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Salomon Inc had a reduction in trading revenue in April and May managing director Robert Salomon said in response to questions. Analysts have said they believe the lower second quarter profit predicted by Salomon Inc was partially the result of trading losses and lower revenues from low trading volume. They said they believe the firm like others on Wall Street suffered most from the turbulent weeks for the bond market in April. Robert Salomon would not comment on whether the firm had actual trading losses but he said he would not quarrel with a New York Times article that said the firms losses could have amounted to 100 mln dlrs. We havent acknowledged any trading losses other than to say that April was a difficult month and you can presume anything you want from that. we dont have a quarrel with the new york times article Salomon said. There cleary was a reduction in the amount of revenues generated in April and May was a little bit better he said. The New York times attributed the figure to analysts and unnamed Wall Street officials it said were familiar with the firms activities. Salomon Chairman John Gutfreund today in a statement reiterated that the firm expects a profit in the second quarter but sees lower earnings than last years second quarter. Analysts lowered their estimates yesterday to about half of last years 75 cts per share. We believe this showing is satisfactory within the framework of existing market conditions said Gutfreund in a statement. Reuter | SALOMON INC <SB> SAW REDUCTION IN REVENUES |
DUPONT UNIT RAISES CRUDE OIL POSTINGS 50 CTS/BBL, EFFECTIVE YESTERDAY |
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General Automation Inc said it has signed a definitive agreement to pay 4.5 mln dlrs to the Internal Revenue Service in taxes interest and penalties for the years 1972 through 1981. It will make an initial payment on June 30 of 500000 dlrs with ongoing quarterly payments over about two years. General Automation said in conjunction with the IRS agreement it has placed about one mln dlrs in five-year eight pct unsecured notes with a group of private investors. The notes are accompanied by five-year warrants to buy about 110000 shares of common stock at 6.38 dlrs per share. Reuter | GENERAL AUTOMATION <GENA.O> SETS PACT WITH IRS |
Hydro Optics Inc said Kenneth S. Roth has resigned as president and chairman. No reason was given. It said director Melvin L. Gold has been named chairman and chief executive officer and vice president-sales Barry Kay has been named president and chief operating officer. Reuter | HYDRO OPTICS <HOPC.O> CHAIRMAN RESIGNS |
McDonnell Douglas Corp said it received authorization to build larger solid rocket boosters than the U.S. Air Force originally planned. McDonnell Douglas which said it subcontracts the orders also said the new solid rocket boosters will be 42 feet long increased from the original 36-foot long type. The company said the additional size will cost the Air Force 10.3 mln dlrs. Reuter | MCDONNELL DOUGLAS <MD> GETS AIR FORCE CONTRACT |
Qtr ended May 2 Oper shr profit three cts vs loss five cts Oper net profit 115000 dlrs vs loss 152000 Revs 7652000 vs 4279000 Six mths Oper shr profit ten cts vs loss 34 cts Oper net profit 342000 vs loss 1149000 Revs 14.0 mln vs 7398000 Note: oper data does not include extraordinary gain of 28000 dlrs or one ct per shr in 2nd qtr 1987 or or 118000 dlrs or four cts per shr in six mths. Reuter | APPLIED SOLAR ENERGY CORP <SOLR.O> 2ND QTR NET |
Shr 44 cts vs 23 cts Net 3050000 vs 1555000 Sales 21.0 mln vs 19.2 mln 1st half Shr 72 cts vs 36 cts Net 4948000 vs 2447000 Sales 37.8 mln vs 34.5 mln Reuter | SANFORD CORP <SANF.O> 2ND QTR MAY 31 NET |
March 31 end Shr profit 14 cts vs loss two cts Net profit 345544 vs loss 48097 Sales 1032224 vs 514656 Avg shrs 2420925 vs 2289925 1st half Shr profit 21 cts vs profit nil Net profit 496714 vs profit 5602 Sales 1649860 vs 1099379 Avg shrs 2407334 vs 2222591 NOTE: Prior half net includes 1849 dlr tax credit. Reuter | CONVERGENT SOLUTIONS INC <CSOL.O> 2ND QTR NET |
Bell South Corps Southern Bell said American Telephone and Telegraph Cos <T> network systems and <Hayes Microcomputer Products> will use its integrated services digital network services when the product is launched in March 1988. Reuter | BELL SOUTH <BLS> UNIT GETS DIGITAL CUSTOMERS |
Shr loss three cts vs loss three cts Net loss 78456 vs loss 95812 Sales 513607 vs 283043 Avg shrs 3106000 vs 2933333 Reuter | <BARRICINI FOODS INC> 1ST QTR LOSS |
Qtly div 30 cts vs 30 cts prior Pay July 31 Record July Six Reuter | J.P. STEVENS AND CO INC <STN> SETS QUARTERLY |
First Wisconsin Corp said directors of its First Wisconsin National Bank of Milwaukee approved a 96 mln dlr increase in the banks loan loss reserves in response to uncertainty over the impact of third world debt repayment problems. It said the reserve increase will result in a second quarter loss to the corporation of an estimated 55 mln dlrs or 2.80 dlrs a share. However the company said it expects to report a profit for the year. It said its consolidated 1987 earnings are projected to be between 35 mln dlrs and 45 mln dlrs compared to 55 mln dlrs in 1986. It said dividends will not be affected by the increased loan losses. In April the company placed 59.7 mln dlrs in loans to Brazil and Ecuador in non-accrual. First Wisconsin also cited a growing realization that repayment programs for less developed countries will continue to be renegotiated into the foreseeable future. It said its total loan loss reserves now stand at 160 mln dlrs or 3.5 pct of all outstanding loans. Reuter | FIRST WISCONSIN <FWB> ADDS LOAN LOSSES |
The European Community (EC) accused the United States of violating a political commitment to free trade through practices including a tax on imported gasoline and a customs user fee. EC ambassador Tran Van-Thinh made the formal charge to the surveillance body of the General Agreement on Tariffs and Trade (GATT) GATT spokesman David Woods told reporters. Woods also said the EC was joined by the United States in criticising Brazil for extending its list of products for which import licenses have been temporarily suspended so as to improve its balance of payments. The United States charged Japan with violating GATT rules by restricting imports of agricultural products through an import licensing system. The United States asked for consultations with Tokyo on the issue. Tran charged that the trade measures contravened a political commitment to halt and reverse trade barriers pledged by ministers in Punta del Este last September. When ministers established the four year Uruguay round to negotiate freer trade in 13 areas they set up the GATT surveillance body to monitor this commitment known in GATT jargon as standstill and rollback. Tran criticised Washington for the superfund tax on oil imports a customs user fee and the removal of a special machine tool (known as category FSC34) from its government procurement list for reasons of national security. Warren Lavorel a U.S. Trade official defended the policies saying they did not violate GATT trade rules. The surveillance body will send a record of todays talks to the Trade Negotiating Committee which oversees the round to decide any further action on the charges. The oil tax and customs user fee have already been the subject of formal GATT dispute panels set up outside the Uruguay Round to rule on the legality of the practices. The ruling GATT Council yesterday adopted a dispute panels report and ruled that the U.S. Superfund tax on oil imports breached trade rules. It called on Washington to modify its legislation. Mexico and Canada along with the European Community brought the dispute to the GATT last year. Reuter | EUROPEAN COMMUNITY CRITICISES U.S TRADE MEASURES |
