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Elders IXL Ltd <ELXA.S> says it is happy to leave preferences shares of brewer Carling OKeefe Ltd outstanding after an undisclosed bidder made an offer to acquire all of Carlings outstanding preferred stock. Elders which owns 100 pct of Carlings outstanding common shares previously proposed to redeem the 433745 Carling series A preferred shares at 33.50 Canadian dlrs each and redeem the 386662 series B preferreds at 40 dlrs a share. The series A and B preferred shares carry no vote while dividends are paid. Elders says neither it nor Carling knows the identity of the bidder for Carlings preferred shares. On May 29 the bidder offered to acquire the Carling preferred for 36 dlrs for each series A and 40.50 dlrs for each series B share. Elders said leaving the Carling preferred shares outstanding will not affect ongoing plans of the company. Series B preferred shareholders had previously rejected Carlings proposal to redeem the shares and a series A preferred shareholders meeting was adjourned to June 12. Reuter | ELDERS HAPPY TO LEAVE CARLING SHARES OUTSTANDING |
Plans to provide direct income aids for European Community (EC) small farmers to help them face deep cuts in guaranteed crop prices received a mixed reception from EC agriculture ministers EC officials said. The plans were discussed at an informal meeting of the ministers hosted in the village of Genval by the Council of Ministers current chairman Belgiums Paul de Keersmaeker. The EC Executive Commission has proposed that the richer member states be allowed to make direct payments to their farmers in special difficulties while the EC itself would finance a similar scheme in the poorer EC countries. However EC officials said only the Netherlands and Luxembourg supported this idea at todays meeting and France Denmark and Belgium showed marked hostility to it. French minister Francois Guillaume told reporters Farmers should not become recipients of public assistance -- their survival should be assured by price mechanisms and the market. The officials said the ministers had not sought to resolve their more urgent differences over guaranteed farm prices for 1987/88 at this meeting. The ministers will resume talks on the price fixing issue in Luxembourg on June 15. Reuter | EC FARM MINISTERS DISAGREE ON DIRECT INCOME AIDS |
Sara Lee Corp said 500 workers at its Kitchens of Sara Lee bakery operation in Deerfield Ill. have returned to work this week after ratifying a contract. A company spokesman said members of Local Two of the Bakery Confectionery and Tobacco Workers who had walked out May 10 reached mutually agreeable terms in a new two-year contract. Meanwhile about 100 Teamster drivers and warehouse employees whose contract expired May 16 remained out the company said. No new talks were scheduled Sara Lee said. Details of the new contract were not immediately available but a company spokesman said it maintained benefits and called for no sacrifices from current employees. Union sources reported that the contract freezes wages and introduces a sharply lower starting rate for new hires. They said it also gives Sara Lee concessions on a workplace issue involving excused absences. Reuter | ONE OF TWO SARA LEE <SLE> STRIKES SETTLED |
Cray Research Inc said Aerospatiale a French aerospace company ordered a Cray X-MP/14se computer system valued at about 3.6 mln dlrs. It said the leased system will be installed in the fourth quarter pending export license approval. Reuter | CRAY <CYR> GETS 3.6 MLN DLR COMPUTER ORDER |
Portugal has contracted a six-year 150 mln ECU loan from a group of foreign banks led by Daiwa Europe Ltd to finance investment projects the finance ministry said. Interest of 7.75 pct is to be paid in annual instalments starting in 1988 ministry spokesman Luis Vilhena de Cunha said. The loan will first be in the form of a temporary global note and be replaced later by subscriptions of 1000 and 10000 ECUs. The issue price was set at 101.75 pct. Banque Generale du Luxembourg SA will act as listing agent and fiscal agent the spokesman added. REUTER | PORTUGAL CONTRACTS FOR 150 MLN ECU LOAN |
A representative of the poultry industry said statistics showed that chicken is less frequently the cause of salmonella poisoning than beef dairy products or salads and other mixed foods. Kenneth May President of Holly Farms Poultry Industries and a director of the National Broiler Council told a House Agriculture subcommittee the incidence of salmonella in chicken has not increased in recent years and that chicken is neither the major source of the bacterial poisoning nor the cause of an increase in outbreaks of the disease. May said the Center for Disease Control figures showed that between 1978 and 1982 chicken was involved in four pct of all U.S. salmonellosis outbreaks while beef accounted for ten pct of outbreaks and dairy products six pct. May said the remaining outbreaks were caused by salads and mixed food turkey seafood pork eggs and other foods. May said the chicken industry favored moving away from bird-by-bird inspection procedures to a risk assessment system better able to identify microbial and bacterial contamination of poultry. However Ellen Haas executive director of Public Voice for Food and Health Policy said bird-by-bird inspection should be retained and labels should be attached to each ready-to-cook chicken to remind consumers about preparation procedures necessary to avoid illness. Haas also called for a review of present chicken industry inspection methods that she said can worsen poultry hazards. Reuter | CHICKEN NOT MAIN SALMONELLA CAUSE, OFFICIAL SAYS |
The House Agriculture Committee voted to make approximately 2.8 billion dlrs of feedgrains deficiency payments immediately instead of in the late fall. A similar measure was decisively defeated on the Senate floor last week. The bill which passed by a voice vote would allow so-called Findley payments to be made immediately rather than late this year. Payments for 1987-90 feedgrains crops would not be changed. Because the bill would move 2.8 billion dlrs of spending into fiscal 1987 from fiscal 1988 the measure is expected to meet stiff resistance in the full House. Reuter | U.S. HOUSE PANEL VOTES TO SPEED UP CORN PAYMENTS |
Jones and Vining Inc said it has started a tender offer for all of its own shares at five dlrs per share. The company said it will hold a special meeting on July 10 for a vote on approval of a merger at the tender price. It said the price to be paid in the tender and merger could be reduced by any fees and expenses the court may award to counsel for the plaintiffs in the class action suit brought against it in Delaware Chancery Court by Ronda Inc. The plaintfiffs counsel are seeking fees of up to 10 cts per share Jones and Vining said. The company said the court has scheduled a hearing on the proposed settlement of the suit for July Eight. The company said the start of the tender offer and the calling of the special meeting are conditions of the settlement and completion of the tender and merger are conditioned on final approval of the settlement. Reuter | JONES AND VINING <JNSV.O> STARTS BID FOR SHARES |
HEALTHSOUTH Rehabilitation Corp said it has acquired Pine Island Sports Medicine Center in Fort Lauderdale Fla. and will incorporate the facility into its HEALTHSOUTH Rehabilitation Center of Fort Lauderdale which is now under construction and should be in operation by mid-summer. Terms were not disclosed. Reuter | HEALTHSOUTH <HSRC.O> MAKES ACQUISITION |
Banc One Corp said it has completed the acquisition of First National Bank of Bloomington Ind which has assets of 271 mln dlrs. Reuter | BANC ONE <ONE> MAKES INDIANA ACQUISITION |
Pentland Industries PLC said shareholders at the annual meeting approved an increase in authorized share capital to 36 mln stg to 12 mln stg by creation of another 240 mln ordinary shares allowing for a three-for-one stock split. It said dealings in the new shares are expected to start on June 15. Reuter | PENTLAND INDUSTRIES PLC HOLDERS APPROVE SPLIT |
