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Jaguar Plc <JAGR.L> is about to sell its new XJ-6 model on the U.S. And Japanese markets and expects a strong reception based on its success in the U.K. Chairman Sir John Egan told a news conference. Commenting on an 11 pct growth in 1986 group turnover to 830.4 mln stg and pre-tax profits at 120.8 mln stg slightly below 1985s 121.3 mln Egan said Jaguar aimed at an average profit growth of 15 pct per year. However the introduction of the new model had kept this years pre-tax profit down. Jaguar starts selling XJ-6 in the U.S. In May and plans to sell 25000 of its total 47000 production there in 1987. U.S. Sales now account for 65 pct of total turnover finance director John Edwards said. A U.S. Price for the car has not been set yet but Edwards said the relatively high car prices in dollars of West German competitors offered an umbrella for Jaguar. He added the XJ-6 had also to compete with U.S. Luxury car producers which would restrict the cars price. Jaguar hedges a majority of its dollar receipts on a 12-month rolling basis and plans to do so for a larger part of its receipts for longer periods John Egan said. In the longer term capital expenditure will amount to 10 pct of net sales. Research and development will cost four pct of net sales and training two pct. Jaguar builds half of its cars and buys components for the other half. The firm is in early stages of considering the building of an own press shop in Britain for about 80 mln stg but Egan said this would take at least another three years On the London Stock Exchange Jaguars shares were last quoted at 591p down from 611p at yesterdays close after reporting 1986 results which were in line with market expectations dealers said. REUTER... | JAGUAR SEES STRONG GROWTH IN NEW MODEL SALES |
OCCIDENTAL PETROLEUM COMMON STOCK OFFERING RAISED TO 36 MLN SHARES |
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The Commodity Credit Corporation CCC has accepted bids for export bonuses to cover sales of 25000 tonnes of wheat flour to Iraq the U.S. Agriculture Department said. The department said the bonuses awarded averaged 116.84 dlrs per tonne. The shipment periods are March 15-April 20 (12500 tonnes) and April 1-May 5 (12500 tonnes). The bonus awards were made to Peavey Company and will be paid in the form of commodities from CCC stocks it said. An additional 175000 tonnes of wheat flour are still available to Iraq under the Export Enhancement Program initative announced January 7 1987 the department said. Reuter | CCC ACCEPTS BONUS BID ON WHEAT FLOUR TO IRAQ |
DIAMOND SHAMROCK RAISES CRUDE POSTED PRICES ONE DLR, EFFECTIVE MARCH 4, WTI NOW 17.00 DLRS/BBL |
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Shr 19 cts vs 13 cts Net 2656000 vs 1712000 Revs 15.4 mln vs 9443000 Avg shrs 14.1 mln vs 12.6 mln Year Shr 98 cts vs 77 cts Net 13.8 mln vs 8928000 Revs 58.8 mln vs 48.5 mln Avg shrs 14.0 mln vs 11.6 mln NOTE: Shr figures adjusted for 3-for-2 split paid Feb 6 1987. Reuter | NORD RESOURCES CORP <NRD> 4TH QTR NET |
The earthquake which hit northern Chile today registering 7.0 on the open-ended Richter scale caused no damage to the copper mine at Chuquicamata a mine spokesman said. Chuquicamata public relations director Guillermo Barcelo told Reuters by telephone from the mine that the quake had caused no problems and operations continued as usual. A spokesman for the state Chilean Copper Commission in Santiago confirmed there had been no damage at Chuquicamata. Reuter | NO QUAKE DAMAGE AT CHUQUICAMATA - MINE SPOKESMAN |
<Orbit Oil and Gas Ltd> said the value of its oil and gas reserves increased by 19 pct to 52.6 mln dlrs from 44.2 mln dlrs reported at year-end 1985 according to an independent appraisal. Orbit said it has reserves of 2.4 mln barrels of oil and natural gas liquids and 67.2 billion cubic feet of natural gas. In addition 75 pct owned <Sienna Resources Ltd> has Canadian reserves of 173000 barrels of oil and 1.6 bcf of natural gas with a current value of 2.2 mln dlrs Orbit said. Reuter | ORBIT INCREASES OIL AND GAS RESERVE VALUES |
The Commodity Credit Corporation CCC has accepted a bid for an export bonus to cover a sale of 2000 tonnes of semolina to Egypt the U.S. Agriculture Department said. The department said the bonus was 233.91 dlrs per tonne and was made to International Multifoods Corp. The bonus will be paid in the form of commodities from CCC stocks. The semolina is for shipment during June 1987 it said. An additional 13000 tonnes of semolina are still available to Egypt under the Export Enhancement Program initiative announced on August 6 1986 it said. Reuter | CCC ACCEPTS BONUS BID ON SEMOLINA TO EGYPT |
Frances state-owned Cie Generale dElectricite (CGE) is likely to be privatised during May this year sources close to Finance Minister Edouard Balladur said. Although the Finance Ministry simply said that the group would be privatised during the course of this year when it first announced the operation in early January the May date is earlier than the market had expected. As a result it will follow close on the heels of the privatisation of the TF1 television channel and the advertising group <Agence Havas>. Last month the government privatised the first of the state financial groups Cie Financiere de Paribas <PARI.P> in a floatation which was 40 times oversubscribed. And in December the first of the industrial groups glass maker Cie de Saint-Gobain <SGEP.P> returned to the private sector. CGE has interests ranging from telecommunications to shipbuilding and nuclear engineering and recently struck a deal with ITT Corp <ITT.N> to create the worlds second largest telecommunications group under the Alcatel name. REUTER | FRENCH CGE GROUP LIKELY TO BE PRIVATISED IN MAY |
Five consortia have applied to buy the French state-owned telephone equipment manufacturer <Cie Generale de Constructions Telephoniques (CGCT)> which will give the owners control of 16 pct of the French telephone switching market sources close to Finance Minister Edouard Balladur said. The French government has given itself until the end of April to decide which applicant will be accepted they added. While several foreign groups have said they want to gain a foothold in the French market their potential stake in CGCT is limited to 20 pct under privatisation laws passed last year with 80 pct to be left in French hands. The Finance Ministry sources gave no details of the groups interested in CGCT but several have publicly announced their candidacies. U.S. Telecommunications giant American Telephone and Telegraph Co <T.N> which has been at the centre of the two-year battle for CGCT has teamed up with the Dutch-based <Philips Telecommunications Industrie B.V.> a subsidiary of NV Philips Gloeilampenfabriek <PGLO.AS> and <Societe Anonyme de Telecommunications> (SAT) to present a joint bid in association with holding company Cie du Midi SA <MCDP.P> and five French investment funds. A second bid has come from the West German electronics group Siemens AG <SIEG.F> which hopes to take a 20 pct stake in CGCT with the French telecommunications <Jeumont-Schneider> taking the remaining 80 pct. Swedens <AB LM Ericsson> has also submitted a bid for the maximum 20 pct permitted in association with French defence electronics group <Matra> which would hold between 40 and 49 pct and construction group <Bouygues>. Matra has already acquired CGCTs private telephone business. REUTER... | FIVE GROUPS APPLY TO BUY FRENCH TELEPHONE GROUP |
House Speaker Jim Wright is lobbying congressmen to support a plan to cut the 1988 budget deficit about 40 billion dlrs half through spending cuts and the remainder through tax hikes congressional sources said. He is backing a half and half plan and has made the suggestion to Democrats on the House Budget Committee privately committee sources said. However a committee source told Reuters that committee Democrats already generally favor a plan to cut the deficit about 40 billion dlrs half through taxes and the Speakers move was seen as building support outside the committee. Wrights 20 billion dlr revenue raising plan has no specifics although he has floated a stock transfer tax and also has suggested deferring tax cuts due to the wealthy. Neither of those plans has caught fire yet in Congress and some congressmen are cool to the idea of a stock tax. The Budget committee is considering a 1988 budget aimed at reducing the estimated deficit of 170 billion dlrs as estimated by the nonpartisan Congressional Budget Office. Committee Chairman William Gray has publicly backed a budget cutting move of 40 billion dlrs but says that will not reach the Gramm-Rudman deficit target for 1988 of 108 billion dlrs although he claims it will be in the spirit of it. Reuter | SPEAKER SEEKING SUPPORT FOR U.S. TAX INCREASES |
