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Qtly div 18 cts vs 14 cts prior Pay March 31 Record March 25 Reuter | ESSELTE BUSINESS SYSTEMS INC <ESB> UPS PAYOUT |
Oper shr profit 32 cts vs loss 66 cts Oper net profit 2454000 vs loss 3558000 Sales 96.1 mln vs 91.4 mln Year Oper shr profit 72 cts vs loss 63 cts Oper net profit 6495000 vs loss 1833000 Sales 368.1 mln vs 322.1 mln NOTE: Earnings exclude losses from discontinued consolidated operations of 460000 dlrs or eight cts a share vs 5364000 dlrs or 86 cts a share in the quarter and 11334000 dlrs or 1.82 dlrs a share vs 11637000 dlrs or 1.88 dlrs a share for the year Earnings exclude a loss on the sale of discontinued consolidated operations of 200000 dlrs or three cts a share in the 1986 quarter and a loss of 4960000 dlrs or 80 cts a share vs a gain of 4404000 dlrs or 71 cts a share for the year NOTE: 1985 earnings exclude losses from discontinued unconsolidated operations of 5488000 dlrs or 89 cts a share in each period 1985 earnings exclude gain from termination of defined benefit pension plan of 490000 dlrs or eight cts a share in the quarter and 1438000 dlrs or 23 cts a share for the year Reuter | KATY INDUSTRIES INC <KT> 4TH QTR NET |
PMI Fund Inc said its board declared monthly dividends of six cts for April four cts for May five cts for June seven cts for July and six cts for August. The fund which customarily omits dividends in March and September last paid six cts in February. Dividends declared today are payable April Three May Six June Four July Three and August Six to holders of record March 23 April 17 May 15 June 12 and July 17. Reuter | <PMI FUND INC> SETS MONTHLY DIVIDENDS |
Jan 31 end Shr 51 cts vs 38 cts Net 3254000 vs 2423000 Sales 65.9 mln vs 51.1 mln Year Shr 1.18 dlrs vs 1.15 dlrs Net 7485000 vs 7285000 Sales 207.5 mln vs 164.1 mln Reuter | MERRY-GO-ROUND ENTERPRISES INC <MGRE> 4TH QTR |
TENERA LP said it will make an initial quarterly distribution of 17 cts per unit on April 15 to holders of record March 31. The partnership said the dividend is greater than it had expectd to pay and was warranted by fourth quarter results and anticipated results for this years first quarter. TENERA said it expects a comparable distribution for the second quarter. It said about 13 cts per share of the first quarter amount will be taxable income. Reuter | TENERA LP <TLPZV> SETS INITIAL QUARTERLY |
Banca Nazionale del Lavoro (London branch) is issuing a 120 mln dlr five-year straight bond with equity warrants lead manager Credit Suisse First Boston Ltd said. The issue which matures April 3 1992 has an indicated coupon of 5-1/2 to six pct and par pricing. Fees total 2-1/4 pct and listing will be in Luxembourg. Payment date is April 2. The bonds will be sold in denominations of 1000 dlrs with one warrant attached which will be exercisable between April 15 1987 and April 3 1992. Each warrant will entitle the holder to purchase 45 savings shares of EFI Banca at a premium of about 10 pct above the closing price on the Milan Stock Exchange on or before March 17. EFI is a medium-term credit institution about 36-1/2 pct owned by Banca Nazionale del Lavoro. REUTER | BANCA NAZIONALE DEL LAVORO LAUNCHES BOND/WARRANTS |
Hanson Industries the U.S. arm of Hanson Trust PLC <HAN> said it has proposed to sell in separate transactions Kaiser Cements Northwest Terminals and Montana City plant to Lone Star Industries Inc <LCE> and <Ash Grove Cement West Inc> respectively for a total of 50.2 mln dlrs. Hanson said the deals are subject to normal conditions of closing. Hanson Industries completed the purchase of Kaiser Cement on March 3 for about 250 mln dlrs. Hanson said Kaiser Cement is now an indirect wholly owned unit of Hanson Trust and forms part of its building products group. These sales are a continuation of an asset redeployment program at Kaiser Cement and will allow Kaiser to concentrate its efforts in the California marketplace where it is the largest cement producer and holds a premiere market position Hanson Industries chairman Gordon White said. Reuter | HANSON <HAN> UNIT TO SELL KAISER TERMINAL/PLANT |
The federal government said Calmos Systems Inc will be given 3075000 Canadian dlrs to join the European consortium Eureka in a research project involving integrated circuit boards. The Kanata Ontario based microchip manufacturer was the first company to qualify under Ottawas 20 mln dlr fund called the Technology Opportunitie in Europe Program. Other grants will be announced shortly the government said. In a statement Calmos said it and its European partner European Silicon Structures expects to use the research to improve the design of silicon chips. Reuter | CANADA SETS GRANT FOR EUREKA RESEARCH |
Ecuadors deputy energy minister Fernando Santos Alvite arrived here last night for talks on further Venezuelan assistance to his countrys oil industry following last weeks earthquake officials said. Ecuador was obliged to suspend crude oil exports for an expected five months as a result of damage to 25 miles of pipeline linking its jungle oil fields with the Pacific port of Balao. Oil normally accounts for 60 pct of its exports. Fellow OPEC member Venezuela has already agreed to lend Ecuador five mln barrels of crude to be repaid in kind after 180 days to help meet its domestic consumption needs. Reuter | ECUADOR OFFICIAL SEEKS OIL AID IN VENEZUELA |
U.S. 4TH QTR BALANCE OF PAYMENTS TRADE DEFICIT WAS RECORD 38.37 BILLION DLRS |
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NY TRADERS SAY E.C. SOLD 71,000 TONNES OF WHITE SUGAR AT TENDER. |
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The Bank of England said it provided the money market with unspecified late assistance of around 240 mln stg. This brings its total assistance on the day to 346 mln stg compared with a liquidity shortfall it estimated at a revised 250 mln stg. Overnight interbank sterling was being offered at eight pct shortly after the Banks announcement. REUTER | U.K. MONEY MARKET GIVEN LATE HELP OF 240 MLN STG |
Finlands mining and metals group Outokumpu Oy <OUTO.HE> which last week reported a 1986 loss of 83 mln markka after three successive years of profits said it restructured its key copper processing division in an attempt to rationalize production and improve profitability. Outokumpus Managing Director Pertti Voutilainen told a news conference the reorganization involved a split of the division into a new independent division with six profit centres. Outokumpu group had a 1986 loss before appropriations and taxes of 83 mln markka after a profit of 355 mln in 1985. It had profits in 1984 and 1983 but a loss 171.2 mln in 1982. Outokumpu acquired two Swedish copper manufacturers in January 1986 <Metallverken Ab> and <Wirsbo Bruks Ab> that were merged into its copper processing division. The division had a turnover of 3.2 billion markka last year 42 pct of Outokumpus group turnover of 7.58 billion. The new Outokumpu division called Copper Products Industry is to incorporate Outokumpus copper production plants including its two U.S. Subsidiaries <Nippert Co> and <Valleycast Inc> as well as Metallverken and part of Wirsbo. Outokumpu is planning to make Wirsbo an independent division in the Outokumpu group and transfer only Wirsbos copper tube production into one of the new divisions profit centres. A definite decision on Wirsbo will be taken later this year. The new division will have production plants in Finland Sweden Norway the Netherlands and the U.S. REUTER | OUTOKUMPU RESTRUCTURES COPPER DIVISION |
Chile will open talks next month with international lending agencies on the renegotiation of 150 mln dlrs of official debts due for repayment in 1987 and 1988 the influential Mercurio newspaper reported. The newspaper quoting official sources said the terms sought will be similar to those agreed with the countrys commercial banks last month. Chile reached agreement with bank creditors on the rescheduling of some 10.6 billion dlrs of debt maturing between 1988 and 1991 over 15-1/2 years with six years grace. Interest was set at one pct over Libor. REUTER | CHILE SET FOR RENEGOTIATION ON OFFICIAL DEBT |