Orion Broadcast Group Inc said its majority-owned Orion Financial Services Corp subsidiary has agreed to purchase FN Realty Services Inc from Ford Motor Co for 1200000 to 1500000 dlrs in cash and notes. It said closing is expected within 45 days after receipt of regulatory approvals. FN provides loan collection accounting data processing and administrative services to the real estate industry. Reuter | ORION BROADCAST <OBGI.O> BUYS FORD <F> UNIT |
A plea for extra cash to bail the European Community (EC) out of its latest financial crisis was likely to be rejected at a meeting today of EC budget ministers diplomats said. The ministers were meeting for the first time since the EC Executive Commission unveiled an emergency budget for 1987 aimed at plugging a deficit caused by soaring farm spending and falling revenues. The emergency package includes a demand for member states to pay an extra 1.5 billion European currency units (Ecus) to help meet the deficit. Officials said Britain and West Germany were expected to lead opposition to contributing any extra cash with the U.K insisting instead on a clampdown on runaway farm spending. The Commission says there will be a shortfall of at least five billion Ecus this year more than 1/8 of total spending. It hopes to make up much of the shortfall in a one-time accounting exercise by paying member states in arrears rather than in advance for their spending on Community farm policies. But if member states do not make up the rest of the gap the Commission has warned that spending on regional and social projects could be slashed by half. Reuter | EC BUDGET MINISTERS SET TO REFUSE PLEA FOR CASH |
Orbit Instrument Corp said its unit Orbit Semiconductor Inc has received orders totalling about 2.5 mln dlrs which puts its backlog at a record level of about 4.7 mln dlrs. Additionally the company said it will now offer two Micron CMOS processes that can withstand Megarad total dose radiation. Applications for the processes include products manufactured for military medical and power industry market the company said. Reuter | ORBIT <ORBT.O> UNIT INCREASES BACKLOG |
South Africa said the number of people it was detaining without trial has dropped to 1500 far fewer than previous official figures during the past year of emergency rule. A government spokesman said the latest set of names presented to parliament included all current detainees who had been held for over a month. Previous lists have named up to 8500 people. The official figure was supported by civil rights groups who said many detainees had been freed in recent weeks possibly to empty cells for a new government crackdown. Reuter | SOUTH AFRICA SAYS 1,500 STILL DETAINEES |
Thousands of farmers gathered in central Tokyo to urge the government to stand firm against foreign pressure for further opening up of Japans markets to foreign agricultural products union officials said. Officials of the Central Union of Agricultural Cooperatives said about 5000 representatives from 4200 farming groups joined the demonstration. The organisers said the farmers demanded that the government should avoid easy compromises on liberalising agricultural imports at next weeks economic summit in Venice. The United States and the European Community want Japan to remove tariffs and quotas to help cut their trade deficits with Japan. Under a banner reading The government and parliament must not sacrifice farmers the demonstrators adopted a declaration saying they would fight any unreasonable moves to open Japanese markets to foreign agricultural products. An agriculture ministry official said Japan and the United States were expected to hold talks on Japanese import ceilings for U.S. Beef and citrus fruit in September. Reuter | JAPANESE FARMERS PROTEST OPENING MARKETS |
LONDON GOLD 1500 FIX - JUNE 2 - 455.00 DLRS |
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European Community officials welcomed Norways recent move to renew a public debate on Community membership but said Norway should not expect special trade advantages as long as it stays outside the EC. Belgian Willy de Clercq EC Commissioner on external affairs and trade policy said high level talks this week with Norways minority Labour government had helped clarify several misconceptions that led to Norways narrow rejection of EC membership in a 1972 referendum. But you (Norway) cannot be in the club and remain outside the club. You can expect equal footing in the club but not out of it de Clercq added referring to Norways attempts to adapt its EC trade ties in the face of Community moves to launch an internal trade market from 1992. The government worried that the internal market will hamper trade with the EC which takes about two-thirds of Norways exports last month sent a report to parliament asking political parties and the public to reassess the countrys relationship to the EC. Reuter | FRESH DEBATE ON NORWAY'S EC MEMBERSHIP WELCOMED |
GULF AND WESTERN INC 2ND QTR SHR 86 CTS VS 73 CTS |
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Shr 71 cts vs 47 cts Net 12.1 mln vs 7.8 mln Revs 369.8 mln vs 307.9 mln 12 mths Shr 2.35 dlrs vs 2.33 dlrs Net 39.5 mln vs 39 mln Revs 1.36 billion vs 1.24 billion NOTE: Prior year restated to reflect results from current year acquisitions. Reuter | PHH GROUP INC <PHH> 4TH QTR APRIL 30 NET |
Following is the full text of Federal Reserve Board Chairman Paul Volckers letter to President Reagan declining reappointment to the Fed: Dear Mr. President As the end of my term as chairman of the Federal Reserve Board approaches you naturally have to consider an appropriate new appointment. In that connection you will recall that upon my reappointment as chairman in 1983 I felt unable to make a firm commitment to you or to the Congress to remain in office for a second full four-year term. Despite my reservations at the time that term is in fact now almost finished. However I do think after eight years as chairman a natural time has now come for me to return to private life as soon as reasonably convenient and consistent with an orderly transition. Consequently I do not desire reappointment as chairman and I plan to resign as governor when a new chairman is prepared to assume office. I will be leaving with a sense of great appreciation for your unfailing courtesy to me personally. More broadly your consistent support of the work of the Federal Reserve during a particularly challenging period for it for the financial system and for the economy has been critical to whatever success we have had. Without doubt strong challenges remain for all of those involved in economic policy. In that effort I believe the nation will continue to be well served by a strong Federal Reserve System -- a system firmly dedicated to fostering economic and financial strength and stability and able to bring to that effort a combination of sound and independent professional judgement and continuity beyond any partisan considerations. May I add too my personal best wishes for the remainder of your own term in office during which you have done so much to restore a sense of confidence and self-reliance among the American people. Faithfully yours Paul A Volcker Reuter | VOLCKER IN LETTER DECLINES NEW FED TERM |
