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PNC Financial corps Provident National Bank subsidiary said it is increasing the weighting of bonds in its investment portfolio due to the recent softening in the fixed-income markets. The bank said it is shifting the debt to equity mix of its balanced portfolios to 45 pct bonds/55 pct stocks from 40/60 and reducing the equity segments cash reserve to 25 pct from 30 pct. It said Based on the continued high valuation level of the stock market coupled with the recent temporary weakness in bond prices the relative attractiveness of the bond market is now at its highest level in over 18 months. Reuter | PNC FINANCIAL <PNCF.O> UNIT SHIFTS PORTFOLIO |
The Federal Home Loan Bank Board (FHLBB) placed Investors Federal Bank of El Reno Okla. in receivership and transferred its 97.8 mln dlrs n assets to the Investors Savings and Loan Association. An FHLBB statement said the failed thrift was insolvent and had substantially dissipated its assets largely through participating in large commercial real estate developments. It said the thrift violated federal laws and regulations on loan documentation loans to directors and apparent conflicts of interest. The sucessor organization is a federal savings and loan association which will be managed under contract by Sunwood Management Corp. of Parker Colo. REUTER | OKLAHOMA THRIFT IN RECEIVERSHIP |
Mthly div nine cts vs nine cts prior Pay Aug 14 Record July One Reuter | VMS MORTGAGE INVESTORS LP <VMLPZ.O> IN PAYOUT |
Canada Post presented its striking letter carriers with a new contract offer today but both sides said there was little indication the offer would end an increasingly violent three-day-old walkout. The strike has been especially bitter in Quebec where the federally regulated postal service has brought in replacement workers in contravention of provincial laws that prohibit hiring strikebreakers. Canada Post said letter carriers in Chicoutimi and Jonquiere Quebec damaged mail sorting rooms ripped out telephone lines and letter racks overturned furniture and threw mail on the floor before walking out to join carriers in other cities on the picket line. The rotating strike spread today to the Atlantic provinces and Vancouver. Carriers remained off the job in Edmonton and Vancouver while postal employees went back to work in Montreal Calgary and Cornwall Ontario. About 20 people were arrested in Eastern Canada as strikers scuffled with police called in to escort replacement workers across picket lines. Letter Carriers Union of Canada President Robert McGarry said the new offer to the unions 20000 members contained only minor changes and did not soften the agencys demand for concessions. Canada Post officials said the agency is limited by federal guidlines which order the agency to eliminate its 160 mln dlrs deficit by next year. Reuter | CANADA POSTAL UNION PREPARED TO REJECT NEW OFFER |
Chrysler Corp said Electrospace Systems Inc agreed to be acquired under a merger agreement in which Chrysler will tender 27 dlrs a share for 100 pct of the Richardson Texas-based defense electronics contractor. It said total cost to Chrysler to buy all of the outstanding stock would be about 367 mln dlrs. Electrospace Systems designs develops and installs communications and electronic systems and equipment for the specialized needs of military and commercial customers worldwide. Chrysler said Electrospace will help its Gulfstream operations grow in military and commercial aircraft sales. But it said there are no plans to merge Gulfstream and Electrospace. Rather they will operate as sister companies it said. Chrysler said its tender offer is expected to begin by June 25 and will be managed by First Boston Corp. For the fiscal year ended April 3 1987 Electrospace Systems had earnings of 10 mln dlrs on sales of 191 mln dlrs. The company employs 2500 people. About 92 pct of its sales were to the military. Reuter | CHRYSLER <C> TO TENDER FOR ELECTROSPACE <ELE> |
OPEC conference president Rilwanu Lukman said he expects next weeks ministerial meeting in Vienna to be brief and calm and that OPECs current price and production agreement may only need a slight review. I expect the meeting in Vienna to be short and calm Lukman who is also Nigerian oil minister told reporters here ahead of his departure on Sunday for the conference which starts June 25. We already have an agreement which may need only a slight review Lukman said. The agreement reached at a long session of OPEC ministers in December last year pegged the groups crude oil output at 15.8 mln bpd for first half 1987 at fixed prices of around 18 dlrs a barrel. Since then prices have risen from 15 dlrs in December to just above the official OPEC levels with oil industry analysts firmly convinced the organisation will maintain the agreement to keep the market stable. I myself believe that OPEC will tend to take a position to strengthen the gains we have made so far Lukman said. He declined to say if the current ceiling should be maintained or raised to 16.6 mln bpd for the third quarter and 18.3 mln for the fourth as provisionally agreed last December. Whatever decision we arrive at will be guided by our collective will to keep the market strong he said. He said non-OPEC member Norway which he visited two weeks ago had pledged further cooperation with the group and this was significant for its members. Lukman said heavy destocking by consumers early this year when OPECs fixed price regime came into effect and a restocking now for the winter was responsible for current market strength. Reuter | OPEC PRESIDENT LUKMAN EXPECTS SHORT, CALM MEETING |
Qtly div 21 cts vs 21 cts prior Pay Aug 14 Record July One Reuter | VMS MORTGAGE INVESTORS LP II <VMLPZ.O> IN PAYOUT |
Central Fund of Canada Ltd said it filed a registration statement with the U.S. Securities and Exchange Commission for a U.S. offering of 3250000 units each consisting of two class A shares and one warrant. Central Fund a specialized investment holding company said net proceeds will be used mainly to buy gold and silver bullion. The issue will be underwritten by Drexel Burnham Lambert Inc and Wood Gundy Inc. Reuter | CENTRAL FUND CANADA <CEF> PLANS U.S. ISSUE |
First Federal Savings Bank said it will take a 274000 dlr or 25 ct per share writeoff of its secondary reserve with the Federal Savings and Loan Insurance Corp in the third quartger ending June 30. Reuter | FIRST FEDERAL <FFSD.O> TO TAKE WRITEOFF |
Qtly div five cts vs five cts prior Pay July 10 Record June 30 Reuter | SUFFIELD FINANCIAL CORP <SFCP.O> SETS QUARTERLY |
<Metropolitan Life Insurance Co> said it has received a license to operate a health maintenance organization in Rhode Island called MetLife HealthCare Network of Rhode Island. Reuter | METROPOLITAN LIFE TO OPERATE RHODE ISLAND HMO |
The West German government will stick to its agreed timetable and introduce tax cuts worth 44 billion marks from 1990 Chancellor Helmut Kohl said. Kohl told a news conference The tax reform will be realised as agreed by the coalition after the (last general) election in January. He said the leadership of his own Christian Democratic party repeated its support for the tax reform timetable at a meeting this week. CDU vice-chairman Lothar Spaeth also reiterated his doubts about whether the reform was feasible as planned but received no support from other party members he added. Kohl said the government intends to decide by the autumn how to raise around 19 billion marks still needed to finance the tax reform. Subsidies paid to ailing industries are the main target for trimming to pay for the tax reform. But politicians both inside and outside the government have expressed doubts about making politically painful cuts in subsidies. REUTER | BONN WILL HOLD TAX REFORM TIMETABLE, KOHL SAYS |
