text
stringlengths 0
9.69k
| target
stringlengths 0
137
|
|---|---|
A conference to assess the economic recovery of African states begins in the proposed Nigerian capital Abuja on June 15 Foreign Ministry officials said today. Organised by Nigeria in collaboration with the Economic Commission for Africa the June 15-19 conference would be attended by several African leaders as well as United Nations Secretary General Perez De Cuellar they said. Huge debts falling prices of their export commodities and in some cases drought have imposed severe hardships on the economies of African states. REUTER | NIGERIA HOSTS TALKS ON AFRICAN ECONOMIES |
Shr 12 cts vs six cts Net 398318 vs 211801 Sales 7385107 vs 7275162 Six Mths Shr 22 cts vs 13 cts Net 736219 vs 446288 Sales 14.3 mln vs 14.2 mln NOTE: Per share earnings adjusted for ten pct stock dividend paid February 1987. Reuter | HAWKINS CHEMICAL INC<HWKN.O> 2ND QTR MAR 31 NET |
Qtrly div 25 cts vs 25 cts Pay Aug 15 Record June 30 NOTE: Full name of company is equitable real estate shopping centers l.p. Reuter | EQUITABLE REAL ESTATE SHOPPING <EQM> PAYS DIVI |
Northgate Exploration Ltd said hourly-paid workers at its two Chibougamau Quebec mines voted on the weekend to accept a three-year contract offer and returned to work today after a one-month strike. It said the workers represented by United Steelworkers of America would receive a 1.21-dlr-an-hour pay raise over the life of the new contract and improved benefits. Northgate which produced 23400 ounces of gold in first quarter said that while the strike slowed production We are still looking forward to a very satisfactory performance. The Chibougamau mines produced 81500 ounces of gold last year. Reuter | NORTHGATE <NGX> QUEBEC WORKERS END STRIKE |
Unemployment in Portugal held steady at 9.6 pct in the first quarter of 1987 after the same rate in the last quarter of 1986 the National Statistics Institute said. This compared with 11.1 pct unemployment in the first quarter of 1986. The total number of registered unemployed in the first quarter of this year was 437500. REUTER | PORTUGUESE UNEMPLOYMENT STEADY IN FIRST QUARTER |
Congressional budget negotiators may reach an agreement this week on a 1988 budget plan House and Senate Budget Committee sources said. They held out hope that an agreement can be hammered out especially over the thorny issues of taxes and defence spending levels. It may come this week a Senate source said. They are making progress a House source said about back room negotiations. Despite these new notes of optimism earlier hopes for quick agreement had been dashed when negotiators stalled. House and Senate negotiators working on different budgets have been stymied over proposals for new taxes and defence spending levels. Both measures seek 18 billion dlrs in new taxes in 1988 but the Senate proposes nearly 119 billion dlrs in taxes over a four year span while the House calls for only 57 billion dlrs over three years. The Senate plan would allocate about seven billion dlrs a year for defence a proposal not in the House plan which calls for 1988 defence spending levels nearly eight billion dlrs under the Senate plan. The two sides have not had a formal negotiating meeting since May 13. Both House and Senate would have to approve a final compromise budget which would be the working U.S. budget for fiscal 1988 starting Oct. 1. Although the congressional budget proposes tax levels the actual approval of specific tax plans must be implemented through legislationd rafted by the House Ways and Means Committee and Senate Finance Committee which have been cool to the idea of higher taxes. Reuter | U.S. BUDGET ACCORD MAY BE REACHED THIS WEEK |
Dayton Hudson Corp is raising 150 mln dlrs through an offering of sinking fund debentures due 2017 with a 9-7/8 pct coupon and par pricing said lead manager Goldman Sachs and Co. That is 129 basis points over the yield of comparable Treasury securities. The issue is non-refundable for 10 years. A sinking fund starting in 1998 can be increased by 200 pct at the companys option giving them an estimated minimum life of 13.85 years and maximum life of 20.5 years. Moodys rates the debt Aa-3 and Standard and Poors rates it AA. Reuter | DAYTON HUDSON <DH> SELLS 9-7/8 PCT DEBENTURES |
Fifty people were killed or injured in flooding in southeastern Iran and three died after heavy rain elsewhere Tehran Radio reported today. The radio monitored by the British Broadcasting Corp said flooding around Zahedan near the Pakistan-Afghanistan border caused heavy damage. Rain in central Iran damaged houses bridges crops and irrigation systems. Reuter | FLOODS AND HEAVY RAIN HIT IRAN |
International Minerals and Chemical Corp said the U.S. Environmental Protection Agency granted permission to its subsidiary IMCERA Bioproducts Inc to make a genetically engineered microorganism for use as a growth factor in laboratories. The action marks the first time such a biotechnological product has undergone successful review by the EPA it said. The EPA action clears the way for IMCERA to begin commercial production of the microorganism Escherichia Coli K-12 in the production of its IGF-I growth factor for use in laboratories in cultivating tissues and cells it said. Escherichia Coli K-12 is a non-pathogenic organism commonly used in laboratory operations for studies and commercial fermentations and does not affect humans it said. International Minerals said it plans to manufacture the microorganism at IMCERAs plant in Terre-Haute Indiana and market it to research institutions and pharmaceutical companies in the U.S. and other countries. Reuter | INT'L MINERALS <IGL> BIOTECH PRODUCT GETS NOD |
North American Holding Corp said it completed a three mln dlr private placement of restricted Class A non-voting common stock to two private investors. The company said the stock was sold to real estate developers Simon Konover of West Hartford and Harry Gampel of Boca Raton Fla. The transaction is for 375000 shares of Class A stock or approximately 2.75 pct of the total North American Holding voting and non-voting common shares outstanding it said. Reuter | NORTH AMERICAN <NAHL.O> COMPLETES PLACEMENT |
LITTON INDUSTRIES UNIT GETS 223.2 MLN DLR NAVY CONTRACT |
|
Andover Group a Great Falls Va. investment partnership that is seeking control of HBO and Co said it raised its stake in the company to 2026000 shares or 8.7 pct of the total from 1626000 shares or 7.0 pct. In a filing with the Securities and Exchange Commission the partnership said it bought 400000 HBO common shares for 5.4 mln dlrs on May 28. The group which has a slate of candidates seeking board seats said it would decide whether to submit an offer to acquire the company after the HBO annual shareholders meeting which was to have been April 30 but was postponed. Reuter | PARTNERSHIP UPS HBO <HBOC.O> STAKE TO 8.7 PCT |
Infinite Graphics Inc expects to report earnings for the fiscal year ended April 30 of about 360000 dlrs or 20 cts a share Chairman Cliff Stritch Jr told Reuters in an interview. In the prior fiscal year the Minneapolis-based company reported a loss of 812000 dlrs or 46 cts a share. Stritch cited strength in the companys electrical printed circuit board software and CAD/CAM (computer aided design/computer aided manufacturing) business. He also said two new products using scanning and vectorization are under development. Reuter | INFINITE GRAPHICS <INFG.O> TO POST PROFIT |
North American Communications Inc said its shareholders approved at the annual meeting an amendment to limit the liability of its directors. Reuter | N.A. COMMUNICATIONS <NACS.O> LIMITS LIABILITY |
Humana Inc said a Florida Judge approved a previously announced proposal for the company to buy certain assets of International Medical Centers which had been declared insolvent and put into receivership in early May. Humana said it will pay 40 mln dlrs to the states Department of Insurance to pay prior claims and 20 mln dlrs in working capital. Reuter | HUMANA <HUM> TO BUY INT'L MEDICAL ASSETS |
Diversified Industries Inc plans to recover more than four mln dlrs from the sale of two marginal subsidiaries chairman Ben Fixman told the annual meeting. Fixman said Diversified Industries as part of its effort to redeploy assets wants to sell its Theodore Sall Inc and Liberty Smelting Works (1962) Ltd units. The two either lost money or had marginal profitability in recent years he said. Diversified also said it is in the process of obtaining six mln dlrs in an industrial revenue bond financing from the State of Connecticut to modernize the companys Plume and Atwood Brass Mill plant in Thomaston Conn. Reuter | DIVERSIFIED INDUSTRIES (DMC) TO SELL UNITS |
