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The West German intervention board said about 100000 tonnes of sugar have been offered into intervention so far. A spokesman speaking from Frankfurt told Reuters offers have increased recently but contracts have not yet been concluded. A European Commission spokesman in Brussels earlier confirmed that one mln tonnes of sugar had been offered to intervention boards in various member states. The intervention board spokesman in Frankfurt said One million tonnes is an awful lot and the Communitys coffers are almost empty. This could turn into a serious political problem. West German trade sources said they believed the one mln tonne offer by the EC sugar industry into intervention would have a neutral market impact overall. Reuter | GERMAN SUGAR OFFERS PUT AT ABOUT 100,000 TONNES |
Bankers Trust Co said it raised its broker loan rate to 7-1/4 pct from seven pct effective immediately. U.S. Trust Co which also quotes its broker loan rate publicly is posting a 7-1/2 pct rate. Reuter | BANKERS TRUST CO RAISES BROKER LOAN RATE |
National Gypsum Cos Austin Co said it signed a joint agreement with <Kawasaki Heavy Industries Inc> to join forces to win contracts in connection with the construction of Kansai Airport. Austin said it and the Japanese firm will develop concepts investigate systems and compete for the contracts for the international airport to be built off the coast near Osaka Japan. The company said the airport is expected to be the largest construction project in the country for the rest of the century. It will be built on 2964 acres and estimates put the cost as high as 10 billion dlrs. Cost estimated for the facilites that the Austin-Kawasaki team will propose to design and implement have ranged between 200 mln dlrs and 250 mln dlrs. Reuter | NATIONAL GYPSUM <NG> UNIT JOINS JAPANESE FIRM |
<Sigma Mines (Quebec) Ltd> 65 pct owned by Dome Mines Ltd 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 |
Witco Corp is raising 140 mln dlrs via an offering of convertible subordinated debentures due 2012 with a 5-1/2 pct coupon and par pricing said lead manager Smith Barney Harris Upham and Co Inc. The debentures are convertible into the companys common stock at 54.55 dlrs per share representing a premium of 25.76 pct over the stock price when terms on the debt were set. Non-callable for two years the issue is rated A-3 by Moodys and A-minus by Standard and Poors. Goldman Sachs co-managed the deal which was increased from an initial offering of 100 mln dlrs because of investor demand. Reuter | WITCO <WIT> SELLS CONVERTIBLE DEBT AT 5-1/2 PCT |
Genzyme Corp said the U.S. Patent Office has approved a patent for the companys method of testing for serum alpha amylase an indicator of pancreatic disease. The patent strengthens Genzymes proprietary position as the leading independent supplier of diagnostic enzymes and substrates Henri Temeer Genzyme president said. The company said the technology combines a unique substrate with two indicator enzymes in a diagnostic assay to measure serum amylase levels. Genzyme said that since 1985 it has entered into several licensing agreements for the technology with amylase test kit makers. Reuter | GENZYME <GENZ> GETS TESTING PATENT |
Moore McCormack Resources Inc said it agreed in principle to sell its Globe Metallurgical Inc unit to Cyprus Minerals Co <CYPM> for undisclosed terms. The sale expected to close by mid-April is subject to certain conditions including board approval at both companies. Globe produces silicon metals and magnesium ferrosilicon. The products are used in the chemical aluminum iron rubber and semiconductor industries. Reuter | MOORE MCCORMACK <MMC> TO SELL GLOBE UNIT |
U.S. Completions of new homes fell 0.2 pct in January to a seasonally adjusted rate of 1.884 mln units from 1.888 mln in December the Commerce Department said. The January fall came after a strong 6.4 pct rise from Novembers rate of 1.774 mln units and brought completions to 6.7 pct above the January 1986 level of 1.765 mln units. In January completions of single-family units rose 0.4 pct to a seasonally adjusted 1.183 mln units from 1.178 mln units in December while multi-family units fell 1.3 pct to 701000 units in January the department said. Reuter | U.S. HOSUING COMPLETIONS FELL 0.2 PCT IN JANUARY |
Lead underwriter McDonald and Co Investments Inc <MDD> said an offering of 900000 shares of Action Auto Rental Inc is underway priced at 12 dlrs per share. Undewriters have been granted an option to purchase up to another 135000 shares to cover overallotments. The company is selling 697500 shares and shareholders the rest. Reuter | ACTON AUTO RENTAL INITIAL OFFERING STARTS |
Talks between management and unions at Cargill U.K. Ltds Seaforth oilseed processing plant will resume Monday a company spokesman said. He said some progress had been made. Three consecutive days of negotiations ended this afternoon after failing to break the deadlock. Reuter | CARGILL U.K. STRIKE TALKS TO CONTINUE MONDAY |
The U.S. Department of Justice (DOJ) is reviewing whether Trans World Airlines Inc <TWA> and Chairman Carl Icahn violated federal antitrust law by failing to seek advance clearance from the DOJ or the Federal Trade Commission for his extensive open-market purchases of USAir Group Inc <U> stock a DOJ official told a Senate panel. This is a matter that is being looked into Charles Rule acting assistant attorney general-antitrust told the Senate Judiciary Committees Antitrust Subcommittee. Rule declined further comment while the review was continuing. Rule was responding to panel Chairman Howard Metzenbaum (D-Ohio) who had asked why the department was not acting against what appears to be a clear violation of the law. Metzenbaum said Icahn had failed to file a pre-merger notification form with the FTC prior to purchasing more than 15 mln dlrs worth of USAir stock. But Rule said that for airline companies a purchaser would be exempt from the requirement if it instead had filed a merger application with the U.S. Department of Transportation. Icahn filed such an application with the DOT but the filing was thrown out by the DOT on Friday. The DOT threw out the application late Friday on grounds it lacked the necessary data for the government to review the proposed USAir takeover bid. Icahn refiled a more complete application form Monday. Rule pledged to act against Icahn and TWA if a violation were found. Reuter | U.S. JUSTICE DEPARTMENT REVIEWS ICAHN USAIR FILING |
Anitec Image Technology Corp is raising 75 mln dlrs via an issue of convertible subordinated debentures due 2012 with a 5-7/8 pct coupon and par pricing said lead manager Smith Barney Harris Upham and Co Inc. The debentures are convertible into the companys common stock at 32 dlrs a share representing a 26.73 pct premium over the stock price when terms on the debt were set. Non-callable for two years the debentures are rated B-2 by Moodys and B by Standard and Poors. Donaldson Lufkin Salomon Brothers and Mabon Nugent co-managed the issue which was increased from an initial offering of 60 mln dlrs. Reuter | ANITEC IMAGE <ANTC> SELLS CONVERTIBLE DEBENTURES |
Shr loss one ct vs loss 16 cts Net loss 117989 vs loss 528394 Revs 820484 vs 35186 Avg shrs 8226577 vs 3150000 Nine mths Shr loss seven cts vs loss 37 cts Net loss 527864 vs loss 1177434 Revs 1975487 vs 90875 Avg shrs 7277418 vs 3150000 Reuter | T CELL SCIENCES INC <TCEL> 3RD QTR JAN 31 LOSS |