Blizzard conditions halted shipping through the Bosphorus waterway and piled snow up to 70 cms deep in central Istanbul paralysing the city for the second day running. Snow whipped by 48 kph winds continued to fall on Istanbul and northwest Anatolia after 36 hours and weather reports predicted no relief for another two days. Port officials said at least six large vessels in the Black Sea and 13 in the Sea of Marmara were waiting for conditions to improve. Istanbuls Ataturk international airport has been closed since yesterday. Reuter | BLIZZARD CLOSES BOSPHORUS |
The <Sterling Grace Capital Management L.P.> group said it is confident financing can be arranged if The Japan Funds board recommends the groups acquisition proposal. The group which also includes <Anglo American Security Fund L.P.> and T.B. Pickens III Tuesday proposed an entity it controls acquire for cash all the assets of Japan Fund for 95 pct of the funds aggregate net asset value. The group said it has had a number of meetings over the past few days with domestic and overseas financial institutions. The Sterling Grace Capital group said certain of these institutions have expressed serious interest in providing financing for the proposed acquisition of Japan Fund adding we are reasonably confident that the financing can be quickly arranged if the Japan Funds board of directors is willing to recommend the transaction to shareholders. Reuter | JAPAN FUND <JPN> SEEKERS CONFIDENT OF FINANCING |
K MART CORP FEBRUARY SALES UP 13.1 PCT ON COMPARABLE STORE BASIS |
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State-run Tanzania Railway Corporation (TRC) has secured 25.6 mln dlrs aid from banks and European countries for a one-year emergency repair program Transport Minister Mustafa Nyanganyi said. Nyanganyi told Reuters on his return from a World Bank sponsored donors conference in New York that the aid would enable TRC to buy spares for 32 locomotives overhaul 800 wagons and replace 67000 sleepers over the next 12 months. The World Bank African Development Bank European Community Canada Belgium West Germany Britain Sweden Italy and Denmark had contributed to the package he said. TRC runs a rail network linking Dar es Salaam and the northern port of Tanga with the coffee-growing area around Mount Kilimanjaro and ports on Lake Victoria and Lake Tanganyika. It is under separate administration from the Tanzania-Zambia railway linking Dar es Salaam with the Zambian copperbelt and the railway system of southern Africa which has already received substantial aid as part of international efforts to ease the dependence of landlocked African states on trade routes through South Africa. But this is the first international aid package for TRC which also carries cargo for Uganda Zaire and Burundi. Reuter | TANZANIAN RAILWAYS SECURE 25.6 MLN DLRS AID |
Shr profit 20 cts vs loss two cts Net profit 2665000 vs loss 202000 Revs 12141000 vs 5993000 Nine mths Shr profit 35 cts vs loss 11 cts Net profit 4653000 vs loss 1167000 Revs 35.1 mln vs 18.0 mln Reuter | PEGASUS GOLD INC <PGULF> 3RD QTR DEC 31 NET |
Stop and Shop Cos Inc said sales for the four weeks ended February 28 for its Bradlees Discount Department Stores Division were up six pct to 104 mln dlrs from 98 mln dlrs a year before with same-store sales up three pct. The company said the modest comparable store sales increase was due to a combination of difficult weather conditions in the Northeast a later Easter this year and a possible slowing in consumer demand. Reuter | STOP AND SHOP'S <SHP> BRADLEES FEBRUARY SALES UP |
General Motors Corp said it ordered temporary layoffs of 5500 hourly workers to cut production and thereby reduce inventories of cars built at two plants later this month. A spokesman said 2000 workers would be laid off one week beginning March 9 at GMs Detroit-Hamtramck luxury car plant. Another 3500 will be laid off a week effective March 23 at GMs Lansing Mich plant which builds the companys N-body compact cars. Reuter | GM LAYING OFF 5,500 AT TWO MICHIGAN PLANTS |
Mitsubishi Motor Sales of America Inc said sales of all vehicles rose 43.7 pct in February to 9735 units from 6776 in February 1986. Sales of passenger cars and wagons grew 11.7 pct to 5314 from 4758 and truck and van sales more than doubled to 4421 from 2018 the affiliate of Mitsubishi Motors Corp said. Year-to-date total vehicle sales increased 16.5 pct to 14966 from 12842. Car and wagon sales in the two months fell 13.7 pct to 7640 from 8848 but sales of trucks and vans grew 83.4 pct to 7326 from 3994. Reuter | MITSUBISHI MOTOR/AMERICA FEBRUARY SALES RISE |
Shr 99 cts vs 1.25 dlrs Net 418733 vs 235572 Revs 2777425 vs 2024116 Note: 1986 shr after November 1986 600000 class A subordinate floating share issue Reuter | <KELTIC INC> YEAR NET |
Supermarkets General Corp reported sales of 424.8 mln dlrs for the four-week period ended Feb 28 1987 A 7.2 pct increase over sales of 396.4 mln dlrs for the comparable period last year. Reuter | SUPERMARKETS GENERAL <SGC> FEBRUARY SALES RISE |
The Bank of England said it had given the money market 206 mln stg of assistance this afternoon and offered the discount houses borrowing facilities to take out the rest of the 1.10 billion stg shortage revised down from an initial 1.15 billion estimate. It made no alteration to its established dealing rates buying 95 mln stg of band one bank bills at 10-7/8 pct and 111 mln of band two bank bills at 10-13/16 pct. This brings the Banks total assistance so far today to 243 mln stg. REUTER | U.K. MONEY MARKET GIVEN HELP, OFFERED FACILITIES |
Supermarkets General Corp reported sales of 424.8 mln dlrs for the four-week period ended Feb 28 1987 A 7.2 pct increase over sales of 396.4 mln dlrs for the comparable period last year. Reuter | SUPERMARKETS GENERAL <SGC> FEBRUARY SALES RISE |
E.F. Hutton Group Inc said it has started its previously announced offer to purchase up to 6332471 common shares of Purolator Courier Corp at 35 dlrs each. In a newspaper advertisement the company said the offer proration period and withdrfawal rights will expire April One unless extended. The offer is conditioned on receipt of at least 5116892 Purolator shares or a 66.7 pct interest and is the first step in a merger agreement that has been approved by the Purolator board. Hutton said it reserves the right to buy more than 6332471 shares but has no present intention of doing so. It said it may waive the condition that at least 5116892 shares be tendered as long as it received at least a 50.1 pct interest. If it were to receive fewer shares than that it said it would only purchase sharesd with the consent of Purolator. Reuter | E.F. HUTTON <EFH> STARTS PUROLATOR <PCC> BID |
Responsibility for the appreciation of the Taiwan dollar and the South Korean Won lies soley with those countries said U.S. trade representative Clayton Yeutter Speaking to the Asia Society Yeutter said that it is in those countries own long-term interest to raise the value of their currencies against the dollar. Yeutter was responding to a question about what the U.S. could do to encourage appreciation of those currencies against the dollar in order to reduce the large U.S. trade deficits with Taiwain and Korea. An undervalued currency will help those countries exports in the short term but in the long run they have to be concerned about how they are perceived in the international business community Yeutter said. For Taiwan Yeutter said that with its per capita trade surplus with the U.S. much larger than that of Japans and with huge foreign exchange reserves it was difficult to defend the high import tarrifs and other barriers that prevail in that country. He also said that the south Korean Won should begin to move to reflect underlying economic fundamentals otherwise in two or three years time Korea will be in the same situation that prevails in Taiwan. Turning to the U.S. deficit with Japan of more than 50 billion dlrs Yeutter said that this situation was not sustainable. Something must give soon. If not there is a great threat of U.S. legislative action to counteract that trend Yeutter said. Reuter | YEUTTER PUTS CURRENCY BURDEN ON TAIWAN, KOREA |
Shr diluted loss 31 cts vs profit 17 cts Net loss 2806005 vs profit 1513395 Revs 15.0 mln vs 10.4 mln Avg shrs diluted 8982754 vs 8804899 NOTE: Current year includes loss of 3.4 mln dlrs from takeover defense expenses. Also includes losses of 1.8 mln dlrs vs 332000 dlrs from equity in limited partnerships. Reuter | PRINCEVILLE DEVELOPMENT CORP <PVDC> YEAR LOSS |
Orange-Co Inc said its largest shareholder <Summit Resoureces Inc> has increased its stake to 15 pct from 14 pct and now owns 644727 shares. Reuter | ORANGE-CO <OJ> HOLDER RAISES STAKE |
