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PLM Cos Inc said its PLM Power Co unit broke off merger discussions with Sunlaw Energy Corp of Beverly Hills Calif. In January PLM Power entered into a letter of intent to negotiate a potential acquisition of Sunlaw subject to substantial due diligence the company said. But it also said the two companies were not able to agree on mutually satisfactory final terms and conditions. Reuter | PLM <PLMA> UNIT ENDS MERGER TALKS |
Colombia opened coffee export registrations for April and May with the National Coffee Growers Federation setting no limit Gilberto Arango president of the private exporters association said. He told Reuters the decision not to put any limit responded to new factors which have emerged from recent International Coffee Organisation talks in London where producers and consumers failed to agree on a re-introduction of export quotas. Reuter | COLOMBIA OPENS APRIL/MAY COFFEE REGISTRATIONS |
The U.S. Agriculture Department has accepted 10572402 more acres of highly erodable cropland into the Conservation Reserve Program USDA announced. In the latest signup farmers on 101020 farms submitted bids on a total of 11254837 acres. The accepted bids for annual rental payments ranged up to 90 dlrs per acre with an average of 51.17 dlrs per acre. Land entered into the Conservation Reserve Program will be ineligible for farming for ten years and must be planted with permanent vegetative cover. Producers enrolled 1894764 acres of corn base acreage in the conservation program to take advantage of a corn bonus rental payment that was offered by USDA. The corn bonus to be paid in generic comodity certificates amounts to two dlrs per bushel based on the ASCS program payment yield for corn for each acre of corn based accepted into the reserve. The state showing the biggest enrollment in the conservation program during this signup was Texas with approximately 1.225 mln acres followed by Iowa with 1.030 mln acres Minnesota with 890000 acres Montana 875000 acres and Kansas with 842000 acres. Other states showing big enrollment were Missouri with 646000 acres North Dakota with 588000 acres and Nebraska with 554000 acres. In the corn belt states of Illinois and Indiana 217000 acres and 116000 acres respectively were enrolled. Farm land signed up to date in the conservation program totals 19488587 acres. Bids on the previous signups ranged up to 90 dlrs per acre with an average of 45.52 dlrs. Reuter | USDA REPORTS 10.572 MLN ACRES IN CONSERVATION |
CitiCorp <CCI> appears to be digging in its heels for tough negotiations over the billions of dollars in loans that Brazil owes to money center banks Wall Street analysts said. I view it as pre-negotiation posturing said analyst Carole Berger of Cyrus J. Lawrence Inc referring to both Brazil and Citicorp. Brazil recently stopped paying interest on its commercial bank debt. Today CitiCorp said its first quarter income would be reduced by 50 mln dlrs after tax if it lists the loans as non-performing status. Citicorp filed an 8-K form with the Securities and Exchange Commission indicating a material change in its financial situation. Citicorp is saying you cant scare us with threats well make your loans non-performing right now Berger said. The loans have to be treated as non-performing after 90 days without a payment. CitiCorp said only that the situation will be reviewed at the end of the current quarter. Berger asserted that Brazil is doing its own politicking by talking to U.S. regulators and trying to drive a wedge between U.S. and European banks. Analyst Lawrence Cohn of Merrill Lynch and Co said it is unlikely the situation will be resolved until the second half of this year. Ultimately the Brazilians are going to have to pay up on all the interest they owe Cohn said. The real issue is the rescheduling of debt terms. Another question is whether or not the International Monetary Fund can help Brazil with a new austerity program. Stocks of money center banks were mostly down fractions in late dealings. One trader most stocks in the group bounced off their lows by midday as investors took the news in stride. Cohn said the bank stocks may be risky