The scale of foreign exchange intervention the Bank of England has carried out recently is clear proof of Britains determination to stabilise exchange rates as agreed between the Group of Seven industrialised countries in Paris in February Chancellor of the Exchequer Nigel Lawson said. Saying he was content with sterlings current value Lawson told reporters he wanted to maintain the exchange rate stability we have all signed up for. He declined to say if he favoured a rise or a fall from present sterling levels. May currency reserves out today showed a record 4.8 billion stg rise pointing to massive currency intervention. In April reserves rose a hefty 2.9 billion stg. Pointing to the reserves data Lawson said We have been playing a very full part ourselves in meeting our commitments toward exchange rate stability as agreed in Paris. We wish to see it (stability) continuing he added. Asked which techniques were available to preserve stability Lawson said both central bank intervention and interest rate changes could be used to tackle the market pressures there are from time to time. Interest rate stability is not an objective in that sense...Rates have to be moved up and down at times he added. Lawson said he expected intervention to be sterilised by draining excess sterling liquidity from the market through new issues of government securities and foreign currency sales when the market allowed. This would limit the inflationary impact of intervention he said. Sterilisation will be dictated by market tactics...Not necessarily in the month in which intervention occurs Lawson said. I am confident that we can sterilise on this scale. REUTER | LAWSON CALLS INTERVENTION PROOF OF STABILITY GOAL |
The Federal Reserve is not expected to intervene in the government securities market to add or drain reserves at its usual intervention time this morning economists said. With the Federal funds rate trading comfortably at 6-9/16 pct down from yesterdays 6.74 pct average economists said the Fed did not need to take reserve management action today. Reuter | FED NOT EXPECTED TO TAKE MONEY MARKET ACTION |
Shr 86 cts vs 73 cts Net 52.7 mln vs 45.7 mln Revs 989.9 mln vs 863.9 mln Six mths Shr 1.97 dlrs vs 1.28 dlrs Net 122 mln vs 79.9 mln Revs 2.078 billion vs 1.726 billion Reuter | GULF AND WESTERN INC <GW> 2ND QTR APRIL 30 NET |
ALLEGIS SAID IT IS CREATING A LIMITED PARTNERSHIP TO SELL SOME CANADIAN HOTELS |
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BROWN GROUP INC 1ST QTR SHR 56 CTS VS 42 CTS |
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ALLEGIS SAID IT SEES PROCEEDS OF 350 MLN CANADIAN DLRS WHEN HOTELS ARE SOLD |
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ICCO BUFFER STOCK MANAGER BUYS 5,000 TONNES - OFFICIAL |
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The decision by Paul Volcker not to serve a third term as chairman of the U.S. Federal Reserve Board is a shock for financial markets and the world economy Hans Mast senior economic adviser to Credit Suisse First Boston said. The markets will believe there will be pressure for a more expansive policy (in the United States) he said. I would say this is quite a shock for the world economy he added. He always stood for an anti-inflationary policy and tight fiscal discipline. He was one of the best central bankers America has had. Mast said the markets would now be trying to assess what sort of direction the Fed would be taking under Alan Greenspan designated to succeed Volcker. Greenspan is more of a politician than an academician but the most important thing is that he has little experience in banking Mast said. Greenspans first comments on being named were that the dollar appeared to have bottomed out but Mast said that conviction would have to be backed by policy. How can you say the dollar has bottomed out with the present level of current account deficits? he said. I would be sceptical. REUTER | CSFB ECONOMIST SAYS VOCLKER'S RESIGNATION A SHOCK |
Alan Sinai chief economist of Shearson Lehman Brothers Inc said news that Federal Reserve Chairman Paul Volcker declined to accept reappointment would have only a short-term effect on financial markets. The markets should not go into a panic Sinai told a fixed-income conference in New York sponsored by the Institute for International Research. Sinai said he thought that Volcker was one of the best Fed governors in the countrys history. Still he predicted that the markets would calm after todays tremors. Alan Greenspan has been nominated to replace Volcker. Reuter | SHEARSON ECONOMIST SAYS VOLCKER EFFECT SHORT-TERM |
Perry Drug Stores Inc said it has elected David Schwartz as president and chief executive officer effective immediately. Perry said Schwartz who will also serve on the board replaced Donald Fox who resigned January 12. Previously Schwartz was vice president of drug and general merchandise for Kroger Co <KR> Perry said. Reuter | PERRY DRUG STORES <PDS> NAMES NEW PRESIDENT |
Zenith Electronics Corp said its computer subsidiary signed an agreement under which Micro D Inc will market the new Zenith Data Systems monitor which uses the flat tension mask color video display. The monitor offers more than 50 pct greater brightness and contrast performance than conventional high-revolution computer monitors Zenith said. It is compatible with the new IBM Personal System/2 computers and will be available later this summer. Reuter | MICRO D <MCRD.O> IN AGREEMENT WITH ZENITH <ZE> |
Turkeys trade deficit widened to 382 mln dlrs in April from 275 mln in March and 273 mln in April 1986 the State Statistics Institute said. The deficit for the first quarter of 1987 widened to 1.23 billion dlrs from 1.20 billion a year earlier. April exports totalled 702 mln dlrs compared with imports of 1.08 billion. Exports in the first four months were worth 2.69 billion dlrs compared with imports of 3.92 billion. REUTER | TURKISH TRADE DEFICIT WIDENS IN APRIL |
Shr four cts vs 21 cts Net 29862 vs 152826 NOTE: Full name is United Financial Banking Cos Inc. Net includes loan loss provision nil vs 40000 dlrs. Reuter | UNITED FINANCIAL BANKING <UFBC.O> 1ST QTR NET |
Dreyfus Corp said it introduced a stock index mutual fund designed primarily for use by bank trust departments in managing their corporate pension accounts. Dreyfus said the fund is keyed to matching the performance of Standard and Poors 500 Composite Stock Price Index and in addition to purchasing stock of the S and P index the fund may also deal in index futures. The company said the fund will be managed by <Wells Fargo Investment Advisors>. Minimum investment requirement is one mln dlrs the company said. Reuter | DREYFUS <DRY> INTRODUCES STOCK INDEX FUND |
Senate Republican Leader Robert Dole of Kansas said Alan Greenspan would be a good replacement for Paul Volcker as Federal Reserve Chairman. While Paul Volckers retirement is a real loss this country is very fortunate to have a man of Alan Greenspans caliber to take his place Dole said in a statement. Alans knowledge of the economy coupled with his experience at the top levels of government means that the leadership of the Federal Reserve Board will be in good hands. Alan literally has some big shoes to fill. But I havent any doubts hes more than equal to the task Dole said. Reuter | SEN DOLE SAYS GREENSPAN WILL BE GOOD FED CHAIRMAN |
Shr 56 cts vs 42 cts Net 10030000 vs 7833000 Sales 392.1 mln vs 339.6 mln Avg shrs 17966000 vs 18709000 Reuter | BROWN GROUP INC <BG> 1ST QTR MAY 2 NET |
Energy Secretary Donald Hodel said he expects oil prices to rise significantly by the year 2000 probably to around 33 dlrs a barrel in current dollars. I do anticipate a significant increase (by 2000). Thirty-three dlrs a barrel is not unreasonable Hodel told the Senate Energy Committee. Hodel said the loss of some domestic oil production through the shutdown of stripper (10 barrels a day or less) wells because of low prices was probably permanent. He said he was also concerned by the decline in domestic oil exploration. Hodel urged Congress to approve oil exploration in section 1002 of the Arctic National Wildlife Refuge in Alaska. He said geologic condtions in the area were favorable for the discovery of oil fields equal to those in nearby Prudhoe Bay. Reuter | U.S. ENERGY SECRETARY SEES HIGHER OIL PRICES |
Qtly div 36 cts vs 36 cts prior Payable July 1 Record June 12 Reuter | MUTUAL OF OMAHA INTEREST SHARES INC <MUO> PAYOUT |
Shr 15 cts vs 16 cts Net 239034 vs 264485 Sales 2932782 vs 2664853 Year Shr 57 cts vs 45 cts Net 929524 vs 741121 Sales 10.9 mln vs 9708792 Reuter | NORTHWEST TELEPRODUCTIONS <NWTL.O> 4TH QTR NET |
