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Borg-Warner Corp said it agreed to sell its industrial products group to <Clayton and Dubilier Inc> and senior management of the group for about 240 mln dlrs. Clayton and Dubilier is a New York-based private investment firm which has completed two other management-led buyout transactions since December 1986. Borg-Warners industrial products group based in Long Beach California has sales of about 300 mln dlrs and employs about 3000 staff. Its businesses include standard and custom engineered centrifugal pumps and mechanical seals for the petroleum industry and advanced controls for the aerospace and defense industries. The sale is part of Borg-Warners planned restructuring. the proposed sale is subject to approval by Borg-Warners directors it said. Reuter | BORG-WARNER <BOR> TO SELL UNIT FOR 240 MLN DLRS |
Merrill Lynch <MER> Capital Markets said it and Bennetton Group SPA <BTOM.M> will form a joint venture to attract investment in unquoted Italian companies. Merrill Lynch Capital Markets will launch the venture with In Capital SPA a Milan investment bank in which Bennetton has a 75 pct holding. The remaining 25 pct is owned by Gruppo Finanziario Tessile S.P.A. A private textile firm. The two companies who have signed a letter of intent said they hoped the venture will generate investments of up to 50 billion lire in private Italian firms operating in fast-growing fields. Benetton is a large Italian clothing maker with some 4400 retail outlets worldwide. The new venture which represents the first partnership between an international investment bank and a large company is designed to help Benetton expand the operations of In Capital. Merrill Lynch Capital Markets is the London-based international merchant banking arm of Merrill Lynch Europe Ltd which in turn is part of the U.S. Based investment banking firm of Merrill Lynch and Co Inc. Reuter | BENNETTON, MERRILL LYNCH UNIT PLAN JOINT VENTURE |
The Panamanian bulk carrier Juvena is still aground outside Tartous Syria despite discharging 6400 tons of its 39000-ton cargo of wheat and water has entered the engine-room due to a crack in the vessel bottom Lloyds Shipping Intelligence Service said. The Juvena 53351 tonnes dw ran aground outside Tartous port basin breakwater on February 25 in heavy weather and rough seas. Reuter | PANAMANIAN WHEAT SHIP STILL GROUNDED OFF SYRIA |
<Guardian-Morton Shulman Precious Metals Inc> said Morton Shulman and Guardman Investment Management Services Inc agreed in principle for Andrew Sarlos to make a takeover bid for all special shares and series II warrants of Guardian-Morton subject to regulatory approval and completion of definitive documentation. Guardman Investment current manager and owner of all common shares of Guardian-Morton also agreed to sell the common and its management agreement to a company controlled by Sarlos if the takeover bid is successful Guardian-Morton said. Price to be offered for the Guardian-Morton special shares under the takeover bid will be 90 pct of the net asset value of the special shares at the time of the bid and two dlrs for each series II warrant the company said. Guardian-Morton said the takeover bid will be conditional on Sarlos acquiring at least 90 pct of the special shares and 90 pct of the series II warrants when combined the number of special shares and warrants owned by the offeror at the time of the bid. Investment companies managed by Sarlos currently own slightly less than 10 pct of Guardian-Mortons special shares. Reuter | GUARDIAN-MORTON SHULMAN AGREES TO TAKEOVER BID |
Shr 2.11 dlrs vs nine cts Net 285000000 vs 10500000 Revs 7.35 billion vs 6.76 billion Avg shrs 134300000 vs 131600000 Year Shr 4.35 dlrs vs 1.73 dlrs Net 582300000 vs 221200000 Revs 24.13 billion vs 22.33 billion Avg shrs 134300000 vs 131600000 NOTE: Latest year earnings include a loss in each period of 16.4 mln dlrs or 12 cts a share for a premium paid in the early call of a 250 mln dlr 12.75 pct 30-year debenture Earnings include a gain from discontinued operations of 30.8 mln dlrs or 23 cts a share vs a loss of 238.9 mln dlrs or 1.82 dlrs a share in the quarter and a gain of 28.4 mln dlrs or 21 cts a share vs a gain of 472.0 mln dlrs or 3.64 dlrs a share for the year Reuter | K MART CORP <KM> 4TH QTR JAN 28 NET |
Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating todays hog slaughter at about 290000 to 310000 head versus 309000 week ago and 328000 a year ago. Cattle slaughter is guesstimated at about 128000 to 131000 head versus 129000 week ago and 127000 a year ago. Reuter | HOG AND CATTLE SLAUGHTER GUESSTIMATES |
Stan West Mining Corp said it engaged an investment banking firm to act as financial adviser in arranging a construction financing package for McCabe mine. The company said it intends proceeds of the financing package would be utilized to construct a 500 ton per day mil complete the underground construction necessary to start mining and provide working capital. Reuter | STAN WEST <SWMC> SEEKS CONSTRUCTION FINANCING |
Heekin Can Inc said it plans to build a seven mln dlr Columbus Ohio plant financed by industrial revenue bonds. It said construction on the 50000 square foot plant is scheduled to start in April and manufacturing will start at the end of 1987. The plant will initially make two-piece 6.5 ounce steel cans for pet food. Reuter | HEEKIN CAN <HEKN> TO BUILD OHIO PLANT |
Dutch shipping and transport group PHS Van Ommeren NV <OMMN.AS> said it has taken over a small Dutch gas container firm as a first step in establishing a world-wide gas container organisation. The firm Liquid and Gas Transport BV (LGT) employs 10 people and has a fleet of 200 gas containers. Van Ommeren will shortly open an office in Singapore and expand its facilities in Houston to establish the gas container network. REUTER | VAN OMMEREN ACQUIRES DUTCH GAS CONTAINER UNIT |
Qtly div 10 cts vs eight cts prior Pay April 16 Record March 31 Reuter | DORCHESTER HUGOTON LTD <DHULZ> RAISES PAYOUT |
The <National Association of Securities Dealers> said it has named Jaguar Cars Inc president Graham W. Whitehead as one of its three governors-at-large representing companies listed on the NASDAQ system. Jaguar Cars is the U.S. marketing arm of Jaguar PLC <JAGRY> which was NASDAQs third-most-actively traded issue in 1986. Reuter | NASD NAMES NEW BOARD MEMBER |
International American Homes inc said it has contracted to acquire <Diversified Shelter Group Ltd> for about 11850000 dlrs to be paid 73 pct in cash and 27 pct in International American common stock to be valued on a 30 day trading average prior to closing. It said the price is based on Diversifieds estimated 3.2 mln dlrs pro forma pre-tax earnings for 1986 after adjustment for certain non-continuing expenses. Diversified a developer of single family housing in the Atlanta market had 1986 revenues of about 25.3 mln dlrs. The acquisition if subject to International American arranging financing. Reuter | INTERNATIONAL AMERICAN <HOME> SETS ACQUISITION |
Municipal Development Corp said it signed an agreement to purchase land and facilities in Florida from <Quail Hollow Properties Inc> for 2.8 mln dlrs and plans to invest an additional two mln dlrs to install infrastructure on the property. The company said under the deal it will purchase Quail Hollow Utilities Inc and with its joint venture partner <Groveland Developments Inc> will acquire 190 acres of land from Quail Hollow Properties. Municipal Development said Quail Hollow Utilities owns and operates two wastewater treatment systems which will become part of Central Pasco Utilities Inc a business formed by the company to provide utility services to part of Pasco County. Municipal Development said it will develop the Quail Hollow Business Park on the 190 acres of property. Under the joint venture agreement with Groveland Municipal Development said it will develop the business parks roads and other infrastructure while Groveland will improve and sell property in the area. Central Pasco will develop and deliver the water supply and wastewater treatment services for the business park. Reuter | MUNICIPAL DEVELOPMENT <MUNI> PURCHASES LAND |
Environmental Systems Co said it signed a contract with the Illinois Environmental Protection Agency to build a modular incinerator at the Lenz Oil Site in Lemont Ill. The company said the project is slated for completion by the end of fiscal 1987 at a total price of 4500000 mln dlrs. The incinerator can treat approximately 7000 tons of contaminated soil 150000 gallons of liquids and 200 drums of other wastes according to the company. Environmental said it expects to build two more systesm in fiscal 1987. The company posted first quarter net income of 2193000 dlrs or 13 cts per share compared to 1918000 dlrs or 15 cts per share the prior comparable quarter. Reuter | ENVIRONMENTAL SYSTEMS <ESC> BUILDS INCINERATOR |