Litton Industries Inc said the Navy awarded a 223.2 mln dlr contract to its Data Systems division to produce a certain comman and contraol systems for the U.S. Marine Corps and the U.S. Air Force. Litton said the contract includes options for governments 1988 and 1989 fiscal years and for additional systems which could bring the total contract through fiscal 1989 to 750 mln dlrs. Reuter | LITTON <LIT> GETS 223.2 MLN DLR NAVY CONTRACT |
Whittaker Corp chairman and chief executive officer Joseph Alibrandi said the company expects to report operating profits in fiscal 1987 that exceed 1986 results of 41.5 mln dlrs. We continue to expect fiscal 1987 operating profits for the chemicals and technology segments to exceed the results reported for 1986 Alibrandi said. Whittaker reported fiscal 1986 operating earnings for its chemical segment of 18.0 mln dlrs and for its technology segment of 23.4 mln dlrs. The companys fiscal year ends October 31. Earlier Whittaker reported profits of 3.1 mln dlrs or 37 cts a share for the second quarter ended April 30 versus a loss of 4.5 mln dlrs or 35 cts a share in the same period last year. Reuter | WHITTAKER <WKR> SEES HIGHER 1987 PROFITS |
President Daniel arap Moi replaced his ministers of foreign affairs and economic planning in a far reaching cabinet reshuffle the official Kenya News Agency (KNA) said. Zachary Onyonka former economic planning minister replaces as foreign minister Elijah Mwangale who moves to agriculture. Anrew Omanga former minister of tourism and wildlife becomes minister of planning and national development after Robert Ouko who moves to the newly created ministry of industry. Fourteen ministers retain their old jobs including Finance Minister George Saitoti and Energy Minister Nicolas Biwott. Reuter4 | KENYAN PRESIDENT RESHUFFLES CABINET |
Harcourt Brace Jovanovich Inc said it has no comment at this time on the lawsuit filed against it by British publisher Robert Maxwell. In the suit Maxwells British Printing and Communication Corp is attempting to stop Harcourts payment of a 40 dlr per share special dividend and other actions. Harcourt announced its recapitalization plan to escape a hostile bid by Maxwell. Maxwell last week withdrew his 44 dlr per share or two billion dlr bid because of the plan. Reuter | HARCOURT <HBJ> HAS NO COMMENT ON SUIT |
American Express Cos Shearson Lehman Brothers said it helped establish a national pooled capital program offering low-cost financing to small and medium-sized businesses. Shearson said that it and non-profit <American Development Finance Corp> will help organize the Enterprise Capital Fund which will initially have a 100 mln dlr pool. The capital will be used primarily to make loans that finance small business growth and other projects that contribute to job creation and economic develpment Shearson said. Reuter | AMERICAN EXPRESS <AXP> UNIT IN FUNDING PROGRAM |
About 300 local representatives on the United Automobile Workers unions General Motors Corp bargaining council convened at a Detroit hotel this morning for private strategy sessions in the run-up to this summers national contract bargaining covering 380000 UAW members at GM. AlThough the sessions were closed to the press UAW vice-president Donald Ephlin urged delegates in a bargaining document obtained by Reuters to be willing to use creative and non-traditional means in achieving our bargaining goals. The document calls outsourcing of GMs production work to foreign or non-GM operations perhaps the greatest single threat to the job security of our members and urges bargainers to seek an expansion of limits on the giant automakers ability to outsource. While saying that outsourcing pits worker against worker and the UAW will not tolerate this practice the document falls short of demanding an outright ban on the practice and instead calls for improvements in current provisions and restrictions on outsourcing. The union said its barginers must seek bans against plant and work place closings similar to those included in our 1982 and 1984 contracts. In addition the UAW said full resumption of our traditional wage formula is a top priority in this set of negotiations. While the document does not specify a percentage wage increase the UAWs traditional standard before making concessions in 1982 was a three pct annual wage increase with benefits calculated from the base wage rate. Reuter | GM <GM> UAW COUNCIL OPENS SESSION |
Corporate Life Insurance Co a West Chester Pa. insurance firm told the Securities and Exchange Commission it has acquired 44600 shares of preferred stock in Piezo Electric Products Inc or 10.8 pct of the total. Corporate insurance said it bought the cumulative convertible preferred stock stake for 199690 dlrs for investment purposes. Reuter | INSURANCE FIRM AS PIEZO <PEPI.O> PREFERRED STAKE |
Cellular Inc said it reached a definitive agreement to sell assets of its wholly owned Michigan Cellular Inc to Century Telephone Enterprises Inc <CTL> and add 28 cts a share to the years earnings as a result. It said the sale subject to regulatory approval represents a capital gain in excess of 800000 dlrs over the original price paid by Cellular for its cellular interests in Michigan acquired in December 1986. Reuter | CELLULAR INC <CELS.O> TO SELL UNIT, TAKE GAIN |
Coastal Corp said a federal district court judge has upheld a trial jurys judgment against a Occidental Petroleum Corp <OXY> subsidiary but reduced the amount awarded a Coastal subsidiary to 412 mln dlrs from 549 mln dlrs. The company said Judge Clarence A. Brimmer denied all post-trial motions by Occidentals Natural Gas Pipeline Co of America but did eliminate the trebling of a portion of the damages for future lost profits and part of the damages for interference with a contract awarded by the jury in the antitrust case last October. An Occidental spokesman said the company has previously said it will take the case to the federal appeals court which has previously upheld the Federal Energy Regulatory Commission regulations Natural Gas Pipeline was following in its dealings with Coastals Colorado Interstate pipeline subsidiary and Union Pacific Corp <UNP> Champlin Petroleum Co subsidiary. Reuter | JUDGE REDUCES JURY AWARD TO COASTAL <CGP> |
The elimination of price limits on precious metals contracts trading at the Commodity Exchange in New York appears to be having little effect on the market analysts said. There is nothing apparent from the change said William ONeill director of futures research at Elders Futures Inc. The market has not approached the old price limits and trading is relative quiet in narrow ranges he added. Gold futures which previously had a limit of 25 dlrs on market moves in most back months were about 7.00 dlrs weaker in the nearby contracts amid thin conditions traders said. On May 5 COMEX did away with price limits on the two contracts following spot after a volatile market in silver futures at the end of April caused severe disruptions. During the last week of April silver futures traded up and down the price limit in the back months causing traders to rush into the spot contract to offset those moves analysts said. As a result Elders ONeill said there was much confusion many unmatched trades and large losses. The COMEX fined Elders Futures and three other large firms a total of 100000 dlrs for failure to resolve unmatched trades in a timely manner. Silver futures were trading about 30-40 cts weaker in the nearby contracts amid quiet trading today. ONeill said the elimination of price limits on all COMEX metals futures would add caution to trading since all contracts could move any distance. This is amore realistic approach because the metals market is a 24 hours market and prices can move without limit ONeill said. Paul Cain a vice president at Shearson Lehman Brothers said the elimination of price limits will cut back on panic buying or selling and contribute to more orderly markets. Reuter | LITTLE REACTION TO COMEX PRICE LIMIT REMOVAL |
Shr 17 cts vs four cts Net 373000 vs 82000 Sales 10.1 mln vs 7825000 Year Shr 45 cts vs 27 cts Net 981000 vs 595000 Sales 34.5 mln vs 28.5 mln Reuter | COMPTEK RESEARCH INC <CMTK.O> 4TH QTR MARCH 31 |
Cincinnati Bell Inc said it will sell up to 90 mln dlrs of 10-year notes to complete the financing of its acquisition of Auxton Computer Enterprises Inc. It said it plans to issue the notes within the next few months. Cincinnati Bell acquired Auxton on May six. Shearson Lehman Brothers Inc will lead the underwriting group the company said. Reuter | CINCINNATI BELL <CSN> TO SELL 10-YEAR NOTES |
