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MANUFACTURERS NATIONAL, DETROIT, SAID IT WILL ADD 30.4 MLN DLRS TO LOAN LOSS RESERVES |
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Standard and Poors Corp said it affirmed the AA long-term debt of J. Sainsbury PLC. S and P cited Sainsburys offer for the shares of Shaws Supermarkets Incs <SHAW> it does not own. Sainsbury currently holds 28.5 pct of that company. The acquisition will be financed by an equity issue so the impact on Sainsburys capital structure will not be significant the agency said. The merger will provide an opportunity for expansion in an area with favorable economic trends although it will lower trading margins by more than Sainsburys historic levels S and P pointed out. Reuter | SAINSBURY <SBRY.L> LONG-TERM DEBT AFFIRMED BY S/P |
North American Communications Corp said it is considering several options to maximize shareholder value including a possible sale merger corporate restructuring or leveraged buyout. Trading in the companys stock was halted pending an announcement. The company which owns and operates 47 cable television systems in Minnesota and Wisconsin said it retained Communications Equity Associates as its financial adviser to explore alternatives. Reuter | N. AMERICAN COMMUNICATIONS <NACS.O> WEIGHS SALE |
Federal Co said its fiscal year ended May 30 will be a record year with net income almost double that of the previous fiscal year. The companys chairman R. Lee Taylor told security analysts that Wall Street estimates of earnings per share in the range of 4.25-4.50 dlrs are in line with what the company expects. The company said in fiscal 1986 it posted earnings of 2.24 dlrs a share on sales of 1.2 billion dlrs. It said in the first nine months of this year it had earnings of 3.55 per share against 1.66 dlrs per share in the same 1986 period. Federal Co said it also decided to change its name to Holly Farms Corp. The company said this will identify it with its strongest selling brand. reuter | FEDERAL CO <FFF> PREDICTS RECORD 1987 EARNINGS |
MURPHY OIL SAID IT PROPOSING TO ACQUIRE REMAINING 23 PCT OF CANADIAN SUBSIDIARY |
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U.S. MAY BUDGET DEFICIT 35.74 BILLION DLRS VS YEAR AGO DEFICIT 39.40 BILLION |
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Alcan Aluminum Corp a subsidiary of Alcan Aluminium Ltd said it increased its U.S. primary aluminum prices by two cents a lb effective yesterday. The new prices are 72 cents a lb for ingot and 80 cents for extrusion billet the company said. Reuter | ALCAN RAISES ALUMINUM PRICES TWO CENTS A LB |
SITHE-ENERGIES L.P. TO INVEST 100 MLN DLRS IN ENERGY FACTORS, COMPANY SAYS |
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Primerica Corp said it completed the previously announced acquisition of Smith Barney Inc for 750 mln dlrs in cash. Primerica wh ich changed its name in April from American Can Co said Smith Barney Harris Upham and Co Inc wholly owned by Smith Barney Inc will add more than 100 domestic and overseas branch offices. Reuter | PRIMERICA <PA> COMPLETES SMITH BARNEY TAKEOVER |
Bloomfield Savings and Loan Association F.A. said its receipt of 8.5 mln dlrs as partial settlement from a lawsuit will have a substantial positive impact on its earnings for 1987. The thrift had net loss of 4095000 dlrs or 1.85 dlrs a share in 1986. The 8.5 mln dlrs will be reported during the second quarter it said Bloomfield Savings said it is continuing to seek to recover the remaining 5.5 mln dlrs of the total 14 mln dlr judgment against United Federal Savings and Loan Association of Durant Okla. over a 1985 real estate loan. Reuter | BLOOMFIELD SAVINGS <BFCO.O> SEES IMPROVED NET |
Brooklyn Union Gas <BU> a New York gas utility company said it will try to limit any rate hikes to customers by arranging alternative supplies to replace the spot natural gas that Transco Energy Co <E> no longer delivers a company official told Reuters. Edward Sondey vice president of supply said that under a grandfather clause Brooklyn Union could request Transco to transmit 165 mln cubic feet (mcf) a day of spot natural gas after purchasing 250 mcf of contract gas from Transco. Brooklyn Union has been taking only 30 pct or 75 mcf of the contract gas from Transco and acquiring about 120 mcf on the spot or non-contract market he said. Lacking access to spot gas through Transco would not cost Brooklyn Union more than 50 cts per mln btu for now Sondey said as Transco contract gas costs 2.55 dlrs per mln compared to about two dlrs for spot gas. The rate increase will not be serious Sondey said. The contract price at 2.55 dlrs per mln BTU has been effective since May 1 after Transco lowered its commodity rate to reflect seasonal weakness making it the lowest in the 12 months ended May 31 according to report submitted by Brooklyn Union to New York Public Utility Commission. In peak demand season Transcos contract gas reached as high as 4.30 to 4.40 dlrs per mln btu a commission official said. Industry analysts expected little adverse effect from interrupted spot supplies on Brooklyn Unions earnings for its current fiscal year ending September 30. But if the open access problem to Transco is not resolved this winter high cost of contract gas could cut into the companys profit they said. Reuter | BROOKLYN UNION SAYS A RATE HIKE WOULD BE MODEST |
King World Productions Inc said it will finance the repurchase of up to 7600000 of its shares announced earlier today through cash on hand and about 200 mln dlrs of bank borrowings for which it has received commitments from First Chicago Corp <FNB> and Bank of New York <BK>. The company today started a tender offer for up to 4100000 shares at 28 dlrs each and agreed to buy up to 3485085 more shares from members of the King family and management who together own a total of 13.9 mln shares. All the shares being repurchased amount to about 25 pct of King Worlds stock. Reuter | KING WORLD <KWP> HAS FINANCING FOR OFFER |
Best Buy Co Inc said it filed a registration statement with the Securities and Exchange Commission for a proposed offering of 30 mln dlrs of subordinated extendable notes. Underwriters are led by Piper Jaffray and Hopwood Inc. Financing is expected to be completed within 30 days the company said. Proceeds will be used to fund the companys planned expansion. Reuter | BEST BUY <BBUY.O> FILES 30 MLN DLR DEBT OFFERING |
A spokesman for Continental Illinois Corp said the bank will not comment on rumors that it will soon add to reserves to cover possible losses on loans to developing countries. Rumors circulated on Wall Street today that Continental would soon join the long list of banks adding to reserves. Some analysts speculated that a decision would be announced after Continentals regularly scheduled board meeting which will be held Monday. Our board meets on the fourth Monday of every month but their agenda is confidential the spokesman said. He said we will not comment on any rumors. Reuter | CONT'L ILLINOIS WON'T COMMENT ON RESERVE RUMORS |
Manufacturers National Corp said it will add 30.4 mln dlrs to its reserve to cover exposure for Latin American loans. It said the added reserves are expected to result in a second-quarter loss of about 10 mln dlrs for the corporation. Of the 30.4 mln dlr provision 20 mln dlrs is in general loan loss reserves for the main bank of the holding company Manufacturers National Bank of Detroit and 10.4 mln dlrs is a writedown of the investment in two nonconsolidated affiliates. It said it still expects to be profitable for the year. Reuter | MANUFACTURERS NAT'L <MNTL.O> ADDS LOAN LOSSES |
Qtly div 20 cts vs 20 cts prior Pay September three Record August 17 Reuter | FEDERAL SIGNAL CORP <FSS> SETS REGULAR DIVIDEND |
Qtly div 28-1/2 cts vs 28-1/2 cts prior Pay September 15 Record September one Reuter | MAY DEPARTMENT STORES CO <MA> SETS REG DIV |
Rockwell International purchased SofTech Incs newest line of Ada-86 tools to use in building a digital autopilot for the anti-tank missle Hellfire SofTech said. SofTech said the contract which was awarded to Rockwells Duluth Ga. division will involve more than 10 man years of programming for each digital autopilot. Reuter | ROCKWELL <ROK> BUYS SOFTECH <SOFT.O> PRODUCTS |
Murphy Oil Corp said its board proposed a reorganization in which it would acquire the 23 pct of common shares of its Canadian subsidiary not owned by the parent. Under the proposal which would be undertaken as a court-approved plan of arrangement shareholders of Murphy Oil Co Ltd of Calgary Alberta Canada would be offered the option to receive 31 dlrs (Canadian) a share cash or the equivalent market value of common shares of the parent company. Reuter | MURPHY OIL <MUR> TO ACQUIRE CANADIAN SUBSIDIARY |