COMMITMENTS TO NEW ARGENTINE LOAN REACH 91 PCT, CLOSE TO "CRITICAL MASS," CITIBANK SAYS |
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MerchantsBank of Boston said it has received an 8400000 dlr dividend from the Co-Operative Central Bank Share Insurance Fund and the amount will be included in revenues for the second quarter. The fund is liquidating since all cooperative banks in Massachusetts have obtained federal insurance. Reuter | MERCHANTSBANK <MCBKA> GETS DIVIDEND DISTRIBUTION |
Ferro Corp said it expects to report second quarter earnings of about seven mln dlrs or about 1.02 dlrs a share on sales of about 220.0 mln dlrs In the year ago quarter the maker of industrial specialty materials earned 5.1 mln dlrs or 75 cts a share on sales of 185.1 mln dlrs. Based on its current second quarter estimates Ferro said it will have earned 11.7 mln dlrs or two dlrs a share on sales of 425 mln dlrs for the six months ending June 30. In the year-ago six-month period Ferro earned 9.7 mln dlrs or 1.43 dlrs a share on sales of 359.7 mln dlrs. Reuter | FERRO <FOE> SEES STRONG 2ND QTR, SIX MONTHS |
California Energy Co Inc said its 10th geothermal production well at the COSO Project in China Lake Calif. tested one mln pounds of geothermal steam per hour at 420 degrees Fahrenheit from a depth of 3000 feet. The company said it now has geothermal resrves at COSO sufficient to produce 30 megawatts of power for 30 years. It said it plans to drill another 20 wells at China Lake in 1987. Reuter | CALIFORNIA ENERGY <CECI.O> IN GEOTHERMAL FIND |
Conoco Inc a subsidiary of duPont deNemours <DD> said it raised the contract price it will pay for all grades of crude oil 50 cts a barrel effective yesterday. The increase brings Conocos posted price for West Texas Intermediate to 19.00 dlrs a barrel. The West Texas Sour grade at 34 API now stands at 18.10 dlrs a barrel. Light Louisiana was also raised 50 cts to 19.35 dlrs barrel. Conoco last changed its crude postings on May 21. Reuter | DUPONT UNIT RAISES CRUDE OIL POSTINGS |
<LM Ericsson Telephone Co> of Sweden said its Ericsson unit in the U.S. introduced a cellular system for small cellular telephone markets. The company said its CMS 8800/S system incorporates Ericsson hardware and software. It said extra base stations and voice channels can be added to the system in modular blocks. Reuter | LM ERICSSON <ERICY> UNIT INTRODUCING PRODUCT |
Allegheny International Inc said it has sold its Chemetron Railway Products Inc True Temper Railway Appliances Inc and Allegheny Axle Co units to newly-formed Chemetron Railway Products Inc for undisclosed terms. It said the new company was formed by senior management of the three railway product units and Kleinwort Benson Group of London. Reuter | ALLEGHENY INTERNATIONAL <AG> SELLS THREE UNITS |
Commitments to Argentinas external financing program for 1987 and 1988 have reached about 91 pct of the 1.95 billion dlrs in new loans that banks have been asked to provide Citibank and Argentina said in a joint statement. This percentage is close to the critical mass of commitments that the International Monetary Fund has requested as a condition for releasing new loans to the country. Senior Citibank executive William Rhodes said he was encouraged by the banks response and that telexed commitments continue to arrive. The response of Argentinas 350 foreign bank creditors had been eagerly awaited because the package is the first to be marketed since U.S. banks led by Citibank decided to take large second-quarter losses in order to boost their reserves against existing loans to developing countries. Some bankers had feared that banks would refuse to lend new money so soon after taking a hit on the old loans but todays news delivers a decisive rebuff to those skeptics. The strong response to the package was partly the result of the inducement of a 3/8 pct early-participation fee for those banks that agreed to sign up by June 17 bankers said. Reuter | COMMITMENTS TO NEW ARGENTINE LOAN REACH 91 PCT |
Pacific First Financial Corp said president Jerry Pohlman was appointed chairman and chief executive officer replacing James Anderson who resigned. Reuter | PACIFIC FIRST <PFFS.O> CHAIRMAN RESIGNS |
Qtly div five cts vs five cts prior Pay July 15 Record June 26 Reuter | BRAINTREE SAVINGS BANK <BTSB.O> SETS PAYOUT |
Qtly div 32 cts vs 32 cts prior qtr Pay 29 July Record 2 July Reuter | COMMERCE CLEARING HOUSE INC <CCLR.O> DIVIDEND |
AmVestors Financial Corp said underwriters Smith Barney Harris Upham and Co Inc and Morgan Keegan Inc <MOR> have exercised their overallotment option for an additional 10000 common shares at 9.50 dlrs each in connection with a recent offering of 100000 AmVestors shares. It said it realized net proceeds of 886000 dlrs. Reuter | AMVESTORS <AVFC.O>OVERALLOTMENT OPTION EXERCISED |
Qtly div three cts vs three cts prior Pay July 15 Record July One NOTE: Scott and Stringfellow Financial Inc Reuter | SCOTT AND STRINGFELLOW FINANCIAL <SCOT.O> PAYOUT |
Zambias copper mining industry is hoping to achieve and maintain production at over 500000 tonnes a year in the next few years despite low world prices deteriorating ores and shortages of mine inputs industry officials said. But Zambias decision to abandon last May 1 a tough International Monetary Fund (IMF) economic recovery program has introduced an element of uncertainty into plans to restructure the ailing industry and boost profitability they said. Copper production by the government-controlled Zambia Consolidated Copper Mines (ZCCM) for the 1987 financial year ended March 31 improved slightly to about 471000 tonnes from a record 1986 low of 463354 tonnes. We are convinced that by the end of the 1988 financial year copper production could well be over 500000 tonnes due to greater availability of spares and equipment a ZCCM official said. ZCCM officials said the production of cobalt another strategic income earner will also be tailored to meet demand. Finished production in 1986 was 4565 tonnes 911 tonnes higher than the previous year and the best production achieved to date. Protracted low world metal prices have badly hit the copper industry in Zambia the worlds fifth biggest producer. Mining is monopolised by ZCCM and accounts for about 90 pct of the countrys foreign exchange earnings. Production has also been seriously affected in recent years by equipment breakdowns deteriorating ore and shortages of spare parts fuel and lubricants. The 463354 tonnes output last year compared with a peak 1975 output of 700000 tonnes. A five-year production and investment plan launched in 1984 by ZCCM is being funded by the European Community the African Development Bank and the World Bank. The plan foresees the shutdown of some seven mining and metallurgical units on the grounds they are unprofitable. ZCCM the second largest employer after the government has said it intends to lay off 20000 of its 60000 workforce as part of the plan. More than 250 mln dlrs have so far been channelled into the industry in a bid to improve efficiency and profitability under the five-year restructuring plan. Company officials said although reserves were being depleted Zambia could continue to produce copper beyond the end of the century though at lower levels of production. Industry sources said ZCCMs projected pre-tax profit for the financial year ended March 31 would be around 500 mln kwacha. But with the current mineral export tax level being levied a net loss is likely to be registered. ZCCM recorded a net loss of 718 mln kwacha in 1986 compared with a net profit of 19 mln kwacha the year before. Under the foreign exchange auction system