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Australia expects meat and livestock exports to the Middle East to maintain an upward trend this year managing director of the Australian Meat and Livestock Corp Peter Frawley said. He told Reuters an improvement in the economic climate and less competition from the European Community should lead in the Gulf area to higher beef sales which dropped from 33000 tonnes in 1980 to just 2300 tonnes last year. In the last three to four months there has been a resurgence of inquiries he said. Frawley is on a Gulf tour which will also take him to Saudi Arabia the United Arab Emirates and Kuwait to assess market potential. On beef exports he said a 50 pct drop in European Community intervention stock in the past 12 months would help Australian sales. The fall meant the EC was not as aggressive in these markets where the Australian trade was the natural source of supply and Australia was now back in Frawley said. He said there was a debate in Australia as to whether the Middle East market for livestock which accounts for two-thirds of meat export value to the area would be maintained. He believed the trade would remain with a continuing demand for fresh meat. The number of live sheep shipped last year to Saudi Arabia the biggest single market was 3214159 compared with 2939226 in 1985. The numbers shipped to the United Arab Emirates and Bahrain fell however. Frawley said the slackening in demand in the Gulf had been offset by other Arab countries around the Mediterranean. Other than livestock Australias overall meat sales to the Middle East rose to 72374 tonnes in 1986 from 52403 tonnes the previous year largely due to the sale of 25790 tonnes of mutton and lamb to Iran. Australia sold 9824 tonnes to Iran in 1985 after being virtually excluded by New Zealand competition for several years. Frawley said the 1986 sale contract had included a barter provision but Iran had paid in full in cash. Negotiations with the Iranians for 1987 shipments were currently under way with Iran again seeking credit and barter provisions he said. Frawley said there had been a tremendous growth in demand for chilled lamb in the last four to five years and he predicted this would continue. The Middle East and the Gulf in particular is now Australias largest market for lamb chilled and flown in. Australia is in an ideal position to provide the supplies if the market is willing to pay a premium for a fresh young product he said. REUTER | AUSTRALIA EXPECTS RISE IN MEAT EXPORTS TO MIDEAST |
The Kingdom of Belgium is issuing 100 mln Swiss francs of 10-year bullet notes with a 4-3/4 pct coupon and 100-3/4 issue price lead manager Kredietbank (Suisse) SA said. Payment is due March 31. Denominations are 50000 francs. REUTER | BELGIUM PLACING 100 MLN SWISS FRANC NOTES |
Indias raw cotton export quota has been raised by 190000 170-kg bales to 600000 bales in 1986/87 ending August still well below the 1985/86 quota of 1.35 mln bales Minister of State for Textiles R.N. Mirdha said. State and private agencies contracted to export 1.34 mln bales in 1985/86 he told journalists. But only 433000 bales were shipped that year with the rest to be delivered in 1986/87. About 758000 bales from 1985/86 contracts were shipped up to February 2 in 1986/87. The government will export 600000 bales of long and extra- long staple cotton in the three years from 1986/87 he said. REUTER | INDIA 1986/87 COTTON EXPORT QUOTA UP 190,000 BALES |
Denmark Norway and Sweden have jointly proposed deregulating air fares between Scandinavia and the U.S. In exchange for greater access to the domestic U.S. Airline market Norwegian officials said. The proposal handed to federal aviation authorities in Washington by a delegation from the three countries transport ministries was seen in the industry as a major concession to demands by U.S. Airlines to deregulate air fares to Scandinavia. The scheme in return requests the <Scandinavian Airlines System> owned by Sweden Denmark and Norways governments be allowed to compete freely and fairly in the U.S. Market. SAS the only Scandinavian airline flying transatlantic routes to the U.S. Is currently allowed to land at only four U.S. Cities and has no commercial routes within the U.S. SAS has long held that regulations allowing U.S. Airlines connecting flights from international to regional airports within Scandinavia have given these companies an advantage denied to SAS in the United States. Initial U.S. Reaction to the proposal has been positive officials said. Industry sources added that if approved the scheme would likely lower air fares dramatically between Scandinavia and the U.S. REUTER | SCANDINAVIA PROPOSES DEREGULATING U.S. AIR FARES |
Consolidated attributable net 1986 profit 360 mln francs vs 279.8 mln. Parent company net profit 191 mln vs 150.9 mln. REUTER | STE LYONNAISE DES EAUX <LYOE.PA> YEAR ENDED DEC 31 |
Consolidated attributable net profit of Ste Lyonnaise des Eaux <LYOE.PA> is likely to rise by at least 10 pct this year from the 360 mln francs reported for 1986 Chairman Jerome Monod told a news conference. Group turnover should rise about seven pct from the 15.7 mln reported for this year while group investments should total around 1.8 billion francs somewhat above the 1.3 billion annual average of the past three years he added. Investments will be aimed mainly at developing the groups leisure industry health and communications activities Monod said. In the leisure sector the group planned a joint development with Club Mediterranee <CMI.PA> Club Med of a 200 hectare pleasure park at Puisaye in the Yonne department of Eastern Central France he said. Wholly-owned subsidiary Lyonnaise de Developpement Touristique would carry out the construction work and financial planning of the development which would be leased to Club Med as operator of the complex he said. He gave no financial details but said leisure sector investments would total about 100 mln francs over the next three years. Investments in the communications industry would go mainly to develop the groups cable television activities and its 25 pct owned Metropole Television affiliate. Metropole recently won the concession to operate a sixth television channel in France. Financing requirement of Metropole would be about 700 mln francs over the next four years of which Lyonaise des Eaux would provide about 175 mln Monod said. Monod said Metropole aimed to win a 15 to 20 pct audience share and to capture about 10 pct of the national television advertising market. Total investment by the group in the communications sector including cable activities would be between 300 mln and 400 mln francs over the next five years mainly concentrated in the coming year. Investment in cable operations would total between 150 mln and 200 mln over the five years with the aim of widening the audience to 280000 subscribers from 12000 and boosting turnover to around 450 mln francs a year from 10 mln. REUTER | LYONNAISE DES EAUX FORECASTS 1987 PROFIT RISE |
Great Universal Stores Plc <GUS.L> said it has made an agreed offer for <Pantherella Plc> valuing the company at 8.2 mln stg and each Pantherella ordinary share at 205 pence. The offer is based on eight new A non voting ordinary shares in GUS plus 95.16 stg for every 100 ordinary Pantherella. The new GUS shares will not receive the eight pence per share interim dividend in respect of the year ending March 1987 the statement said. GUS has received irrevocable undertakings to accept the offer in respect of 39.1 pct of Pantherella shares from the companys directors and their families. The Pantherella board estimates the company which manufactures socks will show a 1986 pretax profit of about 690000 stg. REUTER | GUS MAKES 8.2 MLN STG AGREED OFFER FOR PANTHERELLA |
IBM Deutschland GmbH <IBM.F> the West German subsidiary of International Business Machines Corp <IBM.N> said its turnover fell nine pct to 12.0 billion marks in 1986 as a result of currency factors weaker demand in the second half and stiff price competition. IBM Deutschland planned to strengthen its software and service activities in future to ensure growth remained at desired levels in the medium term managing board chairman Hans-Olaf Henkel said. He gave no 1986 profit figures. Domestic turnover fell 12.7 pct to 7.2 billion marks while exports declined 3.2 pct to 4.8 billion. Most of IBM Deutschlands exports go to IBM companies in other countries. Henkel said volume sales had been positive overall especially in the large computer and personal computer sectors. However at the same time fierce international competition worldwide overcapacity and currency movements had reduced large computer prices for IBM Deutschland by some 23 pct. In January Henkel said the annual growth rate of the German computer market may in the long term be less than 10 pct well below the 20 pct expansion originally forecast. REUTER | GERMAN IBM REPORTS NINE PCT DROP IN TURNOVER IN 1986 |
Japan is ready to discuss bank regulation and capital adequacy with western monetary authorities but cannot say when or how joint rules can be agreed Japanese vice-minister of finance for international affairs Toyoo Gyohten said. He told a Nikkei conference on Tokyo financial markets that Japan viewed a January outline agreement between the Bank of England and U.S. Regulatory authorities as significant. The accord setting joint rules on capital adequacy was criticised in financial markets for excluding Japan thus putting U.S. And U.K. Banks at a disadvantage to Japanese banks I am pleased to say that we are prepared to work with British and American regulators Gyohten said. He added that preliminary contacts had already been made in the margin of the Bank for International Settlements (BIS) in Basle where central bank governors of western nations meet every month. But proper negotiations were still some way off. We have to start learning about the different situations in each country before we can start working towards joint rules he said. I cant predict when or how we will reach conclusions he added. REUTER | JAPAN READY TO DISCUSS BANK REGULATION |
Avalanches landslides and floods have killed almost 100 people since the start of the year in the Soviet Transcaucasian republic of Georgia the official daily Sotsialisticheskaya Industriya said. Some 16000 people have been left homeless and 80000 hectares of arable land and plantations rendered useless the newspaper said. The figures are still preliminary but it estimated total losses at over 300 mln roubles. It said a large number of livestock and birds were killed in the natural disaster and more than 1800 km of roads needed repairing. REUTER | GEORGIAN AVALANCHES AND FLOODS BRING DEATHS |
