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Chefs International Inc said it completed a private sale of nine mln units of its securities for 20 cts per unit for a total price of 1800000 dlrs. The company said each unit consisted of one share of Chefs common stock and one three-year warrant exerciseable to purchase one share of Chefs stock at 25 cents. The company also said Robert E. Brennan purchased 8250000 of the units. Reuter | CHEFS <CHEF.O> COMPLETES PRIVATE SALE |
Shr four cts vs nine cts Net 125465 dlrs vs 245718 dlrs Revs 8.4 mln dlrs vs 7.8 mln dlrs Note:the fiscal year ended March 31 Reuter | NATIONAL VIDEO INC <NVIS.O> YEAR NET |
The Pentagon has stopped approving any new military contracts to Japans Toshiba Corp <TSBA.T> over a Toshiba subsidiarys transfer of submarine technology to the Soviet Union a senior defense official said. We are not approving any new contracts (with Toshiba) pending a satisfactory resolution of this entire matter Deputy Assistant Defense Secretary Stephen Bryen told Reuters confirming published reports on the matter. The temporary ban which Bryen said has been in effect unofficially since April could cost Toshiba hundreds of mlns of dlrs in electronics business with the Pentagon including a pending 100 mln dlr Air Force deal for small computers. Bryen said the U.S. military services have not signed any contracts with Toshiba since April when publicity arose over subsidiary Toshiba Machine Cos alleged sale to Moscow of milling machines which will grind silent submarine propellers. The Japanese government has been investigating the case and it was previously reported that Toshiba Machine sold four large milling machines to the Soviet Union in late 1983 or early 1984. But Bryen told Reuters in an interview that the Pentagon has now been informed by Japanese police that at least four more smaller machines capable of making such precision propellers were also sold to the Kremlin apparently in 1984. There may be even more beyond that. I dont know yet Bryen said. Toshiba is known to be seeking a U.S. Air Force contract for 90000 lap-top computers worth some 100 mln dlrs. The Air Force has called for new bids on that contract partly because of the Toshiba investigation Pentagon officials said. The officials who asked not to be identified said the computer contract is also being re-advertised for bidding because of changes in the dlr-yen ratio and questions raised by U.S. import restrictions on some Japanese micro-electronics. Two days ago three U.S. senators said they wanted a temporary ban on all U.S. imports of Toshiba Corp products including television sets and videotape recorders. Senators Jake Garn of Utah Richard Shelby of Alabama and John Heinz of Pennslvania said they might seek an amendment to a major trade bill being considered by the Senate this summer. The Navy is reported to be furious over the technology transfer and Pentagon officials have told Reuters that some of the state-of-the-art propellers have already been mounted on Soviet attack submarines. The Japanese government has already prohibited Toshiba Machine Co from doing any business with the Soviet Bloc for one year. The Norweigan state-own firm Kongsberg Vaapenfabrikk was involved in the original technology transfer providing vital computer software to be used with the Japanese milling equipment. But the Norweigan firm is now being reorganized and Bryen said that it apparently was not involved in the alleged more recent transfer of Toshiba Machine equipment. Reuter | PENTAGON STOPS NEW BUSINESS WITH TOSHIBA |
Archer-Daniels-Midland Co denied a report that it is interested in acquiring International Minerals and Chemical Corp (IGL). We have no interest in International Minerals or any of its divisions a spokesman told Reuters. Weve had no conversations with them. USA Today reported that Archer-Daniels-Midland might be seeking a hostile takeover of International Minerals. Reuter | ARCHER-DANIELS <ADM> DENIES RUMOR |
Shr 15 cts vs 10 cts Net 1790824 vs 1031602 Revs 14.0 mln vs 6.7 mln Nine mths Shr 41 cts vs 23 cts Net 4830513 vs 2296192 Revs 40.5 mln vs 15.4 mln Avg shrs 12.0 mln vs 10.5 mln Reuter | KAUFEL GROUP LTD (KGL.M) 3RD QTR NET |
One of several investor groups formerly associated with London investor Christopher Moran in his unsuccessful bid to take over Zondervan Corp last year said it cut its stake in the company to less than five pct. In a filing with the Securities and Exchange Commission the group led by investors Lawrence Altschul and James Apostolakis said it cut its Zondervan stake to 157500 shares or 3.8 pct of the total from 246500 shares or 5.9 pct. The group which earlier this month said in an SEC filing it wanted join with other groups to maximize share values said it sold 89000 shares between June 9 and 15 for 1.5 mln dlrs. The group had joined with the Moran group which last year assembled a combined 44 pct stake in Zondervan during its unsuccessful takeover try. Last month the Moran group broke up and splintered into various factions. Moran himself withdrew from the takeover effort and last reported his personal stake at 4.8 pct. A group led by Miwok Capital Corp a California broker with a 10.6 pct stake and another one led by Minneapolis stockbroker Jeffrey Wendel with 2.6 pct have both made recent SEC filings saying they are seeking agreements with other parties who may want to seek control of the company. Reuter | GROUP CUTS ZONDERVAN<ZOND.O> STAKE TO 3.8 PCT |
venezuela will seek 2.4 billion dollars in export financing during 1987 double the amount it received last year public finance director jorge marcano said. Marcano told reporters at the finance ministry yesterday that the 2.4 billion is part of a total package of 3.2 billion dlrs in new credits which venezuela will try to obtain. weve begun efforts to secure that financing he said. Reuter | VENEZUELA WANTS 2.4 BILLION DLRS EXPORT FINANCE |
America Pop Inc said it plans to build with its joint venture partner Puissant Group a 2.6 mln dlrs 120-unit Days Inn Motor Lodge at the Ohio State Fairgrounds in Columbus. Construction is expected to be completed in late October. The company also said it plans to complete by mid-October construction of a 60-unit Days Inn in Athens Ohio and by November a 60-unit Days Inn Motor Lodge in Green Castle Pennsylvania. These two projects are organized as limited partnerships it said. Reuter | AMERICA POP INC <HOST.O> VENTURE TO BUILD HOTEL |
Noranda Inc said 1100 unionized workers at its 63 pct-owned Brunswick Mining and Smelter Corp lead-zinc mine in New Brunswick would start voting Monday on a tentative contract pact. Company official Andre Fortier said We are hopeful that we can settle without any kind of work interruption. Fortier added that Brunswicks estimated 500 unionized smelter workers were currently meeting about a Noranda contract proposal and would probably vote next week. The mines contract expires July 1 and the smelters on July 21. The Brunswick mine produced 413800 tonnes of zinc and 206000 tonnes of lead last year at a recovery rate of 70.5 pct zinc and 55.6 pct lead. Concentrates produced were 238000 tonnes of zinc and 81000 tonnes of lead. Reuter | NORANDA BRUNSWICK MINERS VOTE MONDAY ON CONTRACT |
President Reagans nominee as top policeman for the nations securities markets will inherit an agency challenged by an insider trading scandal wild stock price gyrations and a host of uncertainties stemming from the globalization of financial markets. David Ruder a 58-year-old Republican law professor at Northwestern University in Evanston Ill. was named Thursday to be the 23rd chairman of the five-member U.S. Securities and Exchange Commission. If confirmed by the Senate as expected he will succeed John Shad who left the agency earlier this week after a record six years as chairman to become ambassador to the Netherlands. The SEC has been in the limelight for the past year as its investigators have probed into the most colossal insider trading scandal ever uncovered on Wall Street. The investigation which is still active mushroomed in recent months as a growing number of well known traders and prominent investment banking firms have been charged with wrongdoing. The pace of the probe picked up markedly in November after Ivan Boesky one of Wall Streets most successful stock speculators agreed to cooperate with government investigators and to pay a record 100 mln dlrs in penalties and illegal profits after being charged with insider trading. But the agency is also wrestling with a vexing new phenomenon of huge and rapid swings in stock prices spurred by computer-driven trading strategies that span markets in securities options and futures. The price gyrations have combined with rising trading volumes to bring unprecedented volatility to some U.S. securities markets. At the same time the SEC is being pressed by some lawmakers to put a stop to abusive tactics in corporate takeover contests as an unrelenting wave of such takeovers steadily reshapes the U.S. corporate landscape. And the agency is being pushed by U.S. and foreign exchanges intent on expansion to lay the regulatory groundwork for an international securities marketplace in which trading occurs across borders throughout the world around the clock. Such worldwide trading networks offer vast new investment opportunities but could strain the SECs ability to enforce U.S. securities laws and guard investors from fraud. Under the leadership of Shad the SEC eased financial disclosure requirements for publicly traded companies eliminated many minor investor protection rules attempted to spur competition among exchanges and streamlined the agencys review of hostile corporate takeovers. Shad who had been vice chairman of the E. F. Hutton investment banking firm brought a Wall Street perspective to the agency upon being named chairman in 1981. In line with the views of other top administration officials he favored marketplace determination of takeover battles over new federal regulations. The SEC under Shad also stressed prosecution of insider trading violations over the corporate wrongdoing cases that topped the agencys enforcement agenda during the administration of President Jimmy Carter a Democrat. Securities lawyers and industry officials acquainted with Ruder say the new chairman-designate is unlikely to significantly alter the commissions current priorities. The SEC currently has about 2000 employees most of them lawyers and an annual budget of about 115 mln dlrs though that figure likely will be significantly higher next year as the agency moves to beef up its enforcement staff. The agency is one of the few in the government that actually has taken in more money than it has spent in the past few years because of fees it charges public companies investment banks and other securities firms it regulates. The SEC is structured as an independent regulatory agency meaning that its five commissioners are appointed by the president to fixed five-year terms and protected from firing for policy differences alone. By law no more than three commissioners may be of the same political party and the agency prepares its own budget request each year instead of leaving this to the White House. Established by Congress in 1934 the SEC traces its origins to the great stock market crash of 1929 which was attributed in large part to widespread trading on credit and attempted market manipulations by large investment firms. The agency requires public companies and investment vehicles such as mutual funds to issue periodic reports on their financial condition and to disclose changes in their condition any time they issue new securities. It requires brokers dealers and investment banks to register with it and comply with investor protection rules and it polices exchanges and regulates trading practices. Its first chairman was Joseph Kennedy an industrial magnate who was also the father of John Kennedy later to become the nations 35th president. Other former chairmen include William Douglas who served from 1937 until his appointment to the U.S. Supreme Court in 1939 and William Casey who served during President Nixons first term and was Reagans director of the Central Intelligence Agency until his death earlier this year. Reuter | NEW LEADER COMING TO U.S. SEC IN CHALLENGING ERA |