Wisconsin Public Service Corp said in its annual report the companys five-year construction program 1987 through 1991 is projected at 330 mln dlrs. It said the amount which includes about 4.0 mln dlrs for sulfur dioxide controls at company power plants is 42 mln dlrs more than the previous five-year period. Wisconsin Public Service also said natural gas sales dropped 22 pct mainly because of the growing trend of large industrial customers to purchase gas directly from producers. Reuter | WISCONSIN PUBLIC SERVICE <WPS> RAISES BUDGET |
MERRILL LYNCH SAYS IT SUSPENDS NAHUM VASKEVITCH, HEAD OF LONDON MERGERS DEPARTMENT |
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Merrill Lynch and Co <MER> said the head of its mergers and acquisitions department in London accused by U.S. authorities of insider trading violations has been suspended from the firm. If the charges are true we are disappointed and angry Merrill Lynch said in a statement. Merrill Lynch said it has been cooperating with a Securities and Exchange Commission investigation of the matter for several months. The SEC charged Nahum Vaskevitch a managing director of Merrill Lynch Pierce Fenner and Smith Ltd with profiting from inside information about 12 companies involved in mergers. Merrill Lynchs position is and has always been that violations of the law are not tolerated the firm said in a prepared statement. The apparently illegal trading activity took place away from Merrill Lynch through another broker-dealer and involved the employees use of information which was properly available to him but improperly used the statement said. Merrill Lynch in no way benefited from the trades. Merrill Lynch said Vaskevitch was suspended when we were informed of the specific allegations and evidence. The company did not say precisely when the suspension took place. Reuter | MERRILL LYNCH <MER> SUSPENDS U.K. MERGER CHIEF |
Dutch seasonally-adjusted unemployment totalled 690600 people in February unchanged from January but down from 732700 in February 1986 a Social Affairs Ministry spokesman said. The unadjusted figure stood at 708700 at the end of last month a decline of 3800 from the January total of 712500 and comparing with 750000 at the end of February last year. REUTER | DUTCH ADJUSTED UNEMPLOYMENT UNCHANGED IN FEBRUARY |
Bremer Landesbank Kreditanstalt Finance Curacao NV is issuing a 40 mln Australian dlr eurobond due April 24 1990 paying 15 pct and priced at 101-3/8 pct lead manager ANZ Merchant Bank Ltd said. The issue which is guaranteed by Bremer Landesbank Kreditanstalt is available in denominations of 1000 dlrs and will be listed in Luxembourg. Fees comprise one pct selling concession and 1/2 pct for management and underwriting. Pay date is April 24. REUTER | BREMER LANDESBANK ISSUES AUSTRALIAN DOLLAR BOND |
 CORRECTED - BANCA NAZIONALE DEL LAVORO =2 LONDON The warrants will be issued by EFI Banca. Each warrant will entitle the holder to purchase 45 savings shares of Banca Nazionale de Lavoro at a premium of about 10 pct above the closing price on the Milan Stock Exchange on or before March 17. EFI Banca is a medium-term credit institution about 36-1/2 pct owned by Banca Nazionale del Lavoro. REUTER  | |
Completions of new homes fell 0.2 pct in January to a seasonally adjusted rate of 1.884 mln units from 1.888 mln in December the Commerce Department said. The January fall came after a strong 6.4 pct rise from Novembers rate of 1.774 mln units and brought completions to 6.7 pct above the January 1986 level of 1.765 mln units. In January completions of single-family units rose 0.4 pct to a seasonally adjusted 1.183 mln units from 1.178 mln units in December while multi-family units fell 1.3 pct to 701000 units in January the department said. Reuter | U.S. HOUSING COMPLETIONS FELL 0.2 PCT IN JAN |
4th qtr Jan 31 Shr five cts vs 28 cts Net 2448000 vs 13.3 mln Revs 156.1 mln vs 225.5 mln Avg shrs 47.3 mln vs 47.8 mln Year Shr 18 cts vs 1.01 dlrs Net 8430000 vs 48.2 mln Revs 587.9 mln vs 843.9 mln Avg shrs 47.4 mln vs 47.9 mln Reuter | MITCHELL ENERGY AND DEVELOPMENT CORP <MND> NET |
Businessland Inc said it sold 50 mln dlrs of 5-1/2 pct convertible subordinated debentures due 2007 in a registered public offering. The company said each debenture is convertible into shares of Businessland common stock at a conversion price of 20.50 dlrs. Net proceeds will be used to repay amounts outstanding under the companys bank credit line and for working capital the company also said. Reuter | BUSINESSLAND <BUSL> COMPLETES OFFERING |
U.S. Completions of new homes fell 0.2 pct in January to a seasonally adjusted rate of 1.884 mln units from 1.888 mln in December the Commerce Department said. The January fall came after a strong 6.4 pct rise from Novembers rate of 1.774 mln units and brought completions to 6.7 pct above the January 1986 level of 1.765 mln units. In January completions of single-family units rose 0.4 pct to a seasonally adjusted 1.183 mln units from 1.178 mln units in December while multi-family units fell 1.3 pct to 701000 units in January the department said. Reuter | U.S. HOUSING COMPLETIONS FELL 0.2 PCT IN JANUARY |
Pentair Inc said it has filed for an offering of two mln shares of cumulative convertible preferred stock at an expected price of 25 dlrs per share through underwriters led by <Kidder Peabody and Co Inc > and <Piper Jaffray and Hopwood Inc>. It said proceeds would be used to repay bank debt incurred in the acquisition of McNeil Corp last August. Reuter | PENTAIR <PNTA> FILES TO OFFER PREFERRED |
<Grand Metropolitan PLC>s Heublein Inc subsidiary said it will phase out operations at Almadens San Jose winery and transfer production of the wines to the companys Madera Calif. winery. Heublein said the move will increase the Madera winerys efficiency by bringing it close to full capacity and result in the addition of more than 150 employees there. Heublein said the phase-out of the recently acquired Almaden operations in San Jose is expected to be completed by late summer. The San Jose winery is expected to be sold it added. Heublein also said Almaden wines will continue to be marketed and sold by a separate marketing and sales force. Almadens administrative functions will move to Heubleins headquarters in Farmington Conn. the company said. Reuter | GRAND MET'S HEUBLEIN TO CLOSE ALMADINE WINERY |
The Canadian Bond Rating Service said it downgraded ratings for long-term senior debt and subordinated debentures at <Royal Bank of Canada> and <Bank of Montreal> due partly to loan loss problems. Royals long-term senior debt was downgraded to A plus (high) from A plus plus and 1.60 billion dlrs of subordinated debentures to A plus from A plus plus (low). Bank of Montreals senior long-term debt rating fell to A plus (high) from A plus plus (low) and 1.46 billion dlrs of subordinated debentures to A plus (low) from A plus. The rating service cited continued difficulties among Royal Bank customers particularly in the energy industry a continued high level of loan losses expected this year and relatively high sovereign debt exposure in relation to common equity. It cited Bank of Montreals below average profitability and internal capital generation and relatively high international debt exposure in relation to common equity although it noted that loan losses were expected to moderate in 1987. Reuter | BOND SERVICE DOWNGRADES ROYAL, BANK OF MONTREAL |
Witco Corp said it is offering 140 mln dlrs of 5-1/2 pct convertible subordinated debentures due 2012 through co-managing underwriters Smith Barney Harris Upham and Co and Goldman Sachs and Co. Each debenture is convertible into the companys common stock at a rate of 54.55 dlrs per share which represents a conversion premium of about 25.8 pct over the last sale price of 43-3/8 per share yesterday it said. Proceeds will be used to finance acquisitions and for general purposes. The company said it has no agreements for and is not in talks regarding any acquisitions. Reuter | WITCO CORP <WIT> OFFERS DEBENTURES |
