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Waste Management Inc said it received notice of early termination of the Hart-Scott-Rodino waiting period for its 270 mln dlr takeover bid for Chemlawn Corp <CHEM>. The waiting period was terminated March 11 Waste Management said. Chemlawn has rejected Waste Managements 27 dlrs a share bid. It has said it was talking with other parties about selling its business. Reuter | WAITING PERIOD ENDS ON WASTE MANAGEMENT<WMX> BID |
Shr 1.42 dlrs vs 1.61 dlrs Net 13.6 mln vs 15.5 mln NOTE: Net asset value per share 77.72 dlrs vs 54.35 dlrs. Reuter | ASA LTD <ASA> 1ST QTR FEB 28 NET |
Cyacq Corp an investor group bidding for Cyclops Corp said it would raise its outstanding tender offer price for Cyclops common to 92.50 dlrs a share from 80 dlrs if certain conditions were met. The increased offer would exceed the 90.25 dlrs a share price offered by Dixons Group PLC in a tender offer for Cyclops that is part of a definitive agreement to acquire the Pittsburgh-based maker of carbon tool and specialty steel products. Cyacq includes Audio/Video Affiliates Inc and Citicorp Capital Investors Ltd and other investors. Cyclops has about 4.1 mln shares outstanding. For the tender price to be raised Cyclops must provide Cyacq with all non-public information provided to Dixons Group and Cyacq must be satisfied with financial projections made in offering material by Dixons based on the information Cyacq said. Additionally Dixon Groups rights to buy Cyclops common and its rights to fees or expenses if the Dixon-Cyclop merger agreement is broken must be rescinded Cyacq said. Cyacq said financial projections it developed for Cyclops were materially lower than the financial projections provided by Cyclops to Dixons Group. A Cyclops spokeswoman said the company had no details of the new Cyacq proposal and could not comment. We have nothing in hand she said. In addition to making specialty metal products Cyclops also operates about 115 specialty stores that sell consumer electronics products. The stores are located in 17 states concentrated in the Northeast Northwest and Southwest. Cyclops employs about 8900 people in Pennsylvania Ohio and other states. It also has interests in non-residential construction. In 1986 Cyclops earned 21.3 mln dlrs or 5.26 dlrs a share on sales of 1.5 billion dlrs compared to 1985 earnings of 26.2 mln dlrs or 6.20 dlrs on sales of 1.4 billion the spokeswoman said. The agreement with Dixons Group calls for Cyclopss steel and construction businesses to be sold to a unit of Alleghany Corp <Y> for about 110 mln dlrs once the merger is completed. A Cyacq spokesman said the new conditional tender price would be all cash. He had no comment on whether Cyacq plans to withdraw its current offer which is scheduled to expire midnight on March six. Dixon Groups offer extends to March 17. Reuter | INVESTORS TO RAISE CYCLOPS <CYL> TENDER PRICE |
Oper shr 1.24 dlrs vs 1.55 dlrs Oper net 120800000 vs 150100000 Revs 3.12 billion vs 2.74 billion Year Oper shr 2.62 dlrs vs 2.89 dlrs Oper net 255000000 vs 280500000 Revs 9.26 billion vs 8.26 billion NOTE: 1986 period ended February One NOTE: Results exclude earnings from discontinued operations of 9.0 mln dlrs or nine cts a share vs 3.2 mln dlrs or three cts a share in the quarter and 2.1 mln dlrs or two cts a share vs 3.1 mln dlrs or three cts a share for the year 1987 earnings exclude gain on sale of B. Dalton Bookseller of 85.2 mln dlrs or 88 cts a share in each period 1987 earnings exclude extraordinary charge from purchase and redemption of debt of 12.6 mln dlrs or 13 cts a share in the quarter and 32.3 mln dlrs or 33 cts a share for the year Reuter | DAYTON HUDSON CORP<DH> 4TH QTR JAN 31 OPER NET |
The Indian State Trading Corp bought one or possibly two 6000 tonne cargoes of Malaysian refined bleached deodorised palm olein at its vegetable oil import tender today for Mar 15/Apr 15 shipment at 355 dlrs per tonne cif traders said. Reuter | INDIA BUYS RBD PALM OLEIN AT TENDER |
The number of Spanish registered unemployed rose by 15608 to 2.98 mln or 21.5 pct of the workforce in January in the sixth consecutive monthly increase the Labour Ministry said. Registered unemployed totalled 2.81 mln or 21.1 pct of the workforce in February 1986. REUTER | SPANISH UNEMPLOYMENT RISES IN FEBRUARY |
Shr 49 cts vs 39 cts Net 886937 vs 892323 Revs 25.9 mln vs 23.7 mln Year Shr 1.78 dlr vs 1.34 dlr Net 3254301 vs 2472676 Revs 100.6 mln vs 87.4 mln NOTE: 1986 4th qtr and year net includes income loss of MetCap subsidiary of 14881 dlrs and 311848 dlrs or 17 cts per share respectively. 1985 4th qtr and year net includes loss in MetCap unit of 108598 dlrs and 298412 dlrs or 16 cts per share respectively. Reuter | VSE CORP <VSEC> 4TH QTR NET |
American Century Corp said it was granted an injunction against Merrill Lynch and certain affiliates barring them from taking or selling any of the collateral for a 12 mln dlr line of credit extended by Merrill. American said State District Judge Fred Biery granted the injunction in connection with a suit filed by <G.H.Stool> against Merrill Lynch in November 1986. Under the order Merrill Lynch is barred from taking or selling the collateral namely 32 pct of the outstanding American Century shares plus real estate interests for the credit line extended to <G.H. Stool> Americans chairman John Kerr and Robert Feldman a director with American. The company said the suit seeks punitive and actual damanges from Merrill Lynch for fraud and refusing to honor what it contends was a binding commitment to a extend and increase the loan to provide the financing to acquire 100 pct of the American Century shares. Reuter | AMERICAN CENTURY CORP <ACT> GETS INJUNCTION |
Anheuser-Busch Cos is raising 150 mln dlrs through an offering of sinking fund debentures due 2017 yielding 8.593 pct said sole manager Dillon Read and Co Inc. The debentures have an 8-1/2 pct coupon and were priced at 99 to yield 97 basis points over the off-the-run 9-1/4 pct Treasury bonds of 2016. Non-refundable for 10 years the issue is rated Aa-3 by Moodys and AA-minus by S and P. A sinking fund starting in 1998 to retire five pct of the debentures a year can be upped by 200 pct at the companys option giving them an estimated minimum life of 13.9 years and maximum of 20.5 years. Reuter | ANHEUSER-BUSCH <BUD> SELLS SINKING FUND DEBT |
Security Pacific Corp said it completed its previously announced acquisition of Orbanco Financial Services Corp after receiving federal approval of the deal. Security Pacific said the Federal Reserve Board approved on Wednesday its purchase of the Portland Ore.-based bank holding company and financial services concern. The purchase of Orbanco for about 47 mln dlrs in cash and common stock will be effective in 30 days a Security Pacific spokeswoman said. Terms call for each share of Orbanco common stock to be exchanged for about 14 dlrs of Security Pacific common stock plus 1.50 dlrs cash. Each share of Orbancos 100-dlr par value preferred stock will be exchanged for 100 dlrs cash plus accrued dividends. Orbanco with one billion dlrs in assests is the holding company for the Oregon Bank Orbanco Real Estate Service Co American Data Service Inc and Orbanco Securities Corp. Security Pacific now has four major regional bank purchases outside California completed or pending. Security Pacific bought The Arizona Bank with assets of four billion dlrs in the fourth quarter of 1986. Pending approval currently is the purchase of Rainier Bancorporation <RBAN> with assets of 9.2 billion dlrs. In anticipation of legislative changes that take effect in 1989 Security Pacific has also negotiated the future purchase of The Nevada Bank with assets of 615 mln dlrs. Security Pacific is the sixth largest U.S. bank holding company with assets of about 61.60 billion dlrs. Reuter | SECURITY PACIFIC <SPC> BUYS ORBANCO <ORBN> |