Qtly div 30-1/2 cts vs 30-1/2 cts prior Pay Aug 15 Record June 30 Reuter | MOTEL 6 L.P. <SIX> SETS QUARTERLY |
Becor Western Inc said <Davis Mining and Manufacturing Inc> has amended its offer for the company. Becor said the cash portion of the offer remains unchanged at 10.45 dlrs a share but the principal amount of debentures would increase to 3.50 dlrs from 3.00 dlrs a Becor share. The amended offer also includes 1.50 dlrs face value of the surviving corporations 12.5 pct nonvoting cumulative preferred not included in the previous offer and reduces the amount of the surviving corporations common to be held by present shareholders to 55 pct from 60 pct. Becor Western the amended Davis Mining offer is suject to confirmation of certain due diligence information. Becor also said discussions continue with one other possible bidder which it still has not been identified. Again the company said it expects discussions with the other possible investor to conclude shortly. At that time the board will evaluate all the then existing offers for Becor it added. Reuter | DAVIS MINING REVISES OFFER FOR BECOR <BCW> |
MTech Corp said it has received 33467 shares of Commercial Resources Corp in response to its 10.25 dlr per share tender offer for all 150000 shares. The company said it has extended the offer until July 2. It was to have expired yesterday. Reuter | MTECH <MTCH> HAS 33,467 COMMERCIAL SHARES |
Deposit Guaranty National Bank said it will add 8.1 mln dlrs to its loan loss reserve during the second quarter to cover potential foreign debt exposure in Latin America. It said the action will reduce second quarter earnings of Deposit Guaranty Corp the banks parent by about 60 cts a share. It said the corporation will have a profitable quarter and also a strong earnings year in 1987. Following the increase Deposit Guaranty said its loan loss reserve will total about 37 mln dlrs or 1.9 pct of total outstanding loans. Reuter | DEPOSIT GUARANTY <DEPS.O> ADDS LOAN LOSSES |
An organization of Tennessee Valley Authority industrial customers said it has joined the TVA in asking a court to prevent the U.S. Department of Energy from witholding contracted payments to TVA. The Tennessee Valley Industrial Committee said it is seeking permission to intervene in TVAs federal district court lawsuit requesting DOE be enjoined from witholding payments due under minimum demand provisions of the TVAs contract to supply electricity to uranium enrichment facilities at Oak Ridge Tenn. and Paducah Ky. Such provisions obligate TVA to make available a certain amount of power and the customer -- in this case the DOE -- agrees to pay the fixed costs associated with that amount of power whether is is used or not. The committee represents 27 large energy-intensive industries with operations in the TVA service area. These industries like DOE are served directly by TVA as opposed to going through a local distributors. The TVA has said DOEs intention announced last week to withhold increasing percentages of its electric bill will result in a revenue shortfall of about 250 mln dlrs and force an about six pct rate increase to all other customers. Reuter | TVA CUSTOMERS ASK COURT REQUIRE DOE PAYMENT |
Xiox Corp said it has changed its state of incorporation to Delaware from California. Reuter | XIOX <XIOX.O> REINCORPORATES IN DELAWARE |
Qmax Technology Corp said it has reorganized into three operating groups: Pharmaceutical Technology Group Cosmetic Technology Group and Thermometry Technology Ltd. Reuter | QMAX TECHNOLOGY <QMAX.O> SETS NEW STRUCTURE |
Shr loss 14 cts vs loss 35 cts Net loss 3718908 vs loss 6714372 Revs 22.8 mln vs 14.4 mln Avg shrs 25.7 mln vs 19.2 mln Nine mths Shr loss 1.02 dlrs vs loss 1.46 dlrs Net loss 24.4 mln vs loss 28.1 mln Revs 61.7 mln vs 28.9 mln Avg shrs 23.8 mln vs 19.2 mln Reuter | MICRON TECHNOLOGY INC <DRAM.O> 3RD QTR JUNE FOUR |
C.O.M.B. Co said its Cable Value Network (CVN) unit has reached an agreement in principle with Tele-Communications Inc <TCOM.O> to extend its current affiliation agreement to a new seven-year term. C.O.M.B. is a direct mail and video marketing company. Reuter | C.O.M.B. <CMCO.O> UNIT IN NEW SEVEN-YEAR PACT |
OSHAP Technologies Ltd said it formed a joint venture with the Regional Investment Co of the Wallon Region a Belgian government-controlled investment company. It said the agreement is subject to approval of the Israeli Controller of Foreign Exchange. Under the agreement OSHAP will establish a new corporation which will own all of OSHAPs operations in Europe including its manufacturing facility in Antwerp Belgium and distribution rights to OSHAPs other products in Europe. The newly formed company will acquire from the Regional Investment Co of the Walloon Region (SPIW) about 88 pct of Pegard Productics S.A. and SPIW will be entitled to receive for its interest in Pegard about 37 pct of the outstanding shares of the new company. In addition if the National Investment Co of Belgium a Belgium government controlled investment company chooses to participate in the transaction it will be entitled to receive a 4.7 pct stake in the new company for its 12 pct interest in Pegard. Reuter | OSHAP TECHNOLOGIES <OSHSF.O> IN JOINT VENTURE |
Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating todays hog slaughter at about 265000 to 270000 head versus 275000 week ago and 248000 a year ago. Saturdays hog slaughter is guesstimated at about 30000 to 45000 head. Cattle slaughter is guesstimated at about 127000 to 130000 head versus 132000 week ago and 132000 a year ago. Saturdays cattle slaughter is guesstimated at about 25000 to 40000 head. Reuter | HOG AND CATTLE SLAUGHTER GUESSTIMATES |
Investment banker Drexel Burnham Lambert Inc said it has privately placed 180 mln dlrs of multi-class real estate mortgage investment conduits or REMICs of Integrated Resources Incs Capitol Life Insurance Co subsidiary. The company said the REMICs were placed in two series of about 300 seasoned multifamily and commercial loans each. Reuter | INTEGRATED RESOURCES <IRE> UNIT OFFERS DEBT |
Senate majority leader Robert Byrd urged President Reagan to negotiate with the Democratic-led Congress over budget matters. He told reporters that Reagan and Republicans failed to help write the budget expected to get final congressional approval next week. He said it was time for Reagan to move from his hobby horse and get into the negotiations over tax and defence matters the two issues dividing Reagan and Democrats. Reagan has said he would veto any bill implementing the suggested 19 billion dlrs in 1988 taxes in the budget. Reuter | BYRD URGES REAGAN TO GET INVOLVED IN BUDGET |
Digital Optronics Corp said it has filed for an initial public offering of 850000 common shares at an expected price of six to 6.50 dlrs a share through underwriters led by Yorke McCarter Owen and Bartels Inc and Norris and Hirshberg Inc. The company said Acme-Cleveland Corp <AMT> and Digital Signal Corp are investors in Digital Optronics. which makes artifical vision sensors and laser radar. Reuter | <DIGITAL OPTRONICS CORP> SETS INITIAL OFFERING |
