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Shr 79 cts vs 72 cts Net 581915 vs 536040 Revs 13.9 mln vs 13.3 mln Year Shr 3.28 dlrs vs 3.21 dlrs Net 2413407 vs 2360048 Revs 54.9 mln vs 54.2 mln Reuter | UNITIL CORP <UTL> 4TH QTR NET |
Ryder System Inc said it has acquired Caledonian Airmotive Ltd from <British Caledonian Group PLC> for undisclosed terms. Caledonian Airmotive repairs and rebuilds aircraft engines. Reuter | RYDER <RDR> BUYS BRITISH CALEDONIAN UNIT |
WAL-MART STORES FEBRUARY SALES UP 44 PCT |
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May Department Stores Co said its sales for the four weeks ended February 28 rose 15 pct to 631.8 mln dlrs from 549.5 mln dlrs a year ago. On a comparable-store basis it was a 9.4 pct gain. Reuter | MAY <MA> FEBRUARY RETAIL SALES INCREASE |
KIDDER PEABODY ANALYST RAISES ESTIMATES, RECOMMENDATION ON PEPSICO |
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Wal-Mart Stores Inc said February sales were up 44 pct to 885 mln dlrs from 615 mln dlrs a year before with same-store sales up 14 pct. Reuter | WAL-MART STORES <WMT> FEBRUARY SALES UP 44 PCT |
Swedish tyres process equipment and components firm <Trelleborg AB> said it was taking a larger stake in mining and metals concern Boliden AB <BLDS.ST> than it had originally intended. Trelleborg had previously announced it was exercising an option to acquire up to 65 pct of Bolidens voting rights. In a statement the company said they had received offers of up to 68 pct of the rights and that they would accept all. Reuter | TRELLEBORG TAKE LARGER SLICE OF BOLIDEN |
Shares of Polaroid Corp rose following a reiterated recommendation by Merrill Lynch and Co that focused on strong earnings momentum for the company traders said. We have been recommending the stock since it was in the 50s but we reiterated today because of expectations of strong earnings momentum its benefits from the lower dollar and anticipation of nice gains in margins Merrill Lynch analyst Charles Ryan said. He said a negative opinion by another brokerage house hurt the stock Wednesday and it can be bought at a relatively bargain price today. Ryan said you always have to look at Polaroid at its weakness. Its a volatile stock that has to be caught on weakness. Polaroids stock which gained more than a point early this morning was trading at 76-1/8 up 5/8. It was down over three points Wednesday morning before closing down 7/8. Polaroid is working overtime on production of cameras and film so we expect first quarter earnings to be up about 40 pct Ryan said estimating earnings of 70 cts a share in the first quarter compared to 52 cts a share earned a year earlier. He expects the company to earn four dlrs a share in 1987 as compared to 3.34 dlrs a share last year. Reuter | POLAROID <PRD> UP ON REAFFIRMED OPINION |
Profit after net financial items 500 mln crowns vs 359 mln Sales 10.90 billion crowns vs 10.72 billion Proposed dividend 12.50 crowns vs 10.50 crowns REUTER | SWEDISH MATCH AB <SMBS.ST> 1986 YEAR |
French official reserves fell 45.06 billion francs to 375.95 billion at the end of January from 421.00 billion at the end of December the Finance Ministry said in a statement. It said the fall was largely due to sales of foreign currency that preceded the January 11 realignment of the European Monetary System (EMS). Foreign currency reserves fell by 8.91 billion francs during the month the ministry said. This reflected outflows of 10.26 billion francs through operations of the French exchange stabilisation fund counterbalanced by a gain of 1.35 billion francs resulting from the quarterly adjustment in the value of dollar deposits held with the European Monetary Cooperation Fund (FECOM). But most of the decline reflected a 33.90 billion franc deficit that France built up during the month with FECOM as a result of using very short-term financing instruments. The Bank of France in conjunction with the Bundesbank and other central banks intervened heavily in foreign exchange markets between late December and the January 11 EMS accord in an attempt to hold down the mark which was attracting a flight of funds from the dollar and simultaneously shore up the franc. On January 11 the mark was revalued by three pct against the French franc relieving pressure on the French currency. The fall in foreign exchange reserves took these reserves to 98.83 billion francs at the end of January from 107.74 billion at end December. Gold reserves were unchanged at 218.45 billion francs. Reserves of European Currency Units fell to 73.25 billion francs from 75.27 billion at end December. Claims on the International Monetary Fund fell 219 mln francs to 19.31 billion francs. REUTER | FRENCH OFFICIAL RESERVES FALL SHARPLY IN JANUARY |
Mars Stores Inc said sales for the four weeks ended February 28 were off 1.6 pct to 6307096 dlrs from 6411103 dlrs a year earlier. The company said sales were hurt this year by store closings caused by snowstorms. Reuter | MARS STORES <MXXX> FEBRUARY SALES OFF 1.6 PCT |
Oper shr 22 cts vs 20 cts Oper net 1153000 vs 1068000 Revs 15.7 mln vs 15.8 mln Six mths Oper shr 38 cts vs 38 cts Oper net 2039000 vs 2051000 Revs 31.4 mln vs 31.6 mln NOTE: exlcudes 145000 discontinued operations for 1986 oper net for six mths for sale of electronics division. Oper shr for qtr and six mths 1986 adjusted for stock split and dividend distribution in November. Reuter | SL INDUSTRIES INC <SL> 2ND QTR JAN 31 NET |
DAYTON HUDSON CORP FEBRUARY SALES RISE 10.8 PCT ON COMPARABLE STORE BASIS |
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General Refractories Co said it agreed to sell its European refractories and building products operations for about 62 mln dlrs to an Austrian investor group. The European operations had sales of 186 mln dlrs in 1985 the last year for which results have been released the company said. The sale to a group headed by Girozentrale Bank of Austria is subject to shareholder approval by April 24 1987 it said. Its board has approved the deal it said. General Refractories mineral operations are not affected. Reuter | GENERAL REFRACTORIES <GRX> TO SELL OPERATIONS |
Brazil has no set target for its coffee exports following this weeks breakdown of International Coffee Organization talks on export quotas President of the Brazilian Coffee Institute IBC Jorio Dauster said. He told a press conference Brazil now had to reconsider its export plans and that the 15.5 mln bag export figure which it had proposed for itself earlier should no longer be taken as the countrys export target to ICO-member countries. The 15.5 mln bag offer had been made on the assumption an agreement would bring stability to world markets he added. It had been a gesture to ease negotiations but the lack of an agreement leaves it no longer valid and exports could be above or below 15.5 mln bags he said. Dauster said he would talk to producers exporters and market analysts before taking any decision on export policy but any future policy would be flexible and adjusted to market conditions. We will not take any short-term decisions which might cause markets to panic Dauster added. He said it would be a policy which shows Brazil has coffee to sell and that it could do so without an ICO agreement. Brazil has coffee (to sell) and wants to show that it does not need an ICO agreement as a crutch Dauster said. Commenting on the breakdown of the talks Dauster said consumer proposals would have implied a reduction of one to two mln bags in Brazils export quotas. It was a proposal which would lead to a substantial loss for Brazil and which would be difficult