introduced in 1985 ZCCMs profits from its foreign exchange earnings rose as the value of the kwacha fell to 21 to the dollar from just over two to the dollar. But on May 1 President Kenneth Kaunda abolished the auctioning system inspired by the International Monetary Fund and announced Zambia would pursue a go-it-alone economic strategy based on national resources. ZCCM officials are still cautious over what effects the break with the IMF will have on the industrys plans. We are still consulting to see how the new measures will affect us but it is too early to say just how we shall fare under the new situation Peter Hansen director of operations and third in the ZCCM hierarchy told Reuters. Some analysts believe the new officially-fixed exchange rate of eight kwacha to the dollar will hit ZCCMs export profits. Most specialists I have talked to tell me the break-even point for ZCCM is a rate of 10 kwacha per dollar Frederick Chiluba leader of the Zambian Congress of Trade Unions said. High production costs continue to bedevil the Zambian industry. Zambia mines copper at a relatively expensive rate of 69 cents per pound compared with 55 cents in the United States and under 40 cents in Chile. The industry also faces transport problems due to Zambia being landlocked. The government confirmed this year it had stopped sBending copper south through South Africa. Over 80 pct of shipments some 35000 tonnes a month are sent by rail to the Tanzanian port of Dar-es-Salaam while 5000 tonnes go via Zimbabwe to the Mozambique port of Beira. Transport has often been hit by shortages of wagons spares and fuel. Reuter | ZAMBIAN COPPER INDUSTRY HOPES FOR STEADY OUTPUT |
Qtly div nine cts vs nine cts prior Pay July 20 Record July 6 Reuter | EXCEL INDUSTRIES INC <EXC> DIVIDEND SET |
Rio de Janeiros 3500 dockworkers went on strike for an indefinite period today to demand wage increases a spokesman for the dockers said. The Rio dockers did not get support from their colleagues in Santos Brazils main port but the spokesman said they would not return to work unless their demands were met. Earlier this week some 65000 dockworkers cancelled a scheduled national strike to pressure port officials to give them a wage increase and other benefits. A Rio port spokesman said the halt would cause daily losses of about 100000 U.S. dlrs. Reuter | RIO DE JANEIRO DOCKERS STRIKE OVER WAGES |
Fluor Corp said it won a contract with General Electric to design construct and deliver modules for a methyl chloride process addition. The value of the contract was not disclosed. Fluor said its Applied Engineering Co unit will construct 28 modular sections and deliver them to GEs Waterford N.Y. Silicone Products division plant. Methyl chloride is an integral part of silicone production. Reuter | FLUOR <FLR> WINS GENERAL ELECTRIC <GE> CONTRACT |
Shawmut Corp said it has repurchased 400000 common shares and placed them in its treasury. The company has about 16.1 mln shares outstanding. Reuter | SHAWMUT <SHAS.O> REPURCHASES 400,000 SHARES |
Little Prince Productions Ltd said it settled litigation with Nederlander Group receiving one mln dlrs and paying Nederlander 38000 dlrs. Reuter | LITTLE PRINCE <LTLP.O> SETTLES SUIT |
Continental Illinois Corp said it knows of know reason why its stock was trading higher in heavy volume. The stock was up 1/2 to 5-3/8 on turnover of 1386000 shares making it one of the most actively traded NYSE issues. Traders earlier said Goldman Sachs and Co was trading on the stock. However Goldman Sachs banking analyst Robert Albertson had not placed the stock on his recommended list his office told Reuters. Reuter | CONT'L ILLINOIS <CIL> CANNOT EXPLAIN STOCK MOVE |
GENCORP SAID AGREEMENT TO SELL RKO PICTURES TERMINATED |
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Kelley Oil and Gas Partners Ltd said it has agreed to purchase all of CF Industries Incs oil and natural gas properties for about 5500000 dlrs effective July 1. It said the Louisiana properties had proven reserves at year-end of 11 billion cubic feet of natural gas and 85000 barrels of oil condensate and natural gas liquids. Kelley said it currently owns working interests in some of the properties. Reuter | KELLEY OIL <KLY> BUYING OIL PROPERTIES |
The Tanzanian government in its second annual budget since embarking on an economic recovery program inspired by the International Monetary Fund announced increases in fuel prices and sales tax and higher levies on government services. Finance Minister Cleopa Msuya said the government expected to spend 77.33 billion shillings in the financial year 1987/8 39 pct more than this years estimate. Revenue would provide 48.84 billion shillings leaving a deficit of 28.49 billion to be financed through domestic and foreign loans. This years budget initially projected a deficit of only 3.35 billion shillings but in mid-year the government had to impose new taxes to keep the deficit roughly on target. No figure for the final deficit was avaialble. The budget gave civil servants a 20 pct pay rise with effect from July 1 to compensate for inflation of more than 30 pct. Msuya said regular petrol would go up 52 pct with similar increases in the cost of premium and kerosene. Diesel would rise by 75 pct. The higher levies affect official transactions such as road tolls vehicle transfers and various licence fees he added. REUTER | TANZANIA RAISES FUEL PRICES,TAXES IN 1987/8 BUDGET |
Leaseway Transportation Corp said it has completed the previously-announced sale of its Leaseway of Puerto Rico Inc subsidiary to Caguas Central Federal Savings Bank for undisclosed terms. The company said the sale satisfied a condition for its proposed acquisition by an investor group led by Citicorp <CCI>. Reuter | LEASEWAY TRANSPORTATION <LTC>COMPLETES UNIT SALE |
The Brazilian Coffee Institute IBC gave details of its plans to pay the 18 companies that bought 630000 bags of robusta coffee in the London market on its behalf last September. An IBC spokesman told Reuters that a 15 mln dlr loan from the Banco do Brasil would be used to pay five mln dlrs a month in June July and August to creditors. He said an auction of coffee would raise additional money and added that a Reuter report on June 16 gave the wrong impression that the auction was necessary to raise part of the 15 mln dlrs. No date has yet been set for the auction. Reuter | IBC DETAILS PLANS TO PAY CREDITORS |
<Magellan Corp> said its shareholders approved the merger of Magellan with <Balzec Investments Inc> a privately held company based in Dallas. Magellan a company without operations that was formed to acquire an operating entity said it plans to engage in the development and marketing of a battery charger product owned by Balzac. Magellan did not disclose the terms of the agreement. Following the merger Balzac shareholders will hold 80 pct of the outstanding stock of Magellan the company said. Magellan said it will be the surviving corporation following the merger. The companies said they expect the merger will occur after the declaration of effectiveness of an amendment to Magellans registration statement relating to its common stock purchase warrants and the underlying shares. Reuter | MAGELLAN SETS MERGER WITH BALZAC INVESTMENTS |
A World Bank mission today held talks with a senior Finance Ministry official to discuss Brazils requests for loans ministry officials said. They said Brazil the banks biggest customer was asking for two billion dlrs for the financial year starting in July including 500 mln dlrs for the energy sector. The mission headed by Gabin Ran Kankani head of the Banks Brazil division met Finance Ministry secretary Nailson Nobrega. Officials said they had provided the World Bank with information on the economic plan now being drawn up by Finance Minister Luiz Carlos Bresser Pereira. The government has invited the IMF to come to study the plan next Monday. Bresser Pereira will use the plan as the basis for negotiations with creditors next month in an attempt to reschedule the countrys 111 billion dollar debt. Reuter | WORLD BANK MISSION HOLDS LOAN TALKS WITH BRAZIL |