The U.S. merchandise trade deficit on a balance of payments basis was a record 38.37 billion dlrs in the October to December fourth quarter the Commerce Department said. The record trade shortfall came after a revised 37.15 billion dlr third quarter deficit. The department previously reported the third quarter deficit was 37.67 billion dlrs. For the full year 1986 the merchandise trade deficit was a record 147.7 billion dlrs up from 124.4 billion dlrs in 1985 the department said. During the final quarter last year imports rose 2.78 billion dlrs or three pct to 95.7 billion dlrs while exports rose 1.56 billion dlrs or three pct to 57.33 billion dlrs. The trade report on a balance of payments basis excludes such factors as military sales and the costs of shipping and insurance. The Commerce Department said non-petroleum imports in the quarter were up 2.7 billion dlrs or three pct to 87.7 billion dlrs with the largest increases in consumer goods which rose 1.2 billion dlrs and in non-monetary gold and passenger cars from Canada up 900 mln dlrs each. Lumber imports from Canada fell 300 mln dlrs or 33 pct because of a 15 pct duty on imports from Canada the department said. Passenger car imports fell 600 mln dlrs because of an 18 pct decrease in the number of South Korean-made imported cars and a nine pct decrease from Japan. On the exports side agricultural exports rose 600 mln dlrs or nine pct to 7.1 billion dlrs primarily because of a 104 pct or 600 mln dlr increase in soybean exports. Soybean shipments to Western Europe rose sharply because supplies from Brazil a traditional major exporter were limited by drought. Commerce said the U.S. trade deficit with Latin America rose 900 mln dlrs to 2.6 billion dlrs with Japan increased 700 mln dlrs to 14.8 billion dlrs and with Western Europe rose 200 mln to 7.2 billion dlrs in the quarter. The deficit with newly industrialized Far East countries including Hong Kong South Korea Singapore and Taiwan fell 500 mln dlrs to eight billion dlrs and with Canada the deficit decreased 200 mln dlrs to 3.3 billion dlrs in the quarter. In the full year 1986 imports rose 30.6 billion dlrs or nine pct to 369.5 billion dlrs. Exports increased by only 7.3 billion dlrs or three pct to 221.8 billion dlrs. Commerce said petroleum imports during 1986 fell 16.6 billion dlrs or 33 pct to 33.9 billion dlrs because of lower prices. The average price per barrel decreased to 14.72 dlrs from 26.41 dlrs. Agricultural exports fell by 2.6 billion dlrs or nine pct to 26.9 billion during the year. The average price of rice fell 27 pct cotton was down 22 pct corn 18 pct wheat 16 pct and soybeans nine pct. The trade deficit with Japan for all of 1986 rose 11.1 billion dlrs to 54.6 billion dlrs and with Western Europe increased 7.2 billion dlrs to 28.6 billion dlrs. Reuter | U.S. TRADE DEFICIT 38.37 BILLION DLRS IN 4TH QTR |
UK INTERVENTION BD SAYS EC SETS WHITE SUGAR TENDER REBATE 43.248 ECUS. |
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Symbol Technologies Inc said it called 610000 outstanding five-year stock warrants issued in 1985 and 1986 to Reliance Insurance Co a subsidiary of Reliance Group Holdings <REL>. The company said cash proceeds from the warrants will be 6065000 dlrs. Symbol said it issued 550000 of the warrants to Reliance in 1985 exercisable at 9.50 dlrs per share and 60000 in mid-1986 at 14 dlrs per share. Reuter | SYMBOL TECHNOLOGIES INC <SMBL> CALLS WARRANTS |
American Communications and Television Inc said its common stock will continue to be included in the National Association of Securities Dealers NASDAQ system due to an exception from filing requirements which it failed to meet as of February 14. The company said it believes it can meet conditions imposed by the NASD for the exception but there can be no assurance that it will do so. Reuter | AMERICAN COMMUNICATIONS <ASTVE> GETS EXCEPTION |
Bayer USA Inc said sales of its affiliated operating cmpanies based in the U.S. increased in 1986 by 4.4 pct from the previous year. Combined sales were 4.2 billion dlrs up from 4.0 billion dlrs in 1985 the company said. However the company said net income was 106.9 mln dlrs three pct below 1985. Bayer said its operating companies include Mobay Corp Miles Laboratories Inc Agfa-Gevaert Inc Compugraphic Corp Haarmann and Reimer Corp Deerfield Urethane Inc and Helena Chemical Co. Bayer said Mobay its primary chemicals company reported net income of 83.4 mln dlrs up eight pct of 1985. It also said Miles its pharmaceutical and healthcare company recorded net income of 29 mln dlrs a 44 pct increase over 1985. Reuter | BAYER USA <BAYRY> AFFILIATES INCREASED SALES |
Deb Shops Inc said its board declared a 100 pct stock dividend and will increase the quarterly dividend to four cts from 3-1/4 cts after adjustment for the split. The company said the split is payable April 17 to holders of record March 25. The dividend increase will be effective with the April 30 payment it said. Reuter | DEB SHOPS INC <DEBS> SETS STOCK SPLIT |
CANADA LEADING INDICATOR UP 0.4 PCT IN DECEMBER, AFTER 0.4 PCT NOVEMBER GAIN - OFFICIAL |
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Continental Health Affiliates Inc said that it has acquired <Marketech Inc> an 80 pct partner in <Diatronics Nutrition Services>. Continental said Diantronics Nutrition Services is a joint venture with physicians providing patient-ready home infusion therapy products and services to outpatients of five northern New Jersery hospitals representing over 1900 inpatient beds. Continental said the terms of the deal were not disclosed. Reuter | CONTINENTAL HEALTH <CTHL> PURCHASES MARKETECH |
Visual Graphics Corp <VGCA> <VGCB> said its board declared a quarterly dividend of 7-1/2 cts per share on its class B common stock and 8-1/4 cts per share on class A common stock payable April Three to shareholders of record as of March 23. The company set up the two classes of common stock in February. Previously the company had paid a 7-1/2 cent per share quarterly dividend on one class of common stock. Reuter | VISUAL GRAPHICS SETS DIVIDENDS |
Shr 71 cts vs 57 cts Net 5457000 vs 4299000 Sales 62.9 mln vs 50.1 mln Year Shr 1.65 dlrs vs 1.37 dlrs Net 12.6 mln vs 10.4 mln Sales 181.4 mln vs 147.1 mln Reuter | DEB SHOPS INC <DEBS> 4TH QTR JAN 31 NET |
<Sigma Mines (Quebec) Ltd> 65 pct owned by Dome Mines Ltd <DM> said its Sigma Mine had proven and probable reserves at the end of 1986 of 4902940 tons with an average grade of 0.139 ounces of gold a ton. Sigma said the reserves are equivalent to 10 years future production at current milling rates. The reserves comprise 1640779 tons proven reserves grading an average of 0.163 ounces of gold a ton and 3262161 tons probable reserves grading an average of 0.127 ounces of gold a ton. Sigma said it changed its 1986 reserve reporting method following Dome Mines previously reported move to adopt general industry practice of reporting proven and probable ore reserves. Prior to 1986 Sigma conservatively reported only proven reserves that could be mined without future development costs. Proven reserves as of December 31 1985 were 978000 tons grading an average of 0.194 ounces of gold a ton equivalent to about two years future production. Reuter | SIGMA MINES DETAILS GOLD ORE RESERVES |
Shr profit nine cts vs loss two cts Net profit 1419000 vs loss 314000 Revs 8097000 vs 4794000 Avg shrs 15.8 mln vs 15.5 mln Year Shr profit 37 cts vs loss 10 cts Net profit 5695000 vs loss 1268000 Revs 40.9 mln vs 4794000 Avg shrs 15.6 mln vs 12.5 mln NOTE: Company began operations Nov 17 1985. Reuter | REGENCY CRUISES INC <SHIP> 4TH QTR NET |