for the country to recover he said. The consumer proposal to base quotas on a six-year moving average of exportable production surpluses would lead to overproduction as countries boosted output to win higher quotas he said. Dauster rejected reports which said Brazils inflexibility had been the cause for the breakdown of talks noting that its stance had the backing of 85 pct of producing countries. Close links would continue with these producers particularly Colombia Mexico and Francophone African countries but Dauster said no joint marketing action was envisaged at present. He also said Brazil currently had no plans to return to a system of roaster buying contracts although no hypothesis has been abandoned. Dauster said he had not yet decided when registrations for May shipment coffee will be opened. He declined comment on whether the IBC will adopt a policy of opening registrations for up to six months in advance as some exporters had suggested. He noted export registrations for the first four months of the year totalled around 5.5 mln bags more than half the 9.9 mln exported in 1986 when drought reduced the crop to between 11.2 mln and 12 mln bags. He said that although he had heard forecasts of 30 mln bags for the coming crop the IBC would not make any estimate until late April. Reuter | BRAZIL HAS NO SET COFFEE EXPORT TARGETS - IBC |
Kidder Peabody and Co analyst Roy Burry issued a strong buy recommendation on Pepsico Inc citing an improved profit outlook for both domestic soft drinks and Frito-Lay snack foods. Pepsico climbed 7/8 to 34-3/4 on 615000 shares by midmorning. Burry forecast earnings of 2.00 dlrs per share in 1987 and 2.30 dlrs in 1988. In 1986 the company earned 1.75 dlrs per share. Burry previously had a sell recommendation on Pepsico. Were looking at 10 to 15 pct earnings growth for Frito-lay in 1987 a trend that should continue through the decade. Reuter | PEPSICO <PEP> UPGRADED BY KIDDER PEABODY |
Britain appeared set for a new cash row with its European Community partners as evidence emerged that it could be much worse off as a result of new proposals to radically alter the way the EC is financed. Analysis by officials and diplomats of proposals released yesterday by the ECs executive Commission showed their full impact were they in force this year would have left Britain worse off by 545 mln European Currency Units. The proposals have to be agreed unanimously by member government after a debate expected to open next month. The Commission said they were necessary to prevent the EC from sliding once again into bankruptcy and has described the current financing system as unfair and unacceptable. British dissatisfaction with the cost of EC membership has long been a source of friction and diplomats said the proposals could well reopen the wound. This was despite a proposed correction of Britains budget contribution to reflect its inability to take full advantage of the ECs farm subsidies system because of the relatively small size of its agricultural sector. Diplomats said although other nations such as Italy Belgium and the Netherlands were certain to oppose elements in the system which could also substantially increase their own EC payments the main opposition was expected from Britain. Prime Minister Margaret Thatcher has made clear in recent statements that she is not prepared to abandon the present system under which Britain is refunded two-thirds of its net payments to the EC unless a fairer system is devised. The diplomats said Thatcher was unlikely to consider the proposed system as fair. The Commissions proposals would base a states contribution on its gross national product which the commission says is a fairer measurement reflecting relative wealth. The main element of the previous system was a share of value added tax collected in member states. The mechanism to compensate Britain for its inability to take up a higher proportion of EC farm expenditure will have to be paid for by the other 11 states. The Commission has also proposed to end repayments to all states of a service charge paid to them for collecting customs duties on behalf of the EC. REUTER | BRITAIN SEEMS SET FOR NEW CASH ROW WITH EC |
Securities and Exchange Commission chairman John Shad said progress was being made in stopping insider trading but the chairman of a House subcommittee with jurisdiction over securities laws said he was concerned about conditions on Wall Street. Greed has created a feeding frenzy on Wall Street and in the process laws are broken and multi-billion dlr corporations have become easy prey Rep. Edward Markey D-Mass the chairman of the Telecommunications and Finance said at the start of a hearing on SEC activities. Congress is understandably nervous. We perceive the current scandals as a warning of even worse things to come Markey said. The frenzy and disruption created by merger mania is particularly distressing. Shad said the recent cases involving Ivan Boesky Dennis Levine and others was a warning that those who engage in insider trading were taking a heavy risk of imprisonment high fines and disbarment from the securities industry. Insider trading has not been eradicated but it has been inhibited and multimillions of dollars of profits that Boesky and others have been siphoning off the markets are now flowing through to legitimate investors and traders Shad said in his statement. Shad said insider trading cases involved only 10 pct or less of SEC enforcement actions in recent years but they have increased significantly to 125 cases brought during the past five years compared to 77 cases in the preceeding 47 years. Markey said he did not favor banning takeovers but thought the tender offer process needed reform including earlier disclosure of takeover attempts. N.J. Rep. Mathew Rinaldo the senior subcommittee Republican said he was introducing legislation to create a five member commission to study the securities industry for a year and report its findings and recommendations to Congress. Commission members would be appointed by the SEC. Its primary mission would be to analyze the extent of illegal trading on insider trading and to assess the adequacy of existing surveillance systems and government oversight operations. The commission would advise Congress as to what additional resources or civil or criminal remedies are needed to combat fraud and improve compliance with federal laws Rinaldo said. Reuter | SHAD SEES PROGRESS ON INSIDER TRADING |
The World Bank is issuing a multicurrency financing package totalling 232 mln U.S. Dlrs coordinator DG Bank Deutsche Genossenschaftsbank said. The package includes a 250 mln mark five year straight eurobond with a 5-3/8 pct coupon priced at par led by DG. The bond which is a private placement matures on March 17 1992. It will be listed in Frankfurt beginning in May with no precise date yet specified. Denominations are 5000 and 50000 marks. Details of fees were not immediately available. The package also includes a five year 100 mln guilder eurobond with a 5-3/4 pct coupon priced at par. The Dutch guilder issue will be led by Rabobank Nederland. The third bond in the package is a seven year five billion yen bond with a 4.95 pct coupon priced at par led by The Norinchukin Bank. The package also includes a 25 mln Swiss franc 10-year credit agreement with interest at 4-7/8 pct underwritten by Swiss Volksbank DG said. REUTER | WORLD BANK ISSUES 232 MLN U.S. DLR FINANCE PACKAGE |