The Administration asked Congress to replace the U.S. tariff schedule with a new system to bring it into line with international tariff categories U.S. Trade Representative Clayton Yeutter said. The new system will add such items as fiber optics and more accurately define new composites items not widely traded when the current schedule was devised some 30 years ago. Yeutter said the Harmonized System as the new schedule is called will change tariff categories and definitions to meet the present-day needs of exporters and importers but they should pay about the same rates of duties. Yeutter said American exporters will find it far easier to deal with one standardized worldwide system than the variety of differing systems which they now face. He said the new system ended 12 years of multinational negotiations to create the unified tariff schedule. Yeutter said government and business moves are based on data from tariff schedules and the new system will improve knowledge of trade flows and the quality of decision-making. He said 56 nations pledged to bring their standards under the new system with about half expected to join the system by January 1988. reuter | U.S. ASKS CONGRESS TO REVISE TARIFF CATEGORIES |
Moodys Investors Service Inc said it affirmed 500 mln dlrs of debt of PNC Financial and units. Affirmed were Aa-2 senior debt of PNC Financial Corp and PNC Funding Corp AAA long-term deposits of Pittsburgh National Bank and Aa-2 long-term deposits of Citizens Fidelity Bank and Trust. Moodys cited PNCs announced special second-quarter loan loss provision of 110 mln dlrs to raise loss reserve coverage of loans to economically troubled borrowers in less-developed countries. Moodys said the firms financial condition would not change materially as a result of the action. Reuter | MOODY'S AFFIRMS PNC FINANCIAL <PNCF>, UNITS DEBT |
A group led by Chas. P. Young Co a subsidiary of Service Resources Corp said it cut its stake in Sorg Inc to 366700 shares or 16.7 pct of the total outstanding common stock from 385000 shares or 17.5 pct. In a filing with the Securities and Exchange Commission Young which yesterday withdrew its 23 dlr a share takeover proposal said its other group member SDI Partners Ltd Partnership sold 18300 Sorg common shares between June 16 and 18 at 17-1/2 to 19 dlrs each. Reuter | SERVICE RESOURCES<SRC> UNIT CUTS SORG<SRG> STAKE |
Audi of America Inc said it will increase prices on all models by an average of 3.9 pct or 838 dlrs effective July 20. The increase applies to Audi 4000S 4000CS Quattro Coupe GT 5000S sedan and wagon 5000S Quattro 5000CS Turbo and 5000CS Turbo Quattro sedan and wagon models the company said. Reuter | AUDI OF AMERICA LIFTS CAR PRICES |
Eaton Corp said it was awarded a 25 mln dlr contract by the U.S. Customs Service for development of an intelligence system intended to intercept drug smuggling along the southern border of the U.S. The contract calls for the company to provide the government with the most current information gathering and assessment technology available in its fight against border drug trafficking Eaton said. Reuter | EATON <ETN> GETS 25 MLN DLR CONTRACT |
Qtly div 30 cts vs 30 cts prior Pay July 16 Record July 6 Reuter | MOORE FINANCIAL GROUP <MFGI.O> QUARTERLY DIV |
Qtly div 20 cts vs 20 cts prior Pay Aug 19 Record Aug 3 Reuter | THE PARKWAY CO <PKWY.O> QUARTERLY DIVIDEND |
Shr profit nil vs loss two cts Net profit 39617 vs loss 200740 Revs 619076 vs 491085 Nine Mths Shr loss nil vs loss five cts Net loss 68293 vs loss 434087 Revs 1614960 vs 1791148 Reuter | DWI CORP <DWIC.O> 3RD QTR MARCH 31 NET |
Towle and Co a St. Louis Mo. investment advisory firm told the Securities and Exchange Commission it has acquired 55900 shares of Supreme Equipment and Systems Corp or 5.1 pct of the total outstanding. Towle said it bought the stock for investment purposes on behalf of its advisory clients. Reuter | FIRM HAS SUPREME EQUIPMENT <SEQP.O> STAKE |
Moseley Holding Corp said it expects a loss for its first fiscal quarter ending June 30. The company said the losses are related to its municipal bond unit trust and corporate bond activities all of which were affected by the difficult bond market. The company said losses for those areas were close to four mln dlrs for April and May. It said its mortgage-backed activities were profitable during those months. Reuter | MOSELEY HOLDING CORP <MOSE.O> SEES 1ST QTR LOSS |
Philadelphia Electric Co said it completed the sale of 1500000 shares of common stock by a continuous offering plan through Drexel Burnham Lambert Inc. The company said proceeds from the sale which amount to 32.4 mln will be used for its construction program. Reuter | PHILADELPHIA ELECTRIC CO <PE> SELLS SHARES |
Italys Foreign Trade Minister Mario Sarcinelli commenting on speculation in the Italian press said a sharp balance of payments deficit in May could not be attributed to recent moves liberalizing the purchase of foreign securities. Sarcinelli was reacting to suggestions that last months overall 3211 billion lire deficit which compares with Aprils 2040 billion surplus could be linked to a May 13 decree abolishing obligatory non-interest-bearing deposits on foreign securities purchases. The deficit can be better attributed to premature and delayed foreign trade payments and receipts (leads and lags) rather than capital outflow to portfolio investment Sarcinelli said in a statement. Earlier today the newspaper La Repubblica cited remarks by the Bank of Italy which announced the deficit for May and said it had been partly caused by non-banking capital outflows. In practice it seems that there has been a constant flow of capital to foreign securities or investments outside our borders said the newspaper. But the newspaper added that it was still not possible to say how far the move to abolish foreign securities purchase deposits had affected Italys balance of payments. Reuter | ITALY DEFICIT NOT DUE TO LIBERALIZATION-MINISTER |
<Allied Stores Corp> named Michele Fortune president and division chief executive officer of its Ann Taylor division stores. Allied said Fortune is currently senior vice president-merchandising of <Lord and Taylor> of New York. Reuter | ALLIED STORES NAMES ANN TAYLOR DIVISION OFFICER |
<Equitable Life Assurance Society of the United States> and Hospital Corp of America <HCA> said their Equicor joint venture unit named William Hjorth vice chairman and chief operating officer. Reuter | EQUITABLE LIFE ASSURANCE NAMES UNIT CHIEF |
Sico Inc said it agreed in principle to buy the U.S. assets of Reichold Chemicals Incs Sterling Group which manufactures electrical insulation compounds and industrial resins and develops coatings for the electronics industry. Terms were undisclosed. Sico said it acquired Sterling Groups Canadian assets in February. It said the U.S. acquisition adds about 15 mln dlrs to its annual sales volume. Reuter | SICO <SIC.TO> TO BUY REICHOLD <RCI> UNIT ASSETS |
A group of Boston investors and investment partnerships told the Securities and Exchange Commission it sold its entire stake in Silicon Systems Inc of 410000 shares or 6.0 pct of the total outstanding. The group which includes HLM Associates HLM Associates II and their three general partners said it sold the stock between April 22 and June 9 at 9.00 to 9.125 dlrs a share as the result of an investment decision. Reuter | INVESTOR GROUP DUMPS SILICON <SLCN.O> STAKE |
Mosely Holding Corp said it expects to report an unspecified loss in the first quarter ending June 30. The company said the current quarter result will reflect losses associated with municipal bond unit trust and corporate bond activities. It reported net income of 203000 dlrs or one cent per share on revenues of 35.5 mln dlrs in the fiscal 1986 first quarter. Reuter | MOSELY <MOSE.O> EXPECTS 1ST QTR LOSS |
qtr ended May 2 Oper shr three cts vs 11 cts Oper net 333000 vs 885000 Revs 14.9 mln vs 12.2 mln Note: Latest qtr exludes writeoff of 735000 dlrs from store renovation. Reuter | SHIRMAX FASHIONS LTD <SHX.M> 1ST QTR NET |
A group of companies including Chicago-based Coronet Insurance Co and Sunstates Corp a Jacksonville. Fla. real estate firm said it raised its stake in Tandy Brands Inc to 175900 shares or 6.9 pct of the total. In a filing with the Securities and Exchange Commission the group said it bought 43600 Tandy common shares between May 21 and June 9 for 633333 dlrs in addition to the 132300 shares or 5.2 pct it had held previously. Reuter | GROUP UPS STAKE IN TANDY BRANDS <TAB> TO 6.9 PCT |
Wisconsin Electric Power Co said a small amount of slightly radioactive water was released from its Point Beach Nuclear Plant at Two Creeks Wis. The company said 235 gallons of cooling water were released into Lake Michigan this morning as plant employees accidentally opened a valve while cleaning a holding tank. The company said the radioactive water was heavily diluted and that it expects no environmental or public health or safety impact as a result of this discharge. Preliminary tests of lake samples detected no increase in lake water radioactivity it said. Reuter | WISCONSIN POWER <WPC> REPORTS RADIATION LEAK |
Gateway Medical Systems Inc said it has withdrawn its May 27 offer to acquire <Westworld Community Healthcare Inc>. The company said it remains interested in acquiring the Westworlds hospitals and will attempt to continue negotiations with Westworld. Reuter | GATEWAY <GMSI.O> RECINDS OFFER FOR WESTWORLD |