Chile will open talks next month with international lending agencies on the renegotiation of 150 mln dlrs of official debts due for repayment in 1987 and 1988 the influential Mercurio newspaper reported. The newspaper quoting official sources said the terms sought will be similar to those agreed with the countrys commercial banks last month. Chile reached agreement with bank creditors on the rescheduling of some 10.6 billion dlrs of debt maturing between 1988 and 1991 over 15-1/2 years with six years grace. Interest was set at one pct over Libor. REUTER | CHILE SET FOR RENEGOTIATION ON OFFICIAL DEBT |
The Metropolis of Tokyo is offering in the Yankee bond market 100 mln dlrs of guaranteed bonds due 1997 yielding 7.57 pct said lead manager First Boston Corp. The bonds bear a 7-1/2 pct coupon and were priced at 99.515 to yield 35 basis points more than comparable Treasury securities. Non-callable for life the issue is rated a top-flight AAA by both Moodys and Standard and Poors. Goldman Sachs and Merrill Lynch co-managed the deal which was the metropoliss first foray into the Yankee bond market in 20 years underwriters said. Reuter | METROPOLIS OF TOKYO SELLS 10-YEAR BONDS |
Shr 64 cts vs 51 cts Net 4373000 vs 3346000 Sales 59.8 mln vs 45.5 mln Avg shrs 6808000 vs 6600000 Nine mths Shr 1.57 dlrs vs 1.18 dlrs Net 10.7 mln vs 7745000 Sales 167.0 mln vs 123.1 mln Reuter | SEAMAN FURNITURE CO INC <SEAM> 3RD QTR JAN 31 |
Danish-based insulin and enzymes producer Novo Industri A/S (NVO.CO) said pre-tax earnings fell almost 10 pct in 1986 though sales rose by two pct. The pre-tax figure fell to 788 mln crowns from 872 mln in 1985 on sales increased from 4.1 billion to 4.2 billion giving net earnings of 521 mln crowns against 604 mln in 1985. Earnings per 20-crown share went from 23.79 crowns to 20.45 crowns but the company proposed an unchanged 20 pct dividend. Foreign exchange fluctuations in 1986 were a very significant factor behind developments in the result before and after tax Novo said in a statement. Not only the U.S. Dollar but also other currencies essential to Novo fell in 1986 in relation to the Danish crown the statement added. In November 1986 Novo purchased 75 pct of shares in A/S Ferrosan which heads a group specialising in research and development of CNS (central nervous treatment) treatments and the sale of pharmaceuticals and vitamins in Scandinavia. The 357 mln crowns paid in goodwill had a very limited effect on the 1986 result the Novo statement said. Reuter | NOVO INDUSTRI EARNINGS FALL DESPITE INCREASED SALES |
Shr loss 30 cts vs loss 43 cts Net loss 891000 vs loss 969000 Revs 1930000 vs 1815000 Avg shrs 2.9 mln vs 2.2 mln Nine Mths Shr loss one dlr vs loss 1.36 dlrs Net loss 2622000 vs loss 3037000 Revs 4638000 vs 4105000 Avg shrs 2.6 mln vs 2.2 mln Reuter | SCS/COMPUTE INC <SCOM> 3RD QTR JAN 31 LOSS |
Alpine Associates a Cresskill N.J. securities dealer told the Securities and Exchange Commission it has acquired 565100 shares of Leaseway Transport Corp or 5.9 pct of the total outstanding common stock. Alpine a limited partnership said it bought the stock for 28.1 mln dlrs as an investment in the ordinary course of its business as a securities dealer. It left open the possibility that it might buy more Leaseway stock or sell some or all of its current stake but said it has no plans to seek control of the company. Reuter | SECURITIES DEALER HAS LEASEWAY <LTC> STAKE |
Shr 1.26 dlrs vs 67 cts Net 7299000 vs 3607000 Revs 52.4 mln vs 40.7 mln Avg shrs 6028755 vs 2408766 NOTE: 1985 results restated to include Deltona Corp <DLT> investment on equity method. Reuter | EMPIRE OF CAROLINA INC <EMP> YEAR NET |
Oper shr profit 18 cts vs loss one ct Oper net profit 387832 vs loss 29312 Revs 6872630 vs NA Year Oper shr profit 39 cts vs loss 23 cts Oper net profit 835010 vs loss 441836 Revs 20.8 mln vs NA Avg shrs 2135909 vs 1885909 NOTE: Excludes gains of 378000 dlrs or 18 cts and 715000 dlrs or 33 cts in current qtr and year respectively from benefit of tax loss carryforwards. Year-ago excludes losses of 75809 dlrs or four cts in qtr and 146061 dlrs or eight cts in year from discontinued operations. 1985 restated. Reuter | VHC LTD <VHCL> 4TH QTR OPER NET |
Turkish banks and government offices reopened here after snow blanketing the city began to melt causing floods and traffic jams. Turkish radio said 16 villages in the southern province of Hatay were evacuated after the Karasu river burst its banks flooding 5000 hectares of crops. The radio said cold weather and snow still covered much of central and eastern Anatolia the Asian part of the country and two people were frozen to death near the town of Corum. The weather office in Istanbul said the cold front was moving east and conditions should be back to normal by the weekend. Reuter | TURKISH WEATHER IMPROVES, BUT BRINGS FLOODS |
Alliant Computer Systems Corp <ALNT> said that it has signed an agreement with MacNeal-Schwendler Corp <MNS> where MacNeal will develop a new version of its MSC/NASTRAN software for Alliants FX/Series Computers. Alliant said MSC/NASTRAN is used for finite element analysis particularly in the automotive and aerospace industries. Reuter | ALLIANT AND MACNEAL-SCHWENDLER SIGN PACT |
Oper shr 91 cts vs seven cts Oper net 4356774 vs 289764 Revs 69.2 mln vs 50.2 mln Avg shrs 4736692 vs 4151672 NOTE: 1985 net excludes 3027714 dlr loss from discontinued operations. Reuter | TRANSTECH INDUSTRIES INC <TRTI> YEAR NET |
Micropolis Corp is raising 75 mln dlrs via an offering of convertible subordinated debentures due 2012 with a six pct coupon and par pricing said lead manager Kidder Peabody and Co Inc. The debentures are convertible into the companys common stock at 48.50 dlrs per share representing a premium of 23.6 pct over the stock price when terms on the debt were set. Non-callable for two years the issue is rated B-minus by Standard and Poors. Robertson Colman and Stephens co-managed the deal. Reuter | MICROPOLIS <MLIS> SELLS CONVERTIBLE DEBENTURES |
Thai sugar production totalled 960788 tonnes in January an increase of 12.7 pct on January 1986 according to figures received by the International Sugar Organization. November and December production figures also exceeded last years totals with the result that output in the first three months of the season showed a 23.1 pct increase over 1985/86. Production in the November 1986 to January 1987 period totalled 1.29 mln tonnes. Thai exports in December and January were down however. January exports fell from 73164 to 35910 tonnes. Domestic consumption increased 7.3 pct to 192069 tonnes for the three month period but this was not sufficient to prevent a significant rise in stocks which climbed to 1.62 mln tonnes by the end of January compared with 1.52 mln a year earlier. Thai Agricultural Ministry officials have previously forecast a decline in 1986/87 raws output to around 2.3 mln tonnes from 2.48 mln in 1985/86. Reuter | THAI SUGAR PRODUCTION INCREASES |
Canadas leading composite indicator advanced 0.4 pct in December after gaining 0.4 pct in the two previous months Statistics Canada said. The unfiltered index rose 0.8 pct in the month a turnaround from the 0.3 pct decline in November the federal agency said. The manufacturing groups continued to post advances while goods production rose 1.6 pct the third increase in the last four months. The advances however were offset by a deceleration in household demand. Reuter | CANADA DECEMBER LEADING INDICATOR UP 0.4 PCT |
Nordic Investment Bank is issuing a 300 mln Danish crown bond due April 15 1994 priced at par with an 11-1/4 pct coupon lead manager Enskilda Securities said. The bonds are callable on April 15 1992 at par and at any time for tax reasons. They will be sold in denominations of 20000 crowns and listed in Luxembourg. Fees involve 1-1/4 pct for selling and 5/8 pct for management and underwriting combined minus 1/8 pct for the co-leads. Payment date is April 15. The co-leads are Privatbanken A/S and Generale Bank Brussels. REUTER | NORDIC INVESTMENT BANK ISSUES DANISH CROWN BOND |