Oper shr profit 1.66 dlrs vs loss eight cts Oper net profit 12.0 mln vs loss 572000 Revs 27.4 mln vs 4311000 Year Oper shr profit 1.36 dlrs vs loss 43 cts Oper net profit 9817000 vs loss 2433000 Revs 35.0 mln vs 13.8 mln Avg shrs 7224000 vs 6731000 NOTE: 1985 net includes tax credits of 492000 dlrs in quarter and 2433000 dlrs in year. 1985 net both periods excludes 168000 dlr loss from discontinued operations. 1986 net both periods includes pretax gain 21.8 mln dlrs from sale of remaining interest in Paradise Hills N.M. development. Reuter | HORIZON CORP <HZN> 4TH QTR NET |
Shr 33p vs 38p Net 97 mln vs 111 mln Revs 1.71 billion vs 1.76 billion NOTE: Figures in sterling. Share results after deducting preferred share dividends of one mln pounds sterling in 1986. Reuter | <INTERNATIONAL THOMSON ORGANISATION LTD> YEAR |
The EC agriculture ministers agreement on reducing dairy output puts milk producers in an impossible situation French farm unions said. The accord to limit butter sales into intervention part of planned dairy output cuts of 9-1/2 pct over two years will cut milk producers income a spokeswoman for Frances largest farm union the FNSEA said. The move has destroyed part of the Common Agricultural Policy French milk producers said in a press release. But Agriculture Minister Francois Guillaume said repercussions of the plan will affect dairies not farmers. If there are negative repercussions it will be at the level of the dairies which have never looked for new outlets for butter and milk he told journalists during a visit to Rouen. FNSEA president Raymond Lacombe said on French radio the milk sector needs restructuring by encouraging early retirement and helping young farmers to start. But Commission proposals rejected by ministers would have frozen land prices he said. The FNSEA says it will demonstrate over Commission proposals to freeze most 1987/88 farm prices and cut supports. Pig farmers have held violent demonstrations over falling pork prices and milk producers blocked roads in protest at cuts in milk output. Reuter | FRENCH FARMERS STRONGLY CRITICISE EC MILK PACT |
The Industrial Bank of Japan Ltd (IBJ) London Branch said it is establishing a sterling certificate of deposit (CD) issuance programme for up to 200 mln stg. The arranger is LLoyds Merchant Bank Ltd and dealers are LLoyds Samuel Montagu and Co Ltd Morgan Grenfell and Co Ltd and S.G. Warburg and Co Ltd. The paper will have maturities between seven and 365 days. REUTER | IBJ ESTABLISHES 200 MLN STG CD PROGRAMME |
MOBIL'S MONTGOMERY WARD AND CO FEBRUARY SALES UP 12.7 PCT ON COMPARABLE STORE BASIS |
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Shr loss 3.84 dlrs vs nil Net loss 56879000 vs profit 23000 Rev 10.3 mln vs 17.7 mln Year Shr loss 4.60 dlrs vs profit 14 cts Net loss 67818000 vs profit 1807000 Rev 50.9 mln vs 56.1 mln Avg shares 14734000 vs 12801000 NOTE: Fourth qtr net includes a one-time restructuring charge of 45.2 mln dlrs. 1985 net income includes extraordinary gain of 3.2 mln dlrs or 25 cts. Reuter | EQUATORIAL COMMUNICATIONS CO <EQUA> 4TH QTR LOSS |
Iraq said its forces killed or wounded 15000 Iranian Revolutionary Guards as they crushed a new Iranian offensive near the strategic port city of Basra. A high command war communique said four Revolutionary Guards divisions attacked Iraqi positions east of Basra on the Gulf War southern front but they were fully crushed by noon (0900 GMT). Adbul-Jabbar Mohsen chief of the defence ministry political department said the Iranians had 15000 casualties. Iran earlier today said its forces launched fresh attacks near Basra last night adding that 1200 Iraqis were killed or wounded in fighting near Fish Lake 10 km east of Basra. In its first reaction to Tehran reports of a new Iranian offensive on the northern front Iraq said fighting continues around the strategic mountain peak of Kardamanend overlooking the Haj Omran-Rawandiz axis close to the Iranian border. A military spokesman said Iran launched its attack in the north to (turn) Iraqi attention towards that area and relax pressure in the south. He added Iraq knows well that Irans main goal is to occupy Basra in the south and that was the reason why Iraq has repelled their new offensive so decisively and firmly. Iran reported heavy fighting on both fronts today. REUTER | IRAQ SAYS IT CRUSHES NEW IRANIAN BASRA OFFENSIVE |
INTERNATIONAL THOMSON ORGANISATION LTD YEAR SHR 33P VS 38P |
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Enzon Inc said a new treatment using its investigational new drug PEG-ADA has restored the functioning of the immune system in the first two children that were born deficient in the enzyme adenosine deaminase. The disorder is known as severe combined immunodeficiency disease or bubble boy disease Bubble Boy Disease is a rare but severe disease that hampers the development of the immune system. It has killed most of its victims before adulthood. Children with the disease are consigned to live in a sterile environment such as a plastic bubble to avoid infection the company said. The study of Enzons drug conducted at Duke University showed that two children suffering from the disease were treated for 11 and seven months respectively and were free of serious infection during that time the company said. The results were published in the New England Journal of Medicine. The disease is caused by a missing enzyme called Adenosine Deaminase or ADA that is crucial to the development of the immune system. Enzon said it has developed a technology to coat the enzyme with a substance called polyethylene glycol or PEG serving to disguise the enzyme when it is reintroduced into the body preventing rejection. Marked improvement in laboratory tests of immune function occurred in each child along with an increase in the number of T-lymphocytes the immune cells that were missing before treatment with PEG-ADA had begun the study said. The children are now more active and have begun to gain weight and height. Before treatment their growth had been very poor in comparison to normal children of the same age the study conducted by Doctors Michael Hershfield and Rebecca Buckley said. The PEG-ADA injections were given once a week. Victims of the disease have traditionally been treated by bone marrow transplants but for most donors are not available or transplantation is unsuccessful the company said. Other diseases caused by a missing enzyme might also be treated by introducing a PEG coated enzyme the article noted. Reuter | ENZON <ENZN> SAYS DRUG TREATS DISEASE |
MCI COMMUNICATIONS CALLS FOR IMMEDIATE DEREGULATION OF ATT |
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F.W. WOOLWORTH CO FEBRUARY SALES INCREASE 11.3 PCT |
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Trimedyne Inc said it will distribute one Class B common share of <Automedix Sciences Inc> for each four Trimedyne shares held of record on March Nine. The company said in the spinoff it is distributing its entire 44 pct interesdt in Automedix. The spun-off stock will not be saleable for 13 months the company said. Reuter | TRIMEDYNE <TMED> TO SPIN OFF STAKE IN UNIT |
K Mart Corp said February sales rose 13.1 pct from a year ago and comparable store sales in the four-week period ended February 25 rose 8.2 pct. K Mart said consolidated sales in the period were 1.46 billion dlrs compared with 1.29 billion last year. It said the year-ago figures excluded sales for discontinued operations. K Mart cited favorable consumer response to our merchandise programs and said its specialty retailers had excellent February sales. Reuter | K MART <KM> FEBRUARY SALES UP 8.2 PCT |
HECK'S INC TO RELEASE NEWS SHORTLY . |
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Shr 16 cts vs 13 cts Net 1900000 vs 1600000 Sales 68.2 mln vs 69.6 mln Nine mths Shr 60 cts vs 43 cts Net 7100000 vs 4700000 Sales 214.0 mln vs 219.5 mln Reuter | CASEY'S GENERAL STORES INC <CASY> 3RD QTR JAN 31 |
J.C. PENNEY FEBRUARY STORE AND CATALOG SALES UP 5.3 PCT |
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French operators have requested licences to export 40000 tonnes of free market feed wheat 32500 tonnes of soft bread wheat 375000 tonnes of barley and 465000 tonnes of maize at todays European Community tender trade sources here said. Rebates requested ranged between 134 and 136.50 European currency units (Ecus) a tonne for the feed wheat 137.39 and 141.50 Ecus a tonne for the bread wheat 137.93 and 142.95 Ecus for the barley and 133.75 and 140.25 Ecus for the maize. Reuter | FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED |
Occidental Petroleum Corp said its common stock offering has been further increased to a total of 37950000 shares. The company explained that underwriters exercised in full their option to increase tohe offering by buying an additional 4950000 shares over and above the 33 mln brought to market yesterday. Originally Occidental had planned to offer 30 mln shares. It had 165 mln outstanding prior to the offering. The underwriters are Drexel Burnham Lambert Inc Kidder Peabody and Co Inc and Salomon Brothers Inc. At the public offering price of 30.50 dlrs a share Occidental said the total value of the offering was nearly 1.16 billion dlrs making it the largest underwritten common equity offering by a U.S. natural resource company. The company said the significant financial improvements from applying the net proceeds of the offering principally to the reduction of debt along with its 1986 restructuring of oil and gas operations and the acquisition of Midcon Corp have positioned Occidental to benefit from an improving oil and gas industry environment. Reuter | OCCIDENTAL <OXY> OFFERS OVER 37 MLN SHARES |
Diamond Shamrock said it raised its posted prices for all grades of crude oil one dlr a barrel effective yesterday. The one dlr increase brings West Texas Intermediate WTI the U.S. benchmark crude to 17.00 dlrs a bbl the company said. Diamond Shamrock joined Sun Co Coastal Citgo and Murphy Oil in raising crude oil posted prices one dlr a barrel yesterday. Reuter | DIAMOND SHAMROCK <DIA> RAISES CRUDE OIL POSTINGS |
Shr 27 cts vs 28 cts Net 1026000 vs 1025000 Sales 27.8 mln vs 25.4 mln Year Shr 95 cts vs 16 cts Net 3682000 vs 598000 Sales 102.1 mln vs 100.4 mln Avg shrs 3858000 vs 3700000 Reuter | OAK HILL SPORTSWEAR CORP <OHSC> 4TH QTR NET |
Oper shr loss five cts vs loss 50 cts Oper net loss 3862000 vs loss 15900000 Sales 42.6 mln vs 38.8 mln Avg shr 72.1 mln vs 31.7 mln Year Oper shr loss 51 cts vs loss 2.10 dlrs Oper net loss 30.3 mln vs 51.3 mln Sales 151.7 mln vs 153.1 mln Avg shrs 59.4 mln vs 24.4 mln Backlog 57.1 mln vs 52.9 mln NOTES: Operating losses exclude profits from discontinued operationgs of 1000000 dlrs or one cent a share vs 2493000 dlrs or eight cts a share in quarter and 65.0 mln dlrs or 1.09 dlrs a share vs 13.7 mln dlrs or 56 cts a share in year 1986 year operating loss also excludes extraordinary gain of of 25.6 mln dlrs or 43 cts a share Backlog which includes only orders to be shipped within 12 mths was 63.0 mln dlrs on January 31. Orders to be shipped beyond 12 mths were 27.6 mln dlrs vs 17.1 mln dlrs at December 31 Reuter | OAK INDUSTRIES INC <OAK> 4TH QTR LOSS |
Qtly div 4-1/2 cts vs 4-1/2 cts prior Pay April 15 Record March 24 Reuter | REGIS CORP <RGIS> REGULAR DIVIDEND SET |
Jamesway Corp said it had sales for the four weeks ended February 28 excluding leased departments were 31.7 mln dlrs up 13 pct from 28.0 mln dlrs in the comperable four week period a year earlier. On a store for store basis the company said sales increased five pct. It operated 100 stores last month up from 92 in February 1986. Reuter | JAMESWAY <JMY> FEBRUARY SALES UP 13 PCT |
K Mart Corp said February sales rose 13.1 pct from a year ago and comparable store sales in the four-week period ended February 25 rose 8.2 pct. K Mart said consolidated sales in the period were 1459193000 dlrs compared with 1289635000 dlrs last year. It said the year-ago figures excluded sales for discontinued operations such as Designer Depots Furrs Cafeterias and Bishop Buffets. K Mart cited favorable consumer response to our merchandise programs and said its specialty retailers had excellent February sales. Reuter | K MART <KM> COMPARABLE-STORE FEBRUARY SALES UP |
Congressional ire is rising against the multinational development banks which make loans to help other countries produce goods in direct competition with beleagured U.S. farmers and miners. With a record U.S. trade deficit of 169 billion dlrs last year and a farm economy in the doldrums Congress is pressing to hold back U.S. funds for the World Bank and other development banks if the money is used to subsidize production or to produce goods already in oversupply around the world. American tax dollars are being used to subsidize foreign agriculture and mineral production that is often in direct competition with our producers Senator Don Nickles an Oklahoma Republican said in a letter to fellow senators seeking support for his legislation to limit these loans. Nickles and Senator Steven Symms a conservative Republican from Idaho have introduced legislation that would strictly limit U.S. funding of multinational development banks if they make any loans to help developing countries produce surplus commodities or minerals. Current law requires that the United States vote against such loans but carries no reprisals if they are ultimately approved by the banks. Treasury Secretary James Bakers assurances that U.S. policy is to oppose these loans did not satisfy concerns raised at two Senate committee hearings last week. Baker told a Senate Appropriations subcommittee on Foreign Operations As a policy matter we oppose loans for production of commodities in oversupply. The senators cited a 350-mln-dlr World Bank loan made to Argentina last year to help it increase its agricultural exports by one billion dlrs a year by 1989. Nickles Symms and others also have cited other loans such as a 1985 World Bank loan to Hungary to expand livestock exports and 500 mln dlrs lent to Thailand from 1981 to 1985 at low interest rates for agriculture. Last year the Republican-controlled Senate voted three times over the objections of the administration to cut U.S. funding of development banks by the amount of these loans. But even with a 65 to 15 vote in favour of the proposal the restrictions were weakened in the final version. Only a provision directing U.S. officials to vote disapproval cleared Congress. This years version called the Foreign Agricultural Investment Reform (FAIR) Act would require the U.S. to vote against loans designed to increase production of surplus commodities and minerals. Also the recipient countries would have to prove that the production marketing and export of the commodities could be handled without government subsidy. If the loan is approved over U.S. objections the United States would not increase or replenish funds for that institution until it agrees to stop making such loans. Objections to such loans have most often been raised by conservative Republicans who have traditionally opposed U.S. funding for these international development banks. But the loss of many jobs to foreign competition has raised similar concerns among more moderate senators. The administration opposes any legislation that would tie its hands in votes on the loans. It argues there might be instances in which a country needed the money to continue its moves toward U.S. policies in other areas. Baker said the United States would continue to use its leverage in the banks to require foreign trade liberalization measures often in the form of elimination of subsidies. Two House Republicans Representatives Larry Craig of Idaho and Beau Bolter of Texas have introduced the bill. But it faces stiff opposition in the House Banking Committee which has blocked its consideration by the House in the past. Symms intends to offer the bill as an amendment to any related legislation this year an aide said. Reuter | CONGRESS MAY CURB U.S. AID TO DEVELOPMENT BANKS |
Equatorial Communications Co a satellite data network concern said it has signed an agreement with Contel Corps <CTC> Contel ASC unit allowing Contel ASC to buy 3.6 mln shares of Equatorial stock at 3.25 dlrs per share. In addition Equatorial said under the agreement Contel ASC would buy a minimum of 10 mln dlrs of equipment from Equatorial loan Equatorial up to six mln dlrs and assume a portion of Equatorials rights and obligations under a satellite transponder lease. Reuter | EQUATORIAL <EQUA> SIGNS PACT WITH CONTEL UNIT |
Mannesmann AG <MMWG.F> the diversified engineering and pipe-making group is interested in taking a stake in a U.S. Company or companies but has not yet found a suitable firm a spokesman said in reply to questions. Mannesmann managing board chairman Werner Dieter told the business weekly Wirtschaftswoche in an interview that Mannesmann wanted to invest in a U.S. Company in order to strengthen its presence on the U.S. Market. Dieter said Mannesmann would act quickly when and if it found a firm in which it wanted to take a stake. The Mannesmann spokesman declined to say in which industrial sector the group may make a U.S. Acquisition or how big the acquisition might be. He also said the group had not yet completed taking over a stake in car components firm <Fichtel und Sachs AG>. Mannesmann had said in January it hoped to take a 37.5 pct stake in Fichtel und Sachss holding company Sachs AG in the first quarter. The spokesman said Mannesmann had a letter of intent on the takeover from the heirs of the companys late owner but completion has been delayed by legal questions concerning the inheritance. REUTER | MANNESMANN SEEKS STAKE IN U.S. FIRM |