Federal law enforcement authorities said they began a criminal investigation of R.J. Reynolds Tobacco Co after the company imported herbicide-tainted tobacco and then exported tainted cigarettes to Japan. We can confirm that the U.S. Customs Service has launched a criminal investigation of Reynolds a Customs spokesman told Reuters. There is an investigation under way said Bob Edmunds the U.S. attorney in Greensboro N.C. Reynolds is a subsidiary of RJR Nabisco Inc. of Winston-Salem N.C. The investigation is particularly embarrassing--for Tokyo and Washington as well as the company--because the Japanese government under pressure from the United States agreed only last year to open its markets to U.S.-made tobacco products. R.J. Reynolds spokesman David Fishel said in a telephone interview that his company acknowledged importing into the United States large amounts of tobacco treated with a weedkiller called Dicamba and then exporting cigarettes made with the tobacco to Japan. He acknowledged the weed killer was present in the tobacco at levels exceeding U.S. standards but said use of the tobacco did not pose a threat to human health. Dicamba is approved by the government for use on a variety of crops including food crops and is widely used as a ripening agent on tobacco Fishel said. Earlier today Japanese Finance Ministry official Etsuzo Kawade said in Tokyo that government authorities were holding a large shipment of Winston Lights manufactured by R.J. Reynolds after tests showed some of them contained unacceptable amounts of the weedkiller. We do not believe the herbicide posed a serious threat to peoples health but the levels were unacceptable by law Kawade said. Reuter | U.S. PROBES RJR <RJR> TAINTED TOBACCO SHIPMENTS |
Utilization of offshore mobile rigs in the Gulf of Mexico climbed by 2.1 pct last week to 38.9 pct reflecting a total of 91 working rigs Offshore Data Services said. One year ago the Gulf of Mexico utilization rate was 32.5 pct. Offshore Data Services said some drilling contractors had reported recent increases of about 1000 dlrs a day on large jackup rigs which now command rates of 11000 to 12000 dlrs a day. In the European/Mediterranean area the rig utilization rate rose 0.6 pct to 53.6 pct against 67.3 pct one year ago. Worldwide rig utilization rose by 1.2 pct to 57.7 pct reflecting a net increase of eight working rigs. Offshore Data Services said a total of 419 rigs were in use worldwide and 307 were idled last week. Reuter | U.S. GULF OF MEXICO RIG COUNT CLIMBS TO 38.9 PCT |
Dotronix Inc said it completed the acquisition of Video Monitors Inc for 3.92 mln dlrs. Video Monitors is a privately-owned Wisconsin-based manufacturer of video display and and video monitor devices. Reuter | DOTRONIX <DOTX.O> COMPLETES ACQUISITION |
Shr 11 cts vs eight cts Net 248000 vs 155000 Revs 4385000 vs 2487000 Year Shr 36 cts vs 12 cts Net 720000 vs 220000 Revs 15.2 mln vs 9253000 NOTE: Share adjusted for 10 pct stock dividend in April 1987. Reuter | DATAFLEX CORP <DFLX.O> 4TH QTR MARCH 31 NET |
April 30 end Shr loss one ct vs loss two cts Net loss 83116 vs loss 266037 Sales 1393455 vs 1035500 Reuter | POLYDEX PHARMACEUTICALS LTD <POLXF.O> 1ST QTR |
The French Cereals Intervention Board (ONIC) will tender Wednesday for 20000 tonnes soft wheat for Pakistan under the French food aid programme an ONIC official said. The grain will be shipped between June 15 and July 15. ONIC also will hold a tender June 9 for 65000 tonnes soft wheat under the European Community food aid programme for shipment in bulk during August the official said. Reuter | ONIC TENDERS WEDNESDAY FOR WHEAT FOR PAKISTAN |
May Department Stores Co is raising 100 mln dlrs through an offering of debentures due 2017 with a 9-7/8 pct coupon and par pricing said lead manager Morgan Stanley and Co Inc. That is 129 basis points more than the yield of comparable Treasury securities. Non-refundable for 10 years the issue is rated Aa-3 by Moodys and Aa-minus by Standard and Poors. The gross spread is 8.75 dlrs the selling concession is 5.50 dlrs and the reallowance is 2.50 dlrs. E.F. Hutton co-managed the deal. Reuter | MAY <MA> SELLS 9-7/8 PCT 30-YEAR DEBENTURES |
France is to provide Togo with 475 mln cfa francs of aid for a range of projects that include development of the coffee and cocoa industries and reafforestation in the south of the country official sources said. Reuter | FRENCH AID TO TOGO TO HELP COFFEE, COCOA TREES |
MIDDLE SOUTH SAYS U.S. SUPREME COURT STAYS RULING DENYING MISSISSIPPI RATES |
|
Clark Copy International Corp said it bought a Norwegian drafting machines company for three mln U.S. dlrs. Clark Copy said its majority-owned Norwegian subsidiary Interactive Computer Aids Co of Norway purchased Kongsberg Drafting Systems a division of Norwegian state-owned Kongsberg Vappenfabrikk. Kongsberg Draftings annual worldwide sales are about 15 mln dlrs Clark Copy said. Reuter | (CLARK COPY) BUYS NORWEGIAN FIRM |
Standard and Poors Corp said it cut to B from B-plus 50 mln dlrs of convertible subordinated debentures of Chi-Chis Inc. The companys senior debt rating is BB-minus. S and P said the action reflected poor performance from Chi-Chis chain of 200 Mexican food restaurants. The agency also said that a planned repurchase of three mln common shares will result in reduced equity of 23 mln dlrs and a rise in debt leverage to 67 pct from about 60 pct in fiscal 1987. Chi-Chis posted a 5.7 mln dlr loss for the nine months ended January 31 S and P noted. Reuter | CHI-CHI'S <CHIC> DEBT DOWNGRADED BY S/P |
West Germany said it would accept a superpower plan to ban medium and shorter-range nuclear missiles in Europe provided Bonn was allowed to retain its own shorter-range missiles. After six weeks of public wrangling over the so-called double-zero offer Chancellor Helmut Kohls coalition finally said it would agree to an East-West ban on shorter-range nuclear missiles. But in a statement issued after top-level talks the government said Bonn wanted the 72 West German Pershing-1a missiles excluded from an East-West accord -- a demand diplomats said could produce a snag in the Geneva arms talks. Reuter | KOHL COALITION ACCEPTS DOUBLE-ZERO |
The U.S. drilling rig count fell by four last week to a total of 758 against 723 working rigs at this time last year Baker Hughes Inc said. In Canada the weekly rig count rose 19 to 100 compared to 46 working rigs last year. Among individual states the steepest declines were in Oklahoma and Louisiana which lost eight and seven respectively. Drilling increases were reported by Michigan up by five rigs and Ohio and Pennsylvania which each rose by three. Baker Hughes said the total of 758 working rigs in the United States included 84 rigs working in offshore waters. Reuter | BAKER HUGHES' <BHI> U.S. RIG COUNT FALLS TO 758 |
A trade bill before the United States House of Representatives is a very dangerous bill for Canadian industry Canadian Forest Industry Council chairman Adam Zimmerman told reporters. By changing the definition of subsidy under U.S. countervailing duty law House of Representatives Bill 3 removes protection for companies that take advantage of widely used government programs Zimmerman told a media briefing. Clearly any industry to which Canadian governments grant rights to fish mine cut timber or produce power could be vulnerable to a finding of a subsidy under this language he said. The Canadian forest lobbys Zimmerman also said the House of Representative Bill would adopt a new way of measuring subsidies that would greatly increase the size of any countervailing duties that might be imposed on Canadian resource exports to the U.S. Under the bill any difference between Canadian prices and U.S. or world market prices would constitute a subsidy he said. Such a method would make Canadian resource industries vulnerable to similar penalties like a 15 pct export tax imposed last January on shipments of Canadian softwood lumber to the U.S. Zimmerman added. Canadian negotiators agreed to levy the new tax if a U.S. forest industry lobby would drop its request for a countervail duty on imports of Canadian softwood lumber. We represent the first victim of the move to price other countries natural resources according to the U.S. system Zimmerman said. If were an example than other resource industries had better watch out he added. Zimmerman said the Canadian Forest Industry Council plans to discuss concerns about the U.S. trade bill with lobby groups from other Canadian resource industries. Reuter | U.S. TRADE BILL VERY DANGEROUS FOR CANADA, LOBBY |