Gynex Laboratories Inc said it signed an agreement under which Warner-Lambert Cos Chilcott Laboratories division will market Gynexs line of generic oral contraceptives. Gynex Labs is a 50/50 joint venture owned by Gynex and Watson Laboratories Inc a privately-held pharmaceutical company bnased on Corona California. Marketing by Warner Chilcott is currently scheduled to begin during the third quarter of 1987 it said. Gynex signed a similar marketing agreement with Monsanto Cos <MTC> G.D. Searle and Co subsidiary in February 1986 which was terminated last April following a recall of the oral contraceptives due to packaging problems. Reuter | GYNEX <GYNXU.O> IN DEAL WITH WARNER <WLA> |
Jeffrey Neuman of Santa Monica Calif. told the Securities and Exchange Commission he sold his entire RB Industries Inc stake of 341210 shares or 10.0 pct of the total outstanding. Neuman who transferred the stock nearly two years ago to the Tudor Trust of which he is trustee said the trust sold the entire stake in a private deal on June 9 at 11.00 dlrs a share. Reuter | INVESTOR SELLS 10 PCT RB <RBI> STAKE |
Fortune Financial Group Inc said its Fortune Savings Bank acquired a Financial Security Savings and Loan Association branch in Sunrise Fla. Terms were not disclosed. The new Fortune Savings Bank office had about 40 mln dlrs in deposits as of June 5. Meanwhile acquisition of Marine Savings and Loan Association of Florida with four offices in Naples Fla is awaiting regulatory approval. Reuter | FORTUNE FIN'L <FORF.O> UNIT MAKES ACQUISITION |
Coca-Cola Enterprises Inc said Don Ulrich will be resigning as president of its Northeast Group to pursue other business interests. The company said Jim Stevens who is also a Coca-Cola Enterprises vice president and president of its Mid-Atlantic Coca-Cola Bottling Co affiliate will succeed Ulrich. Reuter | COCA-COLA ENTERPRISES <CCE> UNIT HEAD QUITS |
Bally Manufacturing Corp said it filed a shelf registration with the Securities and Exchange Commission for a secondary public offering of two mln shares of Series D convertible exchangeable preferred stock. The stock is exchangeable at Ballys option into the companys convertible debentures due February one 2007 and is convertible at the holders option into shares of Bally common. The preferred stock carry a liquidation value of 50 dlrs a share. All of the shares are being offered by holders of Bally who bought the preferred stock in a private placement in February 1987. Bally will not receive any proceeds of the offering it said. Reuter | BALLY <BLY> FILES SHELF FOR PREFERRED STOCK |
Mars Graphic Services Inc said it expects sales for the second quarter ending August 31 to exceed year ago sales of 3.7 mln dlrs for the same period. In the year-ago quarter the company earned 191000 dlrs or 18 cts a share. Reuter | MARS GRAPHIC <WMD> SEES HIGHER 2ND QTR SALES |
The U.S. budget was in deficit 35.74 billion dlrs in May compared with a deficit of 39.40 billion dlrs in May 1986 the Treasury Department said. Last months deficit followed an April surplus of 38.66 billion dlrs. For the fiscal year to date the budget was in deficit 119.02 billion dlrs compared with a deficit of 165.81 billion dlrs in the previous fiscal year. Outlays last month were 83.44 billion dlrs down from 85.64 billion dlrs in May a year ago and 84.24 billion dlrs in April the department said. Receipts were 47.69 billion dlrs in May up from 46.25 billion dlrs in May a year ago but down from 122.90 billion dlrs in April the Treasury said. The bulge in receipts in April which resulted in the surplus that month was the result of 1986 income tax payments by individuals. Reuter | U.S. BUDGET DEFICIT 35.74 BILLION DLRS IN MAY |
Digicon Inc said it is offering to exchange about 55 mln dlrs of outstanding subordinated debentures for a package of new issues. The outstanding debenture issues include 12-7/8 pct senior subordinated notes 10-1/2 pct convertible subordinated debentures and 8-1/2 pct convertible subordinated debentures of the unit Digicon Finance NV. The new securities to be issued in the exchange offer will be about 8.5 mln dlrs of 12 pct senior subordinated notes due 1994 23.5 mln dlrs of 9.35 pct convertible subordinated debentures due 1997 and 16.5 mln shares of common stock. Reuter | DIGICON OFFERS NEW DEBT FOR OUTSTANDING DEBT |
TransAmerican Natural Gas said it received approval from a U.S. District Court in Texas allowing the company to solicit creditor acceptance of its negotiated Chapter 11 plan of reorganization. The company said the approval authorized the company to distribute the disclosure statement to its creditors and solicit creditors acceptance of the plan. TransAmerican said the confirmation hearing is scheduled for August 17 in U.S. Southern District of Texas court. Reuter | TRANSAMERICAN <TA> GETS APPROVAL ON CHAPTER 11 |
A group led by Far Hills N.J. investors Natalie and Paul Koether told the Securities and Exchange Commission it has acquired 299523 shares of American Physicians Service Group Inc or 5.1 pct of the total. The Koether group said it bought the stock for 1.0 mln dlrs for capital appreciation and may buy more. The group also said Paul Koether met on June 8 with management representatives for talks that included the companys business potential acquisitions for the company possible opportunities to expand the company and the possibility of Koether being named to its board. The group did not say whether the talks resulted in any agreements. As they have done in several SEC filings concerning other companies in which they have had a stake the Koethers said they reserve the right to take any actions which they deem appropriate to maximize the value of the shares but said they have no current plans about taking any action. While they may buy more American Physicians shares the Koethers also said they may decide to sell some or all of the their stake in the company. Reuter | GROUP HAS 5.1 PCT OF AMERICAN PHYSICIANS<AMPH.O> |
BARCO DIRECTORS APPROVE BUYOUT OFFER FROM SENIOR MANAGEMENT |
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Lloyds Bank Plcs <LLOY.L> decision to withdraw from making markets in Eurobonds and U.K. Government bonds (gilts) sent shivers down the spines of other market participants but was viewed as prudent by banking analysts. It (the move) really isnt a surprise. They lost a lot of money in the early stages of the gilt market and now they want to cut their losses while they can said Keith Brown banking analyst at Greenwell Montagu. The question now is how many other gilt market makers will face a similar fate one senior gilt market maker said. Eurobond market participants were equally stunned. They are the first firm of that size I can remember to have pulled out of eurobond market making altogether said a member of the Association of International Bond Dealers London staff. Other Eurobond market participants said that while Lloyds had frequently changed the staff of some of its eurobond operations it was hard to believe they were in trouble. With this action Lloyds the third largest U.K. clearing bank becomes the first U.K. clearing bank to withdraw from the gilt market following the Big Bang deregulation of the London Stock Exchange in October. Earlier this year Midland Bank Plc <MDBL.L> the fourth largest clearing bank opted out of making markets in equities on the grounds that the return did not justify the expense. It continues as a market maker in gilts however. In a prepared statement Lloyds Bank chief executive Brian Pitman said the bank had a relatively small position in these two overcrowded markets and we have decided to reallocate the resources to opportunities which promise a better return on our shareholders investment. Lloyds said it would maintain its presence in short-term securities trading swaps and other treasury products. Alan Moore Lloyds Treasurer told Reuters that the decision was forward looking and followed a strategic review of the prospects for Lloyds in these markets. We decided the return just was not attractive he said. Although the decision was made at a meeting of Lloyds board this morning Moore said that it had been under consideration for some time. He denied that the move was a reaction to events in the trading room although he acknowledged that the banks gilt operations were not profitable in the early stages of the new market. Greenwells Brown noted that for all of 1986 Lloyds Merchant Bank sustained a loss