until numbers on non-performing loans are reported for each bank. But he said investors looking ahead six to 12 months might want to buy at present levels for the tremendous fundamental values in the group. Analyst Robert Gordon of Shearson Lehman Brothers Inc said Manufacturers Hanover Corp <MHC) has the greatest exposure to Brazilian loans of any New York bank in terms of percentage of earnings. He said his only two recommendations currently among New York banks are J.P. Morgan and Co <JPM> and Bankers Trust Co <BT> which happen to have the least exposure. Gordon said his positive opinion on J.P. Morgan and Bankers Trust was not merely a response to the fact that the two have lower exposure to Brazilian loans than other banks. In fact he said theres a chance those banks could get more involved in the future. He noted that Morgan has already set up a brokerage subsidiary to deal in loans to less developed countries. I dont see any reason to change full year earnings estimates said Frederick Meinke analyst at E.F. Hutton Co. He thinks the confrontation with Brazil could end in a replay of a situation that occurred with Argentina in 1984 and 1985. Meinke noted that in the case of Argentina the loans became non-accruing for a couple of quarters but then when the banks came to an agreement with Argentina all the back interest was paid. What it did was distort the quarterly earnings pattern he said. He said in the case of Brazil write-offs of loans is a worst-case outcome which is highly unlikely. He noted that Brazil is a country with a diversified economy going through some economic upheaval after the transition from a military to a civilian government. The countries of Latin America have too much debt relative to their ability to service it said John Mason of Interstate Securities. Weve been fiddling around with these problems for five years and the hour is growing late. He said up to now the banks have reduced their spreads cut interest rates internally and extended maturities and none of these measures has been enough. He expects re-classification of as much as a third of the loans as non-accruing and he sees partial write downs of some loans. Nevertheless Mason thinks the money center bank stocks could be poised for a short term rally. A spokesman at First Chicago Corp <FNB> said it is premature to put Brazils loans on a cash basis. It is our expectation that economic development will allow Brazil to meet its debt a spokesman said. Bankers Trust in New York said it would be premature to make a decision. Several other banks queried by Reuters said much the same thing. A spokesman at Manufacturers Hanover noted that of 2.3 billion dlrs in loan exposure to Brazil only 1.3 billion is subject to Brazils unilateral moratorium on repayment of interest. Reuter | BRAZIL DEBT POSES THORNY ISSUE FOR U.S. BANKS |
Rockwell International Corp said its board has authorized extension of the companys 500 mln dlr stock repurchase program by an additional 500 mln dlrs. Since the beginning of the present repurchase program in March 1986 Rockwell said it has bought 10.4 mln shares for 461 mln dlrs. At present prices it said the program would reduce the presently outstanding 140 mln common shares by about seven pct. Since November 1983 the company has repurchased 18.1 mln shares for 672 mln dlrs it said. Rockwell said the stock will be repurchased through open market and private transactions. Rockwell said the repurchased shares will be available for potential acquisitions stock options employee benefit programs conversion of convertible securities and other purposes. The company said We continue to view our repurchase program as an integral part of our long term goal of improving shareholder values. Rockwell said the program complements our aggressive program of support for the growth plans of our businesses with capital investments product and research development resources and acquisitions in support of our core businesses. Reuter | ROCKWELL <ROK> TO REPURCHASE MORE COMMON SHARES |