The EC Commission said it was adopting an open attitude about whether a system of production quotas should remain for the indefinite future on heavy steel products which account for about 45 pct of all EC steel goods. In a statement the Commission reiterated its view that the industry needs to lose between 25 and 30 mln tonnes of capacity by 1990. It had previously said the quota system started in 1980 should be wound up completely by the end of next year. The industry has argued for the maintenance of existing quotas which cover almost 70 pct of all output saying almost all steelmakers are losing money due to the depressed market. Reuter | EC COMMISSION HAS OPEN ATTITUDE ON STEEL QUOTAS |
Oper shr 16 cts vs two cts Oper net 467000 vs 52000 Sales 8954000 vs 6338000 Avg shrs 2939459 vs 1979916 Nine mths Oper shr 45 cts vs 18 cts Oper net 1068000 vs 387000 Sales 24.5 mln vs 19.6 mln Avg shrs 2299764 vs 1979916 NOTE: Current year net both periods excludes 176000 dlr gain from retirement of notes. Backlog 30.8 mln vs 26.7 mln at start of fiscal year. Reuter | PRECISION AEROTECH INC <PAR> 3RD QTR JAN 31 NET |
Hadson Corp said it filed a registration with the Securities and Exchange Commission for an underwritten offering of 3750000 new common shares to be managed by Shearson Lehman Brothers Inc and PaineWebber Inc. Reuter | HADSON <HADS> REGISTERS 3.7 MLN COMMON SHARES |
Shr 100.6 cts vs 76.9 cts Final div 40 cts vs 32 making 58 cts vs 50 Pre-tax 14.17 mln rand vs 8.85 mln Net 10.06 mln vs 7.69 mln Tax 4.10 mln vs 1.16 mln Gross premiums 210.16 mln vs 178.69 mln Net premiums written 143.99 mln vs 123.88 mln Underwriting loss 1.78 mln vs loss 6.25 mln Div pay April 10 register March 27. Note - period year to December 31 1986. Reuter | GUARDIAN NATIONAL INSURANCE CO LTD <GARJ J> YEAR |
Shr diluted five cts vs 13 cts Net 278780 vs 442532 Revs 5101747 vs 4293393 Avg shrs diluted 6050968 vs 3414145 NOTE: Net includes tax credits of 123500 dlrs vs 179000 dlrs. Reuter | DATAMETRICS CORP <DMCZ> 1ST QTR JAN 31 NET |
Shr 60 cts vs 85 cts Qtly div 10 cts vs 10 cts prior Net 1407000 vs 1996000 Sales 75.4 mln vs 58.2 mln NOTE: Dividend pay April 16 record April Nine Reuter | WIENER ENTERPRISES INC <WPB> YEAR JAN 31 NET |
The convertible eurobond issue announced yesterday for Genentech Inc <GENE.O> has been increased to a total of 150 mln dlrs from 100 mln Credit Suisse First Boston Ltd (CSFB) said as lead manager. The coupon has been set at five pct and conversion price at 74 dlrs per share which represents a 23.85 pct premium over Genentechs stock closing level of 59.75 on the New York Stock Exchange last night. Payment date has been brought forward to March 27 from March 30 and the bonds will mature on March 27 2002. REUTER | GENENTECH CONVERTIBLE BOND UPPED TO 150 MLN DLRS |
Hydro Quebec is issuing a 125 mln Canadian dlr bond due April 21 1997 paying nine pct and priced at 100-3/4 pct lead manager Merrill Lynch International said. The bond is available in denominations of 1000 and 5000 dlrs and will be listed in Luxembourg. Fees comprise 1-1/4 pct selling concession and 3/8 pct each for management and underwriting. Pay date is April 21. REUTER | HYDRO QUEBEC ISSUES CANADIAN DLR BOND |
K Mart Corp said its record fiscal 1986 net earnings of 582.3 mln dlrs a rise from 221.2 mln dlrs a year ago marked a major turning point for the worlds second biggest retailer. K Mart said the earnings rise for the fourth quarter ended January 28 to 285 mln dlrs from 10.5 mln dlrs resulted from merchandising refurbishing and expense control. A year ago K Mart took a charge of 239 mln dlrs for discontinued operations. Earnings from continuing retail operations in the quarter totalled 270 mln dlrs or 2.00 dlrs a share compared with 249.4 mln dlrs or 1.91 dlrs a year ago. K Mart Chairman Bernard Fauber said the success of these programs is better illustrated by the strong 35.9 pct increase in 1986 income from continuing operations before income taxes to 1.03 billion dlrs the first time K Mart Corp has reached this milestone. Sales for the 1986 fiscal year reached a record 23.8 billion dlrs an 8.1 pct rise from 22.04 billion dlrs the prior year. K Mart said 1985 was restated to account for discontinued operations. Comparable store sales rose 5.5 pct in 1986 over 1985 it said. Fauber said the sales growth came from greater consumer acceptance of K Marts apparel merchandise a marked increase in hardline merchandise sales and a growing contribution from specialty retailing operations. K Mart said its fourth quarter pre-tax income from continuing operations was 493 mln dlrs a 32.3 pct gain from 372.6 mln dlrs last year. It said sales in the period grew 8.8 pct to 7.23 billion dlrs from a restated 6.65 billion dlrs in 1985 with comparable store sales up 4.7 pct. K Mart said its effective tax rate rose in 1986 to 44.6 pct from 37.6 pct in 1985. But it said selling general and administrative expense eased to 23.2 pct of sales from 23.7 pct in 1985. Our performance in 1986 marks a major turning point for K Mart Fauber said in a statement. In the years immediately prior to 1986 we focused on changing the look of our stores and the structure of the company. K Mart he said committed billion of dollars for store remodeling and installing a centralized point of sale system upgraded its merchandise mix acquired three large specialty retailers divested underperforming businesses and restructured its long-term debt. We were forced to pay a temporary price in the form of slower earnings growth and a lower rating by the investment community. However beginning with the fourth quarter of 1985 our improved performance is proof that our approach is correct for the long term the K Mart chairman said. Reuter | K MART <KM> SAYS RECORD 1986 NET "TURNING POINT" |
Sonex Research Inc said it has completed a private sale of common shares and warrants for two mln dlrs. It said if all warrants are exercised it will receive another 4600000 dlrs. Proceeds will be used for working capital it said. Reuter | SONEX RESEARCH <SONX> SELLS STOCK PRIVATELY |
British Airways PLC said February 1987 load factor rose to 64.7 pct up 5.4 percentage points from February 1986. Revenue passenger miles increased 14.8 pct in February to 1.75 billion but fell 0.7 pct in the fiscal year-to-date to 23.54 billion the British carrier said. Available seat miles rose 5.2 pct in February to 2.73 billion and 1.3 pct in the 11 months to 35.27 billion. Load factor the percentage of seats filled fell 1.4 percentage points to 66.7 pct in the April through February period. The British carrier made its first traffic report since the British Government sold it to the public last month. Reuter | BRITISH AIRWAYS <BAB> FEBRUARY LOAD FACTOR UP |
David Rockefeller chairman of the international advisory committee of Chase Manhattan Bank NA said an accommodation would be found between Brazil and its commercial bank creditors to solve the problem of the nations recent interest payment halt. I think one will find that the banking community the Brazilian government and the international banking authorities will be talking for the next several weeks and I am very hopeful that we would find an accommodation. Rockefeller told bankers at a luncheon. Brazil announced on February 20 that it was suspending interest repayments on about 68 billion dlrs of private sector debt owed to commercial banks. Rockefeller said the recent tour by Brazilian Finance Minister Dilson Funaro of major industrial nations was a sign that Brazil wanted to be cooperative. But it was notable that Funaro did not meet with the creditors immediately affected the commercial bankers he added. Brazils moratorium on commercial debt becomes critical by end-May when payments would be 90 days overdue obliging U.S. Regulators to downgrade Brazilian debt financial sources said. This would require banks in turn to cease accruing interest and set aside expensive loan loss reserves. Rockefeller reminded bankers of the depth of concern over Latin American debt at the Toronto World Bank/International Monetary Fund meeting in 1982 and said an accord would be reached in the current circumstances just as it had been then. (Brazilian authorities) have no more interest in seeing their credit sources cut off then we have in seeing their obligations stop he added. REUTER | ROCKEFELLER SAYS BRAZIL SOLUTION WILL BE FOUND |