of 28 mln stg most of which he said were accounted for by the Eurobond and gilt operations. For all of 1986 Lloyds reported a pre-tax profit of 700 mln stg. Lloyds is so big it can easily absorb these losses Brown said noting that they are minuscule when compared with the banks exposure to Latin America. U.K. Clearing banks have come under pressure to increase their provisions against bad loans to third world countries since Citibank announced plans to add three billion dlrs to its provisions in mid-May. National Westminster Bank Plc <NWBL.L> the largest of the clearers became the first of the U.K. Clearers to follow Citicorps <CCI> move earlier this week when it said it was adding some 466 mln stg to its sovereign debt provisions. Lloyds has the second largest exposure to Latin America after Midland Bank the smallest of the four clearers. Lloyds has said it is reviewing the situation and Moore denied that todays action had any connection. It is totally unrelated he said. Trading in Eurobonds and gilts had ended by the time the announcement was made. But market participants were dumbfounded. We only heard the news about 20 minutes before the announcement. I had no idea it was coming. I dont know if I still have job said one trader at Lloyds who declined to be identified. Lloyds Moore said that the bank would do all it could to redeploy the staff affected by the decision in other parts of the bank. But even though Lloyds share of these markets was relatively small other market participants particularly in gilts were unnerved. One senior gilt market maker noted that the news comes during a period when both gilt and Eurosterling markets have been battered by the lack of investor participation following the June 11 U.K. general election. Most firms had held long positions on expectations that a return of the ruling Conservative party would prompt heavy demand. These expectations have failed to be met and both markets have sustained sizeable losses since the election. Lloyds has long been the subject of rumors that it was experiencing problems with its gilt operations and officials have never denied that the early stages were unprofitable. Gilt market sources suggested that one of the problems facing Lloyds on the gilt side was its decision to build up its own team. It was the only clearer which did not purchase a broker or a jobber (middle man) in the run-up to Big Bang. Under the old system these functions have been conducted separately but now market makers perform both tasks. But even long before Big Bang market makers had expressed doubts that the gilt market would be large enough to sustain 27 market makers even if turnover increased substantially. And with Lloyds withdrawal many market makers believe that some of the remaining 26 may opt to bow out gracefully. Reuter | LLOYDS BANK BOND MARKET WITHDRAWAL CALLED PRUDENT |
REED'S CHAIRMAN DENIES BID RUMORS |
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The Securities and Exchange Commission said it supported legislation to define insider trading and would recommend language for such a definition within six weeks. Acting SEC chairman Charles Cox told the Senate Banking Committee a bill proposed this week to define insider trading as the wrongful use of material nonpublic information was good but contained some ambiguous provisions which might reduce the Commissions flexibility in prosecuting cases. The Commission believes a definition of insider trading is desirable Cox said. He promised to provide the SECs recommended definition to the committee by August 3. The bill proposed by Sens. Donald Riegle a Michigan Democrat and Alfonse DAmato a New York Republican would make it illegal for anyone to receive or pass on inside information even if the person providing the information did not use it to make a securities transaction. Federal law enforcement officials have said a definition of insider trading would be useful because it is a difficult crime to prove. Cox said the SEC was having success in its insider trading cases despite the lack of a clear definition. He became acting chairman of the agency when chairman John Shad left to become U.S. Ambassador to the Netherlands. President Reagan nominated Northwestern University law professor David Ruder as SEC chairman on Wednesday but he may not be confirmed by the Senate for several weeks. Riegle the chairman of the Senate securities subcommittee said he wanted to act on the legislation this year but Thomas Moore a member of the Presidents Council of Economic Advisors said action should be delayed until the Supreme Court ruled on the appearl of an insider trading conviction by former Wall Street Journal reporter R. Foster Winans. Winans was convicted for telling a friend in advance what stocks he was going to write about in his column. The stocks usually went up or down in price depending on Winans recommendation. We believe it would be better to wait until the Supreme Court has reviewed the Winans case before any leigilation is considered. After the court decides this case we can better consider how the law might be changed. Until that time legislation is premature Moore said in his testimony. Reuter | SEC SUPPORTS INSIDER TRADING DEFINITION |
IRWIN JACOBS SAYS HE HOLDS LESS THAN FIVE PCT OF GILLETTE |
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Oper shr two cts vs three cts Oper net 529000 vs 579000 Sales 322.0 mln vs 173.8 mln Nine mths Oper shr six cts vs eight cts Oper net 1619000 vs 1700000 Sales 875.1 mln vs 482.3 mln Note: oper data does not include extraordinary gains from tax loss carryforwards of 291000 dlrs or one ct per shr vs 316000 dlrs or one ct per shr in qtr and 890000 dlrs or four cts per shr vs 992000 dlrs or four cts per shr in nine mths. Reuter | COSTCO WHOLESALE <COST.O> 3RD QTR MAY 11 NET |
ICCO buffer stock manager to buy 5,000 tonnes cocoa Monday, June 22 - official |
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Sithe-Energies LP said it has signed an agreement under which it will increase its interest in Energy Factors Inc to 70.0 pct from 53.4 pct now by investing 100 mln dlrs in Energy Factors stock. Reuter | SITHE TO RAISE ENERGY FACTORS <EFAC> STAKE |
Bacro of California said its board approved an offer from its chairman Kenneth Donner and President Michael Donner to purchase all the outstanding Barco common shares at 5.05 dlrs per share in a leveraged transaction. The Donners currently own about 44 pct of the companys outstanding shares Barco said. It also said vice chairman David Grutman and family members who own about 28 pct of Barcos shares have agreed to sell their stock for the offering price. Reuter | BARCO <BRC> BOARD APPROVES LEVERAGED BUYOUT |
Braintree Savings Bank said Winthrop Sargent IV has been named president and chief executive officer succeeding Lindsay L. Tait who remains chairman. It said Sargent who was senior vice president has also been named to the board. It said Tait intends to retire in about four years. Reuter | BRAINTREE SAVINGS <BTSB.O> NAMES NEW CEO |
Stelco Inc said it formed a 15 mln U.S. dlr joint venture with Northern Automatic Electric Foundry a wholly owned unit of Armco Inc to produce cast grinding media and mill lines for the mining industry worldwide. The venture will operate M E International a new company based in Minneapolis Minn. pooling the assets of a Northern Automatic grinding media foundry in Ishpeming Mich. Evans Duluth Steel Castings Co in Duluth Minn. and Minneapolis Electric Steel Castings Co in Minneapolis. Armco and Stelco operate another joint venture which produces forged grinding media at Kamloops British Columbia. Reuter | STELCO <STEA.TO> IN VENTURE WITH ARMCO <AS> |
Gemcraft Inc told shareholders at the annual meeting that the company and its principal shareholders will repurchase about 130000 shares of its common stock. The companys portion of the repurchase obligation equals about 800000 dlrs which the company said it plans to record as a capital transaction in 1987. Originally Gemcraft said it estimated that it could be required to buy as many as 300000 shares for about 3.0 mln dlrs. Gemcraft originally estimated its portion of trading losses could total as much as 600000 dlrs and recorded a charge to earnings in that amount in the 1986 fourth quarter. The company said it plans to provide an after-tax credit to income of about 200000 dlrs in the second quarter of 1987 to reflect this difference. Gemcraft also told shareholders it sees a profitable 1987 second quarter. In the year-ago period it reported earnings of 908000 dlrs or 6 cts a share on sales of 88.8 mln. Reuter | GEMCRAFT <GEMH.O> TO BUY ABOUT 130,000 SHARES |