The <American Stock Exchange> said it has started put and call option trading in Chemical Waste Management Inc stock as a replacement for options on Chesebrough-Pondss Inc which was recently acquired. Initial expiration months are June and September and initial exercise prices 30 and 35 it said. Position and exercise limits are 5500 contracts on the same side of the market. Reuter | AMEX TRADING CHEMICAL WASTE <CHW> OPTIONS |
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS |
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Shr 19 cts vs 12 cts Net 850000 vs 432000 Sales 9850000 vs 4783000 Avg shrs 4504000 vs 3527000 Nine mths Shr 57 cts vs 37 cts Net 2400000 vs 1281000 Sales 25.2 mln vs 12.8 mln Avg shrs 4233000 vs 3485000 Reuter | GROUNDWATER TECHNOLOGY INC <GWTI> 3RD QTR JAN 31 |
BellSouth Advanced Systems a unit of BellSouth Corp said it has introduced a private telephone system called BellSouth System 30 offering smaller companies a wide range of advanced telecommunications services. BellSouth said the services aimed at companies requiring up to 20 telephones include speed dialing for 500 frequently called numbers last number redial conference calling and speakerphones among others. The company said the System 30 has the capacity for 10 outside lines. Reuter | BELLSOUTH <BSC> UNIT OFFERS NEW TELEPHONE SYSTEM |
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 <F> LAUNCHES MARK EUROBOND WITH WARRANTS |
Pragma Bio-Tech Inc a clinical testing company said it has started performing comparative studies on differnet varieties of nitroglycerin for use in the treatment of angina pectoris episodes. The company would not disclose details of the testing. Reuter | PRAGMA BIO-TECH <PRAG> IN NITROGLYCERIN TESTING |
Qtly div four cts vs four cts prior Pay April 15 Record March 23 Reuter | SEVEN OAKS INTERNATIONAL INC <QPON> IN PAYOUT |
The Federal Reserve entered the U.S. Government securities market to arrange two billion dlrs of customer repurchase agreements a Fed spokesman said. Dealers said Federal funds were trading at 6-5/16 pct when the Fed began its temporary and indirect supply of reserves to the banking system. Reuter | FED ADDS RESERVES VIA CUSTOMER REPURCHASES |
Engineering Measurements Co said it formed a general partnership with several external investment groups in which the company will have a 58.5 pct interest and be managing partner. Called Measurement Auditors Co the partnership provides flowmeter certification and testing services to the oil and gas industry Engineering Measurements said. The company also said marketing vice president Jerome J. Rusnak has been apointed president succeeding Charles Miller who continues as chairman. Reuter | ENGINEERING MEASUREMENTS (EMCO) SETS PARTNERSHIP |
Private exporters said China bought a total of 550000 tonnes of U.S. wheat under the export enhancement program with final confirmation by the U.S. Department of Agriculture of the subsidies still awaited. The purchase consisted of a total of 340000 tonnes of hard red winter wheat for various May/Aug shipments with 210000 tonnes of soft red winter for Aug/Sept the exporters said. Reuter | CHINA BUYS U.S. HARD AND SOFT WHEAT |
Ope shr 63 cts vs 80 cts Oper net 3169000 vs 3757000 Revs 9585000 vs 10.2 mln Avg shrs 5070000 vs 4721000 NOTE: Net excludes gains from sale of investments of 887000 dlrs vs 304000 dlrs. Reuter | PROPERTY TRUST OF AMERICA <PTRAS> YEAR NET |
Synergen Inc said it agreed to provide its human elastase inhibitor designed to treat emphysema to Ciba-Geigy AG <CIGZ> for human clinical trials. Ciba-Geigy is currently testing the substance in animals but the company said the new supplies of the drug will be suitable for human tests. The company said Ciba-Geigy initially licensed the product in 1985. The new agreement calls for Synergen to set up a commercial manufacturing process to produce the drug and deliver quantities to Ciba-Geigy in the second half 1987. Reuter | SYNERGEN <SYGN> TO MAKE DRUG FOR CIBA-GEIGY |
Shr loss 38 cts vs profit eight cts Net loss 10.4 mln vs profit 2144317 Revs 72.9 mln vs 67.4 mln Nine mths Shr loss 21 cts vs profit 38 cts Net loss 5747393 vs profit 10.1 mln Revs 224.6 mln vs 200.6 mln NOTE: Current year net both periods includes 20.0 mln dlr pretax charge for disposition of 21 underperforming company-owned restaurants. Current year net includes tax credits of 3205000 dlrs in quarter and 7305000 dlrs in year. Reuter | CHI-CHI'S INC <CHIC> 3RD QTR JAN 31 LOSS |
CHEMLAWN CORP SAID IT IS TALKING WITH NEW SUITORS ABOUT BEING ACQUIRED |
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Chi-Chis Inc said it has taken a 20 mln dlr pretax charge against earnings for the third quarter ended January 31 to cover the cost of disposing of 21 underperforming company-owned restaurants. The company also said it has agreed to repurchase up to three mln common shares on the open market. The company now has about 27.1 mln shares outstanding. Chi-Chis today reported a loss for the third quarter ended January 31 after the pretax charge and a 7305000 dlr tax credit of 10.4 mln dlrs compared with a year-earlier profit of 2144317 dlrs. Chi-Chis said it believes the disposition of the restaurants has the potential of increasing its pretax earnings by about two mln dlrs next fiscal year. The company said it will use existing cash resources for the share repurchases. Reuter | CHI-CHI'S <CHIC> TAKES 20 MLN DLR CHARGE |
Shares of Du Pont Co rose today after accumulating recommendations from Shearson Lehman Brothers and First Boston traders said. Du Pont which opened with a two point gain stood at 109-1/8 up 1-1/8. First Bostons analyst was not available for comment. Analyst Theodore Semegran of Shearson said he raised his earnings estimates for the company to 7.25 dlrs a share in 1987 and eight dlrs a share in 1988. The company earned 6.35 dlrs a share in 1986. Good domestic demand higher operating earnings and a strng export business probably benefitting from a lower dollar and effects of reduced imports in chemicals will continue to aid Du Pont. He also noted that energy earnings in the first quarter are better than expected because of the rise in crude prices. Semegran expects first quarter earnings of about 1.85 dlrs a share from 1.67 dlrs last year. He also expects the company to raise its annual dividend about 20 to 30 cts a share from its current dividend of 3.20 dlrs a share and a stock split is possible but it has a low probablility. Reuter | DUPONT <DD> UP ON RECOMMENDATIONS |
ChemLawn Corp said it has started talks on the possible sale of the company with various parties that it did not identify. The company said the talks began after it considred and rejected Waste Management Incs <WMX> 27 dlr per share tender offer for all its sharesd. ChemLawn gave no details on the talks. Reuter | CHEMLAWN <CHEM> IN TALKS ON BEING ACQUIRED |
Uluslararasi Endustri ve Ticaret Bankasi AS (INTERBANK) a large privately-owned trade financing bank in Turkey is seeking a 20 mln dlr committed export advance facility Morgan Guaranty Ltd said as lead manager. The financing will be for 14 months but the borrower will have the option after 10 months to request an extension for another six months. Those banks wishing to extend would receive another 25 basis point fee. The financing will be in dollars and marks although mark borrowings cannot exceed 50 pct of the facility. The facility will be available for 70 days and interest will be at 1-1/4 pct over the London Interbank Offered Rate (LIBOR). There will be a commitment fee of 50 basis points. Banks are being invited to join the facility at four mln dlrs for 55 basis points and at two mln dlrs for 40 basis points. Responses are due by April 3 and the financing is being syndicated among a broad-based group of international banks to diversify the borrowers traditional lending base. REUTER | TURKISH BANK SEEKS 20 MLN DLR LOAN |