Shr 1.83 dlrs vs 77 cts Net 296.6 mln vs 120.1 mln Year Shr 4.90 dlrs vs 2.76 dlrs Net 795.8 mln vs 420.5 mln NOTE: Includes gains of 139.2 mln vs 46.8 mln in year and 94.0 mln vs 11.6 mln from capital gains from investments. Reuter | AMERICAN INT'L GROUP INC <AIG> 4TH QTR NET |
Systems for Health Care Inc said it repositioned the company through a one-for-50 reverse stock split. It said there are now 3002500 common shares outstanding with a quoted price of about 7/8 bid compared to 150125000 shares outstanding prior to the split. In another recent development Systems for Health Care formally changed its name to its present form from Orcas Corp. Reuter | SYSTEMS FOR HEALTH CARE IN ONE-FOR-50 SPLIT |
First Executive Corp said that its principal subsidiary contributed 152 mln dlrs to one of its divisions to cover credits it wrongfully took on its 1983 to 1985 regulatory accounting statements. The company said Executive Life Insurance Co gave the capital infusion to its subsidiary Executive Life Insurance Co of New York. It said the new funds bring to 280 mln dlrs the company has received from its parent the past three years. Executive Life Insurance Co of New York admitted a violation of state insurance law and paid a fine of 250000 dlrs levied by the New York Insurance Department according to the company. Executive Life of New York took credits for reinsurance agreements that provided less protection to the insurer and its policyholders than New York rules require according to published reports. Reuter | FIRST EXECUTIVE CORP <FEXC> GIVES UNIT FUNDS |
Hard Rock Cafe PLC said it has filed for an initial U.S. offering of 2240000 American Depositary Shares representing 11.2 mln Class A ordinary shares. It said 240000 of the ADSs will be sold by a current shareholder. Lead underwriter is <Drexel Burnham Lambert Inc>. The company said proceeds will be used for the financing of additional restaurants the expansion of existing restaurants and retail operations and the repayment of debt. Reuter | <HARD ROCK CAFE PLC> SETS INITIAL U.S. OFFERING |
Belgium is to issue a 150 billion franc eight-year state loan carrying a coupon of eight pct a Finance Ministry spokesman said. Pricing will be fixed next week. The spokesman said the loan will feature a call option after four years at a price also to be determined. Some 120 billion francs of the loan will be taken up by members of the issuing consortium comprising major Belgian commercial banks and the remaining 30 billion by semi-state owned financial institutions. The most recent public authority loan stock issue for the state road building fund Fonds des Routes was also for eight years with an eight pct coupon. It was priced at par. The issue also featured a call option after four years at 102 falling to 101-1/2 after five and by a half point each year thereafter. REUTER | BELGIUM TO ISSUE 150 BILLION FRANC STATE LOAN |
MAY DEPARTMENT STORES CO FEBRUARY SALES RISE 15 PCT |
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Royal Dutch/Shell Group <RD.AS> earnings for 1986 from the U.S. Fell sharply because of difficult market conditions lower crude and gas prices and also due to different accounting methods Shell chairman Peter Holmes said. The Shell Oil dollar net income fell 47 pct in the year while the additional effect of currency movements reduced the contribution to group net income by 57 pct to 472 mln stg. The group earlier reported a drop in net income for the year to 2.54 billion stg from 3.03 billion previously with lower crude prices outweighing the effect of increased sales by volume. Although the figures were lower they were nonetheless at the top end of market forecasts. Shell Transport and Trading Plc <SC.L> shares the U.K. Arm of the group rose to 11.39 stg from a close last night of 11.06 stg. Analysts noted that a general collapse in exploration and production volumes was partially offset by earnings from chemicals rising to 462 mln stg from 205 mln in 1985. Also a windfall tax credit and lower than expected currency losses had added about 100 mln stg onto fourth quarter results which was the main reason for the figures exceeding forecasts industry analyst Chris Rowland of Barclays de Zoete Wedd noted. However he added there could well be a sharp fall in performance in the first quarter of 1987 due to the improbability that the group would be able to repeat the high refining and marketing margins of first quarter 1986. The impact of recovering oil prices would come through faster on the downstream side than on the upstream as such a high proportion of upstream activity centred on gas which typically reacted to oil price changes with about a half-year lag analysts said. Holmes said that in the upstream U.S. Sector the third quarter of 1986 had been the worst of all. Only two of the oil majors had managed to make a profit in the period with Shell Oil being one of them. The decrease in U.S. Earnings had been accentuated by tax rates but the group had increased share to become volume market leader Holmes added. Continued low crude oil prices would continue to subdue U.S. Exploration activity. Exploration is currently pretty flat. We are going to go on but at 16-18 dlrs there will be no massive upturn he said. A renewal of exploration in high cost areas of the North Sea and the U.S. Requires prices of around 25 dlrs a barrel. Ultimately this would lead to a rise in U.S. Imports. If you are not exploring you are not going to find anything he noted. U.S. Oil production had dropped some half mln barrels a day (bbd) in 1986 and would continue to fall if the price stayed below 20 dlrs a barrel. This favored OPECs attempts to stabilise prices as the lower the price the more likelihood there was of non-OPEC marginal production shutting down. OPEC has done pretty extraordinarily well...Everything is moving in (its) direction he added. Reuter | ROYAL DUTCH/SHELL U.S. EARNINGS SHARPLY LOWER |
J.C. Penney co Inc said sales for the four weeks ended February 28 for its JCPenney stores and catalogs were up 5.3 pct to 780 mln dlrs from 741 mln dlrs a year earlier with comparable store sales up 5.5 pct. The company said total company sales for the period were up 6.0 pct to 888 mln dlrs from 838 mln dlrs with same-store sales up 6.3 pct. Reuter | J.C. PENNEY <JCP> FEBRUARY SALES 5.3 PCT |
F.W. Woolworth Co said total sales for the four weeks ended February 28 rose 11.3 pct to 416 mln from 374 mln in the comparable 1986 period. Woolworth said domestic sales increased 7.1 pct to 249 mln from 233 mln while foreign sales rose 18.4 pct to 167 mln from 141 mln. Reuter | F.W. WOOLWORTH <Z> FEBRUARY SALES INCREASE |
Bankers welcomed the Bank of Spains decision to raise the reserve requirement for banks and savings banks saying it reflected the socialist governments determination not to ease up in the fight against inflation despite the painful social effects of four years of austerity. The central bank last night raised the requirement by one percentage point to 19 pct from March 13 saying that excess liquidity threatened money supply and inflation targets. Bankers said the move represented a change of tactic by the Bank which until now has relied on raising interest rates to choke off money supply growth. I think its a good measure a senior foreign banker said. Its a faster way to get the job done than using interest rates and avoids unpleasant effects on other areas of the economy. It shows that the political will is very strong. They know that controlling inflation will make industry more competitive and bring down unemployment in the long run he added. The head of another foreign bank said that only a month ago the Bank of Spain had dismissed his suggestion of a rise in reserve requirements preferring to pursue its strategy of raising interest rates. But bankers said the high real interest rates on offer now -- around eight pct for overnight funds -- was attracting money from abroad strengthening the peseta and making Spanish exports less competitive. The government says industrys competitiveness is also being hit hard by inflation. At 8.3 pct last year the rate was way above that of Spains major trading partners in the European Community which it joined a year ago. To help meet this years target of five pct it is insisting pay rises stay at that level setting the stage for clashes with trade unions who say they have made enough sacrifices. Demonstrations by workers students and farmers whose demands essentially involve more government spending have become an almost daily occurrence. But Prime Minister Felipe Gonzalez insists that the state is doing as much as it can. Bankers said the reserve requirement increase could have some impact on commercial lending rates but should not hit the money market too hard. The Bank of Spain which only yesterday raised its key overnight call money rate to 13.5 pct left it unchanged at todays auction. The rate has been increased nine times since the start of the year when it was below 12 pct. Bankers said commercial lending rates were set to rise in any case with the end of the six pct maximium interest rate banks can offer for time deposits of up to six months. The measure will take effect tomorrow following the publication of the decree in todays official gazette. Bankers say the liberalisation will increase the cost of funds and inevitably push lending rates higher. A companion measure reducing the proportion of funds which banks must invest in specific areas also takes effect tomorrow. Officials said when the cut was approved last month that it was aimed partly at compensating banks for higher interest rates. REUTER | BANKERS WELCOME SPANISH RESERVE REQUIREMENT HIKE |