Investor Irwin Jacobs said he has an investment in Gillette Co amounting to less than five pct of the consumer products companys stock. Jacobs who made his comment in response to an enquiry did not comment further. Yesterday Gillette rebuffed a takeover proposal from Revlon Inc. Under an agreement between the two companies Revlon must have the permission of Gillettes board before making an offer to shareholders. The board declined to grant that permission. Gillette has been the topic of takeover speculation for several weeks. Its stock has traded heavily and arbitragers said they believe Jacobs may not be the only investor who has a sizeable position in the company. Reuter | IRWIN JACOBS HAS GILLETTE <GS> STAKE |
April 30 end Shr losses not given Net loss 449000 vs loss 155000 Revs 84000 vs 52000 Nine mths Shr losses not given Net loss 810000 vs loss 394000 Revs 173000 vs 144000 Reuter | RAPITECH SYSTEMS INC <RPSY.O> 3RD QTR LOSS |
Rapitech Systems Inc said it has entered into an agreement under which its FORTRIX-C software is available to Hewlett-Packard Cos salesforce for assisting customers the migration of applications software from one operating environment to another. The company also said FORTRIX-C has been selected by American Telephone and Telegraph Co <T> for use in its Vendor Involvement Program. It said it cannot forecast the impact on its profits because neither agreement contains purchase requirements. It said it expects continued losses through the rest of fiscal 1987 ending July 31. The company lost 548000 dlrs last year. Today it reported a nine month loss of 810000 dlrs compared with a 394000 dlr loss a year earlier and attributed the poorer performance to substantially increased marketing sales and research expenditures partly resulting from the hiring of additional staff. Rapitech further said it has signed agreements for Computer Systems and Consultants BV of the Netherlands and Sages Group of France to represent the Rapitech Conversionware product line in the Benelux countries in France and in French-speaking cantons of Switzerland. Reuter | RAPITECH <RPSY.O> IN HEWLETT PACKARD <HWP> DEAL |
Malaysia is to urge fellow tin producing countries to contribute more money towards research into new uses for the metal Malaysian primary industries minister Lim Keng Yaik told Reuters in an interview. Lim in Brussels on a tour of Europe and America said he had instructed Malaysias representatives on the executive committee of the Association of Tin Producing Countries ATPC to draw up a paper on the matter. Lim earlier met European Community farm commissioner Frans Andriessen and industry commissioner Karl-Heinz Narjes. He said though it now appeared likely Commission proposals for a tax on vegetable and marine oils and fats would be defeated he feared the Commission would revive the idea. Lim noted Andriessen this week promised that if the tax was adopted and third countries suffered export losses as a result they would be compensated through access to the EC for alternative exports. Since most of our products are commodity based I cannot see how this would work out in our case Lim said. Malaysian palm oil exports to the EC are worth about 250 mln dlrs a year. The tin research proposal would be presented at an ATPC meeting to be held in Kuala Lumpur in September. Not enough research and development effort has been put in by tin producers and we have been pushed out by substitutes such as aluminium paper and plastics Lim said. He mentioned the use of inorganic tin in pesticides as an exciting possible new application. Lim said he could not estimate the amount of extra money which needed to be spent on research into new uses before the new paper was produced. He said Narjes told him there appeared no fundamental barriers to EC states quickly ratifying the new International Rubber Agreement INRA although translations of the accord into some EC languages are still being awaited. Lim who will sign and ratify the agreement on Malaysias behalf when he visits New York during his current tour said it was important there should not be a long interregnum between the old agreement lapsing in October and the new one coming into force. He described the present accord as a model for commodity agreements due to its being signed by nearly all producing and consuming countries and by virtue of its review systems and control over buffer stock management. Reuter | MALAYSIA TO RESEARCH TIN, WARY ON VEG OILS TAX |
VR Business Brokers Inc said it closed the sale of a controlling interest in its comon and preferred stock to VR Acquisition Corp a Delaware corporation controlled by an investment group led by C. Robin Relph of London. Under the agreement dated April 28 VR Business agreed to sell 5008120 shares of common stock and 11846 shares of 10 pct cumulative stock. VR Business said it issued 3964000 shares of common stock and 11846 shares of preferred stock with the remaining shares of common to be listed within the next week to 10 days. Reuter | VR <VRBB.O> CLOSES STOCK SALE TO VR ACQUISITION |
April 30 end Shr 12 cts vs eight cts Net 316655 vs 148567 Sales 2011195 vs 1422719 Avg shrs 2738864 vs 1881296 Year Shr 43 cts vs 49 cts Net 1006356 vs 918290 Sales 7059446 vs 5441408 Avg shrs 2329329 vs 1881296 Reuter | MICROWAVE LABORATORIES INC <MWAV.O> 4TH QTR NET |
Monthly div 11.244 cts vs 10.309 cts prior Pay July 10 Record June 30 NOTE: Full name is Freeport-McMoRan Oil and Gas Royalty Trust Reuter | FREEPORT-MCMORAN OIL AND GAS<FMR> DISTRIBUTION |
The World Bank said it has loaned Uganda 13 mln dlrs through the International Development Association (IDA) the banks concessionary lending affiliate. The IDA loan will support a project that hopes to preserve the countrys natural forests and meet its demand for wood products by rehabilitating Ugandas forestry management agency the bank said. It also said the project plans to increase the area and management of protected forests establish pilot wood farms and nurseries and rehabilitate soft wood plantations. Reuter | WORLD BANK LOANS UGANDA 13 MLN DLRS |
Liposome Co Inc at its annual meeting announced the formation of a Canadian subsidiary Canadian Liposome Co Ltd. It said the company cements a relationship with University of British Columbia researcher Pieter Cullis and his scientific group who are developing anti-cancer products for Liposome. The company also said lead bankers completed Liposomes stock offering of one mln shares on June 11 at 6.875 dlrs a share. Liposome said it netted 7388750 dlrs. Reuter | LIPOSOME <LIPO.O> FORMS CANADIAN SUBSIDIARY |
It has been a fairly hectic trading week in raw sugar with China paying market levels for nearby shipments London trader Woodhouse Drake and Carey said in its weekly report. July shipment Thai raws traded to China early in the week at fob levels equivalent to 20/25 points discount to July New York futures it said. Mid-week saw these same sales covered by the trade at 10/15 points discount. Enquiries for July/Sep 15 raw sugars then filtered in and here again traded values rose quickly from 13 points premium to New York July up to 18 Woodhouse said. In the Western Hemisphere both Dominican Republic and Mexican nearby raws were bid 15 points discount to July New York and offered five points under but in limited trading it said. All the action of the past week has been in the Far East raws market whereas the whites market saw little fresh prospect of nearby offtake Whitehouse added. Reuter | FAIRLY HECTIC WEEK IN RAW SUGAR, WOODHOUSE SAYS |
Shr profit six cts vs loss one ct Net profit 80939 vs loss 12808 Rev 7.0 mln vs 6.3 mln Six months Shr profit eight cts vs loss one ct Net profit 101345 vs loss 10460 Rev 13.2 mln vs 12.5 mln Reuter | PASSPORT TRAVEL INC <PPTI.O> 2ND QTR MAY 31 NET |
Oper shr loss 32 cts vs loss 17 cts Oper net loss 2999000 vs loss 1692000 Sales 10.3 mln vs 11.5 mln Avg shrs 9517000 vs 9905000 NOTE: 1986 Operating loss excludes profit of 3688000 dlrs or 37 cts a share from discontinued operations Reuter | SAVOY INDUSTRIES INC <SAVO.O> 1ST QTR LOSS |
Qtly div 15 cts vs 15 cts prior Payable August 31 Record June 30 Reuter | ENTEX ENERGY DEVELOPMENT LTD <EED> QTLY DIV |