Society for Savings said it has completed a merger into newly formed holding company Society for Savings Bancorp Inc on a share-for-share basis. Reuter | SOCIETY/SAVINGS <SOCS.O> FORMS HOLDING COMPANY |
Shr profit three cts vs profit 31 cts Net profit 330;575 vs profit 14;73100 Revs 1501996 vs 2602568 Avg shrs 10964786 vs 4446958 Year Shr loss eight cts vs profit six cts Net loss 91523 vs profit 746289 Revs 3854821 vs 5231598 Avg shrs 6091334 vs 4446958 NOTE: Share results after preferred dividend requirements of 44174 dlrs vs 99901 dlrs in quarter and 377111 dlrs vs 480851 dlrs in year Company 40 pct owned by PainWebber Group Inc <PWJ> Reuter | GEODYNE RESOURCES INC <GEOD.O> 4TH QTR FEB 28 |
LADD Furniture Inc said it has completed the previously-announced acquisition of privately-held Colony House Furniture Inc for an undisclosed amount of cash and notes. Reuter | LADD FURNITURE <LADF.O> COMPLETES ACQUISITION |
A new steel quota system that would strictly limit European Community (EC) support to the industry could be forced on producers if they fail to find their own solution quickly officials said. EC industry ministers meeting here considered two key proposals aimed at cutting back surplus capacity by 30 mln tonnes by 1990. The first would limit the current quota system which has protected EC output for seven years only to flat products and heavy sections thereby forcing other types of steel products into free market competition. The second proposal would link continuation of a quota system with progress toward plant closures although less than a month ago the EC steelmakers lobby group Eurofer said they had abandoned efforts to close plants voluntarily. The ministers stopped short of imposing their own solution immediately instead urging steel producers to try again to reach agreement on voluntary cutbacks. The EC Commission has said it will come up with detailed proposals in July on the future of the EC steel industry and EC industry ministers meet again in September to reach a final decision. Reuter | EC MINISTERS CONSIDER CUTBACKS IN STEEL SUPPORT |
Pacific Gas and Electric Co said it will buy back on July one 93.9 mln dlrs of two mortgage bond issues Series 82A and 82B. The redemption will save the company about 2.8 mln dlrs in annual financing costs for the remaining lives of the two mortgage bond issues Pacific Gas said. It will buy back the Series 82A bonds at 1066.60 dlrs per 1000 dlr principal amount plus one months accrued interest of 12.81 dlrs. It will redeem the Series 82B at 1105.20 dlrs per 1000 dlr face amount plus one months accrued interest of 11.14 dlrs. Reuter | PACIFIC GAS <PCG> TO BUY BACK BONDS |
Texas Air Corps Continental Airlines said it will begin creation of a Cleveland Hub July one doubling the number of cities it serves nonstop from Cleveland and increasing daily flights by 50 pct. Continental said it will spend about 14 mln dlrs for facilities expansion in Cleveland and will increase its local employment from 48 to 100 people by July one. Continental will begin four daily nonstop flights to Washington-National two daily nonstops to Los Angeles and one daily nonstop each to San Francisco Orlando and Tampa. Reuter | TEXAS AIR'S <TEX> CONTINENTAL IN EXPANSION |
Philip Crosby Associates Inc said it has agreed to acquire Process Integrity Inc of Dallas a computer software designer for undisclosed terms. It said Process software helps companies monitor industrial processes identifies problems and recommends solutions. Reuter | PHILIP CROSBY <PCRO.O> MAKES ACQUISITION |
International American Homes Inc said it filed on May 29 with the Securities and Exchange Commission a registration statement covering a 25 mln dlr issue of convertible subordinated debentures due 2007. Proceeds will be used to finance the proposed acquisition of Diversified Shelter Group Ltd and affiliated entities and to retire acquisition indebtedness International American said. The company said Moseley Securities Corp would underwrite the offering. Reuter | INTl AMERICAN HOMES <HOME> TO SELL CONVERTIBLES |
QMS Inc said its Laser Connection subsidiary has been awarded exclusive rights to distribute the entire line of Ziyad laser printer sheet feeders in the U.S. and Canada. The company said it expects the arrangement to add 15 to 20 mln dlrs to its annual sales. Reuter | QMS <AQM> GETS ZIYAD <ZIAD> PRODUCT RIGHTS |
Genentech Inc is suffering only a temporary setback following a U.S. agency decision to withhold a recommendation on its genetically-produced drug which is used to treat heart attacks in progress industry sources and analysts said. When TPA (the drug) first came on the scene the projected time scale for approval was 1990 said Sam Milstein a scientist and industry consultant. So even with the new delay that has arisen in all likelihood the drug will be approved prior to initial projections he added. Last Friday an advisory committee at the Food and Drug Administration FDA withheld a recommendation on Genentechs tissue plasminogen activator a drug called Activase. Athough it supported Genentechs claim that the drug dissolves blood clots the FDA said it wanted data that showed the treatment benefits heart-attack victims. We will be talking to the FDA as soon as possible to ask specifically what they are looking for a Genentech spokeswoman said. She said the company had data that showed improvement in the heart muscle after the drug was administered but had not included it in the FDA filing. Industry analysts also said the 12 point drop in the companys stock to 37-1/4 was largely expected in light of the speculative nature of the biotechnology companies whose fortunes often depend on the success of an important drug. In larger pharmaceutical companies each product does not have as much overall significance. But this is very important to Genentech said Robert Riley a senior consultant at Arthur D. Little Inc. Some estimated that Genentech could see as much as 1.5 billion dlrs from the drug. But with each delay others can enter the market and catch up to Genentechs lead. Industry sources pointed out that KabiVitrum in an alliance with Hoechst AG <HFAG.F> won a recommendation for its streptokinase drug on the same day Genentechs application was delayed. Streptokinase an enzyme-based drug is also used to treat heart attack victims. In addition Milstein said that Beecham Group Plc <BHAM.L> has a drug called Eminase which is the most likely competitor to TPA and from a clinical standpoint nearly identical. Beechams drug has been approved for use in Germany and is awaiting approval in the U.K. he added. Streptokinase was difficult to administer to heart attack victims because it would dissolve before it reached the heart. Another method which involved pumping the drug directly into the heart through a tube proved difficult when a heart attack was in progress. TPA was seen as a savior since it was easier to administer and worked quickly. But new developments have made streptokinase more effective and easier to administer becoming a potential threat to Genentechs grasp on the TPA market. And if that wasnt enough about 30 other biotech companies are quickly developing TPA in Genentechs path. Genentechs advantage is being first in the market said industry consultant Scott King formerly an analyst with Montgomery Securities in San Francisco. Theyll be the first approved but then theyll face competition after one or two years. The company may also face patent pressures for its drug. It is currently about to go to court with Beecham Group in the U.K. in a patent dispute. And while its patent is pending in the U.S. many analysts expect the company to face some suits as soon as the patent is issued a potentially more harmful situation than any temporary setback in the FDA. Reuter | GENENTECH <GENE> SETBACK VIEWED AS TEMPORARY |
Southam Inc said a Canadian government official asked the Ontario Supreme Court to order Southam to seek shareholder approval of a 1985 share swap between Southam and fellow newspaper publisher Torstar Corp <TSB.TO>. Frederick Sparling an official in the Department of Consumer and Corporate Affairs wants the share exchange nullified if shareholder approval is not obtained Southam added. Southam said it believed it had acted properly and would vigorously defend itself in what would probably be a lengthy process. Sparlings action came after a year-long investigation by the federal corporations branch in response to minority shareholders complaints about the share exchange which gave Torstar a 22 pct stake in Southam. Southam said at the time of the Torstar deal that the share swap was necessary to avert a hostile takeover bid for Southam by a third party. The company declined further comment while the case is before the courts. Reuter | COURT ACTION SOUGHT ON SOUTHAM <STM.TO> DEAL |