Lead underwriters Josephthal and Co Inc Emmett A. Larkin Co Inc and Hays Securities Corp said an initial public offering of 865000 common shares of Mesa Airlines Inc is underway at 7.50 dlrs per share. Underwriters have been granted an overallotment option to purchase up to another 129750 shares. Reuter | <MESA AIRLINES INC> INITIAL OFFERING UNDERWAY |
<ANova Ventures Corp> said its board declared a dividend payable in the form of registered shares of stock in <Duvel Corp> a blind public pool. ANova describes itself as a publishing and financial services firm specializing in arranging revers acquisitions and mergers between blind pools/shells and private companies. ANova said it created Duvel to act as a blind pool and will seek an operating private company to merger with Duvel. Duvel has sold 300000 common shares to a private investor group to finance expenses of registration and 640000 shares will be paid to ANova stockholders as a dividend it added. Reuter | ANOVA VENTURES SETS DIVIDEND IN DUEVEL SHARES |
DNC International Finance A.S. Is issuing a 10 billion yen eurobond due April 7 1994 with a five pct coupon and priced at 102-3/8 pct Yamaichi International (Europe) Ltd said as joint book-runner with Tokai International Ltd. The non-callable bonds guaranteed by Den norske Creditbank will be issued in denominations of one mln yen and will be listed in Luxembourg. Total fees of 1-7/8 pct comprise 5/8 pct for management and underwriting and 1-1/4 pct for selling. Pay date is April 7. REUTER | DNC INTERNATIONAL ISSUES 10 BILLION YEN BOND |
Chrysler Corps 1.5 billion dlr bid to takeover American Motors Corp <AMO> should help bolster the small automakers sales but it leaves the future of its 19000 employees in doubt industry analysts say. It was business as usual yesterday at the American Motors headquarters one day after the proposed merger was unveiled by Chrysler and AMCs French parent Renault according to company spokesman Edd Snyder. But AMCs future to be discussed at a board meeting today would be radically different as a Chrysler subsidiary than if it had continued with the state-run French car group as its controlling shareholder. Industry analysts said the future of AMCs car assembly plant in Kenosha Wis. and its Toledo Ohio Jeep plant would be in doubt if the overcapacity predicted in the North American auto industry by the early 1990s comes to pass. Both plants are far from state of the art for car manufacturing sites and AMC has a history of poor labor relations at each. Chrysler doesnt need that many new plants said Michael Luckey automotive analyst for the Wall Street firm Shearson Lehman Brothers. They probably will close the Toledo plant and move Jeep production to Canada. Ronald Glantz of Montgomery Securities said that at the very least the new owner of the Toledo plant would be able to wring concessions from the United Automobile Workers union local representing Jeep workers. The UAW wont be able to hold them up for ransom as they have AMC because during a down year Chrysler will have underutilized facilities to transfer production he said. Analysts said they foresaw no major complications that would abort a combination which historians said would be the auto industrys biggest merger since American Motors was formed in 1954. AMC was in need of a financial savior because of its losses of more than 800 mln dlrs since 1980 and pressures in France for Renault to cut its backing. The company had said it could not forecast consistent profitability until 1988 at the earliest. In announcing the takeover agreement Chrysler chairman Lee Iacocca cited AMCs Jeep division as well as its new 675 mln dlr assembly plant at Bramalea Ontario and its network of 1200 dealers as the major attractions. Analysts reasoned that Chrysler might feel moved eventually to sell off or close some of the older plants to cut overhead costs in view of the new debts and liabilities it would incur in the AMC buyout. Reuter | CHRYSLER <C> DEAL LEAVES UNCERTAINTY FOR AMC WORKERS |
St. Joe Gold Corp said it plans to proceed with development of its Golden Patricia gold property in northwestern Ontario. It said about five mln dlrs will be spent to continue underground development and obtain operating permits and another 10.2 mln dlrs is expected to be required to complete underground development construct a mill and provide the infrastructure needed to put the mine into commercial production. St. Joe Gold said if the necessary operating permits were granted in time it would start gold production in the second half of the year ending October 31 1988 at an annual rate of about 40000 troy ounces. The company said the property is estimated to contain over 500000 troy ounces of gold and the initial mining project covers only seven of 192 claims with drill-indicated reserves of 293000 short tons grading 0.88 troy ounce of gold per ton. It said initial mine output is expected to be about 150 tons of ore daily. St. Joe Gold said the Golden Patricia vein has not been tested at depth or along strike to the east and west and exploration is continuing on the Golden Patricia property and the adjacent wholly-owned Muskeg Lake property. The company also said its Richmond Hill gold and silver deposit in the Carbonate district of western South Dakota has been shown by drilling to contain about 3900000 tons grading 0.055 troy ounce of gold and 0.23 troy ounce of silver per ton. It said preliminary results are encouraging and a feasibility study is nearing completion. Reuter | ST. JOE GOLD TO DEVELOP ONTARIO MINE |
Qtly div nine cts vs eight cts prior Pay May 12 Record March 31 Reuter | NUCOR CORP <NUE> RAISES QUARTERLY |
DNC International Finance A.S. Is issuing a 10 billion yen eurobond due April 7 1994 with a five pct coupon and priced at 102-3/8 pct Yamaichi International (Europe) Ltd said as joint book-runner with Tokai International Ltd. The non-callable bonds guaranteed by Den norske Creditbank will be issued in denominations of one mln yen and will be listed in Luxembourg. Total fees of 1-7/8 pct comprise 5/8 pct for management and underwriting and 1-1/4 pct for selling. Pay date is April 7. REUTER | DNC INTERNATIONAL ISSUES 10 BILLION YEN BOND |
Shr 1.60 dlrs vs 3.12 dlrs Net 10.6 mln vs 20.6 mln Revs 162.5 mln vs 214.6 mln Note: 1985 shr restated to reflect January 31 1986 stock split. 73 pct-owned by Kelsey-Hayes Co. Reuter | <KELSEY-HAYES CANADA LTD> YEAR NET |
Nigerias military government clamped a dusk-to-dawn curfew on northern Kaduna state and ordered all schools and colleges there closed after 11 people died in clashes between Moslems and Christians. A statement said the situation in Kaduna was now under control after two days of disturbances caused by undesirable elements hiding under the cover of religion. The statement signed by Rear-Admiral Augustus Aikhomu the regimes number two urged the media to exercise restraint in reporting the clashes which began last weekend in Kafanchan a Christian enclave in the mainly-Moslem north. Reuter | CURFEW CLAMPED ON NIGERIAN STATE AFTER CLASHES |
Qtly div 27-1/2 cts vs 27-1/2 cts prior Pay April 15 Record March 31 Reuter | RIGGS NATIONAL CORP <RIGS> SETS QUARTERLY |
Pacer Systems said it has agreed in principle to acquire the assets of Sea Data Corp a maker of low-powered electronic systems including undersea intelligent recording sensors and high-density digital data recorders for one mln dlrs. Reuter | <PACER SYSTEMS> TO MAKE ACQUISITION |
EDF LAUNCHING FIVE BILLION FRENCH FRANC BOND - CO-LEAD MANAGER PARIBAS |
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Concord Computing Corp said Thomas E. Swithenbank has resiged as president and a director and John L. burns has resigned as vice president of manufacturing. No reason was given. It said chairman and chief executive officer Victor M. Tyler will assume the additional post of president. Reuter | CONCORD COMPUTING <CEFT> EXECUTIVES RESIGN |