A group of Latin American and Caribbean nations formally opposed trade legislation pending in Congress saying it would curb their exports slow development and hinder its ability to repay foreign debt. Mario Rodriguez Montero president of an Organization of American States special committee on trade said he was aware of the large U.S. trade deficit but added the region should not be the one affected by the trade bills. He said the causes of the deficit were the strong dollar and the budget deficit and it is regrettable to solve it by a trade bill that would only serve private U.S. interests. Rodriguez made the comment at a news conference after two days of meetings with U.S. officials on trade bills now in Congress that are designed to reduce the U.S. trade deficit which last year hit a record 166.3 billion dlrs. Congressional observers say the bills are aimed mainly at Japan Taiwan South Korea and a few other nations with large annual trade surpluses with the United States. Mexico Brazil and Venezuela are the only Latin nations with large trade surpluses last year with the United States but even Mexico with the largest had a surplus of only 5.2 billion dlrs against Japans of 58.6 billion dlrs. The European Community has also opposed the bills. Rodriguez said the Latin and Caribbean nations backed the Reagan Administrations opposition to many of the sections in the legislation including those to curb imports and to require retaliation for foreign unfair trade practices. He told reporters the committee would likely mount a campaign to fight the legislation when it comes up for debate on the Senate floor expected next week. Rodriguez said the region needs trade to continue development. We hope this need will not be affected negatively by trade legislation. Rodriguez said: we need to keep the market opens - especially the U.S. market - to obtain the necessary foreign exchange not only to service the debt but also to continue national development progress. President Reagan has said he would veto any legislation he termed protectionist and his aides now are mounting a effort to water down some of the objectionable provisions in the legislation. Asked whether Reagan was ready to cast a veto Rodriguez said as yet the administration is not in a veto frame of mind. reuter | LATIN, CARIBBEAN NATIONS OPPOSE TRADE BILLS |
Reed International Plc <REED.L> denied rumours on the U.K. Stock market that it was the target of a takeover bid and said it had received no approach. In view of the increase in our share price today I want to make clear that we have not received any bid approaches Reeds chairman Leslie Carpenter said in a statement. Rumours that U.S. Publisher Harcourt Brace Jovanovich Inc <HBJ> might bid for Reed a paper and printing company pushed Reed shares up 54p at 600p at one stage today before they eased back to 564p at the close against a background of a widespread decline in U.K. Equity prices. Share market analysts said speculators were buying the stock on belief that Harcourt would bid for Reed in an effort to escape the unwelcome two billion dlr bid from Robert Maxwells British Printing and Communication Corp <BPCL.L>. Such a move would have made Harcourt too big for BPCC to take it over analysts added. They also said there was some speculation that if BPCCs bid for Harcourt was unsuccessful it could turn its attention to Reed. Reuter | REED INTL DENIES BID APPROACH |
Applied Data Communications said it agreed to acquire privately-held Dateline Technology Inc of Redmond Wash. for an undisclosed amount of cash and stock. Dateline Technology designs and sells high-capacity high-speed computer peripheral subsystems primarily for data storage Applied Data said. Reuter | APPLIED DATA <ADCC.O> TO BUY DATELINE |
USA Network today said it has acquired Time Incs <TL> one-third interest in the network. The network formerly a joint venture between Time Gulf and Western Inc and MCA Inc <MCA> said that Gulf and Western and MCA who each previously held a one-third interest now will jointly own USA Network on a 50/50 basis. Terms were not disclosed USA Network said. USA Network is an advertiser-supported entertainment basic cable network reaching 39 mln homes on 8500 cable systems. Reuter | GULF AND WESTERN <GW> UPS INTEREST IN NETWORK |
Tektronix Inc said it began its previously announced Dutch Auction cash tender offer for up to 10 mln of its own common shares. Under the terms of the offer the company will select a single cash purchase price for the stock based on the number of shares tendered not to exceed 40 dlrs per share or be lower than 35 dlrs per share Tektronix said. The company also said it does not intend to spend more than 380 mln dlrs for the shares tendered. It further stated that the tender offer expires on July eight unless extended. Reuter | TEKTRONIX <TEK> BEGINS DUTCH AUCTION TENDER |
Coastal Corps Coastal Limited Ventures Inc subsidiary said its offering of 14000 limited partnership units in the Coastal 1987 Drilling Program Ltd has been extended to July two or until all the units are solf if that occurs earlier. It said about eight mln dlrs in 1000 dlr units had been sold as of yesterday. The partnership plans to raise 14 mln dlrs from the sale of the units and will borrow four mln dlrs Coastal said. Reuter | COASTAL <CGP> EXTENDS OFFERING OF DRILLING UNITS |
Kay Corp said its Balfour Maclaine International Ltd subsidiary signed a letter of intent to acquire certain assets of a privately-owned distributor of specialty fasteners for about 13 mln dlrs plus management incentives which it did not disclose. Kay said the firm has annual sales of about 15 mln dlrs. Kay also said it is pursuing private placement of debt securities for a number of corporate purposes. Reuter | KAY <KAY> TO ACQUIRE SPECIALTY FASTENER FIRM |
Larissa Industries Inc said it filed with the Securities and Exchange Commission for an initial public offering of two mln shares of common. All of the shares are being sold by Larissa which makes and markets component assemblies used in automobiles light trucks vans helicopters and other military vehicles and in nucelar reactors for the U.S. Navy submarines and other vessels. The offering will be underwritten by Merrill Lynch Capital Markets and E.F. Hutton and Co Inc. Reuter | LARISSA INDUSTRIES FILES FOR INITIAL OFFERING |
Sunrise Medical Inc said it will close three facilities and take a fourth quarter charge of 625000 dlrs or 15 cents per share which will result in a fourth quarter loss. The company said net earnings for the year will be below the 1.8 mln dlrs earned last year. It also noted earnings for the year will be affected by a 13 cent per share operating loss from its Sunrise Medical GmbH unit in West Germany. It said the closures to be completed by the end of 1987 year are part of a cost reduction and plant consolidation program. The company said plants to closed are the Trans-Aid factory in Turbotville Penn. the Minivator factory in Dunstable England and the Sunrise Medical GmbH distribution facility in Bischofsheim West Germany. The Turbotville and Dunstable operations will be folded into other Sunrise facilities while the German distribution business will be turned over to local distributors the company said. The German operation will be shut down effective June 26. The company said it does not anticipate any non-recurring or extraordinary charges in fiscal 1988. Reuter | SUNRISE MEDICAL <SNMD.O> SEES 4TH QTR LOSS |
New England Critical Care Inc said it completed its purchase of NPO Therapies Inc of Salt Lake City. The company said that NPO Therapies president and founder Kelly Mutchie has joined New England Critical Care as regional vice president covering the western United States. NPO Therapies provides home infusion therapy services. Reuter | NEW ENGLAND CRITICAL CARE <NECC.O> BUYS NPO |
A U.S. government trade official responsible for coffee policy said prospects for an accord on coffee quotas are still uncertain despite recent Colombian efforts to bridge differences between producers and consumers. Jon Rosenbaum an assistant U.S. trade representative just back from trade talks in Colombia said most producing countries now accept some sort of standardized criteria must be agreed to reintroduce coffee quotas. There is one country which evidently still does not Rosenbaum said in an obvious reference to Brazil which has been negative recently on a reintroduction of quotas. Rosenbaum said because of the stance of Brazil the outlook for an agreement to reintroduce coffee quotas at the September International Coffee Organization meeting is hard to predict. He said that during the visit to Bogota he held technical discussions with Colombian officials. While he did not meet with Jorge Cardenas head of the Colombian coffee producers federation who was in Europe Cardenas left a positive letter Rosenbaum said. The Cardenas letter responded to a U.S. letter last month which praised Colombia for trying to find a compromise formula for the reintroduction of quotas but outlined several concerns with the technical details of the Colombian plan. Rosenbaum could not be reached later in the day for comment on a new formula for calculating ICO quotas agreed to by European coffee roasters and traders. Dutch coffee trade association chairman Frits van Horick said in Amsterdam the new formula is based on six year moving averages and would give Brazil an unchanged export quota for the remaining to years of the current coffee agreement. The U.S. has said it will not agree to any coffee quotas unless objective criteria which reflect recent changes in the coffee market are used to set export limits. Reuter | COLOMBIA HELPFUL BUT COFFEE QUOTAS UNCERTAIN--U.S. |