Cato Corp said it has filed for an initial public offering of about three mln common shares. Cato said the offering to be made in late April or early May is expected to raise 35 to 45 mln dlrs. Cato which had been publicly held several years ago before going private operates a chain of womens specialty stores in small to medium-sized towns. Reuter | <CATO CORP> FILES FOR INITIAL OFFERING |
SHV Holdings NV said it is withdrawing its take-over bid for Imperial Continental Gas Association <ICGS.L> after failing to gain the minimum number of pledges sought from IC Gas shareholders. SHV said in a statement it had sought to gain 750000 IC Gas shares under a 700p offer for IC Gas ordinary stock but was informed that level was not reached when the deadline expired. The tender offer is therefore void it said. SHV also offered 252 pence for every one stg nominal of IC Gas loan stock under the bid made by <SHV (United Kingdom) Holding Co Ltd>. Reuter | SHV WITHDRAWS IC GAS OFFER |
Negotiators at a United Nations conference on natural rubber are making slow progress towards reaching an agreement delegates said. The conference which began Monday is widely seen as the final effort to adopt a new International Natural Rubber Agreement (INRA) before the current one expires in October. Some 40 producing and consuming countries are taking part in the two-week meeting. This is the fourth such conference in nearly two years. Delegates said both sides still appeared divided on the key issue of the price adjustment mechanism. Consumers want frequent price reviews at 12 month intervals instead of 18 months as at present a proposal currently rejected by producers. And while consumers press for the price adjustment to be automatic producers have resisted reducing the role of the International Rubber Organization Council in the price adjustment procedure. Conference chairman Manaspas Xuto of Thailand has said it was imperative to settle outstanding issues this week so that technical drafting work can be done next week. Reuter | PROGRESS AT RUBBER PACT TALKS REPORTED SLOW |
Schering-Plough Corp said it obtained an injunction against Natures Blend Products Inc of due to trademark infringement on its Fibre Trim label. Under terms of the injunction Natures Blend agreed to refrain from making and selling food supplement products under the trademark Fiber Slim or using any any trademark that simulates the trade dress of Fibre Trim. Reuter | SCHERING-PLOUGH <SGP> OBTAINS INJUNCTION |
LORD ABBETT VALUE APPRECIATION FUND Annual div 33 cts vs 23 cts prior Long term capital gain 2.06 vs 75 cts prior Short term capital gain 18 cts vs 11 cts prior Pay April 6 Record March 12 LORD ABBETT U.S. GOVERNMENT SECURITIES FUND Daily div .029 cts vs .029 cts prior Pay April 15 Record April 15 LORD ABBETT TAX FREE INCOME NATIONAL SERIES Daily .068 cts vs .068 prior Pay April 15 Record April 15 LORD ABBETT TAX FREE INCOME FUND NY SERIES Daily .067 cts vs .067 cts prior Pay April 15 Record April 15 LORD ABBETT TAX FREE INCOME FUND TEXAS SERIES Daily .059 cts vs .059 cts prior Pay April 15 Record April 15 LORD ABBETT CALIFORNIA TAX FREE INCOME FUND Daily .062 vs .063 cts prior Pay April 15 Record April 15 Reuter | LORD ABBETT AND CO DECLARES MUTUAL FUND DIVS |
Qtr ended Jan 31 Net 55.3 mln dlrs vs 51.7 mln dlrs Revs 419.1 mln vs 391.7 mln Note: Revs include investment and other income of 18.4 mln dlrs vs 18.5 mln dlrs. Company is wholly owned by Gulf and Western Corp <GW>. Reuter | <ASSOCIATES CORP OF NORTH AMERICA> 1ST QTR NET |
Consumers Power Co said the Federal Energy Regulatory Commission approved the companys Midland cogeneration venture as a qualifying facility under the Public Utility Regulatory Policies Act. It said the approval overcomes the last potential federal hurdle to converting Midland to a combined-cycle natural gas-fired cogeneration plant. In October 1986 the venture received permission from the U.S. Department of Energy to fuel the plant permanently with natural gas. Reuter | CONSUMERS POWER <CMS> COGENERATION QUALIFIED |
Vipont Laboratories Inc said the Canadian Bureau of Non-Prescription Drugs approved its Viadent toothpaste and oral rinse for marketing. The company also said it finalized an agreement with a Canadian marketing company to introduce the product in the country. It said Viadent helps prevent plaque build-up and inflamed gums. The products should be available in Canada in three to four months the company added. Reuter | CANADA OKAYS VIPONT LABS <VLAB> TOOTHPASTE |
<Metromedia Long Distance> said it has introduced OnePlus Wats a telecommunications service for high volume callers. Metromedia said OnePlus uses a local switched network rather than dedicated connections to link customers to the nearest Metromedia Long Distance switching center and could save customers up to 35 pct off of competitors rates for long distance service. Reuter | METROMEDIA UNVEILS NEW WATS SERVICE |
Period ended January 31. Shr loss six cts vs profit one ct Net loss 536000 vs profit 166000 Revs 2099000 vs 3149000 Avg shrs 10429000 vs 9943000 Nine Mths Shre loss nine cts vs loss five cts Net loss 790000 vs loss 377000 Revs 7089000 vs 7646000 Avg shrs 10406000 vs 9351000 Note: Full name Newport Pharmaceuticals International Inc. Reuter | NEWPORT PHARMACEUTICALS <NWPH> 3RD QTR LOSS |
Integrated Genetics Inc said the Food and Drug Administration approved field trials of a hormone which is essential to the regulation of cows reproduction. Integrated said field trials will begin immediately under the direction of Granada Corps Granada R and D Ventures Integrateds partner in this area. Reuter | INTEGRATED <IGNG> FIELD TRIALS APPROVED |
Qtly div 11-3/4 cts vs 11-3/4 cts prior Pay March 27 Record March 13 Reuter | THE RAYMOND CORP <RAYM> DECLARES QTLY DIV |
Mitchell Energy and Development Corp said it plans to hold its capital spending in fiscal 1988 ending January 31 to 96 mln dlrs down from the 123 mln dlrs spent in 1987 and 213 mln dlrs in 1986. The company also said its natural gas revenues so far this year have been reduced by lower contract customer purchases due to mild weather and soft economic conditions. But the contracts call for the lower takes to be made up during the course of the year Mitchell Energy said. Meanwhile it will sell additional quantities of gas on the spot market. Mitchell Energy said the additional spot sales will tend to lower the average price realized for gas in the early part of fiscal 1988. However it said the average for the full year is not expected to be significantly lower than the 2.99 dlrs per thousand cubic feet averaged in fiscal 1987. Reuter | MITCHELL ENERGY <MND> AGAIN CUTS CAPITAL OUTLAYS |