Quixote Corp said Dainippon Ink and Chemicals Inc of Japan will buy 526315 shares of Quixote common stock a 6.7 pct stake for 10 mln dlrs or 19 dlrs a share. It said the two companies also agreed to share the results of their research and development activities in optical disc technology. Dainippon Incs optical disc technology focuses on the development of a new Direct-Read-After-Write optical disc and an advanced erasable optical disc. Quixote said its wholly owned subsidiary LaserVideo Inc is making advancements in the art of mastering and manufacturing Compact Discs CD-ROMs and laser-read videodiscs. Quixote said the agreement with Dainippon which has annual sales of more than two billion dlrs provides for a Dainippon representative to sit on the LaserVideo board of directors. Reuter | DAINIPPON INK TO INVEST IN QUIXOTE <QUIX> |
Qtly div 1-1/2 cts vs 1-1/2 cts prior Pay April 15 Record March 30 Reuter | CIRCUIT CITY STORES INC <CC> SETS QUARTERLY |
American Savings and Loan Association of Florida said <Knoll International Holdings Inc> has offered to purchase 500000 new shares of American Savings for 10 mln dlrs and the board has accepted Knolls offer. Knoll already owns 796413 shares or 9.9 pct of American Savings. American Savings said the purchase will resolve a previously-announced disagreement between American Savings and the Federal Home Loan Bank of Atlanta on the replacement of the capital American Savings used to repurchase common shares in January 1985 from former chairman Marvin L. Warner. It said completion of the transaction would give Knoll 15 pct ownership in American Savings. American Savings said Knoll also had talks with chairman of the executive committee Shepard Broad and chairman Morris Broad on the purchase of their American Savings shares as well at 20 dlrs each but no agreement was reached. American Savings said The company said Knolls offer to buy the new shares is not conditioned on other purchase of common stock from any person or entity. It said its previously-announced engagement of Salomon Inc <SB> to evaluate alternatives to enhance shareholder values including the possible sale of American Savings is still being actively pursued. Reuter | KNOLL TO BUY AMERICAN SAVINGS <AAA> SHARES |
Ford Motor Co said it extended its current buyer incentive program on selected cars and light trucks to April Six. It also said it added the Ford Taurus and Mercury Sable to the program which gives customers a choice of 3.9- to 9.9-annual percentage rate financing. Ford said buyers of all 1986 and 1987 Taurus and Sable models can choose between the low financing rates or cash allowances of 400 dlrs. Buyers of all other eligible cars will get a cash allowance of up to 600 dlrs plus the low financing rates. It said those buying trucks can choose between the low financing or a cash rebate of up to 600 dlrs. Ford said the program takes effect now and applies to most vehicles delivered to retail customers from dealer stock. A program for Mustang ends March 31 as announced earlier. Reuter | FORD <F> EXTENDS INCENTIVES ON SOME MODELS |
IGENE Biotechnology Inc said its research teams at Auburn and Hebrew universities have found its patented pesticide is highly effective in combating a disease reponsible for approximately three billion dlrs in annual crop losses. The company said it learned ClandoSan controls nematodes deadly plant pathogens formerly controlled by now-banned synthetic chemicals. Varieties of the deadly disease attack major cash crops such as cotton vegetables orchard trees citrus fruits and garden plants the company said. Reuter | IGENE BIOTECHNOLOGY <IGNE> FINDS CROP LOSS AID |
Phillips Petroleum Co will emphasize improving its short-term cash flow this year to pare its debt C.J. Pete Silas chairman told Reuters in an interview. Our priority is to get cash flow increased from the assets already installed he said but he declined to estimate annual cash flow for 1987. Analysts estimate Phillips cash flow at over one billion dlrs for 1987 while long term debt which resulted from restructuring to find off corporate raiders in 1985 hovers about 5.9 billion dlrs as of December 1986. Silas said Phillips hope to achieve its goal by raising the capital expenditures budget to develop its oil and gas properties. We plan to develop the properties with short-term high cash flow prospects he said. He projected a capital expenditure budget of 730 mln dlrs up from the 1986 expenditure of 655 mln dlrs. Nearly half of that will be spent on exploration and production and most of that will be spend overseas Silas said. Phillips top priority in 1987 will be to get the waterflooding in Norway and jack up the (Ekofisk) oil fields to improve our ability to extract oil and increase earnings Silas said. Phillips estimates that the project which is expected to cost 1.5 billion dlrs will increase recovery by 170 mln gross barrels of oil over a period of 24 years. Phillips is also pursue opportunities in China where Silas said he was seeking a modification of terms with the Chinese government to make oil discoveries (in the offshore Xijang fields) commercially viable. In the U.S. Silas said Phillips hopes to get the Point Arguello Calif. field started up by the fourth quarter. We expect to start up the first platform then Silas said. But emphasis on short-term cash flow has also forced the company to part with several oil and gas assets. Phillips sold its interests in the T-Block in the U.K. North Sea and U.S. reserves totaling about 1.3 billion dlrs in 1986 as part of a two billion dlrs asset sales program that is now completed Silas said. We sold high cost producing assets. They were not good value for us but possibly so for someone else Silas said. Silas said the 1986 assets sales will not affect earnings for the company. Everything we are doing is to manage our cash flow and we are using that to manage our debt. Even the asset sales while regrettable were necessary to reduce debt Silas said. He said no asset sales are planned this year as long as oil prices dont fall sharply lower and stay at lower levels for several months. Then everyone would be looking at sales (of assets) and were no different from the others Silas said. In other areas Silas looks for improved earnings from Phillips chemical operations which provided 299 mln dlrs in earnings for 1986 up from 219 mln dlrs in 1985. This was our second best year pushed by a good supply and demand balance for products low feedstocks and energy costs for our operations Silas said In 1987 we think the markets supply and demand balance will be just as good but feedstock and energy costs will rise due to price recovery. Reuter | PHILLIPS <P> TO EMPHASIZE CASH FLOW TO PARE DEBT |
Merrill Lynch Canada Inc wholly owned by Merrill Lynch and Co is considering acquiring another Canadian securities company as the result of federal and provincial government moves to lift investment dealer ownership restrictions on June 30 according to a published report. Were talking to a number of people Merrill Lynch Canada deputy chairman E. Duff Scott told The Toronto Star. Whether were going to do something I dont know he said. A Merrill Lynch Canada spokesman declined to comment on the newspaper report when queried. Scott did not disclose which investment dealers Merrill Lynch Canada was considering acquiring but the Toronto Star quoted unidentified industry sources as saying serious discussions have already been held with Burns Fry Ltd. Burns Fry chairman Jack Lawrence told the newspaper the investment dealer has not made a final decision but was examining three or four alternatives. Discussions between brokers about possible mergers is to be expected pending industry deregulation one investment industry source who asked not to be named told Reuters. Its silly not to take a look (at making a merger or acquisition). If youre a businessman you have to take a look the industry source said. Under federal and provincial government regulations expected to be in place by June 30 banks trust companies and foreign companies will be allowed to acquire existing investment dealers or establish their own securities subsidiaries. Reuter | MERRILL LYNCH<MER> CANADA MULLS BUYING BROKER |
PerfectData Corp said it agreed to license certain disk cleaning related patents to the <Texwipe Co>. Reuter | PERFECTDATA <PERF> IN JOINT LICENSING PACT |
<Consolidated Gold Fields PLC>s ARC America Corp subsidiary said it has acquired 7521643 American Aggregates Corp shares about 95 pct of those outstanding as a result of its tender offer which expired February 27. As soon as is practicable ARC America will acquire American Aggregates converting the companys remaining shares into the right to receive 30.625 dlrs a share. Reuter | MOST AMERICAN AGGREGATES <AMAG> STOCK ACQUIRED |