GenCorp said its agreement to sell its RKO Pictures subsidiary to a management group has been terminated because the group could not raise the necessary financing. The company said it will again seek buyers for the unit and its library of over 750 films. Reuter | GENCORP <GY> SAYS RKO UNIT SALE TERMINATED |
Elbit Computers Ltd of Israel said it has received a 6300000 dlr contract from a buyer it did not name for its DASHJ helmet-mounted sight system which allows pilots to aim weapons by looking at targets. The company said deliveries are expected to start in 18 months and be completed 12 months later. Reuter | ELBIT COMPUTERS <ELBTF.O> GETS CONTRACTS |
Rio de Janeiros 3500 dockworkers went on strike for an indefinite period today to demand wage increases a spokesman for the dockers said. The Rio dockers did not get support from their colleagues in Santos Brazils main port but the spokesman said they would not return to work unless their demands were met. Earlier this week some 65000 dockworkers cancelled a scheduled national strike to pressure port officials to give them a wage increase and other benefits. A Rio port spokesman said the halt would cause daily losses of about 100000 U.S. Dlrs. Reuter | RIO DE JANEIRO DOCKERS STRIKE |
The Federal Trade Commission charged Kraft Inc with false and misleading advertising by overstating the calcuim content of its Kraft Singles cheese product. In an administrative complaint the FTC charged the Glenview Ill. food and consumer products company with claiming that a slice of Kraft Singles American Pasteurized Process Cheese Food (Kraft Singles) contains the same amount of calcium as five ounces of milk when it does not. The company also falsely advertised that Kraft Singles contained more calcium than do most imitation cheese slices the FTC charged. The FTC complaint also charged that Kraft said it could substantiate these claims when in fact it could not. Nutritional information is important to consumers but it can be difficult for them to verify. FTC Bureau of Consumer Protection Director William MacLeod said in a statement. That is why we seek to maintain the accuracy of nutritional claims. The FTC which voted 4-1 in favor of issuing the complaint generally takes such action when it has reason to believe that the law has been or is being violated and where it apears to the commission that a proceeding is in the public interest. The filing of an administrative complaint marks the beginning of a proceeding that often takes up to a year in which the allegations will be ruled upon after a formal hearing. If the commissions allegations are upheld Kraft could be prohibited from misrepresenting the calcium or other nutrient content of its cheese-type products including those made in comparative ads. The company could also be prohibited from making such claims without having competent and reliable scientific evidence. Reuter | FTC CHARGES KRAFT <KRA> WITH FALSE ADVERTISING |
Britains Defence Minister George Younger said the U.S. Was unfairly protecting its defence industry and this could lead to British firms demanding counter-measures. Younger told a U.S. Chamber of Commerce meeting that U.S. Legislators were failing to realise the true nature of the two-way street in terms of ideas technology and equipment. A British parliamentary report said that up to March British firms had been awarded just 34 mln dlrs worth of contracts for the Strategic Defence Initiative compared with the 1.5 billion dlrs Britain had hoped to secure. The committee said U.S. Technology export restrictions and selectiveness towards foreign contractors had denied British competitors more lucrative orders and largely excluded them from technological research for SDI. Younger said London had given U.S. Companies contracts under conditions of fair and open competition. All we ask is for our companies to be given similar opportunities he added. If new American legislation aimed at curbing unfair subsidies was used to exclude foreign suppliers it would not be surprising if British firms pressed for retaliatory measures Younger said. REUTER | U.S. SAID UNFAIRLY PROTECTING DEFENSE INDUSTRY |
Canada Post said it presented its striking letter carriers with a new contract offer but both sides said there was little indication the offer would end the strike. The crown agency said it is being held back by government restraint policies and has little move to manoeuvre while while the union said it expected the post office to demand the same contract concessions it has already rejected. The rotating walkouts spread today to the four Atlantic provinces and other parts of Quebec while employees in Montreal and Calgary returned to work. Reuter | CANADA POST PRESENTS NEW CONTRACT OFFER |
United Building Services Corp said it filed a registration statement with the Securities and Exchange Commission covering a proposed initial public offering of 820000 common shares. Proceeds from the offering will be used to repay debt to develop and market additional specialty construction services and for general corporate purposes. United Building said it provides specialty construction services in commercial residential and governmental construction projects principally in Arizona Colorado and California. Reuter | UNITED BUILDING FILES FOR INITIAL OFFERING |
Shr 36 cts vs 28 cts Net 2002000 vs 1518000 Sales 166.0 mln vs 159.5 mln Reuter | GODFREY CO <GDFY.O> 1ST QTR MAY 30 NET |
Qtly div 45 cts vs 45 cts prior Pay October one Record September four Reuter | GENERAL SIGNAL CORP <GSX> SETS QTLY DIVIDEND |
Pinnacle West Capital Corp said its Malapai Resources Co units bought the mineral rights for uranium mining on about 21000 acres in northern Wyoming from Westinghouns Electric Corp <WX>. The property is adjacent to a 34000-acre site the company already owns. Both facilities are at expected to be in full operation in the early 1990s with annual production of one to two mln lbs of uranium concentrates the company said. The new site is expected to produce about 250000 lbs of uranium in its first full year of production in 1988. The adjacent property is expected to begin in 1989. Reuter | PINNACLE WEST CAPITAL <PNW> BUYS MINERAL RIGHTS |
The West Texas cotton crop was largely unscathed by an isolated thunderstorm in that region last night that packed hurricane-force winds crop and weather experts said. There might have been some isolated storms but certainly nothing damaging said Charles Stichler an extension agronomist with the Agricultural Extension Service in far West Texas. Rumors of a damaging storm in West Texas helped the New York cotton futures market rally sharply this morning. Cotton for December delivery was 1.35 cents higher at 70.95 cents a lb at midsession after peaking this morning at 71.25 cents. What happened is that the storm hit Lubbock airport and when that happens everybody sees it said Dale Mohler a senior meteorologist with Accu-Weather Inc. Lubbock is the heart of the West Texas cotton region which produces about 80 pct of that states crop. The storm produced winds of about 75 mph. Thats hurricane force. But they were isolated to just a small portion of the West Texas area probably less than five pct Mohler said. No doubt there was some damage. But if it had hit in July or August (when fruiting would be underway) it would have been worse Mohler said. About 60 pct of the West Texas cotton crop has been planted and the remainder could be done by the weekend if weather remains hot and dry Stichler said. The temperature in West Texas since mid-week has been about 95 degrees. But a hot spell was sorely needed after far heavier than normal rainfall for several weeks he said. Reuter | WEST TEXAS COTTON CROP UNSCATHED BY STORM |