General Motors Corp said almost 125000 of Chevrolets two newest cars - the four-door Corsica sedan and two-door Beretta Sport Coupe - have been ordered by dealers in advance of their official introduction Thursday. It said on hand in dealer inventory and for immediate delivery were 35000 of the two models. Another 8000 were in transit from assembly plants. Reuter | GM <GM> DEALERS ORDER 125,000 NEW CHEVROLETS |
SHL Systemhouse Inc said it filed a registration statement with the Securities and Exchange Commission relating to common shares owned by <Kinburn Technology Corp>. SHL said the filing was made to satisfy exchange rights under a proposed offering of U.S 100 mln dlrs principal amount of exchangeable secured debentures due 2007 by Kinburn. Kinburn owns 31.6 pct of the issued and outstanding common shares of SHL the company said. It said the debentures may be exchanged at any time prior to maturity unless previously redeemed for SHL Systemhouse common shares at an exchange rate to be determined at the time of the sale of the debentures. SHL said it was advised that Kinburn intends to exercise this option to maintain its ownership and effective control of Systemhouse. Reuter | SHL SYSTEMHOUSE <NMS> FILES FOR PUBLIC OFFERING |
Bilfinger und Berger-Bau AG <GBFG.F> expects group construction output in 1987 to fall to around 2.5 billion marks in 1987 from 2.73 billion last year and sees foreign business stabilizing just under its 1986 level. In a letter to shareholders Bilfinger und Berger said foreign construction work fell to 1.37 billion marks in 1986 from 2.10 billion the year before. It said the drop was due to a fall in orders and the dollars decline against the mark. The firm expects good 1986 results with an appropriate dividend. In 1985 group net profit fell to 14.1 mln marks from 22.6 mln in 1984 and the dividend lost one mark to nine marks. Bilfinger und Bergers U.S. Units took up 600 mln marks of its total foreign construction output. The company said domestic earnings in 1986 improved slightly despite strong competition due to efforts to avoid taking on orders which would not break even. Foreign earnings were hit by the lower dollar and temporary payment difficulties by clients. Incoming orders in 1986 rose to 3.05 billion marks from 2.58 billion the year before comprising domestic 1.30 billion marks versus 1.41 billion and foreign 1.75 billion marks versus 1.18 billion. Foreign incoming orders rose despite economic difficulties in developing countries and OPEC nations hit by lower oil prices Bilfinger und Berger said. In 1986 it won new orders in the U.S. Pakistan Nigeria and Egypt. Orders on hand at end-1986 totalled 3.64 billion marks against 3.32 billion at end-1985. REUTER | BILFINGER UND BERGER SEES OUTPUT FALLING IN 1987 |
Versar Inc a technical environmental services company said it will release an announcement this afternoon concerning the company. A Versar spokesman said he was unable to divulge any further information. The American Stock Exchange halted trading of Versars stock this morning. Reuter | VERSAR INC <VSR> TO MAKE ANNOUNCEMENT |
Mizuno Corp of Osaka is issuing 30 mln Swiss francs of five year notes with a 4-5/8 pct coupon and 100-1/8 issue price lead manager Swiss Bank Corp said. The notes which are guaranteed by Sumitomo Bank Ltd can be called at 101-1/2 from September 27 1989. Payment is due March 27. REUTER | MIZUNO ISSUING 30 MLN SWISS FRANC FIVE YEAR NOTE |
A Bank of Spain spokesman qualified a bank statement announcing an extension of reserve requirements to convertible peseta funds held by banks saying the move applied only to future rises above current balances. The 19 pct reserve requirement will only be applied to further increases in banks convertible peseta funds the spokesman said. Convertible peseta funds previously were exempt from reserve requirements. The spokesman said the measure was intended to curb an influx of short-term foreign speculative capital which threatened the governments money supply growth target. REUTER | SPAIN QUALIFIES RESERVE REQUIREMENTS STATEMENT |
Spains broad based M-4 money supply rose at an annualised rate of 16.7 pct in February against 8.1 pct in January and 22.4 pct in February last year Bank of Spain figures show. The broad-based money supply is measured as liquid assets in public hands plus quasi-monetary assets. Money supply growth was 11.4 pct last year. The government wants to reduce the rate to eight pct this year. REUTER | SPAIN'S MONEY SUPPLY GROWTH DOUBLES IN FEBRUARY |
Robert Halmi Inc said it has received a commitment for a five mln dlr revolving credit line from Wells Fargo and Co <WFC>. It said it will use funds for the development and production of television programming. Reuter | ROBERT HALMI <RHI> GETS FIVE MLN DLR CREDIT LINE |
Duff and Phelps raised its ratings to DP-1 (AAA) from DP-2 (high AA) on 2.6 billion dlrs in debentures and 150 mln dlrs in notes of South Central Bell Telephone Co a unit of BellSouth Corp. The rating agency cited the companys strong financial performance which was achieved by keeping expenses under control and not by relying on raising local phone rates to its customers. Reuter | DUFF/PHELPS UPGRADES BELLSOUTH CORP <BLS> UNIT |
Pennsylvania Power and Light Co said it will offer 500000 shares of 6-7/8 pct series preferred stock at 100 dlrs per share and 500000 shares of 7-3/8 pct series preferred stock at the same price plus accumulated dividends from the date of original issuance. The First Boston Corp Drexel Burnham Lambert Inc Merrill Lynch Capital Markets and Prudential-Bache Capital Funding are the underwriters offering the stock said Pennsylvania Power. The 6-7/8 pct series preferred stock is redeemable at any time at the option of the company at 106.88 pct per share on or before March 31 1992 and declining to 100 pct on and after April 1 1994 the company said. The company added that no optional redemption may be made prior to April 1 1994 with or in anticipation of borrowed funds or senior or parity stock having an effective cost of less than 6.88 pct per annum. The 6-7/8 pct series preferred stock will have a mandatory sinking fund in the amount of 100000 shares in each year commencing on April 1 1993 calculated to retire the issue no later than April 1 1997. The company has the non-cumulative option to retire an additional 100000 shares on any sinking fund payment date it said. Pennsylvania Power said the 7-3/8 pct series preferred stock is redeemable at any time also at the option of the company at 107.38 dlrs per share on or before March 31 1992 and declining to 100 pct on and after April 1 2002. The company said that no optional redemption may be made prior to April 1 1992 with or in anticipation of borrowed funds or senior or parity stock having an effective cost of less than 7.38 pct per annum. Pennsylvania Power said the 7-3/8 pct series preferred stock will have a mandatory sinking fund of 25000 shares in each year commencing April 1 1993 calculated to retire the issue no later than April 1 2012. It said it has the non-cumulative option to retire an additional 25000 shares on any sinking fund payment date. Reuter | PENNSYLVANIA POWER <PPL> OFFERS PREFERRED STOCK |
Leucadia National Corp a U.S. Financial services holding company has received a 50 mln dlr five-year revolving underwriting facility (RUF) said Merrill Lynch Capital Markets as arranger. Under terms of the facility Leucadia may issue euro-notes in maturities from one to six months subject to a maximum of 183 days. The method of issuance will be the issuer-set margin system under which Leucadia will determine the spread over the London Interbank Offered Rate (LIBOR). Leucadia has already established a euro-commercial paper program for which Merrill acts as dealer. The RUF may serve as medium term back-up to the commerical paper program although the two may be used simultaneously Merrill said. In addition to issuing euro-notes Leucdia may also draw under the RUF by use of a so-called swing line which provides same day availability of funds of up to 25 mln dlrs. Also the swing line provides for use of a spot issuance procedure which allows the company to borrow up to the full amount of the 50 mln dlrs on two days notice. REUTER | LEUCADIA HAS 50 MLN DLR REVOLVING FACILITY |