The Nuclear Regulatory Commission issued a full-power operating license for Unit 1 of the Vogtle Electric Generating Plant said Southern Co <SO> unit Georgia Power which is a co-owner of the plant. Georgia Power said the license allows for completion of pre-operational testing which will be followed by full-power operation. Unit 1 is scheduled to begin commerical operation by June one it said. The other co-owners of the plant are <Olgethorpe Corp> the Municpal Electric Authority of Georgia and the city of Dalton. Reuter | VOGTLE NUCLEAR PLANT GETS FULL-POWER LICENSE |
British Airways said the British government reached an agreement on new traffic rights with the Japanese government which clears the way for non-stop flights between London and Tokyo. The flight is scheduled to cut across Siberia shaving almost six hours off the previous flight path to 11-1/2 hours British Airways said. The trans-Siberian route is subject to approval by the USSR British Airways added. Under the agreement British Airways said it will continue to leave Heathrow daily but the new non-stop service will operate on Thursdays and Saturdays starting early June. The company said return flights will be on Fridays and Sundays. Reuter | BRITISH AIRWAYS <BAB> TO FLY TO TOKYO NON-STOP |
Britain wants Japan to agree a timetable for work towards joint rules on capital adequacy for banks along the lines of a January outline agreement between the U.S and the U.K. Corporate Affairs Minister Michael Howard said. Howard told a Nikkei conference on Tokyo financial markets I want to see an agreement between us on what progress is to be made and the rate at which it will happen. Japanese vice-minister of finance for international affairs Toyoo Gyohten told the conference yesterday he was ready to discuss capital adequacy but no negotiations were planned and he could not see how or when agreement would be reached. Reuter | BRITAIN WANTS BANK REGULATION DEAL WITH JAPAN |
The American Meat Institute AME said it intended to ask the U.S. government to retaliate against a European Community meat inspection requirement. AME President C. Manly Molpus also said the industry would file a petition challenging Koreas ban of U.S. meat products. Molpus told a Senate Agriculture subcommittee that AME and other livestock and farm groups intended to file a petition under Section 301 of the General Agreement on Tariffs and Trade against an EC directive that effective April 30 will require U.S. meat processing plants to comply fully with EC standards. The meat industry will seek to have the U.S. government retaliate against EC and Korean exports if their complaints are upheld. Reuter | U.S. MEAT GROUP TO FILE TRADE COMPLAINTS |
Commerce Bancorp Inc said it has filed a registration statement with the Securities and Exchange Commission for a 575000 share Series B cumulative preferred stock offering including 75000 shares to cover allotments. Commerce said it and its banking subsidiaries will use the proceeds to support their planned growth and for general corporate purposes. The bank holding company said each share of preferred stocks initially will be convertible into one share of Commerce common stock. Commerce said the preferred shares will be priced at a range of 20-22 dlrs a share with a proposed sale to the public commencing in early-to-mid April. Commerce said Butcher and Singer Inc will be the offerings managing underwriter. Reuter | COMMERCE BANCORP <COBA> FILES FOR OFFERING |
Adia Services Inc said it agreed to sell 500000 shares of common stock to its principal stockholder Adia S.A. at a price based on the current market price. The sale will raise Adia S.A.s ownership in the company to 74.7 pct from 72.7 pct Adia said. The company also said it intends to use proceeds from the stock sale to retire debt for working capital and for general corporate purposes. Reuter | ADIA SERVICES <ADIA> SELLS 500,000 SHARES |
Qtrly 15 cts vs 15 cts prior Pay May Eight Record April 24 Reuter | MET-PRO CORP <MPR> TO PAY REGULAR DIVIDEND |
Shr loss 30 cts vs loss 20 cts Net loss 1553000 vs loss 1031000 Revs 10.0 mln vs 8696000 Reuter | AILEEN INC <AEE> 1SR QTR JAN 31 LOSS |
International Game Technology said it filed with the Securities and Exchange Commission a registration statement covering a 35 mln dlr issue of senior notes due 1995 and a 25 mln dlr issue of convertible senior subordinated debentures due 2002. The company named Drexel Burnham Lambert Inc as sole manager of the offerings. Reuter | INT'L GAME TECHNOLOGY <IGAM> TO SELL DEBT |