Mthly div 1.2827 cts vs 3.3974 cts prior Pay July 31 Record June 30 Reuter | MESA OFFSHORE TRUST <MOS> PAYOUT FALLS SHARPLY |
Second quarter ended May 31. Shr 27 cts vs NA Net 3560 mln vs 2389000 Six mths Shr 57 cts vs NA Net 7881000 vs 5415000 NOTE: Year-ago per shr figures not available as bank converted to stock ownership April 29 1986. 1987 2nd quarter and six mth net excludes 2288000 dlrs or 17 cts a share and 4648000 dlrs or 33 cts a share respectively for tax carryforwards. 1986 2nd qtr and six mth net excludes 667000 dlrs and 3043000 dlrs respectively for tax carryforwards. Reuter | ROCHESTER COMMUNITY SAVINGS BANK <RCSB.O> 2ND |
Lexitech International Documentation Network Inc said it has signed an agreement for Far East affiliate Yamamoto Industries to handle all of Lexitechs Asian language translation and documentation requirements. Reuter | LEXITECH <LEXTC.O> IN AGREEMENT WITH AFFILIATE |
California Credit Card Trust 1987-B a unit of BankAmerica Corps Bank of America subsidiary is offering 300 mln dlrs of certificates backed by credit card receivables said lead manager Salomon Brothers Inc. The certificates were given an 8.20 pct coupon and were priced at 99.89 to yield 8.21 pct or 85 basis points over comparable Treasuries. The debt has an average life of 1.8 years matures in 1992 and is rated Aaa by Moodys. Bank of America Capital Markets co-managed the deal which is the second this year of California Credit Card. In February it sold 400 mln dlrs of credit card debt via First Boston. Reuter | BANKAMERICA <BAC> UNIT SELLS CREDIT CARD DEBT |
The White House called a compromise budget hammered out by congressional Democratic leaders a pickpocket spending plan but barred negotiations on changing it until budget reforms are in place. Noting that the trillion dollar budget would raise taxes by 65 billion dlrs over the next three years while scaling back President Reagans military spending proposals spokesman Marlin Fitzwater said The president isnt buying it and neither will the American people. The Democrats refer to tax increases as deficit reduction -- a pickpocket way to lift your wallet to pay for your dinner Fitzwater said. The White House official in an apparent retreat from an earlier administration stance also said negotiations on a budget acceptable to Reagan and the Democratic-led Congress could not begin until budget reforms are adopted. The White House has previously said it would not negotiate on a budget until the congressional Democrats were able to agree among themselves. Democratic leaders have called for a summit conference with the White House on the budget. If we had a budget reform package that ensured a sound enforceable negotiating process we would be interested in pursuing it Fitzwater said. Reuter | WHITE HOUSE RAPS DEMOCRATS' BUDGET |
Life Group Inc said it is expanding the activities of its broker/dealer unit Life Planning Inc to include investment banking involving both underwriting and corporate finance. The company said Lawrence Zaslow and Joseph Broder have agreed to join the unit to head those operations and have purchased Life Group stock and options from Life Group president David Altschuler. Reuter | <LIFE GROUP INC> EXPANDING BROKERAGE UNIT |
Hollinger Inc said it purchased Saturday Night a Canadian general-interest magazine. Financial terms were not disclosed but Hollinger said it has no immediate plans for changes in senior editorial personnel. Saturday Night which publishes features and analyses of current events is celebrating its 100th anniversary and has a circulation of about 120000 according to a magazine spokesman. Hollinger which owns 58 pct of <Daily Telegraph PLC> also today completed the acquisition of Unimedia Inc a Quebec-based publisher. Reuter | HOLLINGER <HLG.TO> BUYS CANADIAN MAGAZINE |
Triton Group Ltd said John Stiska has resigned as its president. He will be replaced by Triton Chairman Charles Scott. Stiska will return to private law practice and will continue to serve as special counsel to Triton and to Intermark Inc <IMI>. Intermark which owns 41 pct of Tritons common stock took a controlling interest in the company in March 1986. Reuter | TRITON GROUP <TRRO.O> PRESIDENT RESIGNS |
Pennwalt corp said it has agreed in principle to acquire a line of fungicides insecticides and herbicidesand related manufacturing facilities from Le Raffineries de Soufre Reunies of Marseilles for undisclosed terms subject to approval by bothe boards and government authorities. The company said the acquired products are sold mostly in FRance for use on grapevines wheat and sugar beets and sales are about 40 mln dlrs annually. Reuter | PENNWALT <PSM> TO MAKE ACQUISITION |
Belgium is to start negotiations with three consortia on sharing out a major order for modernising the countrys telecommunications network a government spokesman said. The three consortia are Bell Telephone Manufacturing Co NV a subsidiary of ITT Corp <ITT> together with Acec SA <ACEC.BR>; Siemens AG <SIEG.F> and ATEA SA a subsidiary of GTE Corp <GTE>; and NV Philips Gloeilampenfabrieken <PGLO.AS> with American Telephone and Telegraph Co <T>. The deal is estimated to be worth around 50 billion francs although a government spokeswoman declined to confirm this. The order covers new telephone exchanges cables and terminals. The go-ahead for the talks followed an outline agreement within the centre-right government coalition today. The accord came after months of discussions that have been complicated by demands for the order to be shared out fairly between the French and Dutch speaking parts of Belgium. Government officials declined to give details of the outline agreement or how the order will be divided between the three consortia. Reuter | BELGIUM PLANS MAJOR TELECOMMUNICATIONS ORDER |
Total Energy Resources Inc a wholly owned bysdisiary of French national energy company TOTAL Compagne Francaise des Petroles said it will relocate its offices to Houston from Denver as part of TOTALs plan to expand U.S. operations. Reuter | TOTAL UNIT RELOCATING TO HOUSTON FROM DENVER |
The World Bank said it has extended Pakistan 220 mln dlrs in three loans to support projects in education energy conservation and modernization and small-scale industry development. The education project will be supported by a 145 mln dlr loan through the International Development Association the banks concessionary lending affiliate the bank said. The bank noted Pakistans low educational attainment particularly among women is an obstacle to the countrys development. It said the education project aims to increase literacy and school enrollment rates through curriculum reform teacher training parental participation and school construction. A small-scale industry development project will be supported by a 54 mln dlr loan the bank said. The project hopes to aid small-scale industry by encouraging bank lending developing export markets and supporting technology transfer the bank said. The third project to improve refinery efficiency reduce energy consumption and increase crude oil processing capacity will be supported by a 21 mln dlr loan. Reuter | WORLD BANK LOANS PAKISTAN 220 MLN DLRS |
