text
stringlengths 0
9.69k
| target
stringlengths 0
137
|
|---|---|
Qtly div four cts vs four cts prior Pay July 21 Record July 7 Reuter | GETTY PETROLEUM CORP <GTY> SETS QTLY DIV |
The Federal Reserve will enter the government securities market to supply reserves via either a large round of customer repurchase agreements or by overnight or possibly four-day system repurchases economists said. They said the Fed has a fairly large add need and is likely to face the most reserve dislocations early in the new statement period started today as corporate tax payments swell Treasury balances at the Fed. Fed funds hovered at 6-3/4 pct after averaging 6.80 pct yesterday. Reuter | FED EXPECTED TO ADD RESERVES |
Qtly div three cts vs three cts prior Pay July 31 Record July 15 Reuter | MET-COIL SYSTEMS CORP <METS.O> SETS REG DIV |
Sykes Datatronics Inc said it has agreed in principle for Marshall Associates and H and M resources Inc to each purchase up to one mln dlrs of its convertible debentures allowing Sykes to pay in full its debt to Chase Manhattan Corp <CMB> and Chemical New York Corp <CHL>. The company said at closing each investor will buy 750000 dlrs of convertible debentures bearing interest at three points over the prime rate. It said interest only is payable until June 1 1990 when repayment of principal in 20 quarterly installments. Sykes said the remaining 250000 dlrs of each commitment may be drawn down at Sykes option after December 1 1987 if the company has met certain performance levels. It said the debentures are convertible into common stock at 15 cts per share. It said if it has now drawn all of the remaining 500000 dlrs of debentures the investor can buy whatever amount of debentures remain unsold and immediately convert them to Sykes stock. Sykes said if both investors were to convert all of the debentures they would own 13.3 mln Sykes shares. Sykes now has 13.0 mln shares outstanding. Sykes said however that the agreement with the investors provides that the number of shares resulting from the conversion of the debentures may not be in an amount that would limit Sykes ability to use its net operating loss carryforward under the Tax Reform Act of 1986. The provisioin would prevcent the investor from owning more than 50 pct of Sykes shares immediately after conversion it said. The company said closing of the trasaction is expected before July 1 subject to the receipt of a fairness opinion from an investment banker Moseley Holdings Corp <MOSE.O>. Sykes said it will use 1100000 dlrs of the initial 1500000 dlrs in proceeds together with a 200000 dlr note to pay in full all its debt to Chase and Chemical. The banks will then release their security interests in sykes assets which will be pledged to the two new investors instead it said. Sykes said on payment to the banks it will no longer have to pay to the banks lease payments and proceeds from the sale of excess inventory and assets. Reuter | SYKES DATATRONICS <SYKE.O> SELLS DEBENTURES |
Standard and Poors Corp said it cut to A-2 from A-1 the commercial paper of Tektronix Inc. S and P cited the managements plan to repurchase up to 380 mln dlrs of common equity. The plan will greatly reduce liquidity and raise debt to total capital by increasing Tektronixs sensitivity to industry volatility. Because weak primary markets have led to slow growth in recent years a strong balance sheet has been a major support for credit quality the agency noted. It added that the firm may improve long-term growth but increased competition may inhibit a return to previous levels. Reuter | TEKTRONIX <TEK> PAPER DOWNGRADED BY S/P |
Southland Corps subsidiary Citgo Petroleum said it raised its posted prices for crude oil across the board by 50 cts a barrel effective June 17. Citgo said its new posting for West Texas Intermediate and West Texas Sour is 19 dlrs a barrel. Light Louisiana Sweet is now posted at 19.35 the company said. Reuter | SOUTHLAND <SLC> UNIT RAISES CRUDE 50 CTS/BBL |
<Microelectronics and Computer Technology Corp> said its board approved a restructuring of its advanced computer architecture program. The private sector cooperative research venture which is owned by 20 U.S. companies said the restructuring is based on a study by its technical advisory board. The study occurred due to changing requirements the company said. Formerly comprised of four separate projects the program will now have a central resaerch core and three laboratories called satellites. The work in the core program will focus on long-range research the company said. Reuter | MICROELECTRONICS TO RESTRUCTURE PROGRAM |
Hollinger Inc said it completed the previously reported acquisition of privately held Unimedia Inc the owner of three French language daily newspapers and four printing plants in Ontario and Quebec. The company which owns 58 pct of (Daily Telegraph Plc) said it named former Carling OKeefe Ltd chief executive Pierre Des Marais as chief executive of La Societe Media Quebec the unit acquiring Unimedia. It said his appointment is effective July 2. Reuter | HOLLINGER <HLG.TO> COMPLETES UNIMEDIA TAKEOVER |
West Germanys proposed tax reform should be brought forward to stimulate economic growth and head off U.S.-led pressure on Bonn to take further fiscal steps to help boost the world economy the Ifo economic institute said. An Ifo report said The total growth effect of the reform could be considerably enhanced and international pressure on the government therefore reduced if a larger portion of the tax cuts planned by 1990 were brought forward to 1988. Swift action is required to remove growing doubts about how the 44 billion mark tax reform will be financed Ifo said. The report says the tax reform will be insufficient and too late to stimulate economic growth as demanded by West Germanys industrial partners. Since the lions share of cuts worth a gross 44 billion marks will not go into effect before 1990 their impact on growth will be too little too late said Ifo. The West German government has consistently said that by cutting taxes and encouraging consumer spending it is boosting domestic demand and making a significant contribution to world economic growth. Bonn has agreed to increase the scope of tax reductions planned for 1988. In March the government said 1988 tax cuts would be expanded by 5.2 billion marks to 13.7 billion. A month later economics minister Martin Bangemann countered a joint call from all five German economic institutes to speed up tax cuts by saying such a step would endanger efforts to consolidate the budget and keep new public borrowing down. Financing the tax reform has become an acute problem Ifo said. Currently every proposal over financing (the reform) comes up against political opposition. There will be a lot more criticism before the outstanding 19.4 billion marks needed to finance the reform has been accounted for the report said. The government has pledged to agree by the Autumn how to raise around 19 billion marks still needed to finance tax cuts. Subsidies paid to ailing industries are the major target. But even leading coalition members like Matthias Wissmann economics spokesman for the ruling Christian Democratic party have conceded that subsidy cuts exceeding five billion marks are unrealistic leaving a remaining 14 billion marks to be found. An increase in public borrowing will be inevitable to help finance the tax cuts but Bonn should be able to cope with this the report said. Despite vigorous opposition from the Free Democrats the junior partners in the centre-right coalition government Bonn will eventually be forced to increase value added tax (VAT) due to tax harmonisation measures within the European Community. A VAT increase will also provide funds for income tax reform the report said. Viewed in the context of efforts by Bonn Washington and Tokyo to reform taxes despite its various shortcomings West Germanys planned tax reform is better than its reputation Ifo said. The effective cut in the income tax burden carried by West Germans will be greater than in the U.S. Although the rate reductions are smaller and income tax levels will remain higher overall the report said. REUTER | BONN SHOULD SPEED UP TAX REFORM, INSTITUTE SAYS |