The Commodity Credit Corporation (CCC) has reallocated 1.3 mln dlrs in credit guarantees originally granted to cover the sale of protein meals to El Salvador so it may buy rice the U.S. Agriculture Department said. The action reduces the guarantee line authorized for sales of protein meals to 12.7 mln dlrs and creates a rice credit guarantee line of 1.3 mln dlrs the department said. All sales under the credit guarantee lines must be registered and exports completed by September 30 the department said. Reuter | CCC CREDIT GUARANTEES TO EL SALVADOR REALLOCATED |
Jefferies Group Inc said it is making a market in Storage Technology Corp <QSTK.O>. The firm said the first bid was 3-1/2 and the first offer was 3-5/8. Reuter | JEFFERIES MAKING MARKET IN STORAGE TECHNOLOGY |
Moodys Investors Service Inc said it affirmed Delta Air Lines Incs 977 mln dlrs of debt and upgraded the ratings on Western Air Lines Incs 216 mln dlrs of debt securities. The agency cited Western Airs merger with Delta and Deltas assumption of Westerns debt. The action reflects Deltas continuing strong financial condition earnings improvement and quality service record. Moodys affirmed Deltas A-3 senior unsecured debt and industrial revenue bonds and raised Westerns senior secured debt to A-3 from Ba-3 and senior unsecured to A-3 from B-1. Reuter | MOODY'S AFFIRMS DELTA <DAL>, UPGRADES WESTERN |
Moodys Investors Service Inc said it cut to B-2 from Ba-1 Diamond Bathurst Incs subordinated notes of 1995. Moodys said it expects the companys operating performance would be hurt by heightened competition and by the increasing inroads being made by other forms of packaging. It said Diamond should benefit from production efficiency quality control and plant closings. But due to the companys major role in selling to the distilled spirits industry one of the smaller markets for glass containers its margins and asset returns may not materially improve Moodys said. Reuter | DIAMOND BATHURST <DBJ> DEBT DOWNGRADED BY MOODY'S |
Brazils crisis-ridden motor industry -- which is dominated by the subsidiaries of Volkswagen AG <VOWG.F> Fiat Spa <FIAT.MI> General Motor Corp <GM> and Ford Co <F> -- has not made a single domestic sale for the last four days and several assembly lines will stop shortly industry spokesmen said. The motor manufacturers have been feeling the pinch for months with demand slumping as the country heads into recession. But the industry hit a fresh problem when dealers decided on Tuesday to stop buying any cars or trucks to protest high government taxes on vehicles. The dealers decision was sparked by a 33 pct increase in car prices authorized last week by the government to cover industrys rising costs. Spokesman Marcio Stefani of the Brazilian Association of Autmotive Vehicle Distributors said dealers felt their livelihood was at stake -- cars arent selling because they cost too much. It is a question of our survival. The price of cars in Brazil has reached an insupportable level he said. A GM Opala Diplomata he said costs 30000 dlrs in Brazil while an equivalent car in the United States would cost about 10000 dlrs. The National Association of Automotive Vehicle Manufacturers said that if the trades boycott continues for another week consequences will be serious. Association spokesman Fred Carvalho told Reuters The consequences will first of all be collective holidays then lay-offs and a more and more catastrophic situation. A spokesman for Ford Brasil said it would tell about half of its 21000 workforce to take holidays June 29-July 13. Fiat announced yesterday that it would give 2000 workers a months holiday from July 6 halting production for the domestic market. Carvalho said the industry was working at 3500 vehicles a day below its 1986 average of 4700 and capacity of 5100. During last years Cruzado Plan price freeze feverish demand far outstripped supply. The industry says it could have sold many more cars than it produced but was constrained by a lack of parts. Today the picture is completely different after months of raging inflation and demand has all but disappeared. Carvalho said the government taxes on cars added 138 pct to the cost of the vehicle. He described the taxes as the highest in the universe and the galaxy. Domestic car sales during the first five months of this year slipped to their lowest level for a decade 241632 units compared with 382182 units during the same period last year. On the bright side exports are booming -- sales abroad in May totalled 242 mln dlrs a record figure. The motor industry is critical of the government of President Jose Sarney which has gained a reputation as an indifferent manager of the economy. Last month Volkswagen said it was postponing indefinitely investments of 150 mln dlrs planned for this year. Wolfgang Sauer president of Volkswagen do Brasil said the government had created a crisis of confidence. Brazils motor industry employs more than 150000 people. Reuter | BRAZIL'S MOTOR INDUSTRY SUFFERS MAJOR SLOWDOWN |
U.S. Comptroller of the Currency Robert Clarke said his office is expanding a plan giving temporarily ailing but well managed national banks extra time to come into compliance with its minimum capital requirements. The policy which originally was intended to give well run banks in economically depressed areas more time to rebuild depleted capital levels will be broadened to apply to all national banks Clarke said in a speech to a financial seminar. A text of his remarks was made public today. The comptrollers office will extend the application deadline for the plan to Dec. 31 1989 from Dec. 31 1987. It will extend to 1995 from 1993 the deadline for banks to boost their capital levels to the required minimum level. Finally it will eliminate a current requirement that a bank have capital of at least four pct to participate in the capital forbearance plan. In theory a bank could be allowed to continue to operate with nearly zero capital if we approve its plan to rebuild its capital base Clarke said though he added that a bank in that situation would have a have a virtually ironclad plan for a prompt restoration of capital to be accepted. The critical linkage to forbearance is that the fundamentals must be in place to assure that the bank can survive: in short capable management and financial prospects Clarke said. He said the program will continue to be closed to insolvent banks. Reuter | U.S. BROADENS NATIONAL BANK CAPITAL FORBEARANCE |
AMERICAN EXPRESS, UNITS 6.3 BILLION DLRS OF DEBT AFFIRMED BY S/P |
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Standard and Poors Corp said it affirmed the debt ratings of Chrysler Corp and Chrysler Financial Corp following the automakers agreement to acquire Electrospace Systems Inc for 367 mln dlrs. It said the acquisition could easily be funded from existing cash balances still leaving Chrysler with an adequate level of precautionary cash. At March 31 Chrysler had 2.9 billion dlrs of cash and marketable securities up from 2.7 billion dlrs at year-end 1986 S and P noted. Standard and Poors affirmed the BBB senior debt of Chrysler and Chrysler Financial. Also affirmed were the finance arms BBB-minus subordinated debt and A-2 commercial paper. Electrospace makes communications and electronic systems for aerospace applications. Because of the companys relatively small size the acquisition should have little effect on Chryslers balance sheet S and P said. Reuter | CHRYSLER <C> AND FINANCIAL UNIT AFFIRMED BY S/P |
Qtly div four cts vs four cts in prior qtr Payable July 15 Record June 30 Reuter | AUTOCLAVE ENGINEERS INC <ACLV.O> DIVIDEND |