Moseley Holdings Corp <MOSE> said an offering of 1700000 common shares of NEECO Inc is under way at 18.25 dlrs each. The company is selling 1200000 of the shares and shareholders the rest. The shareholders have granted underwriters an overallotment option to buy up to 255000 more shares. Reuter | NEECO <NEEC> SHARE OFFERING UNDER WAY |
OPEC output in February was well below the 15.8 mln bpd ceiling it set in December and all countries are strictly adhering to their quotas the OPEC news agency Opecna quoted an OPEC secretariat official as saying. The official was quoted as saying that lower output was the result of member countries firm determination to defend the organisations official price of 18 dlrs per barrel and to refrain from selling any quantity below that price. The unnamed official was further quoted as saying that no OPEC meeting was foreseen before the next biannual OPEC session planned to start on June 25. The official gave no figure for February output. The statement said only that the reduction in total supplies namely actual exports of crude oil and products plus local deliveries in member countries is even more pronounced as those supplies fell very noticeably during that month. No matter what the pressure on member countries by lifters to align the official selling price to the ongoing market price member countries are without exception strictly adhering to the official selling price in spite of the financial hardship this may entail the statement said. The very recent improvement in the price structure is an indicator of such determination by the organization to stick to the official selling price the statement said. Free spot market prices rose from around 14.50 dlrs a barrel in early December last year to near OPECs official levels towards the end of the year after the OPEC pact. There has been oil industry speculation that OPEC might have to hold an extraordinrary meeting prior to its scheduled June session to discuss reports of overproduction by some states and strains on the differential matrix which prices each OPEC crude according to its quality and distance from main markets. The official said in the statement that no such emergency session was scheduled because of member countries firm determination to defend the price (system) agreed in December. Opecs differential committee was to have met in Vienna starting April 2 but this session has been postponed with no new date set according to an official of the United Arab Emirates which chairs the seven-state body. Other members are Algeria Kuwait Saudi Arabia Libya Nigeria and Qatar. REUTER | OPEC SAYS FEBRUARY OUTPUT UNDER CEILING |
CANADIAN IMPERIAL BANK OF COMMERCE 1ST QTR SHARE BASIC 61 CTS VS 64 CTS |
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SEARS ROEBUCK AND CO FEBRUARY SALES UP 4.9 PCT |
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HECK'S INC FILES FOR CHAPTER 11 BRANKRUPTCY |
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WHITE HOUSE SAYS IT OPPOSED TO TAX INCREASE AS UNNECESSARY |
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Perkin-Elmer Corp said it acquired <Atomika Technische Physik> based in Munich West Germany a high technology concern specializing in surface science instruments. Terms of the acquisition were not disclosed. It said Atomika will became a part of its Physical Electronics Division based in Eden Prairie Minn. The division is part of its Materials Surface Technology Group. Reuter | PERKIN-ELMER <PKN> ACQUIRES HIGH TECH FIRM |
Hecks Inc said it has filed for protection from creditors under Chapter 11 of the federal bankruptcy act. The company said its wholly owned wholesale subsidiaries its Maloneys subsidiary and its discount drug store operation are not included in the filing. Hecks said it made the filing because its bank lending group failed to renew on acceptable terms a credit agreement that expired February 28. It said the 12 banks provided about 50 mln dlrs in credit lines to Hecks representing all its short-term borrowings. Hecks said some of the banks have demanded repayment. The company said another reason for the filing was a developing shortage in merchandise as suppliers reacted to the breakdown in bank support. Hecks said two representatives of the bank group Charles B. Gates Jr. and Walter B. Dial Jr. have left its board. Hecks said it is exploring with its investment banker the possibility of selling all or parts of the company. It said the filing will allow it to work out arrangements with suppliers for the delivery of merchandise while permitting it to continue its previously-announced programs of cost-cutting and the paring of operations. Reuter | HECK'S <HEX> FILES FOR CHAPTER 11 BANKRUPTCY |
The U.S. Department of Transportation said it gave final approval to USAir Groups proposed 400 mln dlr acquisition of Pacific Southwest Airlines. The department said the acquisition is not likely to substantially lessen competition and would not harm the public interest. The department had given its tentative approval of the acquisition in January. The department said it decided to make final its tentative decision after reviewing the public response to it. The agency said it rejected an assertion by Air North America which currently is not operating but plans to start service to some of the cities served by USAIR and PSA that the acquisition would lessen chances of new entry into those markets by other carriers. The agency said Air North America provided no support for its claim that the transaction would give the two carriers monopoly power in some markets. The transportation agency said Air North America also failed to show that there are barriers that would prevent new entrants into those markets or prevent other carriers from increasing their service. The agency noted in its final order that PSA operates exclusively in the West and Mexico while USAir serves the West for the most part with some long-haul flights from the East and Midwest. The two carriers serve five point in common; Los Angeles San Diego San Francico Phoenix and Tucsonm the agency said. The transportation department also rejected a request by the Teamsters Union which represents some PSA workers to require protections for PSA workers. The agency noted that USAir has promised to give protective benefits to PSA workers and that unions representing PSA workers have collective bargaining agreements that provide such protections. Reuter | U.S. OKAYS USAIR <U> PACIFIC SOUTHWEST PURCHASE |
Bolt Beranek and Newman Inc said its subsidiary BBN Advanced Computers Inc sold approximately 700000 dlrs worth of its Butterfly parallel processors to Indiana University MITRE Corp FMC Corp and the Naval Research Laboratory. Among the uses for the system are graphics development of genetic algorithms for solving complex combinational problems and artificial intelligence applications the company said. Reuter | BOLT BERANEK AND NEWMAN <BBN> UNIT SELLS SYSTEM |
MCI Communications Corp President Bert Roberts said he expects MCIs financial performance to improve in the current quarter compared to the previous quarter. He said American Telephone and Telegraph Co long-distance rate cuts had cut into MCIs fourth quarter performance but added: Theres going to be a continuing impact (on profits) but we expect this quarter to be better than the fourth quarter. The current quarter ends March 31. For the fourth quarter MCI reported a 448 mln dlr loss due mainly to write-offs and staff reductions. Roberts said the ATT long-distance rate reductions which had been ordered by the Federal Communications Commission have had A significantly negative impact on our profits. As reported earlier today MCI said it plans to ask the FCC to immediately deregulate ATT apparently in hopes that an unregulated ATT would pocket a greater proportion of its revenues rather than cut rates further. Reuter | MCI <MCIC> PRESIDENT SEES PROFIT IMPROVEMENT |