Foreign exchange market rumours that the the Bank of England has been selling sterling to halt its rise prompted a wary response from dealers who said they saw no obvious confirmation market sources said. Bank of England officials were not immediately available for comment. Earlier this week the Bank sanctioned a cut in bank interest rates in a surprise move which aimed at limiting sterlings rise ahead of the March 17 budget. But today the pound has strengthened to 72.7 on its trade-weighted index from 72.1 last night though the U.K. Currency is below its days high against the dollar. REUTER | DEALERS WARY OVER STERLING INTERVENTION RUMOUR |
Nov 30 end Shr four cts vs 11 cts Net 62986 vs 174158 Sales 720906 vs 907542 Year Shr 18 cts vs six cts Net 277852 vs 94263 Sales 2247374 vs 2030390 Reuter | TELEPHONE SUPPORT SYSTEMS INC <TSSI> 3RD QTR |
Shr one ct vs five cts Net 50745 vs 161019 Revs 478700 vs 1048543 Avg shrs 4350000 vs 3217500 Nine mths Shr four cts vs 12 cts Net 169275 vs 390179 Revs 1478066 vs 2658692 Avg shrs 4350000 vs 3217500 Reuter | NETWORK VIDEO INC <NVID> 3RD QTR FEB 28 NET |
Oper shr profit one ct vs profit two cts Oper net profit 63000 vs profit 84000 Sales 5009000 vs 4042000 1st half Oper shr profit two cts vs loss 17 cts Oper net profit 87000 vs loss 794000 Sales 9838000 vs 7368000 Backlog 17.8 mln vs 11.4 mln NOTE: Current year net excludes tax credits of 32000 dlrs in quarter and 45000 dlrs in half. Reuter | COMTECH INC <CMTL> 2ND QTR JAN 31 NET |
Prime Minister Yasuhiro Nakasone will step down only after his plan to overhaul Japans tax system gets parliamentary approval one of his closest aides said today. The aide who declined to be identified said at a private meeting Nakasones power in office does not necessarily terminate at the end of his term in October. It depends on when (the) seven tax reform bills get parliamentary approval. Nakasone vowed yesterday to press on with his plan despite Sundays unexpected Upper House by-election defeat of the ruling Liberal Democratic Party (LDP) in a conservative stronghold. The socialist winner backed by other opposition parties had campaigned against a controversial five pct value added sales tax the main plank of the reform plans. The aide dismissed the possibility of any amendment of the sales tax on the grounds the opposition parties were demanding nothing but retraction of the tax. They have been refusing to discuss a draft budget for the 1987 fiscal year starting on April 1 which includes the tax plans. They have been resorting to an on-off boycott of parliament since February 4. If I were Nakasone I would close the current regular parliamentary session on May 27 as scheduled attend the Venice summit of industrial democracies in June and open an extraordinary session to discuss the tax plans the aide said. Under law a regular session can be extended only once while an extraordinary session can be extended twice.The other option would be to extend the current session he said. The opposition parties will surely present a no-confidence motion against the Nakasone Cabinet at one stage or another. One scenario then will be to reject the motion opening up the way for tax reform. Another scenario is the resignation of the Nakasone Cabinet en masse. A third scenario is a dissolution of the Lower House for a snap general election the aide said. That is only possible if the 200 opposition members resign from the 512-seat Lower House necessitating by-elections. The LDP now has 304 seats in the Lower House after its landslide victory in general elections last July. There are five independents and three vacancies. The LDP which will put up candidates will certainly inflate their seats but at the expense of fierce media criticism the aide said. He said he expected the proposed sales tax to have little effect on local elections to be held on April 12 and 26. About 2600 elections will be held in all but three of the nations 47 prefectures including 13 gubernatorial elections. Candidates running in prefectural assemblies will all oppose the sales tax irrespective of their party tickets. Possible effects if any will be on gubernatorial elections in Japans northernmost island of Hokkaido and Fukuoka in southern Japan he said. The two posts are now held by opposition socialists. REUTER | NAKASONE SET TO STAY UNTIL TAX REFORM APPROVED |
The French electricity utility Electricite de France is issuing a five billion French franc bond in three tranches co-lead manager Banque Paribas said here. The issue is also being lead-managed by Credit Lyonnais. The first two billion franc tranche carries a fixed interest rate of 8.30 pct with a life of 11 years 316 days and redeemable en bloc at par at the end of its life. The issue price will be 96.44 pct and the payment date is March 30. The second tranche of 1.5 billion francs will be denominated in 5000 franc units and carry an 8.50 pct coupon payable December 14 each year. The issue price will be 98.18 pct and it will have a life of 12 years 259 days. Redemption will be en bloc at par at the end of its life and the payment date will be March 30. Each bond will carry a warrant permitting subscription on December 14 1987 to a fixed-rate bond which will be integrated with the previous issue at an issue price of 98.18 pct and with a nominal coupon of 8.50 pct. The life of the issue will be 12 years. A third tranche of 1.5 billion francs will be issued at a variable interest rate and the whole issue will be quoted on the Paris Bourse. Paribas and Credit Lyonnais will be market makers for the first two tranches the communique added. REUTER | EDF ISSUING FIVE BILLION FRENCH FRANC BOND |
Oper shr 21 cts vs 34 cts Oper net 480000 vs 765000 Revs 6386000 vs 5862000 Year Oper shr 1.20 dlrs vs 78 cts Oper net 2692000 vs 1732000 Revs 25.2 mln vs 20.3 mln NOTEL Net excludes tax credit 35000 dlrs vs reversal of credit 40000 dlrs in quarter and credits 79000 dlrs vs 72000 dlrs in year. Reuter | BALTEK CORP <BTEK> 4TH QTR NET |
Sahlen and Associates Inc said it has completed the purchase of Gleason Securities Service Inc of New York and Gleason Plant Security Inc of Connecticut. Sahlen said the deals terms were not disclosed but added that the acquired companies had combined annual revenues of over 18 mln dlrs. Sahlen a private invetigation company said the Gleason companies provide security guard services to corporations in the tri-state area. Reuter | SAHLEN AND ASSOCIATES <SALNU> COMPLETES PURCHASE |
Qtly div 15 cts vs 15 cts prior Pay May 11 Record March 31. Reuter | MEM CO INC <MEM> DECLARES QTLY DIV |
NYNEX Corp will urge the U.S. District Court to approve Justice Department recommendations easing restrictions on offering new services by regional telephone firms chairman Delbert Staley said. While NYNEX would have prefered the unqualified lifting of all of the Modified Final Judgement restrictions we intend to urge Judge (Harold) Greene to act as quickly as possible to approve the recommendations Staley told a news conference. NYNEX will file its comments with the U.S. District Court on Friday he said. Staley referred to Justice Department recommendations to Greene last month that restrictions on manufacturing information services and out-of-region long-distance service be eliminated. Referring to information services Staley said That certainly is one area we would quickly move into. Electronic mail voice mail and videotext are some of the services NYNEX could offer he added. NYNEX disagreed with the departments recommendation to retain restrictions on long-distance service within a local service region Staley said. The company would like to have the option of providing long-distance service within and outside its region he said. Our entry in long-distance would further stimulate competition Staley said. We believe it would put downward pressure on consumer costs. Reuter | NYNEX <NYN> URGES JUSTICE DEPT. PLAN APPROVAL |