U.S. JUDGE SAYS TO DECIDE BURLINGTON REQUEST FOR SAMJENS INJUNCTION IN "FEW DAYS" |
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TREASURY'S BAKER SAYS G-7 AGREE ON POLICY COORDINATION PROCESS |
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U.S. District Court Judge Eugene A. Gordon said he will decide in the next few days whether to grant Burlington Industries Incs request to stop a takeover by Samjens Acquisition Corp. I do not know how I come down on this preliminary injunction Gordon said after listening to arguments by attorneys for 1-1/2 days. Its been a long time since I was deluged with as much information as I have been. I have to consider whats been presented and issue an opinion on this. Both sides cannot be winners he said. Burlington requested the injunction to stop a takeover effort by Samjens claiming the partnership used illegally obtained confidential information about the company to make its offer. It also alleges there would be anti-trust violations if Samjens formed by Asher Edelman and Dominion Textiles Inc of Canada were to succeed. Samjens last week topped a 76 dlr per share offer for Burlington from Morgan Stanley Group <MS> by one dlr per share. Morgan Stanley made its 2.44 billion dlr bid after Samjens bid 72 dlrs per share for Burlington. Burlington lawyers told the court if the injunction is not granted Samjens would win control of Burlington. A Samjens lawyer argued that if the judge granted the injunction it would kill the offer Jay Greenfield an attorney for Samjens said the partnership would suffer irreparable harm if the injunction were granted. Theres only one Burlington he said. If we cannot get that then no amount of money can compensate us. Greenfield also said Samjens could sell its holdings in Burlington for 95 mln dlrs. We dont want that. Were not in this for the money he said. Irving Nathan a Burlington lawyer reiterated that information provided by James Ammeen a former Burlington executive was crucial to Dominions decision to attempt o takeover of Burlington. Dominion relied on the information provided by the insider Jim Ammeen Nathan said. An attorney for Ammeen who is named as a defendant asked the court to dismiss the lawsuit against his client. The judge said he would not rule on the request today. Reuter | JUDGE TO DECIDE BURLINGTON <BUR> IN SEVERAL DAYS |
 CORRECTION - PERRY DRUG <PDS> NAMES PRESIDENT In New York story headlined Perry Drug Stores <PDS> names new president the position of the David Shwartz should read president and chief operating officer instead of president and chief executive officer. (corrects position of Schwartz) Reuter  | |
Strandard and Poors Corp said it cut to CCC-plus from B-minus Coleco Industries Incs 300 mln dlrs of subordinated debt. The companys implied senior debt rating is B. S/P said the action reflected significant deterioration in capital structure and financial flexibility following Colecos 111 mln dlr net loss in fiscal 1986. The agency attributed the loss to a falloff in sales of Cabbage Patch Kids dolls. Coleco had negative equity of 7.7 mln dlrs at year-end 1986 S/P noted. Future operating performance depends on several new products with untested earnings potential. Reuter | COLECO <CLO> SUBORDINATED DEBT DOWNGRADED BY S/P |
U.K.'S LAWSON CALLS VOLCKER OUTSTANDING FED CHAIRMAN, SAYS GREENSPAN EXCELLENT SUCCESSOR |
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Allegis Corp said it has created a limited partnership to sell selected hotels in Canada to the public. It said the offering is expected to raise in excess of 350 mln Canadian dlrs and will be completed by the end of September. The limited partnership will be similar to the Westin Hotels limited partnership completed last year when Allegis sold Westin hotels in San Francisco and Chicago. Allegis reported a pretax gain of 80.6 mln dlrs as a result of that partnership. An Allegis spokesman said the offerings have been in planning stages for a long time and are unrelated to recent corporate developments such as the firms recapitalization plan and a threatened takeover by an investor group lead by Coniston Partners and the pilots of its United Airlines unit. The spokesman said the company has not yet identified which of its Canadian hotels will be offered for sale. Allegis has 100 pct ownership in Westin hotels in Vancouver Calgary Ottawa and Toronto and 100 pct interest in Hilton International hotels in Toronto and Montreal. It owns 60 pct of the Westin in Edmonton. Richard Ferris chairman of Allegis said in a statement the hotel limited partnerships allow the company to convert unrecognized asset appreciation into cash. As with the proceeds from the earlier limited partnership the money will be used for general corporate needs the spokesman said. Merrill Lynch Capital Markets and Wood Gundy will be lead underwriters for to the public offering. The limited partnership will be offered outside the U.S Allegis said. Reuter | ALLEGIS <AEG> TO SELL CANADIAN HOTELS |
ROYAL BANK OF CANADA 2ND QTR SHR 83 CTS VS 1.05 DLRS |
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<American Micro Technology Co> said it signed a three-year installation and service agreement with TRW Inc <TRW>. Under the agreement TRW initially will provide on-site installation and service of AMTs full line of PC compatible products in a 100-mile radius of 12 major cities which represent more than two-thirds of the PC market American Micro said. The company said the pact allows it to pursue government bids which require installation and service support. Reuter | AMERICAN MICRO SIGNS THREE-YEAR SERVICE PACT |
FED SAYS IT SETS TWO DAY MATCHED SALES |
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Raycomm Transworld Industries Inc said it has agreed in principle subject to board approvals to acquire Spiridellis Consulting Group Inc a privately-held computer services consulting firm for a number of common shares to be determined based on pretax earnings of Spiridellis over a five-year period. The company said it will gaurantee that almost all of the issued shares will attain price levels ranging from five to nine dlrs each for two years after their issuance. It said Spiridellis had revenues of 3500000 dlrs in calendar 1986. Reuter | RAYCOMM TRANSWORLD <RACM.O> TO MAKE ACQUISITION |
Minnesota Mining and Manufacturing said it acquired a computerized hospital information systems business from Control Data Corp. Terms were not disclosed. The business which has 145 employees and supplies computers and software for hospital information systems will be integrated into 3Ms hospital software business. Control Data said the divestiture was part of its strategy to focus on narrower markets. Reuter | 3M <MMM> ACQUIRES CONTROL DATA <CDA> UNIT |
Mellon Bank Corp said it signed contracts with 21 financial institutions to have Mellons network services division process their electronic funds transfer transactions. Mellon said it will provide the institutions all based in New England with automated teller machines. Reuter | MELLON <MEL> SIGNS PACT WITH 21 BANKS |
Pharmacia Incs Pharmacia Develpoment Co Inc said it established Pharmacia Ventures Inc to make investments in U.S. growth companies. It said investments will be made in such firms as those producing in-vitro diagnostics biotechnology ophthalmology and health care. Reuter | PHARMACIA <PHAB.O> ESTABLISHES VENTURE FUND |
Qtly div 25 cts vs 25 cts prior Pay August 31 Record August Three Reuter | PILLSBURY CO <PSY> REGULAR DIVIDEND SET |