The Student Loan Marketing Association announced a five-year fixed rate note offer bearing interest at 8.25 pct per annum and priced at 99.635. It said the notes due 1992 will be offered along with two mln foreign currency warrants at 4.375 dlrs each which increase in value if the U.S. dollar rises against the yen and decrease if the dollar falls against the yen. Semi-annual interest payments on the book-entry notes begin Dec 29 it said adding that both obligations will be traded on the American Stock Exchange and will be sold by Morgan Stanley and Co Inc and Dean Witter Reynolds Inc. Reuter | SALLIE MAE ANNOUNCES 100 MLN DLR OFFERING |
American Capital Corp said it will offer to holders of its 13325367 outstanding common stock purchase warrants 2.10 dlrs cash and 0.09 shares of common stock for each outstanding warrant. The company said the offer will remain open until July 21. It said the offer is subject to certain conditions including completion of the pending public offering of a new series of preferred stock. Reuter | AMERICAN CAPITAL CORP <ACC> MAKES SWAP OFFER |
Argentine President Raul Alfonsin met for more than an hour with International Monetary Fund Managing Director Michel Camdessus and Argentine economy minister Juan Sourrouille said the two men discussed Argentinas economy and its commercial bank financing package. Sourrouille told reporters that 91.5 pct of the 1.95 billion dlr loan which forms the core of the package has been subscribed. Citibank the chairman of Argentinas bank advisory committee said yesterday that subscriptions totalled about 91 pct. The IMF has said that a critical mass of bank commitments is needed before it will start disbursing the 1.83 billion dlr standby loan that it has approved in principle for Argentina. Asked what the IMF has stipulated as a critical mass Sourrouille said That has not been defined but anywhere over 90 pct we are doing fine. Although most of the money has been subscribed officials noted that about a third of Argentinas 350 creditor banks hold 93 pct of its debt. They are worried that it might take a long time to persuade the other banks to join the deal. Monetary sources said Alfonsin and Camdessus who had not met before mostly discussed Argentinas political and economic situation. Alfonsin who is beginning a four-day private visit to the U.S. was in Philadelphia to speak to the private World Affairs Council a non-partisan body dedicated to increasing public awareness of international affairs. In his speech Alfonsin said economic integration is the only way for Latin America to overcome its current crisis. This (economic integration) is probably the most audacious challenge facing Latin America this century perhaps the most audacious of our history he said. Reuter | ARGENTINA'S ALFONSIN MEETS IMF CHIEF CAMDESSUS |
First Chicago Corp said it registered for an offering of nearly 2.5 mln shares of cumulative convertible preferred stock Series A with a value of 50 dlrs a share. The stock will be issued in conjunction with First Chicagos previously announced acquisition of First United Financial Services Inc. First United holders will have the option to receive either First Chicago preferred stock or cash in exchange for their shares provided that no more than 70 pct of First United shares will be exchanged for preferred stock. The preferred stocks conversion premium will be 22.86 pct. The dividend will be fixed shortly before closing at a rate causing the preferred stock to initially trade at par subject to a minimum rate of five pct and a maximum rate of nine pct. Reuter | FIRST CHICAGO <FNB> FILES PREFERRED STOCK OFFER |
RIO DE JANEIRO - IBC ESTIMATES 1987-88 COFFEE CROP AT 35.2 MLN BAGS |
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Shr profit six cts vs loss 18 cts Net profit 156000 vs loss 212000 Revs 5094000 vs 5669000 Reuter | <BOWER INDUSTRIES INC> 1ST QTR NET |
Qtly div 14.25 cts vs 14.25 cts prior Pay Sept 21 Record July 1 Reuter | AMERICAN ROYALTY TRUST <ARI> QUARTERLY DIVIDEND |
WPP GROUP EXTENDING EXPIRATION OF ITS MERGER PROPOSAL TO JWT GROUP UNTIL JUNE 22 |
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Privately-held Joe Franklin Productions Inc said it entered into a preliminary agreement to merge with Assets Development Corp a public company. Terms were not disclosed. The companies said they expected the merged group to qualify for listing on NASDAQ. Reuter | JOE FRANKLIN AND ASSETS DEVELOPMENT TO MERGE |
TENNECO TO BECOME OPEN ACCESS TRANSPORTER OF NATURAL GAS |
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Dart Group Corp <DARTA.O> said it has no comment on reports the company has been accumulating shares of Dayton Hudson Corp. Dayton Hudson said in a letter to shareholders it told an aggressive buyer of its stock that it does not want to be acquired. Wall Street sources have identified the buyer as Dart which earlier this year was thwarted in a takeover attempt for the now privately held Supermarkets General Corp. Reuter | DART GROUP DECLINES COMMENT ON DAYTON HUDSON<DH> |
<Bower industries Inc> said it changed its name to Metalclad Corp and has restructured a loan agreement with its bank. Under the pact a 3.5-mln-dlr revolving credit line will be converted to a 1.8-mln-dlr six year note and a 1.7-mln-dlr revolving line of credit. The company said it is also restructuring a 4011000-dlr debt to another creditor whereby two mln dlrs will be forgiven 1950000 dlrs will be converted into two long-term notes due April 1989 and 61000 dlrs has been included in a line of credit. Reuter | BOWER CHANGES NAME, RESTRUCTURES LOAN |
Shr loss 33 cts vs loss one ct Net loss 320000 vs loss 8000 revs 822000 vs 405000 Reuter | RISE TECHNOLOGY INC <RTEK.O> 1ST QTR LOSS |
Qtly div 65 cts vs 65 cts prior Pay July 22 Record July 10 Reuter | EASTGROUP PROPERTIES <EGP> SETS REGULAR PAYOUT |
Magnolia Foods Inc said it completed a 250000 dlr private offering of convertible preferred and common purchase warrants. Magnolia also said it signed a license agreement and approved a conversion site in Tulsa Okla. and its previously approved conversion site in Colorado Springs Colo. will be opened in late July. Magnolia operates nine cafes: four are licensed four are are joint ventures and one is company owned. Reuter | MAGNOLIA FOODS <CAFE.O> COMPLETES OFFERING |
Warehouse Club Inc said it subleased two Chicago locations closed in April and is reviewing the five mln dlr second quarter reserve established to cover the cost of the closures. The company told Reuters it will probably remove two to three mln dlrs of the total reserve amount which will result in higher third quarter profits. In the 1986 quarter Warehouse Club had net loss of 891000 dlrs or 13 cents a share on sales of 41.4 mln dlrs. The company said it will achieve a profit in the third quarter despite any reduction in the reserve. Reuter | WAREHOUSE CLUB <WCLB.O> MAY LOWER RESERVES |
<WPP Group Plc> said it is extending its 50.50 dlrs a share offer for JWT Group Inc until midday June 22. The company temporarily extended the offer on June 17 but did not give an expiration date. Its 45 dlrs a share offer for JWT which has been rejected by JWT expires on July 10. Reuter | WPP GROUP PLC EXTENDS ITS OFFER FOR JWT <JWT> |
Tenneco Inc said Tennessee Gas Pipeline Co its largest interstate natural gas pipeline will transport natural gas under the open access rules of the Federal Energy Regulatory Commission FERC. In open access gas pipelines serve purely as a transport company moving gas from suppliers to customers. Pipelines also transport its own gas to customers. Earlier this week Transco Energy Co <T> rejected the FERC guidelines saying it would not offer open access until the regulatory body offers a solution to the exposure it faces for gas it has bought but could not sell. The exposure faced by the industry stems from take or pay contracts under which pipelines bought gas on long-term contracts they could not sell. The problem grew severe as customers won cheaper sources of gas because of open access. Some industry analysts speculated earlier this week that Tenneco might follow Transcos lead and close its pipelines to open-access because of the take-or-pay issue. But Tenneco today said open access is one of the steps FERC is taking to restructure the gas industry in the U.S. FERC is moving the industry through this restructuring now even before all transitional problems are solved. A spokesman said Tenneco faces 1.7 billion dlrs in exposure under the take-or-pay contracts but he had no specific figure for Tennessee Gas which runs 2000 miles of pipelines from Louisiana and Texas up to New England. We remain convinced that the most critical transitional issue facing the industry--take-or-pay--must be resolved by FERC in the near future. A failure to do so could have grave consequences for the industrys continued ability to provide its customers with reliable natural gas said Tennessee Gas Transmission Co president R.C. Thomas. Reuter | TENNECO <TGT> TO TRANSPORT GAS ON OPEN ACCESS |
Consumers Gas Co Ltd said it agreed to sell on July 6 100 mln dlrs of 10.60 pct debentures maturing in 2012 and priced at 998 dlrs per 1000 dlrs principal amount. The company said it would use proceeds for general corporate purposes. It said the underwriter is Gordon Capital Corp. Reuter | CONSUMERS' GAS <CGT.TO> TO SELL DEBENTURES |
Maxicare Health Plans Inc said it ended negotiations to sell Maxicare Alabama L.P. to (Complete Health Inc). The companies said last week they had reached agreement in principle for Complete Health to purchase the health maintenance organization the largest in Alabama. Maxicare said the terms would not be in the best interests of the heatlh care providers who have built the Alabama HMO. It said it now intends to work with its health care providers in Alabama to further develop the HMO. Reuter | MAXICARE <MAXI.O> ENDS PLANS TO SELL UNIT |
Shr loss 22 cts vs loss 18 cts Net loss 2494000 vs loss 1608000 Revs 3590000 vs 1710000 Year Shr loss 68 cts vs loss 53 cts Net loss 7318000 vs loss 4160000 Revs 10503000 vs 7134000 Reuter | CHIRON CORP <CHIR.O> 4TH QTR APRIL 30 LOSS |
qtr ended April 30 Shr nine cts vs 17 cts Net 1026000 vs 1840000 Revs 25.9 mln vs 26.1 mln Year Shr 27 cts vs 56 cts Net 2942000 vs 5865000 Revs 95.7 mln vs 96 mln Reuter | METHODE ELECTRONICS INC <METH.O> 4TH QTR NET |
venezuela may turn to the international monetary fund for credits as part of the countrys overall effort to reestablish financial flows from abroad finance minister manuel azpurua said today. this is no secret. Its just one of the steps the executive has begun taking to reestablish financial flows to the country azpurua told reporters at the finance ministry. He did not specify what types of loans venezuela would seek from the fund or the amounts involved. A technical team from the imf is currently in caracas gathering data for its annual report on the venezuelan economy the finance minstry said. Members of the mission met today with officials from the ministrys public finance department. Venezuela is one of the few latin american debtors which has not drawn standby or extended fund facilty loans from the imf since the regions financial crisis began in 1982. The country has an imf quota of 1.371 mln sdrs (1.75 billion dollars) according to the funds 1986 report. Reuter | VENEZUELA MAY ASK IMF FOR CREDITS |