The proposed 500 mln Hong Kong dlr transferable loan facility for <South China Morning Post Co Ltd> a unit of News Corp Ltd <NCPA.S> will be raised to 888 mln dlrs lead manager Manufacturers Hanover Asia Ltd said. The loan was more than three times oversubscribed in syndication with 1.2 billion dlrs raised. Manufacturers Hanover Asia and the other three lead managers Amsterdam-Rotterdam Bank Bank of Tokyo and Westpac Banking Corp will each contribute 36 mln dlrs. There are 33 managers and seven co-managers. Allotments for managers who were invited to contribute 40 mln dlrs will be cut to 20 mln dlrs while those for co-managers invited to contribute 25 mln dlrs will be reduced to 12 mln dlrs. The five-year loan facility with a 3-1/2 year grace period will be borrowed under the name of South China Morning Post Finance Ltd and guaranteed by News Corp. Interest is set at 1/2 percentage point over Hong Kong interbank offered rate for the first two years rising to 5/8 point thereafter. REUTER | NEWS CORP UNIT LOAN TO RISE TO 888 MLN H.K. DLRS |
Qtly div 22 cts vs 22 cts prior Pay July 10 Record June 29 Reuter | SOUTHEAST BANKING CORP <STB> SETS QUARTERLY |
Nippon Oil and Fats Co Ltd is issuing a 70 mln dlr equity warrant eurobond due July 15 1992 with an indicated coupon of 1-3/8 pct and par pricing lead manager Yamaichi International (Europe) Ltd said. The issue is guaranteed by Fuji Bank Ltd and final terms will be fixed on June 25. The selling concession is 1-1/2 pct while management and underwriting combined pays 3/4 pct. The issue is available in denominations of 5000 dlrs and will be listed in Luxembourg. The payment date is July 15 and the warrants are exercisable from July 29 1987 until June 30 1992. REUTER | NIPPON OIL AND FATS ISSUES EQUITY WARRANT EUROBOND |
Total Erickson Resources Ltd and Consolidated Silver Standard Mines Ltd <CDS.V> said that Total Erickson has purchased all Consolidateds interests in its Dome Mountain property for 60000 Total Erickson shares and 70000 dlrs in cash. The companies said the property has several gold-bearing veins and has considerable exploration potential. Reuter | TOTAL ERICKSON <TLE.T> BUYS MINING PROPERTY |
Southern National Corp said its board approved increasing the dividend rate to 78 cts a year from 76 cts effective with the next quarterly dividend which will be declared in July payable August One. Reuter | SOUTHERN NATIONAL CORP <SNAT.O> RAISING PAYOUT |
Beta Phase Inc said it has negotiated the first major sale of its SMArtClamp electronic intravenous infusion device. The company said Sharp Memorial Hospital which participated in clinical tests of the device has ordered 100 SMArtClamps. Reuter | BETA PHASE <BETA.O> LANDS FIRST MAJOR SALE |
National Computer Systems Inc said it agreed to acquire Deluxe Check Printers Incs <DLX> 38 pct stake in Data Card Corp. National Computer said it plans to issue 45 mln dlrs in five year subordinated convertible debentures to purchase the 3749401 shares of Data Card from Deluxe. Completion of the proposed transaction subject to regulatory approval is expected in mid-July it said. The debenture will bear an increasing rate of interest over its term with a 7.3 pct weighted average rate and will be convertible into National Computer common stock at 20 dlrs a share it said. Separately Deluxe said its Data Card investment no longer fits its business strategy. Deluxe has held an interest in Data Card since 1975 when it provided funds for Data Card to buy Troy Computer Products Corp. In November 1986 Data Card said it planned to sell its Troy division. Reuter | NAT'L COMPUTER <NLCS.O> TO BUY DATA CARD STAKE |
DEBT RESCHEDULING PACKAGE FOR NIGERIA MAY BE SIGNED BY MID-SEPTEMBER, BARCLAYS/NIGERIA SAY |
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Canadas sweeping tax reform package announced today is an important step towards a fairer system but is not as bold a revamp of the tax structure as some had expected economists and business leaders said. Its the biggest step towards tax reform weve taken in a great many years Merrill Lynch Canada Inc chief economist Michael Manford told Reuters. But the system is the same old system with a lot of important changes as opposed to a brand new system he added. Manford said changes introduced by Finance Minister Michael Wilson did not go far enough in simplifying the federal tax system. They represent evolutionary rather than revolutionary reform. Overall I thought that it was a more timid step than we were led to believe he said. Wilsons move to increase money collected from corporations while cutting individual taxes is probably an acceptable shift said Bill James president of Falconbridge Ltd an international mining company. Wilson spread corporate tax increases fairly evenly across the corporate sector James said. So its not going to hit anyone too hard and we will remain competitive. Wilson said in his speech to the House of Commons that Canadas tax system needed to be changed to compete with sweeping reforms in the United States last year. The critical thing on the corporate side is that Wilson moved most of the taxes much closer to the U.S. System Manford said. The federal government increased taxes paid by corporations by about five billion dlrs over the next five years but lowered personal taxes by 11 billion dlrs in the same period. Despite collecting more corporate taxes Wilson was able to lower the tax rate on individual companies by removing many special tax exemptions and broadening the tax base. Wilsons plan also reduced the capital cost allowance used by companies to write off major investments which some business spokesmen said will hurt business in the long run. That will affect some investment decisions negatively said Laurent Thiebeault Canadian Manufacturers Association president. Tax analysts said for some industries it will take several days to assess the impact of the capital cost allowance reductions that will be made over a number of years. As anticipated Canadas opposition parties signalled they intend to fight the new tax measures as they are introduced in Parliament over the next few months. Its not tax reform its a tax grab said Liberal leader John Turner. Turner labelled changes to the federal sales tax a money machine for the minister of finance. Wilson broadened the federal sales tax to include additional products and also promised to introduce a broad-based multi-staged sales tax. Its not at all a fair package and Canadians are going to see that very quickly New Democratic Party leader Ed Broadbent said. However economist Manford said Wilson acted wisely to protect lower income Canadians by providing tax credits that will cut 850000 people from the tax rolls. Reuter | CANADIAN TAX REFORM CALLED AN IMPORTANT STEP |
The wet cold weather which has shrouded northern Europe recently is not a real problem for farmers yet a spokeswoman for Frances largest farm union FNSEA said. The bad weather has only affected the northern part of France while the Mediterranean region needs more moisture. Sugar beet producers said the climatic conditions are not causing them any difficulties yet although there could be problems if there is a lack of sun in the next few weeks. The only real problem is for fruit producers in the north as people are consuming less fresh fruit and excessive rain rots the crop she said. Reuter | WET WEATHER SEEN NO PROBLEM YET FOR FRENCH FARMS |