Shr 52 cts vs 62 cts Net 10884000 vs 12891000 Revs 133.3 mln vs 128.8 mln Avg shrs 21017000 vs 20845000 Reuter | A.G. EDWARDS INC <AGE> 1ST QTR MAY 31 NET |
Canadas National Energy Board has denied an application by Quebec-owned Hydro-Quebec to export about three billion Canadian dlrs worth of electricity to the New England states a board spokeswoman told Reuters. The decision is to be made public later today chief information officer Ann Sicotte said. Sicotte said the board rejected tha application after four months of hearings because Hydro-Quebec did not offer the electricity first to Canadian provinces and could not prove it was surplus to Canadian needs. Sicotte said Hydro-Quebec can apply for a review of the decision if there are new facts or changed circumstances and could also launch an appeal with the federal court or file a new application. Hydro-Quebec spokesman Maurice Hebert said the utility had not yet been officially notified and will have to study the decision before deciding what action to take. The contract was a 10-year agreement with power exports beginning in 1990. They werent able to demonstrate that the electricity was surplus and one way to demonstrate that is by offering it to neighboring provinces Sicotte said. Hebert said the utility argued that it can generate enough electricity to supply its U.S. and Canadian customers. Our position is that electricity is a manufactured product--so everyboday can manufacture it and anybody can buy some--if they (the provinces) want to buy some from us were willing to discuss it he said. The application is the first the National Energy Board has rejected outright Sicotte said. New Brunswick Prince Edward Island and Newfoundland had opposed the contract at Energy Board hearings this spring. Reuter | BOARD REJECTS HYDRO-QUEBEC SALES TO NEW ENGLAND |
Aid donors to Indonesia pledged a total of 3.15 billion dlrs in fresh funds to Jakarta a statement issued after a two day meeting of the Inter Governmental Group on Indonesia (IGGI) said. The funds compare with 2.6 billion dlrs allocated at last years meeting and exceed the World Banks recommendation for the coming year the statement said. The Group commended Indonesia for having taken effective steps to adjust to the changed economic environment it said. The statement said Indonesia must take further steps toward economic growth to create employment and called for policies supporting growth of agriculture. Reuter | DONORS PLEDGE 3.15 BILLION DLRS INDONESIAN AID |
Regulations governing hedging and risk management should be revised and development of new futures instruments cautiously monitored in dealing with the growth of off-exchange futures instruments Robert Davis a commissioner on the Commodity Futures Trading Commission CFTC said. Davis told the Chicago chapter of the Futures Industry Association Commodity Research Division last night there is no cause for undue alarm in the growth of off-exchange instruments. However he said the CFTC must clarify jurisdictional and regulatory issues by maintaining the safeguards intended by commodity regulations while encouraging the further development of competitive markets. Reuter | CFTC'S DAVIS URGES CAUTION ON OFF-EXCHANGE ISSUE |
Murphy Oil said it increased its crude oil posted prices by 50 cts a barrel effective June 17. The company said its new posting for West Texas Intermediate and West Texas Sour is 19 dlrs a barrel. Light Louisiana Sweet crude is now 19.35 dollars a barrel the company said. Increases follow a general trend in the industry started yesterday by Sun Co. Reuter | MURPHY OIL <MUR> RAISES CRUDE POSTINGS |
GM'S CHEVROLET AND OLDSMOBILE UNITS EXTENDING MARKETING INCENTIVES THROUGH SUMMER |
|
Phillips Petroleum Co said it raised its crude oil posted prices for West Texas Intermediate and West Texas Sour by 50 cts a barrel effective June 17. The company said the new posted price for WTI and WTS is 19 dlrs a barrel. The increase is in reaction to Sun Co raising postings similarly yesterday. Reuter | PHILLIPS PETROLEUM <P> RAISES CRUDE POSTINGS |
Mobil Corp said the 49/28-14 wildcat well in Block 49/28 of the British North Sea flowed 50.6 mln cubic feet of natural gas per day from depths of 7742 to 7777 feet. The company said it has a 23.33 pct interest and other interest holders include Atlantic Richfield Co <ARC> Sun Co <SUN> and Deminex AG 10 pct. Reuter | MOBIL <MOB> HAS NORTH SEA NATURAL GAS FIND |
Qtly div three cts vs three cts prior Pay July 31 Record July 15 Reuter | MET-COIL SYSTEMS CORP <METS.O> SETS PAYOUT |
SEC TAKES STEPS TO ALLOW MULTIPLE TRADING ON EXCHANGE-LISTED OPTIONS |
|
The International Monetary Fund said it has loaned Uganda 92.1 mln dlrs to aid in economic recovery. The fund said 60 mln dlrs of the loan is available through the so-called structural adjustment facility (SAF) over the next three years. The fund said 57.5 mln dlrs will be available immediately under the SAF and a separate financing arrangement. After expanding in the early 1980s Ugandas economy has suffered setbacks since 1984 of falling industrial and agricultural output and accelerating inflation the fund said. The current economic downturn has been worsened by the sharp decline in the world price of coffee Ugandas major export the fund said. Reuter | IMF LOANS UGANDA 92.1 MLN DLRS |
PETRO-CANADA RAISES CRUDE POSTINGS 32 CTS CANADIAN/BBL. SWEET CRUDE AT 25.60 DLRS CANADIAN/BBL. |
|
A spokesman for the European Community Commission defended the controversial plan for a levy on oils and fats saying that consumers would have to help alleviate the surplus problem by paying the proposed tax. Norbert Tanghe head of division of the Commissions Directorate General for Agriculture told the 8th Antwerp Oils and Fats Contact Days the Commission firmly believes that the sacrifices which would be undergone by Community producers in the oils and fats sector ... Would justify asking consumers to make an appropriate contribution to solving the serious problem within that sector by paying a levy. The proposed tax is necessary because the level of budgetary costs resulting from olive oil and oilseeds production has become unacceptable Tanghe said. Recent estimates put these costs at 4.0 billion European Currency Units and by 1990 they would rise by another 2.0 billion Ecus he said. In 1990 the Communitys standstill agreements with Spain and Portugal end and the EC would then feel the full impact of its enlargement. The Commission has proposed several cost and production cutting measures which include the introduction of a maximum guaranteed quantity system he added. Under the Commissions system for stabilising consumer prices in the oils and fats sector a reference price of 700 Ecus per tonne for refined soy oil would be introduced Tanghe said. Consumer prices could be raised or lowered by a regulatory amount when market prices are below or above this level. He said the revenue generated by charging a regulatory amount would be used to finance the Common Agricultural Policys oils and fats regime. The Commission believes that hostile reactions (to the proposed tax) have for the most part been based on incomplete or an insufficiently thorough analysis of the proposal he said. Tanghe said the proposed system conforms with General Agreement on Tariffs and Trade GATT rules. It would not be discriminatory because it would be applied to domestic and imported products and past experience showed it would not cause any decline in consumption of oils and fats. EC-produced oilseeds would not benefit more than they do under present aid arrangements he said. The competitiveness between different oils whether EC produced or imported would remain unchanged and quantities imported from third countries would not be affected by the tax Tanghe said. The proposed system would not alter the EC nations requirements as far as imports are concerned since the overall effect would stabilise Community production levels without affecting demand he said. It is one of the proposals objectives to maintain current import levels he said. Imports of soybeans would be unaffected because they are imported primarily to satisfy the ECs cakes and meals requirements which are not covered by the stabilising system. Furthermore more than half the oil produced from imported beans is re-exported to third countries Tanghe added. Reuter | EC COMMISSION DEFENDS OILS AND FATS TAX |
