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FRENCH 1986 BUDGET DEFICIT CUT TO 141.1 BILLION FRANCS FROM 143.6 BILLION - OFFICIAL |
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Generale Occidentale Paris has mandated Orion Royal Bank Ltd to arrange a 100 mln dlr revolving credit facility Orion said. Borrowings under the seven-year facility can be in dollars or other currencies where available. Drawings will be at 3/8 pct over the London interbank offered rate for one three or six months or at 1/8 pct over Royal Bank of Canadas U.S. Prime rate for periods of one to 30 days. There will be a commitment fee of 1/4 pct per annum on the unutilised available amount and 1/8 pct on the amount designated as unavailable. Proceeds from the facility will be used to refinance an existing loan facility and provide a flexible source of finance for general corporate purposes. Generale Occidentale a rare borrower in the international capital markets is engaged in food distribution forestry oil production and media activities with interests in Europe and North America. REUTER | GENERALE OCCIDENTALE SEEKS 100 MLN DLR FACILITY |
Finance Minister Kiichi Miyazawa told a parliamentary session the current dollar/yen exchange rate is not necessarily satisfactory for the Japanese economy. Miyazawa said the Paris currency accord among six major industrial nations last month does not necessarily mean the yen should stay stable around current levels in the future. The Paris agreement was aimed at stopping a further rapid fluctuation of exchange rates he said. The accord stipulated that current rates reflect fundamentals of the six nations - Britain Canada France Japan the U.S. And West Germany. REUTER | MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL |
CBS Inc <CBS.N> is issuing 400 mln dlrs of convertible debt due April 7 2002 with a coupon of five pct and priced at par said Morgan Stanley Ltd as lead manager. The securities are convertible into shares of CBS at a price of 200 dlrs per share which represents a premium of 26.2 pct over the companys closing stock price yesterday of 158.50 dlrs on the New York Stock Exchange. The issue is callable in the first three years only if the stock prices rises abouve 130 pct of the conversion level. There is a 1-1/2 pct selling concession and a one pct combined management and underwriting fee. REUTER | CBS ISSUES 400 MLN DLRS IN CONVERTIBLE DEBT |
Japans Prime Minister Yasuhiro Nakasone has refused to drop a proposed sales tax as debate on a draft budget for 1987 resumed after a nine-day opposition boycott. I have no plan to withdraw the sales tax as I think it is the best policy (for Japan) Nakasone told the budget committee of the lower house of parliament. Kyodo News Agency said a small group of members of Nakasones ruling Liberal Democratic Party filed a complaint with their local headquarters calling for his expulsion from the party on the grounds he broke a campaign pledge by introducing the sales tax. Nakasone admitted the tax was a major factor in an upper house by-election defeat for his party on Sunday. The election was the first national-level poll since Nakasone presented his plan for overhauling Japans tax system which has remained unaltered for the past 36 years. The sales tax and the planned abolition of the tax-free saving system are designed to offset proposed income and corporate tax cuts. REUTER | NAKASONE REFUSES TO DROP SALES TAX |
Oesterreichishce Kontrollbank AG is issuing a 100 mln Canadian dlr eurobond due March 20 1997 at nine pct and priced at 101-7/8 pct Morgan Guaranty Ltd said as joint book-runner with LTCB International. The bond is available in denominations of 1000 and 10000 dlrs and will be listed in Luxembourg. Fees comprised 1-1/4 pct selling concession with 3/4 pct for management and underwriting combined. REUTER | OKB ISSUES 100 MLN CANADIAN DLR BOND |
Japan will carry out a government-coordinated study of uses for superconducting materials the Ministry of International Trade and Industry (MITI) said. University and industry representatives will start discussions in April on basic research and possible applications Masatoshi Urashima MITIs director for development of future basic technology said. Superconductors which conduct electricity with very low resistance could be used in computers semiconductors and high speed trains he said. Urashima said recent discoveries of superconductive materials which do not need extremely low temperatures led to MITIs decision to coordinate research. MITIs electric technology laboratory is currently researching energy efficiency and superconductive electrical generation he added. REUTER | JAPAN TO COORDINATE STUDY OF SUPERCONDUCTORS |
The cabinet has approved a bill making it easier for the government to issue commemorative coins a Finance Ministry official said. The bill which must still be approved by parliament would take effect in April 1988. It would allow the government to issue 1000 5000 and 10000 yen coins without special legislation although higher-valued coins would still need a special law the official said. At present it can only issue coins of 500 yen or less. REUTER | JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES |
International Trade and Industry Minister Hajime Tamura told a parliamentary session Japans small- and medium-sized enterprises are seriously suffering from the yens rise and can only stand levels around 170 yen. He also said he still believes a dollar exchange rate level plus or minus 10 yen from 170 yen would be within levels agreed upon last month in Paris by six major industrial nations. Finance ministers of Britain Canada France Japan the U.S. And West Germany agreed on February 22 to cooperate in stabilizing exchange rates around the current levels. The dollar had closed here at 153.77 yen on February 20. REUTER | JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE |
Frances 1986 budget deficit has been revised down to 141.1 billion francs from the estimate at the end of last year of 143.6 billion the Finance Ministry said. This compares with the 1985 budget deficit of 153.3 billion francs and the deficit target for this year of 129 billion. The ministry said it was the first time since 1980 that the final budget deficit had been below the initial target. The budget deficit corresponded to 2.87 pct of the gross domestic product (GDP) down from 3.35 pct in 1985. This year the government is aiming to cut the budget deficit to 2.5 pct reducing it further to two pct in 1988. Expenditure totalled 1228 billion francs last year up 6.1 pct from 1985 while receipts rose 7.3 pct to 1076 billion. The 1986 budget deficit excludes IMF credits and activities of the exchange stabilisation fund but takes account of a four billion franc payment to the public debt depreciation fund from income from the privatisation programme. The ministry also said that the 1986 expenditure total included the integration into the general budget of Treasury loans to the steel industry which had a neutral impact on the deficit but boosted the spending figure. REUTER | FRENCH 1986 BUDGET DEFICIT REVISED DOWN |
Two small shipping companies have reached a pay deal with striking seamen but union leaders said most of Brazils 40000 seamen were still on strike. A union spokesman in Rio de Janeiro said the seamen had accepted a 120 pct pay offer from the companies Globo and Flumar which have less than 200 employees each. The two-week strike comes as Brazil faces a debt crisis and is delaying exports badly needed to earn foreign exchange. Labour Minister Almir Pazzionotto said the government will not force a settlement of the strike which was ruled illegal last Friday. REUTER | TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS |
Finance Minister Kiichi Miyazawa told a press conference he thinks exchange rates will remain stable due to the currency accord reached in Paris last month by six major industrialised nations but he did not say for how long. The dollar has hovered around 153 yen since the six agreed to cooperate to bring about currency stability. Asked to comment on remarks by some U.S. Officials calling for a further decline of the dollar Miyazawa said only the U.S. President and the U.S. Treasury Secretary can make official statements about exchange rates. REUTER | MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE |
Indonesian Energy Minister Subroto said he sees the oil market continuing bullish with underlying demand expected to rise later in the year. He told a press conference in Jakarta at the end of a two-day meeting of South-East Asian Energy Ministers that he saw prices stabilizing around 18 dlrs a barrel. The sentiment in the market is bullish and I think it will continue that way as demand will go up in the third or fourth quarters Subroto said. Asked about the prospect for oil prices he said: I think they will stabilise around 18 dlrs although there is a little turbulence ... Of course the spot price will fluctuate but the official price will remain at 18 dlrs he added. REUTER | SUBROTO SEES OIL MARKET CONTINUING BULLISH |
Indonesian Energy Minister Subroto said OPEC is deliberately under its production ceiling of 15.8 mln barrels to defend its 18 dlr a barrel price target. He told reporters at an energy conference in Jakarta that OPEC had decided to maintain its price level of 18 dlrs. We are deliberately defending the price so OPEC production is less than 15.8 (mln) at the moment he stated. Asked if OPEC would increase production if prices went above 18 dlrs a barrel he said this would be decided at the next OPEC meeting in June. We will discuss the market situation then he added. He said a meeting of the OPEC Differentials Committee had been postponed because there is no need for the meeting. He did not elaborate. The committee had originally been due to meet in Vienna this week. REUTER | OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS |
<Organon International BV> a subsidiary of the pharmaceutical division of Dutch chemical group Akzo NV <AKZO.AS> said it agreed to cooperate in drug research and development with <California Biotechnology Inc>. Organon will receive world clinical development and marketing rights for any products pioneered under the agreement with the U.S. Firm an Organon spokesman said. He gave no further details. The two companies will be looking at drugs to treat ailments of the nervous system like Alzheimers disease which often affects the elderly he said. REUTER | AKZO PHARMA UNIT IN VENTURE WITH BIOTECHNOLOGY |
A three-year eurobond launched earlier this week for News International Plc <NWSL.L> has been increased to 150 mln dlrs from 100 mln due to good demand lead manager Credit Suisse First Boston Ltd said. The bonds pay 7-1/2 pct and were priced at par. REUTER | NEWS INTERNATIONAL BOND INCREASED TO 150 MLN DLRS |
The short-term effect of foreign exchange rate movements in correcting international trade imbalances appears to be waning and long-term efforts are required to cut Japans chronic dependence on external demand the Bank of Japan said in a monthly report. Japans trade surplus in nominal terms is likely to remain high in the near future the central bank said. Fundamental adjustments will be needed as long as Japan hopes to benefit from a better international allocation of resources and maintain the free trade system it added. REUTER | BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE |
The Finance Ministry has clarified regulations governing fund management satisfying overseas critics who charged the rules were too tightly-drawn ministry officials and Western diplomats said. They said double licensing has been dropped so a foreign fund management firm need apply only for a licence for its Japanese subsidiary and not for the parent company as well. A foreign investment management company will be permitted to employ only one fund manager in Japan with another on standby in the home country. Domestic companies must have two. In deciding whether a Japanese subsidiary of a foreign firm is eligible to manage funds in Japan the ministry will take account of the amount of funds the parent company has under management a ministry official said. This should make it very easy for foreign firms to meet the criteria for a licence he said without elaborating. He said the ministry expects to grant the first investment management licences by the end of June. Some 135 firms including some 15 foreign companies will probably be licensed under the new law passed late last year. REUTER | JAPAN CLARIFIES FUND MANAGEMENT REGULATIONS |
Burmas paddy production fell to 729.4 mln baskets in fiscal year 1986-1987 (to end March) from 737.3 mln in 1985-1986 a cabinet report to parliament said. A basket is a local measure equal to 46 lbs. Paddy output in 1984-1985 was 699.1 mln baskets it said. Burmas Green Revolution sparked by the introduction of high-yield variety paddy strains in the mid-1970s appears to have hit a plateau with production levelling off over the past two years economists said. REUTER | BURMESE PADDY PRODUCTION LOWER IN 1986/87 |
The Bank of England said it provided the money market with a further 168 mln stg of assistance to help offset a shortage it now estimated at 1.05 billion stg revised down from 1.10 billion. It bought 21 mln stg of bank bills outright 20 mln in band one at 10-3/8 pct and one mln in band two at 10-5/16 pct. In addition it bought 98 mln stg of bills for resale on March 30 and 49 mln stg for resale April 8 at an interest rate of 10-7/16 pct. All these rates are the same as for todays earlier help. So far today the bank has provided the market with assistance worth 646 mln stg. The bank also announced the rates applicable to temporary lending facilities rolled over today. The average mid-market rate for lending rolled over for one week is 10-15/16 pct and for two weeks 10-5/8 pct. REUTER | U.K. MONEY MARKET GIVEN FURTHER 168 MLN STG HELP |
The Liberal party easily won the Truro by-election with almost twice as many votes as its nearest rival the Press Association news agency reported. The poll in the South-West of England constituency was called after the death of the previous member of parliament also a member of the Liberal party. Matthew Taylor raised the Liberal majority by winning 30599 votes. Conservative Nicholas St Aubyn was second with 15982 while Labour candidate John King polled 3603. The last by-election in the London suburb of Greenwich was won by the Social Democrat-Liberal alliance. REUTER | LIBERALS HOLD TRURO IN U.K. BY-ELECTION |
AIRBUS SAYS IT HAS 104 COMMITMENTS FROM NINE CUSTOMERS FOR A330/340 PLANE PROGRAM |
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AIRBUS BOARD SAYS IT WILL TAKE STEPS FOR FORMAL A330/340 LAUNCH DECISION BY MID-APRIL |
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The supervisory board of the European consortium <Airbus Industrie> has begun a critical meeting to review government funding and airline orders for its proposed A340 long range jet Airbus officials here said. Airbus insists it needs five airlines to firmly commit themselves to the plane before going ahead with the project by the months end the deadline for its launch. The plane a four-engined widebodied jet has so far only been bought by one airline -- <Lufthansa> which has placed 15 firm orders and 15 options for the plane. But while Air France has said it wants to buy seven of the aircraft it has not yet formally placed an order. Discussions with up to a dozen other airlines have not yet resulted in public commitments. Apart from a shortage of orders Airbus also is facing an uphill struggle persuading its member governments to fund the 2.5 billion dlr project which involves not only the A340 but its sister A330 aircraft a twin engined wide bodied medium range jet with many identical components. The British government remains unconvinced that there will be sufficient room in the world long range jet market. The West German government is also uncommitted and is currently pressing for a restructuring of the consortiums West German company <Deutsche Airbus GmbH> while only the French government appears to be fully behind the program. Another major factor delaying a final decision on the plane has been the engine which will power it. Airbus agreed last October with <CFM International> that its CFM-56 engine with 28600 lbs of thrust would power the plane. But in December Airbus announced an agreement with CFM rival <International Aero Engine> (IAE) to power a slightly larger version of the A340 with a 30000 lb thrust high-technology superfan engine. Airbus has made clear to potential customers that the IAE engine is now the principle engine for the project. The incorporation of the superfan engine made the plane on paper more attractive to airlines but the engine has yet to be developed and CFM International had openly expressed scepticism that the engine will be ready when the plane goes into service. The future of the Airbus consortium depends on the right decision being made on the A340 in the next few weeks for it could find itself severely exposed in the 1990s either by staying absent from the long range jet market or by committing itself to a commercially unviable project. REUTER | AIRBUS FACES A340 DECISION AS DEADLINE LOOMS |
The European Airbus Industrie consortium has obtained a total of 104 commitments from nine customers for its planned A340 long-range jet and A330 twin-engined medium-range jet the consortium said in a communique here. Its supervisory board meeting in Toulouse concluded that the commercial and industrial objectives ... Have been fulfilled and that a strong basis for a commercially successful programme has been established the communique said. But the consortium still has to obtain funding guarantees from its member governments for the 2.5 billion dlr programme. The nine committed customers are well above the five airlines that the consortium said it needed to launch the plane project. Therefore the supervisory board has decided to take all necessary steps for a formal launch decision by mid-April 1987 to ensure first deliveries of the A340 in May 1992 to be followed by first deliveries of the A330 a year later it said. Airbus is a four-nation consortium grouping Britain France West Germany and Spain. REUTER | AIRBUS HAS NINE COMMITTED CUSTOMERS FOR A330/340 |
President Reagans legal adviser said the President could not recall when he approved a 1985 arms sale to Iran the New York Times reported. We were trying to stimulate his (Reagans) recollection and he had no recollection although he remembered being surprised about something Peter Wallison who is resigning was quoted as saying in an interview. That led us to expect that he would not be able to recall (the date) when he appeared before the Tower board Wallison said referring to the question of whether Reagan gave prior approval to an Israeli shipment of U.S. Arms to Iran. Wallison said John Poindexter then head of the National Security Council (NSC) kept him from probing the scandal for weeks after it was first made public last November the Times reported. Wallison told the newspaper that Poindexter who resigned from his NSC post last November 25 refused to give him information about the deal despite pleas by former White House Chief of Staff Donald Regan. Regan told me on several occasions that he had been unable to move Poindexter to include me in any of the discussions or to provide me with ... The facts he said. REUTER | REAGAN DID NOT RECALL APPROVING ARMS DEAL, COUNSEL |