Cominco Ltd said no talks were scheduled with striking workers at its Trail smelter and Kimberley British Columbia lead-zinc mine. A company spokesman said the company and union met informally Tuesday but talks did not constitute a formal bargaining session. The last formal talks were on June 5. The workers went on strike May 9 and production has been shut down since then. The Trail smelter produced 240000 long tons of zinc and 110000 long tons of lead last year. The Sullivan mine at Kimberley produced 2.2 mln long tons of ore in 1986 most for processing at the Trail smelter. Reuter | NO COMINCO STRIKE TALKS SCHEDULED |
The economy faces lackluster growth and the risk of recession this year if the recent improvement in U.S. exports should falter economists say. Growth will slow sharply in the next months due to weakness in the key housing and auto sectors and could be further hampered unless consumer spending picks up they say. These factors raise the question: Is there enough strength to keep the economy from tipping into a recession? said Lyle Gramley chief economist of the Mortgage Bankers Association and a former Federal Reserve Board official. The Commerce Department said this week that the economy grew by a robust 4.8 pct annual rate in the first quarter but a U.S. monetary official called it a weak report. Housing starts fell 2.7 pct in May and consumer spending rose a weak 0.1 per cent. Our two largest visible industries -- autos and housing -- are faltering but exports are picking up some of the slack Martin Mauro senior economist for Merrill Lynch Economics told Reuters. Gramley said he is worried that consumer spending may slow because inflation is rising faster than real wages. To offset this U.S. exports must continue to rise returning enough jobs to the manufacturing sector to boost personal income and consumption he says. I expect to see enough improvement in real net exports to keep a recession from happening but it is a close call Gramley said. Federal Reserve Board Governor Martha Seger told reporters that the apparent strength in the 4.8 pct growth figure was the result of a temporary buildup in inventories that will not last and said the recovery was showing anemia. Seger said that with the recovery stumbling along The pace of the economy and the lack of robustness must be factored into monetary policy - possibly a signal that the Fed will be accommodative. Most economists predict growth slower than the 3 pct forecast by the Reagan administration for 1987 and warn that if the dollar drops suddenly higher inflation will result and add to the risk of a recession. Mauro said a 0.5 pct rise in industrial production in May came despite cutbacks in output in the auto industry where an inventory overhang still exists. He says the boost in production came from smaller industries like paper chemicals and lumber which have improved sales overseas due to the drop in the dollar. They are not going to be enough for any kind of surge in economic activity but I think they will keep us out of a recession Mauro said. In a speech to financial planners this week Beryl Sprinkel the chief White House economic adviser predicted the trade deficit will continue to improve. Prospects for continued economic growth through 1987 and into 1988 are still quite favorable he said. But private economists raise concerns about a resurgence in inflation. Allen Sinai chief economist at Shearson Lehman Brothers Inc. told Congress this week that inflation would rise to 4.5 to five pct this year and stay at that level through 1989 after a 1.1 pct increase in 1986. The rise is coming from a sharply lower dollar higher oil and energy prices and rising prices for services he said. The lesson of history is that once the inflation genie gets out of the bottle it continues to persist he said adding he would like the Fed to tighten credit. A major factor affecting inflation is the value of the dollar which should continue to fall and feed inflation says a prominent international banker. Rainer Gut chairman of Credit Suisse told the National Press Club that the dollars downward trend against the yen and the mark will continue for years because the United States is the worlds largest debtor nation. The Swiss banker said the economic indicators point to a further slackening of activity and called naive the belief that the five-year boom on world equity markets will go on forever. It is very difficult to be optimistic Gut said. Reuter | U.S. ECONOMY SLOWDOWN RAISES RECESSION FEARS |
The Food and Drug Administration said stepped up testing of condoms by the agency has led to a three recalls by U.S. manufacturers and the detention of foreign-made condoms at U.S. borders. The FDA said industry standards require that roughly no more than four out of 1000 condoms leak. Condoms are tested by pouring 10 ounces of water in each and looking for leakage. The FDA said Schmid Laboratories of Little Falls N.J. has voluntarily recalled one lot of Sheik Fetherlite condoms which was distributed to 22 accounts through the United States. The agency said Schmid reported that almost all of the condoms were still in transit or at wholesalers at the time of the recall and are being recovered. National Sanitary Labs of Lincolnwood Ill voluntarily recalled a lot of Protex Contracept Plus brand latex condoms which were distributed to a wholesaler in California and two retailers in Indiana and Michigan the FDA said. The FDA said National estimates that none of the suspect lot remains on the market. The FDA also said National recalled two more lots of condoms following additional FDA tests. The FDA also said Circle Rubber Corp of Newark N.J. is voluntarily recalling Saxon and Lappel condoms after being informed of FDA test results. The FDA said the condoms were distributed in North Carolina and Illinois. The FDA urged condom makers on April 7 to inform consumers about how condoms should be used to increase protection against sexually transmitted diseases including AIDS. Since April the FDA said it had detained 15 shipments of condoms made by firms in Korea and four shipments of condoms from Malaysia. Reuter | CONDOM RECALLS RISE DUE TO FDA TESTING |
Brazils coffee exports could amount to 19 mln bags this year because of the excellent crop estimate of 35.2 mln bags an IBC spokesman said. He said exports could surpass the average annual 18 mln bags mark especially if the final harvest to be conducted in October and November confirms the crop at over 35 mln bags. He said the average limit of errors for the official crop harvest could be set at five pct above or below the first estimates officially published today. He said the IBC agreed with a request by producers for the Institute to ask the government for a monthly indexation of the guarantee minimum price. Reuter | BRAZIL COULD EXPORT 19 MLN BAGS OF COFFEE -IBC |
Endotronics Inc said operations at its joint venture with Summa Medical Corp <SUMA.O> has ended. The company said the venture provided production and purification services to biotechnology companies on a contract basis. Endotronics which is reorganizing under Chapter 11 has a 75 pct stake in the partnership. The company said it intends to sell the facility that housed the operations. It said it is reviewing the adequacy of a two mln dlr reserve set up in the second quarter ended March 31 for the carrying value of the facility. The company said the cessation of the joint venture was the second move taken to refocus its operations on the instrumentation business. The company previously said it was no longer performing research and development for its health care technologies. Reuter | ENDOTRONICS <ENDO.O> JOINT VENTURE CEASES |
Charter Oak Partners a Connecticut investment partnership said it raised its stake in Facet Enterprises Inc to 480000 shares or 9.6 pct of the total outstanding common stock from 300000 shares or 6.0 pct. In a filing with the Securities and Exchange Commission Charter Oak said it bought 180000 Facet common shares on June 12 at 18.25 dlrs each. Reuter | INVESTMENT PARTNERSHIP UPS FACET <FCT> STAKE |
The six basis point rise of the past month in U.S. debt futures may be extended next week by a series of U.S. economic reports analysts said as long as the dollar holds firm. Interest rates have declined by approximately 50 basis points over the last month largely over indications that inflation is not as high as people had feared and the narrowing U.S. trade balance in nominal terms Samuel Kahan chief financial economist with Kleinwort Benson Government Securities said. Kahan said recent government reports have shown strength in the economy during the first quarter but his concern is whether the U.S. economy will sustain that strength in the longer term. Weak U.S. economic growth could hurt the dollar which has become more important to the direction of debt futures than the beneficial impact on interest rates of a sluggish economy. The median trade expectations for Tuesdays U.S. Consumer Price Index and Durable Goods reports are up 0.4 pct and down 1.5 pct respectively. Meanwhile the eight billion dlr drop in the M-1 money supply announced this week was surprising much larger than expected according to Kahan. Unless quickly reversed such a trend will ensure that June M-1 growth will be negative Kahan said. Taken in conjunction with M-2 and M-3 aggregates which Kahan said have slowed to a crawl below Federal Reserve Board annual targets the consequences could be a hint of economic weakness down the road he said. Based on chart formations T-bond futures may be poised for further gains although the advance has been slowed recently analysts said. September T-bonds are up almost six points since about May 18 Merrill Lynch debt analyst Jim Duggan noted. September bond futures climbed from the low of 87 a month ago to over 93 in mid-June Duggan said. While follow-through buying has aided the advance so far and bouts of short covering have prohibited a slide through chart support the rally in September T-bonds has been thwarted above the 93 level. The 93 level is formidable resistance and must be taken out before this activity is anything other than a trading range market Carroll McEntee and McGinley Futures debt analyst Brian Singer said. The dollar remains the key fundamental factor and the U.S. currency has made little headway of late analysts said. The critical variable remaining in the market is the value of the dollar Kahan said. Additional influences next week will be possible developments ahead of an OPEC members meeting and the impact and size of the U.S. budget deficit although these will not be in the forefront of the market early next week Kahan said. In looking ahead to the U.S. Treasury mini-refunding auctions of 24.25 billion in T-notes on Tuesday Wednesday and Thursday Singer said the market will likely greet the results with little excitement. However a successful auction could prove to be a turning point depending on prevailing market psychology. Reuter | UPTREND REMAINS INTACT FOR DEBT FUTURES |