River Oaks Industries Inc said it agreed in principle to give control of the company to Benson Seizer a New York investor in return for 2.6 mln dlrs in capital. The company a maker of mobile homes said it terminated merger discussions with <Nursing Centers of America>. River Oaks said it will place a 2.6 mln dlr convertible note with Seizer who in turn will name six additional members to the companys five-member board. One of the new directors will take over as chairman and chief executive officer River Oaks said. River Oaks said the note will be convertible into two mln shares of its common stock at one dlr a share. The company currently has 14 mln shares outstanding. The company said it will also grant Seizer an option to buy an additional 2.6 mln shares during the next four years at 1.25 dlrs a share during the first year and 1.50 dlrs a share thereafter. The company said the money raised from Seizer will further strengthen its balance sheet and enhance its ability to seek selective expansion opportunities. Seizer is experienced in turnaround situations and is expected to take direct involvement in River Oaks management said Charles F. DeGroot who will remain a director of the company after giving up the post of chairman to one of Seizers board nominees. Don Manning will cede his post as chief executive but will remain president the company said. Reuter | INVESTOR TO TAKE CONTROL OF RIVER OAKS <ROI> |
Consolidated group net profit 1.88 billion francs vs 1.29 billion. Net financial and operating profit 1.11 billion vs 825.1 mln. Extraordinary earnings 774.7 mln vs 462.8 mln. Net dividend 165 francs vs 150. Reuter | GEVAERT NV <GEVN.BR> 1986 YEAR |
(Credithrift Financial Corp) said its board authorized the redemption of the companys 8.20 pct Senior Notes due Dec 15 1987. It said the notes are to be redeemed April 20 at a price equal to 100 pct of the principal amount of the notes plus accrued interest. Reuter | CREDITHRIFT FINANCIAL TO REDEEM NOTES |
U.K. Interest rates look set to move lower even after Mondays half-point cut in bank base rates to 10-1/2 pct analysts said citing as evidence the suspension of a British National Savings issue yesterday. The Department of National Savings effectively a Treasury Department unit yesterday suspended its 32nd issue launched in October and paying a high tax-free 8-3/4 pct on five-year private investments between 25 and 5000 stg. A spokesman said the suspension was just a reaction to yields on national savings bonds being way out of line with the rest of the market. The move was followed by a surprise sell-out within minutes today of a Bank of England one-billion stg tap issue the second such issue in as many weeks analysts noted. They said the near-instant sale of the entire new gilts issue for which the Bank of England had required a high 40 pct downpayment was clear evidence that the market thought rates had to drop sooner rather than later. The sale of the tranche of 8-3/4 pct treasury bonds due 1997 occurred in an active bullish gilts market as downward pressure on money market rates remained intact with the bellwether three-month interbank rate down 1/8 point at 10-9-7/8 pct. It coincided with another strong sterling rally which pushed the pound to four-year highs against the dollar. That government stock disappeared very quickly indeed said Stephen Lewis head of economic research at stockbrokers Phillips and Drew; It is an indication that the market believes rates are going to fall further ... At least by a half-point immediately after the budget (on March 17) and some people hope for more. Stockbrokers James Capel said in a comment the move by the National Savings Department was of considerable significance. It said the real message ... Is that the decks are being quickly cleared so as to facilitate a speedy decision by the building societies to cut their rates when the inevitable cut in bank base rates to 10 pct materialises. Building societies have said a drop in bank base rates would normally have to exceed half a point to give rise to a reduction in mortgage lending rates. Lewis of Phillips and Drew said he too believed the National Savings issue suspension may reflect new U.K. Treasury policy to point building societies towards a mortgage rate cut. National Savings has been competing too effectively with the building societies of late. Building society income has been depressed in recent months he said. He and other analysts said Chancellor of the Exchequer Nigel Lawson was keen to see mortgage rates fall to keep a lid on U.K. Inflation. Underlying upward pressure on prices is stronger in Britain than in most other Western economies with inflation seen rising well above four pct this year and above five pct in 1988 after last years 3.7 pct. Emphasising the impact of mortgage rates on consumer prices Lewis said a one-point cut in building society rates would reduce inflation in Britain by about 0.4 pct. But Lewis and others noted that building societies had been complaining to the government about intense competition from National Savings which they argued reduced the scope for early mortgage rate cuts. The Chancellor need not be worried about losing some PSBR funding from National Savings but he must be taking the building societies criticism to heart. It looks like the National Savings move reflects this one senior dealer said. A Savings Department spokesman refused to comment on this interpretation saying the suspension of the issue was merely a reaction to the recent fall in U.K. Interest rates which had pushed yields on national savings bonds way out of line with the rest of the market. We are not politically motivated ... Funding was just becoming too expensive and we dont need all that money he told Reuters adding the department had suspended issues at least twice in the past when offered interest rates were above or below market rates. He said demand for the issue had risen sharply of late as U.K. Money market rates continued their steady decline and income was threatening to overshoot an unofficial three billion stg target set for fiscal 1986 ending March 31. In the first 10 months of fiscal 1986 National Savings contribution to government funding totalled 2.72 billion stg compared with 2.01 billion stg in the same period of the previous year official figures show. Figures for February out on Monday are expected to show a further increase of between 300 and 400 mln stg pushing the total for 11 months above target government officials said. REUTER | NATIONAL SAVINGS MOVE POINTS TO LOWER U.K. RATES |
Qtly div 45 cts vs 45 cts previously Pay May 1 Record March 31 Reuter | NICOR INC <GAS> REGULAR DIVIDEND SET |
Qtly div 14 cts vs 14 cts prior Pay April 10 Record March 27 Reuter | HANDLEMAN CO <HDL> SETS QUARTERLY |
Qtly div 20 cts vs 20 cts prior Pay June 16 Record May 22 Reuter | PERINI CORP <PCR> SETS QUARTERLY |
JONES AND VINING SAID VULCAN CORP OFFERS FIVE DLRS A SHARE FOR JONES |
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The Farmers Home Administration the U.S. Agriculture Departments farm lending arm could lose about seven billion dlrs in outstanding principal on its severely delinquent borrowers or about one-fourth of its farm loan portfolio the General Accounting Office GAO said. In remarks prepared for delivery to the Senate Agriculture Committee Brian Crowley senior associate director of GAO also said that a preliminary analysis of proposed changes in FmHAs financial eligibility standards indicated as many as one half of FmHA borrowers who received new loans from the agency in 1986 would be ineligible under the proposed system. The agency has proposed evaluating applicants credit using a variety of financial ratios instead of relying solely on cashflow ability. Senate Agriculture Committee Chairman Patrick Leahy (D-Vt.) slammed the proposed eligibility changes telling FmHA Administrator Vance Clark at a hearing that they would mark a dramatic shift in the agencys purpose away from being farmers lender of last resort toward becoming a big city bank. But Clark defended the new regulations saying the agency had a responsibility to administer its 70-billion dlr loan portfolio in a compassionate yet judicious manner. Crowley of GAO Congress investigative arm said the proposed credit scoring system attempted to ensure that FmHA would make loans only to borrowers who had a reasonable change of repaying their debt. Reuter | FMHA COULD LOSE SEVEN BILLION DLRS IN LOANS |