Officials of Fuerzas Electricas de Cataluna S.A. (FECSA) the Spanish electricity company will hold the first meeting with members of a new debt negotiating committee representing its creditors in Barcelona on Tuesday senior bankers said. The talks will cover a possible rescheduling of the companys 610.57 billion peseta debt which includes both foreign and domestic loans and other debt instruments. The committee was formed earlier this month after FECSA agreed to rescind self-imposed terms for its debt repayments which were unacceptable to the banks. The negotiating committee is a subcommittee of a broader creditor steering committee made up of some 22 creditor banks and leasing companies which is co-chaired by Bank of America International Ltd and The Sanwa Bank Ltd. Bank of America and Sanwa also will co-chair the negotiating committee. The other members are Bankers Trust Co Caixa de Barcelona Confederacion Espanola de Cajas de Ahorros Chase Manhattan Bank Deutsche Bank Long Term Credit Bank of Japan Orient Leasing Ltd Crown Leasing Ltd and Japan Overseas Leasing Co. These banks also are on the broader steering committee. Bankers said that in addition to the negotiating committee there also will be a seven-member sub-committee for documentation and finance of which Citicorp will be chairman. Gulf Bank KSC will chair a separate committee within the committee for the documentation. The final list of the creditors participating in the various committees was formulated this morning and the steering committee is now notifying FECSAs approximately some 320 creditors of the results. REUTER | FECSA TO MEET DEBT NEGOTIATING COMMITTEE TUESDAY |
Union Pacific Resources formerly Champlin Petroleum said it raised posted prices for crude oil by 50 cts a barrel effective yesterday. The price increase brings West Texas Intermediate the U.S. benchmark grade to 19.00 dlrs a barrel. The posted price increase follows a similar move by several other oil companies. Sun Co was the first to raise crude oil postings yesterday afternoon and today many other companies are following. The last price increase made by oil companies was around May 22. Reuter | UNION PACIFIC <UNP> RAISES CRUDE OIL PRICES |
MARATHON RAISES CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19.00 DLRS. |
|
Italys overall balance of payments showed a deficit of 3211 billion lire in May compared with a surplus of 2040 billion in April provisional Bank of Italy figures show. The May deficit compares with a surplus of 1555 billion lire in the corresponding month of 1986. For the first five months of 1987 the overall balance of payments showed a surplus of 299 billion lire against a deficit of 2854 billion in the corresponding 1986 period. REUTER | VaALIAN BALANCE OF PAYMENTS IN DEFICIT IN MAY |
Italys net official reserves fell to 67110 billion lire in May from a previously reported 68455 billion in April the Bank of Italy said. Gold holdings totalled 35243 billion lire at end May unchanged from end April. Convertible currencies totalled 18277 billion lire in May down from 20028 billion in April while European Currency Unit holdings were 10610 billion against 10528 billion. REUTER | ITALIAN NET OFFICIAL RESERVES FALL IN MAY |
FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS |
|
Becor Western Inc said its reconvened shareholders meeting has been adjourned to 1000 CDT June 30. The company had previously announced plans to again adjourn the meeting following receipt of a renewed offer from Lynch Corp <LGL> yesterday. The meeting was originally convened on June four when shareholders approved the sale of Becors Western Gear Corp subsidiary before adjourning. The remaining matter to be presented is the proposed acquisition of Becor by BCW Acquisition Inc now one of four offers for the company./ Reuter | BECOR WESTERN <BCW>AGAIN ADJOURNS HOLDER MEETING |
Two major steel companies said they were studying a price increase announced yesterday by USX Corps USS steelmaking division. Spokesman for Armco Inc <AS> and Bethlehem Steel Corp <BS> said the proposed price hike was under study. Yesterday USS said it plans to raise base prices on plate products by 20 dlrs a ton or about five pct effective with shipments October 4. A spokesman for LTV Steel Co a unit of LTV Corp <QLTV> declined comment adding that the company does not make heavy plate and makes few other plate products. A spokesman for <National Steel Corp> a joint venture of National Intergroup Inc <NII> and Nippon Kokan K.K. said the company is not in the product lines affected. Reached later an Inland Steel Industries Inc <IAD> spokesman said the company was studying the pricing move. USX said the increase will be on all plate products including carbon high-strength low-alloy strip mill and alloy plates. It also said it planned 20-dlr-a-ton increases on some special plate widths and thicknesses. Analysts have said firm prices for steel should contribute to better results at the nations major steelmakers. Reuter | STEEL FIRMS STUDY USX <X> UNIT PRICE HIKE |
Italys overall balance of payments showed a deficit of 3211 billion lire in May compared with a surplus of 2040 billion in April provisional Bank of Italy figures show. The May deficit compares with a surplus of 1555 billion lire in the corresponding month of 1986. For the first five months of 1987 the overall balance of payments showed a surplus of 299 billion lire against a deficit of 2854 billion in the corresponding 1986 period. REUTER | ITALIAN BALANCE OF PAYMENTS IN DEFICIT IN MAY |
Coastal Corp <CGP> said it raised the postings of crude oil 50 cts a barrel across the board effective yesterday June 17. The new price for West Texas Intermediate is 19.00 dlrs a barrel. For West Texas Sour the new price is 18.10 dlrs a barrel. Reuter | COASTAL <CGP> CRUDE POSTING UP 50 CTS/BBL |
Qtly div five cts vs five cts prior Pay Aug 15 Record June 30 Reuter | NRM ENERGY CO LP <NRM> SETS PAYOUT |
Qtly div 25 cts vs 25 cts prior Pay Aug One Record July 10 Reuter | INSILCO CORP <INR> SETS PAYOUT |
Qtly div nine cts vs nine cts prior Pay Aug 11 Record June 30 Reuter | NUCOR CORP <NUE> SETS PAYOUT |
Moodys Investors Service Inc said it may upgrade the ratings on Phelps Dodge Corps 545 mln dlrs of debt securities. The agency cited Phelps Dodges progress in restoring profitability in a difficult environment for the copper industry. Moodys said it will study the companys prospects for continued improvements in debt protection measurements. It noted that copper prices recently increased. Under review for possible upgrade are Phelps Dodges Ba-1 sinking fund debentures and industrial revenue bonds and Ba-2 convertible exchangeable preference shares. Reuter | PHELPS DODGE <PD> MAY BE UPGRADED BY MOODY'S |