Canada Post asked the federal government to appoint a mediator to help end an increasingly violent series of strikes by the countrys letter carriers. The government is expected to respond quickly to the request that was made after the union formally rejected the corporations latest offer to settle the four-day-old dispute. The state-run postal service also said it would halt the use of replacement workers that the union has blamed for the trouble on the picket line. We have become increasingly concerned that the safety of our employees both striking employees and replacement workers is at risk Canada Post negotiator Harold Dunstan told reporters at a downtown Ottawa hotel. Robert McGarry president of the 20000 member Letter Carriers Union told reporters he and other union leaders would consider suspending the walkouts for a week while the mediator is involved. In a bid to step up pressure on management letter carriers walked out in Toronto today where some 50 pct of the countrys mail is sorted. Workers also set up picket lines in other populous cities in southern Ontario but went back to work in most other centers across Canada. There have been several arrests property damage and sometimes violent clashes between strikers and replacement workers whom the corporation hired to try and keep the mail moving. The Canadian Union of Postal Workers (CUPW) which represents postal employees who are not letter carriers and which is not on strike said one of its workers was stabbed and is now in the hospital after a scuffle broke out with a replacement worker in Toronto early today. Police however said they had no report of a stabbing. CUPW President Jean-Claude Parrot called for the resignation of Andre Harvie minister responsible for Canada Post for condoning the use of the so-called strikebreakers. The federal government has (the) blood of workers on its hands in this postal strike Parrot told reporters at the unions Ottawa headquarters. Reuter | CANADA POST SEEKS MEDIATOR, VIOLENCE ON PICKET |
A federal judge heard arguments that Manville Corps chapter 11 reorganization plan which was confirmed in December should be thrown out. During a four-and-a-half hour hearing U.S. District Judge Whitman Knapp heard arguments in five different appeals. Whitman took the issues under advisement and will rule at a later date. Key challenges were made by a group of Manville shareholders who claim they were not adequately represented during the bankruptcy proceedings and that a 2.5 billion dlr fund to pay victims of asbestos is overfunded. Another challenge came from a group of asbestos victims who claimed the trust fund was underfunded. Today Manville lawyers said there have been about 54000 claims filed by those injured by asbestos. The reorganization plan also sets up a trust fund with initial funding of 125 mln dlrs to pay for property damage claims. Additional funds will be available if needed. Manville said there are currently 9500 property damage claims filed. Manville filed for bankruptcy in 1982 and its reorganization plan was approved by all parties except the common stockholders. The stockholders objected to the proposal because it would greatly dilute the value of their holdings. The plan would have the effect of converting every eight shares of common stock into just one share. Manville lawyers today criticized shareholder groups for further delaying the execution of the bankruptcy plan. Herbert Edelman one of Manvilles lawyers pointed out that many thousands of victims and creditors were still awaiting payments and that many victims had already died. He also pointed out that the bankruptcy court had found Manville to be insolvent. They (shareholders) want the plan put aside to get that nebulous value that may be down the road Edelman said. Common shareholders claim they were not adequately represented because U.S. Bankruptcy Judge Burton Lifland refused requests to divide the equity holders committee into two separate groups one repesenting common shareholders and the other preferred stock shareholders. During confirmation hearings of the plan the equity committees lawyer George Hahn walked out of the hearing saying he could not represent both groups. The equity holders committee was then abolished. An unofficial committee representing 10 pct of the companys stock was present at the confirmation hearings. However lawyers for that committee did not present evidence or cross examine witnesses. During todays hearing Paul Gonson a Washington lawyer representing the Securities and Exchange Commission told Judge Knapp that the agency was also concerned that the shareholders did not have adequate representation. Knapp said the unofficial committee was represented by the New York law firm of Kronish Lieb Weiner and Hellman. They have one of the best law firms in town Knapp said. Reuter | JUDGE HEARS APPEALS AGAINST MANVILLE <QMAN> PLAN |
surinam may bring the dutch government before the world court of justice in the hague to press for a resumption of a 100 mln dlr aid program cut off in 1982 prime minister jules wijdenbosch said. Wijdenbosch told a news conference tuesday his government may request the court to make a judgment on the aid suspended after the december 1982 murders of 15 surinamese opposition leaders while they were in government custody. Reuter | SURINAM MAY TAKE NETHERLANDS TO COURT |
HK SHANGHAI BANK, STANDARD CHARTERED BANK RAISE PRIME 1/2 POINT TO 7.5 PCT. |
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Qatar will today take over the franchise of Cable and Wireless Plc (CAWL.L) in the emirate through the newly-created Qatar General Telecommunications Corporation (QTELC). Cable and Wireless which has operated in Qatar since 1951 will second expert staff and provide technical and computer services under agreements signed with QTELC. Cable and Wireless manager Colin Davies told Reuters Basically we have been here in a franchise situation for the last 36 years and the government has now decided they want to have a bigger role and that is of course a sovereign right. REUTER | QATAR TAKES OVER CABLE AND WIRELESS FRANCHISE |
Banking authorities and police are investigating an alleged fraud by the second largest trading house in the Caracas free foreign exchange market Finance Minister Manuel Azpurua told reporters. The Superintendency of Banks and the Technical and Judicial Police have both begun probes of Cambio la Guiara Azpurua said on Friday night. Police said the owners of the firm Mario Muggia and his brother Luigi Muggia have left Venezuela. Cambio la Guiara operated in part on the parallel market in which traders buy and sell dollars among themselves. The Venezuelan central bank on June 17 suspended the licences of all 21 foreign exchange operators in the parallel market blaming their speculation for the constant rise in the value of the U.S. Dollar here. Juan Domingo Cordero vice-president of the Caracas Stock Exchange and the owner of a foreign exchange trading house said on Friday he had begun legal action against Cambio la Guiara for issuing him four checks without funds for a total amount of almost one mln dlrs. The Cambio la Guiara exchange house had operated in Venezuela for more than 20 years. REUTER | VENEZUELA PROBES ALLEGED FOREIGN EXCHANGE FRAUD |
Prospects for Tokyo stocks are mixed this week with investors trying to figure out the future of the yen/dollar exchange rate and digest the implications of OPECs latest accord on crude output and pricing brokers said. They said the market should extend the dull trend it has been in since the 225-share index fell rapidly from the record close at 25929.42 on June 17. It ended at 24902.72 on Saturday and fell further this morning to close at 24707.68 in an uncertain reaction to the weaker yen and the weekend OPEC accord. Brokers said attention could focus more on the cheaper less well-known stocks in the exchanges first and second sections which were generally showing more resilience. The second section index in contrast to the first closed at a record 2404.64 on June 26 surpassing the peak set on June 17 of 2401.71. Probably shares of companies involved in the domestic economy are a good bet said a broker at Daiwa Securities Co Ltd. He said his observation was based on figures showing that business activity in Japan is booming. The government said on Friday that department store and supermarket sales rose 7.5 pct in May from a year earlier while orders received by Japans 50 major construction firms in the same month were up 7.6 pct year on year. Brokers expected more such figures but said many stocks linked to domestic demand remain overpriced. They are hard to find but companies with an attractive niche in the domestic economy unaffected by currency movements are the best bet said a broker at a foreign securities house who declined to be identified. But sharp rises in money supply and voracious domestic consumption are stirring inflation fears. The consumer price index rose 0.2 pct in May from April the third consecutive month on month increase. Although investors are not unduly worried about inflation which erodes the real value of stock holdings they say rising prices arouse concern that interest rates may climb. The recent market advances have been assuming a further cut in Japans 2.5 pct discount rate. Such assumptions have now died discouraging investors brokers said. If oil prices rise the stock market in Japan could suffer a downturn as higher production costs stir inflation. But share prices of Japans oil importing companies may also firm brokers said. I have never been able to justify this because it should mean that the cost of importing rises said a broker at Yamaichi Securities Co. It just always happens. Export-oriented companies may continue their recent rally if the dollar climbs against the yen. But prices of many blue chip exporters have risen fast over the last two weeks making them look less attractive brokers said. However if the dollar falls to about 140 or 138 yen the market index may rally brokers said. A lower dollar could damp down rising capital outflows into dollar investments from Japans stock and bond markets brokers said. And as the yen/dollar rate is supposed to reflect the balance of trade between the United States and Japan a lower dollar would bring more pressure on Japan to expand its demand for American imports by stimulating its local economy brokers said. If the dollar falls buy domestic if it rises maybe buy a few exporters said one foreign broker. REUTER | TOKYO STOCKS OUTLOOK UNCERTAIN DUE TO YEN, OPEC |