Oper shr loss 11 cts vs loss 14 cts Oper net loss 1963000 vs loss 2199000 Revs 17.5 mln vs 40.9 mln Year Oper shr profit nine cts vs profit two cts Oper net profit 1555000 vs 456000 Revs 86.3 mln vs 143.7 mln NOTE: Net excludes extraordinary tax charges of 115000 dlrs vs 995000 dlrs in quarter and credits 8096000 dlrs vs 1173000 dlrs in year. 1985 year net includes pretax gain 7400000 dlrs from termination of pension plan. 1985 net includes pretax charge 1200000 dlrs in quarter and gain 1400000 dlrs in year from restructuring and consolidation. 1985 quarter net includes 1480000 dlr tax credit. 1986 year net includes pretax gain 17.2 mln dlrs from sale of foreign subsidiary. Reuter | INTERNATIONAL BANKNOTE CO INC <IBK> 4TH QTR LOSS |
The New York Stock Exchange said General Refractories Co had no comment on the activity in its stock. The companys shares were trading off 1-1/2 at 15-1/4. The exchange said it contacted the company and asked if there were any corporate developments to explain the unusual activity. The company declined to issue a statement the NYSE said. Reuter | NYSE SAYS GENERAL REFRACTORIES <GRX> NO COMMENT |
The European Community (EC) expressed disquiet over protectionist moves in the United States to limit imports of textiles and said it would retaliate immediately if EC exports were hit. A spokeswoman for the EC Commission said EC External Trade Commissioner Willy De Clercq had written to his U.S. Counterpart special U.S. Trade Representative Clayton Yeutter outlining the concerns of the 12-nation Community. The draft legislation under consideration by Congress would impose permanent quotas on products entering the U.S. and seek to limit any increase to a growth in the overall trade. Reuter | EC CONCERNED OVER U.S. TEXTILE IMPORT MOVES |
Shr loss seven cts vs profit 17 cts Net loss 102000 vs profit 258000 Revs 1695000 vs 1371000 Year Shr loss 33 cts vs profit 26 cts Net loss 488000 vs profit 384000 Revs 6700000 vs 4774000 NOTE: 1986 results include operations of radio stations WJYE-FM for the full year and WNNR-AM for the last six months. Speed-O-Print Business Machines Corp is full name of company. Reuter | SPEED-O-PRINT BUSINESS <SBM> 4TH QTR NET |
Asbestec Industries Inc said its board declared a three-for-two stock split payable April 17 record April Three. Reuter | ASBESTEC INDUSTRIES <ASBS> SETS STOCK SPLIT |
Dataproducts Corp said it received a multi-year contract valued at more than 30 mln dlrs to supply band printers to <Siemens AG> of West Germany. Siemens will use the printers for office applications and for medium to large mainframes Dataproducts said. Reuter | DATAPRODUCTS <DPC> GETS SIEMENS CONTRACT |
Qtly div 20 cts vs 20 cts previously Pay April 15 Record March 23 Reuter | QUAKER OATS CO <OAT> REGULAR DIVIDEND |
Jones and Vining Inc said Vulcan Corp one of its main competitors in the production of shoe lasts has offered to acquire Jones and Vining for five dlrs a share. Jones and Vining said a management effort to take the company private will go ahead at 4.50 dlrs per share. The form of the buyout has not yet been determined and the buyout is subject to a nunber of conditions it said. Jones and Vining said its board believes that a transaction with Vulcan would be difficult to complete but it has asked Vulcan for further information to explore the bid. On January 23 Jones and Vining said its board had recommended that shareholders aprove a management buyout at 4.50 dlrs a share. On February Six Vulcan initially offered to acquire Jones and Vining for five dlrs a share but Jones and Vining dismissed the offer as frivolous and without substance and said the bid failed to comply with provisions of the Securities Act of 1934. Reuter | JONES AND VINING <JNSV> GETS VULCAN <VUL> BID |
Viragen Inc said it is sponsoring clinical studies of Human Leukocyte Interferon Alpha in the treatment of renal cell carcinoma and bladder cell carcinoma. The Food and Drug Administration approved human trials will be conducted on at least 30 patients male and female for each cancer type. Reuter | VIRAGEN <VRGN> STARTS HUMAN TRIALS |
PPG Industries Inc will continue to show earnings growth in 1987 despite a difficult economic climate the company said in its annual report mailed to shareholders today. For 1986 the companys earnings rose five pct to 316 mln dlrs on revenues that increased eight pct to 4.7 billion dlrs. Earnings per share were 2.66 dlrs compared with 2.27 dlrs. The company added that in 1986 its return on equity reached 17.3 pct up from 15.5 pct in 1985 and close to its goal of 18 pct. Reuter | PPG INDUSTRIES <PPG> SEES GROWTH IN 1987 |
Waste Management Inc said it filed a motion in U.S. District Court for the southern district of Ohio to dismiss the counterclaim brought against it by Chemlawn Corp <CHEM>. The litigation relates to Waste Managements cash tender of 27 dlrs a share for all shares of Chemlawn. A hearing on the counterclaim is scheduled for March 19 and 20. Waste Management also said that Chemlawn has offered to supply Waste Management with materials being forwarded by Chemlawn to other potential purchasers of Chemlawn but only if Waste Management agrees to conditions which would result in termination of its current offer and a 120-day standstill on any unnegotiated transaction. Waste Management said it refused to agree to the requested preconditions. The company stated its believe that Chemlawn is obligated to permit it to compete with others to acquire Chemlawn on a fully-informed basis. Waste Managements offer is scheduled to expire March 25. Reuter | WASTE MANAGEMENT <WMX> SEEKS SUIT'S DISMISSAL |
Belgian Budget Minister Guy Verhofstadt has proposed a plan to sell off shares in several state-owned enterprises including national airline Sabena and the postal and telecommunications authority government sources said. They said the plan could raise more than 25 billion francs in revenue over the next five years according to Verhofstadts projections helping the government to reduce its huge budget deficit targetted this year at 418 billion francs. But the scheme had received a guarded reception from the Social Christian parties in Belgiums centre-right coalition when Verhofstadt unveiled it at a cabinet meeting yesterday. Discussion of the plan was likely to be long and difficult the sources said. Verhofstadt proposes beginning the selloffs in the last quarter of 1987 with the sale of 30 to 40 pct of state investment company SNI. He expects the sale to raise three billion francs they added. A 25 pct share in Sabena would be sold in mid-1989 for 1.5 billion francs while 50 pct of the postal and telecommunications authority would be sold off in two stages in mid-1990 and early 1992 raising at least seven billion francs. Also on Verhofstadts list are the Maritime Transport Authority leading gas distributor Distrigaz CGER savings bank CGER and several other credit institutions. Le Soir daily quoted CGER vice-president Paul Henrion as expressing strong opposition to the privatisation of his bank. Public company we are and public company we wish to stay Henrion told the paper. REUTER | BELGIAN MINISTER UNVEILS PRIVATISATION PLAN |
Reichhold Chemicals Inc said it is raising the prices of its Emulsion Polymers Divisions styrene-based latexes for nowovens textiles adhesives and other specialty end uses effective April nine. The increases range between three and nine cts per dry pound. Reuter | REICHOLD CHEMICALS <RCI> INCREASES PRICES |