P.A.M. Transportation Services Inc said president and board member Robert Weaver resigned to pursue other interests. The company said its board elected chairman Paul Maestri to the additional post of president. Reuter | P.A.M. TRANSPORTATION <PTSI> PRESIDENT RESIGNS |
Personal taxation has emerged as the major economic issue in Finnish general elections later this month and Conservative gains could mark a shift towards indirect taxation and accelerate moves towards more market-oriented banking practices economists say. Opinion polls indicate the Conservative Party Finlands second largest may gain enough clout after the elections to join a coalition government which is still likely to be dominated by the Social Democrats of Prime Minister Kalevi Sorsa. But the economists point out that Conservative economic policies differ only slightly from the governments and that trade with the Soviet Union will not be affected. Helsinki bankers said a new government including the Conservatives for the first time in 20 years could bring about a shift from direct to indirect taxation. The present coalition of Social democrats and Centrists has embarked on a tax reform programme to cut marginal taxation which is up to 75 pct in the highest income scales. The opposition has also called for reforms but they differ over how to regain lost state revenues. One Conservative favoured possibility is abolishing tax exemption on interest from bank deposits and government bonds. Hannu Halttunen of Helsinki bank Kansallis-Osake-Pankki (KOP) told Reuters We want to be more free in setting interest rates and in creating different deposits to suit the individual investors. If tax on interest is introduced then we prefer a system with taxation of real interest gains. Under present laws bank customers are exempted from tax on interest when banks jointly set interest rates. Bankers said this had encouraged cartel-style banking and was hindering tougher inter-bank competition. A London-based Nordic banking expert said liberalisation was too strong a word to use in a Finnish context but a Conservative presence could dislodge traditional practices. It would probably result in new practices that have been seen elsewhere for a few years growing rather more quickly in Finland he said in a reference to money market instruments. All parties especially the Conservatives have been careful to avoid making Finnish-Soviet trade an election issue. Moscow is Finlands largest trading partner. Until a few years ago the Conservative Party was seen as anti-communist but has now moderated its stance political analysts say. Trade between Helsinki and Moscow is based on a barter system and is balanced under long-term accords. In January the two countries signed a 1987 agreement worth 30 billion markka but trade in the past two years has been declining due to the fall in the price of crude oil which accounts for 80 pct of Finnish imports from the Soviet Union. The bankers said taxation had become the major economic theme of the campaign because there were few other issues. Inflation was 3.4 pct in 1986 compared with 5.9 pct in 1985 and unemployment has increased slightly from 6.1 pct of the workforce in 1985 to last years levels of 6.7 pct. The Social democrats in 1986 doubled the countrys foreign trade surplus compared with 1985 from 2.50 billion markka to 5.04 billion markka. Opinion polls say Sorsas Social Democrats will remain the largest party in the 200-seat Parliament with some 26 pct of the vote. They currently hold 57 seats. The Centre Party the other major coalition partner is also expected to hold on to its 37 seats. But increased Conservative support and a decline for the Communists could make force Sorsa to allow the Conservatives into government. They currently hold 44 seats. REUTER | FINNISH TAXATION MAJOR ISSUE IN ELECTION CAMPAIGN |
Net 5521000 vs NA Revs 358.1 mln vs 359.0 mln Year Net 55.3 mln vs NA Revs 1.43 billion vs 1.34 billion NOTE: Current year includes earnings of 49.6 mln dlrs for the four months ended April 30 1986. Year-ago earnings not comparable because of acquisition by Aancor Holdings Inc on April 29 1986. Reuter | NATIONAL GYPSUM CO 4TH QTR NET |
Salomon Incs TMC Mortgage Securities I Plc unit is issuing 200 mln stg floating rate mortgage-backed notes priced at par said Salomon Brothers International as co-lead manager. S.G. Warburg Securities is the other co-lead manager. The securities are priced at 25 basis points over the three month London Interbank Offered Rate (Libor) payable quarterly. They are payable March 31. Salomon said it expects the securities to receive a AA rating from Standard and Poors Corp. The mortgages in the pool are endowment-linked residential mortgage loans and the entire pool is insured by Sun Alliance and London Insurance Plc. The notes will be listed on the London Stock Exchange. Combined management and underwriting fees are 50 basis points. REUTER | SALOMON SELLS 200 MLN STG MORTGAGES-BACKED NOTES |
Sears Roebuck and Co said revenues of its Merchandise Group in February rose 4.9 pct to 1.85 billion dlrs from 1.76 billion dlrs a year ago. It said domestic sales were led by better than average increases in apparel home fashions and hardware. Reuter | SEARS <S> FEBRUARY SALES UP 4.9 PCT |
ZAYRE CORP 4TH QTR SHR 73 CTS VS 60 CTS |
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Results for year 1986 - Group pre-tax profit 385 mln crowns vs 380 mln Net turnover 14.17 billion crowns vs 16.69 billion Dividend eight pct vs nil Group profit after tax 16 mln crowns vs 244 mln Reuter | <DET OESTASIATISKE KOMPAGNI A/S> (EAST ASIATIC CO) |
Tokheim Corp said its Advanced Products and Electronics Division reached a four-year manufacturing and marketing agreement with TechVend a New Jersey-based company which has developed a credit card activated video cassette rental machine. It said the agreement could contribute significantly to the growth of Tokheim It said deliveries of the devices are expected to begin in the fall. Reuter | TOKHEIM <TOK> UNIT IN MARKETING AGREEMENT |
<General Videotex Corp> said it added Investment Technologies Cos VESTOR on-line stock market analysis database to its DELPHI network service. It said the VESTOR service will be available on Delphi within 30 days. Reuter | GENERAL VIDEOTEX ADDS INVESTMENT <IVES> SERVICE |
The White House said a tax increase is not needed to reduce the federal budget deficit. We think thats certainly unnecessary. We are opposed to tax increases spokesman Marlin Fitzwater said. House Speaker Jim Wright told Budget Committee Democrats Wednesday he would fight for a tax increase this year to reduce the deficit. Fitzwater said the administration believed its budget would show the way to get the deficit down without a tax rise and thats our course. Reuter | WHITE HOUSE SAYS TAX INCREASE NOT NEEDED |
ZAYRE CORP FEBRUARY SALES UP 25.7 PCT |
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Best Products Inc said sales for the four weeks ended February 28 were off 12.7 pct to 111.3 mln dlrs from 127.6 mln dlrs a year before excluding sales from catalog stores and Ashbys Ltd outlets that were closed or sold last year. The company said in an effort to improve gross margins it significantly cut promotional activity in February from a year earlier. In addition it said it distributed its spring catalog nationwide in February last year and will distribute it in March this year. Reuter | BEST PRODUCTS <BES> FEBRUARY SALES OFF 12.7 PCT |