Microsemi Corp a supplier of semiconductor products and assemblies said it has acquired the operating assets of <Hybrid Components Inc> for 2.2 mln dlrs in cash. Microsemi said the purchase includes the fixed assets software inventories technology intellectual properties and other business operations of HCI. The company said HCI will continue to operate its Beverly plant as a subsidiary of Microsemi. Reuter | MICROSEMI <MSCC.O> ACQUIRES HYBRID COMPONENTS |
A target date of mid-September has been set for the signing of a package rescheduling Nigerias medium term public sector debt and outstanding letter of credit claims Nigeria and Barclays Bank Plc said in a joint statement. The statement was issued during the last of a two day meeting here between the two sides. Barclays is a co-chairman of the commercial bank steering committee. The statement said Further progress has been made in the 1986/87 rescheduling of medium term public sector debt and outstanding letter of credit claims. REUTER | NIGERIA MAY SIGN DEBT RESCHEDULING IN SEPTEMBER |
Qtly div 15 cts vs 15 cts previously Pay August One Record July 22 Reuter | CITIZENS FIRST BANCORP INC <CFB> DIVIDEND SET |
Theragenics Corp said it will receive a U.S. patent on its TheraSeed localized radiation therapy for treatment of prostate cancer effective June 23. It said it has obtained product liability insurance for Theraseed and expects commercial sales and distribution to start by July 15. Reuter | THERAGENICS <THRX.O> GETS CANCER PROCESS PATENT |
President Reagan said he would veto a House-passed trade bill requiring mandatory retaliation for unfair trade if it reached its desk in its present form. In a statement at a White House meeting with Senate Republicans on the legislation he said: I would have no choice but to veto that bill in its present form. He said the measure would move us exactly in the wrong direction towards high tariffs trade barriers trade distorting subsidies slow growth and crimped world markets and would destroy jobs. Reuter | REAGAN SAYS TRADE BILL FACES VETO IN PRESENT FORM |
Sudan has set aside 781.6 mln dlrs to service foreign debts in 1987/88 according to budget plans presented to parliament. This compares with 200 mln dlrs earmarked for debt repayment in the year ending June 30. Sudan has a foreign debt totalling 10.6 billion dlrs. Finance Minister Beshir Omar presenting plans to parliament last night put the budget deficit at 2.88 billion pounds against 2.85 billion in 1986/87. He said the budget would be the first in a four-year economic recovery plan to be announced by the end of December. Of the total set aside for debt servicing Omar said 574.6 mln dlrs would go to principal and 207 mln to interest payments. Sudan has an annual debt liability of 900 mln dlrs Khartoum-based Western experts say. Omar said last March it would be difficult if not impossible for Sudan to meet scheduled debt repayments of 4.17 billion dlrs over the next five years. He said last night Sudan was 2.6 billion dlrs in arrears on debt repayments in the first half of this year. The experts say Sudan owes 23 pct of its foreign debt to Western government creditors 32 pct to governments of Eastern bloc and Arab countries and 21 pct to commercial banks with most of the rest owed to multilateral sources. Sudan unable to fully service its debts since 1985 and declared ineligible last year by the International Monetary Fund for fresh loans has been servicing only creditors banned from extending fresh loans to recipients in arrears. Omar said government revenue in 1987/88 would total 3.9 billion pounds. Expenditure was put at 6.79 billion pounds. He said the budget deficit would be fully covered by loans government deposits and other sources. Omar said 375 mln pounds would be spent on subsidising sugar and wheat flour prices in 1987/88. He said some of Sudans Western backers were witholding aid until an agreement with the IMF was reached. Sudan which owes the IMF 450 to 500 mln dlrs in arrears is scheduled to hold fresh talks with the Fund in late July or August on reforming its economy and clearing arrears. REUTER | SUDAN BOOSTS BUDGET CASH FOR DEBT SERVICING |
Ghana has lifted a ban on rice and maize imports due to crop problems caused by unusually dry weather the official Ghana News Agency (GNA) reported today. Secretary for Finance and Economic Planning Kwesi Botchwey made the announcement last night while accepting 7891 tonnes of rice worth about four mln dlrs under a Japanese food aid programme. The lifting of the ban imposed earlier this year follows government concern over lower than average rainfall in southern Ghana and its implications for the major harvest. Botchwey said rain has been lacking in major cereal growing areas throughout the south this year. The Ministry of Agriculture has predicted a fall of at least 25 pct in all major staple crops including maize rice and cassava. GNA quoted Botchwey as saying that while the consequences of current reduced rainfall will be nowhere near the drought experiences of 1982/83 the government has taken steps to alleviate anticipated food production shortfalls. The failure of seasonal rains has already seriously affected drinking water supplies farming and fishing in parts of the Central and Volta regions of Ghana where rivers have dried up. Reuter | GHANA LIFTS RICE/MAIZE IMPORT BAN DUE TO DROUGHT |
Microtel a fiber optic long distance company said it plans to lower rates for interstate one plus dialing by 4.8 pct and LaserPLUS WATS service by 7.4 pct effective July 15. Reuter | <MICROTEL> TO LOWER LONG DISTANCE RATES |
Bank of England governor Robin Leigh-Pemberton said lowering interest rates too fast could jeopardise recent economic achievements in the U.K. In remarks prepared for delivery to businessmen in Birmingham he said prospective returns on real investment are more favourable relative to those on financial assets than for a good number of years. It would surely be foolish to put that favourable conjuncture at risk by lowering interest rates prematurely or excessively he said. We might enjoy a short-term boost to activity but at the risk of a damaging return to the uncertainty and acrimony of high inflation he added. Leigh-Pemberton said he recognised there are some who would argue that interest rates are still too high and deter investment in industry. But we should not forget that less than a year ago we were intervening to support sterling and had some temporary difficulty in persuading the markets that a one pct increase in base rates to 11 pct was a sufficient tightening of policy at the time he added. Base rate is currently nine pct. REUTER | U.K. CENTRAL BANK WARNS OF EXCESSIVE RATE CUTS |
AMERICAN GREETINGS CORP 1ST QTR SHR 42 CTS VS 53 CTS |
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There will be no serious bids at European Community open market tenders for wheat and barley until EC farm ministers agree to the 1987/88 farm price package trade sources said. The failure of farm ministers this week to come to an agreement resulted in no bids at this weeks tender for export subsidies and traders said bids are unlikely as long as the uncertainty remains. One trader said permanent damage to export prospects can be avoided if an agreemend can be reached soon but the situation will become more serious as time passes. However traders said there seem to be few buyers around lessening the disruptive impact of the delay. Poland and South Korea who are in the market for feed wheat will be offered intervention grain through special tenders traders said. Reuter | FAILURE OF EC FARM PRICE TALKS DISRUPTS TENDERS |