The French government plans new legislation this year which will lower the thresholds at which investors in companies must declare their shareholdings Bourse officials said. The new rules part of a scheme to provide more openness in corporate ownership structure will lower the initial declaration threshold to five pct of a companys capital. Under current rules an investor has to notify the Bourse supervisory commission when a holding exceeds 10 pct and again at 33 pct and 50 pct. The officials said a 20 pct level has also been added to the scale. Reuter | FRANCE PLANS TIGHTER SHAREHOLDING DISCLOSURE LEVELS |
Biotech Capital Corp said it agreed to buy High Technology magazine from the Goldhirsh Group of Boston. Terms were not disclosed. The magazine publishes information about emerging technologies and their impact on business. It has a circulation of 200000 and is the largest of its kind in the world the company said. Reuter | BIOTECH CAPITAL <BITC> TO BUY MAGAZINE |
Pakistans trade deficit narrowed to 2.64 billion rupees (provisional) in February 1987 from 2.85 billion (final) in January and compared with 2.94 billion in February 1986 the Federal Bureau of Statistics figures show. Exports fell to 5.04 billion rupees (provisional) in February from 5.34 billion (final) in January and compared with 3.90 billion in February 1986. Imports fell to 7.68 billion rupees (provisional) in February from 8.19 billion (final) in January and compared with 6.84 billion in February 1986. REUTER | PAKISTAN'S TRADE DEFICIT NARROWS IN FEBRUARY |
4th qtr Shr nine cts vs four cts Net 658159 vs 299930 Revs 3770341 vs 2614224 Avg shrs 7382802 vs 6747442 Year Oper shr 33 cts vs 18 cts Oper net 2287179 vs 1045799 Revs 13.1 mln vs 8577853 Avg shrs 6874505 vs 5951612 NOTE: 1985 year net excludes 13000 dlr tax credit. Corrects March 11 item to exclude tax credit Reuter | CORRECTED-INSITUFORM OF NORTH AMERICA INC<INSUA> |
Qtly div 34 cts vs 34 cts prior Pay May 15 Record April 24 Reuter | COLGATE-PALMOLIVE CO <CL> SETS QUARTERLY |
Qtly div 12-1/2 cts vs 10 cts prior Pay April 15 Record March 31 Reuter | CO-OPERATIVE BANCORP <COBK> RAISES QUARTERLY |
The Canadian dollar bond launched earlier today for Hydro Quebec has been increased to 150 mln dlrs from 125 mln lead manager Merrill Lynch International said. REUTER | HYDRO QUEBEC CANADIAN DLR BOND RAISED TO 150 MLN |
Vishay Intertechnology Inc said it wished to clarify its pending offer to exchange shares of its Class B stock for its outstanding common stock The company said shareholders who already have or plan to take advantage of the offer may withdraw their offer by the close of business March 25 1987. Reuter | VISHAY INTERTECHNOLOGY <VSH> CLARIFIES OFFER |
Consumers Power Co said it will redeem 200000 shares of its 3.85 dlr preference stock at 27.50 dlrs a share plus accrued dividends of 0.320833 dlrs a share. It said the redemption will be made May One to holders of record March 23 with shares selected by random lot. It said some 100000 of the shares are being redeemed under mandatory sinking fund provisions. The balance will be redeemed at the companys option as part of its efforts to reduce its cost of capital. Reuter | CONSUMERS POWER<CMS> TO REDEEM PREFERRED STOCK |
Semi div 7-1/2 cts vs 7-1/2 cts prior Pay April 30 Record March 31 Reuter | WILCOX AND GIBBS INC <WG> SETS PAYOUT |
Saudi Arabian oil output has fallen to its lowest level in more than a year giving fresh evidence of the kingdoms determination to keep oil prices at 18 dlrs a barrel as agreed by Opec last December oil industry sources said. They said Saudi output in the first eight days of March averaged 2.6 mln barrels per day (bpd) including oil from the neutral zone shared with Kuwait compared to a February average of 3.5 mln bpd. They said Saudi Arabia was also selling oil from its crude oil stocks in tankers around the world which OPEC says must be counted towards a members production quota. Saudi Arabias quota is 4.133 mln bpd. The lower production levels indicated Saudi Arabia the worlds largest oil exporter was insisting on getting Opec official prices even at the cost of lower production the sources said. King Fahd reiterated yesterday in an interview with Reuters and the television news agency Visnews the Saudi commitment to OPECs December pact to boost oil prices to an average 18 dlrs. Saudi Arabia is completely sticking to OPEC decisions he said. The sources said the kingdoms exports from Gulf ports averaged one mln bpd during the eight days ending last Sunday down from a February average of 1.9 mln bpd. They said Saudi Arabia was allowing production to fluctuate with lifting nominations and was not trying to maintain artificially high levels by putting oil into storage. The kingdoms main buyers the four U.S. Oil firms with past stakes in the national oil company Aramco -- Mobil Exxon Texaco and Chevron -- enjoy considerable flexibility in the timing and volume of their liftings but are bound to pay official prices the sources said. Spot market prices have firmed in the past two weeks but still remain below OPEC levels and major buyers have delayed liftings in the hope they would improve the sources said. They expected low early March output to pick up towards the end of the month as buyers sought to fulfill their contractual obligations. REUTER | SAUDI OUTPUT SAID AT YEAR LOW TO HELP OPEC |
Morgan Stanley Group Inc said Lewis E. Lehrman will join the firm as senior advisor as a directory of Morgan Stanley Asset Management. It said Lehrman will concentrate on the growth and development of Morgan Stanleys asset management business in the U.S. Europe and Asia. Lehrman the former president and chairman of the executive committee at Rite Aid Corpo <RAD> ran against Mario Cuomo as the Republican and Conservative Party Candidate for governor of New York State in 1982. Reuter | LEWIS LEHRMAN TO JOIN MORGAN STANLEY <MS> |
Assistant Defense Secretary Richard Perle is preparing to announce his resignation from the Pentagon possibly as early as today Pentagon officials said. The officials who asked not to be identified told Reuters that Perle was expected to quit in order to become a private defense consultant. Perle a staunch critic of U.S.-Soviet arms control agreements and an influential spokesman for anti-Soviet hardliners in and out of the Reagan Administration has served as assistant defense secretary for international security policy since 1981. Reuter | PERLE SAID PREPARING TO ANNOUNCE RESIGNATION |
Leader Development Corp said it has purchased 300000 shares of convertible preferred stock in <Petrosurance Inc> for 1500000 dlrs in cash and real estate. Petrosurance specializes in property and casualty insurance for the oil industry. Leader said the stock is convertible into a Petrosurance common. Leader said it already owns 12.5 pct of Petrorusrance and conversion would give it about 45.0 pct. The company said Petrosurance will use the sale proceeds to support growth and improve the structure of its reinsurance treaties to retain a larger part of premiums written. Reuter | LEADER <LDCO> BUYS PETROSURANCE STAKE |
Jamesway Corp said it has opened its 101st store a 43000 square foot unit in Luray Va. Reuter | JAMESWAY <JMY> OPENS NEW STORE |
Telcom General Corp which stopped operating a month ago said Robert F. Friedman has resigned as president chief executive officer and a director. Reuter | <TELCOM GENERAL CORP> PRESIDENT RESIGNS |
Monsanto Corp said a call by the Illinois Environmental Protection Agency requesting the Illinois Attorney General file a lawsuit against the company is inappropriate and counterproductive. The company said the suit seeks to force Monsanto to replace the chlorosulphonic acid cooling system at its William G. Krummrich plant in Sauget Ill. Monsanto said the basis for the agencys action was an accident March Three in which the plants acid unit experienced an emission due to a failed expansion joint in the cooling system. Monsanto said when the environmental agency recommended that the company replace the present cooling system it contacted the manufacturer of the system to seek outside technical advice. Monsanto said its analysis indicated that the present system represents the safest technology for producing chlorosulfonic acid and removal of the system with expansion joints would increase - not decrease - the chances of further accidents. Reuter | MONSANTO <MTC> RESPONDS TO CALL FOR LAWSUIT |
Qtly div 27 cts vs 27 cts prior Pay April 15 Record March 25 Reuter | FEDERAL REALTY INVESTMENT TRUST <FRT> IN PAYOUT |
BDM International Inc said it has received a 26.7 mln dlr contract to provide operations maintenance and test support to the U.S. Air Force Weapons Laboratory Nuclear Simulator Test Facilities at Kirtland Air Force Base in Albuquerque. The company said the contract covers a four-year peiod and includes an option for another year. Reuter | BDM INTERNATIONAL <BDM> GETS AIR FORCE CONTRACT |
