (LDP) will call for adequate and flexible management of the nations monetary polices in its plan to expand domestic demand a senior LDP official told Reuters. Junichiro Koizumi the head of the LDP committee working out the plan said the phrase should not be taken as implying an immediate cut in Japans 2.5 pct discount rate. The LDP generally believes that there is no need for a further discount rate cut at the moment he said. But Koizumi said the LDP does not rule out a rate cut if necessary in the future. Bank of Japan Governor Satoshi Sumita told a press conference on Wednesday that the central bank does not have any intention of easing credit conditions. REUTER | JAPAN'S LDP TO CALL FOR FLEXIBLE MONETARY POLICIES |
French corporate bankruptcies rose to a seasonally-adjusted 2857 last month from 2631 in February and 2572 in March 1986 the National Statistics Institute (INSEE) said. The rise has been progressive since the end of last year with bankruptcies totalling 2367 in January and 2195 in December 1986. The cumulative total for the first quarter of this year was 7855 bankruptcies four pct up on 7560 in the first quarter of 1986. REUTER | FRENCH CORPORATE BANKRUPTCIES RISE IN MARCH |
The Finance Ministry said Indias wholesale-price linked inflation rate dropped marginally to 5.3 pct in all fiscal 1986/87 ended March from 5.8 pct in 1985/86 and 7.1 pct in 1984/85. The average wholesale-price related inflation stood at 5.2 pct in March this year against 5.1 pct a year ago the Ministry said in a statement. It said wholesale prices of cement textiles and jute fell in 1986/87 compared with the previous year but milk cereals (mainly wheat and rice) fruits and vegetables edible oils tobacco and fertilisers were costlier in 1986/87. REUTER | INDIA'S ANNUAL INFLATION RATE DROPS MARGINALLY |
International banks have radically changed their attitudes towards debt and lending and debtor nations will have to explore new methods of ensuring inflows Philippine Central Bank Governor Jose Fernandez said. Commercial banks have tended to be rather difficult in terms of new money for some time now he told reporters at a news conference. Within the world there are enormous changes taking place in attitudes of different banks. He said the banks were no longer flush with funds from the post-1973 oil boom and were reluctant to lend money. They dont have the same kind of money they used to have ... They find their whole deposit base eroding Fernandez said. Groups of major banks had decided that the international arena was not to their liking. They wind up with 7/8 (over Eurodollar rates) and who wants 7/8 really? Its nothing. They want to get the frills but if they are not big enough they dont get the frills. The Philippines on Wednesday announced it wanted to renegotiate a debt restructuring accord it reached on March 27 with its 12-bank advisory committee saying it wanted the same terms as were granted to Argentina earlier this week. Argentina was granted a 19-year repayment at 13/16 points over Eurodollar rates the same historically low spread that Mexico won last October while the Philippines which had insisted on a deal similar to Mexicos restructured 10.3 billion dlrs of its 28.2 billion dlr foreign debt at 7/8. Fernandez said the old type of new-money agreement where hundreds of banks were forced into involuntary lending by an advisory committee that negotiated agreements with debtor countries was becoming increasingly difficult. He said involuntary lending proved useful in the two or three years since the Mexican debt crisis in 1982. But the present tendency has been that more and more of the banks specially the regionals or the small ones have either sold off their portfolios or simply by policy will not put up any more money Fernandez said. He said another disturbing development was the so-called national quota approach adopted by groups of banks. Groups of banks by nationality have chosen to take a look at what other groups of banks in other countries are willing to do and if let us say British banks wind up giving 99 pct of what is needed and U.S. Banks give only 92 pct then the British banks say as a whole they will pull out he said. There are banks that have decided that lending is not a good business any more. They want to deal in securities they want to go into investment banking they want to go into the turnover business rather than the carry business Fernandez said. We have to thread our way through a constellation of banks all of whom have different objectives. He said in order to survive the Philippines would have to try and stimulate new types of inflows whether this be direct investments whether this be investments by institutions that now have chosen not to lend but to invest or whether this be debt to equity conversions. REUTER | WORLD LENDING PATTERN CHANGING - MANILA BANK CHIEF |
Japans Liberal Democratic Party (LDP) has drawn up a detailed plan calling for large tax cuts and an increase in government purchases of foreign goods the head of the committee working out the plan Junichiro Koizumi said. The plan will also urge the government to double 1985s official development assistance to 7.6 billion dlrs within five years instead of seven as the government had promised senior LDP officials said at a press conference. LDP executive council chairman Shintaro Abe will explain the plan to U.S. Officials when he visits the U.S. On April 19. Abes visit is to prepare for Prime Minister Yasuhiro Nakasones talks with President Ronald Reagan later this month. Koizumi said the LDP plan will not specify the size of the tax cut or the amount of domestic demand to be stimulated. However top LDP executives will work out figures so that Abe will be able to offer specifics to U.S. Officials. The proposed increase in procurement of foreign goods by the government will probably include the purchase of super computers LDP officials said. specific trade problems with other nations and will encourage flows of funds to developing countries the officials said. The LDP expects the measures to prop up the economy and lessen trade problems with the U.S. They added. The basic ideas of the LDPs plan were presented to and welcomed by monetary authorities of the major industrial nations in Washington last week they said. The LDP plan will form the basis for the last of several packages to stimulate Japanese domestic demand and will be unveiled by the government in late May. REUTER | JAPAN DETAILS PLAN TO STAVE OFF TRADE PROBLEMS |
Chinas trade deficit in the first quarter fell to 1.05 billion dlrs from 3.04 billion in the same 1986 period customs figures show. Zhang Zhongji spokesman of the State Statistical Bureau quoted the figures as showing exports rose 27 pct to 7.28 billion dlrs and imports fell 5.1 pct to 8.33 billion. He said if imports of gifts foreign aid items and materials for joint ventures are excluded the deficit was only 350 mln dlrs and the surplus on invisibles was 700 mln. As a result foreign exchange reserves increased somewhat from their level at end-1986 he said but gave no figure. Official figures show the reserves at 10.514 billion dlrs at end-1986 down from 11.9 billion at end-1985. Zhang said one reason for the rise in exports was improved incentives to export firms which are being allowed to retain more foreign exchange from the goods they sell. He said first quarter exports to Hong Kong and Macao rose 35.5 pct to 2.48 billion dlrs and imports rose 55.3 pct to 1.46 billion. Exports to Japan fell 2.3 pct to 1.28 billion and imports 24.4 pct to 2.14 billion. Exports to the U.S. Rose 23 pct to 640 mln dlrs and imports fell 26.7 pct to 840 mln. Exports to the EEC rose 35.1 pct to 770 mln dlrs and imports fell 3.8 pct to 1.5 billion he said. REUTER | CHINA TRADE DEFICIT FALLS SHARPLY, RESERVES RISE |
Teck Soon Co Ltd a major Thai rubber exporter has formed a joint venture with state-owned Chinese International Economic and Technology Development Corp to produce 50000 tonnes of sheet rubber annually for export to the Chinese auto industry Teck Soon general manager Chit Surivitchpan said. Chit said a new joint venture company will have a registered capital of four mln dlrs. China imported 69952 tonnes of Thai sheet rubber last year and 60296 tonnes in 1985. REUTER | THAI VENTURE WILL SELL RUBBER TO CHINA |