Shr loss 17.4 H.K. Cents (no comparison) Dividend nil (no comparison) Net loss 11.49 mln dlrs. Notes - Net excluded extraordinary losses 27.91 mln dlrs. Property valuation reserve surplus 67 mln dlrs. Results reflected trading in subsidiary <Humphreys Estate Group> but excluded influence of a bulk of properties which the firm bought late last year from Hongkong Land Co Ltd <HKLD.HK> for 1.4 billion dlrs. Company controlled by Bond Corp Holdings Ltd of Australia. REUTER | <BOND CORP INTERNATIONAL LTD> NINE MOS TO DEC 31 |
Rowntree Mackintosh Plc <RWNT.L> is issuing a 55 mln stg eurobond due March 31 2002 paying an indicated coupon of 4-1/2 pct to five pct and priced at par lead manager J Henry Schroder Wagg and Co Ltd said. Final terms on the issue will be fixed by March 16. Denominations are 1000 stg and listing will be London. There is a put option on March 31 1992 to yield 8-1/2 to nine pct and the bond is also callable by the borrower until March 31 1988 at 106 pct declining by one pct per annum thereafter to par. However the call will not be before 1992. REUTER | ROWNTREE ISSUES CONVERTIBLE EUROSTERLING BOND |
The net position of federal states worsened in the first March week cutting public authority net holdings at the Bundesbank by 500 mln marks the central bank said. States cash deposits at the central bank fell to 800 mln and they also drew down 1.2 billion marks in book credit 900 mln marks more than in the prior week. By contrast however the federal government was able to reduce its credit drawdown at the central bank by 900 mln marks to 900 mln. Despite the stronger states net needs in the week their cash position and other market dependent influences just about balanced the outflow of liquidity from the money market through an increase in cash in circulation the Bundesbank said. Cash in circulation rose by 1.4 billion marks in the week to 122.9 billion. Liquidity also came in through the maturing of short-term treasury bills bought from the Bundesbank in the prior week. Gross currency reserves rose in the week by 400 mln marks to 109.9 billion. Foreign liabilities of the Bundesbank were largely unchanged at 22.8 billion marks giving a rise in net currency reserves of 400 mln to 87.0 billion it said. The Bundesbank said its balance sheet total fell by 3.77 billion in the week to 218.45 billion. REUTER | GERMAN PUBLIC AUTHORITY BUNDESBANK HOLDINGS FALL |
CANADA JANUARY TRADE SURPLUS 533 MLN DLRS AFTER DECEMBER 965 MLN DLRS SURPLUS |
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Canada had a trade surplus of 533 mln dlrs in January compared with an upward revised 965 mln dlrs surplus in December Statistics Canada said. The December surplus originally was reported at 964 mln dlrs. The January surplus last year was 1.19 billion dlrs. January exports seasonally adjusted were 9.72 billion dlrs against 10.39 billion in December and 10.89 billion in January 1986. January imports were 9.19 billion dlrs against 9.43 billion in December and 9.71 billion in January 1986. Reuter | CANADA JANUARY TRADE SURPLUS 533 MLN DLRS |
Toyota Motor Credit Corp is issuing a 23 billion yen eurobond due April 10 1992 paying 4-1/2 pct and priced at 101-1/2 pct lead manager Nomura International Ltd said. The bond is available in denominations of one mln yen and will be listed in Luxembourg. Payment is April 10. Fees comprise 1-1/4 pct selling concession and 5/8 pct for management and underwriting combined. REUTER | TOYOTA MOTOR CREDIT ISSUES 23 BILLION YEN BOND |
Hungary is to grow sugar beet on 105000 hectares of land this year compared with some 95000 in 1986 the official MTI news agency said. Diplomats said this reflected Hungarys policy of keeping the sugar beet area stable under the current five-year plan (1985-89) and producing enough to cover only domestic demand despite the recent rise of world prices to 10 month highs. Drought cut the 1986 harvest to 3.58 mln tonnes from 4.07 mln in 1985. But a record yield of 130 kilos per tonne of beet kept production at 454000 tonnes with 30000 extra refined in Yugoslavia from Hungarian beet. Output was 483000 in 1985. REUTER | HUNGARIAN 1987 SUGAR BEET AREA LITTLE CHANGED |
Salomon Brothers international inc said it has raised the size of its Collateralised Mortgage Obligation TRUST 23 to 350 mln dlrs from the 228 mln dlrs announced yesterday. All other terms of the issue remain the same Salomon said. REUTER | SALOMON RAISES SIZE OF CMO TO 350 MLN DLRS |
The Bank of Japan will sell tomorrow 200 billion yen of financing bills under a 50-day repurchase agreement maturing on May 2 to help absorb a projected money market surplus due largely to distribution of local allocation tax ahead of the March 31 fiscal year-end money traders said. The yield on the bills for sales to banks and securities houses from money houses will be 3.9496 pct against the 3.9375 pct discount rate for two-month commercial bills and the 4.46/37 pct yield today on two-month certificates of deposit. The operation will put outstanding bill supply at about 1500 billion yen. REUTER | JAPAN TO SELL 200 BILLION YEN IN BILLS, TRADERS |
<Kidston Gold Mines Ltd> attributed the rise in 1986 net profit to higher prices and an increase in gold sales to 237969 ounces from 206467 ounces in 1985. The <Placer Development Ltd> offshoot which operates Australias largest gold mine in North Queensland earlier reported net profit rose to 60.50 mln dlrs from 50.76 mln in the 1985 period of 10 months from the start of production. Sales of silver also rose to 165968 ounces from 109516. Kidston said in a statement it will spend about 5.5 mln dlrs to upgrade its mill grinding circuit to a mill-ball mill-crushing circuit to boost output by 25 pct from end-1987. REUTER | KIDSTON SAYS HIGHER NET REFLECTS GOLD SALE RISE |
Swedens second largest bank Svenska Handelsbanken <SHBS.S> said it will launch trading in share futures with fixed maturity dates from March 19. Trading will start in four stocks -- Svenska Cellulosa AB <SCAB.S> (SCA) Forsakrings AB Skandia <SKDS.S> AB Volvo <VOLV.S> and Pharmacia AB <PHAB.S>. Each futures contract is for 1000 shares and with fixed terms of three and six months. The bank did not say whether the futures instruments will be open to foreign investors who are only allowed to own so-called unrestricted shares in Swedish companies. The Swedish Central Bank last month gave the go-ahead for foreigners to trade in share options but said such approval will only be given on an individual basis. The Handelsbanken scheme aimed at mainly institutional investors is only the latest of several novelties introduced on Swedens fast-growing financial markets in recent years. The countrys private options exchange is already the worlds fifth largest and tomorrow a rival market the Sweden Options and Futures Exchange (SOFE) will begin trading. SOFE will also launch a market for share index futures this spring. REUTER | SVENSKA HANDELSBANKEN TO START FUTURES TRADING |
The tin price is likely to rise to 20 ringgit a kilo this year because of the producers accord on export quotas and the reluctance of brokers and banks to sell the metal at lower prices a Malaysian government bulletin said. The Malaysian Tin bulletin said it is in producers interest to keep to their quotas to limit total exports to 90000 tonnes and to gradually deplete the 80000 tonnes overhang. It said consumption by industrialised countries should stay at 160000 tonnes and that International Tin Council creditors and brokers are not likely to dump their stocks excessively unless there is a large and abrupt price jump. The continued depreciation of the dollar could also help push up the price of tin the bulletin said. A depreciation of the dollar means the depreciation of the ringgit which is closely pegged to it making the price of tin cheaper in sterling terms it added. Even in the absence of economic rationale in the tin market psychological optimism alone is sufficient to secure a price recovery of up to 20 ringgit per kilo the bulletin said. REUTER | BULLETIN SAYS TIN PRICE MAY RISE TO 20 RINGGIT |
Shr 48.4 cents vs 40.6 Yr div 37 cents vs 15 Net 60.50 mln dlrs vs 50.76 mln Turnover 134.54 mln vs 100.63 mln Other income 1.02 mln vs 920000 Shrs 125 mln vs same. NOTE - Company paid total 37 cents in previously declared quarterly divs vs 15. Net is after tax 173000 dlrs vs 285000 interest 9.67 mln vs 8.05 mln and depreciation 11.76 mln vs 9.59 mln. REUTER | <KIDSTON GOLD MINES LTD> 1986 YEAR |
The Soviet Union carried out a nuclear test early today the official Tass news agency reported. According to the report monitored by the British Broadcasting Corporation the explosion was at 0200 gmt. A blast on February 26 ended a 19-month unilateral test moratorium declared by the Soviet Union. Moscow blamed the end of the freeze on U.S. Refusal to join a total test ban. Tass said the latest explosion with a power of up to 20 kilotonnes had the aim of improving military equipment. REUTER | MOSCOW CARRIES OUT NUCLEAR TEST |
China has closed the second round of bidding by foreign firms for offshore oil exploration rights the China Daily has reported. It quoted a spokesman for the China National Offshore Oil Corp (CNOOC) as saying China signed eight contracts with 15 foreign firms for blocks in the Pearl River mouth and south Yellow Sea covering a total area of 44913 sq km. Second round bidding began at the end of 1984 and only one well has so far produced results -- Lufeng 13-1-1 250 km south-east of Shenzhen with an output of 6770 barrels a day. The well was drilled by a group of Japanese companies. The spokesman added CNOOC was ready to enter into contracts for offshore blocks before third round bidding began. He did not say when this would be but added the contracts would not be bound by restrictions imposed during the second round. China has signed 36 oil contracts and agreements with 37 companies from 10 countries since 1979 when offshore exploration was open to foreigners. Eleven contracts were terminated after no oil was discovered. Foreign firms have invested 2.1 billion dlrs on offshore China since 1979. REUTER | CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS |
Ecuador stricken by a severe earthquake is seeking through negotiations with private foreign banks to postpone all payments due to them for the rest of the year Finance Minister Domingo Cordovez said. He said in a statement The idea with the foreign banks is to obtain from them the best terms to give the Ecuadorean economy a complete relief in the period of deferral of payments on the foreign debt during the present year. The statement referred only to payments due to private foreign banks a senior government finance official told Reuters. These creditors hold two-thirds of Ecuadors foreign debt which totals 8.16 billion dlrs. It did not refer to debts maturing to foreign governments and multilateral lending agencies accounting for the remainder of Ecuadors foreign debt the official said. He said Ecuador owed the private foreign banks between 450 and 500 mln dlrs in interest payments for the rest of 1987 and about 66 mln in principal payments maturing this year. Cordovez said Ecuador would seek new loans from multilateral organisations. A World Bank mission was due here soon to evaluate emergency loans government officials said. Ecuador has also appealed for emergency aid from about 40 foreign governments. Government officials have calculated losses to the 1987 budget from last Thursdays earthquake at 926 mln dlrs. In 1986 Ecuadors total service on the foreign debt was about 996 mln dlrs to all creditors. The quake ruptured Ecuadors main oil pipeline suspending crude exports for five months until the line is repaired. Oil accounts for up to two-thirds of its total exports and up to 60 pct of total revenues. Before the tremor Ecuador suspended interest payments on January 31 to private foreign banks. Officials said they stopped interest payments due to a cash-flow squeeze stemming from a slide in world oil prices which cut 1986 exports by about 25 pct to 2.18 billion dlrs. Ecuadorean finance officials have been in telephone contact every day this week with some of the banks who sit on its 14-bank advisory committee the senior government finance official said. The committee represents the countrys 400 or so private foreign bank creditors. Cordovez also said in the statement The banks should perceive that it is impossible at this moment to comply with what was forseen. Cordovez added Ecuador must make a new proposal in line with the reality since the earthquake by seeking better options of deferment and of softening the negotiation conditions. Interest payments fall due at least monthly to private foreign banks. Ecuadors initial proposal earlier this year was to make only one semi-annual or one annual interest payment this year. Under this proposal it sought to defer interest payments until June at the earliest foreign bankers and government officials here said. Ecuadorean officials held their last formal meeting with the advisory committee in New York in January but the negotiations were suspended on January 16 due to the 12-hour kidnapping of President Leon Febres Cordero by air force paratroopers. The Red Cross says that least 300 people died and at least 4000 are missing due to the earthquake. REUTER | ECUADOR SEEKS HALT TO PAYMENTS TO BANKS IN 1987 |
The Bank of England does not favour the introduction of rules to shield companies from hostile takeover attempts its governor Robin Leigh-Pemberton said. Instead merchant banks advising bidding companies must show restraint and responsibility to avoid the excesses that have marred recent takeovers he told the Yorkshire and Humberside Regional Confederation of British Industries annual dinner. Leigh-Pemberton also called on companies to improve ties with institutional investors suggesting representatives of those institutions be granted seats on the boards of directors of companies they invest in. Boards cannot expect protection from unwelcome predators for that is but a short step from saying that they should be protected from their own shareholders -- who are after all the proprietors of the company Leigh-Pemberton said. He added takeovers and mergers had an important role to play in furthering economies of scale integration and more efficient market penetration. The degree of success or failure (of a takeover) has not in my experience depended on whether or not the takeover was contested he said. Leigh-Pemberton noted there had been excesses in takeover activity in the recent past. The aim is to pressurise a companys management into action dedicated solely to a favourable impact on the share price in the short-term partly or even primarily at the expense of the future he said. Such bids often depend for their success on creating a highly-charged and artificial situation in the share market and give rise to temptations on both sides of the battle to engage in aggressive even manipulative tactics that are immensely damaging to the interest of the shareholders he said. In a clear reference recent events he said those in the City who act for companies or individuals .. Must I suggest be ready to accept a full measure of responsibility -- even if it entails opprobrium -- for the transactions that may result. They should exercise the most careful judgment at the outset with respect to the clients for whom they act and the activities contenplated. Those who sow wind cannot expect the whirlwind to visit elsewhere he added. REUTER | LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES |
Japan has relaxed its limit on the establishment of securities company outlets in order to service a growing number of individual investors the Finance Ministry said. Japanese securities companies can now set up as many as 21 new outlets in the two years before March 31 1989 against the previous maximum of 13. The rules apply to outlets in department stores supermarkets and other locations convenient for individuals. Foreign securities firms are not affected by the ruling it said. REUTER | JAPAN RELAXES RULES ON SECURITIES COMPANY OUTLETS |
Ecuador will ask OPEC to raise its oil export quota by 100000 barrels per day to 310000 to compensate for lost output due to last weeks earthquake deputy Energy Minister Fernando Santos Alvite said. Santos Alvite who arrived in Caracas last night to discuss an aid plan for Ecuador did not say when the Organisation of Petroleum Exporting Countries (OPEC) would be approached. The additional output would be related to plans now under discussion for Venezuela and Mexico to lend Ecuador crude while it repairs a pipeline damaged by the quake. Earlier Venezuelan Energy and Mines Minister Aturo Hernandez Grisanti said his country would supply an unspecified part of Ecuadors export commitments. But Santos Alvite told reporters he hoped a first cargo of 300000 barrels could leave Maracaibo this weekend to supply refineries near Guayaquil. He added Ecuador also wanted to make up for 50000 bpd it shipped to Caribbean destinations. Mexico might supply Ecuadors South Korean market. Ecuador may be unable to export oil for up to five months due to extensive damage to a 25 mile stretch of pipeline linking jungle oilfields to the Pacific port of Balao. REUTER | ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA |
French stockbrokers will lose their jealously guarded 180-year-old monopoly of share trading over the next five years under reforms announced on Tuesday by Finance Minister Edouard Balladur. But with the prospect of fresh money flooding into their seriously under-capitalised share trading business there were few signs of regret over the gradual passing of an era. It is a question of survival after Londons Big Bang said private market analyst Edouard Cointreau. Balladur said the long-expected reform of the Bourse structure will progressively allow domestic and foreign banks to buy stakes in stockbrokers capital while at the same time brokers will be allowed access to the money markets. The project foresees free access to the Bourse by January 1 1992 the date set for the opening of a unified European financial market. The planned reform expected to be put before Parliament before the end of the Spring session will open up the capital of the 45 Paris and 15 regional stockbroker houses in three stages beginning on January 1 next year. The aim of the move following the examples of Tokyo and London in opening up their tightly-controlled membership was to take up the challenge of European financial integration and fierce international competition Balladur announced. Cointreau founder and chairman of the private market analysis company Centre dObservation et de Prospective Sociales (COPS) said the reform was a natural development. The Paris market is rising but that cannot go on for ever. The brokers know its a good time to sell part of their business he told Reuters. The reform was inevitable given the European Community directive said Ben Williams of Paris brokerage house Fauchier-Magnan. From a French point of view one cannot be very disappointed he said but some brokers must be a bit worried as it is not entirely evident that all brokerage houses are worth a lot of money. He said that with the expansion of the market generally here quality brokerage staff would do very well out of the reforms in salary terms. But on the whole expertise is not very deep and the banks already have a lot of such expertise. Dealers agreed generally that by allowing brokers to reinforce their equity capital the reform was expected to improve their ability to take large positions in stocks and bolster the liquidity of the Paris market. The French Banking Association grouping domestic and foreign banks operating here welcomed the reforms. French banks which only won direct access to the bond markets last September have never been happy with the stockbrokers continuing monopoly on share trading. Brokers said it was too soon to say what form links with other foreign brokerage houses and banks might take. Nobody is willing to talk about this yet but one can be sure that alliances have been formed over the past years Williams said. Some brokers said the opening up of their capital to banks could pose questions such as whether the major banks might all aim for stakes in the most prestigious and best-performing brokerage houses or whether the smaller houses might be targetted for swallowing up to give banks an easy entry onto the Bourse. Individual banks were reticent over likely strategy with their future partners. Discussions will get underway soon but no specific choice (of broker) has been made yet a spokesman for Credit Lyonnais who declined to be named said. Balladurs project does not touch on dealing commissions but many dealers said the question had to be addressed since current bank commission was higher than that of brokers because banks who cannot deal directly in shares have to pay a fee to the broker they use for customer trading. According to a study by the Bourse official watchdog body COB in January dealing fees on a transaction in shares for a gross total of 1000 francs were 14.86 pct if the order was placed directly by a broker against 20.79 pct for the same order passed through a bank. Xavier Dupont Chairman of the Stockbrokers Association said the reform would not mean an end to the fixed scale of commissions. He said the overall reform would give the French financial markets a dynamic and efficient organisation. But as both brokers and bankers commented lets wait and see. REUTER | ECONOMIC SPOTLIGHT - PARIS BOURSE REFORM |