Senior U.S. Economic officials disagree on the likelihood the government can meet its budget deficit reduction targets. Beryl Sprinkel chairman of the Council of Economic Advisers reiterated the Reagan Administrations opposition to a tax increase and its pledge to reduce the deficit by cutting spending and fostering economic growth. By contrast Rudolph Penner Director of the Congressional Budget Office said the budget process has broken down and the deficit will remain close to 200 billion dlrs for fiscal 1987. Sprinkel told a symposium sponsored by New York University that spending could be cut by avoiding decisions based on the desire to influence votes and by shifting the responsibility for local projects to state governments. He also suggested a line-item veto which allows the President to veto parts of bill without rejecting all of it to limit wasteful spending. Spending and taxing decisions should be linked more closely. Sprinkel said the Administration still looks for 2.7 pct growth in U.S. Real gross national product (GNP) in 1987 and 3.5 pct in 1988. Asked if the latest economic reports signal this rate of economic growth is attainable Sprinkel said It looks pretty good to me. Weve had two very strong employment reports. He also said federal reserve policy is appropriate adding It looks like theyre on track. While further reductions are needed in the trade deficit Sprinkel said the lower dollar is having an impact. The new 1987 tax laws will not hurt the economy and the tax reform act of 1986 significantly lowers tax rates and will greatly increase private production incentives he said. Our estimates at the Council of Economic Advisers suggest national net output of goods and services will permanently increase by approximately two pct because of the long-run consequences of tax reform Sprinkel said. In 1986 this would have amounted to an increase of approximately 600 dlrs in the income of the average American family. Sprinkel also argued the 1981 tax cuts were not responsible for the large increase in the budget deficit. In fiscal 1986 ending September federal spending amounted to 23.8 pct of GNP while federal receipts absorbed 18.5 pct of GNP leaving a deficit of 5.3 pct he said. Sprinkel said that compared with fiscal 1978 the 1986 federal expenditure share of GNP is 2.7 percentage points higher and the revenue share of GNP is virtually the same. Contrary to the conventional wisdom therefore the 1981 tax cut is not the root cause of the extraordinary budget deficits of the past few years Sprinkel said. This tax cut merely rolled back the inflation-induced tax increases that occurred between 1978 and 1981 he added. However the Congressional Budget Offices Rudolph Penner argued that the tax cut in 1981 was misguided. Since making the big mistake in 1981 of cutting taxes enormously without any plan to decrease spending by the Administration or Congress indeed with increases in defence spending now all the options (for reducing the budget deficit) are unpleasant he said. Penner said the tax cut resulted from the ideological turmoil in the U.S. Caused by the biggest sustained inflation in our nations history which helped foster widespread distrust of government. The American people turned on the government with tax revolt at the state level and new demands on the government at the national level Penner said. But their dislike of taxes exceeded their general dislike of spending programs. Now the correction of that 1981 mistake demands that the system change a lot. Penner sees little hope the Gramm-Rudman-Hollings budget deficit reduction targets will be met and said the deficit will remain at roughly 200 billion dlrs this year. He said a budget process that sets targets arbitrarily is not likely to succeed. I feel pretty safe in saying that any process that tries to dictate a numerical outcome from above is doomed to fail simply because theres no ... Way to enforce it Penner said. Penner questioned the methods by which the 1987 budget deficit was cut. He said 18 to 19 billion dlrs were eliminated by one-time measures such as a temporary increase in taxes related to tax reform and sales of government assets. Another four billion dlrs was cut by what I call creative timing changes like moving the military payday from the last day of fiscal 1987 to the first day of fiscal 1988. That saved more than two billion dlrs Penner said. REUTER | U.S. OFFICIALS DISAGREE ON REDUCING DEFICIT |
Puget Sound Bancorp said it is offering extended warranty service on items purchased in the U.S. with its Visa Classic or BanClub credit cards. It said it believes it is the first bank in the nation to offer the service in connection with Visa cards. American Express Co <AXP> has been offering extended warranties on items purchased with its credit cards since last fall. Puget Sound said the extended warranty service doubles the manufacturers warranty at no extra charge with a limit of one extra year excluding motorized vehicles and purchases carrying more than a five year warranty. Reuter | PUGET SOUND <PSNB> SETS EXTENDED VISA WARRANTIES |
Shr 19 cts vs 32 cts Net 586000 vs 802000 Sales 14.2 mln vs 15.1 mln Avg shrs 3006372 vs 2506250 Reuter | AEP INDUSTRIES INC <AEPI> 1ST QTR JAN 31 NET |
Southern California Edison Co said 1.100 megawatt Unit 3 at its San Onofre Nuclear Generating Station is back in service after the completion of a scheduled refueling. The unit was taken down January Two. Other owners include San Diego Gas and Electric Co <SDO> and the cities of Anaheim and Riverside Calif. Reuter | SOCAL EDISON <SCE> UNIT BACK IN SERVICE |
Rom-Amer Pharmaceuticals Ltd said it has entered into a preliminary agreement with Hucks Landings Nevada Inc to jointly develop a Las Vegas resort. The company said the agreement is contingent on capitalization of the venture which is expected to take place within 30 days and include Rom-Amer stock and to Rom-Amer shareholder approval. Reuter | ROM-AMER <RMA> IN RESORT JOINT VENTURE |
Shr 39 cts vs 1.34 dlrs Net 1392000 vs 4686000 Sales 81.9 mln vs 81.7 mln Year Shr 10 cts vs 97 cts Net 355000 vs 3375000 Sales 270.4 mln vs 272.8 mln NOTE: Share adjusted for three pct stock dividend in January 1987. Pretax net profits 3052000 dlrs vs 4498000 dlrs in quarter and loss 572000 dlrs vs profit 2922000 dlrs in year. Latest year net includes pretax gains of 166000 dlrs in quarter and 4420000 dlrs in year from pension plan reversions. Prior year net includes gain 1549000 dlrs on sale of property. Reuter | D.H. HOLMES CO LTD <HLME> 4TH QTR NET |
First Boston Inc said it has started its previously-announced tender offer for all common shares 2.19 dlr cumulative preference shares and 11.25 dlr convertible preferred shares of Allegheny International Inc at 24.60 dlrs 20.00 dlrs and 87.50 dlrs respectively. In a newspaper advertisement the company said the offer and withdrawal rioghts will expire April Nine unless extended. The offer is conditioned on receipt of at least a majority of Allegheny voting power on a fully diluted basis and on receipt of at least two thirds each of the preference and preferred shares. A merger approved by the Allegheny board in which remaining common preference and preferred shares would be acquired at the tender prices is to follow the offer. Receipt of the minimum amounts under the offer would give First Boston sufficient voting power to assure approval of the merger without the affirmative vote of any other shareholder the company said. Reuter | FIRST BOSTON <FBC> STARTS ALLEGHENY <AG> BID |
Willow Resources Ltd said drilling of the Number One Dudley Williams Heirs well in Panola County Texas in which it has a 75 pct working interest has begin. The company said it obtained a 12-month loan of 109000 dlrs at two points over prime from Altair Investments Inc to fund its share of the drilling costs. It said the well will be drilled to about 6800 feet and is likely to yield natural gas and condensate from multiple zones. Reuter | <WILLOW RESOURCES LTD> SAYS DRILLING STARTS |
Employers in Rotterdam ports strike-hit general cargo sector have been served with an injunction until May 7 preventing them from continuing with plans for 350 redundancies this year an employers organisation spokesman said. An Amsterdam court yesterday ruled there had been a legal fault in the employers redundancy procedure. The employers spokesman said they were likely to restart the redundancy procedure afresh next week in an attempt to pre-empt the May 7 final court ruling. Port and transport union representative Paul Rosenmuller described the court ruling as a victory for the union but added there was still a long way to go before the dispute that has hit the general cargo sector for the past eight weeks was resolved. Rosenmuller said there would be a meeting of the sectors 4000 workers this afternoon to decide on further action in the campaign of lightning strikes that began on January 19 in protest at planned redundancies of 800 starting with 350 this year. The employers said there were no immediate plans for meetings with the union either on the proposed redundancies or on a new work practice agreement in the sector. Meanwhile discussions on a new work agreement in the ports grain sector due to resume next week are stalemated although agreement could be close in the coal and ore sector the employers spokesman added. Reuter | COURT PUTS INJUNCTION ON DUTCH PORT REDUNDANCIES |