Basic reform of Japans protected farm sector is a key to shifting its economy away from export to domestic-led growth a vital step if it is to trim its trade surplus securities analysts said. The farm sector which is protected by import tariffs and quotas propped up by subsidies and price supports and sheltered by the tax system has ample room for change they said. In economic terms reform would be a plus said Christopher Chew of brokerage firm James Capel and Co. The ultimate cost of the existing system is food prices twice those in Europe and two to three times those in the U.S. The analysts said. Spending on food accounts for about one quarter of the average households budget and roughly 10 pct of the gross national product (GNP) according to a study by Chew. Reducing these prices could increase household spending power by five pct his study said. The money could be spent on products which would have a more direct impact in boosting domestic growth it added. Theres a lot of slack a U.S. Government official in Tokyo said. All that money could be spent on something else. Direct central government subsidies to the farm sector amount to some five billion dlrs per year. Independent estimates put total subsidies from all sources as high as 37 billion and the analysts said much of that money is wasted. Changing tax laws to encourage city residents who only farm on weekends to put their land up for sale for residential development would also give a boost to domestic spending economists said. Housing construction is the key strategic variable in the expansion of domestic demand wrote Chihiro Nakajima professor at Kyoto Gakuen University. Japanese business groups are calling for staged farm reform to shift some of the burden of trade friction and economic restructuring away from the manufacturing sector and onto the farm sector. Employers groups also want change. If you really want to expand domestic demand the way to do it is not to raise wages recklessly but to reduce commodity prices Bumpei Otsuki President of the Japan Federation of Employers Associations told a recent press conference. External pressures are rising as the U.S. And Europe seek removal of tariffs and quotas to help reduce their trade deficits with Japan. But vested Japanese interests opposed to change remain well entrenched dimming prospects for quick reform analysts said. Although the full-time farm population is falling and there are signs the LDP is paying more attention to urban constituencies the ruling party remains heavily dependent on farm votes in the rural areas. One rural vote is worth several city votes due to the pattern of constituency borders. The LDP is already in political trouble over its tax reform plan and does not want to raise another sticky issue so soon the analysts said. Consumer groups are politically weak and tend to accept the traditional view that higher prices are a small fee to pay for national food security they said. Powerful agricultural cooperatives are fiercely opposed to import liberalisation but are more flexible about reforms aimed at stepping up productivity they said. Reform when it comes will be in response to specific pressure rather than an all-embracing program said Chew. REUTER | JAPAN FARM REFORM A KEY TO TRIMMING TRADE SURPLUS |
Sri Lanka and the International Monetary Fund (IMF) have reached agreement on the broad outline of economic reforms but tough negotiations are likely before the IMF approves up to 240 mln dlrs in loans a senior finance ministry official told Reuters. He said the government and IMF this week agreed on a package to reduce the balance of payments deficit improve management of public enterprises reform tariffs develop non-traditional exports and privatise public firms. An IMF-World Bank team will visit Colombo next month to start negotiations on details of a three-year economic reform programme. There is a broad agreement on the content of the policy package for a structural reform the official said. But in areas where the reform would take place there would be tough neotiations on how much you do and in what order should it take place he added. Sri Lanka is seeking a total of about 240 mln dlrs in structural adjustment loans to support the balance of payments and in a compensatory financing facility to offset losses in commodity exports. Sri Lanka needs the IMF and World Bank approval of the two facilities to clear the way for negotiations on requests for aid and loans from donor countries. These include an expected pledge of 550 mln dlrs from from 12 industrialised countries and about 240 mln dlrs in loans from the World Bank and the Asian Development Bank. Finance Minister Ronnie De Mel said in an interview published today by the Daily News that there was likelihood of Sri Lanka obtaining all of that aid despite intense lobbying by pro-Tamil and human rights groups abroad. He said that although friendly countries were still prepared to assist Sri Lanka with concessional aid Colombo would have to surmount many problems in detailed negotiations due in May June and August before these loans are finalised. In these matters theres many a slip between the cup and the lip as other governments have learned to their cost De Mel said. REUTER | SRI LANKA AND IMF AGREE ON ECONOMIC REFORMS |
The Bank of Japan said it forecast Japans broadly-defined M-2 money supply average plus certificates of deposit (CDs) will rise by about nine pct in the current April-June quarter against 8.5 pct a year earlier. Unadjusted M-2 plus CDs rose a preliminary 8.8 pct in January/March 1987 compared with a nine pct rise a year earlier it said. The bank said the forecast rise is due to an increase in floating deposits due to recent low interest rates and a shift to private banks from the Bank of Japan of 400-1000 billion yen by the recently privatised Japanese Railways. REUTER | JAPAN SEES HIGHER MONEY SUPPLY GROWTH THIS QUARTER |
Japans plan to stimulate its economy will inject about 5000 billion yen into the economy and should be appreciated by the U.S. Ruling Liberal Democratic Party (LDP) executive council chairman Shintaro Abe told reporters. I expect considerable U.S. Appreciation of measures I have personally prepared with cooperation of the government and the LDP to help solve some individual issues pending with the United States he said. Abe former Foreign Minister starts a week long visit to Washington on Sunday. Abe said he will meet President Reagan Vice President George Bush Secretary of State George Shultz Defence Secretary Caspar Weinberger Treasury Secretary James Baker White House Chief of Staff Howard Baker and as many Congressmen as possible. Washington is likely to announce today a series of tariff sanctions against Japanese electrical products after it accused Tokyo of failing to meet terms of a 1986 bilateral pact on computer chip trade. I will ask U.S. Leaders to rescind any sanctions said Abe. Japanese officials have said Tokyo would appeal to the General Agreement on Tariffs and Trade (GATT) for possible compensation or the right to retaliate should U.S. Sanctions materialise. But Abe said We should not repeat retaliatory measures. What I would like to say to the United States is retaliation or protectionism alone cannot solve our trade disputes. REUTER | ABE SAYS 5,000 BILLION YEN PACKAGE TO SATISFY U.S. |
The Dutch transport trading and storage firm PHS Van Ommeren NV <OMMN.AS> said it plans a 75 mln guilder bond issue with warrants attached. The bond will have a maturity of 10 years with repayment in the second five year period in equal yearly instalments. Each bond of 1000 guilders nominal has five A warrants and 20 B warrants attached. Each warrant entitles the holder to acquire one non-cancellable share certificate. The exercise period of the A warrants will be three years and of the B warrants five years. Coupon and price of the bond issue as well as the exercise price of the warrants will be announced April 27 after the close of the Amsterdam Stock Exchange. REUTER | VAN OMMEREN PLANS 75 MLN GUILDER BOND ISSUE |
The European Community (EC) is ready to take measures to ensure that Japanese exports expected to be effectively excluded from the U.S. Market from today are not diverted to the EC a spokesman said. President Reagan is expected to announce later today the imposition of 100 pct tariffs on 300 mln dlrs worth of Japanese goods ranging from computers and television sets to power tools and photographic film. The spokesman for the EC executive Commission said representatives of member states last Friday agreed a series of measures to prevent Tokyo deflecting exports to the EC. The spokesman declined to detail the measures saying they were technical and the Commission would decide their precise content depending on the exact details of the measures announced by Reagan. The EC fears Tokyo will step up exports to it of a range of products including calculating machines measuring instruments small televisions tapes and some machine tools as a result of the U.S. Measures. But the spokesman said there was thought to be ample time to put the countermeasures in place after the Easter holiday. He noted the probable outline of Reagans announcement and its date have been known for some time. The Japanese manufacturers of goods likely to be affected by the announcement are thought to have been stepping up their exports to the United States in recent weeks in order to beat the April 17 deadline he noted. They were therefore unlikely to have stocks available for export to the EC immediately he said. REUTER | EC PREPARES MOVES TO STOP JAPAN DEFLECTING EXPORTS |