Peerless Manufacturing Co said it has sold its Industrial Sensors and Instruments Division and Panhandle Equipment Co subsidiaries for a total of 635000 dlrs in cash. It said the transaction will result in a loss of about 605000 dlrs or 50 cts per share which it will take in the fourth quarter ending June 30. Peerless said due to the sale it will probably have a loss for the year. It said it sold the units to buyers it did not name due to increasing losses caused by the depressed petroleum equipment market. Peerless earned 576000 dlrs or 63 cts per share in fiscal 1986. It said the units being sold lost 28 cts per share in the first nine months of fiscal 1987 and 12 cts in all of fiscal 1986. Reuter | PEERLESS MANUFACTURING <PMFG.O> SELLS UNIT |
HICKS AND HAAS GROUP GETS FINANCING FOR SPECTRADYNE ACQUISITION |
|
Middle South Utilities Inc said the U.S. Supreme Court granted the companys Mississippi Power and Light Cos request for stay of a Mississippi Supreme Court ruling blocking a portion of the utilitys retail rates. In February the state court had returned to state regulators a case involving the recovery of Grand Gulf one nuclear power plant costs at the rate of 28 mln dlrs per month. These rates some of which were deferred for future phase-in were granted by the state regulators in September 1985 based on Federal Energy Regulatory Commission allocation of the power plants cost among Middle Souths subsidiaries. Middle South said one condition of the stay is the posting of a bond that is suitable to the Mississippi Supreme Court. Middle South said the Supreme Court stay brings stability to Mississippi Power and Lights situation and removes the possibility of MP and Ls imminent insolvancy while the case is proceeding on the merits. The company said it expects its subsidiarys case to prevail on the merits resolving for all Middle South System companies issues concerning the prudence and retail rate recovery of costs associated with the Grand Gulf One nuclear unit. Reuter | MIDDLE SOUTH <MSU> GRANTED MISSISSIPPI STAY |
Shr profit four cts vs profit three cts Net profit 64197 vs profit 56437 Revs 4.9 mln vs 1.6 mln Six months Shr profit four vs loss seven cts Net profit 67133 vs loss 114427 Revs 9.1 mln vs 2.8 mln NOTE:1987 first half includes revnues of new racetrack operation. Reuter | UNITED TOTE INC <TOTE.O> 2ND QTR APRIL 30 |
Canadas softwood lumber will become unprofitable for some forest product producers if prices decline to about 175 U.S. dlrs per thousand board feet of two by four inch lumber from current levels of about 195 U.S. dlrs Canadian Forest Industry Council chairman Adam Zimmerman told reporters. Zimmerman reiterated profitability has been hurt by a move by Canadian negotiators to impose last January a 15 pct export tax on softwood lumber shipped to the U.S. in exchange for a U.S. lumbermens lobby dropping its request for a countervail duty. I think that there has been a falling off in the market so I think there is a moderate slow down in the price now Zimmerman said at a media briefing. Zimmerman said the adverse impact from lower U.S. lumber product prices would be felt by lumber mills in eastern Canada first migrating westward. The country has swallowed a time bomb and it will go off when times get tough Zimmerman said. He also said the federal government should maintain the existing 15 pct export tax and not allow provinces to offset the tax with increased provincial fees for cutting lumber. Reuter | CANADA LUMBER EXPORTS MAY BECOME UNPROFITABLE |
Semicon Tools Inc said it has signed a letter of intent to acquire a majority interest in privately held East Coast Sales a distributor and fabricator of technical ceramic products and disposable clean room materials and supplies. Terms were not disclosed. It said it expects to acquisition to result in a substantial sales increase. Reuter | <SEMICON TOOLS INC> MAKING ACQUISITION |
Safety-Kleen Corp said it completed the acquisition of an 80 pct interest in BresLube Enterprises for about 12 mln dlrs in stock and cash. BresLube based in Toronto collects used lubricating oils from auto garages car dealers and other businesses and re-refines it for resale. Its annual revenues are about 18 mln dlrs. Reuter | SAFETY-KLEEN <SK> COMPLETES ACQUISITION |
GenCorp said it has started construction on a new 50 mln dlr 260000 square foot plant for the reinforced plastics division of its DiversiTech General unit. It said completion is expected in mid-1988. Reuter | GENCORP <GY> STARTS BUILDING NEW PLANT |
NMS Pharmaceuticals Inc said it has begun developing a home test kit for detecting an antibody to the AIDS virus. The company said its Animial Biotech Corp subdiary which will develop the test recently completed development of a simlar technology for a home test kit for feline leukemia virus in cats that exhibits similar properties to the AIDS virus HIV or human immunodeficiency virus. NMS is the first firm to annouce the development of a home test kit for AIDS. The company said it should have a working model ready in the first quarter of 1988. Abbott Laboratories <ABT> based in Chicago is the worldwide leader in the 60 mln dlrs AIDS test market with about a 50 pct share. Abbott also recently applied to the Food and Drug Administration to market a new test that will be ablet to detect early infection with the AIDS virus and help monitor the progress of therapy. NMS said its home AIDS test would use proprietary technologies and advanced genetic engineering techniques for the home test kitS. NMS said the test would use a drop of blood from a finger prick to detect the AIDS virus. The company stressed that there is no assurance it will succeed in develop ths test nor in obtaining government approval for marketing such as test. Reuter | NMS <NMSI> TO DEVELOP HOME AIDS TEST KIT |
Ford Motor Co said it agreed with Mazda Motor Corp <MAZT> and Matsushita Electric Industrial Co Ltd <MC> to form a company that would make heating and cooling units in Japan for Mazda cars. Equity in the new company will be shared equally Ford said. Each of the three participants will be represented on the board of directors of the new company. Ford said a manufacturing plant will be located in Higashi-Hiroshima City near Mazdas headquarters. Completion of the factory and production start-up is scheduled for the fall of 1988. Reuter | FORD <F> IN VENTURE TO MAKE UNITS FOR MAZDA |
Zenith Laboratoreis Inc said it was voluntarily recalling 20 lots of Digoxin a cardiovascular drug because about seven of the lots made betweeen October 1984 and Janauary 1986 failed to meet certain requirements. The lot number of Digoxin in 0.25 mg tablets are 112 through 131. Zenith said the recalled lots were not likely to cause serious ill health effects but said the recall is being done because some of the lots failed to meet dissolutation requirements upon retesting. Zenith said the other lots are not subject to the recall. It said the recall will cost about 50000 dlrs. Reuter | ZENITH <ZEN> IN VOLUNTARY RECALL |
General Electric Co said it and Alsthom of France are developing a 200 megawatt gas turbine that will be the most powerful combustion turbine in the world the MS9001F. The company said when used in a combined cycle application the power plant efficiency will exceed 50 pct. The company said it will offer the turbine exclusively for 50 hertz electrical system markets. Most of the world except the U.S. and several other countries use the 50 hertz system it said. It said Alsthom its licensee in France is codeveloper and comanufacturer of the first unit. GE said the first of the turbines will be installed for Electricite de Frances grid. Reuter | GE <GE>, ALSTHOM <ALSF.PA> DEVELOPING TURBINE |
SPI Holding Inc a group consisting of Hicks and Haas and Acadia Partners LP said it has received commitments for the senior bank financing needed to complete its proposed acquisition of Spectradyne Inc for 46 dlrs a share in cash or securities or a total of about 452 mln dlrs. The transaction was conditioned on the arrangement fo financing by today. It said it has also executed multi-year employment and non-competition agreements with five Spectrayne senior managers. Reuter | HICKS/HAAS GROUP HAS SPECTRADYNE <SPDY.O> FUNDS |