RJR Nabisco Inc said it carried out several personnel and organizational changes in its foods and tobacco businesses. H. John Greeniaus executive vice president of Nabisco Brands Inc and president of International Nabisco Brands has been named president and chief executive officer of Nabisco Brands Inc the company said. Replacing Greeniaus as president of International Nabisco Brands is Peter Rogers previously president of Nabisco Brands USA the company said. The company also said Gerald Long senior executive officer of RJ Reynolds Tobacco USA has been given the additional title of chairman of RJ Reynolds Tobacco USA. Charles Chapman former president and chief operating officer of Nabisco Brands was named president of Nabisco Brands North America the company said. The company said it assigned its Planters Plus Life Savers operation to RJ Reynolds Tobacco Co from its current reporting structure in Nabisco Brands USA. In addition the Del Monte Corp will now report to James Welch Jr vice chairman of RJR Nabisco and chairman of Nabisco Brands Inc. Reuter | RJR NABISCO <RJR> PERSONNEL CHANGES AT UNITS |
Gulf Canada Corp shareholders at the annual meeting approved a previously reported reorganization plan giving shareholders stock in three publicly traded companies. Shareholders will receive 66 shares in Gulf Canada Resources Ltd 29 shares of Abitibi-Price Inc <AIB.TO> and 20 common shares of GW Utilities Ltd for every 100 shares in Gulf Canada Corp. GW Utilities a new company will hold Gulfs 83 pct stake in Consumers Gas Co Ltd 49 pct of Hiram Walker-Gooderham and Worts Ltd and 41 pct of Interprovincial Pipe Line Ltd <IPL.TO>. Debenture holders who objected to the plan withdrew a proposed amendment when Gulf Canada chairman Marshall Cohen said they would receive compensation for six months of interest they would otherwise have lost under the plan. The debenture holders had sought to postpone the reorganizations effective date to July 16 from July 1 in order to earn interest for the latest six-month period. Reuter | GULF CANADA <GOC.TO> HOLDERS APPROVE PLAN |
The European Parliament threatened to block European Community spending plans for next year and implied it could also hold up attempts to solve an ever-deepening budget crisis this year. The Parliament voted unanimously in favour of a resolution condemning the annual haggling and compromising between the Communitys 12 member states on spending levels. It is no longer possible to resort to short-term measures or to provisional budgetary solutions. It is no longer possible to accept a budget in which real expenditure is not covered by revenue the resolution said. Parliamentary blocking could jeopardise efforts to solve a financing crisis over a five billion European Currency Unit (ECU) shortfall for this year diplomats said. EC ministers are deadlocked on the issue. It also would plunge the EC into an ever-deepening crisis next year. Without parliamentary approval of the 1988 budget the Community would be forced into emergency measures with spending set according to the previous years levels. British conservative parliamentarian Peter Price told reporters that parliament could delay an emergency package until EC ministers prove they are ready to find a long-term solution. Reuter | EUROPEAN PARLIAMENT THREATENS TO BLOCK EC BUDGET |
Moodys Investors Service Inc said it upgraded Crane Cos 75 mln dlrs of debt. Raised were the companys subordinated debt to Baa-3 from Ba-2 and in-substance defeased senior debentures to A-2 from A-3. Moodys cited Cranes progress in reducing its exposure to such cyclical industries as steel and in strengthening its core businesses through acquisitions and cost reduction. The agency expects Crane to have further improvement in operating margins. The diversity of Cranes businesses will strengthen cash flow and improve debt protection it said. Reuter | CRANE <CR> DEBT UPGRADED BY MOODY'S |
The Federal Reserve entered the government securities market to supply temporary reserves indirectly via two billion dlrs of customer repurchase agreements a spokesman for the New York Fed said. Fed funds were trading at 6-3/4 pct when the Fed began its action. Reuter | FED ADDS RESERVES VIA CUSTOMER REPURCHASES |
Omi Corp said it expects to reduce the debt guaranteed by former parent Ogden Corp <OG> to 30 mln dlrs from about 50 mln dlrs by the end of 1987 from financing measures including an employee stock ownership plan. The bulk shipping company said it expects to have the ESOP in place before year end subject to stockholder approval. The company also said it anticipates later this year to refinance its high cost debt related to a U.S. flag chemical tanker through a lease swap arrangement. Omi said this move would further enhance cash flow. In another matter the company said through a joint venture with <Anders Wilhelmsen and Co> three large crude carriers have been chartered-in for minimum periods of six months with various extension options and in one case a purchase option. The company said it anticipates that the purchase option will be exercised by the joint venture this summer. Reuter | OMI <OMIC.O> PLANS TO REDUCE DEBT TO 30 MLN DLRS |
Permian Corp a subsidiary of National Intergroup said it raised its crude oil postings by 50 cts a barrel effective June 17. the company said its new posted price for West Texas Intermediate and West Texas Sour is 19 dlrs a barrel while Light Louisiana Sweet is now 19.35. The price hike follows other increases industrywide. Reuter | NATIONAL INTERGROUP <NII> UNIT RAISES CRUDE PRICES |
Primerica Corp said its common stock has been listed on the London Stock Exchange. Reuter | PRIMERICA <PA> LISTS ON LONDON EXCHANGE |
Ogden Corp said it has concluded the sale outside the United States through <Salomon Bros International Inc> and <Allen and Co Inc> of 85 mln dlrs of its six pct convertible subordinated debentures maturing in 2002. The company said the debentures are convertible into Ogden common stock at 79.75 dlrs per share without giving effect to the 2-for-1 stock split distributable on July three. A portion of the proceeds will be used to redeem the 50 mln dlrs of outstanding senior subordinated debt which currently bears interest at a rate of about eight pct the company said. The balance of the proceeds is expected to be used in the financing of projects and general corporate purposes the company said. Ogden also said the potential conversion of the debentures will not adversely affect its current earnings and cash flow expectations. The debentures have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S. or to a citizen of resident of the U.S. the company said. Reuter | OGDEN CORP <OG> SETS SALE OF DEBENTURES |
Two major steel companies said they were studying a price increase announced yesterday by USX Corps USS steelmaking division. Spokesman for Armco Inc and Bethlehem Steel Corp said the proposed price hike was under study. Yesterday USS said it plans to raise base prices on plate products by 20 dlrs a short ton or about five pct effective with shipments October 4. A spokesman for LTV Steel Co a unit of LTV Corp declined comment adding that the company does not make heavy plate and makes few other plate products. Reuter | U.S. STEEL FIRMS STUDY USX UNIT PRICE HIKE |
qtr ended March 31 Shr 74 cts vs 79 cts Net 4069000 vs 3458000 Revs 173.2 mln vs 120.8 mln Year Shr 2.65 dlrs vs 2.73 dlrs Net 13.3 mln vs 11.9 mln Revs 618.4 mln vs 520.7 mln NOTE: Full name is Standard Commercial Tobacco Co. Latest qtr and year includes tax loss carryforwards of 771000 dlrs and 1042000 dlrs respectively and a loss of 613000 dlrs for discontinued operation. Prev qtr and year includes tax loss carryforwards of 469000 dlrs and 1902000 dlrs respectively. Reuter | STANDARD COMMERCIAL <STOB.O> 4TH QTR NET |
Capital expenditure in the U.K. Manufacturing construction distribution and financial sectors rose slightly in the first quarter to 4.75 billion stg from 4.74 billion in the fourth 1986 quarter but remained below the 4.86 billion stg spent in first quarter 1986 the Department of Trade and Industry said. Manufacturing saw its share of spending rise to 1.64 billion stg in the first quarter from 1.57 billion in the final 1986 quarter but that was under the 1.78 billion stg registered in first quarter 1986. Expenditure levels are seasonally adjusted and measured at 1980 prices the Department said. REUTER | U.K. CAPITAL EXPENDITURE RISES IN 1ST QTR 1987 |