Consumer prices in the countries of the Organisation for Economic Cooperation and Development (OECD) rose 0.3 pct in February and inflation rose to 2.4 pct year-on-year the OECD said in a communique. The OECD attributed the rise in consumer prices to the effects of the February 1986 drop in energy prices working their way out of the index. The February increase was less than Janauarys 0.4 pct increase but slightly above the average for the later months of 1986. Inflation in the 24 western industrialised nations in January was a revised 1.9 pct year-on-year. Retail energy prices rose by 0.3 pct less than Januarys 1.1 pct increase. Energy prices for consumers were still nine pct lower than a year earlier it said. Consumer prices excluding food and energy rose 0.3 pct in February in line with previous months although there has been some acceleration noticeable in the U.S. And Britain. Among the leading seven industrial countries consumer price inflation was highest in Italy at 4.2 pct followed by Canada at 4.0 pct Britain at 3.9 pct France at 3.4 pct the U.S. At 2.1 pct and West Germany and Japan with negative rates of 0.5 pct and 1.4 pct respectively. REUTER | OECD CONSUMER PRICES RISE IN FEBRUARY |
U.S. Agriculture Secretary Richard Lyng opens talks with Japanese government officials today well aware his demand for the opening of Japanese rice beef and citrus markets is likely to be rejected. But in an interview with Reuters during the flight to Tokyo yesterday Lyng said the goal of his trip was to throw an international spotlight on Japans agricultural import protection in the hope pressure would build on Tokyo to open its markets. (The Japanese) have said they are happy we are coming but they are not going to give us anything Lyng said. U.S. Officials do not expect any Japanese concessions during Lyngs two-week visit here. Any farm trade concessions would be unveiled later this month they said. If there is anything of consequence to offer (Prime Minister Yasuhiro) Nakasone would take it with him when he visits Washington later in the month one U.S. Official said. Lyng plans to ask Japan to open the door to rice imports by partially lifting the longstanding ban on foreign purchases. A private U.S. Rice trader visited Tokyo last week requesting Japan buy 200000 tonnes of rice for industrial uses such as making sake. Japan has rejected the overture saying Tokyo maintains a policy of self-sufficiency in rice. Lyng will also press Japan to eliminate an import quota for beef by April 1988 because he believes Japanese consumers would like to buy much more beef than currently allowed. He cited the example of a California company which transports live U.S. Cattle to Japan by air for slaughter to circumvent the beef quota. The cost of transport is higher than the value of the animal he said. U.S. Officials said the Japan Livestock Industry Promotion Corporation which regulates beef imports was forced to borrow from the fiscal 1987 quota earlier this year because the 1986 quota was exhausted and Japanese beef prices were rising. Japan has said it cannot open its markets to beef imports. Along with beef the U.S. Will also press Japan to eliminate import quotas on fresh oranges and orange juice by April 1988. Some U.S. Officials believe Japan may eventually be willing to scrap the quota on fresh oranges because liberalized trade would not necessarily damage the Japanese mandarin orange industry. The quota on juice may be harder to eliminate because imports might replace domestic produced juice U.S. And Japanese officials have said. Lyng has resurrected a past U.S. Proposal that Japan buy surplus U.S. Foodgrains for donation to developing countries but some U.S. Officials are skeptical action will be taken. Lyng will also urge Japan to put its domestic farm policies including rice on the negotiating table during GATT talks in Geneva. He said Japan must eliminate import quotas on certain minor food products or face possible U.S. Reprisals. REUTER | LYNG OPENS JAPAN TALKS ON FARM TRADE BARRIERS |
Traders in financial centers in Asia generally welcomed the first U.S. Night session of futures trading which starts in Chicago on April 30. Traders in Japan Sydney and Hong Kong said they expected the move to bring benefits but traders and bankers in Singapore said it posed a serious threat to the Singapore International Monetary Exchange (SIMEX). The Commodity Futures Trading Commission (CFTC) in Washington gave unanimous approval to the Chicago Board of Trades (CBT) proposals on Tuesday. The CBT plans to offer futures on U.S. Treasury notes and bonds and options on those futures from 1800 to 2100 hrs Chicago time (2300 to 0200 gmt) on Mondays to Thursdays. The sessions would mark the start of the trading day which would end at the present close of business the next day. The proposed hours are designed to coincide with the busiest morning trading hours in Japan. But Andrea Corcoran chief of CFTCs division of trading and markets said on Tuesday she expected the evening sessions to attract primarily U.S. Firms looking for additional overnight protection. Traders in Tokyo said the night sessions were expected to help expand U.S. Treasury bond trading volume and enlarge daily fluctuation ranges in Tokyo. They said Japanese financial institutions were very interested in using overseas futures markets but were waiting for finance ministry approval to do so. Approval is expected before the end of the month. The foreign branches of financial institutions can already trade futures but in practice make little use of them. But traders said the timing of the launch was poor as it is in a ten day period when Tokyo has three public holidays. The Tokyo traders said because of the holidays little interest in night trading could be expected until after May 5. Tokyo bond managers said also that participation could be limited by a lack of experienced futures traders in Tokyo. The Sydney Futures Exchange (SFE) hoped the four-hour trading overlap with the new CBT hours would boost activity in Sydneys eurodollar and U.S. Treasury bond contracts spokesman Stephen Calder said. The eurodollar contracts are linked to the London International Financial Futures Exchange (LIFFE). Calder said turnover in both contracts had been disappointingly low since they were introduced last October. He said the CBT move would broaden arbitraging opportunities for SFE traders. With a late evening lead from Chicago theres also more chance that people will deal here in the afternoon he said. But in Singapore news of the CBT move was not welcomed. A senior executive of a Japanese securities firm operating in Singapore told Reuters: Expanding global links between futures markets mean that SIMEX must add Chicago and London and Sydney to its list of rivals. LIFFE could cut further into the SIMEX contract with a U.S treasury bond contract that can be off-set on the CBOT the Singapore-based Japanese trader said. Such a contract is expected later this year he said. Other SIMEX traders said local interest in the Sydney treasury bond contract might be boosted if the Sydney exchange established a three-way link with Chicago and London. LIFFE has signed a memorandum of understanding with CBOT for such a link. If this link-up materializes most traders are likely to by-pass SIMEX said one trader. Hong Kong commodity traders welcomed the CFTCs decision though they added that local investors would have been more interested in financial futures. I think it is very good because the move will help us to increase our market share here said Joseph Tan manager of <Bache Securities (HK) Ltd>. He said that Bache like many other local units of U.S. Commodity houses had been participating in Chicagos rregular hours of trading for a long time and would like to extend its business. Local Hong Kong houses also welcomed the move but a spokesman for Shun Loong Co said investors would be more interested if stock index or currency futures were available. Futures contracts in the local Hang Seng index have become increasingly popular since they were introduced to the market in May 1986. (See ECRA for Spotlight Index) REUTER | ASIA GENERALLY WELCOMES U.S. NIGHT FUTURES TRADING |