Gulf and Western Inc chairman Martin Davis said the company will report record results for the current fiscal year. In its last fiscal year ending October 31 the company earned 228.7 mln dlrs or 3.66 dlrs a share on revenues of 2.093 billion dlrs. Earlier the company said its second quarter net rose to 86 cts a share from 73 cts a year ago. Davis said the companys Paramount Pictures Corp had strong momentum and a substantial contribution is anticipated from the companys publishing operations in the third and fourth quarter. Davis also said steady growth is expected in financial services operations bolstered by the acquisition in May of Fruehaufs truck trailer financing and leasing business. He said the companys entertainment operations should benefit significantly from Paramounts two major summer motion pictures Beverly Hills Cop II which grossed 65 mln dlrs in its first 12 days of North American distribution and The Untouchables which opens June 3. Reuter | GULF AND WESTERN <GW> SEES RECORD FISCAL YEAR |
The current crude oil price of between 18 and 20 dlrs a barrel will remain stable over the next couple of years rising only one to two dlrs a barrel per annum to keep up with inflation OPEC President Rilwanu Lukman said. Lukman who was speaking during talks with Swedish trade officials said the stable price depended upon output restraint by both OPEC and non-OPEC oil producers Swedish government officials said. They said Lukman who is also Nigerian oil minister made the remarks whilst talking about the connection between Third World debt and industrialised nations. Crude oil output controls did not necessarily mean higher energy bills for the worlds industrial nations Lukman said. Although very low oil prices such as those seen around the beginning of the year may appear beneficial for the industrial countries that depend on imported energy they would only lead to wastage and overdependence on the fuel in the long term he said. This in turn would bring a swing back to extremely high prices he added. Sweden heavily dependent on imported oil suffered a major crisis in the mid-1970s when oil prices spiralled. REUTER | LUKMAN SEES STABLE OIL PRICE FOR NEXT COUPLE YEARS |
The Bundesbank is unlikely to change credit policies when its central bank council meets on Thursday for its last session before the Venice summit banking economists and money market dealers said. The Bundesbank steered money market rates lower last month by cutting the rate on its security repurchase pacts and is unlikely to cap this move with a cut in leading interest rates in the near future they said. The council will meet in Saarbruecken and the meeting will be followed by a news conference at around 1030 GMT. But Bundesbank officials noted that a news conference was usually called when the council meets outside Frankfurt and did not necessarily herald any policy moves. Bundesbank Vice-President Helmut Schlesinger said today there was no reason to cut interest rates because money supply growth had shown no signs of slowing in May and the dollar was stable against the mark. Schlesinger told Reuters in Tokyo where the Bundesbank has opened a representative office that the West German economy was now picking up after contracting by a seasonally adjusted 1/2 to one pct in the first quarter. Money market dealers said call money was likely to hold in a 3.50/70 pct range for most of this month after the Bundesbank switched last month to tenders by interest rate at a minimum bid rate of 3.50 pct allocating funds at 3.55 pct. They have set this signal and indicated they could maybe lower market rates even further but not with the discount or Lombard Winfried Hutmann chief economist of Schroeder Munchmeyer Hengst Investment GmbH said. Werner Chrobok managing partner at Bethmann Bank said German rates were among the lowest in industrial countries and around historical lows for West Germany. A further cut in rates would have little impact on the economy as banks are in any case reporting slack credit demand with companies swimming in liquidity Chrobok said. The Bundesbank would therefore be reluctant to make a move on interest rates when this would be better held in reserve. The Bundesbank is frightened of using up its powder he said. A cut in the discount or Lombard rates to bring them in line with the new structure of money market rates since last month would have little practical significance dealers said. The Bundesbank could therefore act on these if it wanted a diplomatic gesture before next weeks Venice summit. But Bundesbank President Karl Otto Poehl has often made it clear in the past he opposes such gestures as mere eyewash. Economists said it was really up to the Bonn government to cut taxes rather than for the Bundesbank to ease monetary policy to meet pressure on West Germany at the Venice summit. But with Bonn struggling to finance already announced tax cuts and falling tax revenue widening the federal budget deficit it is hard to see how Bonn could cut taxes further. The Bonn government will be in a very weak position in Venice because they cant risk increasing the deficit further said Schroeder Muenchmeyer Hengsts Hutmann. Bethmanns Chrobok said if anything is to happen before Venice it must be in fiscal rather than monetary policy. But I dont expect any convincing measures he said. Money market dealers noted that call money continued to normalize today falling to 3.60/70 pct from 3.75/85 yesterday and as much as five pct on Friday when it was pushed up by month-end distortions. Call money could come under upwards pressure later this month because of a major round of tax payments by banks on behalf of customers starting in the week beginning June 15. Two public holidays that week could also distort the market. Dealers said they expected the Bundesbank to allocate funds tomorrow in the latest repurchase pact at an unchanged 3.55 pct after setting an unchanged minimum bid rate of 3.50 pct and to fully replace the 5.5 billion marks in an outgoing pact. But dealers said it was possible the Bundesbank would allocate funds at 3.6 pct rather than 3.55. That would not represent a tightening of policy however. Because the Bundesbank scales down bids which it allocates at the minimum accepted rate some banks may try to get a full allocation by bidding heavily at 3.6 pct dealers said. On another issue Poehl has said the Bundesbank is likely to lift restrictions on private use of the European Currency Unit (ECU) at one of its meetings soon. Saarbruecken would be a suitable place for an announcement on this gesture to European unity as it is the capital of the Saarland bordering France and was twice under French occupation this century. But dealers said an ECU announcement was unlikely to come this week as a number of technical and legal matters had still to be resolved for instance how German ECU accounts would be treated for minimum reserve purposes. REUTER | BUNDESBANK CREDIT POLICY CHANGES UNLIKELY |
A Ugandan goodwill mission led by minister of state in the presidency Balaki Kirya will visit Kenya tomorrow for talks on improving strained relations between the two countries diplomatic sources said. If the talks go well Ugandan President Yoweri Museveni is likely to have a meeting with Kenyan leader Daniel arap Moi when he pays a two-day visit to Nairobi to attend U.N ceremonies on Friday and Saturday they added. Relations between the two states showed the first signs of recovery yesterday after three months of steady deterioration. The Kenyan President told a military parade there was no border tension with Uganda and the Kenyan border was fully open for cargo movements. Reuter | UGANDAN GOODWILL MISSION TO VISIT KENYA |
<New York Life Insurance Co> said it is offering its first global mutual fund through its wholly-owned subsidiary MacKay-Shields Financial Corp. The new fund is called the MacKay-Shields Global Fund the company said. Its portfolio contains foreign and U.S. securities the company said. Reuter | NEW YORK LIFE OFFERING A GLOBAL MUTUAL FUND |
Standard and Poors Corp said it affirmed Societe Generales 1.4 billion dlrs of debt. It said Societe Generale took major steps to restructure its organization and improve capital position in the past two years. The bank is due to be offered to the public June 15. Affirmed were the banks AA-plus senior debt and AA-minus perpetual subordinated debt the AA-plus debt backed by its long-term letters of credit and Societe Generale (Australia) Ltds senior debt. Also the A-1-plus commercial paper of Societe Generale North America Inc and Societe Generale (Canada) and the Europaper of Societe General Acceptance NV. Reuter | SOCIETE GENERALE DEBT RATINGS AFFIRMED BY S/P |