Spanish farmers took their tractors to the roads today and blocked a border crossing with France in a protest against the Socialist governments EC policies officials said. Protestors set cars ablaze and cut off traffic in the Rioja wine growing district while they blocked roads with tractor convoys in other northern regions such as Saragossa where 5000 farmers joined the demonstrations. Farmers blockaded the border crossing with France at La Junquera near Barcelona refusing to allow lorries from other European countries to enter Spain. Spanish farmers have been protesting for the past two weeks to demand a better deal within the Community. The farm protest came in the wake of demonstrations last night in over 30 cities in which workers marched for wage rises and against job losses. But the turnout regarded as a dress rehearsal for a general strike next month disappointed the communist-led Workers Commissions union organisers. The ruling Socialist Partys trade union arm the General Workers Union did not join in. More than 20 strikes are planned for this month and next in the transport sector with stoppages at the state-owned Iberia and Aviaco airlines and RENFE railways. Reuter | SPANISH FARMERS BLOCK ROADS IN EC PROTEST |
The Port Authority of New York and New Jersey said it has awarded USX Corp a 3400000 dlr contract to replace the expansion joints and gratings on the upper level of the George Washington Bridge between New York and Fort Lee N.J. It said most of the joints and gratings have been in place for over 50 years. The bridge opened in 1931 Work on the project should start this spring and be completed in the fall of 1988 it said. Work affecting traffic will be performed on weeknights and at least one lane in each direction will remain open at all times. Reuter | USX <X> GETS GEORGE WASHINGTON BRIDGE WORK |
The Liberal party easily won the Truro by-election with almost twice as many votes as its nearest rival the Press Association news agency reported. The poll in the South-West of England constituency was called after the death of the previous member of parliament also a member of the Liberal party. Matthew Taylor raised the Liberal majority by winning 30599 votes. Conservative Nicholas St Aubyn was second with 15982 while Labour candidate John King polled 3603. The last by-election in the London suburb of Greenwich was won by the Social Democrat-Liberal alliance. Reuter | LIBERALS HOLD TRURO IN U.K. BY-ELECTION |
Harbour workers said they will strike for 24 hours on Monday effectively closing all New Zealands ports. The strike is over deadlocked wage negotiations. A Harbour Employees Workers Union spokesman told reporters there will be no ship movements in and out of ports from midnight on Sunday (1200 hrs GMT March 15). There will be no loading or unloading involving harbour board workers and the Cook Strait ferries which provide a vital link between New Zealands North and South Islands will not run he added. Reuter | STRIKE TO CLOSE NEW ZEALAND PORTS ON MONDAY |
Two small shipping companies reached a pay deal with striking seamen late yesterday but union leaders said most of Brazils 40000 seamen were still on strike. A union spokesman in Rio de Janeiro said the seamen had accepted a 120 pct pay raise offer from the companies Globo and Flumar which have less than 200 employees each. The two-week strike comes as Brazil faces a debt crisis and is delaying exports badly needed to earn foreign exchange. Labour Minister Almir Pazzionotto said the government will not force a settlement of the strike which was ruled illegal last Friday. Reuter | TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS |
Portugals consumer prices rose one pct last month after a 1.2 pct increase in January and a 1.3 pct rise in February 1986 the National Statistics Institute said. The consumer price index (base 1976) rose to 761.3 from 753.7 in January and compared with 695.4 in February 1986. This gave a year-on-year February inflation rate of 9.5 pct against 9.8 pct in January and 12.6 pct in February 1986. Measured as an annual average rate inflation in February was 11.1 pct compared with 11.4 pct in January. The government forecasts annual average inflation of about eight pct this year. REUTER | PORTUGUESE FEBRUARY CONSUMER PRICES RISE ONE PCT |
Strong winds and high seas forced the closure of Egypts main port of Alexandria and a nearby oil terminal port officials said. Tanker loading at the Suez-Mediterranean Arab Petroleum Pipelines Co in Sedi Kerir southwest of here stopped and officials said five tankers were at anchorage awaiting improved weather. Reuter | WEATHER CLOSES ALEXANDRIA PORT, SUMED OIL TERMINAL |
U.S. PRODUCER PRICES ROSE 0.1 PCT IN FEB AFTER 0.6 PCT JAN RISE |
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The U.S. Producer Price Index for finished goods rose 0.1 pct on a seasonally adjusted basis in February the Labor Department said. The increase came after a 0.6 pct increase in producer prices in January. Higher energy prices were primarily responsible for the increase in February though they rose at a slower pace than they had in January the department said. The finished goods index was up 0.1 pct from its February 1986 level. Before seasonal adjustment the index for finished goods stood at 292.3 over its 1967 base of 100. Among finished goods the index for energy products rose four pct in February after a 9.8 pct increase in January. But price increases slowed sharply for gasoline and home heating oil the department said. There were some price declines including a 3.4 pct fall for passenger cars and 1.3 pct for light trucks from January levels. This reflected expanded factory-financed rebates and discount loan programs the department said. Before seasonal adjustment the index for finished goods stood at 292.3 over its 1967 base of 100. Among finished goods the index for energy products rose four pct in February after a 9.8 pct increase in January. But price increases slowed sharply for gasoline and home heating oil the department said. There were some price declines including a 3.4 pct fall for passenger cars and 1.3 pct for light trucks from January levels. This reflected expanded factory-financed rebates and discount loan programs the department said. The index for consumer foods fell 0.5 pct after a 1.8 pct drop in January as vegetables pork and coffee cost less. The index for intermediate goods rose 0.5 pct following a sharp 0.9 pct rise in January. The department said that energy prices again were the main reason with the index for intermediate energy up 2.7 pct. Gasoline and diesel fuel prices were about five pct higher half the 10 pct jump recorded in January. The durable manufacturing materials index edged down 0.1 pct last month after jumping 1.0 pct in January as prices for steel precious metals and copper stabilized. The department said lead and zinc prices fell while hardwood lumber and cement cost more. The crude materials index rose 1.8 pct in February after a 2.9 pct rise in January. Crude energy materials were up 2.6 pct much less than the 10 pct rise in January. Crude petroleum prices rose 4.4 pct last month after a sharp 19.7 pct rise in January. Price rises accellerated for logs and timber and tobacco but fell for cotton metal ores and copper and aluminum scrap. Among finished goods gasoline rose 5.5 pct after a 15.7 pct January increase and fuel oil was up three pct in February after an 18.0 pct increase in January. Reuter | U.S. PRODUCER PRICES RISE 0.1 PCT IN FEBRUARY |
Shr loss 4.22 dlrs vs profit nil Net loss 5568000 vs profit 11000 Revs 42.2 mln vs 37.5 mln Year Shr loss 3.74 dlrs vs profit 1.02 dlrs Net loss 4898000 vs profit 1384000 Revs 139.0 mln vs 132.7 mln NOTE: 1986 net both periods includes 1603000 dlr loss from discontinued operations due to settlement of lawsuit and redemption of preferred. Reuter | FIRST FARWEST CORP <FFWS> 4TH QTR LOSS |
Eastman Kodak Co said today it is paying a wage dividend of about 236 mln dlrs to about 84100 U.S. employees down slightly from 239 mln dlrs last year. Kodak pays the wage dividend annually based on an employees earnings over the past five years and cash dividend on Kodak stock. It said it will pay about 192 mln dlrs in cash and trhe remainder to the Eastman Kodak Employees Savings and Investment Plan according to employee election. Kodak which has been cutting down its staff paid its wage dividend last year to about 85000 employees. Reuter | KODAK <EK> TO PAY SLIGHTLY LOWER WAGE DIVIDEND |
Shr one ct vs two cts Net 22000 vs 58000 Sales 951000 vs 901000 Year Shr four cts vs 12 cts Net 88000 vs 293000 Sales 4014000 vs 3533000 NOTE: Net includes tax credits of 46000 dlrs vs 84000 dlrs in quarter and credit 19000 dlrs vs provision 37000 dlrs in year. Reuter | HEMOTEC INC <HEMO> 4TH QTR NET |
<Service Control Corp> said it has started a tender offer for all shares of <American Service Corp> at 37 dlrs each. In a newspaper advertisement the company said the offer and withdrawal rights expire April Nine unless extended. The American Service board has approved the offer which is to be followed by a merger at the same price. Service Control said the offer is conditioned on receipt of at least 534806 shares. It said holders of 534819 shares have agreed to tender their shares under the offer and have granted Service Control an option to buy them at 37 dlrs each. Reuter | SERVICE CONTROL BIDS FOR AMERICAN SERVICE |