Period ended May 31 Shr 42 cts vs 53 cts Net 13600000 vs 17100000 Revs 263.3 mln vs 243.8 mln Reuter | AMERICAN GREETINGS CORP <AGREA.O> 1ST QTR NET |
Period ended May 31 Shr 42 cts vs 53 cts Net 13600000 vs 17100000 Revs 263.3 mln vs 243.8 mln Reuter | AMERICAN GREETINGS CORP <AGREA.O> 1ST QTR NET |
Qtly div 18 cts vs 16.6 cts prior Pay July 20 Record June 30 NOTE: Prior payment adjusted for three-for-one stock split. In April company had announced its intention to raise the dividend. Reuter | TEXAS INSTRUMENTS INC <TXN> RAISES QUARTERLY |
Healthcare Services of America Inc said its chairman and chief executive officer Charles Speir resigned and its president and chief operating officer Thomas Rodgaers Jr was relieved of his duties. Michael Cronin will take over as chairman and Michael Murphy as acting president and chief executive officer the company said. Cronin has been a director of the company since 1983 and Murphy has been a consultant to the compay Healthcare Services said. Reuter | HEALTHCARE SERVICES <HSAI.O> NAMES EXECUTIVES |
Shr 4.61 dlrs vs 4.28 dlrs Net 663.3 mln vs 590.8 mln Rev 4.03 billion vs 4.06 billion Avg shares 143.9 mln vs 138.2 mln Reuter | TEXAS UTILITIES CO <TXU> 12 MOS MAY 31 NET |
Qtrly 57 cts vs 30 cts Pay July 15 Record June 30 NOTE: recent dividend based two-for-one stock split effected Wednesday June 17. Based on pre-split shares the dividend would have been 60 cts. Reuter | NATIONAL FUEL GAS CO <NFG> INCREASES DIVIDEND |
GTE Corp said its Fiber Optic Products division was awarded a 250000 dlr minimum contract by NYNEX Corps <NYN> Enterprise Co. The bulk of the agreement applies to GTEs elastomeric glass tube splice products the company said as well as other fiber optic components including GTEs recently-introduced cleaving tool and installation kit. Reuter | GTE <GTE> UNIT GETS CONTRACT FOR PRODUCTS |
<Alaska Micro Systems> a Kaypro dealer said the Anchorage School District chose it to provide 116000 dlrs of computer equipment to Chugiak High School for computer and typing classes. Reuter | KAYPRO <KPRO.O> DEALER WINS NETWORKING CONTRACT |
Period ended April 30 Shr profit nil vs loss eight cts Net profit 4000 vs loss 213000 Sales 3668000 vs 2602000 Year Shr loss 18 cts vs loss 23 cts Net loss 482000 vs loss 614000 Sales 12.5 mln vs 13.6 mln NOTE: 1987 earnings in each period include a provision for unrealized loss on marketable securities of 176000 dlrs Reuter | BOSTON DIGITAL CORP <BOST.O> 4TH QTR NET |
Qtly div 8.5 cts vs 8.5 cts prior Pay Aug Five Record July 20 NOTE: Federated Financial Savings and Loan Association. Reuter | FEDERATED FINANCIAL SAVINGS <FEDF.O> IN PAYOUT |
Colonial Bancgroup said it agreed to buy <First National Bank of Destin> for an undisclosed sum. The company said if it is approved the sale will mark its second move to acquire a Florida bank. It said it signed a letter of intent to buy Liberty Bank of Pensacola in April. Reuter | COLONIAL BANCGROUP <CLBGA> BUYS DESTIN BANK |
Chrysler Corp said it has no intention of increasing its offer for Electrospace Systems Inc <ELE>. Chrysler agreed to purchase the Texas-based defense electronics contractor in a tender offer of 27 dlrs a share for a total value of about 367 mln dlrs. Eletrospace shares closed yesterday on the NYSE at 30-1/8. We have no intention of increasing the offer a company spokeswoman said. We believe it is adequate and will be accepted. She said the proposed transaction was unanimously recommended by the board of directors and principal shareholders of Electrospace. Further she noted that the 27 dlrs tender offer price is 50 pct above the price of Electrospaces shares before April 30 when it put itself up for sale. Reuter | CHRYSLER <C> HAS NO PLANS TO RAISE BID |
TEXACO CANADA RAISES CRUDE OIL POSTINGS 24 CANADIAN CTS/BBL, LIGHT SWEET NOW 25.60 DLRS/BBL |
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Armco said its Northern Automatic Electric Foundry Co unit formed a joint venture company with Stelco Inc <STE.TO> unit Stelco Erie Corp. The companies said the new firm which will be called M.E. International will represent an investment of 15 mln dlrs for the companies involved. They said the venture will produce cast grinding media and mill liners for the mining industry. The companies said the venture will also include the assets of the Evans Duluth Steel Castings Co which have been bought from the Evans Asset Holding Co for an undisclosed sum. Reuter | ARMCO INC <AS> UNIT FORMS JOINT VENTURE FIRM |
Computer Products Inc is raising 35 mln dlrs through an offering of convertible subordinated debentures due 1997 with a 9-1/2 pct coupon and par pricing said sole manager Robinson-Humphrey Co Inc. The debentures are convertible into the companys common stock at 4.625 dlrs per share representing a premium of 23.33 pct over the stock price when terms on the debt were set. Non-callable for three years the issue is rated B-3 by Moodys and CCC-minus by Standard and Poors. The gross spread is 38.75 dlrs the selling concession is 20 dlrs and the reallowance is 10 dlrs. Reuter | COMPUTER PRODUCTS <CPRD> SELLS CONVERTIBLE DEBT |
Federated Financial Savings and Loan Association said it wrote off its FSLIC secondary reserve balance previously carried as an asset as required by the Federal Home Loan Bank Board. The reduction of income is estimated to be 16 cts per share but the company said it will record a profit for the third quarter ending June 30. Federated said the elimination of the reserve will not affect its ability to pay dividends to stockholders and will have a minimal impact on annual profits for the fiscal year ending Sept 30 1987. Federated said the secondary reserve consists of previous contributions to the FSLIC fund in excess of insurance premiums along with accumulated earnings on those contributions. Reuter | FEDERATED FINANCIAL <FEDF.O> WRITES OFF RESERVE |
Northeast Savings said its board declared an initial quarterly dividend of 15 cts per share payable August One record July 17. Reuter | NORTHEAST SAVINGS <NESA.O> SETS INITIAL PAYOUT |
S/P WITHDRAWS RATINGS ON CAESARS WORLD, CITES REFINANCE PLAN |
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Network Security Corp said three of its major shareholders have executed definitive agreements to sell their shares to Inspectorate International <INSZ.Z> SA. The company said its previously-announced merger into Inspectorate is still subject to approval by Network shareholders. Reuter | NETWORK SECURITY <NTWK.O> HOLDERS TO SELL STOCK |
<Melamine Chemicals Inc> said it has filed for an initial public offering of 2800000 common shares through underwriters led by PaineWebber Group Inc <PWJ>. The company said it will sell 1400000 shares and the rest will be sold by Ashland Oil Inc <ASH> and First Mississippi Corp <FRM> Melamines two shareholders. Proceeds will be used to build a new melamine plant buy the existing plant from Ashland and First Mississippi and part of a special dividend to Ashland and First Mississippi. In Ashland Ky. Ashland Oil said it is selling 700000 shares and First Mississippi 700000 of Melamine. Reuter | MELAMINE CHEMICALS FILES FOR INITIAL OFFERING |