S/P DOWNGRADES CANADA'S PROVINCE OF SASKATCHEWAN, AFFECTS 1.68 BILLION U.S. DLRS OF DEBT |
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Businessland Inc is raising 50 mln dlrs via an offering of convertible subordinated debentures due 2007 with a 5-1/2 pct coupon and par pricing said lead manager Shearson Lehman Brothers Inc. The debentures are convertible into the companys common stock at 20/50 dlrs a share representing a 25.19 pct premium over the stock price when terms on the debt were set. Non-callable for two years the debt is rated B-3 by Moodys Investors Service Inc. The issue was increased from an initial offering of 40 mln dlrs. Reuter | BUSINESSLAND <BUSL> SELLS CONVERTIBLE DEBENTURES |
Shr 46 cts vs 77 cts Qtly div six cts vs six cts prior Net 2198469 vs 3635565 Revs 23.1 mln vs 26.0 mln Note: 1986 net includes one-time charge of 249000 dlrs or five cts a share from discontinuation of Boat Sentry and Lakontek products. Qtly div payable April 15 to shareholders of record March 24. Reuter | DRANETZ TECHNOLOGIES INC <DRAN> YEAR DEC 31 NET |
U.S. Agriculture Secretary Richard Lyng said he will ask Japan to offer a share of its rice market to U.S. exporters when he visits that country next month. In an interview with Reuters Lyng also said the Reagan administration will ask Tokyo to remove its quotas on U.S. beef and citrus exports. Lyng who plans to be in Japan April 14-27 said he will not ask Tokyo to liberalize fully its rice market. We will urge that they consider sharing their rice market he said. The USDA secretary would not say how big a share of the Japanese rice market the U.S. would request. Weve got none of it now. If we got one per cent of it it would be a big improvement he said. Last year the Reagan administration rejected a petition by the U.S. rice industry seeking relief from Japanese import restrictions. However the U.S. said it would reexamine the issue if by mid-1987 Japan did not roll back import barriers to U.S. rice exports. Lyng said he would not be conducting formal negotiations next month with Japan over their beef and citrus quotas but that his visit may be a forerunner in a general way to talks prior to expiration of the bilateral agreement in March 1988. He said however that the U.S. will ask for a definite liberalization of those items (beef and citrus).... When you translate liberalization into Japanese it means do away with the quota. Reuter | U.S. TO ASK FOR SHARE OF JAPAN'S RICE MARKET |
Union Pacific Corp said it will sign a pact in Caracas on March 17 with Petroleos De Venezuela PDVSA to sell the state owned company half of its Corpus Christi Texas refinery owned by its Union Pacifics Champlin Petroleum Co subsidiary. The sale will also include the related marketing and distribution system for the refinerys products. A spokesman for the company said that a statement may be issued later today giving details of the transaction. There was no immediate comment from PDVSA officials in New York. The Corpus Christi refinery has a capacity of about 160000 barrels per day the Union Pacific spokesman said and is a largely upgraded facility but he would place no value on the transaction. The additional acquisition of refinery and distribution assets by PDVSA has been expected as Venezuela has been moving aggressively to enhance its role in the oil industry from producer to excpanding its presence in the downstream sector. Purchase of part of Champlins operations also fits a profile which PDVSA officials have said previously they looked for in any acquisition. One PDVSA official said the company was looking for independent oil companies with good refinery and distribution network and a strong regional presence. The potential purchase of the interest in Champlin followed its earlier acquisition of a part interest in Southland Corps <SLC> Citgo Petroleum Corp subsidiary. In that agreement signed September 15 1986 PDVSA paid Southland 290 mln dlrs for half of Citgos stock. The potetnital acquisition of half Champlins Corpus Christi plant will also give Venezuela an additional outlet for its crude oil production while giving the refiner an assured source of supply trade sources said. In the earlier deal with Southland PDVSA agredd to to supply Citgo with at least 130000 bpd of crude oil and other feedstocks. Reuter | UNION PACIFIC <UNP> TO SELL PART OF REFINERY |
Standard and Poors Corp said it downgraded Canadas Province of Saskatchewan. The action affects the equivalent of 1.68 billion U.S. dlrs of debt. S and P lowered the provinces long-term debt to AA-minus from AA. The rating agency said the action reflected a substantial increase in Saskatchewans budget deficit for fiscal 1987 and prospects for greater tax-supported debt in the medium term. S and P pointed out that the outlook for future revenue growth is constrained by general weakness in the provinces commodity-based economy because of low prices. Reuter | S/P DOWNGRADES CANADA'S PROVINCE OF SASKATCHEWAN |
Niagara Mohawk Power Co said the existing ball-type main steam isolation valves installed at Unit Two of the Nine Mile Nuclear Station will be replaced with standard Y-pattern globe valves. This decision will delay start-up of the power plant for about three to four months resulting in a delay in commercial operation of the plant to as late as the beginning of 1988 the utility said. It previously had projected commercial operation in September. The possibility of a delay to the first quarter 1988 was raised by Rochester Gas and Electric Corp <RGS> last week. Niagara Mohawk said the delay will add to the plants cost at the rate of about 60 mln dlrs per month. A spokesman said this includes a total of about 10 mln dlrs for removing the old valves and buying and installing the new ones. The utility said the total anticipated cost of the plant is now about six billion dlrs up from the 5.87 billion dlrs projected previously. This has increased the minimum overall disallowances under the settlement Nine Mile Twos owners reached with New York state regulators to over 2.1 billion dlrs it added. Niagara Mohawk has a 41 pct interest in Nine Mile Two making its share of the disallowance about 1.1 billion dlrs before income tax effects. Long Island Lighting Co <LIL> and New York State Electric and Gas Corp <NGE> each have an 18 pct interest in the plant while Rochester Gas owns 14 pct and Central Hudson Gas and Electric Corp <CNH> has nine pct. The ball valves were manufactured by a Gulf and Western Inc <GW> subsidiary which is now owned by Crosby Valve and Gauge Co a subsidiary of Gearhart Industries Inc <GOI> the spokesman said. The Niagara Mohawk spokesman said the Nine Mile Two owners are looking into the possibility that the valve supplier might have liability for the costs of the delays caused by the valves. The utility said the replacement valves are manufactured by Rockwell International Inc <ROK>. The company said it spent considerable time testing and modifying the ball valves which until recently demonstrated potential for both improvement in performance and in ease of maintenance. Since activities to date have not yet proven to be completely successful and because of timing and resulting additional cost of achieving the leak tightness standard is uncertain we have no choice but to replace them Niagara Mohawk said of the ball valves. Reuter | NIAGARA MOHAWK <NMK> TO REPLACE NINE MILE VALVES |
Shr 1.46 dlrs vs 1.13 dlrs Net 14650000 vs 11270000 Sales 265 mln vs 227.1 mln Avg shrs 10020000 vs 9980000 Note: Earnings are pro forma including the increase in common shares that took place last October when the company went public through an initial offering of 1.4 mln shares. Avg shrs assume the shares sold to public and employees were outstanding during the entire period. Reuter | LANDS END INC <LEYS> YEAR JAN 31 NET |