The Bank of England said it provided the market with a further 442 mln stg assistance during the morning to offset a liquidity shortage it estimated at 1.60 billion stg revised up from 1.55 billion The bank bought outright eight mln stg of band one treasury bills and five mln stg of band one bank bills at 10-3/8 pct. It bought a further 429 mln stg of bills for resale to the discount houses on April 2 at an interest rate of 10-7/16 pct. So far today the bank has given the market assistance worth a total of 1.501 billion stg. REUTER | U.K. MONEY MARKET GIVEN FURTHER 442 MLN STG HELP |
Jacobs Suchard AG <JACZ.Z> hopes for another excellent year in 1987 after a 27 pct increase in 1986 net profit. Results in the first few months show it heading in the right direction company president Klaus Jacobs said. The group reported 1986 net profit of 190.9 mln Swiss francs compared with 150.4 mln in 1985 and raised its dividend per bearer share to 160 francs from 155 francs. Jacobs said the increase in profit which far exceeded the companys target of five pct real annual growth had been made possible by restructuring measures introduced in January 1986 which had also made some major acquisitions possible last year. Hermann Pohl general director in charge of economic affairs said the 2.7 pct decline in group turnover to 5.24 billion francs was due to currency factors. A 5.2 pct negative currency influence was partially offset by growth in operations and by structural changes within the group. Turnover in the coffee business fell to 3.10 billion francs from 3.56 billion in 1985 while turnover in the chocolate sector rose to 2.14 billion francs from 1.82 billion. The tonnage sold in both sectors declined due to higher prices and lower consumer demand especially in France and West Germany. Jacobs Suchard increased its market share in West Germany to 44.9 pct from 39.9 pct in 1985 largely as a result of acquisitions. Market share in France was little changed at 25 pct against 25.3 pct. Pohl said the groups average tax rate rose to 32.5 pct from 28.8 pct because of the higher profits and despite write-offs on the losses of new acquisitions. A further increase in tax levels was expected in future. Taxes jumped 51.3 pct to 92 mln francs in 1986 from 61 mln the previous year. REUTER | JACOBS SUCHARD EXPECTS ANOTHER EXCELLENT YEAR |
A Japanese real estate company said it will launch a campaign to sell land in U.S. Farming areas to rich Japanese. Higashi Nippon House said it would offer around 2200 acres of land in Illinois California Florida and Indiana from early April to gauge response. It set up International Farm Corp of America in Chicago last September to oversee the operation. American farmers would continue as working tenants and part of the profits from harvests of rice corn soybean and oranges would go to the Japanese investors as rental. Japanese Agriculture Ministry officials told Reuters sales were limited to farmers to keep land in agricultural use. Two years ago I began to seek my own farmland in Japan said Isao Nakamura president of Higashi Nippon. However sale of Japanese farmland is strictly controlled by the government so I began to look for the land in the U.S to make my dream to own farm land come true. Nakamura said hundreds of companies exist in the U.S. To sell farmland to investors as more and more farmers face difficulties due to the recession in U.S. Agriculture. REUTER | JAPAN FIRM PLANS TO SELL U.S. FARMLAND TO JAPANESE |
Fiat SpA <FIAT.MI> declined to confirm or deny an Italian newspaper report that it was studying the possibility of issuing a convertible bond. The Milan daily Il Giornale said a convertible bond issue was under study but gave no details. A Fiat spokesman contacted by Reuters said only that the report was one of the typical rumours which circulate on the bourse. Senior sources at the Milan investment bank Sige which Il Giornale said was involved in the planning along with Mediobanca - Banca di Credito Finanziario SpA and IMI - Istituto Mobiliare Italiano said they were unaware of any such project. REUTER | FIAT HAS NO COMMENT ON REPORTED BOND ISSUE PLAN |
Taft Broadacasting Co said its board of directors unanimously decided not to accept the pending buyout proposal of <Theta Corp> an investor group led by Dudley Taft. The decision was based on among other things the advice of its financial advisors Goldman Sachs and Co that the offer of 145 dlrs per share was inadequate. Taft said the board concluded that the offer failed to recognize fully the future propsects of the company and directed management to explore alternatives including possible financial restructuring. Reuter | TAFT <TFB> REJECTS 145 DLR/SHR OFFER |
Deutsch-Suedamerikanische Bank AG a wholly owned subsidiary of Dresdner Bank AG <DRSD.F> said it was not worried about Brazil stopping its interest payments. Board member Herbert Mittendorf told a news conference that Brazils example was unlikely to be followed by other Latin American countries. He pointed out that the regions debt rose by only 2.8 pct last year to a total 396 billion dlrs. The countries efforts to further economic growth and to consolidate budgets were not unsuccessful. But the slump in oil prices and the decline in commodity prices hampered these efforts he said. Latin American countries exports fell last year by about 16 pct to 80 billion dlrs with imports declining slightly to around 65 billion dlrs Mittendorf said. The regions 1986 trade surplus was halved to an estimated 15 billion dlrs he said. The cut in exchange earnings of oil exporting countries was only partly offset by the advantages gained by the regions oil importing states he noted. The regions principal debtors are Brazil and Mexico each owing about 100 billion dlrs at the end of last year followed by Argentina with around 49 billion dlrs Venezuela with 33 billion and Chile with 20 billion dlrs debt. Deutsch-Suedamerikanische Bank welcomed Mexico joining the General Agreement on Tariffs and Trade (GATT) in mid 1986 which it saw as an effort to integrate the country to a larger extent into the world economy. However realistic exchange rates were needed if the debtor countries were to compete in the world market Mittendorf said. In this respect an easing of protectionist barriers was imperative he said. The conversion of debt into equity was regarded as an important additional step towards debt consolidation. West German exports to Latin America declined by 4.1 pct in 1986 to 11 billion marks. Shipments to Mexico fell 19 pct to 1.9 billion marks and to Colombia by 15 pct to 600 mln marks Mittendorf said. Exports to Bolivia Chile Ecuador and Central America were also lower last year than in 1985 while shipments to Brazil rose 11.5 pct to around two billion marks. Exports to Argentina went up by over three pct to 1.5 billion marks and those to Paraguay surged by 42 pct to 106 mln marks he said. Brazil was West Germanys main Latin American supplier but shipments fell to 4.4 billion marks from 6.4 billion in 1985. REUTER | DRESDNER BANK UNIT SAYS NOT WORRIED ON BRAZIL DEBT |
Turnover in the U.K. Government bond (gilt) market in February slipped to 81.25 billion stg from Januarys 83.37 billion although it was 165 pct higher than the 30.63 billion in February 1986 the Stock Exchange said. The Stock Exchange noted however that turnover between bond market-makers through the inter-dealer broker (IDB) screen system as distinct from business with outside clients has only been included from October 1986 meaning that prior data is not strictly comparable with recent figures. The contribution to overall February 1987 volume from IDB business was 43.10 billion stg against 43.19 in January. In the 20 trading days of February the average daily volume of business was 4.06 billion stg against an average of 3.97 billion in January which had 21 trading days. Total Stock Exchange turnover for the month was 116.73 billion stg marginally higher than the 116.65 billion recorded in January but 129 pct more than the 50.92 billion of February 1986. REUTER | U.K. GILT MARKET TURNOVER EASES IN FEBRUARY |
Pakistan is likely to import 100000 tonnes of refined bleached and deodorised palm oil between April and June this year vegetable oil dealers said. They said the import would be financed by the Islamic Development Bank (IDB) which signed an agreement with Pakistan earlier this week in Jeddah Saudi Arabia. Pakistan had imported 600000 tonnes of edible oil since the beginning of the current financial year last July they added. The palm oil would come from Malaysia or Indonesia. REUTER | PAKISTAN COULD IMPORT 100,000 TONNES OF PALM OIL |
U.S. Treasury Secretary James Baker declined comment on the February 22 Paris accord between the six major industrial nations under which they agreed to foster exchange rate stability. Asked by reporters after a speech before the National Fitness Foundation banquet what if any currency intervention levels had been set in Paris Baker replied: We never talk about intervention. Baker also declined to comment on his views about the foreign exchange markets reaction to the accord. Reuter | TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6 |
Jennifer Convertibles Inc said an initial public offering of 500000 units is underway at eight dlrs each through underwriters led by Evans and Co Inc. Each unit consists of two common shares and one redeemable Class A warrant enabling the holder to buy one common share at five dlrs until March 11 1992. The shares and warrants are immediately separately transferable. Reuter | JENNIFER CONVERTIBLES <JENN>INITIAL OFFER STARTS |
Shr 22 cts vs 13 cts Net 1063000 vs 639000 Sales 7489000 vs 4656000 Year Shr 55 cts vs 28 cts Net 2633000 vs 1343000 Sales 23.3 mln vs 17.9 mln Reuter | BEL FUSE INC <BELF> 4TH QTR NET |
Shr loss 44 cts vs profit 1.13 dlrs Net loss 1544000 vs profit 3912000 NOTE: Cash flow 1010000 dlrs or 29 cts shr vs 2835000 dlrs or 82 cts shr. Reuter | SOUTHWEST REALTY <SWL> YEAR LOSS |
Southwest Realty Ltd said it believes it could make all of its scheduled montly debt service payments for 1987 despite the falloff in its rental operations but making the payments would probably severely impair its liquidity and restrict its ability to maintain the quality of its properties. The company today reported a 1986 loss of 1544000 dlrs compared with a 1985 profit of 3912000 dlrs. Southwest said in addition to its monthly scheduyled debt service payments a 1743000 dlr loan on one of its Houston properties is due to mature on April One. Southwest said a commitment to reduce the interest rate and extend the Houston loan for one year has been accepted. It said talks are underway with lenders on other Houston properties to obtain partial debt service moratoriums which if granted would cut 1987 cash deficits from 1986 levels. The loan renegotiations could involve bankruptcy or other litigation connected with the specific properties involved and could involve the suspension of interest and principal payments to some of the lenders. Southwest said if the attempts to restructure debt do not succeed it could lose one or more of the properties. Southwest said the Houston properties made up about 10 pct of its current value equity as of December 31 of 14.20 dlrs per share down from 16.68 dlrs a year before. The company said depending on the success of the talks and operating results for 1987 one or two more properties could become subject to similar negotiations. The two additional properties comprised about 11 pct of its current value equity at year-end Southwest said. Reuter | SOUTHWEST REALTY <SWL> HAS LIQUIDITY PROBLEMS |