Shr loss six cts vs profit 55 cts Net loss 414000 vs profit 3936000 Sales 109.4 mln vs 126.8 mln Year Shr loss 1.75 dlrs vs profit 55 cts Net loss 12589000 vs profit 3965000 Sales 341.7 mln vs 389.5 mln NOTE: Year results include 14.0 mln dlr restructuring charge in 2nd Qtr of 1986 Reuter | WOLVERINE WORLD WIDE INC <WWW> 4TH QTR LOSS |
Mead Corp said it filed a shelf registration with the Securities and Exchange Commission covering potential debt securities offerings of up to 150 mln dlrs. It said the underwriters for this offerings may include Smith Barney Harris Upham and Co Inc Goldman Sachs and Co and/or Salomon Brothers Inc. Mead said proceeds will be used to retire short-term debt a portion of which was incurred to finance part of the recent acquisitions of Ampad Corp and Zellerbach Distribution Group. Reuter | MEAD <MEA> FILES 150 MLN DLR SHELF REGISTRATION |
U.S. EXPORTERS REPORT 122,000 TONNES CORN SOLD TO MEXICO FOR 1986/87 |
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Shr profit three cts vs loss 18 cts Net profit 124000 vs loss 370000 Rev 11.3 mln vs 11.7 mln Avg shares 3673000 vs 2368000 Reuter | HURCO COMPANIES INC <HURC> FIRST QTR NET |
Alcide Corp said its shelf registration of 4500000 shares of common has been declared effective by the Securities and Exchange Commission. Reuter | ALCIDE'S <ALCD> SHELF REGISTRATION EFFECTIVE |
Maxtor Corp and U.S. Design Corp <USDC> said they reached definitive agreement covering the acquisition of U.S. Design by Maxtor. They said the arrangement which is subject to a number of conditions including U.S. Design shareholder approval calls for Maxtor to issue 12 mln dlrs worth of its own common stock in exchange for all of U.S. Design. The number of Maxtor shares to be issued will be determined by the average closing price of Maxtor stock over the 10 trading day period prior to the day the acquisition becomes effective the companies also said. Reuter | MAXTOR <MXTR> AGREES TO ACQUIRE U.S. DESIGN |
Qtly div 18 cts vs 18 cts prior Pay April 15 Record March 31 Reuter | SHARED MEDICAL SYSTEMS CORP <SMED> SETS PAYOUT |
International Lease Finance Corp said it picked the CFM International CFM56-5 high bypass turbofan engine to power its three new Airbus Industries A320 aircraft. International Lease said it is negotiating to buy up to 27 more A320s. Initial aircraft deliveries are planned for 1991 the company said. Reuter | INTERNATIONAL LEASE FINANCE <ILFC> PICKS ENGINE |
JWP Inc said it sold 30 mln dlrs principal amount of its 9.25 pct senior notes due 1996 to certain institutional lenders. The company said about 15 mln dlrs of the proceeds will be used to pay debt and the balance for general corporate purposes. Reuter | JWP <JWP> SELLS 30 MLN DLRS OF NOTES |
S/P UPGRADES UNION CARBIDE CORP'S 1.2 BILLION DLRS OF DEBT |
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ELECTRICITE DE FRANCE SAYS IT WILL LAUNCH EURO-COMMERCIAL PAPER PROGRAM ON MONDAY |
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Storage Technology Corp said it is holding dicussions with the Internal Revenue Service that could end their dispute over the amount of back taxes owed by the company. We are currently pursuing discussions with the IRS that could lead to a final solution Stephen G. Jerritts president and chief operating officer said. Simultaneously we are taking all necessary actions to try to expedite the court appeal process resolve these issues and allow final court approval of the plan of reorganization by our target date of June 30 1987 he said. Last year Storage Technologys bankruptcy court ruled that the company owed about 25 mln dlrs in taxes an amount much lower than the IRS is seeking. The IRS has appealed the courts decision. Jerritts also said his company and <Siemens AG> of West Germany extended an agreement under which Storage Technology distributes a laser printer made by Siemens. Reuter | STORAGE TECH <STK> IN DISCUSSIONS WITH IRS |