133.5 mln crowns vs 101 mln. Sales 1.61 billion vs 1.51 billion. Proposed dividend 0.80 crowns vs 0.40 crowns. REUTER | GAMBRO AB <GAMB ST> 1986 YEAR |
KLM Royal Dutch Airlines <KLM.AS> said its load factor rose to 66.5 pct in February from 62.5 pct in January and 65.7 pct in February 1986. The load factor was 66.6 pct in the April/February period of 1986/87 compared with 67.2 pct in the same period in 1985/86. Traffic rose 18 pct and capacity rose 17 pct in February versus 12 and 13 pct respectively in January. In the April/February period of 1986/87 traffic rose nine pct and capacity rose 10 pct compared with eight and nine pct respectively in the same period in 1985/86. REUTER | KLM LOAD FACTOR HIGHER IN FEBRUARY |
TRANSPORTATION AGENCY GIVES FINAL OKAY FOR US AIR PACIFIC SOUTHWEST ACQUISITION |
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Officials and diplomats said EC farm ministers who earlier this week ended another marathon negotiating session achieved more than ever before in the fight to end food surpluses and delighted EC officials are now preparing to carry the reform offensive into other areas. Their immediate aim is to drain the wine and olive oil lakes and level the grain mountain that have brought the Community so much unwelcome publicity. Earlier this week ministers finally agreed after 36 hours of negotiations the fine details of an outline accord to cut milk output by 9.5 pct over two years and reduce butter stocks now at a record 1.2 mln tonnes. Officials said new rules which place strict limits on farmers rights to benefit from high subsidised prices could be expected to reduce sales into intervention to a trickle and pave the way for reform in other surplus sectors. The deal was reached despite determined attempts at backsliding by some states as the implications of the original outline accord reached last December began to sink in. Despite coming under tremendous pressure the ministers never wavered from the main features of the deal one senior official said adding the result augured well for talks later this month on other reforms. The Commission is leading the fight against food surpluses and has now proposed the most severe annual price review at which ministers fix farm support prices in the ECs history. Most prices would be cut or frozen new quality standards enforced and most farmers rights to sell to intervention curtailed. Officials say the measures could lead to effective price cuts for some low quality cereals of eight to 11 pct. EC Commissioner Frans Andriessen is currently working on proposals to provide direct income aids to farmers to cushion them from the worst effects of a restrictive price policy and encourage ministers to swallow the reform pill. Reuter | EC DAIRY OUTPUT ACCORD PAVES WAY FOR MORE REFORM |
FEDERATED DEPARTMENT STORES FEBRUARY SALES UP 9.6 PCT |
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Mercantile Stores Co Inc said its February sales totaled 113.2 mln dlrs up 6.9 pct 105.9 mln dlrs in the year earlier month. The company said its comparable store sales rose 4.3 pct last month. Reuter | MERCANTILE STORES <MST> FEBRUARY SALES UP 6.9 PCT |
Mobil Corp said its Montgomery Ward and Cos retail sales for the four weeks ended February 28 rose 12.7 pct on a comparable store basis to 276.7 mln from 249.0 mln dlrs a year ago. Reuter | MOBIL'S<MOB> MONTGOMERY WARD FEBRUARY SALES UP |
MCI Communications Corp. called for immediate federal deregulation of American Telephone and Telegraph Co. its principal competitor. MCI said it will ask the Federal Communications Commission tomarrow to deregulate ATT in order to let marketplace forces govern the long distance telephone market. Its time to let the market manage ATT MCI president Bert Roberts told a news briefing here. MCI has seen its profits shaved recently by ATT long distance rate reductions ordered by the FCC following the breakup of the Bell System. The MCI move signals its belief that ATT may raise profits rather than cut rates if deregulated. To allay consumers fears that deregulation might lead to price increases Roberts said one alternative open to the FCC would be adoption of a transitional price cap concept. Roberts noted that such a plan is backed by FCC commissioner Dennis Patrick whose is widely expected to be named FCC chairman. Roberts conceded that ATTs deregulation posed risks to MCI. The greater risk however is continuing the artificial market environment created by piecemeal FCC deregulation of ATT. Reuter | MCI <MCIC> SEEKS IMMEDIATE ATT <T> DEREGULATION |
Seven managers and employees at General Mining Union Corp Ltds Kinross Mines Ltd will face charges of culpable homicide following last years disaster when 177 gold miners died the Attorney Generals Office said. The mineworkers were killed last September at Kinross when a fire set off toxic fumes which suffocated miners underground. Three of the accused face alternative charges of breaking safety regulations set out in the Mines and Works Act. The spokesman said the case would probably be heard in Witbank Regional Court near Kinross in mid-May. Reuter | S AFRICA MINE MANAGERS FACE CHARGES IN DISASTER |
Western Canadas resource-based economy is being hurt by international market forces and there is little Ottawa can do about it Finance Minister Michael Wilson said. If you can tell me how we can get the international energy price up and how we can get the price for copper up and how we can get the price for wheat up then we will listen Wilson told the House of Comnons Finance Committee. Although under pressure from oil companies and wheat farmers for help in battling depressed commodity prices Wilson said it has to be recognized the area was a prisoner of market forces outside the boundaries of this country. Wilson appearing before the committee to discuss the governments spending estimates released earlier this week said the government is doing what it can in the region citing more than 3.5 billion dlrs in aid for western agriculture. Those resources are a reflection of very real concerns on our part in dealing with a very difficult problem Wilson said in response to questions about management of the economy from opposition party members. He said the long term answer for depressed regions of the country was reaching a free trade pact with the United States which he claimed would improve the outlook for Western Canada. Reuter | WESTERN CANADA HURT BY INTERNATIONAL FORCES |
Ames Department Stores Inc said sales for the four weeks ended February 28 the firstr month of its fiscal year were up 30.4 pct to 113.6 mln dlrs from 87.1 mln dlrs a year earlier with same-store sales up 28.6 pct. Reuter | AMES DEPARTMENT STORES <ADD> FEBRUARY SALES UP |
Amgen said it has filed for an offering of two mln common shares including one mln to be sold outside the U.S. It said U.S. underwriters will be led by PaineWebber Group Inc <PWJ> and <Montgomery Securities> and PaineWebber will lead the overseas underwriters. Proceeds will be used to fund capital spending and working capital requirements on the commercialization and further development of Amgen products. Reuter | AMGEN <AMGN> FILES TO OFFER TWO MLN SHARES |
West German Farm Minister Ignaz Kiechle who objected strongly to this weeks European Community agreement to cut milk surpluses conceded the accord would have the positive effect of stabilizing prices. According to the text of a speech made in the town of Trudering near Munich Kiechle said farmers earnings would benefit from more stable prices. He said he had rejected the agreement because he preferred there to be no change in the ECs system of intervention. However an objective analysis of the accord showed it contained positive elements he said. No formal vote was taken on the EC accord but a spokesman for the Agriculture Ministry in Bonn said Kiechle had made it clear in discussions in Brussels that he did not accept it. Ireland and Luxembourg were also opposed. Reuter | KIECHLE SEES POSITIVE ASPECTS IN EC MILK ACCORD |