Qtly div 12-1/2 cts vs 12-1/2 cts prior Pay April One Record March 20 Reuter | D.H. HOLMES CO LTD <HLME> SETS PAYOUT |
Pope Evans and Robbins Inc said it has repurchased 780000 common shares from Putnam Mills Corp principals Sidney and Peter Kaplan for 2.25 dlrs per share. It said the purchase price will be applied against the 1700000 dlrs Putnam Mills currently owes Pope Evans for merchandise. Pope Evans has about 7.6 mln shares outstanding. The company also said it has agreed in principle to acquire privately-held Pat Fashions Industries Inc for 18 mln dlrs in cash and notes with financing to come partly from bank borrowings subject to approval by the Pope Evans board and Pat shareholders. Pat Fashions imports apparel from the Far East and makes apparel domestically as well. In the year ended November 30 Pat earned 5400000 dlrs pretax on sales of 83.0 mln dlrs. Reuter | POPE EVANS <PER> REPURCHASES SHARES |
Baird Corp said the Massachusetts state court for Suffolk county has granted it a temporary restraining order prohibiting Mark IV Industries Inc <IV> from further purchases of Baird stock until Mark IV complies with the Massachusetts Anti-Takeover Statute. The company said Mark IV currently owns at least 17.6 pct of Baird stock and has indicated that it may attempt to acquire Baird. Baird said the U.S. District Court in Boston has denied Mark IVs application for a temporary restraining order to prevent enforcement of the Massachusetts takeover law. Reuter | BAIRD <BATM> GETS TEMPORARY RESTRAINING ORDER |
Jacobs Suchard AG expects a world cocoa surplus of around 100000 tonnes in 1987 compared with a 104000 tonne surplus in 1986 Jens Sroka head of commodity buying told a news conference. The company expects prices to remain at around current levels despite the likelihood of agreement on buffer stock rules at the forthcoming London cocoa talks and believes market intervention by the buffer stock manager would stabilise prices. Sroka said world coffee prices are expected to remain weak if any international coffee talks fail to produce agreement. Sroka said stagnating consumption and slight overproduction will continue to weigh on coffee prices and he forecast a continued build-up in stocks. The recent failure of the London coffee talks had surprised market observers. Unless reason prevails and the major producers return to the conference table the world coffee market will remain free and the consequences for some producers dependant on coffee for their foreign exchange earnings would be catastrophic Sroka added. REUTER | JACOBS SUCHARD SEES 100,000 TONNE COCOA SURPLUS |
DUDLEY TAFT AND NARRAGANSETT CAPITAL TO PURSUE TAFT BROADCASTING BID |
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Shr 616 cts vs 481 Final div 150 cts vs 140 making 230 vs 195 Pre-tax 705.4 mln rand vs 485.2 mln Net 591.7 mln vs 458.0 mln Tax 79.2 mln vs 82.2 mln Attrib to outside shareholders 123.7 mln vs 52.3 mln Reuter | GENERAL MINING UNION CORP LTD (GENM.J) YEAR NET |
U.S. RETAIL SALES ROSE 4.1 PCT IN FEB, NON-AUTO SALES ROSE 1.5 PCT |
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An 18-month strike against Watsonville Canning and Frozen Foods one of Californias largest food processors ended with workers overwhelmingly ratifying a new contract. More than 1000 workers walked off their jobs in September 1985 after Watsonville Canning cut their wages from 6.66 dlrs an hour to 4.85 dlrs. Watsonville declared bankruptcy last week and the cannery was taken over by Norcal Frozen Foods Inc. a consortium of growers. A spokeswoman for Teamsters Local 912 said the workers voted 543-21 in favor of a new contract. The Norcal offer provides a 5.85 dlrs-per-hour wage with no additional benefits for most workers for up to three years. Reuter | CALIFORNIA WORKERS END LONG CANNERY STRIKE |
U.S. retail sales rose 4.77 billion dlrs or 4.1 pct in February to a seasonally adjusted 122.29 billion dlrs the Commerce Department said. The increase came after a revised 7.4 pct drop in January sales to a level of 117.52 billion dlrs. The department previously reported January retail sales fell 5.8 pct. Excluding autos retail sales in February were up 1.5 pct after falling by a revised 0.4 pct in January. Department spokesmen said the major cause for the revision downward in January sales was a weaker January auto dealer sales figure than originally estimated. Auto dealer sales were 26.91 billion dlrs in February a 14.4 pct rise from January levels. But January sales dropped by 27.7 pct from December levels to 23.52 billion dlrs more than the 22.4 pct fall originally reported. The expiration of the sales tax deduction under new tax laws on January 1 was the main reason for the drop in January sales department spokesmen said. Sales of durable goods rose in February by 8.8 pct to 46.72 billion dlrs after dropping by 17.7 pct in January. Building materials rose 1.8 pct in February after falling by 1.7 pct in January. Non-durable goods sales rose by 1.3 pct to 75.58 billion dlrs in February after falling by 0.2 pct in January the department said. General merchandise stores rose 1.4 pct after increasing sales by 1.6 pct in January and department stores were up two pct in February after rising 1.5 pct in January. Food store sales increased 0.4 pct after declining by 1.0 pct in January while grocery store sales increased 0.3 pct in February after falling 0.6 pct in January. Gasoline service station sales rose 2.0 pct in February after a 1.9 pct January increase. Apparel store sales were up 0.8 pct last month after falling 3.0 pct in January while sales at eating and drinking places increased 1.5 pct after rising 0.5 pct in January. Februarys retail sales were 4.4 pct above the year-ago level of 117.09 billion dlrs the department said. Reuter | U.S. RETAIL SALES RISE 4.1 PCT IN FEBRUARY |
Taft Broadcasting Co vice chairman Dudley Taft and Narragansett Capital Inc <NARR> said they intend to pursue their effort to acquire Taft Broadcasting despite the rejection yesterday of their 145 dlr per share offer by the Taft Broadcasting board. Dudley Taft and Narragansett in a joint statement said they intend to explore alternatives to achieve the acquisition including further talks with Taft Broadcasting. They said they are confident that the Taft Broadcasting board will conclude that the resolution of the companys current unstable situation as quickly as possible is in the best interests of all parties. They said the Taft board did not conclude that their offer was not fair to Taft shareholders. Taft Broadcasting yesterday however said financial advisor Goldman Sachs and Co found the offer to be inadequate. Reuter | DUDLEY TAFT TO PURSUE TAFT BROADCAST <TFB> BID |
The Commodity Futures Trading Commission CFTC should increase speculative position limits on agricultural futures and do away with them for financial futures Chicago Board of Trade CBT chairman Karsten Mahlmann said. Reporting to the CFTC Financial Products Advisory Committee on the conclusions so far of an ad hoc CBT committee on off-exchange trading issues Mahlmann said We came to the conclusion that no meaningful purpose is served by speculative position limits. Position limits were supposed to prevent market manipulation but I would submit that the Exchange and the CFTC currently have all the tools necessary to prevent market manipulation whether an account is speculative or a hedge the CBT chairman said. Malmann said the issue was of particular concern to the CBT because the exchange faced increasing competition from foreign markets most of which did not have position limits. He said the ad hoc committee which he also chairs had agreed to propose that the definition of hedging be expanded to include risk management as well as risk reduction. Mahlmann said there was a danger that if a category of trading was given a name such as non-speculative hedging insurance companies and pension funds might be held back from engaging in it by the regulatory bodies that govern such entities. The ad hoc committee proposed the establishment of prudence guidelines and a list of market activities that fell within those lines which might be lengthened in the future he said. The committee might also propose that CBT itself be allowed to enforce position limits on agricultural futures he added. Reuter | CBT HEAD SAYS POSITION LIMITS HAVE NO PURPOSE |
Shr 24 cts vs 31 cts Net 2245000 vs 2885000 Revs 50.7 mln vs 46.5 mln Avg shrs 9396000 vs 9270000 Year Oper shr 96 cts vs 99 cts Oper net 8994000 vs 9220000 Revs 191.5 mln vs 174.7 mln Avg shrs 9394000 vs 9282000 NOTE: 1985 year net excludes 1360000 dlr loss from discontinued operations. Share adjusted for three-for-two stock split. Reuter | HARPER GROUP <HARG> 4TH QTR NET |
Prime Minister Brian Mulroney said he held frank discussions with the Canadian province premiers on the pace of free trade talks with the United States but the longstanding issue of provincial ratification remains to be settled. Speaking to reporters after nearly five hours of meetings with the 10 premiers Mulroney said further discussions would be held in June and September to discuss the role of the provinces in approving any new trade deal. But he maintained progress was being made in the sweeping talks with the Unites States that got under nearly two years ago. It appears reasonable progress is being made (in the talks) Mulroney said. Alberta Premier Don Getty agreed Things are running pretty quickly now. The talks launched by Mulroneys Progressive Conservative government after concerns about protectionist sentiment in the U.S. are aimed reducing the remaining barriers between the worlds largest trading partnership. But the provinces are expected to play a major role in any new trading arrangement and some of the provincial leaders complained of a lack of progress on reaching a ratification formula. Its my view that we should be thinking about these things right now along with the questions of the substance of the agreement commented Ontario Premier David Peterson who has been highly critical of the talks in the past. But Newfoundland Premier Brian Peckford said an agreement was more likely to emerge by consensus and there would be no need for a hard and fast formula. Peckford said it appears Canada is prepared to make concessions to the United States on financial services in order to make inroads on other bargaining areas such as agriculture. Canadian published reports quoting government sources say the two countries are close to reaching a trade deal and it will involve eliminating border tariffs and many non-tariff barriers over the next 10 to 12 years. A rough draft of the accord is expected to be presented to the premiers at the June meeting while the finished document is hoped to be presented to Congress in October. Its a very tight time frame Ontarios Peterson said last night. But at this moment it is tough to say what will transpire. Reuter | CANADA LEADERS FAIL TO SET PACT ON FREE TRADE |