Air Mauritius has leased a second Boeing 747 SP jumbo jet and will take delivery of two Boeing 767-200 long-range airliners in 1988 the airlines general manager Tirvengadum told Reuters. The second-hand Boeing 747 which was acquired on a renewable one-year lease made its first scheduled flight to Munich earlier this month he told Reuters. Tirvengadum said the twin-engined Boeing 767-200s costing a total of 130 mln dlrs would be delivered in March and April next year. Tirvengadum said the new aircraft would enable Air Mauritius to expand its services to Europe Australia and the Far East and phase out its two Boeing 707s. The airline will begin a weekly non-stop service to Geneva next June and hopes to obtain landing rights in Australia he added. Tirvengadum said South African Airways which currently flies to Australia via Mauritius will be forced to give up the route in November as a result of Australian sanctions. REUTER | AIR MAURITIUS BUYS TWO BOEING 767-200'S |
Japans Liberal Democratic Party (LDP) has drawn up a detailed plan calling for large tax cuts and an increase in government purchases of foreign goods the head of the committee working out the plan Junichiro Koizumi said. The plan will also urge the government to double 1985s official development assistance to 7.6 billion dlrs within five years instead of seven as the government had promised senior LDP officials said at a press conference. LDP executive council chairman Shintaro Abe will explain the plan to U.S. Officials when he visits the U.S. On April 19. Abes visit is to prepare for Prime Minister Yasuhiro Nakasones talks with President Ronald Reagan later this month. Koizumi said the LDP plan will not specify the size of the tax cut or the amount of domestic demand to be stimulated. However top LDP executives will work out figures so that Abe will be able to offer specifics to U.S. Officials. The proposed increase in procurement of foreign goods by the government will probably include the purchase of super computers LDP officials said. According to the plan Japan will also strive to solve specific trade problems with other nations and will encourage flows of funds to developing countries the officials said. The LDP expects the measures to prop up the economy and lessen trade problems with the U.S. They added. The basic ideas of the LDPs plan were presented to and welcomed by monetary authorities of the major industrial nations in Washington last week they said. The LDP plan will form the basis for the last of several packages to stimulate Japanese domestic demand and will be unveiled by the government in late May. REUTER | JAPAN DETAILS PLAN TO STAVE OFF TRADE PROBLEMS |
U.S. Commerce Secretary Malcolm Baldrige leaves on Saturday on a 10-day trip to the Far East to help spur U.S. Trade and improve business relations with China South Korea and the Philippines U.S. Officials say. Baldrige will also stop in Hong Kong to meet British officials and local U.S. And Hong Kong businessmen. The U.S. Last year had major deficits with three of its Asian trading partners -- South Korea 7.1 billion dlrs Hong Kong 6.4 billion and China 2.1 billion. The deficit with the Philippines was 800 mln dlrs. Baldrige will meet South Korean President Chun Doo-hwan and Trade Minister Rha Woong Bae on Monday to discuss opening South Korean markets to more U.S. Goods. Baldrige will be in Peking from April 21 to 24. He will meet Zheng Tuobin minister for foreign economic relations and trade attend a meeting of the U.S.-China Joint Commission on Commerce and Trade and address a management and training organisation. However U.S. Officials said a chief purpose of Baldriges visit would be to discuss relaxed U.S. Rules for transferring modern technology to Chinese industries. In Hong Kong Baldrige will hold meetings on April 27 with Governor David Wilson and Trade and Industry Secretary Eric Ho as well as addressing the American Chamber of Commerce. U.S. Officials said Baldrige will meet Philippines President Corazon Aquino on April 28 to show continued U.S. Support for her government and to discuss steps it could take to improve the atmosphere for American investment. He will also will meet Finance Secretary Jaime Ongpin and Trade and Industry Secretary Jose Concepcion. REUTER | BALDRIGE TO LAUNCH FAR EAST TRADE DRIVE |
Soldiers killed one man and seriously wounded several others as they barred a group of landless peasants from 120 acres of land seized from Canadian missionaries in northern Haiti a source at the Cap Haitien church radio said. The soldiers acting yesterday on orders from the Haitian attorney general had used tear gas and fired warning shots into the air prior to the shootings the source said. There was no official confirmation of the report. Seven men who refused to leave the land were arrested after the shootings and would be tried he said. The source said the peasants who are illiterate had heard that Article 36 of Haitis new constitution ratified by popular referendum on March 29 allows for land seizures. In fact the constitution forbids land seizures except as part of a court-sanctioned agrarian reform process. The Canadian missionaries the Sacred Heart Brothers had bought the land from the state during the government of dictator Jean Claude Duvalier and had planted sugar cane on it the source said. ...the peasants are starving to death the source told Reuters and they saw that the Canadians were working a large fertile property. Reuter | 1 KILLED IN SEIZURE OF CANADIAN MISSIONARIES' LAND |
U.S. Agriculture Secretary Richard Lyng has asked Japan to open its farm market further to help Washington cut its trade deficit and ease protectionist pressures an Agriculture Ministry official told reporters. Hideo Maki Director General of the ministrys Economic Affairs Bureau quoted Lyng as telling Agriculture Minister Mutsuki Kato that the removal of import restrictions would help Japan as well as the United States. The meeting with Kato opened a 12-day visit to Japan by Lyng who is here to dicuss farm trade. However Maki quoted Kato as replying that Japan was already the worlds largest grain importer. Kato added Japan is the largest customer for U.S. Grain and depended on domestic output for only 53 pct of its food requirements in 1985. Lyng said the U.S. Put high priority on talks on 12 farm products named in U.S. Complaints against Japan to the General Agreement on Tariffs and Trade (GATT) last year as well as on beef citrus products and rice. Kato said Japan will maintain its current level of self-sufficiency and will try not to produce surplus rice because potential production is higher than domestic demand. The world farm market suffers from surpluses because of rising production by exporting countries he added. Lyng said the U.S. Has been trying to reduce farm product output with expensive programs Maki said. Maki said the U.S. And Japan will hold detailed discussions on each trade item as well as a new round of GATT trade talks at a meeting on April 20 in which U.S. Trade Representative Clayton Yeutter will join. REUTER | U.S. URGES JAPAN TO OPEN FARM MARKET FURTHER |
Dollar General Corp said sales for March fell 4.6 pct to 43.4 mln dlrs from 45.5 mln dlrs a year earlier with same-store sales off 6.9 pct. The company said in March 1986 sales were helped by Easter shopping and a heavier schedule of promotions. Easter falls April 19 this year and the company said unseasonably cold and snowy weather hampered March results this year. It said first quarter sales were up seven pct to 114.4 mln dlrs from 107.0 mln dlrs a year earlier. Reuter | DOLLAR GENERAL <DOLR.O> MARCH SALES FALL |
Federated Guaranty corp said its board declared a two-for-one stock split and raised the quarterly dividend to 6-1/2 cts per share post-split from six cts both payable June One record May 15. The company said shareholders at the annual meeting approved an increase in authorized common shares to 19 mln from 10 mln and a name change to Alfa Corp. It said the name change should take effect next week along with a NASDAQ ticker symbol change to <ALFA.O>. Reuter | FEDERATED GUARANTY <FDGC.O> SETS STOCK SPLIT |
Littlefield Adams and Co said it is attempting to work out new financing arrangements with lender Congress Financial and unless it receives an extension of its loan to at least year-end it expects a qualified audit opinion on 1986 financial statements. The company said the revolving loan fell due at the end of February and Congress has so far granted two one-month extensions. It said it has asked the Securities and Exchange Commission and American Stock Exchange for an extension in filing 1986 annual reports while it tries to work out the new funding. The company also said its Collegiate Pacific subsidiary has closed its Gardena Calif. plant and leased the facility and equipment to a non-competing seller of printed wearables. It said it has licensed newly-formed Collegiate Pacific West to distribute Collegiate Pacific branded merchandise in 14 western states western Canada and Japan. It said the leasing and licensing agreements should provide about 200000 dlrs in revenues a year. Reuter | LITTLEFIELD ADAMS <LFA> MAY GET QUALIFIED AUDIT |