Congressional ire is rising against the multinational development banks which make loans to help other countries produce goods in direct competition with beleagured American farmers and miners. With a record trade deficit of 169 billion dlrs last year and a farm economy in the doldrums Congress is pressing to hold back U.S. funds for the World Bank and other development banks if the money is used to subsidize production or to produce goods already in oversupply around the world. American tax dollars are being used to subsidize foreign agriculture and mineral production that is often in direct competition with our producers Sen. Don Nickles an Oklahoma Republican said in a letter to fellow senators seeking support for his legislation to limit these loans. Nickles and Sen. Steven Symms a conservative Republican from Idaho have introduced legislation that would strictly limit U.S. funding of multinational development banks if they make any loans to help developing countries produce surplus commodities or minerals. Current law requires the United States to vote against such loans but carries no reprisals if they pass anyway. Treasury Secretary James Bakers assurances that U.S. policy is to oppose these loans did not satisfy concerns raised at two Senate committee hearings last week. Baker told a Senate Appropriations subcommittee on Foreign Operations as a policy matter we oppose loans for production of commodities in oversupply. The senators cited a 350 mln dlr World Bank loan made to Argentina last year to help it increase its agricultural exports by one billion dlrs a year by 1989. Nickles Symms and others also have cited other loans such as a 1985 World Bank loan to Hungary to expand livestock exports and 500 mln dlrs lent to Thailand from 1981 to 1985 at low interest rates for agriculture. Baker said the Argentine loan was really the only one you can point to and criticize. Last year the Republican-controlled Senate voted three times over the objections of the administration to cut U.S. funding of development banks by the amount of these loans. Even with a favorable vote of 65 to 15 the restrictions were weakened in the final version. Only a provision directing U.S. officials to vote disapproval was enacted into law. This years proposal called the Foreign Agricultural Investment Reform (FAIR) Act would require the U.S. to vote against loans designed to increase production of surplus commodities and minerals. Also the recipient countries would have to prove that the production marketing and export of the commodities could be handled without government subsidy. If the loan is approved over U.S. objections the United States would not increase or replenish funds for that institution until it agrees to stop making such loans. Objections to such loans have most often been raised by conservative Republicans who have traditionally opposed U.S. funding for these international development banks. But the loss of many jobs to foreign competition has raised similar concerns among more moderate senators. Democratic senator Barbara Mikulski of Maryland told Baker at the Senate Appropriations subcommittee hearing Many say the banks are financing competition for American jobs. She recommended that the United States use its participation in debt forgiveness for developing country loans as a wedge to open markets to U.S. goods. The administration opposes any legislation that would tie its hands in votes on the loans. It argues there might be instances in which a country needed the money to continue its moves toward U.S. policies in other areas. Baker said the United States would continue to use its leverage in the banks to require foreign trade liberalization measures often in the form of elimination of subsidies. Reuter | CONGRESS EYES LOANS THAT AID U.S. COMPETITORS |
American Software Inc said its board declared a three-for-two stock split on Class A and Class B common shares payable March 31 record March 16. The company said it expects to increase its semiannual dividend 12.5 pct to six cts per share post-split from eight cts pre-split. Reuter | AMERICAN SOFTWARE <AMSWA> SETS STOCK SPLIT |
Comdata Network Inc said it has entered into a letter of intent with a limited partnership managed by Welsh Carson Anderson and Stowe (WCAS) to merge Comdata into a corproration to be formed by WCAS. Comdata said in the merger each share of the companys stock would be converted at the holders election into either 15 dlrs in cash or a combination of 10 dlrs in cash and a unit of securities including common stock. Comdata said the terms are subject to the condition that WCAS affiliate investors would own a minimum of 60 pct of the fully diluted stock of the new entity. Comdata said WCAS and its affiliate investors would commit 50 mln dlrs to buy the securities comprising the new entities units of securities resulting from the merger in the same proportions and at the same price as the company shareholders. Comdata said the move is subject to execution of definitive agreement and approval by Comdata shareholders as well as obtaining up to 200 mln dlrs in debt financing. WCAS told Comdata it believes that it can get commitments for this financing. Reuter | COMDATA <CDN> IN MERGER AGREEMENT |
Noel Industries Inc said its board approved in principle a private placement of 900 units each unit consisting of 1000 dlrs of nine pct senior subordinated convertible debentures due Marcxh 31 1991 and 95 warrants to purchase Noel common. The company said chief executive officer Leon Ruchlamer has supplemented the planned funding with 300000 dlrs. It said the investment package is subject to shareholder approval and will be presented to its adjourned shareholder meeting on March 26. Noel said proceeds will be used for additional working capital and expanding its factory in Kingston Jamaica. It said the debentures which will be priced at 100 pct will have interest payable semi-annually and be convertible into common after April 30 1987 at seven dlrs a share. Each warrant will be exercisable after April 30 at 7.50 dlrs a share the company added. It said holders of 80 pct of the units may request one registration by the company kof the underlying common shares any time after Jan 15 1988. Holders of the debentures and warrants will also have piggyback registration rights. Reuter | NOEL INDUSTRIES <NOL> BOARD APPROVES FINANCING |
Best Buy Co Inc said its sales for February rose five pct on a comparable-store basis to 20.7 mln dlrs from 10.4 mln dlrs a year ago. It said for the 11 months sales rose to 213.4 mln dlrs from 101.2 mln dlrs a year earlier. Best Buy said sales for the current period are based on 23 retail facilities compared with 12 retail outlets a year ago. Reuter | BEST BUY <BBUY> FEBRUARY SALES GAIN |
Federated Department Stores Inc said sales for the four weeks ended February 28 were up 9.6 pct to 720.0 mln dlrs from 656.8 mln dlrs a year before. Reuter | FEDERATED DEPARTMENT <FDS> FEBRUARY SALES RISE |
Morton-Thiokol Corp will be included in Standard and Poors 500 Stock index effective today Standard and Poors Corp said. Trading in Morton-Thiokol stock opened up 4-1/4 at 50 on turnover of 122700 shares after a delayed opening due to an imbalance of orders. There are certain funds which base their portfolio on the 500 stocks listed on the index and the imbalance of orders reflects those managers adding shares of Morton-Thiokol Standard and Poors said. Adding Morton-Thiokols stock to the 500 index list is a minor positive development analyst Martin Ziegler said noting that it brings in new buyers for the shares and gives the company a higher profile. James Arenson at DLJ Securities agreed that inclusion on the index automatically creates new buyers and noted it also allows those portfolio managers who could not buy the stock to purchase shares. While Morton-Thiokols stock opened up much higher it gave back some of its gains and is currently trading at 47-3/8 up 1-5/8 a pattern termed by one analyst as typical when a company is newly added. Reuter | MORTON-THIOKOL <MTI> LISTS ON S AND P 500 |
Circuit City Stores Inc said sales for February were up 33 pct to 67.4 mln dlrs from 50.5 mln dlrs a year before with comparabvle store sales up nine pct. The company said salesd for its full fiscal year ended February 28 were up 43 pct to 1.01 billion dlrs from 705.5 mln dlrs in the prior year with comparable store sales up 18 pct. Circuit City said it expects to report higher earnings for the fiscal year just ended and expects strong sales and earnings in the current year. In fiscal 1986 Circuit City earned 22.0 mln dlrs. Reuter | CIRCUIT CITY STORES <CC> FEBRUARY SALES RISE |