Shr nine cts vs four cts Net 658159 vs 299930 Revs 3770341 vs 2614224 Avg shrs 7382802 vs 6747442 Year Oper shr 33 cts vs 18 cts Oper net 2287179 vs 1045799 Revs 13.1 mln vs 8577853 Avg shrs 6874505 vs 5951612 NOTE: 1985 year net includes 13000 dlr tax credit. Reuter | INSITUFORM OF NORTH AMERICA INC <INSUA> 4TH QTR |
Southwest Airlines Cos TranStar Airlines said it will add new flights and increase service to several cities including Los Angeles. TranStar said it will add a third daily nonstop April One from New Orleans to Los Angeles bringing to 10 the total of non stop and connecting flights to that city. It also will start nonstop service from San Antonio to Las Vegas and increase service to Orlando Fla. it said. The new schedule will feature three daily flights from San Antonio to Las Vegas including one nonstop one direct and one connecting flight via Los Angeles. TranStar said it will increase to three daily connecting flighs to Orlando via Houston. TranStar said the new April One schedule will offer 21 daily departures from New Orleans to 11 cities in Florida Texas Nevada and California. Reuter | SOUTHWEST AIRLINES CO <LUV> UNIT ADDS SERVICE |
SEC CHARGES MERRILL LYNCH U.K. MANAGING DIRECTOR NAHUM VASKEVITCH WITH INSIDER TRADING |
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Computer Network Technology Corp said it introduced the CHANNELink Model 5100/R a high speed networking product line. It said the product line is designed for remote IBM mainframe-to-mainframe data communications. Reuter | COMPUTER TECHNOLOGY <CMNT> NETWORKING DEVICE |
Shr loss 19 cts vs profit 11 cts Net loss 1140270 vs profit 590463 Revs 1259164 vs 3225512 Year Shr loss 67 cts vs profit 10 cts Net loss 4004840 vs profit 580488 Revs 3184480 vs 9123041 Reuter | MAJOR REALTY CORP <MAJR> 4TH QTR LOSS |
Shr 14 cts Net 510917 Sales 12.3 mln NOTE: Share adjusted for five for four stock split in January 1987. Backlog 13.0 mln dlrs vs 3733000 dlrs. Company began operating January 27 1986. Reuter | NUTMEG INDUSTRIES INC <NUTM> YEAR JAN 31 NET |
The Securities and Exchange Commission said it charged a managing director of <Merrill Lynch Pierce Fenner and Smith Ltd> in London with masterminding a massive insider trading scheme. Nahum Vaskevitch the managing director of the Mergers and Aquisitions Department of the brokers London office was charged in a civil complaint by the SEC filed in Manhattan Federal Court. The complaint said Vaskevitch leaked information about 12 companies that were involved in a merger or aquisition which resulted in more than four mln dlrs in profit for himself and others involved in the scheme. Besides Vaskevitch who is a British and Israeli citizen who lives in London others named as defendants in the suit were David Sofer an Israeli citizen living in Jerusalem and two corporations <Plenmeer Ltd> a British company and <Meda Establishment> a Lichtenstein corporation. The scheme which covered a two year period allegedly involved Vaskevitch leaking information to Sofar about looming takeovers and mergers some of which he worked on according to the complaint. The SEC secured a temporary restraining order freezing all the assets of the defendants in the United States. A hearing is set for March 20. Merrill Lynch Pierce Fenner and Smith is a subsidiary of Merrill Lynch and Co Inc <MER>. According to the court documents Sofer is a principal in both Plenmeer and Meda Establishment and Vaskevitch has an interest in Plenmeer. The suit was filed in New York because trading allegedly took place here. One of the deals in which an insider profit was alleged was the 1984 merger of K-Mart Corp <KM> with <Pay Less Drug Stores>. Another deal was the sale by W.R. Grace and Co <GRA> of its holdings in <Hermanns Sporting Goods Co>. An SEC official in Washington said the Vaskevitch case is unrelated to the agencys widening investigation into Wall Streets insider trading scandal involving Ivan Boesky and Dennis Levine. Neither Vaskevitch nor Sofar are currently living in the United States and cannot be extradited on the basis of the SECs civil charges filed against them the official said. Vaskevitch is living in England and Sofars whereabouts are unknown he said. We cant force them to come back the official said. The agency is moving to seize all U.S. assets of both men which they could forfeit if they do not contest the case the SEC official said. Although the SEC recently signed an accord with Britain aimed at improving cooperation between the two countries in investigating securities law violations the SEC official said it did not need to rely on U.K. authorities in this case. We were able to make our case against them here he said. Reuter | MERRILL LYNCH U.K. EXECUTIVE CHARGED BY SEC |
The New York Stock Exchange said Tenneco Inc declined to comment on whether there were any corporate developments that might explain the unusual activity in its stock. The exchange said it had requested a statement from the company in light of the activity. Tenneco was up 1-7/8 dlrs to 48-5/8. Reuter | TENNECO <TGT> DECLINES COMMENT ON STOCK |
<Henry Ansbacher Holdings Plc> said it has acquired a 51 pct interest in the U.S. Retail and general corporate insurance broker <Adams and Porter Inc>. The move is the first step in building a new international insurance broking group following the appointment of a new management team for its Seascope Insurance Holdings unit. Ansbacher said A and P has exciting growth potential particularly on the east coast of the U.S. And has an annual revenue of more than four mln dlrs. Ansbacher shares were up 4-1/2p to 90-1/2 helped by the announcement earlier today of a 1986 pretax profit rise to 5.56 mln stg from 2.74 mln in 1985. REUTER | HENRY ANSBACHER HAS 51 PCT OF ADAMS AND PORTER INC |
The Central Issuing Office of the Swiss cantonal banks said it is launching a 150 mln Swiss franc 4-1/2 pct 12-year bond issue at 99.75 pct. Subscriptions close March 23. The funds will be partly used for the conversion or repayment of an 80 mln franc 4-3/4 pct 1972/87 bond maturing on April 15. REUTER | SWISS CANTONAL BANK GROUP SETS 150 MLN SFR BOND |
Deutsche Bank Finance NV is issuing a 150 mln Australia dlr bond due April 15 1992 with a coupon of 14-1/2 pct and priced at 101-1/2 said Deutsche Bank Capital Markets as lead manager. Payment date is April 15. The securities will be listed on the Luxembourg Stock exchange and will available in denominations of 1000 and 10000 dlrs. There is a 1-3/8 pct selling concession and a 5/8 pct combined management and underwriting fee. REUTER | DEUTSCHE BANK ISSUES 150 MLN AUSTRALIA DLR BOND |
The engineers union IG Metall said 35700 workers at 152 West German engineering companies held brief warning strikes today in support of the unions demands for higher wages and shorter working hours without loss of pay. It said most of the stoppages were in northern Germany where employers and union representatives met for talks on a collective wage agreement for 300000 engineering workers in the Hamburg Schleswig-Holstein and Lower Saxony areas. IG Metall members began a series of nationwide warning strikes this week as part of the unions bid to raise wages by five pct and cut the working week to 35 hours from 38.5 hours. Warning strikes held so far this week have generally lasted about one hour each. Employers in northern German offered IG Metall a 2.7 pct rise in wages from April 1 and a further 1.5 pct from July next year. It also offered to cut the working week by half an hour from July 1988. IG Metall rejected the offer and further talks for northern Germany were later scheduled for March 23. On Monday employers in the state of North Rhine-Westphalia offered workers there a similar package of wage rises and shorter working hours. REUTER | SOME GERMAN ENGINEERS AGAIN HOLD WARNING STRIKES |