Pirelli UK International Finance BV is issuing a 50 mln stg eurobond due April 9 1992 paying 10 pct and priced at 101-1/2 pct lead manager Barclays De Zoete Wedd Ltd. The non callable issue is available in denominations of 10000 and 1000 stg and will be listed in Luxembourg. The payment date April 9 1987. The selling concession is 1-1/4 pct while management pays 1/4 pct and underwriting 3/8 pct. REUTER | PIRELLI UK INT FINANCE ISSUES 50 MLN STG EUROBOND |
Dayton Hudson Corp said sales for the four weeks ended February 28 increased 10.8 pct on a comparable-store basis to 601.8 mln dlrs from 503.8 mln dlrs a year ago. It called the pace of Februarys sales encouraging with strength evident in all companies. Reuter | DAYTON HUDSON <DH> FEBRUARY SALES RISE |
U.S. HOUSE SPEAKER WRIGHT SAYS TAX RISE NEEDED TO CUT BUDGET DEFICIT IN 1988 |
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TEXAS AIR CORP'S CONTINENTAL AIRLINES FEBRUARY LOAD FACTOR FALLS |
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<Besicorp Group Inc> said it reached an agreement with <LCP Chemicals and Plastics Inc> to develop an 80 megawatt cogeneration station at LCPs facility in Syracuse N.Y. in a project estimated to require about 50 mln dlrs in financing. Under the agreement it said a standard power sale agreement is expected to be entered into with Niagara Mohawk Power Corp <NMK> for the sale of electrical power output. Besicrop said it is developing the project with <Kamine Engineering and Mechanical Contracting <Inc> and both companies will retain long-term interests in the project. Reuter | BESICORP, LCP CHEMICALS IN COGENERATION PACT |
Shr 55 cts vs 24 cts Net 1.9 mln vs 800000 Revs 17.6 mln vs 12.8 mln Reuter | <SIGNTECH INC> NINE MTHS JAN 31 NET |
Period ended January 31 Shr 61 cts vs 64 cts Shr diluted 60 cts vs 60 cts Net 96.5 mln vs 87.0 mln Loans 44.87 billion vs 48.07 billion Deposits 69.86 billion vs 68.45 billion Assets 83.92 billion vs 78.93 billion Note: shr after preferred dividends Reuter | <CANADIAN IMPERIAL BANK OF COMMERCE> 1ST QTR |
Satellite Auction Network Inc <SATL> said its wholly owned unit Premier Auction Services has booked over nine mln dlrs in direct auction equipment for March and April 1987 versus between six and seven mln dlrs in the same period in 1986. In addition Satellite Auction said it expects the units auction operations to generate over 50 mln in sales in 1987 matching the units sales when it was under the aegis of ITT Auction Services Corp a unit of ITT Corp <ITT>. Satellite Auction assumed the operations contract and personnel of the unit from ITT in February. Reuter | SATELLITE AUCTION UNIT MARCH, APRIL BOOKINGS UP |
Triumph Capital Inc said it has signed a letter of intent to acquire First Securities Transfer Systems Inc of Pompano Beach Fla. for undisclosed terms. The company said it is also entering the commercial finance business through the formation of Triumph Financial corp. It said the new wholly-owned unit has extended a 350000 dlr secured line of credit to Micro Designs Inc. Reuter | <TRIUMPH CAPITAL INC> TO MAKE ACQUISITION |
Systems Strategies Inc a unit of AGS Computers Inc said International Business Machines Corp <IBM> has licensed five of its Systems Network Architecture and Binary Synchronous software packages. Systems said it modified the software to run on the IBM 4361 under the IX/370 operating system. Reuter | AGS COMPUTER <AGS> UNIT GETS IBM LICENSE |
Qtly div 10 cts vs 10 cts prior Pay April Six Record March 16 Reuter | CONCHEMCO INC <CKC> SETS QUARTERLY |
Qtly div five cts vs five cts prior Pay April 17 Record March 16 Reuter | DST SYSTEMS INC <DSTS> REGULAR PAYOUT SET |
The Federal Reserve is not expected to intervene in the U.S. government securities market to add or drain reserves economists said. Most economists said they did not expect the Fed to add reserves with Federal funds trading below six pct. They said the funds rates softer tone may indicate that the need to add reserves in the current bank reserve maintenance period is smaller than previously estimated. Fed funds opened at 5-15/16 pct and remained at that level. Yesterday funds averaged 6.01 pct. Reuter | FED NOT EXPECTED TO TAKE MONEY MARKET ACTION |
House Speaker James Wright said President Reagan should realize that there will be no way to meet the deficit reduction targets in the 1988 budget without a tax increase. In my judgment there isnt any way to achieve the commanded reductions in the deficit without some additional revenue the Texas Democrat told reporters before the opening of the House session. Wright said the Democrats intended to make the additional tax burden fairer than was Reagans plan for 22 billion dlrs in additional revenues in the 1988 budget. Its not a question of whether new revenue is needed its a question of who has to pay Wright said. He has opposed deficit reduction proposals included in Reagans budget which would raise fees on medicare recipients tax black lung benefits and reduce tax breaks for home purchases. Wright has sought to delay the 1988 income tax rate cut but has said other options such as a tax on securities transfers were merely floated as possible deficit reduction alternatives. There has to be a recognition of reality he said. Reuter | WRIGHT SAYS TAX RISE NEEDED TO CUT U.S. DEFICIT |
BROWN GROUP INC 4TH QTR SHR 77 CTS VS 76 CTS |
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Pirelli UK International Finance BV is issuing a 50 mln stg eurobond due April 9 1992 paying 10 pct and priced at 101-1/2 pct lead manager Barclays De Zoete Wedd Ltd. The non callable issue is available in denominations of 10000 and 1000 stg and will be listed in Luxembourg. The payment date April 9 1987. The selling concession is 1-1/4 pct while management pays 1/4 pct and underwriting 3/8 pct. Reuter | PIRELLI UK INT FINANCE ISSUES 50 MLN STG EUROBOND |
Bell Petroleum Services Inc said Regal International Inc has doubled its offer for Bell stock to one Regal share for each Bell share from half a share previously. The company said it is seriously considering the new offer but has also received an expression of interest for a possible merger into a Fortune 500 company it did not identify that will be investigated at meetings to be held later this week. It said it will explore all possibilities before recommending a final course of action. Reuter | REGAL INTERNATIONAL <RGL> UPS BELL <BPSIQ> BID |
AZP Group Inc said its subsidiary Arizona Publc Service will redeem on June 1 1987 all of its outstanding shares of its 3.58 dlr cummulative preferred stock Series O 25 dlr par value. The redemption price will be 27.39 dlrs per share plus occurred dividends in accordiance with its terms of the orignal offering the company said. The company issued two mln shars of the stock in May 1982. Retiring the series at the first call date will save the compnay and its customers about three mln dlrs annually in financing costs said the company. Reuter | AZP GROUP <AZP> UNIT REDEEMS PREFERRED STOCK |
Duke Power Co is raising 100 mln dlrs through an offering of first and refunding mortgage bonds due 1997 yielding 7.663 pct said lead manager Morgan Stanley. Morgan led a syndicate that won the bonds at competitive bidding. It bid them at 98.403 and set a 7-1/2 pct coupon and reoffering price of 98.875 to yield 55 basis points more than comparable Treasury paper. Non-refundable for five years the issue is rated Aa-2 by Moodys and AA-minus by S and P. On June 12 1986 the utility sold 125 mln dlrs of same-rated nine-year securities priced to yield 8.54 pct or 58 basis points over Treasuries. Reuter | DUKE POWER <DUK> SELLS 10-YEAR MORTGAGE BONDS |