President Reagan today is to announce a decision on tough new tariffs on Japanese exports to retaliate for what he calls Japans failure to end its unfair practices in semiconductor trade. The 100 pct tariffs are to be imposed on 300 mln dlrs of Japanese goods recommended for curbs by a special panel of experts headed by the U.S. Trade Representatives Office. Reagan announced last March 27 he would impose the tariffs on certain goods taken from a list that ranged from computors and television sets to power tools and photographic film. The panel this week winnowed through the list of the some 20 products and sent their recommendations yesterday to Santa Barbara where Reagan is vacationing. In his March annoucement Reagan said I am committed to full enforcement of our trade agreements designed to provide American industry with free and fair trade opportunities. He added the tariffs would be lifted once Japan honored the pact it signed last year to end dumping semiconductors in world markets and opened its home market to U.S. products. U.S. officials said Japan had done nothing since the March announcement to alter Reagans plan to invoke the sanctions. White House spokesman Marlin Fitzwater said yesterday: we do not want a trade war but we feel that this is the kind of action that requires meaningful action. Reagans move follows steadily rising U.S. trade deicits with last years hitting a record $169.8 billion. About one-third of the deficit is in trade with Japan. Congress is weighing a trade bill to force the president to retaliate in certain cases of unfair trade practices. He has opposed the legislation saying it would prevent negotiated solutions to trade disputes and in any case that existing law was adqeuate to end unfair trade practices. Trade experts say his tough action against the Japanese was as much to penalize the Japanese as to show Congress he did not need any new trade legislation. The Japanese have complained that they have been honoring the semiconductor pact but that it would take time before the results showed up. U.S. officials however have said their monitoring of Japanese semiconductor shipments to East Asian countries and Western Europe showed no letup in the dumping and that the Japanese home markets remained shut to American exports. Japan has said that if Reagan imposed the tariffs it would file a complaint with the General Agreement on Tariff and Trade (GATT). It said hoped GATT would find the U.S. retaliation had violated the regulations of the global trading group and would approve compensation or Japanese retaliation. U.S. officials have said they did not think Japan would retaliate because it had too much to lose in any trade war with the United States. Reuter | REAGAN TO ANNOUNCE DECISION ON JAPAN SANCTIONS |
Shr 92 cts vs 1.16 dlrs Qtly div 10 cts vs 10 cts prior Net 5700000 vs 5400000 Avg shrs 6100000 vs 3700000 NOTE: Dividend pay May 15 record May One. Reuter | UNION PLANTERS CORP <UPCM.O> 1ST QTR NET |
Union Planters Corp said it has received regulatory approvals for its previously-announced acquisitions of Borc Financial Corp and First Citizens Bank of Hohenwald and approval of its acquisition of Merchants State Holding Co is expected within 10 days. All are to be completed during the second quarter of 1987 it said. Reuter | UNION PLANTERS <UPCM.O> ACQUISITIONS APPROVED |
March 31 end Shr 65 cts vs 51 cts Net 1016738 vs 526057 Avg shrs 1561774 vs 1035162 1st half Shr 1.31 dlrs vs 1.09 dlrs Net 2050911 vs 1130462 Avg shrs 1561643 vs 1035162 Reuter | PIONEER SAVINGS BANK INC <PSBN.O> 2ND QTR NET |
Shr loss 29 cts vs loss two cts Net loss 5168000 vs loss 410000 Revs 46.5 mln vs 29.4 mln Avg shrs 17.6 mln vs 17.1 mln NOTE: Net includes tax credits of 3938000 dlrs vs 394000 dlrs. Reuter | MANAGEMENT SCIENCE AMERICA INC <MSAI.O> 1ST QTR |
Shr two cts vs one ct Net 42000 vs 26000 Sales 15.6 mln vs 15.2 mln NOTE: 1987 net includes gain 63000 dlrs from change in pension accounting. Reuter | GENERAL HOUSEWARES CORP <GHW> 1ST QTR NET |
Shr 53 cts vs 48 cts Net 873000 vs 773000 Sales 19.5 mln vs 20.0 mln Reuter | OAKITE PRODUCTS INC <OKT> 1ST QTR NET |
Shr 18 cts vs 15 cts Net 387000 vs 240000 Sales 9346000 vs 8579000 Avg shrs 2200000 vs 1600000 1st half Shr 36 cts vs 26 cts Net 734000 vs 410000 Sales 18.4 mln vs 17.2 mln Avg shrs 2051648 vs 1600000 Reuter | BHA GROUP INC <BHAG.O> 2ND QTR MARCH 31 NET |
1st qtr Shr 16 cts vs 10 cts Net 808850 vs 297266 Revs 13.9 mln vs 7588280 Avg shrs 4926566 vs 3123411 Reuter | P.A.M. TRANSPORTATION SERVICES INC <PTSI.O> NET |
Shr 84 cts vs 75 cts Net 475000 vs 425000 Total income 7248000 vs 7286000 1st half Shr 1.61 dlrs vs 1.50 dlrs Net 911000 vs 847000 Total income 14.6 mln vs 14.2 mln Reuter | FIRST FEDERAL BANK <FFBN.O> 2ND QTR MARCH 31 NET |
Oper shr loss five cts vs loss nil Ope net loss 1211000 vs loss 2000 Revs 6626000 vs 11.0 mln Avg shrs 23.2 mln vs 23.5 mln Year Oper shr profit 12 cts vs loss one ct Oper net profit 2632000 vs loss 240000 Revs 34.8 mln vs 52.0 mln Avg shrs 22.9 mln vs 23.4 mln NOTE: Net excludes extraordinary tax charges 1919000 dlrs vs 49000 dlrs in quarter and credits 1431000 dlrs vs 2335000 dlrs in year. Reuter | GLOBAL NATURAL RESOURCES INC <GNR> 4TH QTR LOSS |
ChemLAwn Corp said due to the tender offer by Ecolab Inc <ECL> for ChemLawn shares at 36.50 dlrs each it has postponed its annual meeting which had scheduled for April 23. No new date was set. The tender offer is scheduled to expire April 20 unless extended. Reuter | CHEMLAWN <CHEM> POSTPONES ANNUAL MEETING |
Shr profit two cts vs loss two cts Net profit 251000 vs loss 222000 NOTE: Pretax net profit 295000 dlrs vs loss 256000 dlrs. Charge against earnings for loan losses 1743000 dlrs vs 2743000 dlrs and net chargeoffs 1636000 dlrs vs 3865000 dlrs. Reuter | FIRST INTERSTATE OF IOWA INC <FIIA.O> 1ST QTR |
2nd qtr Feb 28 Shr loss two cts vs loss eight cts Net loss 33482 vs loss 163130 Revs 143961 vs 287131 1st half Shr loss 14 cts vs loss eight cts Net loss 276238 vs loss 149407 Revs 273737 vs 679860 Reuter | DOUBLE EAGLE PETROLEUM AND MINING CO <DBLB.O> |
Shr loss two cts vs profit 10 cts Net loss 76000 vs profit 357000 Sales 8987000 vs 15.3 mln 1st half Shr loss 12 cts vs loss seven cts Net loss 440000 vs loss 246000 Sales 13.2 mln vs 20.6 mln Reuter | <K-TEL INTERNATIONAL INC> 2ND QTR DEC 31 LOSS |
Shr 20 cts vs 16 cts Net 1507000 vs 1147000 Sales 13.8 mln vs 9608000 Backlog 52.1 mln vs 37.8 mln Reuter | ELECTROMAGNETIC SCIENCES INC <ELMG.O> 1ST QTR |
Shr 95 cts vs 83 cts Shr diluted 89 cts vs 80 cts Net 2297842 vs 1782764 Avg shrs 2408332 vs 2160000 Avg shrs diluted 2573908 vs 2326667 Reuter | CAPE COD BANK AND TRUST CO <CCBT.O> 1ST QTR NET |
Residence Inn Corp said it has agreed to buy Holiday Corp out of their equaly-owned joint venture for 51.4 mln dlrs with closing expected within the next few weeks. The all-suite Residence Inn system which is geated to extended stays currently has 93 open franchised or company-owned hotels nationwide and another 55 in construction or development. Reuter | HOLIDAY CORP <HIA> SELLS STAKE IN VENTURE |
Oper shr 12 cts vs five cts Oper net 1715000 vs 730000 Sales 12.1 mln vs 7719000 Avg shrs 13.9 mln vs 13.7 mln Nine mths Oper shr 32 cts vs 18 cts Oper net 4379000 vs 2266000 Sales 32.8 mln vs 23.3 mln Avg shrs 13.8 mln vs 12.4 mln NOTE: prior year net excludes extraordinary credits of 340000 dlrs in quarter and 1190000 dlrs in nine mths. Reuter | CADNETIX CORP <CADX.O> 3RD QTR MARCH 31 NET |
Shr 44 cts vs 11 cts Net 1328000 vs 344000 Sales 23.0 mln vs 12.3 mln NOTE: Share adjusted for three-for-two stock split in February 1987. Reuter | BUSH INDUSTRIES INC <BSH> 1ST QTR NET |
Shr 16 cts vs 16 cts Net 566000 vs 563000 Sales 14.2 mln vs 9831000 Reuter | PLASTI-LINE INC <SIGN.O> 1ST QTR NET |
Oper shr 16 cts vs 11 cts Oper net 660000 vs 447000 Revs 9936000 vs 9005000 NOTE: 1986 net excludes 381000 dlr tax credit. Reuter | ENDATA INC <DATA.O> 1ST QTR NET |
Shr 20 cts vs 16 cts Net 973000 vs 775000 Revs 12.8 mln vs 9678000 Reuter | ROTO-ROOTER INC <ROTO> 1ST QTR NET |
Shr loss 24 cts vs loss 20 cts Net loss 1718000 vs loss 1483000 Sales 7266000 vs 6490000 Year Shr loss 1.83 dlrs vs loss 53 cts Net loss 13.2 mln vs loss 3833000 Sales 19.1 mln vs 29.5 mln NOTE: 1986 year net includes pretax realized loss on secureity transaction of 4124000 dlrs. Net includes tax credits of 751000 dlrs vs 606000 dlrs in quarter and 1163000 dlrs vs 2289000 dlrs in year. 1986 net both periods includes gain 1887000 dlrs from pension plan termination. Reuter | <BIRDSBORO CORP> 4TH QTR LOSS |
Shr 17 cts vs 13 cts Net 673000 vs 514000 Revs 18.4 mln vs 17.2 mln NOTE: Share adjusted for five-for-four stock split in January 1987. Reuter | DYNAMICS RESEARCH CORP <DRCO.O> 1ST QTR MARCH 21 |
Oper shr 14 cts vs 10 cts Oper net 711000 vs 517000 Sales 11.2 mln vs 11.1 mln NOTE: 1986 net excludes 84000 dlr gain from discontinued machinery division. Reuter | MARTIN PROCESSING INC <MPI> 1ST QTR NET |