Kuwait whose shipping has come under repeated attack by Iran has the full support of Saudi Arabia and other Gulf allies a senior government official said. Cabinet spokesman Abdul-Aziz al-Otaibi quoted by the Kuwaiti news agency KUNA yesterday said Foreign Minister Sheikh Sabah al-Ahmed al-Sabah had told cabinet he had found complete support...At this delicate phase during visits to Gulf Cooperation Council (GCC) states. The GCC an economic and military alliance which has generally supported Iraq over Iran comprises Bahrain Kuwait Oman Qatar Saudi Arabia and the United Arab Emirates. REUTER | KUWAIT SAYS IT HAS FULL GULF ARAB SUPPORT |
Santos Ltd <STOS.S> said it had made a significant oil discovery at its Mawson One well in the Moomba block of the Cooper Basin South Australia. It said the well flowed oil from sands at an average rate of 1440 barrels per day from 2131 to 2135 metres through a 6mm choke. Santos said the well was cased and suspended pending further evaluation. But it said the proximity of the discovery to existing production facilities at the Gidgealpa South field would allow Mawson One to be brought into production rapidly. Santos has a 60 pct stake in the block <Delhi Petroleum Pty Ltd> has 30 pct and <South Australian Oil and Gas Corp Pty Ltd> has 10 pct. REUTER | SANTOS SAYS IT HAS SIGNIFICANT OIL FIND |
Year ended December 31 1986. Group net profit 45.2 mln marks vs 35.2 mln. Interest surplus 1.09 billion marks vs 1.21 billion. Commission surplus 405.5 mln marks vs 391.7 mln. Extraordinary earnings 784.4 mln marks vs 82.6 mln. Published risk provisions 865.9 mln marks vs 366.7 mln. Balance sheet 59.89 billion marks vs 63.67 billion. Full name is Bank fuer Gemeinwirtschaft AG. Note. Figures revised from provisional figures issued in March. Extraordinary earnings linked to sale of subsidiaries. REUTER | BFG <BKFG.F> GROUP NET RISES IN 1986 |
Bank fuer Gemeinwirtschaft AGs <BKFG.F> (BfG) partial operating profits in the first four months of this year were lower than in the same period in 1986 management board chairman Thomas Wegscheider said. But the balance sheet total at the end of May was four pct higher than one year earlier as savings continued to flow into the bank he told the annual press conference. BfG parent bank partial operating profits halved to 166 mln marks in 1986 from 311 mln in 1985 with the balance sheet falling to 48.80 billion marks from 49.02 billion. Wegscheider declined to give a forecast for the full year and noted that the first four months of this year were not comparable with the 1986 period as first quarter 1986 had been extremely successful for the bank. The general banking environment this year was not easy with the interest margin under pressure securities business suffering from markedly lower bourse turnover than last year and sluggish credit demand he said. As far as the specific BfG environment is concerned we note a clear atmospheric improvement which however is being reflected in the figures only slowly he added. Wegscheider said the bank was recovering from speculation about its ownership which had unnerved many customers last year and from the financial crisis involving the Neue Heimat housing group linked to BfGs former trade union owners. Insurer Aachener und Muenchener Beteiligungs-AG <AMVG.F> AMB acquired 50 pct plus one share of BfG late last year. Wegscheider said that earnings from trading on the banks own account in 1986 had been a little higher than partial operating profits but had performed better in the first half. Following the AMB acquisition BfG sold its 25.01 pct stake in <Volksfuersorge Deutsche Lebensversicherung AG> its 74.9 pct in <BSV Bank fuer Sparanlagen und Vermoegensbildung AG> and five pct of <Allgemeine Hypothekenbank AG>. These sales produced extraordinary earnings of 700 mln marks with parent bank earnings from profit transfer agreements rising to 494.18 mln marks in 1986 from 54.24 mln in 1985 and other earnings including writing bank risk provisions rising to 317.95 mln marks from 65.67 mln. Wegscheider said most of the extraordinary earnings went into risk provisions. Total risk provisions undetailed were more than twice as high as in 1985 Wegscheider said. Published group risk provisions rose to 865.9 mln marks from 366.7 mln. But the share of credits to problem countries covered by risk provisions was still below 50 pct at BfG he said. The BSV Bank stake sale was one of the main factors behind a 3.8 billion mark drop in the group balance sheet in 1986. Wegscheider said the re-organization of BfG planned before the AMB acquisition and involving a decentralization would occupy much of BfGs energies this year. BfG and AMB were also looking at ways of cooperating in sales of services. REUTER | BFG PROFIT DIPS IN FIRST FOUR MONTHS |
South Koreas ruling party announced a reform package which includes a recommendation for direct presidential elections. There was no immediate reaction from President Chun Doo Hwan but Democratic Justice Party (DJP) chairman Roh Tae-woo who unveiled the reforms vowed to resign if they were rejected. Roh whose confirmation as government candidate to succeed Chun sparked weeks of massive demonstrations around the country said he would withdraw his candidacy and quit his DJP post if Chun failed to accept the package. I have reached the conclusion that I cannot but choose the direct presidential election system to overcome social confusion and achieve national compromise Roh said. There was no immediate indication of how soon Chun would react to Rohs proposals or whether he was involved in their formulation. The president who took office in 1980 following a military coup is due to step down next February after elections which had tentatively been set for December. Under Rohs package Chun would remain president until his successor was chosen by direct elections. At present the president is chosen through an electoral college system which the opposition says is stacked in favour of the DJP. Among other major changes the package offers a release of most political prisoners a guarantee of human rights and a free press. Kim Young-sam head of the opposition Reunification Democratic Party said I wholeheartedly welcome Chairman Rohs announcement though it was a belated measure. A Western diplomat told Reuters Its a very substantial very courageous move. The second surprise in Rohs proposals was an amnesty for leading dissident Kim Dae-jung who has been banned from politics because of a suspended sentence for sedition charges. The only opposition demand which is not met by Rohs package is the RDPs insistence that Chun should step down immediately. REUTER | SOUTH KOREAN RULING PARTY ANNOUNCES REFORM PACKAGE |
The World Bank is prepared to play a more aggressive role in promoting Third World development and easing the debt crisis bank president Barber Conable said. We must be realistic about the immediate prospects for an expansion in voluntary commercial bank lending with the World Bank playing an even more vigorous role in the debt crisis Conable said in an interview with Newsweek magazine. Conable said the bank must step in to help relieve the debt crisis which has prompted a number of U.S. Commercial banks to write off a portion of their Third World loans. Our plans include initiatives on the debt front as well as greater emphasis on debt-equity swaps and the promotion of private investment in Third World countries through our affiliate the International Finance Corporation Conable said. The bank is primarily a development institution not a debt-management agency. But debt must be managed effectively or it hampers development. Conable defended his reorganisation plan for the bank which he said was aimed at improving efficiency and limiting bureaucracy. He added environmental considerations would play a larger role in the evaluation of proposed projects. REUTER | WORLD BANK SEEKS MORE AGGRESSIVE DEBT ROLE |
OPEC has shown itself to be in control of the world oil situation with its speed in hammering out a pact to limit crude oil output to 16.6 mln barrels per day (bpd) for the rest of 1987 oil traders said. They said market respect for the cartel has increased since it announced Saturday that it would cut fourth quarter output to 16.6 mln bpd from the 18.3 mln agreed in December. There are light oversupplies now but OPEC ... Has ensured there will be no oversupplies in the fourth quarter and is in effect putting pressure on end-users a European crude oil trader said. In Tokyo one oil analyst said Theres no reason to expect a weak market from now on. A Japanese oil trader also based in Tokyo said We thought OPEC would have difficulty agreeing on fourth quarter production so the market will react very bullishly. Traders in Singapore said that while there has been only a slight increase so far in spot quotes for Dubai a benchmark crude they expect price increases over the next few days. August Dubai was discussed in cautious early activity at around 17.35 dlrs above Fridays 17.15-20 range but still below the government selling price (GSP) of 17.42. Even prices of light Mideast grades such as Qatar and Abu Dhabi crudes are expected to improve from recent weak positions 15 to 20 cents below their GSPs. Singapore traders said sellers might now aim for GSPs at least. They said that after initial jumps they expect prices to stabilise and hover around GSPs for the next few months. They said the Japanese oil market would be most affected and Japanese end-users would need to rebuild stocks for winter requirements before October. Prices are most likely to rise in the fourth quarter on European and U.S. Stockbuilding for winter they added. Theres no doubt consumption will be higher than production by the fourth quarter and stocks are not that high said an international trader in Tokyo. Another Tokyo trader was less bullish For sure there will be some shortage but it depends on how much they (OPEC members) cheat. A Singapore trade source said There is enough cheating and leakage in the OPEC sales system to convince traders there is no need to worry about shortages. Other traders said the questionable Iraqi production level after Iraqs rejection of its assigned quota was a bearish factor to be considered. Traders also said end-users now would buy as much as possible on term contracts and buy spot only when the market cooled from its initial reaction to the OPEC agreement. Spot product prices in Singapore were little changed in thin early discussions with naphtha and middle distillates quiet on minimal buying interest. Fuel oil products were steady to firm on light demand and tight prompt supplies dealers said. REUTER | OIL MARKETS SHOW RESPECT FOR NEW OPEC ACCORD |