Chrysler Corp said it will use a product designed by Telecredit Incs Light Signatures Inc unit to prevent counterfeit automotive parts. Light Signatures will provide coded warranty labels for Chryslers replacement parts. The system will first be used for glass and then expanded to other products. Parts replaced by independent repair shops and containing the coded warranty label will be tested by Chrysler dealers to ensure authenticity. The company also said the system will tracks each piece of warranty glass distributed by Chrysler. Reuter | CHRYSLER <C> TO USE TELECREDIT <TCRD> PRODUCT |
Shr 24 cts vs 13 cts Net 704803 vs 385081 Revs 5669682 vs 4142095 Reuter | SCIENCE DYNAMICS CORP <SIDY> YEAR NET |
Avery Inc said it began a public offering of two mln shars at 50.25 dlrs per shares. PUrchasers of the shares are entitled to get one additional share for each share purchased to give effect to the two-for-one stock split approved by the board February 26. There are about 19.9 mln shares outstanding on a presplit basis it said. Proceeds will be used to reduce borrowings and other general purposes. Reuter | AVERY <AVY> IN OFFERING |
Shr 42 cts vs 35 cts Net 570000 vs 476000 Sales 122.4 mln vs 123.1 mln NOTEL Prior year net includes pretax charge 453000 dlrs for reopening of eight stores. Reuter | FOODARAMA SUPERMARKETS INC <FSM> 1ST QTR JAN 31 |
Qtr ends Jan 31 Shr four cts vs 12 cts Net 102508 vs 264910 Revs 2278083 vs 2536312 Nine mths Shr 18 cts vs 15 cts Net 489253 vs 404877 Revs 6679745 vs 6613551 NOTE: Excludes discontinued operations gain of 40519 dlrs in the third quarter fiscal 1986 and loss of 9666 dlrs in the nine months fiscal 1986. Reuter | ENGINEERING MEASUREMENTS CO <EMCO> 3RD QTR NET |
Shr one ct vs 24 cts Net 43000 vs 1032000 Revs 10 mln vs 4.9 mln Avg shrs 3.7 mln vs 4.3 mln 12 mths Shr 1.02 dlrs vs 1.62 dlrs Net 3950000 vs 7308000 Revs 30.8 mln vs 33.3 mln Avg shrs 3.9 mln vs 4.5 mln NOTE: 1985 restated to reflect tax loss carryforwards. Reuter | BOOTHE FINANCIAL CORP <BCMP> 4TH QTR NET |
Qtly div 37-1/2 cts vs 37-1/2 cts prior Pay May 15 Record April 15 Reuter | CONSOLIDATED NATURAL GAS CO <CNG> IN PAYOUT |
Qtly div six cts vs six cts prior Pay March 31 Record March 20 Reuter | SANDUSKY PLASTICS INC <SPI> SETS QUARTERLY |
IC Industries Inc called for redemption 113.6 mln dlrs worth of securities. IC said it will redeem 69 mln dlrs in 14 pct guaranteed notes seven pct Swiss Franc notes of Abex International worth 40 mln Swiss francs (26.2 mln dlrs) and 18.4 mln dlrs of 11-5/8 pct Pneumo subordinated sinking fund debentures. The guaranteed notes will be redeemed May 15 at a redemption price of 100.5 pct. The Swiss Franc notes will be redeemed July 12 at 100.5 pct. The debentures will be redeemed June one with 5.75 mln dlrs to be redeemed at 100 pct and the balance to be redeemed at 102.33 pct. Reuter | IC INDUSTRIES <ICX> TO REDEEM SECURITIES |
Rexnord nc said it signed a definitive agreement to sell its Railway Maintenance Equipment Co subsidiary to Banner Industries Inc. Terms were withheld. It said Railway Maintenance had 1986 sales of 16 mln dlrs and employs 100 people. Rexnord said the sale is part of a major program to divest several of its businesses representing about 200 mln dlrs in net assets. Still to be divested are the Process Machinery Division with sales of 137 mln dlrs and Mathews Conveyer Co with sales of 83 mln dlrs. Reuter | REXNORD <REX> TO SELL RAILWAY EQUIPMENT UNIT |
Lone Star Industries Inc said it signed an agreement to buy or lease five import cement terminals from Hanson Industries <HAN> Kaiser Cement Corp. Terms of the agreement were not disclosed. Lone Star said three of the terminals are located in Alaska one in Seattle and the other in Portland Ore. Reuter | LONE STAR <LCE> TO ADD FIVE CEMENT TERMINALS |
The overall area devoted to sugar beet in Europe is forecast to remain stagnant this year at 7.22 mln hectares compared with 7.21 mln ha in 1986 West German statistician F.O. Licht said. It was feared that the recent steep rise in sugar prices would have a marked effect on planting intentions this year Licht said but judging by this first estimate the effect was probably minimal. The total beet area in the European Community is forecast to fall two pct to 1.85 mln ha against 1.89 mln in 1986. The total Western Europe area is put at 2.49 mln ha against 2.50 mln in 1986. Eastern Europe area is forecast at 4.73 mln ha against 4.72 mln. Individual West Europe country estimates in 1000 hectares (with 1986 figures in brackets) are Belgium/Luxembourg 114 (118) Denmark 69 (69) France 419 (421) Greece 35 (44) Ireland 36 (38) Italy 270 (275) Netherlands 129 (138) Portugal 1 (1) Spain 192 (190) U.K. 200 (201) West Germany 385 (399) Austria 32 (28) Finland 30 (31) Sweden 51 (52) Switzerland 15 (14) Turkey 355 (340) Yugoslavia 160 (136). Eastern Europe plantings are forecast as follows USSR 3400 (3440) Albania 10 (9) Bulgaria 52 (50) Czechoslovakia 195 (196) East Germany 210 (205) Hungary 108 (96) Poland 460 (440) Romania 295 (280). On the basis of average yields this year Licht said these area forecasts pointed to a total European beet sugar crop in 1987/88 of 29.8 mln tonnes raw value down from 31.4 mln tonnes in 1986/87. Licht said sugar yields were fairly high last season thanks to favourable weather and this increases the chances of a significant reduction in production in 1987/88. Based on average yields EC beet sugar production could fall nearly 10 pct this year to 13.5 mln tonnes from 14.9 mln in 1986/87 while total Western Europe production could be 16.9 mln tonnes against 18.1 mln. Eastern Europe production could be 12.9 mln tonnes against 13.3 mln in 1986/87. Reuter | LICHT SEES STAGNANT EUROPEAN BEET AREA |
Britain will from next autumn mint and market a new bullion coin called the Britannia containing one ounce of 24 carat gold together with bullion coins of smaller denominations a Treasury official said. The new investment coin to be sold worldwide will fluctuate in price according to the international price of gold. The smaller coins will be in denominations of a half ounce a quarter ounce and a tenth of an ounce. REUTER | BRITAIN TO MINT NEW "BRITANNIA" GOLD COIN |
Benihana National Corp said it signed a letter of intent with <Tishman Realty and Construction Co Inc> to build a teppanyaki-style restaurant at the Hilton Hotel at Walt Disney World Village in Lake Buena Vista Fal. Benihana National said it currently owns and operates 16 teppanyaki-style restaurants under license from its parent <Benihana of Tokyo Inc>. Reuter | BENIHANA <BNHN> TO BUILD RESTAURANT IN FLORIDA |
Attorney General Edwin Meese said he saw some benefit in the proposed purchase of American Motors Co <AMO> By Chrysler Corp <C> in that it would return the smallest of the U.S. auto manufacturers to American hands. Meese told the House Appropriations Subcommittee that consideration would be part of the Justice Departments review of the proposed merger. He said the agency has not yet received a formal notice of the merger which would start the review process. Chrysler has made a 1.3 billion dlr bid to buy AMC from its French parent Renault. I think one of the things that has to be recognized in that merger is that it appears at least that a good portion of the ownership of American Motors which has been in overseas hands will be put back in American hands Meese told the subcommittee. That may be one of the factors that would be weighed in the judgment he added. Renault currently holds about 46 pct of AMC. Reuter | MEESE SEES A PLUS IN CHRYSLER-AMC MERGER |