New Century Entertainment Corp said it expects to realize about 7500000 dlrs in foreign guarantees and advances on New Century films being distributed overseas during the remainder of 1987 by Lorimar-Telepictures Corp <LT>. The company said together with 10 mln dlrs in advances Lorimar has received for domestic home video rights guarantees will have exceeded 80 pct of the costs of the films. New Century retains other domestic distribution rights to the films. Reuter | NEW CENTURY <NUCP> ESTIMATES REVENUES FROM FILMS |
<Dittler Brothers> said a court-appointed auditor has recommended that Bally Manufacturing Corps Scientific Games Inc subsidiary should be held in contempt of the Fulton County Superior Court in Georgia as a result of alleged violation of a court order. It said the auditor has also recommended that Scientific Games by fined the maximum amount permissible in Georgia for allegedly violating the order. Dittler is a lottery ticket printer that has been involed in extensive litigation with competitor Scientific Games. The contempt recommendation involves Scientific;s bidding for a contract to print Pennsylvania lottery tickets and allegedly printing the tickets without authorization by the court as required by previous court orders. Dittler said it will pursue allegations of fraud against Scientific and will also ask the Pennsylvania attorney general to investigate a potential violation by Scientific of a Pennsylvania statute prohibiting false written statements to public officials that carries a maximum penalty of two years in jail. Reuter | BALLY <BLY> UNIT RECOMMENDED FOR CONTEMPT CHARGE |
Dreyers Grand Ice Cream said it has restated its previously-reported fourth quarter loss to 904000 dlrs or 13 cts per share because it has now decided to take a charge of about 700000 dlrs to provide for losses of Midwest Distributing Co which was acquired December 30. Dreyers said the restatement reduces net income for the full year to 5914000 dlrs or 80 cts per share. The company said the restatement does not indicate any change in its thinking on the benefits of the acquisition or future prospects in Midwest Distributings markets. Dreyers Grand previously reported 1986 earnings of 6614000 dlrs or 90 cts per share down from 7960000 dlrs or 1.08 dlrs a share. For the first nine months of the year it had earned 6818000 dlrs or 92 cts per share up from 6354000 dlrs or 86 cts a share a year before. Reuter | DREYER'S GRAND <DRYR> RESTATES 4RTH QUARTER LOSS |
A U.S. Judge dismissed a lawsuit by fired White House aide Oliver North seeking to halt a special prosecutors investigation into the Iran arms scandal. In a 21-page ruling Judge Barrington Parker threw out Norths suit challenging the constitutionality of the law empowering special prosecutor Lawrence Walsh to investigate secret White House arms sales to Iran and the diversion of profits to contra rebels in Nicaragua. The nation demands an expeditious and complete disclosure of our governments involvement in the Iran-contra affair Parker said in his ruling. REUTER | U.S. JUDGE DISMISSES SUIT CHALLENGING IRAN PROBE |
Heritage Entertainment Inc said 419867 of its 745976 warrants were exercised at the reduced price of 3.75 dlrs a share under an offer that expired March 12. The company said the exercise price will now be 4.50 dlrs a share though the end of 1987 and five dlrs for 1988. Reuter | HERITAGE <HHH> SAYS MOST WARRANTS EXERCISED |
Japanese securities houses have asked the Finance Ministry again to consider introducing auctions of 10-year government bonds securities sources said. Finance Ministry officials declined comment but said the Ministry has been aware of growing calls from securities houses for 10-year bond auctions. Japanese securities houses also may allow foreign brokers to underwrite more 10-year bonds from April. Four U.S. Banks are expected to receive Finance Ministry approval in late April to operate securities subsidiaries in Japan as long as they hold no more than 50 pct of the capital bankers said. These firms are likely to join the syndicate which will increase the number of participants in the 10-year government bond primary market securities managers said. Each of the 17 current foreign securities houses in the syndicate underwrites 0.07 pct of each issue they said. In order to expand participation by foreigners the syndicate must either expand the securities industrys 26 pct share or introduce auctions to the primary market they said. Local brokers have requested the head of the syndicate now Fuji Bank Ltd to increase their share to 30.7 pct but banks oppose any cut in their 74 pct share bankers said. REUTER | JAPAN BROKERS SEEK 10 YEAR GOVERNMENT BOND AUCTION |
Oper shr nine cts vs three cts Oper shr diluted eight cts vs three cts Oper net 15 mln vs five mln Revs 518 mln vs 622 mln NOTE: Oper net excludes extraordinary income of seven mln dlrs vs four mln on tax loss carryforward offset by writedowns of three mln dlrs vs eight mln on U.S. oil and gas properties and other assets. Reuter | <TURBO RESOURCES LTD> YEAR NET |
A Volkswagen AG <VOWG.F> spokesman said the group had no immediate comment on reports of greater than expected losses at its Spanish subsidiary Sociedad Espanola de Automoviles de Turismo (SEAT). German newspapers reported that Werner Schmidt SEAT supervisory board chairman had told journalists that SEAT losses for 1986 were around 27 billion pesetas or about 386 mln marks almost double original expectations. According to the Boersen-Zeitung newspaper Schmidt said VW would invest 42 billion pesetas in SEAT this year and in the years to 1995 would spend 462 billion on its new Spanish unit. Reuter | VW HAS NO COMMENT ON SEAT LOSS REPORTS |
CME SETS BROAD TRADING REFORMS FOR STOCK FUTURES, PARTIAL BAN ON DUAL TRADING |
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BENEFICIAL CORP TO SELL WESTERN NATIONAL LIFE FOR 275 MLN DLRS |
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GENERAL MILLS INC 3RD QTR SHR 64 CTS VS 52 CTS |
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Volkswagen AG <VOWG.F> said it has dismissed the head of its foreign exchange department and suspended several other staff members following the recent emergence of a possible currency fraud at the company. A VW statement said foreign exchange department chief Burkhard Junger had been dismissed with immediate effect. It said it has also suspended Guenther Borchert head of the financial transfer department and Siegfried Mueller head of the central cash and currency clearing department. Four other members of the foreign exchange staff were also suspended. VW said the possibly fraudulent foreign currency transactions which could cost the company 480 mln marks fell directly within the area of responsibility of Borchert and Mueller. VW said Adalbert Sedlmair formerly finance director at VWs former office equipment subsidiary Triumph-Adler AG would temporarily take over responsibility of the financial transfer department during Borcherts suspension from duties. Meanwhile the state prosecutors office in Brunswick which is looking into the currency transactions said the Federal Criminal Office in Wiesbaden had also joined the investigation and would be responsible for measures such as possible police searches. A spokeswoman for the office said prosecutors in Frankfurt were looking into the possibility of taking over the VW case but added a final decision would be taken next week. The short VW statement said Burkhard Junger 39 who had already been suspended from his duties in January has been dismissed with immediate effect. Company sources said Borchert and Mueller were not thought to have been directly involved with the currency transactions but they may have been lax in their supervision. REUTER | VW DISMISSES HEAD OF ITS FOREIGN EXCHANGE DEPT |
CAESARS WORLD INC SAID BOARD REJECTS MARTIN SOSNOFF TENDER |
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CME SETS BROAD TRADING REFORMS FOR STOCK FUTURES, PARTIAL BAN ON DUAL TRADING |
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Top discount rate at U.K. Bill tender falls to 9.3657 pct |
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The United States this week signaled it is pressing commercial banks increasingly disenchanted with providing large cash loans to debtor nations to develop new ways of financing that will prove more acceptable to both sides. Heading off challenges to its Third World debt strategy U.S. officials also say they think concessions should be made to debtors that enact reforms speeding inflation-free growth. In particular they stress new techniques that shift the emphasis from debt to equity and shave interest rates. The strategy is sufficiently broad as an initiative or concept that there can be additional emphasis such as in debt-equity swaps and that sort of thing a Reagan administration official said of the slow pace of commercial bank lending to the Third World. The debtors have been performing well...some people argue that taking 1-1/8 pct down to 13/16 pct is debt forgiveness. Well if thats what it is fine. What it really is a narrowing of the spread that could be charged on new money the official said. This week therefore U.S. officials signaled their backing for a novel proposal by the Philippines that called for partial payment of interest in tradeable investment notes. On Tuesday officials said Treasury Secretary James Baker told Secretary of State George Shultz the idea was a creative one and signaled his approval to Philippine Finance Minister Jamie Ongpin later that day. An administration official told Reuters this week the Philippines proposal to partially pay interest with investment notes instead of cash should be considered seriously by the banks. An agreement with the banks officials now say is expected soon. New bank lending has been slow in materializing but the fact of the matter is there have been 70 billion