Martin PRocessing Inc said it expects significant sales growth for the rest of the year particularly for its peak periods the second and third quarters. The company reported first quarter sales of 11.2 mln dlrs up from 11.1 mln dlrs a year before. For all of 1986 it had sales of 46.6 mln dlrs. Reuter | MARTIN PROCESSING <MPI> SEES YEAR SALES GROWTH |
 U.S. SHAREHOLDER MEETINGS - APRIL 17 Churchs Fried Chicken Inc Dominion Resources Inc Hospital Corp Of America Massmutual Corporate Investors Inc Reuter  | |
 U.S. DIVIDEND MEETINGS - APRIL 17 Communications Satellite Reuter  | |
Growth Stock Outlook Trust Inc said its asset value as of March 31 was 141.4 mln dlrs or 9.83 dlrs per share up from 117.3 mln dlrs or 9.38 dlrs per share a year earlier. Reuter | GROWTH STOCK OUTLOOK <GSO> ASSET VALUE UP |
Bush Industries Inc said it expects higher earnings and sales for 1987 partly due to efficiencies in manufacturing that have improved its margins. The company reported first quarter earnings of 1328000 dlrs up from 344000 dlrs a year before on sales of 23.0 mln dlrs up from 12.3 mln dlrs. For all of last year it earned 2506000 dlrs on sales of 65.4 mln dlrs. Reuter | BUSH INDUSTRIES <BSH> SEES HIGHER YEAR RESULTS |
Shr 13 cts vs three cts Net 617000 vs 112000 Sales 31.3 mln vs 11.4 mln Avg shrs 4877057 vs 3310585 NOTE: 1987 net includes 87000 dlr tax credit. Reuter | J. BILDNER AND SONS INC <JBIL.O> YEAR JAN 25 NET |
J. Bildner and Sons Inc said it expects improved earnings and sales in the current fiscal year. The company reported earnings for the year ended January 25 of 617000 dlrsl up from 112000 dlrs a year before on sales of 31.3 mln dlrs up from 11.4 mln dlrs. Bildner also said it plans to offer 25 mln dlrs in Eurodollar convertible subordinated debentures due 2002 through underwriters led by PaineWebber Group Inc <PWJ> and Kidder Peabody and Co Inc with proceeds to be used to finance expansion and reduce debt. Reuter | J. BILDNER <JBIL.O> SEES IMPROVED RESULTS |
A strike by machinists against Eastern Airlines is very likely before the end of the year and Eastern pilots would probably honor the picket line the president of the airline pilots union said. Capt. Henry A. Duffy president of the Air Line Pilots Association told a group of aviation executives meeting in Atlanta Duffy said the pilots union has a contract through 1988 with Eastern Airlines. However a contract between Eastern and the International Association of Machinists and Aerospace Workers is due to expire this year Duffy said. If the machinists strike which seems likely Eastern pilots probably would refuse to cross picket lines he added. Noting that the pilots union had clashed several times with Easterns parent Texas Air Corp <TEX.A> Duffy said We have had a difficult relationship with Texas Air wherever they have existed in the industry. Easterns pilots had picketed the airline recently over new sick leave policies and Duffy repeated criticisms of those policies in his speech today. The new policies pressure us to try to fly when were sick against federal air regulations and pressure us to fly beyond federal air limits Duffy said. For all those reasons we dont see a very happy future over there. Reuter | EASTERN PILOTS SAY STRIKE IS POSSIBLE |
Employees of Morton Thiokol Inc <MTI.N> have gone to the FBI with allegations of fraud by the firm in the manufacture of booster rockets blamed for the 1986 Challenger explosion ABC News reported. According to the report some Morton Thiokol employees went to the FBI in Salt Lake City Utah with their allegations last January 15. An FBI criminal investigation into Morton Thiokol began in late January although FBI officials have refused to confirm whether the probe was related to the Challenger disaster. FBI spokesman Ray McElhaney refused to discuss the report today saying FBI officials could not comment about current investigations. The space shuttle Challenger exploded after takeoff Jan 28 1986 when the temperature at the Florida launch site was 20 degrees below that specified for the O-rings that hold the solid-rocket boosters together. The rings failed and all seven shuttle astronauts died in the explosion. Morton Thiokol based in Chicago built the Challengers boosters in its Utah facility. The allegations by the employees follow similar charges by former Morton-Thiokol engineer Roger Boisjoly who has filed two lawsuits alleging criminal fraud against his former employer. Reuter | MORTON-THIOKOL EMPLOYEES ALLEGE FRAUD, TV SAYS |
Sixteen Wall Street stockbrokers were charged with dealing cocaine some at a brokerage house federal officials said was deeply involved in drug trafficking as well as trading violations. A total of 19 people were arrested in the federal investigation eight of them affiliated with Brooks Weinger Robbins and Leeds Inc. Manhattan U.S. Attorney Rudolph Giuliani said the investigation marked the start of a wider probe into widespread drug abuse in the New York financial district. This case and the implications of it are quite serious. This is the beginning of this whole area of investigation he said at a news conference announcing the indictments. The arrests marked the latest phase in a series of scandals that have rocked Wall Street most of them involving illegal insider trading. The federal probe coincides with a police investigation in which 114 people including messengers a security guard and a New York Telephone company executive have been arrested for alleged drug dealing and drug abuse police said today. A request by Giulianis office for a warrant to search two Brooks Weinger offices alleges numerous instances of stock manipulation as well as other securities law violations. Reuter | WALL STREET STOCKBROKERS CHARGED IN DRUG ARRESTS |
Wainoco Oil Corp said its board has voted to redeem its shareholder value rioghts for 10 cts each payable June One to holders of record on April 27. The rights have been attached on a one-for-one basis to Wainoco common shares. As previously announced the company is redeeming the rights to have sufficient authorized and unreserved common shares to proceed with a planned unit offering of common stock and warrants. It said its shareholder purchase rights distributed in June 1986 are unaffected. Reuter | WAINOCO OIL <WOL> TO REDEEM SOME RIGHTS |
Jefferson Bank said it plans to offer shareholders the right to purchase additional common shares at 80 pct of the closing bid price per share on the date the offering starts subject to a minimum of 9.25 dlrs per share. The company said the offering is being made in connection with a planned investment in Jefferson of up to 4500000 dlrs by principal shareholder State Bancshares Inc. Both the investment and the rights offering are subject to States arrangement of financing and participation in the rights offering. Reuter | JEFFERSON BANK <JFFN.O> TO MAKE RIGHTS OFFERING |
Genex Corp said it has filed for a proposed 8500000 dlr rights offering that is planned for early summer. It said shareholders will have the right to buy 1.1 convertible preferred shares at 60 cts a share for each common share held as of May Eight. It said lenders who extended a four mln dlr secured credit line to Genex in early March will have the right to buy all unsubscribed shares and based on an agreement with Genexs largest shareholders the lenders will be able to buy at least 34 pct of the offering. The company said to make the offering it will ask shareholder approval for an increase in authorized common shares to 50 mln from 21 mln and for the authorization of a new class of 20 mln preferred shares. It said it will also ask approval for a change in state of incorporation to Delaware to take advantage of more flexible corporation laws and new provisions regarding director liability. Genex said the new preferred will have the right to elect a majority of its board and will be convertible into common stock. If the rights offer were sold out and all shares converted common shares outstanding would more than double. The company is now incorporated in Maryland. Genex said it will use proceeds of the rights offering to repay its credit line and for working capital. Reuter | GENEX <GNEX.O> PLANS PREFERRED RIGHTS OFFERING |