SECURITY PACIFIC SAYS SEC DECLARES EFFECTIVE ITS 1.2 BILLION DLR SHELF |
|
STORAGE TECHNOLOGY CORP SAYS COURT APPROVES EMERGENCE FROM CHAPTER 11 |
|
Petro-Canada a state-owned oil company raised the posting prices of sweet and sour crude oils 32 cts Canadian per barrel effective today the company said. The change brings the price of light sweet crude to 26.50 dlrs Canadian per barrel and the price of light sour crude to 23.77 dlrs Canadian a barrel. The crude oils are from Edmonton/Swann Hills. Reuter | PETRO-CANADA CRUDE UP 32 CTS CANADIAN/BBL |
The U.K. High Court dismissed an appeal by Rio Tinto-Zinc Corp Plcs <RTZL.L> RTZ Oil and Gas Ltd unit and ruled that the financial provisions a company makes for the future cost of abandoning an oil field are not tax deductible the Press Association reported. The company was appealing against a decision of the Tax Commissioners that any such provision was a capital expenditure not a revenue expenditure and was not deductible. The court was told that since 1976 the company had made an annual provision of around 750000 stg for the eventual cost of abandoning a rig. An RTZ spokesman said the ruling was not worrying as the subsidiary had assumed that the provisions were not deductible from corporation tax payable. It would have been a bonus if the company had won but all budgeting had been on the assumption that it would not he said. Oil analysts said that RTZs assumption of liability was shared by the industry as a whole. The ruling appeared to mean that tax relief on the expensive process of abandoning rigs would apply when the expense occurred not when provisions for future expenses were built into the accounts one analyst added. Reuter | U.K. COURT RULES AGAINST RTZ ON OIL FIELD COSTS |
The Securities and Exchange Commission began proceedings in which it will consider allowing options trading on exchange-listed securities on more than one options market. In a three-nil decision the SEC voted to seek public comment on a proposed rule removing restrictions that prevent the options from being traded on more than one market. Exclusive trading rights in options on exchange-listed stocks are now determined by a lottery system among options exchanges. The SEC also voted to ask the New York American Chicago Board Options Pacific and Philadelphia Exchanges to voluntarily postpone an options allocation lottery scheduled for June 22 while the matter is under consideration. Richard Ketchum head of the SECs division of market regulation said the exchanges are not required to adhere to the request. Reuter | SEC ACTS ON EXCHANGE-LISTED OPTIONS TRADING |
Indonesia expects the recent years rise in its debt service ratio to peak at the current level of 41 pct Development Supervision Minister Ali Wardhana told journalists. He was speaking at a news conference following a two day annual meeting of aid donors grouped in the Inter-Governmental Group on Indonesia (IGGI) in which 3.15 billion dlrs in fresh funds were pledged for the coming year. The current debt service ratio of 41 pct will be the top Wardhana said noting the debt service ratio rose to that level from 37 pct last year. Indonesias debt totals 37 billion dlrs. The current debt burden will be manageable if concessionary loans can be attracted he said. He said international organisations such as the World Bank pledged an unchanged 1.68 billion dlrs in fresh funds to Indonesia and this years overall total up from last years 2.6 billion reflected higher pledges from donor countries. He said Japan raised its pledge to 88 billion yen from 80 billion last year. Britain almost trebled its contribution to 130 mln stg from 45 mln. The United States raised its contribution to 190 mln dlrs from 86 mln and the Netherlands raised its figure to 232 mln guilders from 180 mln. Commenting on the increase in funds pledged to Indonesia which has been hard hit in export revenue due to the oil price collapse Wardhana said I am happily surprised but in view of the seriousness of the balance of payments situation the amount is what we needed to cope. He noted donors pledged to increase local cost financing as part of the aid package. Some 900 mln dlrs of the package will be for programme aid or local cost financing Indonesian Central Bank Governor Arifin Siregar said. Trade Minister Rachmat Saleh said Indonesia will continue to reform the economy and bring about further liberalisations. Indonesia has undertaken reforms to meet external problems Saleh said. Its a good thing and we will continue with deregulation in trade industry and licensing of new businesses. Asked whether the question of private capital exports from Indonesia was discussed central bank governor Arifin Siregar expressed confidence that any drain of capital abroad would only be temporary. He noted there had been a turnaround in a recent fall in foreign exchange reserves three days ago. REUTER | INDONESIAN DEBT SERVICE RATIO PEAKS, MINISTER SAYS |
Security Pacific National Bank a unit of Security Pacific Corp said the Securities and Exchange Commission declared effective its shelf registration statement covering 1.2 billion dlrs of mortgage related securities. The bank said it filed the registration statement in April. This is the banks second shelf registration filed in connection with Security Pacific Merchant Banks efforts to securitize mortgages originated by Security Pacific National it said. Reuter | SECURITY PACIFIC <SPC> UNIT'S SHELF EFFECTIVE |
Southmark Corp said it acquired Berg Ventures Inc which manages 84 apartment complexes with over 18000 units and 12 shopping centers stretching from New Jersey to Florida that are controlled or affiliated with Berg Harmon Associates. Terms were not disclosed. Southmark said the acquisition makes it the nations largest apartment management firm with over 100000 units under its wing. Southmark also said it has become the managing partner of Berg Harmon Associates. Over 3000 Berg Harmon Limited partners have made capital investments of over 300 mln dlrs in the properties now managed by Southmark. Reuter | SOUTHMARK <SM> ACQUIRES BERG VENTURES |
 KLM NET PROFIT DECLINES IN 1986/87 YEAR AMSTERDAM June 18 Year ended March 31 Net profit 301 mln guilders vs 312 mln Profit per 20 guilder nominal ordinary share 5.93 guilders vs 6.14 on unchanged 50.85 mln shares. Operating revenues 5.38 billion guilders vs 5.85 billion. Profit on sale of fixed assets 23 mln guilders vs 62 mln. Dividend eight pct or 1.60 guilders per ordinary share vs same and five pct vs same for priority and preferential shares. Costs including depreciation 5.08 billion guilders vs 5.59 billion. Financial charges 34 mln vs 33 mln. Profit from participations 11 mln vs 15 mln. Extraordinary gain one mln vs nil. Note: The company was not required to pay corporation tax in the 1986/87 book year thanks to fiscal compensation possibilities. The full company name is Koninklijke Luctvaart Maatschappij NV <KLM.AS>. KLM released provisional figures on May 26. These were - Net profit 301 mln guilders vs 312 mln. Operating revenues 5.4 billion guilders vs 5.9 billion. Reuter  | |
General Motors Corps Chevrolet and Oldsmobile divisions said they are extending cash rebates and discount financing on several car and truck lines through the summer. Chevrolet said that through August 3 its customers could choose cash rebates of 300 dlrs to 1000 dlrs depending on models or loan rates beginning at 3.9 pct through 9.9 pct depending on length of contract. The program covers six car lines and S-10 Blazer and pickup trucks. Oldsmobile said separately its cash rebates and discount financing packages with rates beginning at 3.9 pct for 24-month loans were continued retroactively to June 16 on its Delta 88 and 98 Regency models. It gave no expiration for its incentive program. Chevrolet said its program continues to cover its newly introduced Corsica and Beretta compact cars. Through June 10 Chevrolets car sales are 14.1 pct below last years levels while Oldsmobiles retail deliveries of cars are off by 31.9 pct. Reuter | GM <GM> UNITS EXTEND INCENTIVES |