<New Bedford Institution for Savings> said it completed its conversion to a stock form of ownership from a mutual savings bank. In the conversion it said it issued 9.4 mln shares at 14.375 dlrs each. Reuter | NEW BEDFORD SAVINGS GOES PUBLIC |
Budapest Bank Rt has become the first of the commercial banks operating since January to issue bonds to expand its resources the official Hungarian news agency MTI said. The seven-year bonds totalling 500 mln forints may be taken up by companies cooperatives and enterprises MTI said. The interest rate will always be 0.5 points above that charged to commercial banks by the National Bank of Hungary for loans exceeding one year. This years rate will thus be 11 pct. The funds raised will be used to increase the banks investment loan offer for small and medium-sized companies. REUTER | BUDAPEST BANK ISSUES BONDS TO EXPAND RESOURCES |
First Provident Group Inc said it received a contract for over nine mln dlrs for the development of a 252-unit apartment community complex here. Reuter | FIRST PROVIDENT <FPGIU> GETS CONTRACT |
<Saab-Scania AB> of Sweden said its Saab-Scania of America Inc unit was awarded a 15 mln dlr contract to supply transit busses to the transport services department of Honolulu Hawaii. The company said it will supply 94 CN-112 busses under the contract. Reuter | SAAB-SCANIA WINS 15 MLN DLR BUS CONTRACT |
Zico INvestment Holdings INc said that Bancroft Convertible Fund Inc filed suit seeking to enjoin Zicos 30 dlr-a-share tender offer for 500000 Bancroft shares. In its complaint Bancroft said the tender offer materials and letters to shareholders are false and misleading and that the tender offer violates the investment company act of 1940. Zico said the suit is totally without merit and vigorously intends to contest it. A motion is scheduled to be heard on March 16. Reuter | BANCROFT <BCF> SUES ZICO |
Frances state-owned computer group Cie des Machines Bull <BULP.PA> is to receive a government cash infusion of about 800 mln francs in addition to an 800 mln bond issue with share warrants planned for April a Finance Ministry spokeswoman said. The capital injection will be in two stages the first this year and the second at the start of 1988 she said. Earlier this month Bull reported a consolidated net 1986 profit of 271 mln francs compared with 110 mln in the previous year. It also cited a fall in debt and increasing productivity. Reuter | BULL TO GET 800 MLN FRANC CASH INFUSION |
Triton Energy Corp said president Thomas Goff resigned. The company gave no reason for the resignation. It said chairman and chief executive officer William Lee will assume the role of president until a replacement has been found. Reuter | TRITON ENERGY <OIL> PRESIDENT RESIGNS |
The Finance Ministry said it will allow companies to claim exemption from a wage freeze imposed in January because of exchange rate fluctuations . The Price and Cartel Board empowered by the government to oversee the price freeze will allow importers to charge consumers the extra required if exchange rates changed the ministry said in a statement. The board had granted very few exceptions from the freeze and will continue to apply the rules rigidly apart from the newly-announced measures the statement said. REUTER | SWEDISH GOVERNMENT EASES PRICES FREEZE CONDITIONS |
Shr 14.63 dlrs Net 21.8 mln Revs 252.9 mln NOTE: Company changed its reporting period to Dec 31 from May 31. It said prior year comparisons were thus not applicable. Reuter | SEABOARD CORP <SEB> 31 WEEK YEAR NET |
The Turkish ore/bulk/oil vessel Obo Engin 78078 tonnes dwt had an explosion in its boiler yesterday Lloyds shipping Intelligence Service reported. The vessel has retained some power and yesterday evening was in position Lat. 25 57 N. Long. 75 06 W. It is diverting to Jacksonville Florida with its cargo of 58000 tons of coal. The vessel was bound for Iskenderun Turkey from Lake Charles. Reuter | TURKISH SHIP HEADED FOR FLORIDA AFTER EXPLOSION |
Porsche Cars North America Inc said it will recall 892 Porsche 928S-4 model vehicles to replace possibly defective fuel return hoses. It said the recall involves only 1987 model year vehicles. Porsche said the cars involved may have been fitted with fuel return hoses which are not sufficiently resistant to damage by exposure to atmospheric ozone. Reuter | PORSCHE RECALLS 892 OF ITS 1987 MODEL CARS |
Shr 67 cts vs six cts Net 1.6 mln vs 131630 Revs 6.5 mln vs 4.5 mln Year Shr 85 cts vs 19 cts Net 2.0 mln vs 427749 Revs 25.1 mln vs 17.4 mln NOTE: 1986 net includes 1.4 mln dlrs in tax loss carryback. Reuter Inc is a spindle maker. It is not connected with Reuters Holdings PLC. Reuter | REUTER INC <REUT> 4TH QTR |
Qtly div 62-1/2 cts vs 62-1/2 cts previously Pay April 30 Record April Seven Reuter | CENTEL CORP <CNT> REGULAR PAYOUT SET |
Standard and Poors Corp said it placed on creditwatch with negative implications American Stores Co because of its intention to repurchase up to 2.56 mln shares of common stock currently valued at 170 mln dlrs. American has 78 mln dlrs of A-rated senior debt and 256 mln dlrs of BBB preferred stock as well as A-1 paper. S and P said it projected debt to capital pro forma for the stock buy back at more than 67 pct compared with an average of 58.6 pct for the five years through 1985. Return on permanent capital is estimated at between 15 and 16 pct versus an average of 18.4 pct. Reuter | AMERICAN STORES <ASC> MAY BE DOWNGRADED BY S/P |
Mobil Oil Corp said it will restructure its Dallas-based Mobil Exploration and Producing Services Inc operations April one to provide stronger technological support to its U.S. and overseas operations. Mobil said the operation will consist of two new units Technical Services and Application Technology along with the existing Drilling and New Exploration Ventures groups. It said R.C. Mills president and general manager of its Exploration and Producing Southeast Inc has been named vice president and general manager of the new operation reporting to P.J. Hoenmans president of its Exploration and Producing division. Reuter | MOBIL <MOB> TO RESTRUCTURE EXPLORATION UNIT |
MERRILL LYNCH SAYS IT FIRED NAHUM VASKEVITCH |
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Badger Meter Inc said it was not aware of any reason for the unusual trading activity in its common stock. Badger was trading at 21-5/8 up 1-5/8. The company made the statement in response to an inquiry from the American Stock Exchange regarding the unusual activity in its stock. Reuter | BADGER <BMI> SEES NO REASON FOR TRADING ACTIVITY |
Lane Co Inc said its chairman B.B. Lane has submitted his resignation as a director officer and employee effective immediately. A company spokesman said there were no details available beyond Lane Cos one sentence statement. According to proxy material the company filed with the Securities and Exchange Commission in February 1986 B.B. Lane then held about 4.5 pct of the companys stock. Reuter | LANE CO <LANB> CHAIRMAN SUBMITS RESIGNATION |
Shr loss nine cts vs profit 11 cts Net loss 1102592 vs profit 1364763 Revs 2836508 vs 5547121 Year Shr loss six cts vs profit 32 cts Net loss 789300 vs profit 3953822 Revs 11.7 mln vs 21.1 mln NOTE: Per share figures reflect five pct stock dividend paid December 1986. Reuter | EQUITY OIL CO <EQTY> 4TH QTR LOSS |
Fabrique Nationale Herstal SA <FNHB.BR> said it suffered a net loss of 2.99 billion francs last year after being hit by strikes the falling dollar and declining oil prices. An FN statement said the loss which compared with a 6.8 mln franc profit the previous year included considerable charges for restructuring in 1986 and 1987. Without these the net loss would have been 1.45 billion francs it said. It added that the restructuring plan would allow the firm to return to long term profitability once it had been approved by local authorities banks and the workforce. Reuter | FN RESULTS HIT BY STRIKES, DOLLAR IN 1986 |