The Bundesbank noted with regret that Paul Volcker will not be available for a further term as Federal Reserve chairman Bundesbank sources said. Cooperation with Volcker was always trusting and successful for many years the sources said. On the other hand the Bundesbank is confident that the good cooperation between the Bundesbank and the Fed will continue under the chairmanship of Alan Greenspan the sources said. REUTER | BUNDESBANK SOURCES SAY VOLCKER MOVE REGRETTED |
Treasury Secretary James Baker said the finance ministers from the group of seven industrial countries have agreed on a new process for economic coordination. He declined to be specific. Meeting with reporters to discuss the upcoming economic summit in Venice Baker said the finance ministers will unveil the new process a year in the development to the heads of state at that meeting. Baker said that in cooperation with the other countries details will not be made public. Baker said the United States hoped to get a new committment by the other industrial countries to reduce trade friction over agricultural products which he said was the major trade issue facing the global economy. He said however that it was not expected that any specific new program would come from the meetings. Reuter | TREASURY'S BAKER SEES COORDINATION PROCESS |
The Vancouver Stock Exchange said it has listed the common stock of DiaEm Resources Ltd <DAE.V> which has interests in an emerald property in North Carolina and a diamond property in Indonesia. Reuter | VANCOUVER STOCK EXCHANGE LISTS DIAEM RESOURCES |
Alcan Aluminium Ltd said it has cut the expected cost of its planned Laterriere Quebec smelter by using enhanced Grande Baie reduction technology. The company said the decision to use prebaked anode technolgy used at its Grande Baie Quebec and Sebree Ky. smelters was taken primarily for cost reasons. As a result it said the estimated total cost of the planned smelter will be held to 450 mln U.S. dlrs the low end of the range estimated in mid-May while the cost of the first phase was cut to 150 mln dlrs from the projected 175-225 mln dlrs. Reuter | ALCAN REDUCES COST OF PLANNED SMELTER |
ZIM Energy Corp said it has revised its loss for the year ended January 31 to 4.7 mln dlrs from the loss of 3.1 mln dlrs reported in March. A spokesman said the larger loss which has been reported on the companys 10K filing with the Securities and Exchange Commission reflects managements decision to write off 1.5 mln dlrs in costs mainly associated with an unsuccessful merger attempt. ZIM also said it has a tentative agreement with a major independent company to farm out its interest in acreage located near currently producing areas of the Buccaneer Field located in the Gulf of Mexico offshore Galveston Texas. Reuter | ZIM ENERGY <ZIMR.O> REVISES LOSS UPWARD |
The West German governments independent council of economic experts believes a further stimulation of the economy is inappropriate government spokesman Friedhelm Ost said. A statement released by Ost after a meeting of Chancellor Helmut Kohl and senior government officials with the council said the experts believed 1987 ecomomic growth of 1-1/2 to two pct was achievable. It added the council believed an intensification of the already expansionary stimulation of monetary and financial policy is not called for. Osts statement said experts believed further pressure on West Germany to adapt to external economic factors would not increase. The government regularly uses the term changed external economic factors when referring to the fall of the dollar which has severely damaged West German exports. Bonn officials have said they expect exports to pick up during the year but could still fall below the 1986 level. Along with other leading industrial countries West Germany agreed to a package of measures at a meeting in Paris in February aimed at stemming the fall of the dollar. The stance taken by the experts backs up the official position of the West German government ahead of next weeks seven nation summit in Venice where Bonn is expected to be pressed by the U.S. And other partners to boost its economy. West German government officials have stressed Bonn is not in a position to stimulate growth further since tax cuts due next year and 1990 are already stretching the budget. The Bundesbank has also ruled out a quick cut in official interest rates although it sees market rates continuing low. The experts prediction for economic growth this year of between 1-1/2 and two pct is a slight downward revision from a forecast made last November when two pct growth was forecast. Many independent forecasters have revised down 1987 predictions in light of the downturn in exports. The government itself has said it expects growth of just under two pct compared with a 2.4 pct expansion in 1986. REUTER | GERMAN EXPERTS SAY NO FURTHER ECONOMIC STIMULUS |
Shr basic 83 cts vs 1.05 dlrs Shr diluted 80 cts vs 96 cts Net 116157000 vs 125146000 Six mths Shr basic 1.71 dlrs vs 2.27 dlrs Shr diluted 1.63 dlrs vs 2.06 dlrs Net 230265000 vs 265535000 Loans 67.93 billion vs 65.50 billion Deposits 83.71 billion vs 84.25 billion Assets 100.00 billion vs 97.50 billion Avg shrs 116.4 mln vs 102.1 mln Reuter | ROYAL BANK OF CANADA (RY.TO) 2ND QTR APRIL 30 NET |
Dutch Finance Minister Onno Ruding welcomed President Reagans decision to name economist Alan Greenspan as successor to Federal Reserve Board Chairman Paul Volcker who will not serve another term. The minister feels the choice of Alan Greenspan is an excellent one said a spokesman for Ruding who also chairs the IMF policy making interim committee. He did not elaborate. But Ruding expressed regret over Volckers departure saying he had great appreciation for the work he has done all these years the spokesman said. REUTER | DUTCH FINANCE MINISTER APPLAUDS NEW FED CHIEF |
Synercom Technology Inc said vice president Charles W. Ryle will be leaving the company for personal reasons. Reuter | SYNERCOM TECHNOLOGY <SYNR.O> EXECUTIVE LEAVES |
A former U.S. Agriculture Department official urged the department to require that packages of chicken be labeled with handling and cooking instructions to protect the public from disease. Carol Tucker Foreman President of Foreman and Heidepriem and a former assistant secretary of agriculture for food and consumer services told a House Agriculture subcommittee every hour of every day 22 Americans become victims of chicken contaminated with salmonella. She said every two and a half weeks an American dies of salmonellosis or complications arising from it and the incidence of poisoning from poultry has increased steadily over the past several years. Foreman said USDA should follow a National Academy of Sciences recommendation to label chicken packages to remind consumers of preparation procedures necessary to avoid illness. She urged USDA to require that birds be washed thoroughly before they are defeathered and that defeathering machines be cleaned several times a day that birds be condemned if their intestines are punctured or there is visible fecal contamination and that chiller water be changed more often. Kenneth Blaylock President of the American Federation of Government Employees said a poultry industry recommendation to move away from the current bird-by-bird inspection could prove disastrous. He said a strengthened bird-by-bird inspection with slower line speeds was the foundation upon which new inspection techniques should be overlaid. Reuter | EX-USDA OFFICIAL URGES CHICKEN HANDLING LABELS |