EQK Green Acres LP said cash flow for the first 126 days of its operation ended December 31 was 34.2 cts per unit three cts p*er unit over budget. Reuter | EQK GREEN ACRES LP <EGA> REPORTS CASH FLOW |
Qtly div 26-1/4 cts vs 25 cts prior Pay Aug 14 Record June 30 Reuter | EQK GREEN ACRES LP <EGA> RAISES QUARTERLY |
Enviropact Inc said it purchased two facilities in Miami and Tampa Fla. In Miami its said it bought a 1.9 acre lot with a 12500 square foot facility for 545000 dlrs. In Tampa it said it bought a 13000 square foot facility for 440000 dlrs. Reuter | ENVIROPACT <VIRO> ADDS TWO FACILITIES |
Ogden Corp said a unit won approval from the U.S. Environmental Protection Agency to test a bed combuster a device that burns some hazardous wastes under highly controlled conditions. The company said the approval will allow its Ogden Environmental Services unit to operate a pilot scale model of the device test the results and fine tune the instrument to burn a number of wastes. Testing begins at the end of March. The wastes include contaminated soils chlorinated solvents such as carbon tetrachloride non-chlorinated solvents like toluene and distillation residues it said. Reuter | OGDEN <OG> DEVICE APPROVED BY U.S. FOR TESTING |
MERCANTILE STORES CO INC 4TH QTR SHR 3.26 DLRS VS 3.17 DLRS |
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Shr loss one ct vs profit 15 cts Net loss 10863 vs profit 176344 Revs 672073 vs 766066 Year Shr loss seven cts vs loss one ct Net loss 77804 vs loss 16627 Revs 1717810 vs 1317402 Reuter | WINLAND ELECTRONICS INC 4TH QTR LOSS |
A study of salmonella poisoning has uncovered new evidence that the common practice of feeding antibiotics to cattle is helping to create deadly bacteria that can infect humans and resist medicines. Researchers at the federal Centers for Disease Control tracked the spread of an unusual strain of salmonella that is resistant to the drug chloramphenicol and were able to link the resulting food poisoning to farms that used the drug to promote the growth of cattle. Cattlemen often give their animals a constant supply of antibiotics in feed to help them grow faster. But critics have been warning for years that the constant exposure to the drugs is helping bacteria learn to resist the drugs. Industry officials have disputed this saying the diseases that develop a resistance in cattle probably do not affect humans. But the new study reported in Thursdays New England Journal of Medicine shows the diseases can spread to humans. The research team led by Dr. John Spika said the number of people who have developed the chloramphenicol-resistant infection in Los Angeles County alone jumped from 69 in 1984 to 298 the following year. Two of those victims died and half the victims in their study of 45 patients had to be hospitalized for their illness. They also discovered that cooking the meat didnt always prevent the disease. Only 15 pct of the victims reported eating raw infected hamburger. Thus the researchers concluded the majority of cases appear to have been caused by eating hamburger that was at least partially cooked. The researchers said the results show that food animals are a major source of antimicrobial-resistant salmonella infections in humans and that these infections are associated with (antibiotic) use on farms. Reuter | ANTIBIOTICS IN FEED AID DEADLY BACTERIA: STUDY |
EC REJECTS ALL FREE MARKET WHEAT EXPORT OFFERS AT WEEKLY TENDER - TRADERS |
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Great American First Savings Bank is issuing a 15 billion yen eurobond due April 2 1992 paying five pct and priced at 101-3/4 pct lead manager Nikko Securities Co (Europe) Ltd said. The issue is collateralised for 140 to 150 pct by U.S. Government and federal securities and cash to aim for a AAA listing a Nikko official said. The issue is available in denominations of 20 and five mln yen and will be listed in Luxembourg. The payment date is April 2 1987. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. REUTER | GREAT AMERICAN ISSUES 15 BILLION YEN EUROBOND |
EC AWARDS 123,000 TONNES BARLEY EXPORT LICENCES AT 138.75 ECUS PER TONNE - TRADERS |
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French cereal exports through the port of Rouen fell 6.4 pct to 725023 tonnes during the period February 1 to 25 from 774704 for the period February 1 to 26 last year trade sources said. Main destinations were Saudi Arabia with 158109 tonnes of barley the Soviet Union 147214 of wheat Italy 104704 of wheat Spain 91381 of wheat and maize China 52500 of wheat and Algeria 41000 of wheat. Between February 26 and today five ships have loaded 137000 tonnes of cereals the sources added. The 137000 tonnes comprised 59500 tonnes of wheat for China 53000 of wheat for the Soviet Union and 24500 of wheat for Algeria. By this Friday sources estimated a further 233600 tonnes of cereals will have been loaded comprising 47000 tonnes of barley 78600 of wheat and 25000 of rapeseed for the Soviet Union 30000 of wheat for Sri Lanka 28000 of wheat for China and 25000 of wheat for Poland. Reuter | FRENCH CEREAL EXPORTS THROUGH ROUEN FALL |
National Convenience Stores Inc said it expects to report a loss for the third quarter ending March 31 due to continued poor sales in Texas especially in Houston. In last years third quarter National Convenience earned 1788000 dlrs or eight cts per share including a gain of 2883000 dlrs from the sale of 186 stores to another operator. It said the results also included earnings from gasoline operations of 2500000 dlrs or 11 cts per share caused by unusually high gross margins on gasoline sales of 12.7 cts per gallon that were caused by rapidly falling oil prices. National Convenience said its third quarter is usually weak due to winter weather. Reuter | NATIONAL CONVENIENCE <NCS> TO HAVE 3RD QTR LOSS |
MARATHON RAISES CRUDE POSTED PRICES 50 CTS A BBL, EFFECTIVE TODAY, WTI AT 17 DLRS/BBL. |
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A presidential commission that has been studying oil imports including their effect on national security is to to make its report soon the White House said. Spokesman Marlin Fitzwater said the panel set up last October to examine U.S. oil import needs would make its report soon probably within the next few weeks. He said National Security Adviser Frank Carlucci will wait until that report is in and then see if there is any special action needed to be taken in the national security area to implement it. Reuter | REPORT DUE ON OIL IMPORTS AND NATIONAL SECURITY |
CHRYSLER SETS THREE-FOR-TWO STOCK SPLIT, RAISES DIVIDEND |
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Time Management Systems Software Inc said it will receive 2400000 dlrs from Management Technologies Inc <MTI> in exchange for an equity position. The company said the money will be used to service existing and pending contracts as well as the overall anticipated growth of the company. In a separate action Management Technologies will acquire options to purchase enough shares from the personal holdings of J.W. McKellip chairman of Time to become a controlling shareholder of Time. Reuter | TIME MANAGEMENT SYSTEMS <TMS> TO GET INFUSION |
U.S. COMMERCE DEPT'S ORTNER SAYS YEN IS 10 OR 15 PCT UNDERVALUED |