Dutch members of parliament said they could do little to help resolve the dispute over redundancies in Rotterdam ports general cargo sector and urged the union and employers to sort out their differences themselves. Both sides gave evidence to the all-party standing committee on Social Affairs today but committee members said they saw little chance of parliamentary intervention. The dispute began on January 19 in protest at employers plans for 800 redundancies from the 4000-strong workforce starting with 350 this year. The port and transport union FNV is to challenge the redundancies in an Amsterdam court tomorrow. Reuter | DUTCH PARLIAMENT OFFERS LITTLE HELP IN PORT ROW |
Martin Sosnoff who has offered to buy Caesars World Inc for 28 dlrs a share said senior officials of the company have offered to buy back the Caesars stake he already holds now 13.6 pct of the total outstanding. In a filing with the Securities and Exchange Commission Sosnoff a New York investor and money manager said the offers to buy back his stock occurred on several occasions during the past year. The offers were made by several Caesars World representatives including its chairman Henry Gluck he said. Sosnoff said he rejected all of the proposals. The Caesars World official suggested various forms of payment for Sosnoffs stake including other securities of the company and cash he said. Sosnoff did not detail the value of the proposed compensation. Also suggested was a deal involving put and call option regarding Sosnoffs Caesars World holdings he said. The proposed deals would have also included a standstill agreement which would have restricted Sosnoffs right to buy more Caesars World stock or to take any action adverse to incumbent management he said. Sosnoffs report on the offers he received for his Caesars World shares were amended to his official offer to purchase the company as well as reported to the SEC. Sosnoff now holds about 4.1 mln Caesars World shares or 13.6 pct of the companys 30 mln shares outstanding. The Sosnoff offer to buy the shares of the company he does not already hold has been valued at 725.2 mln dlrs. Reuter | SOSNOFF SAYS CAESARS <CAW> OFFERED STOCK BUYBACK |
Lured by the weakening dollar and the conviction that oil prices are poised for a rebound European energy companies are buying up cheap U.S. oil and gas reserves to replenish their supplies oil industry analysts said. They said owning oil reserves in a politically stable United States is good insurance against future shortages. However the quick pace of foreign investment has heated up competition among European firms well-heeled U.S. institutional investors and major oil companies to snare choice domestic oil properties. Strevig and Associates a Houston firm that tracks oil and gas reserve sales said growing interest among foreign buyers had helped push reserve prices in recent months higher. All buyers of U.S. reserves paid a median price of 6.45 dlrs a barrel of oil during the fourth quarter of 1986 for acquisitions up from 5.33 dlrs in the third quarter and five dlrs in the second quarter according to the firms research. Foreign investors have been here nibbling a long time but were seeing new names and smaller companies coming in said Arthur Smith an oil property appraisal specialist and president of John S. Herold Inc in Greenwich Conn. Europeans especially do not have much indigenous oil and gas and realize the tide will eventually turn in favor of the Organization of Petroleum Exporting Countries he added. Smith and other oil industry analyst and economists believe the trend in foreign investments will continue in 1987 because of the fall in value of the U.S. dollar the perception that oil prices have hit bottom and the fact that it is cheaper to buy new reserves than to explore for them. Plenty of properties are available on the market thanks to the need of many companies to raise cash for debt payments and general restructuring throughout the oilpatch. In two of the biggest transactions of recent months French-owned Minatome Corp. a unit of <Total Compagnie Francaise des Petroles> spent more than 230 mln dlrs to separately acquire oil assets of Texas International <TEICC> and Lear Petroleum Partners <LPP>. A spokesman for Minatome said the company is searching for additional acquisitions. A partnership of two Belgian-owned firms <Petrofina S.A.> and <Cometra Oil S.A.> paid 150 mln dlrs late last year to buy virtually all the exploration assets of the Williams Cos <WMB> the Oklahoma pipeline firm. But Japanese investors prefer entering into joint ventures with experienced U.S. companies to explore for new oil. Japans <Nippon Oil> is a partner of Texaco Incs <TX> Texaco USA in a 100 mln dlrs U.S. drilling program and has joined with Duponts <DD> Conoco Inc in a similar 135 dlrs mln deal. Most buyers said the pay-back period of a property its geographic location and the lifting cost of the crude oil are more important factors in evaluating potential acquisitions than relying on a simple price-per-barrel formula. Rich Hodges a Houston-based land manager representing International Oil and Gas Corp a partnership of <Preussag Corp> and <C. Deilmann Inc> of West Germany said the firm had earmarked at least 50 mln dlrs to spend on oil reserves in Texas Oklahoma or Louisiana in the coming months. But he called that a small amount compared to the amount other investors have for acquisitions. PaineWebbers Geodyne Energy Income Fund for example has said it plans to spend up to 300 mln dlrs on oil and gas properties. The competition is stiff not only from other foreign investors but from the brokerage houses and U.S. oil companies he said. Our company is shopping around because we feel its substantially less risky than pure exploration. If youre going to take the risk inherent in exploration you need prices higher than the current market he added. In addition to the foreign investors and U.S. brokerage houses analysts said many of the major oil companies were also competing for prime properties. Houston-based Shell Oil Co a unit of Royal Dutch/Shell Group <RD> has been one of the most active companies in buying and selling reserves Smith said. Since 1982 Shell has acquired two billion dlrs in new reserves including 470 mln barrels of oil equivalent at a net cost of 2.80 dlrs a barrel he said. Buying reserves is a good strategy for most of these companies Smith said. Domestic production has dropped by one mln barrels a day because of cutbacks in drilling and it may drop by another one mln barrels a day in 1988. Reuter | ENERGY/FOREIGN INVESTORS |
CBT BOARD OF DIRECTORS POSTPONES LAUNCH OF NIGHT TRADING UNTIL APRIL 30, EXCHANGE SAYS |
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A meeting of leading politicians bankers and economists has forecast Austrian real gross domestic product growth for this year at between 0.5 and 1.5 pct a government spokesman said. This compared with a two pct growth forecast made by the semi-official Institute for Economic Research (WIFO) last December. Helmut Kramer spokesman for Chancellor Franz Vranitzky told Reuters that the forecast had been made during the meeting attended by Vranitzky Finance Minister Ferdinand Lacina National Bank President Stefan Koren and a WIFO representative. Economists have been cutting growth forecasts recently mainly due to expectations of a poor export performance this year notably to Eastern Europe and oil exporting states. Hannes Androsch general director of Creditanstalt-Bankverein <CABV.VI> today put 1987 GDP growth at between one and 1.5 pct. Kramer also said the meeting had heard that unemployment for the year would be above the 5.5 pct forecast but was unlikely to be more than six pct. REUTER | AUSTRIAN 1987 GROWTH SEEN BETWEEN 0.5 AND 1.5 PCT |
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