<Protein Databases Inc> said Millipore Corp through its venture capital subsidiary Millicorp acquired an equity position in the company. Protein said it and Millipore intend to establish an interactive relationship. No other details were disclosed about the amount of Millipores investment in Protein. Reuter | MILLIPORE <MILI> ACQUIRES EQUITY IN PROTEIN |
The National Wildlife Federation rejected an Interior Department draft plan to open wilderness lands in Northern Alaska to oil and gas exploration. The federation the nations largest conservation group said further study was needed to assess any possible damage that development might have on the wildlife in the area the coastal plain of the Arctic National Wildlife Refuge. Jay Hair the federations executive vice president called the Interiors research into the effects of development so fundamentally flawed that it provides little or no basis on which to make a public policy decision. Hair called the departments proposal a reflection of a largely political decision adding we have no confidence in Interior to represent the broad public interest in this area. Interior wants to open the 1.5 million acre coastal plain to oil and gas exploration but it said only with tough safeguards to protect the areas caribou and musk-oxen. It said a preliminary survey showed the region could hold billions of barrels of oil and gas and that its potential as an energy resource would never be known without exploration. Interior said oil on the coastal plain could match the 10 billion barrels found at Prudhoe Bay just west of the plain. Under existing law Congress must agree to oil and gas exploration and if it does not act the land will remain a wildlife refuge protected from commercial development. Hair said Interiors report failed to stress the probability that finding recoverable oil is only 19 pct. He said Interiors study also failed to weigh oil gas fish and wildlife information the State of Alaska had gathered nor had the department consulted the Environmental Protection Agency on the possible effects of exploration. The federation in letters to Congressmen proposed that a nine-member commission be set up to study all aspects of the issue and report back to Congress in about two years. Hair said the federation was not opposed to the possible exploration of oil only that Interiors study was inadquate to make a sound judgement. Congressional observers said that at present there was little sentiment in Congress to open the wildlife area for commercial exploitation dispite increasing concern that the United States is becoming overly dependent on foreign oil. reuter | WILDLIFE UNIT PROPOSES ALASKA REFUGE OIL STUDY |
Shr profit one ct vs loss one ct Net profit 150594 vs loss 55352 Revs 19.0 mln vs 12.4 mln Reuter | <GEMINI FOOD CORP> SIX MTHS JANUARY 31 NET |
U.S. Minerals Exploration Co said it filed an amendment to its registration statement for a proposed public offering of a minimum of 500000 shares and a maximum of 1.3 mln shares of common stock. The amendment reflects an increase in the maximum number of shares to be offered from 800000 to 1.3 mln. Reuter | U.S. MINERALS <USMX> AMENDS REGISTRATION |
Merrill Lynch and Co Inc fired the head of the mergers department in its London office today saying he had been unable to provide a satisfactory explanation in response to insider trading charges filed yesterday by the Securities and Exchange Commission. Merrill had suspended the official Nahum Vaskevitch yesterday saying at the time it was disappointed and angry if the SEC charges are true. Merrill Lynchs statement at midday today said the firm will continue to cooperatie fully with authoriteis in the U.S. and London investigating Vaskevitchs activities. Reuter | MERRILL LYNCH <MER> FIRES VASKEVITCH |
Qtly div 54 cts vs 54 cts prior qtr Pay 1 May Record 10 April Reuter | LINCOLN NATIONAL CORP <LNC> VOTES DIVIDEND |
The St Lawrence Seaway and the Welland Canal linking Lakes Erie and Ontario were expected to open as scheduled on March 31 and April 1 respectively a St Lawrence Seaway official said. The entire Seaway is already free of ice due to the mild Winter and could be open for navigation today but there doesnt seem to be enough demand from shipping companies to warrant an early opening the Canadian official said. Repairs are continuing at a stepped up pace on the Welland Canal and should be completed by the April 1 start-up date she added. Reuter | ST LAWRENCE SEAWAY TO OPEN ON SCHEDULE |
Oper shr profit two cts vs loss 19 cts Oper net profit 523000 vs loss 2.2 mln Revs 102.5 mln vs 39.9 mln 12 mths Oper shr profit 11 cts vs loss 29 cts Oper net profit 2.2 mln vs loss 2.9 mln Revs 304.4 mln vs 50.3 mln NOTE: All 1986 and last two months of 1985 include results of NICO Inc acquired Oct 1985. Prior year excludes discontinued operations loss of 14 cts per share in the quarter and loss 18 cts a share in the year. 1986 excludes extraordinary gain of two cts per share in the quarter and four cts per share in the year. Reuter | LVI GROUP INC <LVI> 4TH QTR NET |
ProtocomDevices Inc said it has seen more erosion of its general financial condition since December 31 and is actively engaged in negotiations to secure additional financing. It also said it has undergone a restructuring of its management and is instituting further staff reductions. It said Ramon Morales has relinquished his role as president and chief operating officer and assumed the position of executive vice president in charge of international sales. It also said Rafael Collado has assumed the positions of president and chief operating officer in addition to his role as chief executive officer. For the year ended January 31 1986 the company had a net loss of 51000 dlrs or 24 cts a share on revenues of 2.8 mln dlrs. Reuter | PROTOCOMDEVICES <PRCM> SEES MORE PROFIT EROSION |
Century Telephone Enterprises Inc said it agreed to sell its cable television properties located in Michigan Tennesse Tennesse Florida Arkansas and Louisiana. Terms and the name of the purchaser were not disclosed. The transaction subject to a definitive agreement is expected to be completed in the near future it said. Century said it expects to recognize a substantial gain on the sale. For the year ended December 31 Century reported net income of 17.2 mln dlrs on sales 146.0 mln dlrs. Reuter | CENTURY <CTL> TO SELL CABLE PROPERTIES |
The International Coffee Organization (ICO) executive board meeting scheduled for the end of this month has been delayed by one day and will now run from March 31 to April 2 and not March 30 to April 1 ICO officials said. On March 30 the ICO ad hoc working group will meet to consider management consultants Ernst & Whinneys report on the ICO secretariat. This report was commissioned late last year to report on the administrative structure of the ICO. Reuter | ICO BOARD MEETING DELAYED ONE DAY |
Emerson Electric Co said it will issue about 56 mln dlrs (U.S.) 18.55 pct notes due 1989. It said interest and principal are payable in either New Zealand or U.S. dollars. The notes will be offered through an underwriting syndicate managed by Prudential-Bache Capital Funding at an offering price of 100 pct. Proceeds will be used to retire commercial paper and for general corporate purposes. Reuter | EMERSON <EMR> TO ISSUE NEW ZEALAND NOTES |
Shr 86 cts vs 99 cts Net 435610 vs 497160 Sales 16.6 mln vs 17.7 mln NOTE: 1986 year net penalized 13 cts shr from loss of investment tax credits. Reuter | PARADISE FRUIT CO INC <PARF> YEAR NET |
Zenith Electronics Corp asked the U.S. Supreme Court to consider its anti-dumping case against Japanese television manufacturers. In a complex case that dates to 1974 Zenith has charged a group of Japanese companies with violations of U.S. antitrust and anti-dumping laws. The U.S. electronics company today said it asked the high court to review a 1986 lower court ruling that dismissed both the antitrust and anti-dumping portions of the case. Reuter | ZENITH <ZE> SEEKS HIGH COURT REVIEW ON DUMPING |