Senate Banking Committee chairman William Proxmire D-Wis said Paul Volckers decision to leave the Federal Reserve Board was a loss for the country. I think it is a serious loss for the country Proxmire said in a Senate speech. He had no comment on the nomination of Alan Greespan to replace Volcker. Proxmires committee will hold confirmation hearings on Greenspan but no date has been scheduled. Mr Volcker has been a superb chairman of the Federal Reserve Board. He has the confidence of the business community. He has the confidence of the country. And I thought he had the confidence of the Administration. We are going to miss him very much. Reuter | PROXMIRE SAYS VOLCKER RETIREMENT A LOSS FOR U.S. |
Century Communications Corp said it had entered into an agreement to acquire all the assets of <Community Cable Vision of Puerto Rico Associates> and its associated companies for about 12 mln dlrs. Century said it anticipates that <ML Media Partners LP> which jointly owns with Century a company called <Cable Television Co> of greater San Juan will join in acquisition and management of Community Cable. Century said Community Cable is located in San Juan Puerto Rico. Reuter | CENTURY <CCC.O> TO BUY TO PUERTO RICAN CO |
House Banking Committee chairman Fernand St. Germain a Rhode Island Democrat said he regretted Federal Reserve Board chairman Paul Volcker had decided not to accept a new term. Paul Volcker has been an island of strength and stability St. Germain said in a statement. I deeply regret his decision he added. This nation has been extremely fortunate in having giants on the scene during times of crisis. Thank God Paul Volcker was available during this period of domestic and world economic turmoil St. Germain said. Reuter | ST. GERMAIN REGRETS VOLCKER STEPPING DOWN |
The British Broadcasting Corporation declined comment on rumours circulating in the London Stock Exchange that it would release an opinion poll tonight showing the Conservative and Labour parties running level in marginal seats. The general election is set for June 11. The rumour was cited by several market dealers as a factor contributing to this afternoons slide in share prices. The FTSE 100 share index in late afternoon was down 7.4 points at 2220.7 having earlier touched a new record of 2248.8. Nationally most polls put the Conservatives nine to 10 points ahead enough for a comfortable election victory REUTER | BBC DECLINES COMMENT ON U.K. POLL RUMOURS |
The White House has completed a new review of Japanese semiconductor trading practices but has not yet decided whether trade sanctions levied against Japan last April should be lifted U.S. officials said. They said the presidents Economic Policy Council looked at Japans adherence to the 1986 U.S.-Japanese semiconductor pact yesterday and that an announcement may be made shortly. But there was no hint what the announcement might be. Officials have said the 100 pct tariffs on 300 mln dlrs of Japanese exports could be modified if Japan was found to be honoring a portion of its semiconductor pact. But they also noted that the White House has said it was unlikely the tariffs would be lifted before the meeting of the worlds seven major economic powers in Venice on June 8-10. The officials added that while the curbs complicated U.S.-Japanese economic cooperation they did serve to blunt Congressional criticism that the Reagan Administrtation was not taking tough actions to reduce he U.S. trade deficit. Reagan imposed the sanctions on April 17 in retaliation for Japans failure to honor commitments to end dumping semiconductors in world markets at less than production costs and to open its own market to U.S. goods. The sanctions were levied on certain Japanese television sets personal computers and hand-held power tools. Reagan in imposing the curbs said they would be lifted as soon as there was evidence of a pattern that Japan was adhering to the pact. reuter | U.S. WEIGHS LIFTING JAPANESE TRADE CURBS |
The decision by Paul Volcker not to serve a third term as chairman of the U.S. Federal Reserve Board is a shock for financial markets and the world economy Hans Mast senior economic adviser to Credit Suisse First Boston said. The markets will believe there will be pressure for a more expansive policy (in the United States) he said. I would say this is quite a shock for the world economy he added. He always stood for an anti-inflationary policy and tight fiscal discipline. He was one of the best central bankers America has had. Mast said the markets would now be trying to assess what sort of direction the Fed would be taking under Alan Greenspan designated to succeed Volcker. Greenspan is more of a politician than an academician but the most important thing is that he has little experience in banking Mast said. Greenspans first comments on being named were that the dollar appeared to have bottomed out but Mast said that conviction would have to be backed by policy. How can you say the dollar has bottomed out with the present level of current account deficits? he said. I would be sceptical. Reuter | CSFB ECONOMIST SAYS VOCLKER'S RESIGNATION A SHOCK |
U.S. HOUSE SPEAKER WRIGHT CONCERNED of INTEREST RATE RISE UNDER GREENSPAN |
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U.K. Chancellor of the Exchequer Nigel Lawson said Paul Volcker has been an outstanding Chairman of the Federal Reserve and he will be greatly missed a spokesman for the U.K. Treasury said. The spokesman was relaying Lawsons reaction to news that Volcker will not be seeking a third term as chairman. Lawson is campaigning in London ahead of the June 11 general election. Lawson also said he thought Alan Greenspan an excellent choice as Volckers successor and that he sees no reason to expect a change in policy. Reuter | LAWSON SAYS VOLCKER OUSTANDING FED CHAIRMAN |
Energy Secretary Donald Hodel said he expects oil prices to rise significantly by the year 2000 probably to around 33 dlrs a barrel in current dollars. I do anticipate a significant increase (by 2000). Thirty-three dlrs a barrel is not unreasonable Hodel told the Senate Energy Committee. Hodel said the loss of some domestic oil production through the shutdown of stripper (10 barrels a day or less) wells because of low prices was probably permanent. He said he was also concerned by the decline in domestic oil exploration. Hodel urged Congress to approve oil exploration in section 1002 of the Arctic National Wildlife Refuge in Alaska. He said geologic condtions in the area were favorable for the discovery of oil fields equal to those in nearby Prudhoe Bay. The area could contain potentially recoverable oil resources of more than 9.2 billion barrels an amount nearly equal to the Prudhoe Bay oil field which currently provides almost one-fifth of U.S. domestic production Hodel said. He said production from the new section could begin about the time Prudhoe Bay production begins to decline in 2000 without endangering caribou or other wildlife in the area. Reuter | ENERGY SECRETARY SEES HIGHER OIL PRICES |
Denmarks net official reserves rose to 60.629 billion crowns in May from 48.380 billion in April against 39.481 billion in May 1986 the Central Bank said in its monthly balance sheet report. Total net reserves including reserves held by commercial and major savings banks and corrected for exchange rate adjustments rose to 58.373 billion crowns in May from 47.835 billion in April against 32.443 billion in May 1986. The Bank said in a statement that public loan transactions accounted for net capital import of 0.1 billion crowns in May with net registered private capital imports of 9.1 billion. Of this the net sale of Danish crown bonds to other countries totalled about 2.5 billion crowns. There was balance between the purchase and sale of foreign securities the statement added. The Central Bank said that figures for private bank reserves and registered capital movements were provisional and there was no estimate yet of unregistered movements. It is therefore not possible on this basis to draw conclusions about the developments of the external current account the statement added. REUTER | DANISH RESERVES RISE 10.5 BILLION CROWNS IN MAY |