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Texas Air Corps <TEX> Continental Airlines said its February load factor fell to 60.3 pct from 62.3 pct in February 1986. Revenue passenger miles grew 95.8 pct in February to 2.75 billion from 1.40 billion and 69.7 pct year-to-date to 4.85 billion from 2.86 billion the company said. Available seat miles more than doubled in February to 4.55 billion from 2.25 billion and increased 73 pct in the two months to 8.17 billion from 4.72 billion. The load factor or percentage of seats filled fell to 59.4 pct from 60.6 pct in the two months. Reuter | CONTINENTAL AIR FEBRUARY LOAD FACTOR FALLS |
International Lease Finance Corp said it has agreed to lease a new Boeing Co <BA> 757-200 jet and two new McDonnell Douglas <MD> MD-83 jets. The company said the value of the combined transactions totals 71 mln dlrs. The Boing jet will be leased to Monarch Airlines Ltd in five-year 26-mln-dlr transaction and will be delivered in May 1987. The two McDonnell Douglas jets will be leased to British Island Airways PLC in an eight-year 45-mln-dlr transaction. They will be delivered in April 1988 the company said. Reuter | INTERNATIONAL LEASE FINANCE <ILFC> LEASES JETS |
U.S. COMMERCE DEPT'S ORTNER SAYS DOLLAR FAIRLY PRICED AGAINST EUROPEAN CURRENCIES |
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Shr 77 cts vs 76 cts Net 13843000 vs 14478000 Sales 374.6 mln vs 368.3 mln Avg shrs 18003000 vs 19025000 Year Shr 2.16 dlrs vs 2.65 dlrs Net 39503000 vs 51573000 Revs 1.41 billion vs 1.41 billion Avg shrs 18269000 vs 19497000 NOTE: 1986 period ended February One Company changed fiscal yearend to January 31 from October 31. 1986 results were restated to reflect the change. Reuter | BROWN GROUP INC <BG> 4TH QTR JAN 31 NET |
EC AWARDS EXPORT LICENCES FOR 25,000 TONNES MAIZE - PARIS TRADE. |
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Salomon Inc said it elected Gerald Rosenfeld exeuctive vice president and chief financial officer succeeding Ray Golden who left January 31 and has since joined <Trammell Crow Co>. Salomon also said Rosenfeld was named to the new position of chief financial officer of Salomon Brothers where he will oversee its financial division of 560 people. Rosenfeld joined Salomon in 1979 and has been a member of Salomon Brothers merger and acquisitions group. Last year he became head of Salomon Brothers Capital commitments committee a role he retains. Reuter | SALOMON <SB> NAMES ROSENFELD TO NEW POST |
Sapporo Breweries Ltd of Japan is issuing 100 mln Swiss francs of five year notes with a 4-5/8 pct coupon and 100-1/4 issue price lead manager Swiss Bank Corp said. The issue is guaranteed by Fuji Bank. Payment is due March 17. REUTER | SAPPORO BREWERIES ISSUES FIVE YEAR SFR NOTES |
Zambian copper production rose 3.2 pct to 113275 tonnes in fourth quarter 1986 from 109767 in the same 1985 period but sales fell 18.7 pct to 119967 tonnes from 147537 Zambia Consolidated Copper Mines ZCCM said. A spokesman for the government-controlled mining company said the countrys cobalt production fell 24 pct to 879 tonnes over the same period while cobalt sales rose 92 pct to 1734 tonnes. He did not give figures for the fourth quarter of 1985. Lead production fell 22.9 pct to 1670 tonnes from 2165 and zinc production dropped 14 pct to 4830 tonnes he added. ZCCM which monopolises copper mining in Zambia and accounts for about 90 pct of the countrys foreign exchange earnings made a net loss of 718 mln kwacha in 1986 compared with a net profit of 19 mln kwacha the previous year. The 1986 losses were after taking into account net interest payments of 426 mln kwacha an exchange loss of 412 mln kwacha and taxes of 235 mln kwacha. Reuter | ZAMBIAN LATE 1986 COPPER OUTPUT UP, SALES DOWN |
Strong winds and high seas today closed Alexandria Egypts biggest port and an oil pipeline terminal nearby officials said. Facilities of the Suez-Mediterranean Arab Petroleum Pipelines Company at Sidi Kreir 32 km southeast of Alexandria were closed this morning after one tanker loaded and sailed. Officials said that five other tankers were waiting outside the terminal for conditions to improve. Reuter | BAD WEATHER CLOSES ALEXANDRIA PORT, OIL TERMINAL |
Shr profit 20 cts vs loss two cts Net profit 2665000 vs loss 202000 Revs 12.1 mln vs 5993000 Year Shr profit 35 cts vs loss 11 cts Net profit 4653000 vs loss 1167000 Revs 35.1 mln vs 18.0 mln NOTE: Current qtr includes gain of 1.1 mln dlrs from tax benefit. Reuter | PEGASUS GOLD INC <PGULF> 4TH QTR NET |
Aceto Corp said its board authorized an extension of a stock buyback program for three years until May 1990. The 200000 share repurchase program initially authorized in May 1984 was due to expire May 1987. Since its inception the company said it has repurchased 35957 shares. Reuter | ACETO <ACET> EXTENDS STOCK REPURCHASE PROGRAM |
Commerce Dept. undersecretary of economic affairs Robert Ortner said that he believed the dollar at current levels was fairly priced against most European currencies. In a wide ranging address sponsored by the Export-Import Bank Ortner the banks senior economist also said he believed that the yen was undervalued and could go up by 10 or 15 pct. I do not regard the dollar as undervalued at this point against the yen he said. On the other hand Ortner said that he thought that the yen is still a little bit undervalued and could go up another 10 or 15 pct. In addition Ortner who said he was speaking personally said he thought that the dollar against most European currencies was fairly priced. Ortner said his analysis of the various exchange rate values was based on such economic particulars as wage rate differentiations. Ortner said there had been little impact on U.S. trade deficit by the decline of the dollar because at the time of the Plaza Accord the dollar was extremely overvalued and that the first 15 pct decline had little impact. He said there were indications now that the trade deficit was beginning to level off. Turning to Brazil and Mexico Ortner made it clear that it would be almost impossible for those countries to earn enough foreign exchange to pay the service on their debts. He said the best way to deal with this was to use the policies outlined in Treasury Secretary James Bakers debt initiative. Reuter | U.S. COMMERCE'S ORTNER SAYS YEN UNDERVALUED |
The European Communitys cereal management committee rejected all bids to export free market soft wheat at todays weekly tender traders said. The committee awarded 123000 tonnes of free market barley export licences at a maximum export refund of 138.75 Ecus per tonne. | EC REJECTS WHEAT EXPORT BIDS, GRANTS BARLEY |
Zayre Corp said sales for the four weeks ended February 28 were up 25.7 pct to 327.0 mln dlrs from 260.2 mln dlrs a year before. Reuter | ZAYRE <ZY> FEBRUARY SALES UP 25.7 PCT |
Corning Glass Works subsidiary Corning International Corp said it agreed to transfer 55 pct of its capital stock of an Argentine glass manufacturer to a European group. It said it will transfer the capital stock of Rigolleau S.A. to the group controlled by Camillo Gancia an Argentine industrialist. The company said the transaction would reduce Cornings ownership in Rigolleau to approximately 20 pct. The company said the change will not impact on its net income for th year. Reuter | CORNING GLASS WORKS <GLW> UNIT TRANSFERS STOCK |
Shr 73 cts vs 60 cts Net 43792000 vs 36480000 Rev 1.78 billion vs 1.34 billion Year Shr 1.49 dlrs vs 1.61 dlrs Net 88974000 vs 94647000 Rev 5.35 billion vs 4.04 billion NOTE: 4th qtr net includes pre-tax gain of 9.7 mln dlrs from sale of real estate and real estate development company. Fiscal 1986 net includes extraordinary charge of 3.5 mln dlrs or six cts a share. All per share data reflects a two-for-one stock split paid June 25 1986. Reuter | ZAYRE CORP <ZY> 4TH QTR JAN 31 NET |