Retail sales of new cars by U.S. automakers eased 2.2 pct in early March to the weakest levels since 1983 with industry giant General Motors Corp down 9.3 pct while Ford Motor Co and Chrysler Corp both had gains. The decline by GM continued its trend of weaker sales since the beginning of the 1987 model year which has forced the worlds biggest corporation to cut its car production several times through temporary and permanent layoffs at various plants. Consumer incentives apparently had some success analysts said as the seasonally adjusted annualized sales rate improved to 7.5 mln compared with about 7.0 mln in late February. The eight domestic carmakers sold 8.2 mln units during 1986. Reuter | U.S. EARLY MARCH CAR SALES OFF 2.2 PCT |
<Capital Investments Development Corp> said it formed Bradford-Taylor Clearing House Inc a unit that will compile mailing lists for use by the direct mail industry. Reuter | CAPITAL INVESTMENTS FORMS UNIT |
Shr 18 cts vs 16 cts Net 348298 vs 308927 Sales 4166750 vs 3740970 Year Shr 72 cts vs 52 cts Net 1409867 vs 1020096 Sales 16.5 mln vs 15.0 mln Avg shrs 1974529 vs 1956214 Reuter | WEIGH-TRONIX INC <WGHT> 4TH QTR NET |
Goldman Sachs International Corp received forged bonds of a unit of Exxon Corp <XON> in a trade a spokesman for Goldman Sachs and Co Inc said in a telephone conversation from New York. He said the transaction left Goldman Sachs International with an exposure of about 2.2 mln dlrs but that it had insurance to cover the loss. The spokesman was responding to an enquiry about an item in the London Standard newspaper which said Goldman Sachs is feared to be the victim of a new multi-million pound City scandal. The newspaper also said The firm (Goldman Sachs) is believed to be the paying agent for some 900 bonds issued in the name of oil giant Exxon which were deposited at banks in Brussels and have now been found to be forgeries. The spokesman said that the bonds were delivered to the firm by a man working on behalf of a third party. He said it wasnt until the bonds were cleared through Euro-clear (a major clearing house for the eurobond market) that it was discovered they were forgeries. The spokesman also said he believed that the intermediary had been apprehended by police. However a spokesman for the City of London police said he was unaware of such an arrest and could neither confirm nor deny it. Last Friday Exxon Corp said forgeries of a 20-year zero coupon euronote issued by its Exxon Capital Corp subsidiary have been discovered in the European market. It also said Morgan Guaranty Trust Co was the fiscal agent and paying agent and that Morgan Euro-clear and Cedel (another major clearing system) and police in London and Brussels were investigating the case. Reuter | GOLDMAN SACHS GIVEN BOGUS EXXON BONDS IN TRADE |
The American Meat Institute AME said it intended to ask the U.S. government to retaliate against a European Community meat inspection requirement. AME President C. Manly Molpus also said the industry would file a petition challenging Koreas ban of U.S. meat products. Molpus told a Senate Agriculture subcommittee that AME and other livestock and farm groups intended to file a petition under Section 301 of the General Agreement on Tariffs and Trade against an EC directive that effective April 30 will require U.S. meat processing plants to comply fully with EC standards. Reuter | U.S. MEAT GROUP TO FILE TRADE COMPLAINTS |
<Electricite de France> (EdF) will make its first offering of Euro-commercial paper in the international market on Monday EdF chief financial officer Daniel Lallier said in a telephone call from Paris. The program was announced in late January and dealers expect the company will be pushing to maintain its ability to obtain some of the finest terms available in the international markets. Lallier did not say how much would be offered although he has noted that EDF would be cautious because it believes the market is still in its infancy. In January he said EdF may not issue more than 300 to 500 mln dlrs of paper this year. EdF plans to oversee the program itself with Goldman Sachs International Corp Morgan Guaranty Ltd and Salomon Brothers International Ltd acting as dealers for the general program which will be aimed at institutional and retail investors. Union Bank of Switzerland will act as dealer for a specific program which is aimed at smaller retail investors. Reuter | EDF TO LAUNCH EURO-CP PROGRAM MONDAY |