Ford Motor Credit Co a unit of Ford Motor Co is raising 150 mln dlrs through an offering of notes due 1990 yielding 8.275 pct said sole manager Bear Stearns and Co. The notes have an 8-1/4 pct coupon and were priced at 99.931 to yield 62.5 basis points more than comparable Treasury securities. Non-callable to maturity the issue is rated Aa-2 by Moodys and AA-minus by Standard and Poors. The gross spread is 3.50 dlrs the selling concession is two dlrs and the reallowance is 1.25 dlrs. Reuter | FORD <F> UNIT SELLS THREE-YEAR NOTES |
Jordan will receive two loans totalling 96.4 mln dlrs to support projects aimed at increasing that countrys electrical production and improving housing in slum and squatter areas the World Bank said. The bank said it is making a 70 mln dlr loan to help fund a 257.8 mln dlr project designed to meet its future power needs. It said the other loan is 26.4 mln dlrs in support of project to provide affordable housing urban infrastructure and social services to low-income families in slum and squatter areas. Reuter | JORDAN GETS 96.4 MLN DLRS IN WORLD BANK LOANS |
A South African trade union is in dispute with a subsidiary of Britains Johnson Matthey Plc over the companys proposal to move a platinum refinery near Johannesburg to a black tribal homeland. The 30000-member mainly black Chemical Workers Industrial Union said it fears the planned move to the Bophuthatswana homeland where South African unions are not recognised could lead to job losses and affect wages. A mass dismissal last year at the Impala Platinum Holdings Ltd <IPLA.J> mines in the tribal homeland sent world platinum prices rocketing. The union said talks with management over the proposed move had broken down. It said an earlier ballot of refinery workers showed that most favoured striking over the move but added that no final decision had been taken on strike action. The refinery processes all platinum metals of Rustenburg Platinum Holdings Ltd the worlds largest platinum producer. It is owned by Matthey Rustenburg Ltd a joint-subsidiary of Johnson Matthey and Rustenburg which in turn is owned by mining group Johannesburg Consolidated Investment Co Ltd. Reuter | S. AFRICAN UNION OBJECTS TO PLANNED MATTHEY MOVE |
CANADA 91-DAY T-BILLS AVERAGE 8.34 PCT, MAKING BANK RATE 8.59 PCT |
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REYNOLDS METALS TO RESTART LAST IDLE U.S. ALUMINUM POTLINE |
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A compromise reached between Gulf Canada Corp and debenture holders at the annual meeting today will cost the company or its major shareholder a couple of million dollars chairman Marshall Cohen said. After about a half-hour discussion with debenture holders during the meeting Cohen and Gulf lawyers agreed to compensate them for about six months of interest that they would have lost under a corporate reorganization plan taking effect July one. The holders then withdrew a proposed amendment that sought to delay the plans closing to July 16 so they could collect interest due to be paid July 15. We have not sorted out the mechanics of how were going to do this Cohen told reporters later. It may well be that in the end the principal shareholder may absorb that interest he said referring to the Reichmann familys Olympia and York Developments Ltd which owns about 79 pct of Gulf Canada. Cohen said he wanted to ensure that Gulf Canada need not revise reorganization proposals already on file with Revenue Canada and the U.S. Securities and Exchange Commission. If Gulf cant pay it (the interest) without upsetting the applecart Olympia and York will pay he said. The reorganization will see Gulf Canada Corp renamed Gulf Canada Resources Ltd. Shareholders will be offered shares of three separate publicly traded companies Gulf Canada Resources Abitibi-Price Inc <A.TO> and GW Utilities Ltd. Newly formed GW Utilities will hold Gulf Canadas interests in Consumers Gas Co Ltd <CGT.TO> Hiram Walker-Gooderham and Worts Ltd and Interprovincial Pipe Line Ltd <IPL.TO>. Cohen said Olympia and Yorks interest in Gulf Canada Resources will slip to about 68 or 69 pct as a result of a previously announced plan to sell 450 mln dlrs of new stock. In answer to a reporters question Cohen said there was a possibility that the size of the offering could be increased. There seems to be pretty strong interest he said but he added that much depended upon market conditions at the time of pricing. The issue will be priced later this month according to a company official. Reuter | GULF CANADA <GOC> IN DEAL WITH BONDHOLDERS |
Calton Inc said it will begin building a 242-home community in the Newtown area of Bucks County in Northampton Township Pa sometime between late July and early August. Calton said the community will be named The Homes of Tapestry at Northampton and will be located near Newtown Pa. Calton said it will build two- and three-bedroom townhomes garden-style condominiums and duplex condominiums. The company also said it is negotiating the rights to build two other communities in the state near the New Jersey border. Reuter | CALTON INC <CN> TO BUILD THREE COMMUNITIES |
Qtly dividend nine cts vs eight cts Pay July six Record June 29 Reuter | <AGF MANAGEMENT LTD> RAISES DIVIDEND |
National Commerce Bancorp said it has agreed to operate or sublicense branch bank facilities in supermarkets in Florida and Virginia Kroger Co supermarkets. It said initially 20 locations will be available in Florida and 10 in Virginia. Reuter | NATIONAL COMMERCE <NCBC.O> IN KROGER <KR> DEAL |
Leader Development Corp said shareholders at the annual meeting approved the acquisition of privately-held Clinton American Corp and two related partnerships for 3450000 common shares with the transaction to be accounted for as a pooling of interests. The company said Clinton president F. Daniel Ryan will become president of Leader. Reuter | LEADER DEVELOPMENT <LDCO.O> MERGER APPROVED |
Cheyenne Resources Inc said it purchased interests in four producing oil and gas properties for 2240000 shares of the companys restricted stock. The largest interest was 25 pct of an oil and gas well in Weld County Colo the company said. Cheyenne said it had five pct or less interest in the three other properties. Cheyenne said it should realized 10000 dlrs net income monthly at the properties current production levels. Reuter | CHEYENNE <CHYN.O> BUYS INTERESTS IN PROPERTIES |
Qtly div 45 cts vs 45 cts prior Pay Oct 1 Record Sept 4 Reuter | GENERAL SIGNAL CORP <GSX> SETS DIVIDEND |
Crane Co said it acquired certain assets of Chicago Heater Co Inc a wholly owned subsidiary of the <Marley Co>. The terms of the transaction were not disclosed. Chicago Heater will be intergrated with Cranes Cochrane Environment Systems division the company said. Reuter | CRANE <CR> ACQUIRES ASSETS OF MARLEY UNIT |
The European Community (EC) has increased the size of two special export tenders for British and West German feed wheat held in intervention stores and included South Korea as an acceptable destination traders said. The tender was originally for 120000 tonnes of British and 120000 tonnes of West German feed wheat for shipment only to Poland. But now both tranches have been increased by 50000 tonnes to 170000 tonnes with South Korea added as a possible destination. Both tenders are open from June 24. Reuter | EC INCREASES SPECIAL FEED WHEAT TENDERS - TRADE |
The Supreme Court of Cyprus has rejected a plea by an offshore securities trading company against a Central Bank decision to revoke its licence. Central Bank officer Eleftherios Ioannou told Reuters that the court had dismissed the appeal by York International (Cyprus) Ltd registered as an offshore company last October. The Bank in February withdrew Yorks licence and froze its bank account while it investigated sales of some eight mln dlrs worth of securites by telephone to 3000 small investors abroad. Reuter | CYPRUS REVOKES OFFSHORE COMPANY LICENCE |