The National Farmers Union NFU remains concerned about the future ownership of British Sugar despite last weeks decision by the government to block bids from Italys Gruppo Ferruzzi and Britains Tate & Lyle Plc. The unions sugar beet committee met yesterday to consider the implications of a government Monopolies and Merger Commission MMC report issued last week. We are still concerned about S and W Berisford being long-term owners of British Sugar a spokesman said. We do not view Berisford as providing the long-term stability we want. The Trade and Industry Secretary accepted a recommendation last week by the MMC that it block a bid by Tate and Lyle for S and W Berisford Plc and stop Gruppo Ferruzzi buying a majority of British Sugar owned by Berisford. Union officials believe a new bid for the monopoly beet processor is now likely. We are looking again at the undertakings that we have demanded of existing bidders and which we would seek of any future bidders the spokesman said. The NFU which represents Britains 11500 sugar beet growers is also taking legal advice on particular paragraphs in the MMC report which it says need further explanation. Reuter | FARMERS CONCERNED ABOUT BRITISH SUGAR OWNERSHIP |
Zayre Corp said it plans to open 25 additional Zayre Stores 35 new T.J. Maxx stores and 50 Hit or Miss Shops in 1987. In addition Zayre said it plans to add six new BJs Wholesale Clubs and eight new HomeClubs to its warehouse group. Earlier the company reported 1986 earnings ended January 31 of 89.0 mln dlrs or 1.49 dlrs per share versus 94.6 mln dlrs or 1.61 dlrs per share in fiscal 1985. It also reported fourth quarter net of 43.8 mln dlrs or 73 cts a share versus 36.5 mln dlrs or 60 cts a share in 1985s fourth quarter. Reuter | ZAYRE <ZY> PLANS MORE STORE OPENINGS IN 1987 |
Leaks of a major Dutch official economic forecast due to be published on Monday indicate reduced economic growth and a renewed rise in unemployment this year political and market sources say. Concern over an anticipated fall in Dutch competitiveness this year against a background of an average 2-1/2 pct wage increase zero inflation and a firm guilder has triggered some calls for a change in monetary policy to help boost growth. But whatever the governments response the central bank will stick to its policy of keeping the guilder firm they say. The official forecasting agency Centraal Planbureau (CPB) publishes its 1987 outlook at the start of a week which will also see a key parliamentary debate on government finances and the economy. Merchant bank Pierson Heldring en Pierson - in an estimate reflecting general sentiment - said last month that Dutch economic growth was now seen around one pct. Domestic consumer spending is not expected to offset the decline in export growth caused by slowing growth in West Germany the main Dutch trading partner and the lower dollar Pierson said in its February economic outlook. The latest growth forecasts are well below a 1.5 to two pct growth figure seen by the CPB early last month and forecasts of 2.5 pct economic growth in 1987 made last September. The fall in unemployment is bottoming out and the government has already admitted it will not meet its goal of reducing unemployment by an annual 50000 from 1986 to 1990. Some analysts and industry leaders have questioned central bank policy of pegging the guilder firmly to the mark and if necessary keeping interest rates up to support the guilder. Employers federation NCW chairman Fred Lempers criticised the guilders revaluation in line with the West German mark in last Januarys European Monetary System (EMS) realignment and expressed concern over its effect on competitiveness. But the employers federation VNO noted the Dutch economy had become more competitive since 1980 and the fall of the dollar was affecting this gain more than the EMS realignment. Some analysts also question the central banks decision not to copy the latest Bundesbank discount rate cut and instead lower money market rates and abolish a credit quota surcharge. Central bank president Wim Duisenberg has defended the move saying the bank had adjusted the rates with the most impact on the money market noting the (4.5 pct) discount rate is at the moment not the most important Dutch rate because it is already far below the market rates. Central bank officials say the heavy dependence on trade of the Dutch economy requires a stable exchange rate and interest rate policies serve that goal. Analysts noted a large capital outflow from the Netherlands recently as foreign investments in Dutch stock are being sold to take profits. Loosening the tie between the guilder and the mark would reduce international confidence in the guilder and make it more dificult to attract foreign capital they said noting Dutch interest rates rose sharply when the guilder was not revalued completely in line with the mark in a 1983 EMS realignment. Many Dutch banks have reacted favourably to the decision not to copy the last German discount rate cut but Pierson warned it could actually add to uncertainty over the guilder. Some analysts noted friction between the Finance Ministry and the central bank with Finance Minister Onno Ruding having said before the Bundesbank discount rate cut he favoured lower Dutch rates but that the Germans should move first. One analyst said Ruding wanted to bring interest rates down to reduce the government debt burden. A Finance Ministry spokesman said lower interest rates were needed but denied any suggestion of conflicting views between the ministry and the central bank. The cabinets policy is steady the guilder has to stay with the mark he said. REUTER | DUTCH GROWTH LIKELY TO SLOW, JOBLESS RISE IN 1987 |
Chrysler Corp said its board declared a three-for-two stock split in the form of a 50 pct stock dividend and raised the quarterly dividend by seven pct. The company said the dividend was raised to 37.5 cts a share from 35 cts on a pre-split basis equal to a 25 ct dividend on a post-split basis. Chrysler said the stock dividend is payable April 13 to holders of record March 23 while the cash dividend is payable April 15 to holders of record March 23. It said cash will be paid in lieu of fractional shares. With the split Chrysler said 13.2 mln shares remain to be purchased in its stock repurchase program that began in late 1984. That program now has a target of 56.3 mln shares with the latest stock split. Chrysler said in a statement the actions reflect not only our outstanding performance over the past few years but also our optimism about the companys future. reuter | CHRYSLER <C> SETS STOCK SPLIT, HIGHER DIVIDEND |
Shares in financial group Cie Financiere de Paribas <PARI.PA> privatised in January will begin trading on the Paris Bourse monthly settlement market on April 23 Frances Association of Stockbrokers said. The shares are currently traded on the immediate settlement market. Reuter | PARIBAS SHARES TO BE QUOTED ON MAIN PARIS MARKET |
Great American First Savings Bank is issuing a 15 billion yen eurobond due April 2 1992 paying five pct and priced at 101-3/4 pct lead manager Nikko Securities Co (Europe) Ltd said. The issue is collateralised for 140 to 150 pct by U.S. Government and federal securities and cash to aim for a AAA listing a Nikko official said. The issue is available in denominations of 20 and five mln yen and will be listed in Luxembourg. The payment date is April 2 1987. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. Reuter | GREAT AMERICAN ISSUES 15 BILLION YEN EUROBOND |
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