International LPG prices were little changed in the past week barely affected by the excitement on the advent of OPECs mid-year meeting traders and industry sources said. If the OPEC decides to increase crude oil production a traders said LPG supplies will be up without corresponding rise in demand. Petrochemical buyers were sidelined after their foray in the market early in june they said. An industry meeting in Dublin this week also drew many market participants away from the trading desk they added. Algeria has moved at least two cargoes of propane to the U.S. Gulf keeping Mediterranean prices steady traders said. In the Mideast Gulf propane appeared easing slightly after a major U.S. oil company bought propane on formula which netted back about 123 dlrs cif Mideast Gulf which was two dlrs below Saudi Arabias government selling price (gsp) industry sources said. Delivered propane to Japan was quoted at gsp plus 19 dlrs and butane at gsp plus 25 dlrs the traders said. Reuter | INTERNATIONAL LPG PRICES STEADY IN QUIET MARKET |
After battling President Reagan all year Congress is about to pass a trillion dollar 1988 budget that sets the stage for even fiercer fighting over its tax and defence policies. But when the dust settles congressional budget analysts say Reagan and the Democratic opposition may finally sit down at a budget summit to call a truce and work out a deal over implementing the budget he opposes. I think he essentially will (negotiate) said a prominent House leader who did not want to be identified. The ball is in his court ... Weve done everything we could to make a summit. The Democrat budget plan calls for $19 billion in new taxes next year $64 billion over three years and is set to be passed by the Democratic-led Congress next week. It would cut next years deficit by about $37 billion to $134 billion. On Tuesday last week Reagan said he would consider talks except on defence or taxes but three days later argued that Congress would first have to bend even further. Reuter | U.S. BUDGET DUE FOR APPROVAL, TRUCE POSSIBLE |
Kleinwort Benson Australian Income Fund Inc Qtly div from investment income 30 cts vs 36.5 cts in prior qtr Payable July 17 Record July one Reuter | KLEINWORT BENSON AUSTRALIAN FUND <KBA> DIVIDEND |
Qtly div 18 cts vs 18 cts prior Pay August seven Record July three Reuter | HOSPITAL CORP OF AMERICA <HCA> SETS PAYOUT |
Former U.S. Secretary of State Henry Kissinger said the U.S. Government is disregarding the future of its economy and could within three to five years find itself on a situation similar to those of indebted Latin American countries. The United States will not be able to service its debt without austerity he told a news conference. The former secretary also criticised his countrys foreign policy. We have so many problems of our own at home that we should not be sending people like me and many others around the world to tell other countries how to handle their problems. Kissinger came to Brazil on a private visit to make the opening speech at the Sixth World Congress of the International Federation of Purchasing and Materials Management to be held here June 24 through 26. During his visit he is to call on President Jose Sarney Foreign Minister Roberto Abreu Sodre Finance Minister Luiz Carlos Bresser Pereira and Chamber of Deputies chairman Ulysses Guimaraes Monday in Brasilia. Asked to comment on the economic measures imposed by the Brazilian government last week which included a new price freeze up to 90 days Kissinger said: I have only read a summary of the plan. In principle it seems like a reasonable plan which could succeed and lead to an agreement with the International Monetary Fund. Reuter | KISSINGER FORESEES ROUGH TIME FOR U.S. ECONOMY |
Unisys Corp said its Value Added Marketing organization signed an agreement with privately held VMark Computer Inc for remarketing of the Unisys 5000 and 7000 series of minicomputers with VMark software. Terms were not disclosed. Reuter | UNISYS <UIS> IN MARKETING AGREEMENT WITH VMARK |
The United States said Kuwait was discussing plans to lease privately-owned U.S. tankers to transport oil through the Gulf in addition to putting some of its own vessels under American flags. State Department spokeswoman Phyllis Oakley who made the disclosure about the tankers also told reporters the United States expects to conclude very soon a favorable arrangement with Saudi Arabia concerning expanded security cooperation in the Gulf. The two developments occur as the Reagan administration continued to come under fire in Congress for its plans to bring 11 Kuwaiti tankers under American flags. The move is designed to protect the tankers from Iranian attacks and ensure freedom of navigation in the strategic waterway but has raised fears on Capitol Hill that it will draw the United States into the seven-year-old Iran-Iraq War. The Kuwaitis have discussed the possibility of chartering U.S. flag vessels with the Maritime Administration Oakley said. She emphasized however that if some charter arrangement could be worked out it would not supplant the reflagging arrangement that we worked out with the Kuwaitis. In both cases the ships would be eligible for U.S. Navy escort in the Gulf she said. The Washington Post today quoted John Gaughan administrator of the Martime Administration as saying Kuwait has approached an American shipping company about the possibility of a charter. Gaughan said that earlier this week he told representatives of the company whose identify he did not know that chartered vessels flying the U.S. flag would be protected the newspaper reported. Concerning Saudi Arabia Oakley said we are moving forward in our talks ... on how we can tailor our efforts and security cooperation to facilitate our Gulf operations. Reuter | KUWAIT SEEN WANTING TO LEASE SOME U.S. TANKERS |
Environmental Power Corp said that Robert W. Baldridge has resigned from its board of directors effective June 17. Environmental develops owns and operates small power production hydropower and waste-energy plants. Reuter | ENVIRONMENTAL <POWER.O> BOARDMEMBER RESIGNS |
Senior officials from government and the ruling Revolutionary Institutional Party (PRI) rejected business sector calls this week to reprivatise the 26 Mexican banks nationalised five years ago. PRI president Jorge de la Vega speaking in Saltillo Coahuila state said the party would never permit reprivatisation because the banks belong to all Mexicans. Speaking in Hermosillo Sonora State Deputy Finance Minister Francisco Suarez Davila said the nationalised banks have proved a positive instrument through which the government has been able to promote economic development. Suarez davila said that in the hands of the state banks have performed well and that the government will adopt whatever reorganization is needed to improve efficiency. Earlier this week the newly elected head of the powerful business coordinating council agustin legorreta called for the banks to be reprivatized charging that competition and efficiency had been eroded. Then president jose lopez portillo nationalised the banks in 1982 accusing them of aiding capital flight. Later that year miguel de la madrid took office and announced a scheme to offer 34 pct of the banks shares to the public. Reuter | MEXICO REJECTS CALLS TO REPRIVATISE BANKS |
DAYTON HUDSON SAID IT TOLD BUYER OF STOCK IT's not INTERESTED IN BEING ACQUIRED |
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Lloyds Bank Canada a unit of Lloyds Bank <LLOY.L> PLC said it appointed David Drake chief executive replacing David Lewis who will remain as vice-chairman effective June 30. The bank said that former president David Rattee resigned to pursue other interests. Drake 45 has served with Lloyds Bank since 1958 and is currently the banks regional director in Birmingham England. Lewis was chief executive of the old Continental Bank of Canada which sold 90 pct of its assets to Lloyds Bank last November. Reuter | LLOYDS BANK CANADA NAMES NEW CHIEF EXECUTIVE |
Standard and Poors Corp said it affirmed 6.3 billion dlrs of debt of American Express Corp and related entities. Affirmed were American Express AA senior debt AA-minus subordinated debt and A-1-plus commercial paper. S and P cited the American Express banking units decision to set aside specific reserves for developing country credits. While a 600 mln dlr loan-loss provision will generate a second quarter loss and diminish equity capital the reduction will be replenished by earnings in the second half of the year S and P said. Reuter | S/P AFFIRMS AMERICAN EXPRESS <AXP>, UNITS DEBT |