Qtly div 75 cts vs 75 cts prior Pay July 14 Record June 30 Note:the companys full name is American Federal Savings and Loans Association of Colorado Reuter | AMERICAN FEDERAL SAVINGS <AFSL.O> QTLY DIV |
More U.K. Lenders are offering homebuyers fixed interest rate mortgages under which the borrower makes the same monthly payment no matter what happens to other interest rates. And with mortgage rates now at their lowest levels in years the loans have been snapped up by eager home buyers trying to lock into cheap money. The decision to offer fixed rate loans industry officials said reflects the increasingly competitive nature of the home mortgage business. While fixed rate mortgages are uncommon in the U.K. They were the mainstay of the business in the U.S. Up until only a few years ago. But in the early 1980s interest rates soared. U.S. Lenders mostly savings and loan associations were earning rates as low as three pct on 30 year fixed rate mortgages they held in their portfolios but had to pay depositors rates as high as 15 pct to induce them to retain their accounts. As a result hundreds of institutions collapsed or were forced to merge. The survivors decided to offer mortgages whose rates would move in line with the cost of funds. We very much have the example of the U.S. Thrifts in mind said a spokesman for Abbey National Building Society explaining why his institution for the time being is only offering variable rate mortgages. The rash of advertising to solicit new business has helped homebuyers to become even choosier about loans and lenders concede they are being forced to undercut each other still more. Sharp cuts on variable rate mortgages announced earlier this week by the nations two largest building societies and by National Westminster Bank Plc reflect growing competition for new business officials at all three institutions said. The fixed rate mortgages on offer carry interest rates even below those on the variable rate loans. Of course they are less profitable than other (variable rate) mortgages said a spokesman for Midland Bank Plc which earlier this year said it earmarked 500 mln dlrs for fixed rate new mortgage loans. But he said the bank is willing to offer less profitable loans because It was just another way to attract people to our mortgage product. Trustee Savings Bank Plc (TSB) was offering five year fixed rate mortgages at 9.9 pct earlier this year. The 100 mln stg that TSB set aside for the loans was exhausted within just a few days according to a spokeswoman. Everybody loves an under 10 pct mortgage she said noting that within five days the bank loaned the equivalent of 25 pct of its 1986 volume. In short the appeal of fixed rate mortgages is that they offer an opportunity to gamble on the direction of interest rates. If interest rates fall after the mortgage is made the lender is earning an above average return on assets. But if interest rates rise it is the homebuyer who has won the benefit of cheap money. Household Mortgage Co had planned to offer a 25 year fixed rate mortgage after the June 11 elections on the assumption that a Conservative Party victory would help money market rates fall further according to Duncan Young managing director. Young explained that the company had planned to protect itself against the chance of rising interest rates by buying a complicated hedging instrument. But money market rates have risen contrary to expectations and the company has shelved its plans for the time being. He said money market rates were too high to arrange both the mortgages and hedge profitably. However he said that when the Household Mortgage Co does make fixed rate mortgages it is likely to securitise them. This means bundling different mortgages together to resemble a bond and selling them to an investor. For technical reasons securitisation is simpler and more efficient with fixed rate rather than with floating rate mortgages. In the U.S. Where fixed rate mortgages are popular again securitisation has provided the bulk of mortgage money over the past few years. REUTER | U.K. LENDERS OFFER MORE FIXED RATE MORTGAGES |
Qtly div 8.5 cts vs 8.5 cts Pay August five Record July 20 NOTE: Full company name is Federated Financial Savings and Loan Association. Reuter | FEDERATED FINANCIAL <FEDF.O> SETS REGULAR DIV |
Texaco Incs Texaco Canada said it will raise postings for its Edmonton/Swann Hills crude by 24 canadian cts a barrel effective June 20. The company said the new posting for Edmonton/Swann Hills will be 25.60 dlrs a barrel. The price hike follows a round of crude oil price increases started late June 17 by Sun Co. The other major canadian crude suppliers raised prices June 18. Reuter | TEXACO <TXC> CANADA TO RAISE CRUDE OIL POSTINGS |
Qtly div 25 cts vs 22 cts prior qtr Pay 20 July Record 30 June Reuter | ALLIANCE FEDERAL CORP <ALFL.O> HIKES DIVIDEND |
Activision said it has released a new version of Paintworks Plus a creativity and self-expression program called Version 1.01. The new version for use on the Apple Computer Inc <AAPL.O> Apple IIGS includes a variety of features and functions not incorporated in the original program Activision said. The company added that registered owners of Paintworks Plus can get Version 1.01 free by submitting the front cover of their program manual as proof-of-purchase. For others the program sells for 79.95 dlrs Activision said. Reuter | ACTIVISION <AVSN.O> RELEASES ENHANCED PROGRAM |
Qtly div 10 cts vs 10 cts prior qtr Pay 1 September Record 6 August Reuter | ILLINOIS TOOL WORLS INC <ITW> VOTES DIVIDEND |
Qtly div five cts vs five cts prior Pay July 15 Record June 30 Reuter | UNIVERSITY BANK AND TRUST CO <UBTC.O> DIVIDEND |
Norways central bank reserves totalled 73.71 billion crowns in May against 76.06 billion in April and 95.02 billion in May 1986 the Central Bank said in its monthly report. Foreign exchange reserves totalled 70.3 billion crowns compared with 68.4 billion in April and 88.0 billion a year ago. Gold reserves were unchanged from Aprils 284.8 mln crowns and also unchanged from the year-ago figure. Central Bank special drawing right holdings were 3.16 billion crowns compared with 3.06 billion in April and 2.51 billion in May 1986. REUTER | NORWEGIAN CENTRAL BANK RESERVES FALL IN MAY |
Rising water levels on the Rhine caused by heavy rain are delaying an operation near Karlsruhe to raise two sunken boats which have blocked the rivers main navigation channel since early last week a Karlsruhe water authority spokesman said. He said two floating cranes were unable to begin lifting the sunken tug Orinoko and its lighter because the water level had reached 815 centimetres and was forecast to rise to 820-830 cm by tomorrow. He was unable to say when the operation might begin. Meanwhile high water at Cologne has forced vessels to travel at reduced speed a water authority spokesman in Cologne said. But a water authority spokesman in Duisburg 60 kms north of Cologne said vessels there were moving normally. Reuter | HIGH WATER EXTENDS RHINE RIVER BLOCKAGE |