The rate of increase in world palm oil use is likely to slow next season despite an expected 800000 tonne production rise to 8.13 mln tonnes Siegfried Mielke editor of the Hamburg-based newsletter Oil World said. He told the 8th Antwerp Oils and Fats Contact Days that in the next Oct/Sept 1987/88 season palm oil use will rise to 8.25 mln tonnes from 7.71 mln below the five-year average increase of 550000 tonnes. Opening stocks at the start of next October are expected to be about 1.4 mln tonnes 300000 tonnes below year-earlier levels bringing total supplies to 9.5 mln tonnes he said. The anticipated total supplies will be about 500000 tonnes above this seasons available amount Mielke said. The increase in mature palm tree areas in Malaysia will slow down from this year on but that will be offset by area expansion in Indonesia he said. He estimated the combined rise in Malaysian and Indonesian mature area at 8.7 pct next year after 9.5 pct this year and at 6.7 pct in 1989 and 5.0 pct in 1990. Malaysia also is shifting plantings to Sabah and Sarawak where the rate of expansion is higher than in the Peninsula but where yields are lower he said. The stocks/usage ratio of seven major oils is also expected to decline Mielke said. The oils are soybean cottonseed sunflowerseed coconut rapeseed palmkernel and palm. At the start of October 1986 stocks of these oils were unusually high and represented 6.8 weeks of the current seasons prospective demand compared with six weeks a year ago and with 5.4 weeks in 1984 he said. Mielke expects the ratio to fall to 5.9 weeks by the start of next October and to the unusually low level of 5.4 weeks by the end of next season. The stocks/usage ratio for palm oil was 11.4 weeks last October and is likely to be 8.7 weeks next October and 7.7 at the end of next season Mielke said. World oilseed stocks also are expected to fall in the course of the next season with the biggest reduction seen in soybean stocks which Mielke expects to decline by 5.0 mln tonnes or by one fifth. Almost all of the decline is expected to occur in the U.S. for which he estimated ending stocks next season at 10.7 mln tonnes or 393 mln bushels against anticipated ending stocks of 15 mln tonnes or 551 mln bushels at the end of this season. Reuter | GROWTH OF PALM OIL USE SET TO SLOW, OUTPUT TO RISE |
Pan-Alberta Gas Ltd said its 1986 proposed settlement with United Gas Pipe Line Co of Houston received unconditional approval by the U.S. Federal Energy Regulator Commission. Pan-Alberta said the approved deal authorized terms of a two-year interim contract amendment cash payments and transportation credits for Pan-Albertas customers minimum yearly natural gas takes by United and a two-year commodity price. United will pay Pan-Alberta producers about 50 mln dlrs over the interim period and take at least an average 40 mln cubic feet a day of gas Pan-Alberta said. Reuter | PAN-ALBERTA/UNITED GAS SETTLEMENT APPROVED |
May Department Stores Co said it terminated an agreement with Allied Stores Corp to buy from Allied the four Dey Brothers Stores in Syracuse N.Y. May and Allied said conditions necessary for the closing were not met. May had planned to make the acquisition an expansion of its Sibleys Department Store Co which operates in Syracuse Rochester and Buffalo N.Y. Reuter | MAY <MA> WON'T BUY ALLIED'S DEY BROTHERS STORES |
Valero Natural Gas Partners LP said its board has declared an initial quarterly dividend of 67.3611 cents per unit payable August 14 record July 1. The partnership said the distribution covers its first full quarter of operations ending June 30 plus the period from the inception of its operations on March 25. Future dividends will be 62.5 cts quarterly it said. Reuter | VALERO NATURAL GAS <VLP> SETS INITIAL PAYOUT |
Duff and Phelps said it lowered its ratings on outstanding notes and debentures of Transco Energy Company and its subsidiary Transcontinental Gas Pipe Line Company affecting 887 mln dlrs in debt securities. Transco Energy cumulative convertible preferred stock was lowered to DP-12 (middle BB) from DP-10 (low BBB) and Transcontinental Gas Pipe Line notes and debentures were lowered to DP-10 from DP-8 (high BBB) and preferred stock to DP-11 (high BB) from DP-9 (middle BBB). Duff and Phelps said the downgrade reflects an increase in Transcos estimate of payments it will require to settle take-or-pay liabilities from 550 mln dlrs to 900 mln dlrs. Transco has already made more than 400 mln dlrs in cash payments. In addition natural gas remains in excess supply and the ability of Transcontinental to keep its pipeline full is subject to increaseing competition. Reuter | DUFF/PHELPS LOWERS TRANSCO ENERGY <E> AND UNIT |
Storage Technology Corp said the U.S. Bankruptcy Court has approved its plan of reorganization and its emergence from Chapter 11 bankruptcy. Under the terms of the plan the company said all approved creditors claims will be paid in full in cash equity and notes. It said it will settle about 800 mln dlrs in liabilities through the payment of about 132.5 mln dlrs in cash 285 mln dlrs of 10-year 13.5 pct notes and 192 mln additional common shares. The company said existing common shareholders will hold about 15 pct of the companys shares after the distribution. The company said the distribution of the cash equity and notes to creditors will start in July. Reuter | STORAGE <STK> SAYS COURT CLEARS REORGANIZATION |
Standard and Poors Corp said it affirmed Marine Midland Banks Incs 500 mln dlrs of debt. S and P cited a 400 mln dlr provision to reserves for developing country credits. The provision brings Marines reserve to about 29 pct and will enhance its flexibility in actively managing this portfolio. S and P also said Marines earnings and asset quality are showing steady improvement. Affirmed were the banks A-plus senior debt A-rated subordinated debt A-minus preferred stock and A-1-plus commercial paper. Also affirmed were lead bank Marine Midland Bank NAs A-plus/A-1-plus certificates of deposit. Reuter | MARINE MIDLAND <MM> AFFIRMED BY S/P |
Quaker Oats Co said in response to a query that it knew of no corporate development to account for the decline in its stock trading at 54-3/8 off 2-1/8. Reuter | QUAKER OATS <OAT> CANNOT ACCOUNT FOR DECLINE |
UNOCAL RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19 DLRS/BBL |
|
Virtusonics Corp said it has cut the exercise price of its warrants to 1.5 cts per share from 2.5 cts from June 22 until July 22. Reuter | <VIRTUSONICS CORP> CUTS WARRANT EXERCISE PRICE |
Frances leading farmers union the FNSEA said it is worried that negotiations on the 1987/88 farm price package will now be tackled by European Community leaders who do not know the agricultural situation. The leaders have no specialised knowledge of the farm dossier and have the tendency to sign compromises which are too broad union leader Raymond Lacombe said. But he added French Farm Minister Francois Guillaume had reason to reject a compromise which would have been negative for the farm sector. EC ministers ended talks this morning having failed to get any agreement on agricultural prices for the 1987/88 farm year which started on April 1 for certain products. Lacombe said the French government should guarantee farmers incomes until an agreement is reached. Reuter | FRENCH FARMERS WORRIED BY FAILURE OF EC TALKS |