<Pacific Basin Development Corp> based in Vancouver British Columbia said it reached an agreement to buy 51 pct of T.E.A.M. Pacific Corp and its marketing arm for 4.2 mln U.S. dlrs. Pacific also said it expects ot earn three mln Canadian dlrs for the year ended June 30 1988 and 10 mln Canadian dlrs for the year ended June 1989. T.E.A.M. a former Signetics Corp unit assembles integrated circuits in Southeast Asia and is itself buying an assembler. Pacific said T.E.A.M. expects to earn over 80 mln Canadian dlrs per year when the acquisition is completed. Reuter | PACIFIC BASIN TO ACQUIRE 51 PCT OF T.E.A.M. |
May 31 Shr loss 13 cts vs loss 4 cts Net loss 225000 vs loss 80000 Revs 11.8 mln vs 10.4 mln Avg shrs 1789165 vs 1789455 Reuter | ANDERSEN GROUP INC <ANDR.O> 1ST QTR MAY 31 |
Dayton Hudson Corp in a letter to employees said it told an aggressive buyer of the companys stock that it does not want to be acquired. A Dayton Hudson spokeswoman would not identify the buyer but Wall Street sources said Dart Group Corp <DARTA.O> was the company interested in buying Dayton Hudson stock. The Wall Street sources said the Dart Group is expected soon to file a statement with the Securities and Exchange Commission on its accumulation of Dayton Hudson stock. According to the letter to company employess Dayton Hudson management has moved in two directions to fend off a takeover. According to the letter chairman Kenneth Macke expressed to the group buying its stock the companys desire to remain independent. Dayton Hudson Thursday night met with Minnesota governor Rudy Perpich appealing for legislative help. A spokesman for Governor Perpich earlier said the governor is expected later today to recommend stiffening the states anti-takeover law to help the Minneopolis retailer defend itself. Minnesota House speaker designate said the legislators would probably look at language similar to that contained in Indiana and New York law. He said any amendment proposed would probably be designed to thwart a company from dismantling a company for its own profit. Obviously Dayton-Hudson people feel whatever statutes we have would not protect them enough Vanasek said. Reuter | DAYTON HUDSON <DH> NOT INTERESTED IN ACQUISITION |
Barnett Banks Inc and Home Federal Bank of Florida said they filed a suit against the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corp. The companies said the suit asks a Jacksonville Fla. federal district court to enjoin the enforcement of an interpretive rule adopted by the FHLBB last year which seeks to give it jurisdiction over Barnetts proposed acquisition of Home. The suit says this rule is arbitrary and capricious. Reuter | BARNETT BANKS <BBF> FILES AGAINST FEDERAL BOARD |
Environmental Power Corp said it filed a statement with the Securities and Exchange Commission for the offering of two mln shares of its common. All shares are being sold by the company and Drexel Burnham Lambert Inc is the sole manager of the offering. Environmental said 400000 dlrs of the net proceeds will be used to pay a portion of the purchase price of the capital stock of <Milesburg Energy Inc> and the remainder to repay up to one mln dlrs in short-term debt and general coporate purposes. Reuter | ENVIRONMENTAL <POWR.O> FILES FOR OFFERING |
SENIOR DEFENSE OFFICIAL SAYS PENTAGON HAS SUSPENDED BUSINESS WITH TOSHIBA |
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Chrysler Corp is taking a small step away from automobiles and towards military contracting with the purchase of Electrospace Systems Inc <ELE> analysts said. A chief goal of Chrysler is to gain military business for their Gulfstream planes and this should help that cause dramatically said analyst Gary Glaser at First Boston Corp. Chrysler which bought Gulfstream Aerospace Corp in 1985 earlier said Electrospace agreed to be acquired in a friendly merger for about 367 mln dlrs. Analysts said the merger continues a trend in the automobile industry of diversification away from carmaking. General Motors Corp <GM> paid about five billion dlrs for Hughes Aircraft an aerospace company in 1985. A year earlier it bought Electronic Data Systems a data processing firm for about 2.5 billion dlrs. Meanwhile Ford Motor Co <F> has added First Nationwide Savings as part of a move into financial services. Ford which has a huge stockpile of cash has indicated its interest in aerospace with Lockheed Corp <LK> once rumored as a possible target. Both Ford and Lockheed have denied the rumors according to analysts. Ford has about 9.5 billion dlrs of cash and securities on hand one analyst said. The overall strategic thrust (within the car industry) is to become somewhat less sensitive to the vagaries of the automobile sales cycle said analyst Jack Kirnan at Kidder Peabody and Co. One way companies feel they can do it particularly GM and Chrysler is by diversifying into aerospace Kirnan said. Ford has been a little bit of a laggard in that area he said which has been a concern to some investors. Chryslers first big move away from autos came in 1985 when it purchased Gulfstream for 637 mln dlrs. Defense analysts said Chrysler was paying a high price for Electrospace but auto analysts regarded it as a modest outlay for the company. Electrospace earned 10 mln dlrs on sales of 191 mln dlrs in fiscal 1987 ended April 3. Kirnan said Chrysler may have some trouble digesting the Richardson Texas electronics firm because it is also buying American Motors Corp <AMC> for about two billion dlrs in a deal set to close later this year. Chrysler will have their hands full absorbing AMC for a year or more and will absorb a lot of debt Kirnan said making them the most heavily leveraged auto company. But other analysts said the relative small size of Electrospace will make it easy for Chrysler to absorb. Analysts also noted that Hughes has contributed significantly to GM and that Gulfstream provided about 57 mln dlrs in pretax earnings to Chrysler last year. In a statement Chrysler said 92 pct of Electrospaces sales were to the military. In addition to helping Gulfstream gain government business Chrysler said it believes electronics technology will help the automobile business. Robert Miller Jr Chrysler Corp vice chairman said that Gulfstreams business for example involves electronics composites and aerodynamic design. Those will all be important technologies for winning in the automobile business in the 1990s Miller told Reuters. Electrospace should add significantly to the electronics area he said. Miller said Electrospace earnings last year were hurt by one-time items and but should recover this year. Miller said cash on hand will be used to pay for Electrospace. They have a substantial presence in Washington with 150 or more professional people. They also have accounting systems in Texas to manage their business with the Defense Department he said. Both should be important in moving Gulfstream into the military market. Gulfstream traditionally has been aimed more at the commercial market which is a different kettle of fish Miller said. Reuter | CHRYSLER <C> MOVE CONTINUES TREND |
U.S. BUSINESS LOANS FALL 896 MLN DLRS IN JUNE 10 WEEK, FED SAYS |
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NYSE SAYS SHORT INTEREST UP 28.9 MLN SHARES FOR MONTH ENDED JUNE 15 |
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Business loans on the books of major U.S. banks excluding acceptances fell 896 mln dlrs to 275.61 billion in the week ended June 10 the Federal Reserve Board said. The Fed said that business loans including acceptances fell 546 mln dlrs to 278.12 billion dlrs. Reuter | U.S. BUSINESS LOANS FELL 896 MLN DLRS |
Manhattan Federal Court Judge Shirley Wohl Kram said she would rule Monday on whether to grant a request to block a 78 dlr per share merger agreement between Burlington Industries Inc and Morgan Stanely Group Inc <MS>. The request to bar the merger was made by Samjens Acquisition Corp a partnership formed by financier Asher B. Edelman and Dominion Textiles Inc. Samjens has made a hostile 77 dlr per share takeover bid for Burlington. Reuter | JUDGE TO RULE MONDAY ON BURLINGTON <BUR> CASE |
K.G. Saur the German-based publisher of databases and legal and bilbiographic reference material said it has sold all of its assets to The Butterworth Group a division of Reed International PLC <REED.L> for under 15 mln dlrs. Saur said Klaus Saur president and owner of the company will remain president of Saur operations in Munich London and New York. Reuter | <K.G. SAUR> SELLS ASSETS TO REED INTERNATIONAL |
AMEX SAYS SHORT INTEREST UP 123,002 SHARES FOR MONTH ENDED JUNE 15 |
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Shr 10 cts vs four cts Net 419000 dlrs vs 196000 dlrs Revs 27.3 mln dlrs vs 25.9 mln dlrs Note:the first quarter ended May 29 Reuter | AEL INDUSTRIES INC <AELNA.O> FIRST QTR NET |
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