The African Development Bank (ADB) is seeking a broad-based cooperation agreement with the 25-member Inter African Coffee Organisation (IACO) based in Abidjan. ADB secretary general Koffi Dei-Anang told a news conference he hoped the banks governors would approve such an agreement at the ADB annual general meeting next week in Cairo. The bank is seeking cooperative agreements with various international organisations including IACO he said. Dei-Anang said the ADB and IACO could cooperate on all fronts and an exchange of information would enable them to identify areas where the bank might help the coffee industry. Reuter | AFRICAN DEVELOPMENT BANK SEEKS COFFEE COOPERATION |
Stewart Sandwiches Inc said it has sold its coffee roasting plant to Sara Lee Corps Superior Coffee and Foods subsidiary for undisclosed terms. The company said Superior will become the exclusive packer of Squire labeled coffee products which are marketed by Stewart and Stewart will provide equipment service and distribution suppoort for some Superior coffee accounts. Reuter | STEWART <STEW.O> SELLS PLANT TO SARA LEE <SLE> |
Moodys Investors Service Inc said it may upgrade Tandy Corps 175 mln dlrs of long-term debt. The agency said the review would focus on Tandys capacity to sustain its current earnings recovery and on the companys ability to further improve its cash flow performance by greater operating efficiencies. Moodys said it would also evaluate Tandys capital structure. That structure has changed significantly as a result of the retirement of about 250 mln dlrs of debt in the past year. Under review are Tandys A-3 senior debt and Baa-1 subordinated debt. Reuter | TANDY <TAN> DEBT MAY BE UPGRADED BY MOODY'S |
Gateway Communications Inc said it reduced the price of its G/NET network adapter card 25 pct to 395 dlrs from 525 dlrs. Gateway said the local area network (LAN) market has become very popular in the computer industry and said LAN suppliers are finding end users more receptive to and demanding of LAN technology. Reuter | GATEWAY <GWAY.O> CUTS ADAPTER CARD COST 25 PCT |
Security Bancorp Inc said it has merged its Security Bank of Almont unit into its Security Bank Northeast unit. Reuter | SECURITY BANCORP <SECB.O> MERGES TWO UNITS |
Lopat Industries Inc said it had its first profitable month of operations in May earning 47900 dlrs on revenues of 162200 dlrs. Lopat said The May results signal the start of profitable operations and growing revenues over the balance of the year. Reuter | LOPAT INDUSTRIES <LPAT.O> HAS PROFITABLE MONTH |
Spartech Corp said it will repurchase up to 10 pct of its 2.6 mln common shares outstanding. The company said it believes the common stock is undervalued at current prices. Reuter | SPARTECH <SPTN.O> MAY BUY 10 PCT OF ITS STOCK |
Gulf and Western Inc said it named Pennzoil Co <PZL> chairman and chief executive officer J. Hugh Liedtke to its board expanding the number of directors from 14 to 15. It is the first outside board appointment for Liedtke whose company is involved in a 10.3 billion dlr legal dispute with Texaco Inc <TX>. Mr Liedtke is an outstanding addition to our board said Gulf and Western chairman Martin Davis. He has demonstated broad business judgment and insight in directing the success of his company and we look forward to his advice and counsel. Reuter | G AND W <GW> NAMES PENNZOIL'S LIEDTKE TO BOARD |
Immunomedics Inc said it has developed a technology that makes it possible to join chemical molecules to antibodies in a more selective manner than now possible. It said it has filed a patent application which is expected to be issued shortly as a patent for the technology. Reuter | IMMUNOMEDICS <IMMU.O> HAS NEW LINKER TECHNOLOGY |
Wharf Resources Ltd said it has reached a verbal agreement with <Nevada Packard> for a joint venture to explore evaluate and produce the Nevada precious metal property near Lovelock Nev. Wharf said it wil receive an exclusive option to update an existing feasibility study and evaluate a production decision. Subject to completion of necessary documentation Wharf said it expects work on the Nevada property to begin immediately. Reuter | WHARF RESOURCES <WFRA.O> SETS DEAL WITH NEVARD |
Shr 21 cts vs 11 cts Net 638000 vs 340000 Sales 16.9 mln vs 14.7 mln Avg shrs 3007048 vs 3006250 1st half Shr 41 cts vs 41 cts Net 1224000 vs 1142000 Sales 31.1 mln vs 29.8 mln Avg shrs 3006704 vs 2757631 NOTE: Current year net both periods includes nonrecurring gain 213000 dlrs. Reuter | AEP INDUSTRIES INC <AEPI.O> 2ND QTR APRIL 30 |
Hadron Inc said it has received a three-year one mln dlr contract from the U.S. Customs Service to provide technical and managerial support to Customs research and development division. Reuter | HADRON <HDRN.O> GETS CUSTOMS SERVICE CONTRACT |
Mthly div 10-1/4 cts vs 10-1/4 cts prior Pay June 26 Record June 12 Reuter | MFS MULTIMARKET INCOME TRUST SETS DIVIDEND |
Qtrly 35 cts vs 35 cts Pay July One Record June 15 Note: payment is based on pre- five-for-four stock split basis which is to be distributed July 12 to stockholders of record June 15. Reuter | JIM WALTER CORP <JWC> SETS REGULAR PAYOUT |
Semi div 20 cts vs 20 cts prior Pay July One Record June 17 Reuter | HUDSON GENERAL CORP <HGC> SETS DIVIDEND |
Qtly div 30 cts vs 30 cts Pay July one Record June 12 Reuter | GULF AND WESTERN INC <GW> SETS QUARTERLY PAYOUT |
Leading Italian economists said they regretted Paul Volckers decision not to serve another term as chairman of the Federal Reserve Board. Luigi Spaventa Professor of Economics at Rome University told Reuters he thought the decision was a great loss to the worlds financial markets. He (Volcker) was an element of reliability and stability around world financial markets a man of great experience balance and equilibrium Spaventa said. Spaventa said it was difficult to gauge immediately what Volckers decision might mean for the dollar but he noted that the markets seemed to like Volcker. Mario Monti Director of the Institute of Economics at Milans Bocconi University told Reuters that whoever succeeds Volcker would face a formidable task because no central banker has ever given such credibility to monetary policy and fighting inflation. Monti said Alan Greenspan who has been nominated to take over from Volcker was likely to pursue a rigorous monetary policy to demonstrate to the markets that there will be no loss of credibility. Officials at the Bank of Italy and the Italian Treasury had no comment on Volckers decision. REUTER | ITALIAN ECONOMISTS REGRET VOLCKER DECISION |
Tracor Inc chief executive officer Frank McBee said 1987 earnings will be signficantly better than the 18.8 mln dlrs or 97 cts per share achieved in 1986. McBee told Reuters before an analysts meeting that he was comfortable with estimates by some analysts that per share earnings will rise to 1.55 dlrs to 1.60 dlrs per share in 1987. He said also results in the second quarter ending June 30 should be ahead of last year. First quarter net income fell 7.3 mln dlrs or 37 cts per share from 7.4 mln dlrs or 38 cts per share a year ago. Chief operating officer Bud Baird said Tracor expects to announce several contracts in the second quarter. Reuter | TRACOR <TRR> SEES BETTER YEAR |
The Far Eastern sugar market is being hit by a tightening in available nearby freight space needed to move raw sugar to various destinations notably from Thailand traders said. This has resulted in a hardening of freight rates in those areas. These are now being quoted between 12.5 and 17.5 dlrs a tonne per day depending on shipment and destination against recent fixings below 12 dlrs a tonne. Charterers are considering combining contracted shipments because of inadequate space shipping sources said noting 13 raws cargoes are awaiting shipment from various ports. A cargo of Thai raw sugar was reported traded at basis July New York futures less 25 points for June/July 15 shipment traders said. But others said this was old business. Reuter | TIGHT FAR EAST FREIGHT SPACE HITS SUGAR MARKET |
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