Dutch public authorities are on course to meet the 1987 public sector deficit target of 7.9 pct of net national income (NNI) despite excess spending by the central government according to a leaked official report. The so-called Spring Report giving latest revenue and expenditure figures and to be discussed by the Dutch cabinet today was leaked in advance to the Dutch press. The Dutch Finance Ministry declined to comment on the press reports. Newspapers quoted the report drafted by Finance Minister Onno Ruding as saying unexpected rises in revenue would compensate for excess spending of 3.1 billion guilders. Ruding putting this years public sector borrowing requirement 0.1 percentage point below last Septembers target at 7.8 pct criticised the excess spending but will not seek additional spending cuts for 1987 because of the surprise boost in revenue the report was quoted as saying. Excess spending by the central government was put at 2.8 billion guilders while market factors accounted for another 300 mln in unbudgetted expenditure. But 1987 revenue was boosted by an unexpected 3.55 billion including 1.9 billion in tax revenue and 500 mln guilders in income from natural gas sales. Ruding has said the 1987 excess spending will burden the 1988 budget with an additional 1.9 billion and the cabinet has already pledged 1.2 billion in cuts to narrow the gap. The cabinet is to discuss in coming months what further austerity measures will be needed next year to keep the government on target for its 1990 aim of a public sector borrowing requirement of no more than 5.25 pct of NNI. Ruding has already met opposition from the Liberal and Christian-Democrat factions carrying the government majority in parliament to his calls for more spending cuts in the 1988 budget to counter a slow-down in economic growth. REUTER | DUTCH TO MEET 1987 PUBLIC SECTOR DEFICIT TARGET |
The Federal Reserve is likely to add temporary reserves to the banking system this morning by executing system repurchase agreements economists said. The Fed faces a need to add a large volume of reserves this statement period to offset a drain caused by rising Treasury balances at the Fed after the June 15 tax date. Most economists are predicting over-the-weekend system repurchases. But some who see a smaller adding requirement are forecasting a less aggressive combination of three- and six-day repos. Fed funds were trading at 6-3/4 pct close to yesterdays 6.81 pct average. Reuter | FED EXPECTED TO ARRANGE SYSTEM REPURCHASES |
GREYHOUND LINES AGREES TO ACQUIRE REMAINING ROUTES OF TRAILWAYS CORP |
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Ford Motor Land Development Corp a wholly owned real estate subsidiary of Ford Motor Co said it will build a 48000 square foot facility for (Tokico America Inc) in return for a long-term lease. Terms were not disclosed. Tokico an automotive parts and robotics supplier is a subsidiary of (Tokico Ltd) of Japan. Ford said it is Tokicos principal customer in the U.S. Reuter | FORD <F> UNIT TO BUILD PLANT FOR TOKICO |
Standard and Poors Corp said it withdrew the ratings on Caesars World Inc and unit Caesars World Finance Corp. The action affects 230.8 mln dlrs of debt. Withdrawn were Caesars Worlds BB senior debt and B-plus subordinated debt and the units B-plus subordinated debt. S and P said these issues are expected to be refinanced when Caesars World implements a recapitalization plan. The agency assigned a B-plus rating to Caesars Worlds proposed 330 mln dlr issue of seven-year senior notes and a B-minus grade to its 330 mln dlrs of subordinated debentures due 1999. Standard and Poors noted that the recapitalization plan of Caesars World calls for the payment of a 26.25 dlr per share dividend totaling 929.3 mln dlrs. The recapitalization plan will be financed by the seven-year note and 12-year debenture issues 300 mln dlrs in bank and other debt and by cash on hand S and P noted. The agency said that Caesars Worlds debt will rise to 1.1 billion dlrs from about 319.2 mln on April 30 and the firm will have stockholders deficit of 508.8 mln dlrs. S and P said it does not expect a meaningful reduction of debt for the next several years. Reuter | S/P WITHDRAWS RATINGS ON CAESARS WORLD <CAW> |
Mthly div 3.9543 cts vs 3.4261 cts last month Payable July 15 Record June 30 Reuter | SAN JUAN BASIN ROYALTY TRUST <SJT> DIVIDEND |
MAY DEPARTMENT STORES SEES RECORD SALES, PROFITS FOR YEAR |
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The New York Stock Exchange said Tesoro Petroleum had replied that it did not comment on unusual market activity or rumors when asked by the NYSE about the companys stock rise. The NYSE said it had asked the company to issue a public statement indicating whether there are any corporate developments that may explain the unusual activity. Tesoros shares rose 7/8 to 14-1/2 in morning trading. Reuter | NYSE SEEKS COMMENT FROM TESORO PETROLEUM <TSO> |
<Greyhound Lines> said it agreed to acquire the routes of <Trailways Corp>. Greyhound said it had petitioned the Interstate Commerce Commission for authority to acquire and operate Trailways routes 450 of its 1200 buses and some of its terminals and garages. Trailways has abandoned all service in seven states in the past year and more than half of its sevice in three other states the company said. Without intervention the collaspe of Trailways is imminent said Fred Currey chairman and president of Greyhound. Reuter | GREYHOUND AGREES TO ACQUIRE TRAILWAYS ROUTES |
Mthly div 3.8784 cts vs vs 4.3742 cts prior Pay July 15 Record June 30 Reuter | PERMIAN BASIN ROYALTY TRUST <PBT> DIVIDEND |
The American Stock Exchange said it has started trading the common stock of Sherwood Group Inc which went public today. Reuter | AMEX STARTS TRADING SHERWOOD GROUP <SHD> |
Spains socialist government is aiming to restore confidence of foreign banks in its power generation sector by pushing through a complete reform of the industrys tariff structure a senior government official said. Most foreign banks have been refusing to extend fresh loans to the mainly privately-owned sector since Fuerzas Electricas de Catalunya S.A. (FECSA) a major utility defaulted on two billion dlrs of foreign currency debt earlier this year. Secretary of State for the Economy Guillermo De la Dehesa told Reuters in an interview that a new government-inspired tariff mechanism providing for automatic increases each year would guarantee the long term viability of the industry. He said a bill would be sent before the Spanish Cortes (parliament) this summer enabling tariff increases from next year to be set under the new system. De la Dehesa declined to give technical details of the scheme known here as the Marco Estable (stable framework) but said future tariff increases would make up for the failure of past adjustments to cover rising costs. The utility companies have a captive market and if they are assured a satisfactory tariff structure they will have the best of all possible worlds to do business in De la Dehesa said. FECSAs debt crisis has caused concern among foreign and Spanish bankers who expressed fears that other utility companies may default for lack of fresh funds unless confidence in the industrys future is restored. Spains 14 leading power utilities have massive debts with short and medium term exposure of 4377 billion pesetas at the end of last year. A significant proportion of it is in foreign currency bankers say. The new tariff plan currently being discussed with representatives of the utility industry and Spanish bankers would shortly be presented to foreign creditors De la Dehesa said. FECSAs problems were precipitated in February when the stock exchange suspended trading in the companys stock on the grounds that it could not meet its debts. FECSA