The White House welcomed the February retail sales figures showing a 4.1 pct rise following a slow performance in January. Spokesman Marlin Fitzwater told reporters: The February sales growth was broad-based and good news for the economy. Commerce Department figures showed a larger than expected rise following depressed levels of sales and factory orders in January. Reuter | WHITE HOUSE WELCOMES RETAIL SALES FIGURES |
An agreement in the debt rescheduling talks between the Philippines and its commercial bank advisory committee seems to be close at hand said David Mulford Assistant Secretary of the U.S. Treasury. The Philippines negotiations resumed in early March and agreement now appears to be very near Mulford told a debt conference organized by the Euromoney magazine. Mulford gave no further details. He told reporters after his speech that he had no information on the banks response to the Philippines revised proposal based on partial payment of interest with investment notes instead of cash. Progress in the Philippines talks following recent agreements with Mexico Chile and Venezuela will help to dispel concerns of a new debt crisis Mulford told the conference. However he said there will continue to be difficulties and periods of significant risk requiring creative thinking on the part of the banks. In particular he urged the banks to develop a menu of options for supporting debtor reforms as a means of maintaining broad bank participation in new financing packages. Mulford said the banks should be able to offer a range of options to members of the lending syndicates provided that the liquidity value of the total transactions to the debtor nations is equivalent to the banks new money obligation. He said it is more important to find ways of encouraging banks to remain in the syndicates than to find ways of enabling them to quit the lending groups. Mulford said his menu of options could include more trade credits direct portfolio investments debt/equity swaps project loans co-financings and the invesmtent note concept which has been proposed by the Philippines. Reuter | TREASURY OFFICIAL SAYS PHILIPPINE PACT VERY NEAR |
Qtr ends Feb 28 Shr 10 cts vs 17 cts Net 411275 vs 584118 Revs 4977818 vs 4714581 Reuter | BEAUTICONTROL COSMETICS INC <BUTI> 1ST QTR NET |
Shr loss 11 cts vs profit five cts Net loss 279726 vs profit 76591 Revs 1300000 vs 2200000 Reuter | OLD DOMINION SYSTEMS INC <ODSI> 1ST QTR JAN 31 |
Sweden announced its promised program of unilateral economic sanctions against South Africa and gave firms an October deadline to cut trading links. Foreign Trade Minister Anita Gradin said a trade boycott of South Africa and neighbouring Namibia would take effect from July 1 followed by a three-month period of grace to give companies time to wind down their operations. From October 1 no direct trade would be allowed in either direction with certain exceptions covering medical supplies and printed matter Gradin told a news conference. She said exceptions would also be granted in cases where a Swedish trade boycott would benefit South African firms and disadvantage South Africas black-ruled neighbours the front-line states. Gradin cautioned that legislation upon which the boycott would be based was not impossible to get round. She said a parliamentary committee would investigate ways of closing some of the bigger loopholes including indirect trade with South Africa via Swedish subsidiaries in third countries. REUTER | SWEDEN SETS OCTOBER DEADLINE FOR S.AFRICA BOYCOTT |
<General Building Products Corp> is offering one mln shares of stock at 11 dlrs a share said co-managing underwriters PaineWebber Inc and Ladenburg Thalmann and Co Inc. Proceeds from the offering will be used to repay short-term debt to finance the opening of new locations and as working capital they said. The company headquarted in Medford N.Y. sells lumber and building supplies to building contractors and through retail outlets to consumers. Reuter | GENERAL BUILDING INITIAL SHARE OFFER UNDER WAY |
Jan 31 end Shr profit 49 cts vs loss not given Net profit 1360000 vs loss 241000 Revs 20.8 mln vs 14.3 mln Avg shrs 2760000 vs 1970000 Reuter | FIDELITY NATIONAL FINANCIAL INC <FNF> 1ST QTR |
Centre National des Caisses dEpargne et de Prevoyance (CENCEP) said it is issuing a 1.9 billion franc two-tranche 12-year domestic bond led by Caisse des Depots et Consignations. One 1.3 billion franc tranche of 5000 franc bonds will have a fixed rate of 8.70 pct and issue price of 96.30 pct. A 600 mln franc tranche of 5000 franc bonds will carry interest of nine pct in the first year and then will have interest based on 90 pct of average bond market yields (TMO) with a guaranteed minimum of 5.5 pct. Issue price is 97.16 pct. Payment date for both non-callable tranches is April 6. REUTER | FRANCE'S CENCEP ISSUES 1.9 BILLION FRANC BOND |
Herley Microwave Systems Inc said it won a series of contract additions and new awards worth 7.7 mln dlrs. It said the contracts were from the U.S. Navy and Airforce Martin Marietta Corp <ML> and Northrop Corp <NOC>. The orders are scheduled to be delivered in 1987 and early 1988. The company said its Jan 31 backlog was 20 mln dlrs against 21 mln dlrs a year ago. Reuter | HERLEY MICROWAVE <HRLY> WINS CONTRACTS |
Ocean Showboat Finance Corp a unit of Showboat Inc is raising 180 mln dlrs through an offering of mortgage-backed bonds due 2002 with an 11-3/8 pct coupon and par pricing said sole manager Donaldson Lufkin and Jenrette Securities Corp. Moodys Investors Service Inc rates the bonds B-1 and Standard and Poors Corp rates them B-plus. Reuter | SHOWBOAT <SBO> UNIT SELLS MORTGAGE-BACKED BONDS |
Vitronics Corp said it plans to establish a plant in Plymouth England to serve European customers. Reuter | VITRONICS <VITX> PLANS BRITISH PLANT |
British Telecommunications Plcs <BTY.L> profit growth prospects for the coming years will be reduced by increasing competition and continued costs for replacing old telephone systems deputy chairman Graeme Odgers said. Speaking at a news conference on the third quarter results which were released earlier today Odgers said the company faced heavy costs for installing new digital telephone systems in Britain for three to five years. He said <Mercury Communications Ltd> a Cable and Wireless Plc <CAWL.L> subsidiary was becoming a significant competitor. Odgers said Mercury was seeking to make inroads into some of British Telecoms most profitable areas. One company official privately estimated that British Telecom still had a 99 pct share of the U.K. Telecommunications market but feared that this could slip to 95 or 90 pct. The recent two-and-a-half-week engineering strike which lead to some disruption in service could well have encouraged clients to consider using the Mercury system Odgers said. However he forecast that the last quarters results overall should not be adversely affected by the walkout. He calculated salary savings as a result of the strike at 50 mln stg and while loss of income on telephone calls should be limited revenue probably dropped on peripheral activities. But on balance Odgers said that groups financial strength economies of scale and the fact that it operates in a growth industry will help produce annual profit increases for the forseeable future. British Telecom will also seek to expand into manufacturing he said adding that research and development expenditure will rise both in terms of value and compared with the current proportion of two pct of overall turnover. Analysts said the companys downbeat forecasts helped shares dip to 242p in mid-afternoon down 4p from yesterdays close and off an early high of 248p. Philip Augar of stockbrokers Wood Mackenzie and Co Ltd said the market expects slower profit growth but forecast a seven to eight pct rise in both earnings per share and pretax profit over the next two years. In the 1985/86 financial year pre-tax profit rose to 1.81 billion stg from 1.48 billion. Augar noted that a government-imposed formula linking charges to inflation meant that the companys scope for raising prices was limited as long as inflation remains low. Reuter | BRITISH TELECOM CAUTIOUS ON EARNINGS PROSPECTS |