dlrs in bank loans restructured which is a form of extension of credit. As you know theres been 8.5 billion dlrs in new money said the official who plays a key role in keeping the plan afloat. The plan was launched in October 1985 by Secretary Baker and called on commercial and multilateral banks to lend 29 billion dlrs in the subsequent three years to major debtors undertaking reforms that promoting economic growth. But it has taken almost six months to complete the syndication of a 7.5 billion dlrs loan to Mexico which has created deep misgivings here about the liklihood of such large straight cash loans being assembled ever again. U.S. officials want the banks not only to consider swapping their debts for equity in local corporations -- a development that has already met with success in Chile and Mexico -- but to pin loans on specific projects finance trade and invest directly in debtor country private sectors. These forms of lending they say give the banks a greater stake and more economically secure return on investment. In a major challenge to the U.S. plan Brazil last month declared a moratorium on interest payments and followed it up with a world tour by officials seeking a political way out of its 109 billion dlr debt burden. The country is beset by a falling trade surplus and dwindling reserves endangering its ability to service its foreeign debt at 109 billion dlrs the Third Worlds largest. One official attending the Washington talks with Brazilian Finance Minister Dilson Funaro said theyve come in here now and said Look were out of money help us but they havent come in with a plan. And theyve gone all over the world and at every stop theyve been told the same thing. The official said Brazil would have to enact a credible economic program either in consultation with the World Bank or the International Monetary Fund to cool its overheated economy before commercial banks would begin negotiations. As a result of the Brazilian action private banks and major debtor nations redoubled their efforts to reach agreements stretching out debt repayments. For its part the administration has signaled its strong support for new techniques that in some cases effectively amount to interest rate concessions for major debtor nations. It pressed the banks to allow Chile to make annual instead of bi-annual interest payments speeding an accord. Administration officials who asked not to be named have also debated whether to allow banks greater flexibility in building up loan loss reserves against Third World loans. The debate centers on a rule known as FASB-15 under which banks experiencing delayed interest payments on real estate loans need not set aside reserves against debt principal if it is believed payments will resume. More recently the rule was extended to cover farm and energy loans and Senator Bill Bradley a New Jersey Democrat has suggested it should be extended to Third World loans. Bradley is prominent among Congressmen urging that provisions for debt relief be attached to tough new trade legislation now being considered on Capitol Hill. But the officials said the debate has been inconclusive. Reuter | U.S. URGES BANKS TO DEVELOP NEW 3RD WLD FINANCE |
Oper shr 63 cts vs 47 cts Oper shr diluted 56 cts vs 38 cts Oper net 3284955 vs 2176925 Revs 31.6 mln vs 23.0 mln NOTE: Current oper net excludes writedown of 344039 dlrs or seven cts a share on unidentified investment. Reuter | <MDI MOBILE DATA INTERNATIONAL INC> YEAR NET |
Applied Biosystems Inc said it has lowered its internal product sales forecast following a review of market conditions in Europe. The company also said Chairman Sam Eletr has resigned for personal reasons. The company said it now expects third quarter ending March 31 sales to approximate the second quarters 21.1 mln dlrs and third quarter earnings to be less than the second quarters 2.7 mln dlrs or 20 cts a share due to unexpected European softness and previously announced new product delays. Applied Biosystems earned 2654000 dlrs or 20 cts a share in 1986s third quarter on sales of 13.4 mln dlrs. Explaining European orders have not materialized at the rate expectd the company added we believe that the slowness in orders reflects current conditions in the market for research instrumentation in Europe. It said sales in the current quarter are also being affected by the previously announced delay in completion of the software for the Model 900A Data Analysis Module. The unavialability of that product also impacts sales of the associated model 420A Derivatizer system. Applied Biosystems said it presently expects this software will be completed during the fourth quarter but the resulting lack of demonstration units in the field may postpone some sales. Due to the delays and European uncertainties we must now view the coming quarters with caution it said adding some earnings pressure is anticipated during the remainder of this fiscal year. Reuter | APPLIED BIOSYSTEMS <ABIO> LOWERS SALES FORECAST |
The European Coal and Steel Community is issuing a 100 mln stg eurobond due April 6 1992 paying 9-3/8 pct and priced at 101-5/8 pct lead manager Warburg Securities said. The bond is available in denominations of 1000 and 10000 stg and will be listed in Luxembourg. Fees comprise 1-1/4 pct selling concession and 5/8 pct for management and underwriting. REUTER | ECSC ISSUES 100 MLN STG EUROBOND DUE 1992 |
The Bank of England said it has revised its estimate of todays shortfall to one billion stg before taking account of 646 mln stg morning assistance. REUTER | UK MONEY MARKET DEFICIT REVISED TO ONE BILLION STG |
The Finnish metal and mining group Outokumpu Oy said it will close its nickel refinery at Harjavalta in central Finland for six weeks in July and August this year due to current low prices on the nickel market. We consider nickel prices as bad at the moment although they have been rising slightly since January refinery sales manager Pekka Purra said. He said the closure will mean a drop in production of 3000 tonnes in 1987 from last years output of 17800 tonnes. The closure was also a move to cut labour costs as no extra staff have to be employed during holidays to keep the plant open. Reuter | OUTOKUMPU TO CLOSE NICKEL REFINERY DURING SUMMER |
U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT AFTER REVISED 0.1 PCT JAN GAIN |
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U.S. industrial production rose 0.5 pct in February after a revised 0.1 pct increase in January the Federal Reserve Board said. The Fed previously said industrial production rose 0.4 pct in January. The Fed said the February gain was dominated by a sharp rise in motor vehicle production which boosted output of both consumer goods and business equipment. Industrial production stood at 127.3 pct of the 1977 average in February and was up 1.7 pct from a year ago the Fed said. The Fed also revised the December industrial production figure to a gain of 0.5 pct from 0.3 pct originally reported. Manufacturing output rose 0.5 pct in February after a 0.1 pct increase in January and included gains of 0.8 pct in durables and 0.1 pct in non-durables the Fed said. Manufacturing was 2.4 pct above the year ago level. Production of auto assemblies rose to an annual rate of 8.3 mln units last month from a January rate of 7.5 mln units. Output of consumer goods rose 0.6 pct after falling 0.3 pct in January and output of consumer durables was up 2.1 pct in February after falling by 2.0 pct in January. Business equipment production rose 1.0 pct in February reflecting more output of autos and trucks for business use and a recovery from strikes in farm equipment industries the Fed said. Mining output rose 0.1 pct after a 1.6 pct increase in January but was still six pct lower than a year ago. Utilities output rose 0.7 pct in February after a 1.2 pct rise in January. Output of defense and space equipment was up 0.4 pct the same as in January and 6.2 pct higher than a year ago. Output of construction supplies rose 0.2 pct in February after a 1.5 pct January rise. Materials output increased by 0.2 pct last month the fourth consecutive monthly increase after declining throughout much of 1986. The recent strength in materials has been concentrated in textiles paper and chemicals the Fed said. Output of home goods was up 0.3 pct in February and the Fed said production of items like appliances and furniture continued strong last month. Reuter | U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT |
Caesars World Inc said its board unanimously rejected a 28 dlr a share takeover offer by New York investor Martin T. Sosnoff. Caesars said Sosnoffs offer to by all its outstanding shares of common stock was inadequate and not in the best interests of its shareholders. The company recommended that shareholders reject Sosnoffs offer made through his <MTS Acquisition Corp> and not tender any of their shares. Caesars said it will explore a variety of alternative transactions but did not elaborate. Caesars in a brief statement did not say whether it would seek to buy back its shares held by Sosnoff. A Caesars spokesman said the company would not comment further on its decision. On Wednesday Sosnoff told the Securities and Exchange Commission that he controls 13.6 pct of the companys stock. Sosnoff also informed the SEC that Caesars had offered to buyout his holdings several times during the past year. No one from the Sosnoff organization was immediately available for comment. Caesars said its financial advisor Drexel Burnham Lambert Inc had determined that Sosnoffs offer was financially inadequate for shareholders other than Sosnoff. The company said other factors it considered in rejecting the offer were its financial condition future prospects current market conditions and the numerous conditions on which Sosnoffs bid was conditioned. Caesars stock opened up 1/8 point at 28-1/8. That is 1/8 point above Sosnoffs offer price. Reuter | CAESARS WORLD <CAW> REJECTS SOSNOFF'S OFFER |