The 11254837 acres of highly erodable farmland submitted to the U.S. Department of Agriculture for the conservation reserve program was within trade guesses of 10-12 mln and should have an overall neutral impact on grain and soybean prices Monday grain traders said. Farmers enrolled 1894764 acres of corn base acreage in the conservation program to take advantage of a corn bonus rental payment that was offered by the USDA which may underpin new crop futures they said. New crop corn prices firmed earlier this week on ideas of a large sign-up in the program. But traders noted that the poor yielding acres being set-aside will result in only a modest decrease in final production figures since farmers will concentrate on high yielding land. Of a total 11254837 erodoble acres submitted usda accepted 10572402 acres into the program at an average rental payment of 51.17 dlrs per acre. Farm land signed up to date now totals 19488587 acres. Reuter | CBT TRADERS SAY U.S. CONSERVATION SIGNUP NEUTRAL |
Shr loss 11 cts vs profit four cts Net loss 199000 vs profit 81000 Rev 1.9 mln vs 2.5 mln Nine months Shr loss 14 cts vs profit 15 cts Net loss 261000 vs profit 273000 Rev 6.4 mln vs 7.6 mln NOTE: Per share information adjusted for three-for-two stock split on January 31 1986. Reuter | MONARCH AVALON INC <MAHI> 3RD QTR JAN 31 LOSS |
British Columbia Resources Investment Corp said it successfully concluded refinancing negotiations with bankers for a new 360 mln dlr restructured credit facility. The credit line will be in place for four years to March 31 1991 but is extendable up to 10 years under certain circumstances which were not specified by the company. B.C. Resources said subsidiaries Westar Timber and Westar Petroleum have settled revised lending agreements but debt discussions regarding subsidiary Westar Mining are continuing. Reuter | B.C. RESOURCES HAS NEW 360 MLN DLR CREDIT LINE |
Central Bank President Jose Luis Machinea said negotiations with creditor banks on Argentinas 30 billion dlr private sector foreign debt were difficult. There is considerable divergence with the banks. We must try to get them to lower the spreads Machinea told Reuter. He said negotiations with the steering committee for the countrys creditor banks in New York would not end next week. Machinea leaves for New York tomorrow with Treasury Secretary Mario Brodersohn to complete Argentinas team at negotiations with the steering committee for a 2.15 biilion dlr loan to see the country through 1987. Machinea said Argentina had World Bank support. He said he and Economy Minister Juan Sourrouille had discussed Argentinas loan request with World Bank Vice-President David Knox who is currently in Buenos Aires. Argentina is aiming at four pct growth in 1987 and has said this target is not negotiable. It has indicated that it would not put payment of interest due on its foreign debt ahead of its growth target if the loan was not granted. The United States and 12 other industrial nations granted Argentina a 500 mln dlr bridge which was received this week. Talks on the 2.15 billion dlr lona began in January. Reuter | ARGENTINE DEBT TALKS DIFFICULT - CENTRAL BANK |
Prices of wholesale finished energy goods in the U.S. rose 4.0 pct in February after a 9.8 pct rise in January the Labor Department said. The Producer Price Index for finished energy goods fell by 20.9 pct in the past 12 months. Heating oil prices rose 3.0 pct in February after a 18.0 pct rise in January the department said. Gasoline prices rose by 5.5 pct last month after a 15.7 pct January rise the department said. Natural gas prices rose 1.8 pct after a 4.2 pct rise in January. Crude oil prices rose 4.4 pct in February after a 19.7 pct January rise and were off 21.3 pct from the year ago level. Reuter | U.S. PRODUCER ENERGY PRICES RISE IN FEBRUARY |