Amoco Corp is apparently the successful bidder for debt-laden Dome Petroleum Ltd according to a published report. The Toronto Globe and Mail quoting sources close to the negotiations today said Dome broke off talks last night with TransCanada PipeLines Ltd which last week announced a 4.3 billion Canadian dlr offer for all of Domes assets. No financial details about the Amoco offer were available and a Dome spokesman would neither confirm nor deny that Amoco had emerged the winner the newspaper said. However the Dome spokesman indicated that the sale of Dome could be finalized and announced this weekend the Globe and Mail said. Representatives of Amoco were not immediately available for comment. Last Sunday when TransCanada announced its offer Dome said it was also in talks with two other companies but refused to identify them. Since then market speculation has centered on Amoco and Exxon Corps <XON> 70 pct-owned Imperial Oil Ltd subsidiary in Canada. British Petroleum PLC <BP> and Royal Dutch/Shell Group <RD> have also been mentioned as possible suitors for Dome. In the past two days Dome management has been pressured by the federal government to select the offer from TransCanada the only Canadian company in the bidding. Prime Minister Brian Mulroneys government appears to want to avoid a Dome sale to a foreign company since the government gave Dome hundreds of millions of dollars in tax breaks to encourage oil and gas exploration in the Arctic analysts and officials have said. A purchase by TransCanada would be least likely to run afoul of Canadian antitrust laws however TransCanada is asking for tax concessions from a federal government that is trying to hold its deficit below 30 billion Canadian dlrs analysts have said. A takeover by Amoco or Imperial would also give a foreign oil company a dominant position in Canadas oil industry. Imperial Oil is already Canadas largest energy company with 1986 revenues of 7.1 billion Canadian dlrs. Chicago-based Amoco had 1986 revenues of 20.23 billion U.S. dlrs. Its Amoco Canada Petroleum subsidiary is 100 pct owned by Amoco Corp. Reuter | AMOCO <AN> MAY BUY DOME <DMP>, REPORT SAYS |
Qtly div 21 cts vs 21 cts prior Pay June 10 Record May Eight Reuter | GORMAN-RUPP CO <GRC> SETS QUARTERLY |
Qtly div 10-1/2 cts vs 10-1/2 cts prior Pay July One Record June 10 Reuter | LILLY INDUSTRIAL COATINGS INC <LICIA> IN PAYOUT |
Qtly div 25 cts vs 25 cts prior Pay May 20 Record May Eight Reuter | GRUMMAN CORP <GQ> IN PAYOUT |
Qtly div two cts vs two cts prior Pay May 22 Record May Eight Reuter | AMBRIT INC <ABI> IN PAYOUT |
Qtly div 64 cts vs 64 cts prior Pay May 15 Record April 30 Reuter | ONEOK INC <OKE> IN PAYOUT |
Qtly div 70 cts vs 70 cts prior Pay June Eight Record May Eight Reuter | DIAMOND SHAMROCK OFFSHORE PARTNERS <DSP> PAYOUT |
Chrysler Corp said it is asking shareholders to increase the number of shares of authorized common stock to 500 mln from the current 300 mln. The company in the proxy statement mailed to 135000 stockholders for its May 21 annual meeting in Savannah Ga. said the added shares will be needed to complete its proposed buyout of American Motors Corp <AMO>. Chrysler also said the additional shares could be used for future acquisitions financing transactions stock dividends or splits and employee benefit plans. The company also said in the proxy statement for its annual meeting that in 1986 the board approved the granting of 77.0 mln dlrs of cash awards to 1914 executives and 16.2 mln dlrs for a supplemental executive retirement plan under its incentive compensation program. It said it also paid out 66.9 mlndlrs in bonuses to over 93000 hourly and salaried employees and it recently paid out 46.7 mln dlrs in profit-sharing payments to full-time employees based on 1986 performance. Chrysler further said it is offering special 500 dlr checks only to patrons of the 1987 New York Auto Show good toward the purchase of Chrysler LeBaron Coupes Plymouth Sundances Dodge Shadows and Dodge Daytonas. The checks will be redeemable at participating dealers in the New York metropoliutan areas through May Two and are in addition to any low percentage rate financing or cash incentives the company is offering. Reuter | CHRYSLER <C> SEEKS TO RAISE SHARE LIMIT |
Texas Air Corps Eastern Airlines subsidiary said it will cut 259 jobs for mechanics and related employees in Miami and Boston effective around May One. The company said part of the staff cuts result from the proposed sale of five Boeing Co <BA> 727-100s and two Lockheed Corp <LK> L-1011s as well as the previously announced transfer of six <Airbus Industrie> A300s to Continental Airlines another Texas Air subsidiary. Reuter | TEXAS AIR'S <TEX> UNIT TO CUT STAFF |
Chrysler Corp said its board made cash bonus awards of 77 mln dlrs to 1914 executives in 1986 based on 1985 earnings including a 975000 dlr bonus that brought chairman Lee Iacoccas cash compensation to 1.7 mln dlrs. The number three U.S. automaker also disclosed in its shareholder proxy statement that Iacocca exercised stock options last year that netted him nearly 9.6 mln dlrs and received 337500 shares of Chrysler stock last November three that at current market prices would be worth more than 18 mln dlrs. Reuter | CHRYSLER <C> PAYS 77 MLN DLRS IN BONUSES |
French industrial production rose a seasonally adjusted three pct in February after an unrevised 1.98 pct fall in January the National Statistics Institute (INSEE) said. The figure which excludes construction and public works put the February index base 1980 at 102 after 99 in January. INSEE changed its base year to 1980 from 1970 last month. Reuter | FRENCH INDUSTRIAL PRODUCTION RISES IN FEBRUARY |
Danners Inc said it has agreed in principle for Indian LP a partnership associated with Sherman Clay Group to purchase 100000 shares of redeemable voting junior preferred stock with a liquidation preference of 20 dlrs per share and cumulative dividends of 1.60 dlrs per share annually for two mln dlrs. It said the partnership would also receive detachable warrants to buy 1600000 common shares at 1.25 dlrs each payable in cash or in junior preferred stock at the liquidation preference value. Danners said completion of the infusion would allow the partnership to name a majority of its board. In addition Danners said it granted the partnership an option to buy 200000 more common shares at 1.25 dlrs each exercisable if it should fail to meet any condition connected with the transaction or if principal shareholders should accept a merger offer from another party. It said Danners family members owning 171538 shares have granted options to Indian to buy their shares on similar terms and conditions. The company said the Danner family options provide that if the infusion is completed the partnership will have the option starting six months later and ending in April 1992 to buy the shares at the last bid or last sales price whichever is lower. Danners said the agreement is subject to a recapitalization by its bank group of outstanding loans satisfactory company prospects favorable opinon from an investment banker and closing by April 30 with possible extensions to no later than May 11. The company lost 529000 dlrs in the prior year. Danners said it has terminated its use of LIFO inventory accounting resulting in a restatement of its net worth as of February 1 1986 the last day of its prior fiscal year to 15.5 mln dlrs from 9901000 dlrs. But losses for the year just ended will result in a net worth deficiency at the end of that year of about 4400000 dlrs or eight dlrs per share. The company said it incurred unusual fourth quarter losses due to the previously-announced closing and disposition of 17 of its 35 3D discount department stores inventory clearances and conversion to a new pricing and promotion system. The company said if it should fail to perform under the deal it could be liable for all expenses incurred by the partnership. If it does perform but the infusion transaction collapses for another reason it said it could be liable for up to 50000 dlrs in expenses. It said the Danner family members who have agreed to the option have the ability to sell some or all of their shares to the partnership around the closing date at two dlrs each. Danners further said it expects to report a loss for the year ended January 31 of over 19 mln dlrs substantially worse than it had expected. The company said it also incurred losses in the fourth quarter on the disposition of nonoperating assets. It said it expects to report results for the year soon. Danners said problems with its credit relationships together with its losses for the year resulted in its transaction with Indian which is intended to alleviate its problems. Reuter | DANNERS <DNNR.O> IN DEAL ON CAPITAL INFUSION |
Grumman Corp said shareholders at the annual meeting approved an amendment on the indemnification of direcors officers and employees against liability. Reuter | GRUMMAN <GQ> HOLDERS APPROVE LIABILITY LIMITS |
First Federal Savings and Loan Association of Brooksville said it has adjourned its annual meeting until May 11 due to the unexpected death of director J.R. Underwood creating the need for a substitute nominee for the board. Reuter | FIRST FEDERAL BROOKSVILLE<FFBV> ADJOURNS MEETING |
Profitts Inc said it has filed for an initial public offering of one mln common shares at an expected price of eight to 10 dlrs each through underwriters led by Morgan Keegan Inc <MOR>. It said proceeds will be used to retire debt. Profitts Operates five specialty department stores in Tennessee. Reuter | <PROFITT'S INC> FILES FOR INITIAL OFFERING |