Dutch bank F. Van Lanschot Bankiers N.V. Co-owned by National Westminster PLC <NWBL.L> and RABOBANK B.A. <RABN.A> said 1986 net profit rose 8.8 pct to 24.1 mln guilders on a 4.8-pct higher balance sheet total of 6.2 billion. Van Lanschot Bankiers is a subsidiary of Van Lanschot Beleggingscompagnie B.V. In which Britains National Westminster Bank PLC and Dutch cooperative bank RABOBANK Nederland B.A. Each have a 40-pct stake. Commercial Unions Dutch insurance unit <Delta Lloyd Verzekeringsgroep N.V.> has a 5.4-pct stake in Van Lanschot which lowered risk provisions to 22.5 mln guilders. | NATWEST, RABO UNIT REPORTS 8.8 PCT PROFIT GROWTH |
Missouri-based Interco Inc is establishing a 50 mln dlr five year revolving credit facility Swiss Bank Corp International Ltd said as arranger. The facility allows for eurodollar and swingline advances up to 50 mln dlrs and also has an uncommitted option for short-term multi-currency advances. The margin for eurodollar advances is 20 basis points over London Interbank Offered Rates (LIBOR) and there is a utilisation fee of five basis points per annum if utilisation exceeds 50 pct. Swiss Bank Corp said that the facility pays a commitment fee of 10 basis points per annum on undrawn amounts. It has been syndicated on a club basis and signing is planned by the end of March. Interco is a manufacturer and retailer of consumer products and services. REUTER | INTERCO ESTABLISHES 50 MLN DLR REVOLVING FACILITY |
West German sugar statistician F.O. Licht estimates European beet plantings this year at 7.22 mln hectares compared with a revised 1986 figure of 7.21 mln traders said. In its first estimate for 1987 it puts EC plantings at 1.85 mln hectares compared with 1.89 mln in 1986 while it estimates sowings in Western Europe (including EC) at 2.49 mln hectares compared with 2.50 mln in 1986. Traders said Licht forecasts Eastern Europe plantings at 4.73 mln hectares against 4.72 mln in 1986. Reuter | LICHT SEES RISE IN EUROPEAN BEET AREA: TRADE |
Frank B. Hall and Co an insurance and brokerage firm said it has joined with <Risk Science International> to offer banks a new service that assesses their environmental risk level. Hall said that under recently enacted legislation banks and other financial institutions can be held liable for environmental risks in projects that they finance. Therefore Hall said RSI will evaluate a property assign it an environmental risk level and advise the bank about its options to reduce environmental risks. Reuter | FRANK B. HALL <FBH> OFFERS NEW SERVICE |
LTV Corp said Pakistan ordered 180 military trucks and spare parts worth 18.5 mln dlrs from AM General a unit of LTVs Missles and Electronics Group. The company said the order includes 140 M809 Series five-ton trucks and 40 M44A2 Series 2-1/2 ton trucks. They are scheduled to be delivered later this year. Reuter | LTV <LTV> WINS 18.5 MLN DLR PAKISTAN ORDER |
Rodman and Renshaw Capital Group Inc said its directors approved the repurchase of up to 200000 shares of the companys common stock on the open market from time to time. The shares may be used for acquisition and for stock option plans it said. Rodman and Renshaw completed its initial public offering of 1.5 mln common shares in June 1986. There are currently about 4.2 mln shares issued and outstanding it noted. Reuter | RODMAN/RENSHAW <RR> TO BUY 200,000 OF ITS SHARES |
The Federal Reserve is expected to intervene in the government securities market to add temporary reserves via customer or system repurchase agreements economists said. Most economists said the Fed will inject reserves indirectly via customer repurchases but they added that the Fed might opt for a direct injection of reserves via overnight system repurchases. Federal funds opened at 6-3/8 pct and eased to 6-5/16 pct in early trading. Funds averaged 6.29 pct yesterday. Reuter | FED EXPECTED TO ADD RESERVES |
Shr 10 cts vs two cts Net 163832 vs 31063 Sales 5434430 vs 3167735 Avg shrs 1712231 vs 1533277 Year Shr 59 cts vs 41 cts Net 1016375 vs 550625 Sales 19.7 mln vs 9755018 Avg shrs 1710256 vs 1327172 Reuter | BEN AND JERRY'S HOMEMADE INC <BJIC> 4TH QTR NET |
Standard and Poors Corp said it raised to A-1-plus from A-1 the commercial paper of Citizens Fidelity Corp and its unit Citizens Fidelity Bank and Trust. S and P cited the completion of the firms merger with PNC Financial Corp <PNCF> saying PNC has shown solid earnings excellent liquidity and a conservative capital position. The rating agency also upgraded long-term debt supported by letters of credit of lead bank Citizens Fidelity Bank to AA-plus from A. The banks certificates of deposit were upped to AA-plus and A-1-plus from A and A-1 respectively. Reuter | CITIZENS FIDELITY <CFDY> PAPER UPGRADED BY S/P |
Shr 52 cts vs 41 cts Net 4921601 vs 3157070 Revs 35.8 mln vs 31.7 mln Avg shrs 8939955 vs 7600000 Nine mths Shr 52 cts vs 34 cts Net 4604406 vs 2585621 Revs 36.0 mln vs 32.1 mln Avg shrs 8939955 vs 7600000 Reuter | BONNEVILLE PACIFIC CORP <BPCO> 3RD QTR JAN 31 |
Ford Motor Credit Co <F> is raising 200 mln marks through a five-year eurobond with currency warrants attached carrying a coupon of 5-3/4 pct and priced at 116-3/4 lead manager Deutsche Bank AG said. The issue will be sold in denominations of 1000 and 10000 marks and listed in Frankfurt. Each 1000 mark bond carries two warrants which can be converted into 500 dlrs each at an exchange rate of 1.86 marks. The exercise period runs from April 8 1987 until March 6 1989. Fees total two pct with 1-1/4 pct for selling and 3/8 pct each for management and underwriting. Each 10000 mark bond carries two warrants which can be converted into 5000 dlrs each on the same terms as the warrants for the 1000 mark bonds Deutsche said. The bond pays interest annually on March 25 and matures on the same date in 1992. Payment date is also March 25. A management group is currently being formed. REUTER | FORD LAUNCHES MARK EUROBOND WITH CURRENCY WARRANTS |
J.C. Penney Cos stock rose sharply after analyst William Smith of Smith Barney recommended the stock based on the companys strong earnings momentum and the possibility of a stock buyback dividend hike or stock split traders said. I am very impressed with the strong basic earnings story analyst Smith said noting that the company has fine tuned its buying and inventories and has admirably controlled costs in a time that they needed to. The stock jumped 2-1/2 to 98-3/4. Smith said the company ended 1986 with a strong cash position of about 639 mln dlrs as compared to 158 mln dlrs the year before. This implies the possibility of a share buyback or significant dividend increase or a stock split he said. In addition he said the company has been gradually adjusting its merchandise mix and its gross margins have been improving. Smith expects the company to earn 8.25-to-8.50 dlrs a share in 1987 as compared to the 7.06 dlrs a share earned last year. Last years results include a 69 cent charge for the buyback of debt. Reuter | JC PENNEY <JCP> UP ON SMITH BARNEY OPINION |
Schering Corp a unit of Schering-Plough Corp said <Natures Blend Products Inc> agreed to an injunction against its Fiber Slim product. Schering the U.S. distributor of Fibre Trim made by <Farma Food A/S> of Denmark said it and Farma had sued Natures Blend claiming Natures product infringed their trademark on Fibre Trim. Schering said Natures Blend agreed to stop making and selling food supplement products under the Fiber Slim trademark but it did not admit liability. Reuter | SCHERING-PLOUGH <SGP> TRADEMARK DISPUTE SETTLED |
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