Standard and Poors Corp said it upgraded 1.2 billion dlrs of debt of Union Carbide Corp and its affiliate DCS Capital Corp. Raised were the pairs senior debt to BB-plus from BB-minus. Union Carbides subordinated debt was upgraded to BB-minus from B. S and P said the action reflected several positive factors which emerged over the past year including a better balance of supply and demand in the chemical industry. Union Carbide has also benefitted from the turnaround in foreign exchange rates and lower feedstock costs the agency noted. Standard and Poors said the companys asset sales and subsequent use of the proceeds for debt reduction exceeded the corporate plan of a year ago. The rating agency also pointed out that Union Carbides successful refinancing of more than 2.5 billion dlrs of long-term debt has resulted in a substantially lower interest burden. Reuter | UNION CARBIDE <UK> DEBT UPGRADED BY S/P |
Retail sales of new cars by U.S. automakers eased 2.2 pct in early March to the weakest levels since 1983 with industry giant General Motors Corp <GM> down 9.3 pct. Ford Motor Co <F> and Chrysler Corp <C> both had gains. The decline by GM continued its trend of weaker sales since the beginning of the 1987 model year which has forced the worlds biggest corporation to cut its car production several times through temporary and permanent layoffs at various plants. Relatively weaker sales by all of the Detroit Big Three carmakers have compelled the companies to offer a string of sales incentives including cash rebates and below-market interest loans in an effort to reignite the market. Incentives apparently had some success analysts said as the seasonally adjusted annualized sales rate improved to 7.5 mln compared with about 7.0 mln in late February. The eight domestic carmakers sold 8.2 mln units during 1986. GM said its sales of domestic-built cars in the March 1-10 period declined to 97487 from 104952 a year ago while truck sales rose 14.4 pct to 40131 from 35081. There were eight selling days in each period. Despite the lower car sales the giant automaker had a bright spot as its Chevrolet division which is launching a national sales campaign this month for its new Corsica and Beretta compact cars was up almost 21 pct when only domestic-built cars were counted. GMs Buick division was also up by 11.4 pct while Cadillac was down 7.8 pct Pontiac was off 10.8 pct and Oldsmobile plunged 41 pct. GM also showed an improvement in its market share to 53.6 pct from 48.1 pct in late February which analysts said was partly due to the increasing sales for the new Chevrolets. Meanwhile Ford said its car sales rose 5.9 pct to 50407 compared with 47592 a year ago while truck sales gained by 12.6 pct to 35814 from 31811. Number three Chryslers car sales gained to 0.4 pct to 25286 from 25191 while its truck sales gained 15 pct to 15565 from 13585. The truck sales were a record for the period the company said. Among the smaller makers Honda <HMC> said domestic car sales rose 16 pct to 4394 from 3786 and Volkswagen of America rose 4.9 pct to 849 from 809. American Motors Corp <AMO> fell 57 pct to 760 from 1780 for cars but rose 18 pct in jeep sales to 4500 from 3800. Nissan <NSANY> car sales rose 19.1 pct to 2137 from 1794 and gained 3.6 pct on trucks to 1686 from 1628. Toyota <TOYOY> said it sold 500 U.S.-built cars compared with none a year ago. Reuter | U.S. EARLY MARCH CAR SALES OFF 2.2 PCT |
Expiration dates on upland cotton certificates issued under the 1986 upland cotton program are being extended the Agriculture Department announced. The certificates are being extended because of a shortage of Commodity Credit Corporation inventory available for exchange with certificates USDA undersecretary Danial Amstutz said. Presently upland cotton commodity certificates expire nine months from the last day of the month of issuance. Under the new procedure all current outstanding and all new upland cotton certificates issued under the 1986 upland cotton program will have an expiration date of either February 29 1988 or nine months from the last day of the month in which the certificate is issued whichever is later. Reuter | U.S. COTTON CERTIFICATE EXPIRATION DATE EXTENDED |