Service Resources Corp said Patrick J. Rooney has resigned as chairman and chief executive officer of its Chas. P. Young subsidiary to devote more time to his posts as chairman and chief executive of the parent company. Young has recently offered to acquire Sorg Inc <SRG> for 23 dlrs a share and take the combined company public. The company said James P. Alexis president of Youngs Chicago operation will succeed Rooney as chairman and chief executive of Young with Jack R. Hubbs remaining president and chief operating officer. Reuter | ROONEY QUITS AS SERVICE RESOURCES <SRC>UNIT HEAD |
Ford Motor Co <F> is to invest 23 mln stg in high technology equipment at its Bridgend engine plant in South Wales the Press Association said. The move includes a new computerised engine test facility which the company says will make the factory one of the most efficient of its kind in the world. Bridgend currently supplies Escort Orion and some Fiesta engines to Ford plants in Britain West Germany and Spain. Reuter | FORD TO INVEST 23 MLN STG IN U.K. ENGINE PLANT |
U.S. Healthcare Inc said it has signed an agreement with Blue Cross and Blue Shield of Missouri to jointly develop and operate a new health maintenance organization for the St. Louis area. The company said Blue Cross will wholly own HMO Missouri which U.S. Healthcare will manage and market. It said it hopes to start offering the HMO by January. Reuter | U.S. HEALTHCARE <USHC.O> IN BLUE CROSS VENTURE |
ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT |
|
Investitech Ltd said it has closed on a 500000 dlr long-term mortgage loan in connection with its previous purchase of a Mulberry Fla. plant replacing a short-term borrowing. The company said full production at the plant will start immediately. Reuter | INVESTITECH <ITLD.O> GETS MORTGAGE LOAN |
Computer Associates International Incs 800 mln dlr merger with Uccel Corp <UCE> will eliminate its strongest rival but the company still faces stiff competition from International Business Machines Corp <IBM> Wall Street analysts said. IBM is still the ruling force in mainframe systems software said Scott Smith an analyst with Donaldson Lufkin and Jenrette. But the combination of the two companies will clearly present a much stronger front he said. Besides IBM Computer Associates will be far and away the most powerful company in the field added E.F. Hutton analyst Terence Quinn. That field is a segment of the market known as system utilities or software packages that boost the productivity of a companys data processing facilities by increasing the speed power and efficiency of large mainframe computers. The merger of Uccel and Computer Associates combines the two biggest systems utilities suppliers other than IBM. Analysts said the remaining players are mostly small firms that will find the competition much harder than in the past. For Computer Associates the merger with Uccel caps a six-year acquisition campaign that has vaulted the Garden City N.Y.-based company to the top of the software industry. When the deal is completed sometime in August the companys revenues will exceed 450 mln dlrs pushing it past Microsoft Corp <MFST> as the worlds largest independent software vendor. Computer Associates founder and chairman Charles B. Wang took the company public in 1981 and since then he has bought 15 companies and boosted annual sales from 18.5 mln to 309.3 mln dlrs for the year ended March 31. Liemandt took charge of Wyly sold off its non-computer businesses and decided that it would focus solely on mainframe computer software. In 1984 the company was renamed Uccel Corp. Liemandt who said he will leave the company after the merger is completed also turned to acquisitions for growth. On the last day of 1986 Uccel completed the buyouts of six companies for a total of about 60 mln dlrs. For 1986 it earned 17.0 mln dlrs or 1.01 dlrs a share on sales of 141.5 mln dlrs. The agreement took industry analysts by surprise largely because the companies had been such bitter rivals. Also Dallas-based Uccel had engineered a strong comeback from the dark days of 1982 when as Wyly Corp it lost 7.7 mln dlrs or 56 cts a share. At that time Wyly owned a potpourri of 13 different businesses only three of which were involved in computer software. In 1983 Walter Haefner a Swiss financier and a major Wyly investor lured Gregory J. Liemandt away from his job as chairman of General Electric Cos <GE> computer services unit. Computer Associates Wang and Uccels Liemandt said at a news conference that the merger would give computer users a single source for a wide range of software products. In addition to system utilities Computer Associates also sell products for microcomputers while Uccel has made inroads in the applications software market where analysts said it has been successful with accounting and banking systems. Wang said Computer Associates would continue to support and enhance both companies product lines but noted that the company will eventually weed out duplicate offerings. He said about 20 pct of the companies products overlap. Analysts said the merger would dilute the holdings of current Computer Associates shareholders by about 10 pct. But they joined Wang in forecasting that the deal will not dilute Computer Associates earnings for the current fiscal year. Quinn of E.F. Hutton said Wang has a proven track record of completing acquisitions without earnings dilution. Therefore he said he would not change his 1988 earnings estimate of 1.05 dlrs a share. Wang said he would look closely at the combined operations of the two companies and cut duplication in sales marketing and research and development. Analysts said Computer Associates paid a premium for Uccel. Based on Fridays closing price the company will swap 47.50 dlrs worth of its stock for each Uccel share which is nearly 33 times Uccels 1987 estimated earnings of 1.45 dlrs a share. Stephen T. McClellan of Merrill Lynch Research said most software companies are currently valued at about 20 times per-share earnings. But the analyst said Uccel was worth the premium because of its earnings potential and customer base. Wang said Haefner the Swiss investor would hold about 25 pct of Computer Associates stock after the merger. He currently owns 58 pct of Uccel. The executive said the merger would not alter his target of maintaining sales and earnings growth of 30 pct to 35 pct. In addition he said he expects no problems in having the deal cleared by the antitrust division of the U.S. Justice Department. Uccels Liemandt declined to say what he will do after the merger but he did not rule out working together with Wang. Reuter | COMPUTER ASSOC. <CA> BOLSTERS HAND AGAINST IBM |
British press magnate Robert Maxwell said his British Printing and Communication Corp Plc would not renew its bid for Harcourt Brace Jovanovich Inc <HBJ> if the lawsuit filed against Harcourt in New York today fails. Speaking at a press conference Maxwell denied market rumors that British Printing had approached British institutions to arrange a rights issue with a view to relaunching its bid for the U.S. publishing concern. I dont believe in chasing mirages maxwell said. British Printing filed suit in U.S. District Court in Manhattan to block what Maxwell called a fraudulent recapitalization announced by Harcourt last week. Harcourt in response to a hostile two billion dlr takeover proposal from Maxwell planned a recapitalization that would pay shareholders 40 dlrs per share. Under the plan it also said 40 pct of its shares will be controlled by its employees management and its financial adviser First Boston Corp <FBC>. Reuter | MAXWELL WOULD NOT RENEW BID IF SUIT FAILS |
ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT |
|
Net 7237000 vs 5938000 Sales 630.8 mln vs 601.8 mln Year Net 34.1 mln vs 20.5 mln Sales 2.75 billion vs 2.61 billion NOTE: Twelve and 52-week periods. Generale Occidentale SA subsidiary. Prior year net both periods includes 7580000 dlr pretax charge for store closings. Year net includes pension gain 3455000 dlrs vs charge 5502000 dlrs due to change in pension accounting. Income tax rate for year 45.9 pct vs 34.1 pct due to abolition of investment tax credits. Elimination of investment tax credits approximately offset gain from change in pension accounting company said. Reuter | <GRAND UNION CO> 4TH QTR MARCH 28 NET |
Bell Canada Enterprises Inc said it extended to June 30 from June 4 a short-term voluntary sale program for shareholders owning 10 or fewer Bell Canada common shares. The plan allows such shareholders of record at April 21 to sell their shares at market price without incurring brokerage commissions or other charges. Bell Canada was quoted at 42 dlrs up 1/4 in afternoon trading on the Toronto Stock Exchange. Reuter | BELL CANADA <BCE> EXTENDS STOCK BUYBACK |