Net loss 14144000 vs loss 863000 Revs 10.3 mln vs 16.7 mln NOTES: 1986 loss includes write-down of 15.1 mln dlrs in the carrying value of oil and gas properties taken in the first quarter Cash flow from operationswas 6237000 dlrs or 3.01 dlrs per unit vs 9315000 dlrs or 4.56 dlrs per unit Reuter | SAMSON ENERGY CO LIMITED PARTNERSHIP <SAM> YEAR |
Eurobond prices in the floating rate note sector slumped across the board by as much as a full point on some issues. Today has been irrational irresponsible -- possibly the worst day in what has been a dire six months for the floater market commented a senior FRN trader at a U.K. Bank. Republic of Ireland FRNs were marked sharply down in initial trading and market nerves soon infected other supra-national and sovereign paper with dealers attributing the falls to aggressive professional shorting by a few leading U.S. Investment houses. The FRN market has been suffering from acute contraction of liquidity and consequent drain of investor confidence since the effective collapse in the market for perpetual floating rate issues late last year. Since then FRN specialists noted that retail interest has been sparse or completely absent and the stagnant market for floating rate paper has become increasingly vulnerable to manipulation with nerves affecting all variety of borrowers. Floating rate debt of U.S. And Canadian banks came under pressure last month when fears resurfaced about their exposure to Latin American debt. Canadian banks were hard hit today. Fears about the Irish economy exacerbated by recent post-electoral political wrangling in Dublin prompted a sell-off of Ireland paper this morning with both dollar and mark-denominated Irish issues tumbling by a full point or more. However FRN dealers polled by Reuters felt the Irish issues had been singled out -- as the U.S. And Canadian banks were most recently -- as the markets most vulnerable sector. A handful of professional houses are targetting the weak paper shorting it aggressively and this is just starting the domino effect with basically sound paper also starting to roll with it a senior FRN market source explained. Although floating paper from better-regarded borrowers such as the U.K. Managed to finish the day only around 10 basis points down other sovereigns like Sweden and supranationals like Eurofima suffered heavier losses FRN dealers said. Debt exposure fears continued to undermine U.S. And Canadian bank paper with one U.K. House citing a fall of 1-5/8 point on the day on a Royal Bank of Canada issue. FRN traders noted Japanese investors initially enthusiastic floating rate debt buyers had lost confidence in the market and speculated that a crisis meeting such as the one called upon the collapse of the perpetuals could be imminent. Retail clients just dont want to know about the floaters any more so it has degenerated to a wily pass-the-parcel among the professionals all scheming to sweep the paper under the carpet another senior FRN trader said. I dont know what is going to happen to the market. It cant go on like this he added. In the fixed-rate sector trading was dull with the market still attempting to digest a heavy volume of new issues from earlier this week although primary market activity slowed somewhat today trading and syndicate sources reported. Dollar straight bonds ended the day barely changed from opening levels as investors failed to react on the unexpectedly large 4.1 pct rise in U.S. February retail sales prefering to wait for tomorrows producer price and business inventory data. A 100 mln dlr deal for Norsk Hydro was launched later in the day and the issue was trading around its total two pct fees at close of grey market trade although dealers said the borrowers frequent appearance in the euromarkets could deter investors. The Canadian dollar sector however saw good two-way trade and a continuation of recent healthy volume as the Canadian dollar rides high on the foreign exchanges and futures markets. Dealers said the strength of the Canadian dollar which has firmed especially over the last two days has renewed end investors confidence in the currency. A new Canadian dollar issue for Hydro Quebec was seeing excellent demand sector specialists said and the issue was quickly increased to a total of 150 mln dlrs from 125 mln. This kind of paper can be hard to sell and it is gratifying to see such a high level of interest both European and domestic Canadian demand commented one trader at a Canadian house. Eurosterling which has been in the limelight lately also on foreign exchange and currency bullishness slipped slightly. Senior eurosterling sources noted that bond prices fell back today more or less in line with losses seen on the U.K. Government bond market -- around 5/8 point lower at the longer end of the eurosterling market. Dealers said overseas investors had not been buying today and predicted consolidation before next weeks U.K. Budget. A 55 mln stg convertible issue for confectioners Rowntree Mackintosh was well bid at 104-5/8 105-1/8 pct and expected to go well. Euroyen bonds showed a firmer tone led by some professional short covering from Tokyo. Todays 23 billion deal for Toyota Motor Credit with a 4-1/2 pct coupon was deemed tight however. REUTER | FRN MARKET SLUMPS, FIXED RATE EUROBOND TRADE QUIET |
Biomet Inc said its revenues for the third quarter ended February 28 were up 21 pct to 14.1 mln dlrs from 11.7 mln dlrs and nine month revenues were up 25 pct to 39.7 mln dlrs from 31.8 mln dlrs a year before. Reuter | BIOMET <BMET> 3RD QTR REVENUES RISE |
U.S. Agriculture Secretary Richard Lyng said the Reagan administration had not decided on offering the Soviet Union subsidized wheat but that such an offer had not been ruled out. In an interview with Reuters Lyng also said that he had no knowledge of any upcoming discussion of the matter within the cabinet. Asked if the administration had ruled out offering to subsidize wheat exports to the Soviet Union under the departments export enhancement program Lyng said No. We havent made a decision on it havent even talked about it havent even looked at it. Reminded that there have been reports that Moscow would buy U.S. wheat if competitively priced Lyng responded If they (the Soviets) would offer to buy some wheat would we accept it? It would depend on what price they offered. Lyng added that he did not think the price of U.S. wheat was far off the world price. Asked about persistent speculation that the administration would offer Moscow a wheat subsidy Lyng said Some people think theyre doing it to see if they can get a little spurt in the market. Agriculture Undersecretary Daniel Amstutz last week asked the Commodity Futures Trading Commission to investigate reports that wheat prices were being manipulated by reports that a U.S. wheat subsidy offer was imminent. Reuter | LYNG SAYS NO DECISION ON SOVIET EEP OFFER |
Shr 22 cts vs 19 cts Net 1.1 mln vs 994000 Year Shr 83 cts vs 60 cts Net 4.3 mln vs 3.1 mln NOTE:1985 net includes tax loss carryforward gain of 8000 dlrs. Reuter | ACCELERATION CORP <ACLE> 4TH QTR |
Shr profit nil vs loss five cts Net profit 232 vs loss 124380 Revs 143397 vs 61901 1st half Shr profit one ct vs loss 10 cts Net profit 15722 vs loss 264539 Revs 354843 vs 120403 Reuter | <ENERGY OPTICS INC> 2ND QTR JAN 31 NET |
Synercom Technology Inc said shareholders at the annual meeting approved the limnitation of directors liability in certain circumstances in accordance with Delaware law. Reuter | SYNERCOM <SYNR> HOLDERS OK LIABILITY LIMITATION |
Blue Grass Breeders Inc said it has completed the acquisition of Equine Enterprises Inc for four mln common shares. It said it is obligated to deliver another 2741660 shares on the attainment of a certain level of shareholders equity during any fiscal quarter within 12 months of closing. If all the contingent shares are issued Blue Grass said former owners of Equine will have a 75 pct interest in Blue Grass. Equine is a New Mexico quarter horse breeding and racing company. Reuter | BLUE GASS BREEDERS <BLGR> COMPLETES ACQUISITION |