Shr loss nil vs profit six cts Net loss 89000 vs profit 1136000 Revs 105.0 mln vs 97.3 mln 1st half Shr loss two cts vs profit 21 cts Net loss 396000 vs profit 3790000 Revs 212.1 mln vs 194.8 mln Avg shrs 18.1 mln vs 18.3 mln NOTE: Current quarter net includes 77000 dlr tax credit. Current half net includes reversal of 2622000 dlrs of investment tax credits. Reuter | RLC CORP <RLC> 2ND QTR MARCH 31 NET |
MiniScribe Corp said it filed with the Securities and Exchange Commission a registration statement covering a 65 mln dlr issue of convertible subordinated debentures due 2012. Initially a portion of the proceeds will be used to reduce funds drawn from MiniScribes revolving bank credit facility. Proceeds will also be used for working capital purposes primarily to finance inventories and accounts receivable and to acquire capital equipment and expand manufacturing capacity MiniScribe said. It named Morgan Stanley and Hambrechit and Quist as managing underwriters. Reuter | MINISCRIBE <MINY> FILES TO OFFER CONVERTIBLES |
Shr loss five cts NEt loss 90066 Sales 328127 NOTE: Company began opeations in April 1986. Reuter | FRESH JUICE CO INC <FRSH.O> 1ST QTR FEB 28 NET |
The French Finance ministry said today a public flotation offer opening this coming Tuesday for 39 pct of the capital of <Banque Industrielle et Mobiliere Privee> (BIMP) has been set at 140 francs per share. The offer closes next Friday. The ministry said in a statement 51 pct of the banks capital had been sold to a solid core of large investors including insurance companies and Michelin subsidiary SPIKA for 145 pct of the public offer price. Ten pct of the shares have been reserved for employees who get a five pct discount increased to 20 pct if they keep the shares for two years. Employees also get one free share for each one bought if the shares are held for at least one year. Small investors would receive one free share for every 10 bought with an upper limit of five free shares per investor and on condition the shares are held for at least 18 months. The state-owned capital of BIMP comprises 2.51 mln shares. The bank is being sold to the public as part of a sweeping programme to privatise 65 state-owned groups over five years. In a separate statement the ministry said last weeks privatisation offer of 1.07 mln shares in <Banque du Batiment et des Travaux Publics> (BTP) was 65 times oversubscribed. REUTER | FRENCH GOVERNMENT SETS TERMS OF BIMP SALE |
White House Budget chief James Miller said he was concerned that the Federal Reserve might overreact to the decline in the value of the U.S. dollar by raising interest rates a move he said could cause a recession next year. Our greatest danger is overreaction Miller told newspaper reporters yesterday. Im concerned about the Feds overreaction. Im concerned about what I see in recent data showing a substantial fall in the money supply. Edwin Dale Millers spokesman said the remarks published in the New York Times today were accurate. Miller said he was concerned the Fed might overreact to signals of rising inflation by tightening credit -- a move he said could have political consequences. The White House budget chief appeared to be referring to the effect an economic slowdown could have on the presidential and congressional elections next year. My fear is that if we get into a recession we are in deep soup and there is no question about it he said. Miller said an economic slowdown could lead to lower tax revenues and a widening of the budget deficit. Millers remarks reflected concern that the U.S. central bank might feel compelled to tighten credit as a means of bolstering the dollar. Both Treasury Secretary James Baker and Federal Reserve Board Chairman Paul Volcker recently have warned that further declines in the value of the U.S. dollar could jeopardize global growth prospects. U.S. officials have urged Japan and West Germany to stimulate economic growth in their countries -- a move that could boost U.S. exports and relieve trade protectionist pressures in the United States. Reuter | BUDGET CHIEF MILLER WARNS FED ON INTEREST RATES |
The Bank of France said in its latest monthly report on the French economy it expected a pickup in industrial production registered in March to gather steam over the next few months. Without giving figures the report said last months rise partly linked to efforts to catch up with production lost earlier this year through industrial action was due mainly to a firming of domestic demand. New progress is expected in all main sectors except capital goods where production will remain at its present level the report added. The upbeat report comes in the wake of grim March trade balance figures which showed a deficit in industrial trade for the first time since June 1982. While the automobile industry remained unchanged from previously boosted levels consumer goods production grew and was expected to accelerate except in the area of domestic appliances. Semi-finished goods showed a clear increase in all sectors. Construction and civil engineering boosted by a rise in public works also improved while retail trade sales in all sectors continued to slow. REUTER | BANK OF FRANCE SEES PICKUP IN INDUSTRIAL ACTIVITY |
Italys wholesale price index rose 0.2 pct month-on-month in February 1987 after increasing by 1.1 pct in January the national statistics institute ISTAT said. The index base 1980 equals 100 registered 173.1 in February compared with 172.8 in January. The February figure represents a decline of 0.2 pct compared with February 1986 after a year-on-year decline in January 1987 of 1.7 pct. Reuter | ITALIAN WHOLESALE PRICES UP 0.2 PCT IN FEBRUARY |
Sharon Steel Corp said it has filed a voluntary petition for relief under Chapter 11 of federal bankruptcy laws. The company which has been losing money and experiencing financial difficulties for years said it took the action in response to Quantum Funds notice that it intended to accelerate the maturity of Sharons 13-1/2 pct subordinated debentures due 2000 at 1200 EDT today. Sharon said Quantum had requested the trustee for the debentures to file an involuntary petition under Chapter 7 of the bankruptcy code against it. Sharon Steel said as a result of the bankruptcy filing its exchange offer has been terminated. Sharon had been making an exchange offer for its 13.5 pct debentures due 2000 and 14.25 pct debentures due 1999 that was subject to a number of conditions being met. Acceptance of the offer which had been extended several times had been below required levels for its completion. Reuter | SHARON STEEL <SSH> FILES CHAPTER 11 BANKRUPTCY |
U.S. Trade Representative Clayton Yeutter said it was all but certain President Reagan would go ahead today and impose curbs on Japanese exports as planned. Asked in a television interview what the chance was for Reagan to cancel the scheduled 100 pct tariffs on Japanese electronic exports he said slim to none. Reagan announced on March 27 he would impose the tariffs to retaliate for Japans failure to honor a 1986 agreement to end dumping computer semiconductors in world markets at less than cost and to open its home markets to U.S. products. Yeutter on the NBC program Today said the United States did not want to terminate the agreement and would drop the tariffs once Japan began fulfilling the agreement. He said Japanese negotiators last week told U.S. officials they were honoring the pact but Yeutter said it would take time to monitor any compliance. Asked how long that would take he said We want to see a pattern of compliance so in a minimum I would say that would take a few weeks. Yeutter said he did not think there would be much consumer impact by the tariffs on 300 mln dlrs worth of Japanese goods because the items selected are also readily available from other countries and manufacturers. He said he did not think Japan would retaliate. It seems to me it is not in the interests of either country to get in an escalating conflict. The Japanese understand that full well Yeutter said. He added Japan might challenge the tariffs in the General Agreement on Tariffs and Trade (GATT) but thats more of a paper kind of exercise and I dont really expect to see any adverse impact on U.S. trade. Yeutter also said he did not see any way the semiconductor issue could be resolved before or during a Washington visit later this month by Japanese Prime Minister Yasuhiro Nakasone. He said he hoped the visit which is to have trade as a major issue would be productive but I dont see any practical way to resolve this particular dispute before or during his visit. reuter | YEUTTER SAYS JAPANESE CURB ALL BUT CERTAIN |
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