The Brazilian Coffee Institute IBC is unlikely to disclose its future export policy until the end of next week at the earliest trade sources said. IBC president Jorio Dauster is meeting government ministers producers exporters and market analysts to assess Brazils position in the light of the failure of talks in London earlier this month to set new International Coffee Organization ICO export quotas. The failure of the talks means Brazil has got to rethink its position completely one Santos exporter said. A meeting of the National Coffee Policy Council is set for Thursday March 19 and Dauster will almost certainly explain his plan to members then before announcing any new measures. Dauster told reporters on his return from London last week that no decisions would be made on exports before he had held talks with all sectors of the industry. Exporters said Dauster is not under any great pressure to start marketing coffee immediately. World prices have been recovering from the lows which followed the collapse of the ICO talks and Brazil has sold a reasonable 5.5 mln bags of 60 kilos for export in the first four months of this year. The exporters said the key factor in the eventual opening of May and June export registrations will be the amount at which the contribution quota is set. With little expectation of other sales incentive mechanisms such as discounts bonuses and price fall guarantees being introduced the level of the quota will be decisive in determining the competitiveness of Brazilian coffee on world markets they said. They noted that on February 16 the eve of a planned increase in the quota April registrations were opened and closed after 1.68 mln bags were registered for export a record amount for a single day. If May/June registrations are opened under similar conditions as before Brazil would have no difficulty in selling at least 2.0 mln bags per month. The problem would be how to limit sales one exporter said. Brazils present foreign trade and payments problems mean there are pressures from the government to boost exports to maximise foreign exchange earnings. However the sources said they expect the IBC to adopt a marketing strategy aimed at regaining Brazils dominant position as an exporter but without causing a price war. General opinion among exporters was that Brazil would plan to export between 17 and 18 mln bags this year of which between 1.5 and 2.0 mln would be to non-members of the ICO. The 15.5 mln to 16 mln bags sold to members would be around the figure Brazil had offered to ship if ICO quotas were reintroduced although Dauster has said this offer expired with the breakdown of talks. With the prospects of a crop of at least 28 mln bags this year Brazil has the capacity to export up to 20 mln bags after meeting local consumption of around 7.0 mln the sources added. However the sources said Brazil is unlikely even to consider exporting such quantities as this would almost inevitably lead to a fall in world prices as Brazil tried to encroach on other producers markets. Maximum export earnings would be achieved by orderly marketing of traditional amounts thus re-establishing Brazils market share after last years unusually low exports of 9.9 mln bags enabling it to rebuild stocks and maintaining cordial relations with the producer group which backed Brazils stance at the ICO talks they added. Reuter | NO NEAR TERM BRAZIL COFFEE MOVES EXPECTED |
The White House said President Reagan would send to Congress today proposed legislation providing for sweeping reform of the budgetary treatment of the federal credit program. Called the Federal Credit Reform Act of 1987 the proposal consists of a package of legislation and accompanying budget amendments said White House spokesman Marlin Fitzwater. He noted that in fiscal 1986 the federal government disbursed 42 billion dlrs in new direct loans and guaranteed loans totalling 159 billion dlrs. Under the reform bill Fitzwater said the subsidy element in direct loan and guaranteed loan programs would be established and Congress would appropriate the amount of the subsidy to the lending agency. This is kind of a truth in spending reform package Fitzwater said. Reuter | REAGAN SENDS CONGRESS FEDERAL CREDIT REFORM BILL |
Foster Wheeler Corp said its energy subsidiary signed a 90 mln dlr contract to design engineer and construct two 550 mega-watt steam generators to be installed at the new Taichung Fossil Power project of Taiwan Power Co Taiwan. The contract also includes an option for two additional 550 mega-watt units for the same site the company said. Taiwan Power Cos long range plans call for the installation of a total of eight units at the station. Commercial operation of the two units is scheduled for June and December 1991 respectively the company added. Reuter | FOSTER WHEELER <FWC> UNIT SIGNS 90 MLN DLR PACT |
Fieldcrest Cannon Inc is raising 110 mln dlrs through an offering of convertible subordinated debentures due 2012 with a six pct coupon and par pricing said sole underwriter Kidder Peabody and Co Inc. The debentures are convertible into the companys common stock at 44.25 dlrs per share representing a premium of 26.43 pct over the stock price when terms on the debt were set. Non-callable for two years the debt is rated Ba-2 by Moodys Investors Service Inc and BB-minus by Standard and Poors Corp. The issue was increased from an initial offering of 100 mln dlrs because of investor demand. Reuter | FIELDCREST <FLD> SELLS CONVERTIBLE DEBENTURES |
Norsk Hydro is issuing a 100 mln dlr bond due April 9 1997 carrying a coupon of 8-1/4 pct and priced at 101-5/8 said Swiss Bank Corp International as lead manager. The issue is non-callable and will be listed on the London Stock Exchange. Payment date is April 9. Fees for the issue include a 1-1/4 pct selling concession and a 3/4 pct combined management and underwriting fee. The securities are available in denominations of 5000 dlrs each. They are priced to yield 97 basis points over 10-year U.S. Treasury notes. REUTER | NORSK HYDRO ISSUES 100 MLN DLR BOND |
Philadelphia Electric Co said it filed with the Securities and Exchange Commission a shelf registration statement covering up to 250 mln dlrs of first and refunding mortgage bonds. Proceeds will be used for the companys construction program and to reduce short-term debt that may be incurred from time to time for interim financing of such building Philadelphia Electric said. Reuter | PHILADELPHIA ELECTRIC <PE> TO SELL BONDS |
Shr two cts vs nine cts Net 86469 vs 325937 Revs 5119637 vs 6390995 12 mths Shr 10 cts vs 33 cts Net 354820 vs 1148476 Revs 21.2 mln vs 23.2 mln Reuter | TENNEY ENGINEERING INC <TNY> 4TH QTR NET |
<Medizone International Inc> said it acquired a patent that covers procedures for the use of the Medizone Therapy in deactivating certain viruses commonly associated with AIDS hepatitis and herpes. The company said the patent covers procedures for the deactivation of the viruses in human and animal blood and the treatment of stored blood prior to transfusion. Medizone said the acquisition is seen as a significant step to enhance the companys proprietory position. The company said the patent was acquired from an unnamed company involved in medical research and development for one million shares of its common stock. Reuter | MEDIZONE INTERNATIONAL INC AQUIRES PATENT |
The Federal Reserve is not expected to intervene in the government securities market today several economists said. They said the Fed does not have a much of an adding need this week and may wait until tomorrow or Monday before supplying reserves. But a few economists said there was an outside chance that the Fed may inject reserves indirectly via a small round of customer repurchase agreements. Federal funds hovered at 6-1/8 pct this morning after averaging 6.32 pct yesterday. Reuter | FED NOT EXPECTED TO ADD RESERVES |
Shr 10 cts vs 11 cts Net 226000 vs 236000 Sales 1.3 mln vs 1.5 mln Year Shr 38 cts vs 45 cts Net 819000 vs 1001000 Sales 5.8 mln vs 6.4 mln Reuter | MODERN CONTROLS INC <MOCON> 4TH QTR NET |
Instinet Corp said its board has scheduled a special shareholders meeting for May 21 to vote on its proposed merger into Reuters Holdings PLC <RTRSY>. It said shareholders of record as of April 10 will be eligible to vote at the meeting. Instinet said the meeting date is subject to adjustment based on the length of time needed for the U.S. Securities and Exchange Commission to complete its review of the filing of merger proxy materials which Instinet expects to make before the end of March. Instinet said the filing of the preliminary merger proxy materials is tied to the finalization of audited financial statements of Instinet and Reuters for 1986. Under a merger agreement entered into in November Reuters tendered for up to 5.10 mln Instinet common shares or about 45 pct of those not already owned by Reuters. As a result of the tender Reuters now owns about 49 pct of Instinet shares. In the merger holders of remaining Instinet shares will receive 8.50 dlrs of Reuters American Depositary Shares for each Instinet share. The ADSs will be valued at the average of their closing prices in the 10 trading days before the effective date of the merger. Instinet said it expects the merger to become effective as soon as possible after shareholder approval at the special meeting. Reuter | INSTINET <INET> SETS MEETING ON MERGER |