Shr loss two cts vs loss five cts Net loss 17334 vs loss 51507 Sales 245560 vs 179839 Avg shrs 1136785 vs 1046785 Six mths Shr profit four cts vs loss 17 cts Net profit 47749 vs loss 174373 Sales 721937 vs 284809 Avg shrs 1136785 vs 1046785 Reuter | DIGIMED CORP 2ND QTR DEC 31 LOSS |
Enviropact Inc said its stock has been included for listing in the National Association of Securities Dealers NASDAQ National Market System effective March 17. Reuter | ENVIROPACT <VIRO> IN NASDAQ NATIONAL EXPANSION |
periods ended January 31 Shr profit 22 cts vs loss 26 cts Net profit 439000 vs loss 522000 Revs 5600000 vs 3859000 Nine mths Shr profit 46 cts vs loss three cts Net profit 912000 vs loss 59000 Revs 14.6 mln vs 18.3 mln NOTE: Year ago revenues include 400000 dlrs in quarter and 2227000 dlrs in nine months from operations of subsidiary sold in April 1986 Reuter | FLIGHT INTERNATIONAL GROUP INC <FLTI> 3RD QTR |
Financial and industrial holding company Nord Est plans to make a convertible bond issue for a total of 400 mln francs President Gustave Rambaud said. He told a news conference Nord-Est expected to receive approval from the Bourse supervisory body COB in the next two week when terms would set according to market conditions. He said the issue was meant to boost capital ahead of new investments. Rambaud said the company would pay a 1986 dividend of 5.25 francs unchanged on 1985. Parent company net profit last year rose to 99.5 mln francs against 71.1 mln in 1985. Provisional consolidated profits were lower at 185 mln francs compared with 200 mln in 1985 of which 120 mln against 147 mln was attributable to the group. He said the lower profit was mainly due to losses made by steel-tube maker Vallourec in which Nord Est has a 12.5 pct stake. Rambaud said he forecast a 1987 parent company net profit before provisions of around 135 mln francs. REUTER | NORD EST PLANS 400 MLN FRANC BOND ISSUE |
Solv-Ex Corp said it successfully completed its oil sands pilot testing program under its agreement with Shell Canada Limited <SHC> and received a 250000 U.S. dlr bonus payment. It also said that Shell Canada exercised its option to take over Solv-Exs 25 pct working interest in the construction of the oil facility relieving it of its obligation to raise about 62.5 mln Canadian dlrs for plant construction. It said 30 pct of that loan was guaranteed by the Government of Alberta. In exchange for Shells participation Solv-Ex said Shell is obligated to pay it an up-front royalty and a running royalty based on the operating profits of the oil sands facility. It said the Shell Canada 7500 barrel per day oil sands project will be built on Shells oil sand lease about 40 miles north of Fort McMurray in the Athabasca region of northern Alberta. Solv-Ex said the project will cost about 260 mln Canadian dlrs. It said that following a final feasibility study the plant should open in the early 1990s when oil prices are expected to exceed 20 U.S. dlrs per barrel. Reuter | SOLV-EX <SOLV> SHELL CANADA <SHC> PACT COMPLETE |
Spain had a 68 mln dlr current account balance of payments surplus in January compared with a 556 mln deficit in December and 370 mln surplus in January last year Bank of Spain figures show. The trade deficit rose to 664 mln dlrs in January from 146 mln in January 1986. REUTER | SPAIN HAS 68 MLN DLR JANUARY PAYMENTS SURPLUS |
Union Pacific Corp said it will enter a 50-50 partnership with Petroles de Venezuela PDVSA to own and operate Union Pacifics 160000 barrel-per-day Corpus Christi Texas oil refinery. The assests to be acquired by the partnership are valued at 190 mln dlrs Union Pacific said. Closing is expected to take place in early April and the venture is to be called Champlin Refining Co. The partnership will acquire the refining and distribution systems currently owned and operated by Champlin Petroleum a wholly owned subsidiary of Union Pacific. The venture will acquire the related inventories and the Champlin trade name the company said. PDVSA and Union Pacific will each contribute half the capital required by the venture and arrange a revolving credit facility with U.S. and foreign banks to finance inventories and receivables Union Pacific said. Petroles de Venezuela also signed a 25-year agreement to supply at least 140000 bpd of Venezulean crude oil and naphtha to the refinery at market related prices. Under various options the in the agreement PDVSA could supply another 50000 bpd on similar terms the company said. This will provide a stable long-term supply to the refinery at competitive costs thereby assuring the economic viability of the plant a statement issued by Union Pacific said. The statement said the agreement with PDVSA will enable the company to supply a steady flow of refined products to its customers. Union Pacific said employees of the refinery would be transfered to the new company and would retain the same benefits as in the past. Reuter | UNION PACIFIC <UNP> IN PARTNERSHIP WITH PDVSA |
Scott Instruments Corp said it has decided to concentrate on marketing new applications of its existing research. It said it will realize cost savings from the reduction of manufacturing and marketing staff and overhead expenses. The company said it will seek to license its Coretechs Vet 3 speech recognition product to other companies and have them provide manufacturing market development distribution and support activities in the industrial market. It said it is near completion of talks for a British company to distribute Vet 3 in Britain and Europe. Reuter | SCOTT INSTRUMENTS <SCTI> TO STRESS MARKETING |
A Purolator Courier Corp director resigned from the companys board saying he plans to take steps to make or find an offer that tops the 265 mln dlr buyout deal already accepted by Purolators board the company said. The director Doresy Gardner resigned in a March 10 letter to the Purolator board which was included in a filing made by the company to the Securities and Exchange Commission. Gardner noted that the terms of the merger agreement in which the company would bought out by a group of its managers and E.F. Hutton LBO Inc bar directors from taking action to solicit initiate or encourage acquisition proposals. I as a shareholder wish to solicit initiate or encourage such an offer or indication of interest and believe therefore that I should resign as a director of the corporation Gardner said in the letter. Accordingly I hereby resign as a director of Purolator Courier Corp effective immediately he said. Gardner said he believes shareholders could get a better deal than the buyout offer if the company would agree to be sold to some other entity or if it could sell off all or part of its U.S. courier division. On March 4 another Purolator shareholder Rodney Shields filed a class action suit on behalf of the companys shareholders charging the company and its board with breaching their fiduciary duty by failing to take steps to ensure that shareholders got the highest possible price in the buyout. The deal would give shareholders 35 dlrs a share in cash if just 83 pct of Purolators 7.6 mln shares are tendered. If more are tendered they would receive 29 dlrs in cash and six dlrs in debentures and a warrant to buy stock in the new company in exchange for each share. Reuter | PUROLATOR <PCC> DIRECTOR QUITS OVER BUYOUT |
Shr profit 75 cts vs profit 25 cts Net profit 2742962 vs profit 936333 Sales 74.9 mln vs 70.1 mln Year Shr profit 1.05 dlrs vs loss 1.07 dlrs Net profit 3868888 vs loss 3931580 Sales 299.3 mln vs 281.1 mln Reuter | UNR INDUSTRIES INC <UNRIQ> 4TH QTR NET |