Colgate-Palmolive Co said it plans to file with the Securities and Exchange Commission a shelf registration covering up to 300 mln dlrs of unsecured debt securities. Reuben Mark chairman and president of the company told this to a meeting of the New York Society of Security Analysts Colgate-Palmolive said in a release. Proceeds will be used for general corporate purposes. Reuter | COLGATE-PALMOLIVE <CL> PLANS TO FILE DEBT |
The Tanzanian government in its second annual budget since embarking on an economic recovery program inspired by the International Monetary Fund announced increases in fuel prices and sales tax and higher levies on government services. Finance Minister Cleopa Msuya said regular petrol would go up 52 pct with similar increases in the cost of premium and kerosene. Diesel would rise by 75 pct. Msuya said the government expected to spend 77.33 billion shillings in the financial year 1987/8 39 pct more than this years estimate. Revenue would provide 48.84 billion shillings leaving a deficit of 28.49 billion to be financed through domestic and foreign loans. Reuter | TANZANIA RAISES FUEL PRICES, TAXES IN BUDGET |
General Electric said it signed a 21 mln contract to build a 12.5 megawatt power plant fueled by agricultural waste for El Nido Biomass Power Plant Associates. GE said Pacific Gas and Electric Co will purchase the net electric output of the El Nido Calif. plant which is scheduled for completion in mid-1989. GE said the fuel system will be capable of firing up to six different types of agricultural waste and will primarily burn almond prunings cotton stalks and rice straw as well as other well as otehr alternate agricultural waste. Reuter | GE <GE> SIGNS CONTRACT ON SMALL POWER PLANT |
Canadas bank rate rose marginally to 8.59 pct from 8.58 pct last week Bank of Canada said. The bank rate is set one-quarter percentage point above the average yield on the weekly issue of 91-day treasury bills. This weeks yield was 8.34 pct compared with the previous weeks 8.33 pct. Tenders were accepted for 2.20 billion dlrs of 91-day bills at an average price of 97.963 dlrs against 97.965 dlrs last week. The 1.20 billion dlrs of 182-day bills were priced at an average 95.852 dlrs against 95.779 dlrs last week to yield an average 8.68 pct against 8.84 pct last week. The 500 mln dlrs of 364-day bills were priced at an average 91.712 dlrs against 91.529 dlrs last week to yield an average 9.06 pct against 9.28 pct last week. Tenders will be received next week for 2.20 billion dlrs of 91-day bills 1.20 billion dlrs of 182-day bills and 500 mln dlrs of 364-day bills. Reuter | CANADA BANK RATE RISES TO 8.59 PCT |
North American Biologicals Inc said it has received a 10 mln dlr credit facility from Manufacturers and Traders Trust Co of Buffalo N.Y. It said the new credit would replace an existing 4.4 mln dlr line with Barclays PLC <BCS.L> and due to more favorable interest rates borrowing costs should be significantly reduced. The company said half of the credit is designated for use in acquisitions. It said it expects to conclude an acquisition possibly outside its plasma and serum field by year-end. Reuter | NORTH AMERICAN <NBIO.O> GETS FINANCING |
Pengo Industries Inc said it has agreed to sell its Wireline Products Manufacturing Division in Fort Worth Texas Wireline Services Division operations in several locations and Pengo International Inc subsidiary to John Wood Group PLC for undisclosed terms. The company said the Wireline Services operations being sold are in Lafayette Houma and Harvey La. Alvin Odessa and Longview Texas and Moore Okla. Pengo said its Kuykenball Slickline operation in Moore and surplus wireline equipment operations in fort Worth and Cleburne Texas will be sold separately. Reuter | PENGO <PGO> TO SELL SOME WIRELINE OPERATIONS |
MOODY'S UPGRADES OHIO EDISON'S 2.7 BILLION DLRS OF DEBT |
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The EC Commission cereals management committee rejected all bids for licences to export free market Spanish barley to non-EC countries trade sources said. The licence requests were for 35000 tonnes at between 143 and 145 European Currency Units (ECUs) they said. This tender was part of a special tender for 500000 tonnes of Spanish barley. The sources said there had been no bids for licences for free market soft wheat and non-Spanish barley exports to non-EC countries. Reuter | EC REJECTS LICENCES FOR SPANISH BARLEY |
Senate Banking committee chairman William Proxmire D-Wis said no date had been set for Alan Greenspans confirmation hearing as Federal Reserve chairman because the White House had not formally sent his nomination to the Senate. Proxmire said in an interview that as soon as the White House completed its clearence procedures and sent Greenspans name to the Senate he would schedule a hearing on the replacement for Paul Volcker. The committee and the full Senate must confirm Greenspan. Volckers term expires in August. Reuter | PROXMIRE SAYS NO DATE SET FOR GREENSPAN HEARING |
Magic Years Child Care and Learning Centers Inc said it signed a letter of intent to acquire three profitable day care centers in south central Pennsylvania for a total price of 350000 dlrs. The three privately owned centers had aggregate revenues of 474000 dlrs in 1986 with profits of six thousand dlrs the company said. The transaction is scheduled to close in early July the company said. Reuter | MAGIC YEARS <KIDS.O> TO ACQUIRE THREE CENTERS |
A trade-led boom in the U.S. is unlikely this year or next because growth in net exports will merely offset a dramatic slowdown in consumer spending and other sectors of the economy Bank of America said in its latest economic report. Although net exports will add 0.7 pct to GNP this year after reducing it by 1.2 pct in 1986 consumer spending will contribute 1.4 pct less to GNP than it did last year. As a result GNP this year is likely to expand a modest 2.5 pct the same rate as last year according to Daniel Van Dyke the Bank of America economist who wrote the report. Growth in consumer spending in the United States will drop dramatically this year because the jump in inflation will cause a falloff in the growth of disposable income Van Dyke said. Growth in U.S. consumer spending is likely to slow to 1.8 pct this year from 4.1 pct in 1986 he predicted. The report was released before the Commerce Department reported today that personal income rose just 0.2 pct in May after increasing 0.4 pct in April and that personal consumption expenditures had risen just 0.1 pct compared with a 0.6 pct increase the month before. The rising cost of energy and imports is likely to boost consumer prices by an average of 3.7 pct this year up from 1.9 pct in 1986 Bank of America forecast. This rise in inflation will reduce real disposable income growth to only 1.3 pct in 1987 from 2.9 pct in 1986. As a result Van Dyke calculated that the purchasing power of an average family of four will increase by a modest 540 dlrs this year compared to a surge of 1210 dlrs during 1986. The slowdown in income growth is likely to cause housing starts to drop by 4.2 pct this year and a further six pct in 1988 to an annual rate of 1.63 mln units. For the first time in several years a recession in 1988 or 1989 is more than a remote possibility Van Dyke said. Currently U.S. growth is fragile and depends heavily on an improvement in trade. However with protectionist attitudes on the rise in this country this source of growth is at risk he added. Reuter | BANK OF AMERICA SEES SLOW U.S. CONSUMER SPENDING |
Hadron Inc said it has received a two mln dlr two-year contract from Martin Marietta Corp for information and logistical support services to be provided for the U.S. Navys electronic warfare programs. Reuter | HADRON <HDRN.O> GETS MARTIN MARIETTA <ML> PACT |