Synercom Technology Inc said it has named Robert Forsyth president. The company said Forsyth is taking over the position from Thomas Moore who remains chairman and chief executive officer. Reuter | SYNERCOM <SYNR.O> NAMES NEW PRESIDENT |
U.S. Video Vending Corp said it completed acquiring First National Telecommunications INc from First National Entertainment Corp for about 10 mln or a controlling interest of U.S. Video Vending shares. Pursuant to the transaction Harvey Seslowsky and William Hodes resigned from U.S. Videos board and were replaced by four members of First National. Reuter | U.S. VIDEO <VVCO.O>, FIRST NATIONAL IN MERGER |
Traders recently returned from West Africa say some producers there are dismayed by the ineffective action so far by the International Cocoa Organization (ICCO) buffer stock manager on buffer stock purchases. One trader said some West African producers are annoyed the Buffer Stock manager is not playing his part as required by the International Cocoa Pact to stabilise prices from current lows. So far only 21000 tonnes of second hand cocoa have been taken up for buffer stock purposes and this traders noted only on an intermittent basis. They noted the purchases of 8000 tonnes in the first week he bought and 13000 in the second are well short of the limitations of no more than 5000 tonnes in one day and 20000 in one week which the cocoa agreement places on him. The traders recently returned from West Africa say producers there are unhappy about the impact on cocoa prices so far noting producing countries are part of the international cocoa pact and deserve the same treatment as consumers. London traders say terminal market prices would have to gain around 300 stg a tonne to take the ICCO 10-day average indicator to its 1935 sdr per tonne midway point (or reference price). However little progress has been made in that direction and the 10-day average is still well below the 1600 sdr lower intervention level at 1562.87 from 1569.46 previously. The buffer stock manager may announce today he will be making purchases tomorrow although under the rules of the agreement such action is not automatic traders said. Complaints about the inaction of the buffer stock manager are not confined to West African producers they observed. A Reuter report from Rotterdam quoted industry sources there saying Dutch cocoa processors also are unhappy with the intermittent buffer stock buying activities. In London traders expressed surprise that no more than 21000 tonnes cocoa has been bought so far against total potential purchases under the new agreement of 150000 tonnes. Carryover holdings from the previous International Cocoa Agreement in the stock total 100000 tonnes. Terminal prices today rose by up to 10 stg a tonne from Fridays close basis July at its high of 1271. It seems that when the buffer stock manager is absent from the market prices go up while when he declares his intention to buy quite often the reverse applies traders said. Reuter | COCOA ORIGINS DISMAYED BY BUFFER STOCK ACTION |
Canadas corporate debt burden is at its lowest point in five years but still exceeds pre-1981 recession levels said a study by Canadian Imperial Bank of Commerce <CM.TO>. The bank said the debt-equity ratio for all Canadian companies excluding financial corporations now averages 1.50 down from 1.70 in 1982 but higher than 1.47 in 1980. Five years of uninterrupted economic growth in Canada and the strength of the Canadian bond and stock markets despite recent corrections have led to a marked improvement in the financial health of most Canadian corporations the bank said. The bank said that manufacturing construction transportation utility and service industries had improved their debt-equity ratios to 1977 levels. Mining oil and gas companies were not performing as well due to low commodity prices the bank added. Canadian corporate financial ratios are also stronger than those in the U.S. the bank said. It said the 1981-82 recession led some Canadian companies to downsize and use resulting savings to cut floating rate debt and others to shift to equity from debt financing. Reuter | CANADA CORPORATE DEBT LOWEST IN FIVE YEARS |
American Travellers Corps American Travellers Life Insurance Co unit said it wrote more than 1.1 mln dlrs of new business in May Last year the unit wrote 553350 dlrs of new business for the month of May. Reuter | AMERICAN TRAVELLERS <ATVC.O> REPORTS PRODUCTION |
Privately-held Rapid-American Corp said it has completed the previously-announced acquisition of 66 Kresge and Jupiter stores from K Mart Corp. The company said it plans to operate 57 of the stores as McCrory Five and 10 variety stores and close the others by the end of July. Reuter | RAPID-AMERICAN COMPLETES K MART <KM> STORE BUY |
Zenith Electronics Corp said it introduced a one-piece computer with 512 kilobytes of memory priced starting at 999 dlrs. Zenith said the new computer called the eaZy pc is compatible with the PC/XT system and uses 3-1/2-inch disk drives. The computer Zeniths lowest priced unit uses an Intel 8088-compatible microprocessor. Its memory will be expandable to 640K through two options expected to be available in August. The system uses an MS-DOS operating system developed by Zenith and Microsoft Corp <MSFT.O>. Reuter | ZENITH ELECTRONICS <ZE> INTRODUCES COMPUTER |
Shr 58 cts vs 53 cts Shr diluted 54 cts vs 53 cts Net 1957745 vs 1594009 Sales 95.8 mln vs 87.4 mln NOTE: Average shares up 11.7 pct on primary basis. Reuter | HUGHES SUPPLY INC <HUG> 1ST QTR APRIL 30 NET |
Expediters International of Washington Inc president John Kaiser told securities analysts business in the current quarter is good and he is looking for good results for the year. Kaiser however declined to make specific earnings projections. In 1986 the company reported earnings of 4.1 mln dlrs or 73 cts a share on sales 108.8 mln dlrs. The second quarter looks good and it looks like were going to have a good year he said citing strength in imports and exports in the Pacific Rim. Kaiser also said a pickup in electronics and computer business would help this years results. The company is trying to get a license to operate directly in Korea before next years Olympics he said. It currently works through an agent there. He said four countries in the Pacific - Hong Kong Korea Taiwan and Singapore where the company does much if its business - should have economic growth of more than 10 pct over the next two to four years. The Pacific Rim will still be our strongest market he said. Reuter | EXPEDITERS INTERNATIONAL <EXPD.O> SEES GOOD YEAR |
The elimination of limits on daily price fluctuations for metals futures contracts traded on the Commodity Exchange COMEX appears to be having little effect on the market analysts said. There is nothing apparent from the change said William ONeill director of futures research at Elders Futures Inc. The market has not approached the old price limits and trading is relative quiet in narrow ranges he said. On May 5 COMEX eliminated price limits on the two contracts following each spot delivery in gold silver copper and aluminum futures after a review of its clearing operations which were severely tested by a volatile market in silver futures at the end of April. COMEX announced Friday the lifting of all daily limits effective today. Gold futures which previously had a limit of 25 dlrs per ounce in most back months were about 7.00 dlrs weaker in the nearby contracts amid thin volume conditions traders said. Silver futures previously limited at 50 cents in most back months were trading about 30-40 cts weaker in the nearby contracts amid quiet trading today. During the last week of April silver futures often traded at the daily allowable limit amid concerns about inflation the dollar and other factors. Traders rushed into the spot or unlimited contract to offset those moves analysts said. As a result ONeill said there was much confusion many unmatched trades and large losses for some traders. The COMEX fined four large firms a total of 100000 dlrs for failure to resolve unmatched trades in a timely manner. Paul Cain a vice president at Shearson Lehman Brothers said the elimination of price limits will cut back on panic buying or selling and contribute to more orderly markets. ONeill added that the elimination of daily limits would add caution to trading. This is a more realistic approach because the metals market is a 24 hours market and prices can move without limit ONeill said. Reuter | LITTLE REACTION TO REMOVAL COMEX DAILY LIMITS |