was a special case De la Dehesa said but the banks took fright and extended the crisis to the rest of the utility sector. We really did not expect this. Much foreign bank lending to the utility sector has been on the strength of a government commitment made to international bankers at a presentation in London in 1983 to support the industry. I think if foreign banks were lending on the basis of declarations by our energy authorities in London they will have all the more reason to do so when the new tariff system is passed into law De la Dehesa said. This is going to be a palpable fact not just a declaration he added. De la Dehesa said he believed that once confidence was restored in the sector as a whole FECSAs debt problems would be quickly solved. A recently formed steering committee representing FECSAs foreign creditors is due to meet FECSA managers in Barcelona on Tuesday for a round of talks on rescheduling the ailing utilitys debt. FECSAs General Manager Jose Zaforteza told Reuters he thought the climate of the talks would be greatly improved by the new tariff proposals. You cannot go far wrong when you are managing an electrical utility provided the tariffs you charge are sufficient to cover your costs Zaforteza said. The General Manager of the Madrid branch of a U.S. Bank which has lent money to FECSA said there would be little significant progress in the rescheduling talks until details of the tariff proposals were known. We cannot make any projections about FECSAs ability to pay its debts unless we know what the tariffs are going to be he said. If you make annual increases over a period of years of four five or six pct in each case its a completely different ball game he said. REUTER | SPAIN PLANS TARIFF OVERHAUL FOR POWER UTILITIES |
Standard and Poors Corp said it affirmed the ratings on 500 mln dlrs of debt of PNC Funding Corp a unit of PNC Financial Corp. Affirmed were PNC Fundings AA-plus senior debt and A-1-plus commercial paper. Also affirmed were the parents AA preferred stock and the AA-plus/A-1-plus certificates of deposit of Pittsburgh National Bank Provident National Bank and Citizens Fidelity Bank and Trust Co. S/P said PNCs 110 mln dlr provision will reduce second quarter earnings by 66 mln dlrs. The reserve for developing countries is now 35 pct of loans to these countries. Reuter | PNC FINANCIAL <PNCF.O> UNIT AFFIRMED BY S/P |
Tunisia has bought 150000 tonnes of French soft wheat for August to December shipment at 76.70 dlrs per tonne fob with COFACE export credit trade sources said. This is the second French soft wheat export sale for the 1987/88 season which starts on July 1 and follows a Brazilian purchase of 150000 tonnes. France sold around 300000 tonnes of soft wheat to Tunisia during the 1986/87 season. Reuter | TUNISIA BUYS 150,000 TONNES FRENCH WHEAT |
<Medford Savings Bank> said it received Federal Reserve Board approval to form a bank holding company. It said the holding company to be known as Regional Bancorp Inc will acquire all outstanding common shares of Medford Savings with one share of Medford Savings being converted into one share of Regional. Medford Savings said its total assets are about 408 mln dlrs. Reuter | MEDFORD SAVINGS APPROVED TO FORM HOLDING CO |
Virtusonics Corp said it extended to July 31 the period to exercise its outstanding warrants at 1.5 cts a share. The company on June 18 said it had reduced the exercise price of its warrants from 2.5 cts a common share for the period June 22 to July 22. Reuter | <VIRTUSONICS CORP> EXTENDS EXERCISE PERIOD |
Qtly div 50 cts vs 50 cts prior Pay Aug 14 Record July Eight NOTE: Partnership said it expects none of its common or preference dividends this year to be taxable. Reuter | MESA LIMITED PARTNERSHIP <MLP> SETS QUARTERLY |
Spectramed Inc said an initial public offering of 3640000 common shares is underway at 11 dlrs a share through underwriters led by Alex. Brown and Sons Inc <ABSB.O> and PaineWebber Group inc <PWJ>. Reuter | SPECTRAMED INITIAL OFFERING UNDERWAY |
Banque Arabe et Internationale dInvestissement (BAII) will issue a one billion franc non-callable pre-placed bond in three tranches on July 8 lead manager Banque Nationale de Paris (BNP) said. Banque Indosuez will manage the 200 mln franc A tranche issued at par with a life of nine years paying interest based on the annualised money market rate (TAM) plus 0.10 pct. The 250 mln-franc B tranche managed by Banque dArbitrage et de Credit (BAC) will be issued at par with a life of 10 years paying interest at TAM plus 0.15 pct. The 550 mln-franc C tranche managed by BNP and Banque Demachy et Associes will be issued at par with a life of 11 years paying interest at TAM plus 0.20 pct. REUTER | BAII DETAILS ONE BILLION FRANC DOMESTIC BOND |
Federated Financial Savings and Loan Association said per share earnings in fiscal 1987 ending September 30 will be reduced by about 16 cents a share due to the write-off of its secondary reserve with the Federal Savings and Loan Insurance Corp. The company did not specify the amount to be written off in the current year. Reuter | FEDERATED FINANCIAL <FEDF.O> SEES LOWER PROFITS |
Finance Minister Mark Eyskens is proposing a package of personal income tax cuts worth 102.1 billion francs that would apply from 1989 a finance ministry spokesman said. The package one of 11 possible tax reform scenarios drawn up by government officials is expected to be discussed by ministers in the coming weeks so that a government draft can be presented to parliament in October. The proposals which would greatly simplify the countrys tax system include a cut in withholding tax on investment income earned in Belgium to 20 pct from the current 25 pct. The reduction would apply to income from risk capital but the spokesman said this was likely to be defined to include all shares and bonds. The package chosen by Eyskens is more favourable to families with children than the present regime and would treat spouses incomes separately instead of combining them a practice that is widely seen as discouraging marriage. The tax reform does not encompass corporate taxation. The spokesman said some 75 pct of the cost of the package would be financed by changes to the 258 tax allowances currently granted to diverse interest groups. A further 14 pct would be met by higher tax revenues resulting from the overall macro-economic benefits of the package. This would leave a shortfall of around 20 billion francs which the government would have to decide how to cover either by raising indirect taxes or by making further budgetary cuts. The package favoured by Eyskens who has described Belgium as a fiscal Himalaya is the least costly of the 11 scenarios prepared. It envisages three marginal rates or tax thresholds of 30 pct 40 pct and 50 pct. This compares with 13 currently of which the highest is 71.6 pct. REUTER | EYSKENS WANTS 102.1 BILLION FRANC BELGIAN TAX CUTS |
International Design Group inc said holders of record on June 26 will receive rights to purchase two units at 10 cts each for each common share held. Each unit consists of one common share and one five-year warrant to buy one common share at 15.625 dlrs. Reuter | <INTERNATIONAL DESIGN GROUP INC> TO OFFER RIGHTS |
Qtly div 20 cts vs 21 cts prior Pay July 31 Record July 1 NOTE: Partnership does not pay at regular rate. Reuter | NVHOMES LP <NVH> SETS LOWER DIV |
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