Everex Systems Inc said it has filed with the Securities and Exchange Commission to make an initial public offering of 5950000 shares of its common stock. Of the shares to be sold 4950000 wil be offered in the U.S. of which three mln will be issued and sold by the company and the balance will be sold by certain shareholders. In addition one mln shares will be sold outside the U.S. An underwriting group co-managed by Goldman Sachs and Co and Shearson Lehman Brothers Inc will offer the shares. Reuter | EVEREX SYSTEMS FILES INITIAL PUBLIC OFFER |
World Bank said it has loaned Portugal 50 mln dlrs to help improve its highway system. The bank loan is part of a 400.4 mln dlr three-year government financed project to rehabilitate or improve about 3410 miles of highway the bank said. It also said the project hopes to increase road safety by improving signs aiding enforcement of axle-load legislation and adding patrol cars and communications equipment. The loan is for 15 years including three years of grace at the standard variable interest rate currently 7.92 pct the bank said. Reuter | WORLD BANK LOANS PORTUGAL 50 MLN DLRS |
Vsevolod Murakhovsky head of the Soviet Agriculture Ministry observed trading this morning at the Winnipeg Commodity Exchange an exchange spokesman said. Murakhovsky led a delegation of 17 Soviet visitors to the exchange as part of a current cross-Canada tour. The party included Phylipp Popov a member of the Supreme Soviet. Murakhovsky is first deputy chairman of the Council of Ministers of the USSR and chairman of the Gosagroprom or Ministry of Agriculture. The delegation was accompanied by Harold Bjarnason assistant deputy minister Agriculture Canada. Reuter | SOVIET AGRICULTURE MINISTER IN WINNIPEG VISIT |
Opto Mechanik Inc a designer and manufacturer of military optical and electro-optical systems said it received 7.2 mln in contracts from domestic and foreign customers. Opto Mechanik said the series of contracts included a 3.8 mln dlr contract from the U.S. Army Missle Command to produce the sight used to guide the TOW anti-tank missle. Reuter | OPTO MECHANIK <OPTO.O> GETS 7.2 MLN IN CONTRACTS |
Brooklyn Union Gas Co a New York gas utility will see its gas costs up sharply as a result of Transco Energy Cos <E> decision to close its pipelines to transport spot gas sales energy industry analysts said. Brooklyn Union the fourth largest gas utility in the United States purchased 36 pct of its supplies on the spot or non-contract market in 1986 and the proportion of spot supplies was estimated much higher in the five months of 1987 analysts said. Texas Eastern pipelines <TET> the other competing pipeline to deliver spot gas from producing areas in the South closed its gate station for summer and Brooklyn Union has relied entirely on Transco for spot supplies. In the month of May Brooklyn Union paid about two dlrs per mln British Thermal Unit for spot gas while contract gas costs four to five dlrs per mln BTU industry sources said. Transco announced yesterday it would no longer provide open access to transport spot natural gas to its customers for fear of accumulating more take-or-pay liabilities. Take-or-pay contracts oblige pipelines to pay producers for gas even if delivery is not taken by its customers. Brooklyn Union will continue receiving a small amount of supplies from minor fields under a grandfather clause a Brooklyn Union official said. Foster Corwith gas analyst with Dean Witter Reynolds said most of the rising cost to Booklyn Union will be passed through to rate payers. While net effect on the company will not be known for several months because of the time lag in deferred earnings end-users especially residential and commercial customers will end up paying more for gas he said. Because the closure takes place in summer months when gas demand is at seasonal low the impact on cash flow would be small Curt Launer natural gas analyst with Donaldson Lufkin Jenrette said. If the situation persists into winter heating season high cost gas could cut in the companys profits he said. Gas utilities along eastern seaboard relying on Transco for spot gas such as North Carolina Natural Gas Co <NCNG> Piedmont Natural Gas Co <PNY> will face the same high cost factor as Brooklyn Union Steve Richards a supply manager with end users supply system a Houston based natural gas brokering firm said. But these companies are not unwitting victims of the take-or-pay dispute between Transco and producers he said. Distributors have turned a deaf ear to Transcos request for an inventory charge which reserves the pipeline facility for spot gas to be delivered to these companies he said. Without spot supplies the high cost of system gas will threaten to drive away large customers capable of shifting to alternative fuels he said. In absence of any guidelines on inventory charges from the Federal Energy Regulatory Commission the matter is being negotiated between pipelines and customers Richards said. Now that Transco has refused to transport cheap spot gas for them these distributors are likely to be more conciliatory on the inventory charge he said. Cool heads will prevail DLJs Launer said but it may take a while. Reuter | BROOKLYN UNION<BU> SEEN HURT BY PIPELINE CLOSURE |
Moodys Investors Service Inc said it upgraded Ohio Edison Cos 2.7 billion dlrs of debt securities. Raised to Baa-2 from Baa-3 were the utilitys first mortgage bonds preferred stock and secured pollution control issues and the guaranteed Euronotes of Ohio Edison Finance NV. Moodys upgraded Ohio Edisons unsecured issues and preference stock to Baa-3 from Ba-1. The likely approval of a 152 mln dlr or 10 pct rate hike by Ohio Public Utilities Commission significantly reduces a key component of financial risk. It would be implemented on Perry Unit Ones expected Fall in-service date Moodys said. Reuter | OHIO EDISON <OEC> UPGRADED BY MOODY'S |
Qtly div 18 cts vs 15 cts prior Pay July 30 Record July 10 Reuter | BIC CORP <BIC> RAISES QUARTERLY |
Reynolds Metals co said it plans to restart the last idle potuction line at its Troutdale Ore. primary aluminum plant. With the restart of this 22700-metric-tonne-per-year line Reynolds said it will be operating at 100 pct of its consolidated primary aluminum capacity of 695000 tonnes per year. Reynolds said work will commence on the potline restart in the near future and it is expected that actual metal production will begin on September one. The company said the start up was necessitated by continuing strong demand for aluminum and dwindling worldwide inventories and that the metal is needed to supply Reynolds various fabricating businesses. Reuter | REYNOLDS METALS <RLM> TO RESTART IDLE POTLINE |
<CBC Bancorp Inc> said it will be acquired by the Memphis-based Union Planters Corp <UPCM.O> in a merger agreement. Details were not disclosed. CBC which is the holding company which owns Cookevilles Citizens Bank said it has signed an agreement which would merge CBC with Union which has 2.2 billion dlrs in assets. According to CBC Union reported shareholders equity of nearly 190 mln dlrs for the period ending March 31. CBC said the merger will not affect Citizens Banks name management board of directors or employees. Reuter | CBC BANCORP TO BE ACQUIRED BY UNION PLANTERS |
TIE/Communications Inc said it has renewed agreements to sell its GTE Corp <GTE> Bell Atlantic Corp <BEL> NYNEX Corp <NYN> and US West Inc <USW> for two years. The company is providing small to mid-siezed key telephone systems to GTE and key systems hybrids and DATA STAR PABX systems to the others. Reuter | TIE/COMMUNICATIONS <TIE> RENEWS AGREEMENTS |
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