Century Telephone Enterprises Inc said it has accepted an offer to sell its cable television properties in Michigan Tennessee Florida Arkansas and Louisiana for a substantial gain. The company said details were not disclosed. Reuter | CENTURY TELEPHONE <CTL> TO SELL PROPERTIES |
Shr 12 cts vs seven cts Net 817000 vs 512000 Revs 107.5 mln vs 99.9 mln Avg 6.9 mln vs 7.2 mln NOTE: 1987 net includes 2.4 mln dlr pretax gain on settlement 743000 dlrs gain on securities sale interest expense net of investment income of 2.2 mln dlrs and 920000 dlrs in fiscal 1986. Change of European operations method resulted in pre-tax translation losses of 1.1 mln dlrs in 1987. Period ended January 30. Reuter | VOLT INFORMATION SCIENCES INC <VOLT> 1ST QTR |
Newmont Mining Corp <NEM> said Magma Copper Cos certificate of incorporation and by-laws have been restated to limit the transferability of the companys stock. In an information statement on its decision to distribute Magma stock as a dividend Newmont said the changes will impede any change of control of Magma. It said this has been done by authorizing two closses of common stock -- 60 mln class A shares with one vote each and 38.1 mln class B shares with four votes each. In the dividend of one Magma share for each Newmont share outstanding announced Tuesday Class B shares are being distributed. Newmont is distributing 30458100 Magma shares or 80 pct of the Class B common to its shareholders. It said this stock will be transferable as Class B stock until one entity acquires over 10 pct of the shares. Any shares over 10 pct of those outstanding will automatically be changed by the transfer agent to Class A stock Newmont said. The company said there are two exceptions under the bylaws -- the 15 pct of Magmas stock it is retaining and the 21 pct which will be held by <Consolidated Gold Fields PLC> as a result of its ownership of that portion of Newmont. However Newmont Secretary Roger Adams said any additional Magma shares acquired by Newmont or Consolidated will automatically become Class A shares. None of the authorized Class A shares is being distributed at this point Newmont said. The company also said five pct of Magmas stock is being held in trust for members of Magmas management. Newmont said Magmas restated certificate of incorporation also limits change in control of the company by dividing the board into three classes serving staggered terms. Newmont said the new Magma rules also provide that shareholder action can be taken only at shareholder meetings prohibiting shareholder action by written consent and include fair price provisions limiting combinations with any holder of more than 10 pct of Magmas voting power. Reuter | MAGMA <MGCPV> STOCK TRANSFERABILITY LIMITED |
Paradise Fruit Co Inc said its board declared a dividend of 25 cts per share payable March 31 to holders of record March 19. The company last paid 50 cts per share in January 1986 and before that paid 60 cts in January 1985. Paradise said commercial bank lending agreements it entered into in June 1986 include retained earnings requirements that limit the amount of earnings available for distribution to shareholders. Reuter | PARADISE FRUIT <PARF> SETS LOWER DIVIDEND |
Digitext Inc said it signed a letter of intent covering a planned 12 mln dlr unit offering consisting of preferred stock and warrants to purchase common stock. The company said it expects to file a registration statement covering the offering with the Securities and Exchange Commission within the next 60 days. Reuter | DIGITEXT <DIGT> PLANS UNIT OFFERING |
Oper shr 1.30 dlrs vs 1.51 dlrs Oper net 4.06 mln vs 4.17 mln Sales 146.3 mln vs 155.9 mln Note: 1985 excludes extraordinary loss of 7.45 mln dlrs or 2.70 dlrs per share. Reuter | <CANADA MALTING CO LTD> YEAR NET |
Varian Associates Inc said it received a 19 mln dlr subcontract from General Electric Co <GE> for 36 100 kilowatt transmitters to be used in the Air Forces advanced AN/FPS-118 over-the-horizon backscatter radar systems. Nearly 15 mln dlrs was funded immediately Varian said. Reuter | VARIAN <VAR> GETS 19 MLN DLR SUBCONTRACT |
Dec 31 end Shr profit nil vs loss four cts Net profit 6891 vs loss 590460 Revs 6518133 vs 2521884 Avg shrs 13.1 mln vs 12.0 mln Nine mths Shr profit six cts vs loss seven cts Net profit 772703 vs loss 758620 Revs 20.1 mln vs 7599017 Avg shrs 13.2 mln vs 10.9 mln Reuter | NORTH AMERICAN HOLDING CORP <NAHL> 3RD QTR NET |
Melville Corp said it elected Robert Huth as executive vice president and chief financial officer succeeding Kenneth Berland on April six. Berland will continue as vice chairman and chief administrative officer. Huth is a partner in the accounting firm of Peat Marwick Mitchell and Co. Reuter | MELVILLE <MES> NAMES CHIEF FINANCIAL OFFICER |
Qtly div six cts vs six cts prior Pay April Three Record March 23 Reuter | GENERAL HOST CORP <GH> SETS QUARTERLY |
Automobile production by U.S. manufacturers this week will be 2.5 pct below output for the same week last year according to Automotive News. The trade paper said 167942 cars will be made in the United States this week down from 172348 during last years week. Production will also be below last weeks level when 173596 cars were made the paper estimated. Truck output this week will be 79784 vehicles ahead of the 76059 units made during the same week last year but behind the 80424 trucks made last week. Reuter | U.S. AUTO OUTPUT SAID DOWN THIS WEEK |
U.S. Agriculture Secretary Richard Lyng said he was not sure a long-term U.S.-Soviet grain agreement would be worth extending when it expires next year. It hasnt been worth much in the last two years....They havent lived up to the agreement as I see it Lyng said in an interview with Reuters. It would be my thought that its not worth any effort to work out an agreement with someone who wants the agreement to be a one-sided thing he said. However Lyng said he did not want to make a definitive commitment one way or another at this point. Under the accord covering 1983-88 the Soviets agreed to buy at least nine mln tonnes of U.S. grain including four mln tonnes each of corn and wheat. Moscow bought 6.8 mln tonnes of corn and 153000 tonnes of wheat during the third agreement year which ended last September and this year has bought one mln tonnes of corn. Lyng said he had no knowledge of how much U.S. grain Moscow would buy this year. Ive seen people making comments on that and I dont know how they know unless they talk to the Soviets he said. I have no knowledge and I really dont think anyone other than the Soviets have any knowledge. Lyng said he thought the Soviets bought U.S. corn last month because they needed it and because the price was right. Our corn has been pretty reasonably priced. And I think theyve always found that our corn was good he said. Reuter | U.S.-SOVIET GRAIN ACCORD QUESTIONED BY LYNG |
Morocco is likely to get an extra aid package exceeding 100 mln Special Drawing Rights (126 mln dlrs) in 1987 following a three-day Consultative Group meeting of donors chaired by the World Bank Moroccan Finance Minister Mohamed Berada said. Berrada said most of the extra aid sought to complete high priority investments in agriculture education and public health had already been secured and additional sums were likely to emerge from forthcoming bilateral meetings with donors. A World Bank statement said the Consultative Group meeting attended by 15 donor countries and agencies noted with satisfaction a marked improvement in Moroccos economic performance and urged it to continue recent adjustment efforts. It added that the Group saw as realistic Moroccos medium-term goal of restoring creditworthiness on financial markets and agreed to reconvene in a year to discuss Moroccos five year development strategy for 1988-92 introduced in its broad outlines at this weeks meeting. Morocco reached an agreement here last week with the Paris Club of western creditor governments to reschedule over 10 years the 900 mln dlrs of debt due by mid 1988. That followed an agreement late last year to reschedule 1.8 billion dlrs of commercial bank debt. Moroccos foreign debt currently totals 14 billion dlrs Berrada said adding that Morocco intended to stop rescheduling its debts and pay them off instead. He told Reuters the forthcoming five-year development plan designed to avoid the negative effects of adjustment without growth could require further aid of 700 or 800 mln dlrs. REUTER | MOROCCO SECURES BULK OF EXTRA AID SOUGHT |