EC GRANTS 5,000 TONNES SOFT WHEAT EXPORT LICENCES AT 134.75 ECU REBATE - BRUSSELS TRADE |
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DAYTON HUDSON CORP 4TH QTR OPER SHR 1.24 DLRS VS 1.55 DLRS |
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EC GRANTS LICENCES FOR 35,000 TONNES BARLEY AT 137.35 ECUS REBATE - BRUSSELS TRADE |
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UNION PACIFIC SAYS WILL SIGN PACT IN CARACAS ON MARCH 17 FOR SALE OF HALF ITS CORPUS CHRISTI REFINERY |
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CYACQ OFFERS TO RAISE CYCLOPS BUYOUT TO 92.50 DLRS/SHR FROM 80 DLRS |
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The Issuing Centre of the Swiss Regional Banks said it is launching two bond issues of 90 mln and 58 mln Swiss francs. The 90 mln franc 1987/95 issue has a coupon of 4-1/2 pct and issue price of 99.75 pct while the 58 mln franc 1987/97 issue has a coupon of 4-5/8 pct and issue price of 99.75 pct. Subscriptions close March 25. The funds will be partly used to repay a 45 mln franc bond maturing on April 15. REUTER | SWISS REGIONAL BANKS SET TWO BONDS |
WASTE MANAGEMENT SAYS WAITING PERIOD ENDS ON ITS CHEMLAWN BID |
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Qtrly div 17.5 cts vs 17.5 cts prior Pay April 20 Record April 2 Reuter | PETRIE STORES CORP <PST> REGULAR PAYOUT |
The flavours and fragrances firm <Naarden International N.V.> acquired by Anglo-Dutch food and detergents group Unilever Plc N.V. <UN.AS> last year said net profits for 1986 fell 11.4 pct to 19.5 mln guilders. Naarden said earnings were hit by the fall in the value of both the dollar and sterling noting the figure was in line with prior expectations. Net profit was 22.0 mln guilders in 1985. Earnings per share fell to 4.64 guilders from 5.48 in 1985 on turnover of 627.8 mln down from 662.6 mln. Naarden set a cash dividend of 1.80 guilders unchanged from last year but without last years share option for payment. Reuter | UNILEVER FRAGRANCE UNIT HAS LOWER 1986 EARNINGS |
The financial institutions subcommittee of the House Banking Committee postponed indefinitely a session to draft legislation on the Federal Savings and Loan Insurance Corp FSLIC. The mark-up session was postponed after Democrats on the subcommittee failed in a caucus to agree on several issues including the size of a financial rescue package for FSLIC a committee staff member said. On Tuesday the Senate Banking Committee passed a bill to recapitalize FSLIC at 7.5 billion dlrs over two years. Reuter | HOUSE SUBCOMMITTEE POSTPONES FSLIC ACTION |
Shr 81 cts vs 81 cts Net 8750024 vs 7772932 Revs 157.6 mln vs 162.4 mln Avg shrs 10.8 mln vs 9.6 mln Reuter | EAGLE-PITCHER INDUSTRIES INC <EPI> 1ST QTR NET |
A Portuguese court has made a preliminary ruling that the state grain buying agency EPAC should not be allowed to take part in public import tenders open to private importers grain traders and officials said. Under the terms of Portugals January 1986 accession to the European Community EC a grain import monopoly held by EPAC (Empresa Publica de Abastecimento de Cereais) is being reduced by 20 pct annually until all imports are liberalised in 1990. Private traders protested last year that EPAC was being permitted to take part in tenders open to them for the first liberalised 20 pct share of the countrys annual import needs. The grain and oilseed importers association ACICO opened legal proceedings to stop EPAC participating in the public tenders. Miguel Ascensao of ACICO told Reuters that Lisbons civil court in a preliminary ruling had decided EPAC should not be allowed to take part in tenders open to private traders. Trade sources said the ruling though effective immediately was subject to appeal and would have to be confirmed in further proceedings. A member of the government Cereals Market Commission said that as a result of the courts decision the Commission would not be able to accept offers from EPAC in a public tender being held today for the import of 80000 tonnes of corn. Ascensao said the court ruling stated that EPACs participation in the public tenders violated the clauses of Portugals EC accession treaty dealing with the gradual dismantling of the state agencys import monopoly. It also said the participation of EPAC which still controls the national grain storage and distribution network was unfair competition to the private traders. Traders said they believed the ECs Executive Commission was unlikely to get involved in the dispute preferring to leave the case to be resolved as an internal Portuguese issue. They (the EC Commission) will be keeping a low profile one trader said. ACICO says it is ready to take its case to Brussels if necessary. Reuter | PORTUGAL GRAIN AGENCY BARRED FROM IMPORT TENDERS |
U.S. retail sales rose sharply in February but many economists said the underlying consumer spending trend remains weak. February retail sales jumped 4.1 pct more than the 2.5-3.0 pct rise the financial markets had anticipated. But Januarys sales were revised down to a 7.4 pct drop from a previously reported 5.8 pct decline. The trend is toward continued spending but certainly at a much more sluggish pace said Don Maude of Midland Montagu Capital Markets Inc. Maude averaged out the wide swings in the retail sales data over past four months to show that the pace of consumer spending is slowing. Combining the latest data with a 0.6 pct drop in November and a 4.6 pct gain in December the average retail sales gain over the four months was 0.2 pct he said compared to to a 0.4 pct rise for year-over-year sales through February. You can see a pattern developing Maude said. I wouldnt be surprised to see a fall-off in March especially since sales probably wont be boosted by auto sales as they were in February. Despite the weak underlying trend economists were impressed by a robust 1.5 pct gain in total sales excluding autos in February. This compared to a revised 0.4 pct decline in January previously reported as a 0.1 pct decline. The increase in non-auto sales was broadbased with gains in durable goods as well as non-durables noted Ward McCarthy of Merrill Lynch Capital Markets Inc. It was a pretty healthy report. He noted that building materials rose 1.8 pct in February after falling 1.7 pct in January. General merchandise store sales gained 1.4 pct after a 1.6 pct rise in January. There are signs of life in the economy McCarthy said. But its jumping to conclusions to extrapolate this report into the future. A 0.7 pct increase in disposable personal income in January which may be linked to the new tax laws probably helped boost spending in February he said. A lot of people may be inadvertently under-withholding taxes from their paychecks he said. When people in this country get an increase in disposable income the inclination is to go out and spend it he said. Economists said tomorrows release of U.S. auto sales for the first 10 days of March will be an important indicator of how much this sector will add to first quarter spending. Auto sales accounted for the lions share of total February sales rising 14.4 pct. This followed a 27.7 pct drop in January previously reported as a 22.4 pct fall due largely to the expiration of the sales tax deduction under new tax laws January 1 the Commerce Department noted. Some economists argued that the because the gain in total sales excluding autos also followed a decline in January the strength in the February report is less than impressive. There is strength in the February data but thats because they were compared to low sales levels in January said said Beth Reiners of Dean Witter Reynolds Inc. We dont see it as a precursor of continued strength. Durable goods sales rose 8.8 pct in February after falling 17.7 pct in January. February non-durable goods sales gained 1.3 pct after declining 0.2 pct in January. Gasoline service station sales rose two pct in February following a 1.9 pct gain in January but economists said higher oil prices rather than an increased volume of gas sales probably accounted for these gains. Reiners also emphasized that the trend in consumer spending is weakening. Total retail sales on average were 123 billion dlrs in the fourth quarter of 1986 she said. In January they fell to a seasonally adjusted 117.52 bilion dlrs and in February rose to 122.29 billion dlrs. On average it looks like theyll total 120 to 121 mln dlrs in the first quartrer she said. We dont look at this as indication that the economy is barrelling along. The number is not really that problematic for those of us who are constructive on the bond market agreed Elliot Platt of Donaldsen Lufkin and Jenrette Securities Corp. Platt does not foresee potential for tighter monetary policy on the basis of the latest retail sales report. The Fed is on hold now because the data have been so confusing he said. Before the 337000 gain in February non-farm payroll employment I would have looked for a discount rate cut in March he said. But now Fed officials will have to wait for the first quarter real U.S. gross national product data in April to sort things out. Reuter | U.S. RETAIL SALES RISE MASKS WEAK TREND - ANALYSTS |