Group profit after net interest items 742 mln crowns vs 741 mln. Sales 11.25 billion crowns vs 10.22 billion. Estimated profit per share 10 crowns vs 9.20. Proposed dividend four crowns vs 3.38. Reuter | ESSELTE AB <ESB.ST> 1986 RESULTS |
Conseco Inc said it has signed a definitive agreement to acquire Western National Life Insurance Co from Beneficial Corp for 275 mln dlrs in cash. Western National had assets of 1.9 billion dlrs at the end of 1986 and 1986 premium and investment revenues. Western issues structured settlement annuities for the settlement of personal injury and damage claims and sells tax-sheltered annuities. The acquisition is subject to regulatory approval. Conseco said the acquisition would raise its assets to 2.7 billion dlrs and annual revenues to about 800 mln dlrs. Beneficial had previously announced plans to leave the insurance business. On March Three it said it agreed in principle to sell its American Centennial Insurance Co Beneficial International Insurance Co Consolidated MArine and General Insurance Co Ltd Consolidated Life Assurance Co Ltd Wesco Insurance Co and Service General Insurance Co subsidiaries to a management-led group for 98 mln dlrs in notes mostly contingent on performance of the units and 10 mln dlrs in cash. Conseco had 1986 operating earnings of 4968000 dlrs on revenues of 84.9 mln dlrs. Reuter | CONSECO <CNC> TO BUY BENEFICIAL <BNL> UNIT |
Shr profit seven cts vs loss 24 cts Net profit 151000 vs loss 523000 12 mths Shrs loss 1.70 dlrs vs loss 44 cts Net loss 3670000 vs loss 947000 Assets 99.7 mln vs 102.6 mln Deposits 91.1 mln vs 90.6 mln Loans 44.3 mln vs 51.7 mln Reuter | GREAT AMERICAN BANCORP <GRTB> 4TH QTR NET |
Net 1986 profit 132.6 mln guilders vs 117.3 mln Turnover 1.6 billion guilders vs same Earnings per share 16.00 guilders vs 15.80 on capital expanded by 11 pct to 8.21 mln outstanding shares. Proposed dividend per share 5.50 guilders vs 5.00 Note - Full company name is Koninklijke Nederlandse Papierfabrieken NV. Reuter | KONINKLIJKE NEDERLANDSE PAPIERFABRIEKEN <KNPN.AS> |
Shr 64 cts vs 52 cts Net 56900000 vs 46400000 Sales 1.31 billion vs 1.13 billion Avg shrs 88.2 mln vs 89.3 mln Nine mths Shr 2.09 dlrs vs 1.59 dlrs Net 185900000 vs 141300000 Sales 3.84 billion vs 3.36 billion Avg shrs 88.9 mln vs 89.1 mln NOTE: 1986 period ended February 23 Prior year amounts restated to reflect discontinued furniture operations Earnings include gains from discontinued operations of 1.5 mln dlrs or two cts a share in the 1986 quarter and gains of 8.5 mln dlrs or 10 cts a share in the fiscal 1987 nine months vs 3.0 mln dlrs or four cts a share a year earlier Reuter | GENERAL MILLS INC <GIS> 3RD QTR FEB 22 NET |
About 220 men in Rotterdam ports grain sector stopped work this afternoon in an unofficial protest at the slow progress of negotiations over a new work practice agreement a spokesman for the port and transport union FNV said. Negotiations between the union and employers which are due to resume early next week are currently stalemated with the union refusing to accept sweeping changes in working hours and practices in return for a 1.5 pct pay increase. The FNV spokesman said the action did not yet have official backing but added that next week matters might be different. Reuter | UNOFFICIAL STRIKE HITS ROTTERDAM GRAIN SECTOR |
Novell Inc said the dividend to effect its previously announced two-for-one stock split will be distributed April 13. As stated at the time of the original announcement the company said the payment will be made to holders of record March 31. Reuter | NOVELL <NOVL> SETS PAYMENT DATE FOR STOCK SPLIT |
Qtly div common 2-1/2 cts vs 2-1/2 cts prior Qtly div special common one ct vs one ct Pay May Eight Record April Three Reuter | NORTEK INC <NTK> SETS QUARTERLIES |
Dutch port and transport union FNV has called off the strikes against planned redundancies that have hit Rotterdam ports general cargo sector for the past eight weeks strike leader Paul Rosenmuller told a mass meeting. The decision followed yesterdays ruling by an Amsterdam court preventing the sectors employers continuing with current plans for 350 redundancies this year until the court sits again on May 7 Rosenmuller told a meeting of the general cargo sectors 4000 workers today. The court ruled the employers had made a mistake in the complicated legal procedure for obtaining official permission for the redundancies and therefore could not proceed. There is no need to continue the strikes for the moment now the immediate pressure of redundancies has been lifted Rosenmuller said. But he added that the strikes which began on January 19 in protest against plans for 800 redundancies by 1990 could resume at any time before May 7 if the employers made any moves to re-apply for permission for the redundancies. SVZ labour relations manager Gerrard Zeebregts said they would be meeting their lawyers today with a view to re-applying for this permission next week in the hope of gaining approval for the redundancies within a month. Reuter | DUTCH PORT UNION CALLS OFF GENERAL CARGO STRIKES |
NOVA AN ALBERTA CORP 4TH QTR SHR LOSS 15 CTS VS LOSS 1.09 DLRS |
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The Bank of England said it provided the money market with a further 195 mln stg assistance during the afternoon. This brings total help today to 841 mln stg compared with a liquidity shortage it has estimated at a revised one billion stg. The Bank bought 176 mln stg of band two bank bills outright at 10-5/16 pct and 13 mln stg of band one bank bills at 10-3/8 pct. In addition it bought four mln stg of bills for resale to the market on March 30 and two mln stg for resale on April 8 at a common interest rate of 10-7/16 pct. REUTER | U.K. MONEY MARKET GIVEN FURTHER 195 MLN STG HELP |
Walker Telecommunications Corp said it discontinued operations of its mobile communication division resulting in an undisclosed one time substantial loss for the fourth quarter and year for fiscal 1986. Howard Lassler president said the company intends to focus management and other resources during 1987 on its telephone systems division and on developing new projects for its mutual signal corp subsidiary. The company said dropping retail prices resulted in the mobile division no longer being able to make a profit. Reuter | WALKER TELECOMMUNICATIONS <WTEL> CLOSING UNIT |
Long delays at the railway crossing on the Kenyan border have led Uganda to re-route its coffee exports through a ferry link with the Kenyan port of Kisumu across Lake Victoria Ugandan officials based in Kenya said. Uganda has a direct rail link with the Kenyan port of Mombasa through which it conducts 70 pct of its external trade but there is a chronic shortage of railway wagons they said. Customs at Kisumu take less than a day compared with two to three at the Malaba rail border crossing a Ugandan Railways official said. Malaba is now handling only 10 pct of the trade and all the coffee and oil goes through Kisumu he said. However an accident recently damaged the wagon ferry which plies between Kisumu and the Ugandan port of Jinja causing bottlenecks on the lake route too. Sources at the Coffee Marketing Board in Kampala reported delays in coffee export shipments last January due to congestion on the lake ferries. Coffee accounts for about 95 pct of Ugandas export earnings and last November President Yoweri Museveni ordered all coffee shipments to be carried by rail in order to avoid the higher costs of road haulage. Reuter | UGANDA RE-ROUTES COFFEE EXPORTS THROUGH KISUMU |
CITICORP CALL UNFOUNDED RUMORS THAT IT HAS WRITTEN OFF ANY LATIN AMERICAN DEBT |
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Norways wholesale price index (base 1981) rose 0.5 pct in February to 136.0 after a 1.7 pct rise in January to 135.0 the Central Bureau of Statistics said. The year on year increase for February was 7.9 pct compared with 5.7 pct in January and 2.2 pct in February 1986 it added. REUTER | NORWAY'S WHOLESALE PRICES RISE 0.5 PCT IN FEBRUARY |
Oper shr 51 cts vs 43 cts Oper shr diluted 47 cts vs 43 cts Oper net 3182000 vs 2462000 Revs 101.7 mln vs 87.0 mln Avg shrs 6246664 vs 5671607 Avg shrs diluted 7501209 vs 5671607 Year Oper shr 1.84 dlrs vs 1.48 dlrs Oper shr diluted 1.76 dlrs vs 1.48 dlrs Oper net 11.5 mln vs 8312000 Revs 349.2 mln vs 307.0 mln Avg shrs 6238720 vs 5616019 Avg shrs diluted 6969389 vs 5616019 NOTE: 1986 net both periods excludes charge 1205000 dlrs from distribution system restructuring costs. 1986 year net excludes 440000 dlr debt retirement gain and gain 12.8 mln dlrs from sale of HPSC Inc <HPSC> stock. 1986 net both periods includes charge 768000 dlrs from reversal of investment tax credits. Reuter | HEALTHCO INTERNATIONAL INC <HLCO> 4TH QTR NET |
The continued strength of the Swiss franc against the dollar will largely deprive Swiss exporters of the benefits of the upturn in the world economy a quarterly study by the Economics Department said. It said the export industry would scarcely get a boost from the upturn in the economies of the Organization for Economic Cooperation and Development (OECD) and predicted declines in new orders for highly export-orientated firms. However domestic demand which stagnated in the last quarter of 1986 would resume its growth fuelled by higher real incomes and buoyant consumer sentiment it said. The study which was drawn up by the departments Commission for Economic Questions said industrial production would scarcely increase with most firms apparently happy with current numbers of workers. However an increase in labour demand in the service sector should help push up total employment it said. The Commission also predicted an increase in inflation from current low levels. REUTER | LITTLE JOY FOR SWISS EXPORTERS, STUDY SAYS |