Qtly div 7-1/2 cts vs 7-1/2 cts prior Pay April 30 Record April 15 Reuter | GROW GROUP INC <GRO> SETS QUARTERLY |
Shr loss 1.5 cts vs loss five cts Net loss 17334 vs loss 51507 Sales 245560 vs 179839 Six mths Shr profit four cts vs loss 17 cts Net profit 47749 vs loss 174373 Sales 721937 vs 284809 Reuter | DIGIMED CORP 2ND QTR DEC 31 LOSS |
<Powerine Oil Co> said its refinery here will resume operation today with initial crude oil runs of 20000 barrels per day. Powerine a privately-held company said it expects the refinery to become fully operational by May with crude oil throughput at 35000 bpd. Initial oil products deliveries are scheduled for Monday Powerine said. The refinery had been closed due to a change of ownership the company said. Reuter | POWERINE REFINERY TO RESUME OPERATIONS |
Qtly div 12-1/2 cts vs 12-1/2 cts prior Pay April 30 Record April 15 Reuter | TRINITY INDUSTRIES INC <TRN> SETS QUARTERLY |
Qtly div five cts vs five cts prior Pay April 15 Record March 30 Reuter | COASTAL BANCORP <CSBK> SETS QUARTERLY |
Qtly div 45 cts vs 45 cts prior Pay May 20 Record April 24 Reuter | IDAHO POWER CO <IDA> SETS QUARTERLY |
 CORRECTION - BUDAPEST BANK ISSUES BONDS In Budapest item BUDAPEST BANK ISSUES BONDS TO EXPAND RESOURCES please read in first paragraph......The first of the Hungarian-owned commercial banks operating since January... (Inserting dropped words Hungarian-owned to make clear Hungarian commercial banks began operating in January. Joint venture commercial banks with western participation operated before January.) REUTER  | |
National Distillers and Chemical Corp said it was unable to explain a sharp rise in its stock. National Distillers rose 3-1/8 to 63-3/4 in moderate trading of 84000 shares. Texas investor Robert M. Bass recently filed a 13D with the Securities and Exchange Commission disclosing a stake of more than five pct. John Salisbury vice president and general counsel of National Distillers said there were no new developments concerning Bass. Salisbury also said the company continues efforts to sell its liquor business and several potential buyers have inspected the properties. Robert Reitzes analyst at Mabon Nugent and Co said National Distillerss wine and liquor business combined might be sold for between 600 and 700 mln dlrs. The company completed sale of its Almaden wine business to Heublein Inc earlier this week but did not disclose any figures. Heublein is owned by Grand Metropolitan plc. Reitzes said he reiterated a buy recommendation on the stock yesterday calling it the biggest commodity chemical play in the industry. He said recently increased polyetylene prices appear to be holding. Reuter | DISTILLERS <DR> KNOWS NO REASON FOR STOCK MOVE |
U.S. Agriculture Secretary Richard Lyng said a marketing loan for soybeans would serve no present purpose because the U.S. price is not above the world price. Asked in an interview if it was time to consider a marketing loan for soybeans Lyng said I dont think so. I dont think the world price is lower than our price anyway. However the USDA secretary said that if current conditions of surplus production persisted it might be appropriate to consider a marketing loan. I suppose that under that condition there is a danger our exports will continue to drop and that the government will continue to accumulate large stocks of soybeans he said. It might be (worth contemplating a marketing loan) if there were a world market that was lower than our market. Reuter | U.S. SOYBEAN MARKETING LOAN NOT NEEDED - LYNG |
The United States made its proposals for verifying adherence to a prospective treaty on medium range nuclear weapons and in a highly unusual move made public the outlines of its recommendations. State Department spokesman Charles Redman told reporters the proposals were made to the Soviet Union at Geneva arms control talks today. The proposals included on-site inspection that could result in inspectors from the two superpowers being stationed permanently on the territory of the other. Reuter | U.S. ISSUES VERIFICATION PROPOSALS AT ARMS TALKS |
The New York Stock Exchange said a seat on the New York Futures Exchange sold for 200 dlrs which is unchanged from the previous sale made yesterday. The NYSE said the current bid is 200 dlrs and the current offer is 300 dlrs. Reuter | NYFE SEAT SOLD FOR 200 DLRS |
British Telecommunications PLCs Dialcom unit said it will begin next month to sell a software package that allows computers made by different manufacturers to send and receive electronic-mail messages. The software which is based on the X.400 international standard recommendation will be marketed internationally Dialcom said. In addition the company said Data General Corp <DGN> agreed to conduct engineering tests of the software in the United States. Data General is a strong proponent of the X.400 standard. Reuter | BRITISH TELECOM <BTY> UNIT TO OFFER SOFTWARE |
In a step that could lead to a breakthrough in the drafting of next years federal budget Democratic and Republican members of the House Budget Committee met behind closed doors to explore the possibility of a bipartisan budget lawmakers said. No conclusions were reached on whether the two sides would be able to get together on a budget outline the lawmakers said. After the meeting broke up panel Democrats reconvened behind closed doors for further talks. Reuter | U.S. HOUSE DEMOCRAT, GOP BUDGET WRITERS MEET |
Qtly dividend six cts vs six cts Pay April 15 Record March 31 Reuter | UNITED STATIONERS INC <USTR> SETS DIVIDEND |
Qtly div 54 cts vs 54 cts prior Pay May One Record April 10 Reuter | LINCOLN NATIONAL CORP <LNC> SETS QUARTERLY |
Qtly div 17-1/2 cts vs 17-1/2 cts prior Pay April 20 Record April 2. o Reuter | PETRIE STORES CORP <PST> SETS QUARTERLY |
Morocco is likely to get an extra aid package exceeding 100 mln Special Drawing Rights (126 mln dlrs) in 1987 following a three-day Consultative Group meeting of donors chaired by the World Bank Moroccan Finance Minister Mohamed Berada said. Berrada said most of the extra aid sought to complete high priority investments in agriculture education and public health had already been secured and additional sums were likely to emerge from forthcoming bilateral meetings with donors. A World Bank statement said the Consultative Group meeting attended by 15 donor countries and agencies noted with satisfaction a marked improvement in Moroccos economic performance and urged it to continue recent adjustment efforts. It added that the Group saw as realistic Moroccos medium-term goal of restoring creditworthiness on financial markets and agreed to reconvene in a year to discuss Moroccos five year development strategy for 1988-92 introduced in its broad outlines at this weeks meeting. Morocco reached an agreement here last week with the Paris Club of western creditor governments to reschedule over 10 years the 900 mln dlrs of debt due by mid 1988. That followed an agreement late last year to reschedule 1.8 billion dlrs of commercial bank debt. Moroccos foreign debt currently totals 14 billion dlrs Berrada said adding that Morocco intended to stop rescheduling its debts and pay them off instead. He told Reuters the forthcoming five-year development plan designed to avoid the negative effects of adjustment without growth could require further aid of 700 or 800 mln dlrs. Reuter | MOROCCO SECURES BULK OF EXTRA AID SOUGHT |
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