Shr profit eight cts vs loss 10 cts Net profit 622000 vs loss 564000 Revs 7508000 vs 1913000 Year Shr profit 15 cts vs loss 28 cts Net profit 933000 vs loss 1548000 Revs 19.8 mln vs 4799000 Reuter | HEALTHSOUTH REHABILITATION CORP <HSRC> 4TH QTR |
Commerce Secretary Malcolm Baldrige has asked the White House to consider blocking the planned Japanese acquisition of a major U.S. supercomputer and semiconductor manufacturer for national security reasons U.S. officials said. The officials who asked not to be named said yesterday that Baldrige has serious concerns about the sale of Fairchild Semiconductor Corp. to Fujitsu Ltd. another major electronics firm. The officials told Reuters that if the sale went through it could leave the U.S. military overly dependent on a foreign /ompany for vital high technology equipment used in its advanced missiles aircraft electronics and intelligence gathering. In addition they said the sale would also worsen the already strained trade relations between the U.S. and Japan stemming from the huge Japanese surplus. The White House Economic Policy Council would consider the sale in the coming weeks they said. Defense Secretary Caspar Weinbergers position was not immediately known but in the past he has opposed the transfer of high technology to foreign governments and companies. Supercomputers made by Fairchild and other U.S. manufacturers are widely used throughout the world but none have been sold to the Japanese government or to Japanese government-run agencies and universities. Reuter | BALDRIGE OPPOSES JAPANESE PURCHASE OF FIRM |
First Union Corp said shareholders of First North Port Bancorp of Northport Fla. have approved a merger into First Union for 40 dlrs per share or about 5100000 dlrs. The company said the acquisition is still subject to regulatory approvals and is expected to be completed during the second quarter. Reuter | FIRST UNION <FUNC> ACQUISITION ADVANCES |
Sand Technology Systems Inc said it is considering a reverse stock split of at least one-for-10 and expects to report a second-quarter profit compared to a loss last year. The stock consolidation is something were discussing but its not definite Sand Technology president Jerry Shattner told Reuters in an interview. A private placement recently brought the number of outstanding shares to 106 mln up from 97.1 mln shares on July 31 1986 the fiscal yearend. The company has always had the aura of a penny stock Shattner said adding that Sand plans at some time to apply for listing on the Montreal Stock Exchange. Shattner said the company expects to report a profit of five pct or about 350000 dlrs on sales of seven mln dlrs for the second quarter ended January 31. Results for the third quarter should be about the same as the second he added. Last year Sand lost 243064 dlrs on revenues of 7012195 dlrs in the second quarter. After a disastrous first quarter Sand hopes to break even in the current fiscal year Shattner said. The company has scaled back its sales forecast to about 25 mln dlrs from the 33.5 mln dlrs projected in December. The rapid appreciation of the Japanese yen against U.S. and Canadian dollars last year led to Sands loss of 2.1 mln dlrs or two cts per share on sales of 24.9 mln dlrs. In the first fiscal quarter this year the company lost 1350387 dlrs or one ct per share on sales of 3570585 dlrs. Shattner believes the company will post better results this year due to several factors. Last year one of our biggest problems was we were buying products in Japanese yen. We now buy some products from Hitachi in U.S. dollars and the results are starting to show up in the second quarter he said. Sand Technology sells under its trademark computer accessories such as disk drives solid-state memory enhancement devices and printers manufactured by Hitachi Ltd <HIT> of Japan. Shattner said Sands affiliate in Detroit ST Systems Inc is developing software that lets large maniframe computers handle large databases and share them between applications. It is also distributing a new product called Sapiens which is artificial intelligence computer language for use by major corporations. The company has also reduced costs through some staff cutting and a switch to profit sharing plans for sales staff instead of straight commissions Shattner said. And Sand plans to market a laser printer in the fourth fiscal quarter Shattner said. Reuter | SAND TECHNOLOGY <SNDCF> MULLING REVERSE SPLIT |
Concorde Ventures Inc said it has signed a letter of intent to acquire Englewood Colo. homebuilder Winley Inc for 12 mln common shares. The investment company said after the merger the combined company will have 15 mln shares outstanding. For the year ended January 31 Winley earned 116000 dlrs pretax on revenues of 11.7 mln dlrs. Reuter | <CONCORDE VENTURES INC> IN MERGER AGREEMENT |
Dune Resources Ltd said its oil reserves increased 225 pct during 1986 while its natural gas reserves were up six pct. The company said its proven oil reserves were estimated at 605682 barrels on December 31 up from 186655 barrels a year earlier boosted by discoveries during the year put at 423659 barrels. It said gas reserves rose to 8.8 mln cubic feet from 8.3 mln on Dec 31 1985 as discoveries of nearly 1.3 mln cubic feet were partialy offset by production of 287391 cubic feet and downward revisions of previous estimates totaling 491694 cubic feet. Reuter | DUNE RESOURCES <DNLAF> RESERVES ROSE IN 1986 |
Deutsche Babcock AG <DBCG.F> said it and Siemens AG <SIEG.F> subsidiary Kraftwerk Union AG <KAWG.F> KWU have won an order from the city of Munich for an electricity and heating-generating plant which company sources said was worth slightly more than one billion marks. A Babcock statement said its share of the order alone was worth 800 mln marks the largest domestic contract it has ever received. It gave no figure for KWUs share but company sources said the total order was worth slightly more than one billion marks. Reuter | DEUTSCHE BABCOCK, KWU SHARE BILLION MARK CONTRACT |
BORG-WARNER TO SELL INDUSTRIAL PRODUCTS BUSINESS FOR ABOUT 240 MLN DLRS |
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The worst may be just about over for Japans battered economy but economists said they do not expect a vigorous recovery anytime soon. Japanese bank economists polled by Reuters said the economys 18 month-old slowdown is likely to end in the first half of this year helped by rising exports stepped-up government spending and falling prices. The economy will bottom out in the middle of the year said Sumitomo Bank Ltd chief economist Masahiko Koido. Industrial Bank of Japan Ltd senior economist Susumu Taketomi agreed. It (the bottom) is in the offing he said. But he added that the recovery will be slow. Growth in the fiscal year beginning next month will only pick-up 2.2 pct from two pct in the current year he said. Signs that the economy has just about weathered the worst are increasing. The volume of exports in the first two months of the year rose slightly on a year-on-year basis after declining toward the end of last year. Although this may be due to extraordinary factors such as a sharp rise in car exports to rebuild depleted European stocks several economists said it could mark the beginning of a recovery. Industrial production fell 0.7 pct in January much smaller than expected and is forecast by the government to rise 0.3 pct in February and 2.6 pct in March. A Bank of Japan survey released last week showed that the decline in Japanese corporate earnings may be nearing its end. And the Paris currency accord last month has fostered hopes the rapid yen rise has come to the end they said. Six nations - the U.K. Canada France Japan the U.S. And West Germany - pledged in Paris last month to stabilise currencies around current levels. The yens 40 pct climb against the dollar over the last two years has hit the export-driven economy hard by forcing its companies to raise prices and lose sales in the U.S. Market. The important thing is the exchange rate Taketomi said. If it stabilises firms will grow more confident and raise investment in plant and equipment although there are no signs of that yet economists said. A stable yen would also help exporters regain some of their competitive edge just as the U.S economy may be starting to recover economists said. Domestically the economy may get a boost from some loosening of the governments tight fiscal policy said Haruo Muto manager of national economics at the Bank of Tokyo Ltd. The next reading of the economys health should come early next week with the release of gnp figures for the last quarter 1986. Most private economists expect a rise of about 0.5 pct from the previous quarter. In the third quarter GNP rose 0.6 pct. But a senior government official said the fourth quarter figures could surprise by showing a rise of more than one point quarter-on-quarter. But he added that would be a statistical aberration and not a significant shift in economic activity. To maintain year-on-year growth of around 2.5 pct the economy would have had to rise about 1.2 pct in the fourth quarter as the final quarter of 1985 was strong. The rise in the fourth quarter of 1985 was probably a statistical anomaly that was repeated in the final months of 1986 the official said. Economists said the fourth quarter figures were also distorted by the governments sale of gold coins in the second half of 1986. Because the coins were classified as legal tender their purchase did not show up in the statistics on consumer expenditure. Consumer spending also tailed off in December because of bad weather and smaller-than-normal end-year bonuses they said. As the government had to buy back some of the coins from retailers because they were unsold the governments contribution to the economy in the fourth quarter may have been boosted economists said. Taketomi said it may have received a further boost from government buying of farm products as the domestic crop last year was good. The senior government official said the fourth quarter performance of the domestic sector was probably worse than generally expected while that of the external sector was better. REUTER | JAPAN ECONOMY MAY BE NEAR BOTTOM, ECONOMISTS SAY |