Producers news writers editors and technicians began a strike at the National Broadcasting Co (NBC) leaving management employees to do their jobs. The strike by members of the National Association of Broadcast Employees (NABET) representing 2800 of NBCs 8000 workers began at 12:01 A.M. (0401 GMT) after the network imposed a contract which the union said was unacceptable. The union said its main objection to the contract was that it permitted NBC to employ additional part-time workers. The average salary of workers represented by NABET is 65000 dlrs a year. Union officials said management was being intransigent and blamed General Electric <GE> which purchased NBC and its parent company RCA in 1985 in a flurry of communications company takeovers. The strike is the first for NBC since 1976. The two sides said they have set no time to meet again. REUTER | NBC WRITERS, PRODUCERS AND TECHNICIANS ON STRIKE |
OPECs agreement to limit output to 16.6 mln barrels per day (bpd) for the rest of the year should boost spot prices and enable the group to raise its official reference price to 20 dlrs a barrel in January from the current 18 dlrs Far East oil industry sources said. Fundamentally the market situation is bullish and the official price will be 20 dlrs in January a Japanese refiner said. The sources said that in spite of over-production by OPEC members such as Iraq the United Arab Emirates Kuwait and Qatar demand should exceed supply by the fourth quarter. Spot oil prices surged on Friday in late U.S. Trading as the market anticipated an OPEC agreement on second-half 1987 output. In early Tokyo trade levels were firm at 17.30 dlrs for Mideast Dubai cargoes loading next month and 19.00 dlrs for U.K. Brent traders said. They said they expect more foreign crudes to be sucked into the U.S. Market as the benchmark crude West Texas Intermediate (WTI) trades at around 20.30 dlrs. With WTI at 20 21 or 22 dlrs U.S. Refiners will import Mideast and Far East crudes and this will strengthen those grades further said a Japanese oil trader. Some Tokyo traders were cautious about whether thU spot market has further upward potential in the short term having risen strongly on the OPEC news on Friday. You could certainly argue that if New York rose on that basis theres no reason for prices to go up again today said one international oil trader in Tokyo. But I think if theres any sign of a dip it will be bought back up again pretty quickly he added. One oil industry analyst concurred There is no reason to expect a weak market from now on. He said he expected OPEC to raise prices to 20 dlrs when it meets on December 9. Oil sources said spot prices are unlikely to surge strongly in the next few months due to cheating by some OPEC members and the likelihood that Saudi Arabia will act as swing producer to maintain steady prices. Iraq is currently producing around two mln barrels per day compared to its second-half quota of 1.54 mln they said. Its export capability will rise to 2.5 mln bpd when a new pipeline through Turkey comes onstream in or around September. Qatar is said to be achieving sales of around 350000 bpd against its OPEC-assigned quota of 299000 by discounting up to 20 cents a barrel from official prices the sources said. Iran the United Arab Emirates and Kuwait are also cheating on the OPEC agreement with over-production and effective price discounts through counter-purchases industry sources said. But they mostly agreed that Saudi Arabia will unofficially act as swing producer cutting production to compensate for higher output by other members or boosting output if spot prices rise too high too fast. Saudi Arabia has a floating oil stockpile of 40 to 50 mln barrels. Saudi Arabia wants oil price stability so the stockpile may be utilized to cool down the market if it rises too much an oil industry analyst said. REUTER | FAR EAST TRADERS EXPECT 20 DLR OIL IN JANUARY |
Japan will ratify the 1986 International Cocoa Agreement (ICCA) with effect from July 1 and will renew its membership in the International Cocoa Organisation (ICCO) Foreign Affairs Ministry officials said. They said Japan would participate in an ICCO meeting on July 13 in London to revise ICCO buffer stock policy. The 1986 ICCA has been in effect since January 1987. Government approval to participate in the ICCO was delayed by parliamentary debate over the sales tax issue the officials said. REUTER | JAPAN TO RATIFY 1986 INTERNATIONAL COCOA AGREEMENT |
Willis Faber says it making agreed 302.6 mln stg bid for Stewart Wrightson |
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<Kobe Steel Ltd> said it has agreed to supply technology to manufacture thin-walled copper tubing used in air conditioners and refrigeration units to <Halstead Industries Inc> in Zelienople Pennsylvania. Total demand for copper tubing in the U.S. Is 25000 tonnes a month of which 5000 is for the thin-walled type Kobe said in a statement. The two companies are studying joint partial production of Kobes thin-walled copper tubing in the U.S. REUTER | KOBE STEEL, U.S. FIRM IN COPPER TUBE TIE-UP |
Lebanese bank employees went on a one-day strike to draw attention to the fate of three Central Bank colleagues missing believed kidnapped since 1985. The strike which shut the foreign exchange market and banks across the country was called by the Central Bank Employees Union and the Bankers Association which groups more than 80 Lebanese banks. The three missing Christian employees are believed to have been kidnapped while crossing from Christian East Beirut to Moslem West Beirut nearly two years ago. REUTER | LEBANESE BANK STAFF STRIKE OVER MISSING COLLEAGUES |
<WPP Group Plc> which on Friday secured agreement for its bid for <JWT Group Inc> by increasing its offer said it would raise its planned rights issue to raise 213 mln stg instead of 177 mln to finance the deal. On Friday the two groups said they had agreed to merge after WPP raised its cash price to 55.5 dlrs a share from 45.0 dlrs valuing JWT at 566 mln dlrs. Under the new rights proposals WPP shareholders could apply for new ordinary shares at 875p each on a two-for-one basis. The issue has been underwritten. The remainder of the purchase price would come from a loan facility of up to 260 mln dlrs. The issue and the proposed acquisition of JWT remain conditional on the approval of shareholders. The original proposal for the rights issue was on the basis of five new shares for every three held. The revised version would involve the issue of up to 24.3 mln new shares representing 65 pct on the enlarged fully diluted share capital. WPP shares were quoted at 0757 GMt unchanged at 10.70 stg. REUTER | WPP GROUP RAISES PROPOSED RIGHTS ISSUE |
The acting governor of Saudi Arabias state-owned oil company Petromin Jamal Hassan Jawa has retired at his own request oil industry sources said. They said Ali Ibrahim Rubaishi head of organisation planning in Petromin would take over as acting governor. Jawa held the post since his predecessor Abdul-Hadi Taher left in a major oil industry shake up last December. The sources said Rubaishi had not been expected to hold the post permanently. The government removed Taher and Oil Minister Ahmed Zaki Yamani from their posts late last year in a move which industry sources said was aimed at coming to grips with a buyers oil market. The two men had run the Saudi oil industry for more than 20 years. Industry sources said that despite huge resources Saudi Arabia had been unable to mould an oil marketing strategy tuned to the competitive realities of the 1980s glut. Hisham Nazer who replaced Yamani successfully led an OPEC-engineered return to fixed oil prices of 18 dlrs a barrel last December. Nazer is believed to be reviewing Saudi oil operations which could lead to a thorough overhaul in the way Saudi Arabia does business the sources said. The sources had said possible candidates for the governors job include Prince Abdul Aziz Ibn Salman Ibn Abdul Aziz who earlier ran a research center at Saudi Arabias University of Petroleum and Minerals and former Deputy Planning Minister Faisal Beshir. They also list Abdulla Bakr President of the University of Petroleum and Minerals economist Ali Jonahi Ahmed Shinawi and Zuheir Masoud director of Jeddah Islamic Port. REUTER | SAUDI OIL COMPANY GETS NEW ACTING GOVERNOR |
UAE Oil Minister Mana Said al-Oteiba arrived in Alexandria last night for a visit to Egypt the national Middle East News Agency (MENA) said. It said Oteiba who had just attended the OPEC ministerial meeting in Vienna would stay for several days but gave no details. Non-OPEC Egypt has pledged to restrain output to support OPECs moves to boost oil prices. Oil Minister Abdel Hadi Kandeel last week said Egypt plans to leave its oil production of 870000 barrels per day unchanged for the next five years. Egypt is able to produce up to one mln bpd. REUTER | UAE OIL MINISTER OTEIBA VISITS EGYPT - AGENCY |
Willis Faber Plc <WIFL.L> will make an agreed 302.6 mln stg offer for fellow insurance broker <Stewart Wrightson Plc> a joint statement said. The offer would be on the basis of three Willis shares for every two in Stewart valuing each Stewart share at about 655.5p. Willis already owns 2.05 mln shares or 4.62 pct and has received acceptances from Stewarts directors for a further 247469 shares. Full acceptance of the offer would involve the issue of 66.2 mln new Willis shares or 28.2 pct of the enlarged total. The companies said the proposed merger would bring together businesses that were largely complementary. Both believed the combination would permit more effective competition throughout the world and enahnce the service provided to clients. Following the merger the two companies saw significant opportunities for growth in brokerage income and considerable scope for improved operating efficiency. Willis shares were suspended on Friday at 437p. When trading restarted they dropped sharply to 393p. Stewart Wrightson shares rose to 576p at 0835 gmt from a suspension price of 499p. REUTER | WILLIS FABER BIDS FOR STEWART WRIGHTSON |