Zenith Laboratories Inc said it is discusssing with Squibb Corps SquibbMark division a three-year agreement to supply some products to Squibb to sell under a SquibbMark label. Zenith said the deal includes products it already markets and some that are pending marketing approval from the U.S. Food and Drug Administration. Zenith also said the proposed agreement is still in negotiation and subject to approval by senior managements of Squibb and Zenith. Reuter | ZENITH <ZEN>, SQUIBB <SQB> IN SUPPLY TALKS |
Baxter Travenol Laboratories Inc said it will hold a press conference June 29 to introduce a new information systems product that will dramatically improve hospital efficiency. No other details were disclosed. Baxter currently offers computerized information systems that link hospital medical and business departments and doctors offices. Reuter | BAXTER <BAX> SETS BRIEFING FOR NEW PRODUCT |
Holder Communications Corp said stockholders approved its reorganization plan with the <General Masonry Group> in Nashville Tenn. The company said also approved was its name change to GMX Communications Inc and an increase of authorized shares to 100 mln from 20 mln. Included in the reorganization which is scheduled for closing June 30 was the installation of a new sla e of five directors. Holder said it owns eight radio stations and General Masonry is engaged in masonry construction. Reuter | HOLDER <HOLD.O> REORGANIZATION PLAN APPROVED |
Unocal said it raised its postings for crude oil by 50 cts a barrel effective June 17. The company said it is now posting West Texas Intermediate and West Texas Sour at 19 dlrs a barrel. Unocal said its new Light Louisiana Sweet posted price is 19.35 dlrs a barrel. the price move follows a wave of increases initiated by Sun Co yesterday. Reuter | UNOCAL <UCL> RAISED CRUDE OIL POSTINGS BY 50 CTS/BBL |
FW Woolworth Cos chairman and chief executive officer Harold Sells said the company remains commmitted to its general merchandise division despite the growing importance of its specialty stores. The company said its sales in the first quarter ended May 2 were 1.53 billion dlrs up from 1.41 billion dlrs in the same period last year. Sells said the companys specialty stores contributed 65 pct to total operating profit last year but profits in the general merchandise sector have been improving. He said the company has no plans to turn its back on the Woolworth stores. Weve spent alot of money on refurbishing and remodeling our general merchandise stores and we will continue to do so he said. Sells said the number of general merchandise stores is not increasing. But one of the companies stratagies is to increase its core departments in the general merchandise stores into specialty stores he said. He said these include its framescene and cosmetics unit. He said the company continues to look at mergers and acquisitions. But he stressed any acquisitions should make sense from a strategy standpoint. Were primarily looking for small emerging growth stores with a concept thats right to expand on national scale he said. Sells said the company has been looking at a number of initial experiments on home video sales. He said Woolworth will become involved this summer with J.C. Penny Co Incs <JCP> Tele-Action program along with a number of other retailers. Sells said the Tele-Action program which is due to go on air in the Chicago area this summer will feature products from Woolworths Foot Locker unit. Reuter | WOOLWORTH <Z> ANNOUNCES SALES STRATEGY |
The World Bank said it has loaned Mexico 400 mln dlrs to help support an agricultural credit project. The project hopes to increase agricultural productivity exports and real farm income by providing credit to private farmers ranchers and agro-industries the bank said. The loan will be used for lending mainly by commercial banks and the National Rural Credit Bank Mexicos largest agricultural credit lender the bank said. It also said the project hopes to aid in reducing the governments interest rate and credit subsidies. The project will also support improvement of the agricultural credit system through reduction of subsidies for credit and crop insurance and increased domestic resource mobilization the bank said. The loan guaranteed by the government is for 15 years including three years of grace at a variable interest rate - currently 7.92 pct the bank said. Reuter | WORLD BANK LOANS MEXICO 400 MLN DLRS |
Ecuador posted a trade surplus of 10.6 mln dlrs in the first four months of 1987 compared with a surplus of 271.7 mln in the same period in 1986 the central bank of Ecuador said in its latest monthly report. Ecuador suspended sales of crude oil its principal export product in March after an earthquake destroyed part of its oil-producing infrastructure. Exports in the first four months of 1987 were around 639 mln dlrs and imports 628.3 mln compared with 771 mln and 500 mln respectively in the same period last year. Exports of crude and products in the first four months were around 256.1 mln dlrs compared with 403.3 mln in the same period in 1986. The central bank said that between January and May Ecuador sold 16.1 mln barrels of crude and 2.3 mln barrels of products compared with 32 mln and 2.7 mln respectively in the same period last year. Ecuadors international reserves at the end of May were around 120.9 mln dlrs compared with 118.6 mln at the end of April and 141.3 mln at the end of May 1986 the central bank said. gold reserves were 165.7 mln dlrs at the end of May compared with 124.3 mln at the end of April. Reuter | ECUADOR HAS TRADE SURPLUS IN FIRST FOUR MONTHS |
1988 U.S. BUDGET PLAN CLEARED BY KEY CONGRESSIONAL COMMITTEE |
|
Standard and Poors Corp said it affirmed about 600 mln dlrs of debt of Republic Bank NY Corp. Affirmed were Republics AA senior debt AA-minus subordinated debt A-plus preferred stock A-1-plus commercial paper and A/A-1-plus certificates of deposit. S and P cited the banks decision to join the growing number of U.S. banks that have set aside reserves for developing country credits. Republic strengthed its reserves by 100 mln dlrs. Despite an expected second quarter loss the firm remains one of the best capitalized banks in the U.S. S and P said. Reuter | REPUBLIC BANK <RNB> DEBT AFFIRMED BY S/P |
Ensource Inc said it has agreed to sell one mln shares of convertible preferred stock to closely-held United Meridian Corp for 25 dlrs a share and to grant United warrants to buy 550000 common shares. Ensource said United chairman Ralph E. Bailey who recenty retired as chairman of Du Pont Cos <DD> Conoco Inc and vice chairman of Du Pont and United president Joseph D. Mahaffey have been named to the board. It said United will later designate two more members to the 10-member board. The company said it and United have also arranged for modifications to Ensources senior bank credit agreement. It said United will hold a 41 pct voting interest in Ensource on receipt of the preferred which carries an annual dividend of 2.125 dlrs per share. Each share is convertible into 2.315 common shares. The company said part of the dividends on the preferred will be paid in more convertible preferred shares. It said the transaction is subject to Uniteds approval of the bank debt restructuring documents and Federal Trade Commission approval. Reuter | ENSOURCE <EEE> SELLS CONVERTIBLE PREFERRED |
Pan American World Airways said it took delivery of the first of 12 A310-300 aircraft on June 17 becoming the first U.S. airline to receive the engines developed by the European consortium Airbus Industrie. The airline is also the first to take United Technologies Corps <UTX> Pratt and Whitney PW4000 engines. Pan American said it will intiially use the aircraft on domestic routes and later for international service. Each aircraf seats 12 first class passengers 30 business class and 162 coach. Reuter | PAN AM <PN> RECEIVES AIRBUS AIRCRAFT |