The Student Loan Marketing Association Sallie Mae announced an offering of 100 mln dlrs of three-year fixed rate notes redeemable at maturity in the U.S. dollar equivalent of 145.2 mln Australian dlrs. It said the 12.125 pct obligation will be priced at par and sold in the United States in a public offering managed by Morgan Stanley. Interest payments on the notes will be made semiannually in U.S. dlrs starting on Sept 20 1987 Sallie Mae said. It added that the notes are due march 20 1990. Sallie Mae said it will enter into a separate currency exchange agreement to convert the principal payment at maturity from Australian dollars to U.S. dollars. It said the notes will be issued in registered form and be available in denominations of 10000 U.S. dlrs and in 5000 dlr increments above that amount. Sallie Mae said proceeds will be used for general corporate purchases. Reuter | SALLIE MAE <SLM> OFFERS FIXED RATE NOTES |
Shr two cts vs 36 cts Net 182000 vs 3433000 Revs 20.1 mln vs 21.4 mln Year Shr 71 cts vs 98 cts Net 6706000 vs 9275000 Revs 85.7 mln vs 75.4 mln NOTE: 1985 net both periods includes gain 743000 dlrs from cancellation of debt. 1986 quarter net includes reversal of 216000 dlrs in investment tax credits. Reuter | WILFRED AMERICAN EDUCATIONAL CORP <WAE> 4TH QTR |
Shr 10 cts vs 14 cts Net 913000 vs 1273000 Revs 37.7 mln vs 24.7 mln 12 mths Shr 61 cts vs 60 cts Net 5529000 vs 5448000 Revs 123.6 mln vs 96.8 mln NOTE: net for qtr and yr 1986 and 1985 adjusted to reflect retroactive effect of three-for-two stock splits distributed to shareholders in July 1986 and August 1985. 1986 net includes results of operations of Parmed Pharmaceuticals Inc acquired May 29 1986. Reuter | AL LABORATORIES INC <BMD> 4TH QTR NET |
The Chicago Mercantile Exchanges (CME) board of directors issued a letter to its members that sets limits but does not ban dual trading in the S and P 500 futures and options pit. The rules prohibit brokers who execute customer orders to trade for their own account or engage in dual trading from the top step of the pit -- which the board defines as a geographically advantageous position in the pit. Brokers who engage in dual trading in other areas of the pit must record to the nearest minute those personal trades. The board will also set as yet unspecified percentage limits on the trades brokers can conduct among broker groups otherwise known as trading rings. By issuing its own rules the CMEs board rejected a petition presented in February by some CME members that sought to prohibit dual trading of any kind in the S and P 500 pits. The full CME membership will vote on the petition since it was rejected by the board by April 13. If the members reject the petition the board would be free to implement its rules a CME spokesman said. However the members can vote to adopt the petition and institute a total ban on dual trading. The boards rules on dual trading if implemented would prohibit brokers from trading for their own account once they have executed a customer order from the top step of the pit. Its a step in the right direction said stock futures analysts William Marcus of Donaldson Lufkin Jenrette Inc. Its very difficult to engage in large broker business from anywhere but the top step he said. If there were abuses (the rules) should act to curb them Marcus added. The spokesman for the CME said the tenor of the board of directors letter to members appears to leave open the possibility of additional limits on dual trading. In addition the limits set forth so far will have to be more closely defined. Reuter | CME BOARD LIMITS BUT DOES NOT BAN DUAL TRADING |
Shr 26 cts vs 10 cts Net 2867000 vs 1208000 Revs 100.0 mln vs 85.0 mln Avg shrs 10.4 mln vs 9791671 Nine mths Shr 57 cts vs 34 cts Net 6327000 vs 3951000 Revs 284.4 mln vs 225.4 mln Avg shrs 10.1 mln vs 9831097 Current year net both periods includes gain 1755000 dlrs from change inestimation of useful lives used in depreciation of property and equipment. Reuter | NU-MED INC <NUMS> 3RD QTR JAN 31 NET |
Schweizerische Aluminium AG Alusuisse plans to reduce share and participation certificate capital by 50 pct to cover losses in 1986 and those carried forward from the previous year chief executive Hans Jucker said. Jucker told a news conference that the greatest drain on its financial resources had been stopped but after extraordinary charges the net loss of 688 mln francs in 1986 was only slightly under the 756 mln loss of the previous year. The losses in 1986 and those carried over from 1985 made it necessary to reduce capital by 50 pct he said. However Jucker said the company improved liquidity through a recovery in cash flow and conversion of 300 mln Swiss francs of credit into a subordinated loan. Trading in Alusuisse shares was suspended on the Zurich stock exchange after todays announcement by the company that it would cut its share capital by 50 pct the bourse said. Trading would resume again on Monday. Reuter | ALUSUISSE PLANS 50 PCT CAPITAL CUT |
Davis Water and Waste Industries Inc said it has restated its earnings on a pre- stock split basis for fiscal 1987s third quarter and nine months ended January 31 which were reported March 10 on a post four-for-three stock split basis. The company said its earnings per share for the third quarter on a pre-split basis converts to 16 cts from 12 cts post-split versus three cts pre-split from two cts post-split for fiscal 1986s third quarter. For the nine months Davis said earnings per share would convert to 77 cts and 44 cts for fiscal 1987 and 1986 respectively from 58 cts and 33 cts respectively. Reuter | DAVIS WATER <DWWS> RELEASES PRE-SPLIT EARNINGS |
Shr loss 15 cts vs loss 1.09 dlrs Net loss 19.3 mln vs loss 139.6 mln Revs 611.7 mln vs 868.6 mln Year Shr profit 12 cts vs loss 1.31 dlrs Net profit 16.1 mln vs loss 167.9 mln Revs 2.68 billion vs 3.35 billion Avg shrs 134.7 mln vs 128.1 mln Reuter | <NOVA AN ALBERTA CORP> 4TH QTR LOSS |
Elder-Beerman Stores Corp said owners of about 70 pct of its stock have offered to take the company private by offerring 30 dlrs per share for the remaining 30 pct of its stock. The company said the proposal will be considered at a regularly scheduled board meeting on March 17. It said the offer was made by members of the Beerman family holding about 70 pct of the companys stock Chairman Max Gutmann and certain members of the board. Reuter | ELDER-BEERMAN <ELDR> GETS OFFER OF 30 DLRS/SHARE |
FRANCE SETTLES 21.95 BILLION FRANCS SHORT-TERM CURRENCY INTERVENTION DEBT - OFFICIAL |
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Citicorp denied financial market rumors that it has written off some of its loans to Latin American debtors Rumors that we have written off any of our Latin American debt are unfounded a Citicorp spokesman told Reuters in response to London-based rumors in the money markets. Citicorp is the largest bank group in the U.S. and one of the biggest lenders to Latin America with some eight to nine billion dlrs outstanding to Brazil Mexico and Argentina bank analysts said. In response to more specific market rumors that it had taken action on its exposure to Brazil Citicorp said it made an 8-K filing on the subject with the Securities and Exchange Commission on Tuesday in relation to a registration statement for a preferred stock issue. Citing the filing Citicorp said that Brazils recent suspension of interest payments on 68 billion dlrs of commercial bank debt and related actions may require Citicorp to place 3.9 billion dlrs of intermediate and long-term Brazilian loans on a cash basis. When loans are placed on a cash basis interest or principal payments are only booked when received instead of being accrued on their due dates analysts noted. However Citicorp said in the 8-K filing that it is premature to make such a decision at this time in view of the fluidity of the situation and managements high confidence in the long-term outlook for Brazil. Brazils new central bank governor Francisco Gros met senior commercial bankers here on Wednesday and Citicorp said formal talks on Brazils recent actions and future financing needs should begin in the near future. Citicorp said in the filing the issue will be re-evaluated at the end of the first quarter. The bank group continued if it is decided that these loans to Brazil should be placed on a cash basis Citicorp estimates based on existing interest rates that the impact in the first quarter would be approximately 50 mln dlrs after tax and for the full year would be approximately 190 mln dlrs after tax. It added that these amounts include interest accrued in 1986 that has not yet been collected. Although Citicorp denied earlier rumors of major loan writedowns its warning that it may have to place some of its Brazilian loans on non-accrual unnerved many Wall Street investors. The common stock price was down one dlr to 51-1/8 after the first hour on a volume of over 500000 shares. However Lawrence Cohn analyst at Merrill Lynch and Co Inc said that the markets nervousness was not really warranted. Citicorp can afford it he said. The amounts they are talking about are peanuts. REUTER...^M | CITICORP <CCI> DENIES RUMORS OF DEBT WRITEDOWN |
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