Britains ruling Conservatives have moved into a six-point lead over the main opposition Labour Party a Marplan poll published in todays Guardian newspaper reports. The Conservatives are shown with a 38 pct share of the vote against 32 pct for Labour and 27 pct for the centrist Social-Democratic/Liberal Alliance. Prime Minister Margaret Thatcher has until June 1988 to call a general election but most political analysts expect her to go to the country some time this year. Reuter | NEW U.K. POLL SAYS TORIES HAVE SIX-POINT LEAD |
<Qintex America Ltd> said it is again extending its offer of 13 dlrs a share for 3.3 mln Princeville Development Corp shares until today from yesterday. As reported yesterday Qintex said about seven mln Princeville shares had been tendered in response to the offer. Qintex said it is extending the offer to allow Princeville to comply with federal law restricting the ownership of U.S. airlines by non-U.S. citizens and to finalize the terms and conditions of the letter of credit or bank guarantee required under the previously announced acquisition agreement. Reuter | QINTEX EXTENDS PRINCEVILLE <PVDC> OFFER |
Shares in building firm <JM Byggnads och Fastighets AB> were suspended on the Stockholm bourse at the companys own request the bourse said. The suspension will last until the end of trading on Friday the bourse added in a statement but gave no further details. JM is half-owned by Skanska AB <SKBS ST> which has offered to buy out the remaining stock but analysts said JM could have been approached with a rival bid. Reuter | JM BYGGNADS SHARES SUSPENDED ON STOCKHOLM BOURSE |
Feb 28 end Shr five cts vs one ct Net 161019 vs 50745 Revs 1048543 vs 478700 Avg shrs 3217500 vs 4350000 Nine mths Shr 12 cts vs four cts Net 390179 vs 169275 Revs 2658692 vs 1478066 Avg shrs 3217500 vs 4350000 NOTE: Corrects reversed figures in March 11 item. Reuter | CORRECTED-NETWORK VIDEO INC <NVID> 3RD QTR |
Taiwan imposed currency controls today in what bankers called a desperate move to prevent speculation as the Taiwan dollar appreciated against the U.S. currency. The strict controls will require proof that large remittances to Taiwan are connected to commercial transactions rather than currency speculation. Bankers attacked the controls as ineffective saying they were a panic reaction to pressure from Washington for faster appreciation of the Taiwan currency against the U.S. dollar which would slow exports to the United States. Remittances exceeding one mln dlrs earned through exports shipping insurance or bank lending will now need government approval along with remittances of more than 10000 dlrs from any other source. Reuter | BANKERS OPPOSE STRICT TAIWAN CURRENCY CONTROLS |
Iran attacked the Saudi Arabian supertanker Arabian Sea off the United Arab Emirates last night but the vessel was able to proceed after the incident Lloyds Shipping Intelligence reported. The 315695-dwt Arabian Sea had set sail on Tuesday after loading oil at the Saudi port of Ras Tannurah. Lloyds said the attack occurred at about 2200 hrs local time (1800 GMT). Reuter | SAUDI SUPERTANKER REPORTED HIT BY IRAN OFF UAE |
Taiwan will relax import controls on more foreign goods a government spokesman said today. The move was to allow greater access to Taiwan markets by overseas trading partners especially the United States an official of the Council for Economic Planning and Development told Reuters. Import curbs on about 400 foreign goods including stationery and books would soon be relaxed he said. Taiwan announced it would ease curbs on some 600 farming and industrial products last month. The official said the moves were intended to balance trade between Taiwan and the United States and other trading partners. Taiwans trade surplus reached a record 15.6 billion dlrs last year up from 10.62 billion in 1985. Reuter | TAIWAN TO RELAX IMPORT CURBS ON MORE GOODS |
U.K. Retailers expect consumer spending to accelerate in March after a disappointing increase in February according to a monthly survey by the Confederation of British Industry (CBI). Fifty-nine pct of the 325 retailers questioned for the latest Distributive Trades Survey expected sales to be higher in March than they were in March 1986 with only six pct expecting lower sales. The chairman of the Distributive Trades Survey Panel Nigel Whittaker said a favourable Budget next week would further help sales during the summer. Figures released earlier this week showed retail sales in January fell 2.2 pct mainly due to exceptionally cold weather. Sales did not recover in February as much as retailers had expected and they are now looking for better business in March todays survey said. It reported clothing stores were the most optimistic with 80 pct expecting sales in March to be higher than a year ago. Wholesalers also expected stronger sales in March while both retailers and wholesalers reported slower growth in import penetration it said. REUTER | U.K. RETAILERS SEE GROWTH IN CONSUMER SPENDING |
Most Japanese companies have decided not to renew term contracts to lift Iranian crude oil because spot prices remain considerably lower than OPECs official levels industry sources said. They said a cargo of the Mideast benchmark crude Dubai traded yesterday at 16.50 dlrs a barrel compared to its official price of 17.42 dlrs. Only one Japanese company has renewed its term contract for Iranian crude oil for the second quarter the sources said. The sources said Japanese companies had been lifting a total of about 185000 barrels per day (bpd) of Iranian crude under term contracts but only one firm has agreed to lift in the second quarter. It is lifting just 10000 to 15000 bpd. They said this move could inspire Iran to offer discounts on cargoes loading in April but the likelihood of discounts depended largely on the levels of spot prices. If the spot price of Dubai goes above 17.30 dlrs we would probably buy Iranian crude at the official price one Japanese refiner said. We dont intend to put pressure on them he added. Buyers have little incentive to renew contracts to lift oil at official OPEC prices while spot prices on all grades are considerably lower oil traders said. They said if spot prices move higher there will be no problem finding OPEC crude to purchase at the official prices. Qatar has chartered floating storage for its crude oil after finding no buyers at official prices in March. The problem is likely to recur in April adding to that countrys surplus. The traders added that Iraq had dissociated itself from OPECs December production agreement while agreeing to the fixed prices. But oil analysts said if OPEC keeps group output close to its first-half 1987 ceiling of 15.8 mln bpd supply and demand would be balanced by the end of the second quarter. They also said if OPEC holds its official price structure based on a reference price of 18 dlrs spot price fluctuations should be limited to a 16.50 to 17.20 dlrs range for Dubai and a 17 to 18 dlrs range for the North Seas Brent blend. One Japanese refiner said At the moment theres a lot of pressure on OPEC particularly on Qatar. But if they hold out there will be no problem and Im beginning to trust their ability. Nigerian oil minister and OPEC president Rilwanu Lukman told a news conference in Lagos yesterday Nigeria and all member countries of OPEC remain determined to uphold the December agreement by adhering strictly to their various quotas and official selling prices. He said OPEC believed consumers had drawn heavily on stocks of both crude oil and refined products reducing them to levels well below this time last year. He said consumers would soon return to the market in search of crude. A Japanese refiner said The European and U.S. Markets are beginning to look better so OPEC might be quite lucky. | MOST JAPAN FIRMS NOT RENEWING IRAN TERM CONTRACTS |
Possis Corp said its board approved a 100 pct stock dividend payable May One record March 27. At the companys annual meeting Wednesday Possis said shareholders approved a proposal to increase the authorized common shares to 20 mln from eight mln. The company currently has about 3.9 mln shares outstanding. Reuter | POSSIS <POSS> VOTES 100 PCT STOCK DIVIDEND |
Shr 29 cts vs 16 cts Net 610000 vs 329000 Sales 6714000 vs 4582000 Reuter | SEAL INC <SINC> 1ST QTR JAN 31 NET |
Qtly div 50 cts vs 50 cts prior Pay April 30 Record March 31 Reuter | DOW CHEMICAL CO <DOW> REGULAR DIVIDEND |
Telco Systems Inc said its plan to distribute a dividend of common stock purchase rights to shareholders of record on March 16 has been delayed pending the completion of necessary regulatory approvals. Reuter | TELCO <TELC> DELAYS DEFENSIVE RIGHTS OFFERING |
Jamaica has put a cap on its 3.5 billion dlr foreign debt and will reduce its obligations by 300 mln dlrs this year Prime Minister Edward Seaga said. Seaga yesterday said Jamaica has reached its maximum stock of debt and will not undertake any more borrowing until it was justified by economic growth. This year well be reducing the stock of debt by 300 mln dlrs he said. He said his government aims to get Jamaicas ratio of debt payments to foreign exchange earnings down from the current level of 50 pct to 25 pct over the next two to three years. Debt payments this year are expected to total 287 mln dlrs Seaga said. Seaga yesterday concluded an agreement with Jamaicas creditor banks to reschedule some 181 mln dlrs due in 1987-89 over the next 12 years. Reuter | JAMAICA PUTS CAP ON BORROWING |
Synergetics International Inc said it has received its first order from China a 250000 dlr order for a flood management system to be used in the Daning and Yuzixi river basins of the Yangtse River. The company also said it has received Japanese government certification for its satellite transmitter products allowing users of Synergetics remote computer systems to transmit a variety of hydrological and meteorological data via the Japan Space Agencys GMS satellite. In addition it said it has appointed Vaisala KK of Helsinki as exclkusive distributor of its products throughout Japan and has awarded Sierra/Misco Inc expanded distribution rights in the Philippines Malaysia Sumatra Nepal India Bengal Thailand Singapore and Indonesia. Reuter | SYNERGETICS <SYNG> GETS CHINESE ORDER |