Newmont Mining Corp <NEM> said Magma Copper Co anticipates being able to produce copper at a profit by 1991 assuming copper prices remain at their current levels. In an information statement distributed to Newmont shareholders explaining the dividend of Magma shares declared Tuesday Newmont said Magma had a net loss of 46.6 mln dlrs in 1986 adding this was equal to 1.22 cts a share. Newmont holders will receive 80 pct of Magmas stock as a dividend of one share for each of the 30458000 Newmont shares now held. Newmont will retain 15 pct of the stock. The 1986 net loss was on a pro forma basis Newmont said. On a historical basis it added Magma had a 1986 net loss of 58.1 mln dlrs on a loss from operations of 42.3 mln dlrs. On Dec 31 1986 Newmont said Magma had about 85.0 mln dlrs of net operating loss carryforwards expiring in 1999-2000 and about 4.0 mln dlrs of investment tax credit carryover expiring in 2000-2001. Newmont said Magma has pre-tax losses of 290 mln dlrs during the 1981 through 1985 period noting the five major U.S. primary copper producers reported aggregate pre-tax losses of 1.9 billion dlrs during five year period. Newmont said Magma had total sales of 347.3 mln dlrs last year including copper sales of 293.4 mln dlrs. It said the copper sales value was up from 267.6 mln dlrs in 1985 reflecting a 10.1 pct increase in quantity sold to 212000 short tons and a 0.4 pct decrease in price. Reuter | MAGMA <MGCPV> SEES PROFITABLE COPPER PRODUCTION |
4th qtr Shr nine cts vs four cts Net 658159 vs 299930 Revs 3770341 vs 2614224 Avg shrs 7382802 vs 6747442 Year Oper shr 33 cts vs 18 cts Oper net 2287179 vs 1045799 Revs 13.1 mln vs 8577853 Avg shrs 6874505 vs 5951612 NOTE: 1985 year net excludes 131000 dlr tax credit. Reuter | RPT-INSITUFORM OF NORTH AMERICA INC <INSUA> NET |
FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS |
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The Securities and Exchange Commission removed a key regulatory obstacle to trading futures on designated foreign debt securities on U.S. exchanges. The move would allow the Chicago Board of Trade CBT to apply to the Commodity Futures Trading Commission CFTC for approval of a futures contract on yen bonds. The CBT has said it may apply for approval of the yen bond futures contract a CFTC spokesman said. The SECs action which was approved by a 4-0 vote specifically removes a regulation against trading futures on designated foreign government debt securities on contract markets that are not located in the country that issued those securities. Futures on the government debt securities of Japan Canada and Great Britain can already be marketed in the United States under a designated exemption issued by the SEC. But the new move would permit U.S. exchanges to apply to the CFTC for approval of establishing futures contracts on those securities SEC officials said. The new SEC move would also allow those foreign government debt securities to be marketed in the United States by countries other than those that issued the securities the officials said. Since the foreign government securities underlying the futures cannot be traded in the United States unless they are registered with the SEC settlement and delivery of the futures would often take place in the foreign country the SEC officials said. The SEC is also considering expanding futures trading of additional countries government securities to be marketed and traded in the United States the officials said. Reuter | SEC REMOVES OBSTACLE TO FOREIGN FUTURES TRADING |
NL Industries Inc said its chairman and chief executive officer Theodore Rogers resigned this morning. Rogers who also resigned his posts as chairman and ceo of the companys subsidiary NL Chemicals was immediately replaced by Harold Simmons the company said. Simmons is president and chief executive officer of <Valhi Inc> which owns approximately 51 pct of NL Industries according to the company. Fred Montanari will remain executive vice president of NL Industries and president of NL Chemicals the company said. Rogers was the company chief executive officer since 1983 and its chairman since 1984 according to the company. He retained both posts after a takeover in 1986 led by Simmons th company said. Rogers will remain as a consultant in certain company matters NL said. Reuter | NL INDUSTRIES INC <NL> CHAIRMAN AND CEO QUITS |
The European Communitys EC cereal management committee granted export licences for 5000 tonnes of quality soft bread-making wheat at a maximum export rebate of 134.75 European currency units Ecus per tonne traders said. The committee also granted export certificates of 35000 tonnes of barley at 137.35 Ecus per tonne but rejected all bids for the export of soft feed wheat they said. Certificates were also granted for the export of 15000 tonnes of maize at a maximum rebate of 132.90 Ecus per tonne the traders said. Reuter | EC COMMISSION GRANTS EXPORT LICENCES - TRADE |
Uncertainty is growing about the prospects for the economy as orders for industry fall and companies scale back investment plans the German Savings Banks and Giro Association said. Exporters expect foreign demand to remain weak while industry is less optimistic than it was the association said in a report. However last months agreement among the six leading western industrialized countries to keep currencies around present levels was expected to be a stabilizing influence for exporters it added. The banking association said the possibility of using monetary policy to stimulate the economy should not be overestimated. Another small drop in already low interest rates could not be expected to cause any significant rise in purchases of consumer or capital goods it said. The Bundesbanks half-point cuts in the discount and Lombard rates in January have largely exhausted the scope for any further monetary moves the association added. On Tuesday the Federal Statistics Office said gross national product stagnated in real seasonally and calendar adjusted terms in the fourth quarter of 1986 compared with the third quarter. The Economics Ministry commenting on the figures said GNP in the 1987 first quarter was also expected to be relatively weak. Bank economists have forecast the economy will either stagnate or contract slightly in the first quarter. Official first-quarter figures are due in early June. REUTER | GERMAN BANKS SAY UNCERTAINTY ABOUT ECONOMY GROWING |
The Federal Reserve entered the U.S. Government securities market to arrange two billion dlrs of customer repurchase agreements a spokeswoman said. Dealers said Federal funds were trading at 6-1/8 pct when the Fed began its temporary and indirect supply of reserves to the banking system. Reuter | FED ADDS RESERVES VIA CUSTOMER REPURCHASES |
Eastman Kodak Co said it will build a major facility here for the production of color film reaffirming its commitment to its core photographic business. Kodak said the plant will cost more than 200 mln dlrs to build and will be staffed by about 250 people who will be transferred from existing manufacturing operations. It said the plant should be operational by the fall of 1990. Kodak said it does not intend to shut down any current capacity as anticipated growth in demand for photography products will offset the additional capacity. The company also said the facility will position it well into the 21st century in the photography business. It said the plant will initially produce color films for the professional and motion picture industry. Kodak also said it will maintain its Rochester site as the center of its photographic technology operations. We have been encourgaged that in recent years this community and New York state have been working hard to improve the business climate for manufucturing said William F. Fowble Kodaks sernior vice-presient and general manager of manufacturing. We assume thesse efforts will continue. Reuter | KODAK <EK> REAFFIRMS COMMITMENT TO PHOTOGRAPHY |
Colorocs Corp said it signed a manufacturing agreement with Sharp Corp <SHRP> of Japan for Sharp to build Colorocs full-color copier. No other details of the agreement were disclosed but the company said more details would follow shortly. Reuter | COLOROCS <CLRX> SIGNS PACT WITH SHARP |
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