Par Pharmaceutical Inc said it will begin marketing a generic form of Eli Lilly and Cos Keflex a widely used antibiotic whose patent expired April 21 in about six weeks. Generic drugs are cheaper copies of brand name drugs that have lost their patents. Par said its generic form of Keflex called Cephalexin will be made by an overseas supplier so that Par will not have to make a substantial investment in a separate facility required to make the product. Reuter | PAR <PAR> TO COMPETE WITH LILLY'S <ELI> KEFLEX |
A joint House-Senate committee formally approved a 1988 budget plan certain to touch off a battle with President Reagan over taxes and defense. The budget a compromise of earlier House and Senate budgets was negotiated yesterday by House and Senate Democratic leaders. The plan slated for House action next Tuesday would reduce next years estimated 171-billion-dlr deficit to about 134 billion dlrs. It proposes 19 billion dlrs in new taxes next year and cuts Reagans defense mark. Reuter | 1988 U.S. BUDGET CLEARED BY COMMITTEE |
Acton Corp said shareholders at the annaul meeting approved a one-for-five reverse split that takes effect June 25. It said holders also approved a limitation of directors liability and indemnity agreements between the company and its officers and directors. Reuter | ACTON <ATN> SETS ONE FOR FIVE REVERSE SPLIT |
FIRST WISCONSIN ADDS LOAN LOSSES, SEE 2ND QTR LOSS OF 2.80 DLRS A[B SHARE |
|
Reichhold Chemicals Inc said its Reichhold Ltd subsidiary has raised prices seven U.S. cent per pound on powdered phenolic waferboard resins effective July 1 due to sharp increases in the cost of phenol. Reuter | REICHHOLD <RCI> RAISES WAFERBOARD RESIN PRICES |
Enzon Inc and Eastman Kodak Cos Eastman Pharmaceuticals division said the Food and Drug Administration approved their application to allow clinical testing of the PEG-uricase drug to proceed. Kodak owns 18.7 pct of Enzon and owns the marketing rights for PEG-uricase and two other drugs Enzon is developing. The companies said PEG-uricase is intended to reduce uric acid levels in patients undergoing chemotherapy and suffering from gout. A build up of uric acid in the bloodstream a common side effect of chemotherapy often leads to kidney failure. Enzon said that under the FDAs new rules to allow patients with life-threatening diseases to get investigational drugs uric acid levels in an extremely ill patient decreased to normal levels within 48 hours after the drug was injected. Separately it said the FDA granted it permission to include an unlimited number of patients in trials with PEG-ADA a drug used to treat a rare and usually fatal disease in children called severe combined immuodeficiency. It said five children are being treated with the drug and it hopes to file a new drug application PEG-ADA by late 1987. When the NDA is approved the drug can be marketed. Reuter | ENZON <ENZN.O>, KODAK <EK> TO BEGIN DRUG TEST |
Bank of New England Corp said it will make a special second quarter loan loss provision of 107 mln dlrs. Reuter | BANK NF NEW ENGLAND <BKNE.O> SETS LOSS PROVISION |
Diamond Shamrock R and M said it raised its crude oil contract prices by 50 cts a barrel effective June 17. The company said its new posting for West Texas Intermediate crude is 19 dlrs a barrel. The price increase follows similar moves by several other companies. Reuter | DIAMOND SHAMROCK <DRM> RAISES CRUDE POSTINGS |
Xerox Corps affiliate Rank Xerox Ltd said it signed a definitive agreement to sell its Rank Xerox South Africa Pty Ltd affiliate to Altron Group <ALRN.O> for undisclosed terms. Xerox said the preliminary agreement to sell the affiliate to Fintech an Altron unit had been reached in March. Xerox said completion of the sale awaits approval of Fintech shareholders and a review by the Johannesburg Stock Exchange. Rank Xerox South Africa was founded in 1964 as a wholly owned unit of Rank Xerox the Xerox affiliate that manufactures and markets Xerox products in the Eastern Hemisphere. Rank Xerox said that of the 800-man workforce of Rank Xerox South Africa 40 pct are black colored or Asian. The company will become a wholly owned unit of Altron. Reuter | XEROX <XRX> AFFILIATE TO SELL S.AFRICAN UNIT |
Qtly div 11 cts vs 10 cts prior Pay July 15 Record July 1 Reuter | STATE STREET BOSTON CORP <STBK.O> LIFTS DIV |
Everex Systems Inc said it has filed for an initial public offering of 5950000 common shares including 4950000 to be sold in the U.S. and one mln overseas. Lead underwriters are Goldman Sachs and Co and Shearson Lehman Brothers Holdings Inc <SHE>. The company said it will sell four mln of the shares and shareholders the rest and the initial offering price is expected to be 10 to 12 dlrs per share. Company proceeds will be used for financing accounts receivable and inventory and repaying bank debt. Everex makes personal computer peripheral equipment. Reuter | <EVEREX SYSTEMS INC> FILES FOR INITIAL OFFERING |
Doskocil Cos Inc said it has repurchased 310000 of its common shares or about five pct for undisclosed terms and its board has authorized the further repurchase of another 200000 shares. Reuter | DOSKOCIL <DOSK.O> REPURCHASES SHARES |
Lead underwriters Salomon Inc <SB> PaineWebber Group Inc <PWJ> and Shearson Lehman Brothers Holdings Inc <SHE> said an initial public offering of seven mln common shares of Scudder New Asia Fund Inc is underway at 12 dlrs each. Underwriters have been granted an option to buy up to another 1050000 shares to cover overallotments. Reuter | SCUDDER NEW ASIA FUND INITIAL OFFERING STARTS |
Qtr ended June 7 Shr six cts vs 17 cts Net 1332000 vs 3658000 Sales 58.3 mln vs 51.6 mln Nine mths Shr 40 cts vs 25 cts net 8875000 vs 5034000 Sales 158.4 mln vs 133.6 mln Reuter | MONOLITHIC MEMORIES INC <MMIC.O> 3RD QTR NET |
Doskocil Companies Inc said it bought back 310000 shares or about five pct of its common stock and its board authorized the repurchase of an additional 200000 common shares. If completed the total purchases would represent 8.5 pct of Doskocils outstanding common stock. Reuter | DOSKOCIL <DOSKD.O> BUYS BACK FIVE PCT OF STOCK |
Qtly div 15 cts vs 12 cts prior Pay July 24 Record July One Reuter | PEOPLES SAVINGS BANK <PEBW.O> RAISES PAYOUT |
ISFA Corp said Thomas A. Cooper who recently resigned as president of BankAmerica Corp has been named chairman and chief executive officer of ISFA. ISFA operates Invest a full-service brokerage program for banks and Insure a retail insurance program. Reuter | BANKAMERICA'S <BAC> COOPER JOINS ISFA |
Ask Corp said it received approximately 1.3 mln dlrs from the settlement of claims from joint litigation with Allied Signal Corp <ALD> from a private placement with a Houston based venture capital firm. Ask said it received approximately 800000 dlrs from the litigation which will be reflected in the companys fourth quarter ended July 31 1987. The company also said it raised 500000 dlrs through a private placment of convertible debt with <Cerrito Partners>. Ask said Certito was granted warrants to acquire another 500000 dlrs of restricted stock two to three years. Reuter | ASK <AMSKQ.O> RECEIVES SETTLEMENT |
Monsanto Cos G.D. Searle and Co pharmaceutical division said researchers have concluded that articifical sweeteners including aspartame which is found in Searles NutraSweet do not pose any significant health problems for diabetic patients. The researchers conducted a survey of 100 diabetic patients using sweeteners from six months to 20 years. Only five pct using aspartame had health problems or discomfort saccharine drew no complaints and sorbitol another sweetener caused minor problems such as diarrhea and upset stomach in less than 25 pct of the patients Searle said. Reuter | MONSANTO <MTC> SAYS NUTRASWEET POSES NO ILLS |
Qtly div 25 cts vs 20 cts prior Pay Aug 10 Record July Three Reuter | AIR PRODUCTS AND CHEMICALS INC <APD> UPS PAYOUT |
Subsets and Splits
No saved queries yet
Save your SQL queries to embed, download, and access them later. Queries will appear here once saved.