New Zealands opposition National Party said it would cut personal and business taxes and would not regulate or control interest rates if returned to power. The economic strategy was unveiled by party leader Jim Bolger one day before prime minister David Lange announces the date of general elections widely expected to be August 15. The National Partys tax policies included the abolition of death and gift duties and the removal of indirect taxes on basic food and doctors fees. The most recent opinion poll taken on June 20 gave Labour a 26 point lead over National or eight points more than a month earlier. National said that under its administration the New Zealand dollar would find its level with complementary fiscal and monetary policies. The party did not elaborate. Controversy over Nationals economic policy erupted in March when former prime minister Robert Muldoon said the party had adopted a policy of a managed exchange rate. Bolger said then that the National Party would continue to float the dollar. Since the dollar was floated by the Labour Party in March 1985 it has risen about 34 pct cutting the export incomes of farmers who are traditional National Party supporters. The party said tight monetary policies alone would lead to unrealistic exchange rates which would be out of line for exporters unless they were supported by a low government borrowing requirement a shrinking government sector and positive growth. It aimed to keep aspects of deregulation which have benefitted New Zealanders while cutting government spending unemployment interest rates inflation and tax. The National Party intends to privatise totally the <Bank of New Zealand> <Development Finance Corporation> <Tourist Hotel Corporation> <Petrocorp> <State Insurance> and <Government Life Office> the party said. Other candidates for privatisation such as <Air New Zealand Ltd> would be considered when the share market could absorb them. REUTER | N.Z. OPPOSITION PARTY UNVEILS ECONOMIC POLICY |
Norway will extend its 7.5 pct cutback in planned North Sea oil output in support of OPEC from July 15 until the end of this year Oil Ministry spokesman Egil Helle told Reuters. We took a very positive view of the OPEC meeting in Vienna he said. The accord reached there means stability in the oil market and we shall continue making our contribution. The cuts originally brought in from February 1 would probably be officially approved on July 10 by parliament Helle said. The ministry had written to Norways oil companies and would now discuss with them how best to implement the cuts. OPEC agreed this weekend in Vienna on an output ceiling of 16.6 mln barrels per day (bpd) for the rest of 1987 and retained the fixed prices that were set in its December accord based on an 18 dlr per barrel reference point. OPECs first half 1987 output ceiling was 15.8 mln bpd and its December pact had provisionally set a third quarter ceiling of 16.6 mln bpd rising to 18.3 mln in the fourth quarter. Norway which pumps around one mln bpd from its offshore fields previously said it would continue its output curbs from planned production for the rest of the year if OPEC remained within its December accord on output and prices. Norways oil production rose 10 pct to an average of around 840000 bpd in 1986. Since then it has risen to around one mln bpd and is expected to reach about 1.5 mln bpd by 1995. The 7.5 pct cut from planned production implemented since February reduced Norways oil output by about 80000 bpd. Norways Oil Minister Arne Oeien currently in Iceland for a meeting of Nordic ministers has made no official statement on the latest oil production cutbacks. Over the past year several other leading non-OPEC producers including the Soviet Union Mexico China Malaysia and Egypt have also pledged support for OPECs bid to keep prices stable. Norway decided on the initial round of cuts following an OPEC agreement last December which boosted oil prices to around 18 dlrs per barrel from around 14 to 15 dlrs last December. Norway relies on oil for about 40 pct of its total export earnings and was hit hard by the collapse in the oil price during the first half of 1986. But firmer oil prices since then have brought some stability to the economy and helped narrow the foreign trade deficit. Norways North Sea neighbour Britain has consistently refused to cooperate with OPEC output cuts saying it is up to the producing oil companies to set the levels of production. REUTER | NORWAY EXTENDS 7.5 PCT OIL OUTPUT CUT - MINISTRY |
<Brent Walker Group Plc> said it had agreed to buy the group of companies comprising Lonrho Plcs <LRHO.L> Metropole Casino Division together with a freehold in central London for 121.55 mln stg. Payment will be in cash on completion except for three mln stg payable on December 1 1988. Brent said it also proposed to raise about 126 mln stg net through the issue of 131.67 mln convertible shares at one stg each. The shares can be converted between 1990 and 2002 at the rate of four ordinary shares for every 15 convertibles held. On full conversion the issued ordinary share capital of the company would increase by some 64 pct. <Birdcage Walk Ltd> a company controlled by the Walker family owns 20.68 pct of the shares and is entitled to 27.2 mln convertible shares under the offer. The trustees had indicated that it intended to sell enough of the convertibles nil paid to enable it to take up the remainder. Brent would buy the casino companies and the freehold of 45 Park Lane in London. Under the arrangements it would also arrange for the repayment of 6.45 mln stg in inter-company debt. Brent Walker shares firmed sharply on the announcement to 385p from 353p at Fridays close while Lonrho also firmed to 275p from 265.5p. REUTER | BRENT TO BUY LONRHO DIVISION, PROPOSES RIGHTS |
The Bank of Japan bought 100 billion yen in certificates of deposit (CDs) via repurchase agreements today to show its determination to maintain an easy money policy central bank officials said. Todays CD buying operation was designed to seek an announcement effect in which we would reassure the market of the fact that we have not changed our policy stance a senior central bank official told Reuters. The bank also bought 400 billion yen in two-month commercial bills to smooth out tight credit conditions in the interbank market today the officials said. The central bank was concerned about growing market expectations of higher interest rates which were in part responsible for the recent plunge in stock and yen bond prices the officials said. But money traders said the market generally shrugged off the banks CD operation because it was small and at a rate far below prevailing market rates. The rate on the key three-month CDs in the primary market was 4.08/00 pct while the banks bid was 3.75 pct they said. The banks bill buying operation also had little impact because it was regarded as a routine operation they said. The money traders said they regarded the central banks CD buying operation as simply a gesture to live up to Japans pledge to guide interest rates lower and stimulate the economy. We did not expect the central bank to ease its credit grip any further a bank manager said adding that the prevailing market expectation of higher rates will remain. If this is the case the three-month CD rate will stay above four pct for the time being he said. REUTER | BANK OF JAPAN DETERMINED TO KEEP EASY MONEY POLICY |
The Bank of Japan will tomorrow sell 1200 billion yen in bills from its holdings to help absorb a projected money market surplus of 2100 billion money market traders said. Of the total 800 billion yen will yield 3.6004 pct on sales from money houses to banks and securities houses in 34-day repurchase agreements maturing on August 3. The other 200 billion yen will yield 3.6003 pct in 43-day repurchase accords maturing on August 12. The remaining 200 billion yen will yield 3.6503 pct in 50-day repurchase agreements maturing on August 19. The repurchase agreement yields compare with the 3.5625 pct one-month commercial bill discount rate today and 3.6250 pct on two-month bills. They attributed the projected surplus mainly to 1900 billion yen of government tax allocations to local governments and public bodies. REUTER | BANK OF JAPAN TO SELL 1,200 BILLION YEN IN BILLS |
German June cost of living 0.2 pct above year-ago (May rise 0.2 pct) - official |
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Sony Corp <SNE.T> will issue a 75 billion yen 15-year unsecured convertible bond through public placement mainly in Japan a company spokesman said. Co-lead managers are Nomura Securities Co Ltd <NMSC.T> Daiwa Securities Co Ltd <DSEC.T> Yamaichi Securities Co Ltd <YSEC.T> and Nikko Securities Co Ltd <NIKT.T>. Coupon and conversion price for the par-priced bond maturing on September 30 2002 will be set at its board meeting to be held in late July. Payment is due on August 17. U.S. And Canadian residents are excluded from subscribing. REUTER | SONY TO ISSUE UNSECURED 75 BILLION YEN CONVERTIBLE |
Group shr 24.20 yen vs 37.42 Net 10.95 billion vs 15.46 billion Pretax 25.25 billion vs 31.15 billion Operating 28.39 billion vs 31.73 billion Sales 592.37 billion vs 593.86 billion NOTE - No forecast for current year REUTER | RICOH CO LTD <RICT.T> YEAR ENDED MARCH 31 |
Japan has agreed to help the United States strengthen anti-submarine defences after illegal high-technology Japanese exports significantly damaged mutual security U.S. Defence Secretary Caspar Weinberger said. Weinberger told a press conference that exports of Japanese machines designed to make Soviet submarines quieter and harder to detect had been a serious blow. But he said he was encouraged by the punishment dealt to Toshiba Machine Co a subsidiary of Toshiba Corp <TSBA.T> for the illegal exports and by Prime Minister Yasuhiro Nakasones assurances that action would be taken to keep it from happening again. The government has barred Toshiba Machine from exporting to Communist countries for a year and said it intends to strengthen and expand its export control system. Weinberger gave no details of the anti-submarine program. In his talks with Japanese Defence Minister Yuko Kurihara he said he made a pitch for American companies seeking to build Japans new fighter aircraft for the 1990s. I assured Minister Kurihara that I support his plans to increase Japanese air defence capabilites and that I believe American aircraft can do this he said. The Japanese industry argues it should develop the fighter plane on its own. REUTER | JAPAN TO HELP U.S. ON ANTI-SUBMARINE DEFENCES |
Mazda Motor Corp <MAZT.T> has signed an agreement to import coal from <Coalex Pty Ltd> of Australia through Sumitomo Corp <SUMT.T> a Mazda spokesman said. Under the agreement Mazda will annually import 144000 tonnes of Australian coal worth about nine billion yen. The coal will be used as fuel for Mazdas energy centre due to start operations in November at its main plant in Hiroshima in western Japan he said. He declined to specify the term of the contract but added that such contracts are usually for long periods. REUTER | MAZDA SIGNS AUSTRALIAN COAL IMPORT AGREEMENT |
Aug 12414 Oct 13929 Dec 1403 Mar 2901 May 482 Aug 716 Total 31845 | PARIS SUGAR OPEN POSITION - JUNE 29 |
 LUXEMBOURG GOLD FIXING - JUNE 29 Standard bar 446.30 dlrs per oz (441.25 dlrs) One kilo ingot 545750 Lux francs (539500 Lux francs)  | |
 FRANKFURT EXCHS 1100 - JUNE 29 us 1.8270/80  | |
 ZURICH GOLD 1100 - JUNE 29 pool 444.50-447.50 (444.00-447.00 at opening) interbank 445.70-446.20 (445.50-446.00 at opening)  | |
 PRS PARIS SUGAR KERBS - JUNE 29 87 oct 1155/60/65P  |
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