<British Caledonian Airways> said it filed an application with Britains Civil Aviation Authority for authority to operate the only direct flights between the United Kingdom and Mexico City. The airline said it will submit an application March 17 to provide direct service between the United Kingdom and Phoenix. Earlier this week it applied for the license to serve San Diego. Reuter | BRITISH CALEDONIAN SEEKS LONGER AMERICAN FLIGHTS |
Clayton and Dubilier Inc and senior management of a unit of Borg-Warner Corp <BOR> said it will form a new company to buy Borg-Warners industrial products group for about 240 mln dlrs. Borg-Warner industrial products has sales of about 300 mln dlrs from three divisions which provide advanced technology fluid transfer and control equipment systems and services worldwide Clayton said. The new company will have 3000 employees and be headquartered in Long Beach Calif. the company said. Peter Valli vice president of Borg-Warner Corp and president of its industrial products division will become president and chief executive officer of the new company according to Clayton. Clayton a private investment firm said this was the third mangement buyout of a divestiture completed by them since December 1986. Reuter | CLAYTON AND DUBILIER NEW JOINT UNIT TO BUY FIRM |
Combustion Engineering Inc said the Electricity Generating Authority of Thailand has exercised an option to purchase a 300 megawatt coal-fired steam generator from CEMAR a consortium of Combustion Engineering Canada Inc and Japans Marubeni Corp. Combustion Engineering said the project is valued at about 30 mln dlrs. The new steam generator which will burn local lignite will be manufactured in Canada and installed as Unit Nine at the Mae Moh power station in Lampang Thailand. The unit is expected to go into commercial operation in 1990. Reuter | COMBUSTION ENGINEERING <CSP> GETS THAI ORDER |
Shr 10 cts vs seven cts Net 1541000 vs 1056000 Revs 20.1 mln vs 17.0 mln 1st half Shr 19 cts vs 11 cts Net 2945000 vs 1742000 Revs 38.2 mln vs 35.2 mln Reuter | U.S. HEALTH INC <USHI> 2ND QTR JAN 31 NET |
K MART CORP 4TH QTR SHR 2.11 DLRS VS NINE CTS |
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First Ameri-Cable Corp said that First Ameri-Cable Income Fund Ltd filed a registration statement with the Securities and Exchange Commission to raise from one mln dlrs to 50 mln dlrs on a best efforts basis. First Ameri-Cable said it acts as general partner for First Ameri-Cable Income Fund. First Ameri-Cable said First Ameri-Cable Income Fund intends to use the funds to buy existing cable systems or ownership interest in existing cable systems from third parties or from First Ameri-Cable Corp. First Ameri-Cable Income Fund intends to operate the systems it purchases First Ameri-Cable said. The company said the offering will be made in two series with the Series A units priced at 29.20 dlrs each and the Series B units priced at 20 dlrs each. First Ameri-Cable said the minimum purchase allowed is 25 units in any combination of series A and B. The selling agent for the offering is First Cable Securities Corp a wholly owned unit of First Amer-Cable Corp the company said. Reuter | FIRST AMERI-CABLE <FATV> FILES OFFERING |
<Consolidated Five Star Resources Ltd> said it agreed to issue 1.25 mln dlrs of common stock and 10.75 mln dlrs of convertible preferred stock in a private placement. The three-year 7-1/2 pct preferred shares are convertible into common shares at 60 cts a share and exchangeable into 1650000 common shares of <Cancapital Corp> owned by Consolidated Five Star. Proceeds will be used to retire bank debt with the balance added to working capital. Consolidated Five Star previously said it borrowed 10.75 mln dlrs from a bank to acquire <Chaffinch Ltd>. Reuter | CONSOLIDATED FIVE STAR RESOURCES ISSUES STOCK |
The Bank of England said it gave the market further assistance of two mln stg during the afternoon buying that amount of band two bank bills at 10-5/16 pct. The bank has given the market assistance worth 1.503 billion stg today to offset a shortage it estimated at a revised 1.60 billion. REUTER | UK MONEY MARKET GIVEN FURTHER TWO MLN STG HELP |
Shr 13 cts vs 15 cts Net 2193000 vs 1918000 Revs 18.2 mln vs 15.2 mln NOTE: Share after preferred dividends. Reuter | ENVIRONMENTAL SYSTEMS CO <ESC> 1ST QTR JAN 31 |
A Swedish virologist unveiled a new AIDS blood test using synthetic antigens or substances which combine with antibodies to make them detectable which would be much cheaper and more reliable than existing tests. Anders Vahlne said the test developed at Gothenburg University was accurate enough to eliminate the need for a second test usually carried out to double-check those found to be AIDS positive that is with AIDS antibodies in their blood. Vahlne said the test could be on the market in between four and eight months. A small Swiss firm Virovahl S.A. Helped finance it. REUTER | SWEDISH VIROLOGIST UNVEILS NEW AIDS BLOOD TEST |
Directors of the Chicago Mercantile Exchange (CME) adjourned a meeting late last night without reaching a decision on a petition to ban dual trading in Standard and Poors 500 stock index futures an exchange official said. CME president Bill Brodsky told Reuters that the CME board would meet again today and probably reach a decision either late today or tomorrow. Dual trading involves the right of members to trade for their own account as well filling orders for customers. The petition signed by several hundred exchange members when it was circulated on the floor of the CME two weeks ago calls for the elimination of dual trading in the S and P pit. Some industry watchers believe that if the CME eliminates the practice other exchanges will have to consider such a move. The practice has drawn criticism from some sectors in that it provides an opportunity for abusive practices in which customer orders are not executed at the best possible price. One practice know as front-running involves a broker trading ahead of a large customer order and then profiting by the impact on the market of the customer order. Reuter | CME CONTINUES DELIBERATION ON DUAL TRADING BAN |
General Mining Union Corp Ltd chairman Derek Keys cautioned that profits may not rise this year if the rand stays at its current level of 48 U.S. Cents. We would do well to repeat last years results if the rand stays depressed Keys said. The level of the dividend however ought not to be affected he added discussing the 1987 outlook. General Mining earlier reported that 1986 per share earnings rose 28 pct to 616 cts. Reuter | GENERAL MINING (GENM.J) CAUTIONS ON 1987 PROFITS |
Qtrly div 34 cts vs 34 cts Pay May 15 Record April 24 Reuter | COLGATE-PALMOLIVE CO <CL> SETS PAYOUT |
Shr 12 cts vs 13 cts Net 414968 vs 449533 Revs 5726722 vs 5276627 Six mths Shr 23 cts vs 33 cts Net 779981 vs 1116857 Revs 11.3 mln vs 11.3 mln Reuter | ISCO INC <ISKO> 2ND QTR ENDS JAN 30 NET |
MarkitStar Inc said it has signed an agreement for Orimedia of Paris to become a sales representative for MarkitStar products and services in the European Community. Reuter | MARKITSTAR <MARK> NAMES SALES REPRESENTATIVE |
Turnover in U.K. Equities soared to a record 31.05 billion stg in February a 12 pct increase on the previous months 27.83 billion the London Stock Exchange said. February turnover was also 96 pct higher than the 15.84 billion stg total posted in the same month a year ago. A monthly fact sheet from the Stock Exchange showed eight new companies were admitted to listing in February six of which were U.K. Firms. The largest of these was British Airways which was privatised in February and whose share offer raised over 900 mln stg it said. The Stock Exchange also said six rights issues during the month raised 223.6 mln stg compared with 129.5 mln from nine issues in Febuary 1986. Daily average equity turnover in the 20 business days in February was 1.55 billion stg after 1.33 billion in the 21 trading days in January an increase of 17 pct. Total Stock Exchange turnover of both gilts and equities was 116.73 billion stg marginally higher than the 116.65 billion recorded in January but 129 pct more than the 50.92 billion of February 1986. REUTER | U.K. EQUITY TURNOVER SETS NEW RECORD IN FEBRUARY |
Southwest Airlines Co said its February load factor fell to 51.2 pct from 54.5 pct in February 1986. Revenue passenger miles increased 14.1 pct in February to 538.9 mln from 472.3 mln and 22.3 pct year-to-date to 1.15 billion from 944.1 mln the company said. Available seat miles grew 21.6 pct in February to 1.05 billion from 866.2 mln and 21.3 pct in the two months to 2.20 billion from 1.81 billion. Load factor the percentage of seats filled rose to 52.5 pct from 52.1 pct in the two months Southwest said. Traffic results include Southwest and its Transtar Airlines unit. The carrier also said it opened a new Phoenix reservation center on March one. Reuter | SOUTHWEST AIR <LUV> FEBRUARY LOAD FACTOR OFF |
Technimed Corp said it has completed development of a home cholesterol testing product and will start clinical testing of its whole blood cholesterol test strip shortly. The company said the strip is inexpensive and is simpler than lab tests now being used. A drop of blood is applied to the strip and within about 30 seconds a simple color change allows the user to determine his own cholesterol level. It said it expects to be the first to market a home cholesterol test and the test should contribute substantially to future earnings. Reuter | <TECHNIMED CORP> HAS CHOLESTEROL TEST PRODUCT |
The Commodity Credit Corporation CCC has reallocated two mln dlrs in credit gurantees previously earmarked for sales of U.S. protein meals to cover sales of vegetable oil and tallow to El Salvador the U.S. Agriculture Department said. The action reduces coverage for sales of protein meals to 14 mln dlrs from 16 mln dlrs and creates new lines of one mln dlrs for tallow and/or greases and one mln dlrs for vegetable oils the department said. All sales under the credit guarantee lines must be registered and exported by Sepember 30 1987 it said. The guarantee rates include a charge to provide for a yearly interest rate coverage of up to 4.5 pct on the guaranteed value the department said. Reuter | CCC REALLOCATES CREDIT GUARANTEES TO EL SALVADOR |
Rothmans International plc <ROT.L> aims to set up a joint venture with Jinan cigarette factory in Shandong China to produce high quality cigarettes some for export Chinese newspapers said. The China Daily said the factory has produced high-quality General brand cigarettes using advanced machinery and technical assistance worth 2.5 mln dlrs donated by Rothmans under a co-operation agreement signed in 1985. The Economic Daily newspaper said the high quality General will help Chinas cigarettes enter the international market. The two papers gave no more details. REUTER | ROTHMANS CLOSE TO JOINT VENTURE IN CHINA |
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