Grand Union Co a subsidiary of Generale Occidentale SA of France said it plans capital spending of 111 mln dlrs this year mostly for new stores and expansions of existing units up from 76 mln dlrs for the year ended March 28 1987. Reuter | <GRAND UNION CO> SEES HIGHER YEAR SPENDING |
Total Health Systems Inc said it has agreed to acquire CoMED Inc of Denville N.J. a health maintenance organization with over 63000 subscribers for an undisclosed amount of cash the assumption of liabilities and the provision of up to 10 mln dlrs in equity and debt financing. The company said the acquisition is subject to regulatory approvals. It said CoMED had 1986 revenues of 30.0 mln dlrs and earnings of 650383 dlrs and had revenues for the first four months of 1987 of 13.6 mln dlrs up 60 pct from a year before. Reuter | TOTAL HEALTH <TLHT.O> TO MAKE ACQUISITION |
Qtly div 44 cts vs 39 cts prior Pay Aug 14 Record July 31 Reuter | MEDITRUST <MTRUS.O> RAISES QUARTERLY PAYOUT |
ALLTEL Corp said it has received permission from the Federal Communications Commission for the transfer of its Syracuse/Binghamton/Cortland N.Y. radio paging licenses to Mobile Communications Corp of America <MCCABV.O> and the transfer takes effect today. Reuter | ALLTEL <AT> GETS PERMISSION FOR LICENSE TRANSFER |
United Asset Management corp said it has completed the acquisition of Rice Hall James and Associates of San Diego for undisclosed terms. It said Rice Hall manages investments for institutions and individuals and has about 690 mln dlrs in assets under management currently. Reuter | UNITED ASSET <UAM> COMPLETES ACQUISITION |
KMS Industries Inc said its Covalent Technology Corp subsidiary won a one-year 60000 dlr contract for develpoing a rapid and simple method for detecting heaptitis B antigen and diarrheal disease toxins. It said the award was from the Program for Appropriate Technology in Health in collaboration with the United States Agency for International Development. Reuter | KMS INDUSTRIES INC <KMSI.O> GETS CONTRACT |
Since British Airways was sold to the public by the British government airline analysts have begun covering the big carrier and giving it good reviews. Analysts are picking up British Airways because its a major airline and because they have fewer companies to work with after all the mergers said Merrill Lynch analyst Edmund Greenslet. Two years ago there were enough U.S. carriers but now more analysts are adding the international airlines. Merrill Lynch for instance will be covering it from its international offices he said. British Airways was sold to the public by the Conservative government in February. It has a fleet of 167 jetliners making it the largest in Europe. A relatively small portion of revenue and traffic comes from intra-U.K. operations and its predominantly long-haul route network spans the globe. Julius Maldutis at Salomon Brothers said he likes British Airways because it can quickly redeploy jets to strong markets or away from weak ones as it did last year in response to the severe downturn in North Atlantic traffic after the Chernobyl nuclear disaster and terrorist actions. Because of its diverse network it has the ability to hedge or mitigate adverse developments in one particular area Maldutis said. He said British Airways should outperform the rest of the stock market. Salomon was an underwriter for the companys public offering in February. About 6.3 mln British Airways American depositary receipts are traded on the NYSE and 2.8 mln ADRs on the Toronto exchange. Each ADR equals 10 ordinary shares. Louis Marckesano at Janney Montgomery Scott said British Airways near-term outlook is good. Were looking for good traffic growth and improved revenues he said. British Airways should be riding a good wave he said. Its fiscal year began April one so when you think of all the troubles it experienced in the first half of last year especially in the North Atlantic market you know all camparisons should be nice. At March 31 the carrier had total debt of 279 mln stg for a debt-to-equity ratio of 33 pct which is very good for an airline analysts said. Its balance sheet is very conservative - perhaps too conservative for an airline - but that means it can borrow to expand its fleet Marckesano said. British Airways has been a leading force of airline liberalization in Europe which is being gradually implemented to avoid the problems of U.S. airline deregulation which brought years of unstable fares and losses. Analysts agree a phased-in deregulation will greatly benefit British Airways over the long run because it is the largest European carrier. Analysts caution that British Airways faces increasing competition for travelers to Europe from U.S. carriers as airline consolidation here expands route networks. In 1983 for instance about 69 pct of U.K.-bound passengers transferred to European carriers after arriving at U.S. gateway airports onboard U.S. carriers. But U.S. carriers are retaining more of their passengers and this year about 30 pct of U.K.-bound travelers are expected to switch to a European carrier to complete the trip according to British Airways chief executive officer Colin Marshall. British Airways had a greater shot at picking up traffic when it was funneled to New York said Marckesano Now traffic is being captured earlier by U.S. carriers as it leaves Atlanta Dallas and other cities said Marckesano. He also said that British Airways first-half results might mislead an investor into gauging full-year results because its fiscal year begins April one. Profits build in the first half. But if an investor just doubles that figure hell be making a big mistake he said. Reuter | AIRLINE ANALYSTS STUDY BRITISH AIRWAYS <BAB> |
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS, SOYBEANS 7,209, WHEAT 15,187 CORN 25,347 |
|
Computerland Corp said an investor group led by the financial services firm E.M. Warburg Pincus and Co Inc has agreed to acquire Computerlands business. Computerland a privately-held company said to be the worlds largest retailer of personal computers declined to provide details of the arrangement. But the company said it expects to close the acquisition over the next 60 to 90 days. In announcing the transaction Computerland said the acquisition will provide it with resources and support to maintain and expand its leadership position in the computer retail industry. Computerland also said its network retail sales in 1986 totalled 1.45 billion dlrs. Reuter | COMPUTERLAND TO BE ACQUIRED BY INVESTOR GROUP |
The Center for Auto Safety a private auto industry watchdog group sought a government recall of 50000 schoolbuses charging that a defect in their manufacture causes the buses to split open in a crash. The center said it asked the National Highway Traffic Safety Administration (NHTSA) to recall all school buses built since 1977 by Thomas Built Buses of High Point N.C.. In the past seven years 45 children were injured and six killed in crashes of Thomas schoolbuses where the panels of the buses split open at the joints Executive Director Clarence Ditlow wrote Transportation Secretary Elizabeth Dole. NHTSA is a part of the U.S. Department of Transportation. Ditlow said Thomas had failed eight body and three floor joint tests since 1977. No Thomas schoolbus tested for joint strength since (a federal standard) was adopted in 1978 has ever passed he said. Officials of Thomas were unavailable for comment. NHTSA officials had no immediate comment on the recall petition. Reuter | WATCHDOG GROUP SEEKS U.S. RECALL OF SCHOOLBUSES |
Electrospace Systems Inc said it has received the first 1623000 dlr increment of a possible five mln dlr contract award from the U.S. Space and Naval Warfare Systems Command. It said the contract covers production and systems integration of seven AN/WSC-6 SHF SATCOM systems for use on combatant and survey ships. Reuter | ELECTROSPACE <ELE> GETS DEFENSE CONTRACT |
Sooner Defense of Florida Inc said it won a 4.2 mln dlr contract from the U.S. Army Armament to build electronic proximity fuzes used in Navy five-inch gun systems. Reuter | SOONER DEFENSE <SOON.O> GETS CONTRACT |
BILZERIAN SAYS IF PAY N'PAK SIGNS MERGER ACCORD HE WILL TENDER FOR 7.5 MLN SHARES |
|
Piosec Technology Ltd said it exchanged 4.5 mln common shares for 21 pct of privately owned <Alliance Semiconductor Corp> of Santa Clara Calif. Followin the acquisition a Piosec spokesman said the company has 6.5 mln shares outstanding. Reuter | PIOSEC <PIO.AL> ACQUIRES SEMICONDUCTOR STAKE |
Subsets and Splits
No saved queries yet
Save your SQL queries to embed, download, and access them later. Queries will appear here once saved.