Carson Pirie Scott and Co said its February sales increased 18.2 pct to 104.3 mln dlrs from 88.2 mln dlrs a year ago. It said each of its business groups - retail foodservice and lodging and distribution - contributed to the sales gain. The Food Service and Lodging Groups sales were up 8.9 pct after eliminating sales of the Steak n Egg Kitchen Restaurant chain sold Aug 15 1986. Reuter | CARSON PIRIE SCOTT <CRN> FEBRUARY SALES UP |
The Agriculture Department must make a decision soon on how to change the current U.S. soybean loan or more soybeans will continue to be forfeited to the government and foreign soybean production will increase the president of the American Soybean Association ASA said. The USDA will have to bite the bullet one way or another ... USDA can dodge and dart around it (the soybean loan) as much as they want but they have to eventually address this problem David Haggard ASA president told Reuters. USDA is not offering any new soybean loan options and Agriculture Secretary Richard Lyng has not consulted ASA on the soybean loan Haggard said. I dont know if USDA is really very serious about addressing the soybean loan problem he said. At ASAs annual winter board of directors meeting here ASA leaders refused to change their official position on the loan -- still calling for income support at 5.02 dlrs. The association backs current bills of Rep. Bill Emerson R-Mo. and Sen. Thad Cochran R-Miss. which call for either a 5.02 marketing loan or a producer option payment. Haggard said he does not know what chances the ASA-backed proposals have but said in all honesty we do not want to see the farm bill be torn apart. He said if USDA feels it cannot withdraw its opposition to a market loan there are still numerous ways the USDA could change the loan without new legislation. Making the loan partially in certificates which would not have to be paid back would be one option he said. Reuter | SOYBEAN GROUP HEAD URGES USDA ACTION ON LOAN |
Nissan Motor Co Ltd <NSAN.T> is issuing a 35 billion yen eurobond due March 25 1992 paying 5-1/8 pct and priced at 103-3/8 Nikko Securities Co (Europe) Ltd said. The non-callable issue is available in denominations of one mln Yen and will be listed in Luxembourg. The payment date is March 25. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. Nikko said it was still completing the syndicate. REUTER | NISSAN MOTOR ISSUES 35 BILLION YEN EUROBOND |
Shr 78 cts vs 1.16 dlrs Net 6.7 mln vs 9.5 mln Revs 278 mln vs 290 mln Reuter | <WAJAX LTD> YEAR NET |
<Praxis Biologics Inc> said it filed a registration statement with the Securities and Exchange Commission for the initial public offering of 1.5 mln shares of common. It said the offering is being managed by Shearson Lehman Brothers Inc and Merrill Lynch Capital Markets. Praxis said it will use the proceeds to fund product research and development costs and initially will focus on vaccines for infants and young children. Reuter | PRAXIS FILES FOR INITIAL PUBLIC OFFERING |
Consolidated Store Corp said it purchased two mln square feet of warehouse space on 146 acres of land adjacent to its present Columbus distribution center of 430000 square feet on 121 acres. The company said the building and lands were acquired from White Consolidated Industries Inc an <Electrolux AB> subsidiary for 27 mln dlrs through a sale and leaseback. Reuter | CONSOLIDATED STORES <CNS> BUYS WAREHOUSE SPACE |
Shr 42 cts vs 19 cts Net 2903000 vs 1307000 Revs 13.1 mln vs 8937000 Avg shrs 6877360 vs 6874970 Nine mths Shr 98 cts vs 62 cts Net 6740000 vs 4085000 Revs 33.9 mln vs 27.8 mln Avg shrs 6875706 vs 6605879 Reuter | AMERICAN SOFTWARE INC <AMSWA> 3RD QTR JAN 31 NET |
Sterivet Laboratories Limited said the the National Research Council of Canada is contributing financing for the development a new drug to treat a disease of the feet in horses. It said the drug has produced promising results in limited clinical trials over the past 18 months in Ontario. Reuter | STERIVET <STVT> GETS SUPPORT FOR DRUG PROJECT |
The Italian treasury said it would offer 3500 billion lire of short-term treasury bills (BOTs) at rates slightly lower than the preceding offer in mid-February. It said it would offer 1500 billion lire of six-month paper priced at 95.35 pct for a net annualised compound yield of 9.30 pct. Net yield on the preceding issue was 9.46 pct. The treasury said it would also offer 2000 billion lire of 12-month bills at a base price of 91.15 pct for a net annual yield of 9.05 pct down from 9.22 pct in mid-February. The bills replace maturing paper worth 3196 billion lire and subscriptions to the offer close March 10. REUTER | ITALIAN TREASURY DETAILS NEW BILL OFFER |
U.S. Agriculture Secretary Richard Lyng does not intend to discuss a wheat export enhancement initiative to the Soviet Union at a cabinet-level Economic Policy Council meeting set for tomorrow an aide to Lyng said. He (Lyng) does not intend to bring it up the aide said adding that the subsidy offer remains dormant. Lyng plans to spend about five minutes reviewing the status of farm legislation on Capitol Hill before the Economic Policy Council which is responsible for guiding the administrations economic policy the aide said. The USDA secretary met this morning with members of the House Foreign Affairs Committee but the handful of lawmakers present did not ask whether the administration intended to offer Moscow a wheat export bonus the aide said. Reuter | NO SOVIET WHEAT BONUS TALK PLANNED FOR MEETING |
Export Import Bank president John Bohn said the agency was adopting a new policy of increased risk coverage and as part of it will adopt a system of risk-related fees. In an address before the Ex-Ims annual bankers conference Bohn outlined a series of measures designed to bridge the gap between reduced export lending by commercial banks and activities by U.S. trading partners. Bohn said the bank will be more selective in requiring soverign guarantees and will consider well-conceived projects even if they do not earn foreign exchange. He said the Exim will operate four broad programs after May 1. They are short-term insurance a direct loan program that will be available for both medium and long-term transactions a guarantee program and intermediary funding program. For medium-term guarantees Bohn said Exim will increase exporter coverage for commercial risks from the 85 pct currently to 98 pct. Reuter | EXIM BANK UNVEILS RISK RELATED FEES |
BankAmerica Corp said it agreed to sell <Bankhaus Centrale Credit AG> its German consumer banking subsidiary and German credit card operations to <Banco de Santander> of Spain. Terms were not disclosed. The deal is expected to close in the second quarter the bank holding company said. Bankhaus Centrale Credit with 31 branches had total assets of 927 mln marks at year-end 1986. The credit card operation services 115000 Visa card holders and 35000 merchants in Germany it said. Reached later a BankAmerica spokesman said the company would record a pretax gain of 45 mln dlrs from the transactions. The spokesman declined however to disclose the price paid for the operations by Banco de Santander or other terms of the deal. Reuter | BANKAMERICA <BAC> TO SELL GERMAN BANKING UNIT |
French official reserves 375.95 billion francs end Jan (421.00 billion end Dec) - official |
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Shr 30 cts vs 36 cts Net 1211000 vs 1428000 Revs 1536000 vs 1743000 Year Shr 1.36 dlrs vs 62 cts Net 5438000 vs 2498000 Revs 6567000 vs 2971000 NOTE: Company began operations after its July 29 1985 public offering therefore annual data are not directly comparable. Reuter | COPLEY PROPERTIES INC <COP> 4TH QTR NET |
NV Philips Gloeilampenfabrieken <PGLO.AS> said it had agreed with Matsushita Electric Industrial Co Ltd <MC.T> and Nippon Gakki Co Ltd <NGAK.T> of Japan to jointly produce the components of the newly developed laser audio-video player. Philips last month announced it and Sony Corp <SNE.T> had developed a world standard for the new combi-player. The player will be able to take the three sizes of new compact disk videos (CDV) which give near perfect sound and image production as well as the traditional audio laser discs. Yamaha will develop the laser technology Matsushita the video specifications and Philips will work on rendering the player compatible with existing European 50-hertz television standards Philips spokeswoman Marijke van Hooren said. Each company will assemble and market the product under its own label and it is hoped other hardware companies will join in the marketing of the new product she said. She said there were around 160 companies which hold licences for the manufacture of CD players. Reuter | PHILIPS TO JOINTLY PRODUCE NEW LASER VIDEO PLAYER |
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