Standard and Poors Corp said it cut to C from CCC-minus Michigan General Corps 110 mln dlrs of 10-3/4 pct senior subordinated debentures due 1998. S and P said if Michigan Generals exchange offer for the debentures is not successful the firm anticipates it will default on the June 1 interest payment and will have to seek protection from creditors under the Federal Bankruptcy Act. The exchange offer faces numerous obstacles including the tender of at least 90 pct of the debentures and additional financing from lenders S and P noted. The companys implied senior debt rating is CCC-minus. Reuter | S/P DOWNGRADES MICHIGAN GENERAL <MGL> DEBT |
State-owned <Banca Nazionale del Lavoro BNL> said 1986 profits for its banking activities equalled 155 billion lire against 146 billion lire in 1985. Consolidated 1986 results for BNL which also has interests in tourism public works industrial credit and other sectors are expected to be announced later this year. The results for the banking sector are to be presented at a shareholders meeting scheduled for April 29. Reuter | BNL ANNOUNCES NET 1986 PROFITS IN BANK SECTOR |
Shr loss one ct vs nil Net loss 148007 vs loss 58863 Revs 198919 vs 133071 Avg shrs 7476433 vs 6633989 Year Shr loss three cts vs loss six cts Net loss 230949 vs 424719 Revs 666626 vs 509971 NOTE: Amounts include losses of a 50 pct owned scientific development affiliate Analytical Biosystems Corp. Reuter | APPLIED DNA SYSTEMS INC <ADNA> 4TH QTR LOSS |
Kansas oilman Nicholas Powell told the Securities and Exchange Commission he has acquired 195000 shares of QED Exploration Inc or 8.7 pct of the total outstanding common stock. Powell who heads Prairie Resources Corp and Mack C. Colt Inc both Kansas oil and gas exploration companies said he bought the stock for investment purposes. Powell who said he has already spent 609831 dlrs on his QED stock said he plans to buy more shares as long as he considers them to be undervalued. Reuter | OILMAN HAS 8.7 PCT OF QED EXPLORATION <QEDX> |
Texas Air Corp said it named Norman McInnis as president of its Britt Airways unit succeeding Bill Britt who retired March one. McInnis former president of Royale Airlines most recently was a consultant to the commuter airline industry. Reuter | TEXAS AIR <TEX> NAMES BRITT AIRWAYS PRESIDENT |
JOHN LABATT LTD 3RD QTR SHR DILUTED 32 CTS VS 30 CTS |
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Armatron International Inc said it negotiated a new seasonal line of credit with three lenders for 10 mln dlrs for working capital requirements to support its lawn and garden product line. Reuter | ARMATRON <ART> NEGOTIATES NEW CREDIT LINE |
Shr loss 31 cts vs loss eight cts Net loss 1780000 vs loss 449000 Revs 13.9 mln vs 17.8 mln NOTE: Current 1st qtr loss included a gain of 870000 dlrs and 70000 dlrs from the sale of restaurant leases. Reuter | LIFESTYLE RESTAURANTS INC <LIF> 1ST QTR JAN 24 |
Treasury balances at the Federal Reserve rose on March 12 to 3.038 billion dlrs on March 12 from 2.715 billion dlrs the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 7.623 billion dlrs from 8.870 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 10.661 billion dlrs on March 12 compared with 11.586 billion dlrs on March 11. Reuter | TREASURY BALANCES AT FED ROSE ON MARCH 12 |
Shr loss 52 cts vs profit six cts Net loss 2943000 vs profit 334000 Revs 33.5 mln vs 18.5 mln Year Shr loss 1.57 dlrs vs profit 16 cts Net loss 8781000 vs profit 792000 Revs 116.0 mln vs 56.5 mln Reuter | SIERRA HEALTH SERVICES INC <SIE> 4TH QTR LOSS |
Shr loss two cts vs profit two cts Net loss 104874 vs profit 90470 Sales 3154673 vs 1666313 Nine mths Shr loss one cent vs profit four cts Net loss 39169 vs profit 159784 Sales 8250003 vs 4665553 Reuter | FIRECOM INC <FRCM> 3RD QTR JAN 31 LOSS |
Industrial output in January was 6.09 pct above the same 1986 month after rising 6.71 pct in December Brazilian Geography and Statistics Institute figures show. The result is in line with the declining trend in the growth rate since October the Institute said. In the 12 months to end-January industrial production was 10.48 pct above the 12 months to end-January last year while in calendar 1986 output was 10.89 pct above 1985. The biggest output rises in the 12 months to end-January were 23.68 pct in pharmaceuticals and 22.12 pct in machinery. Reuter | BRAZIL INDUSTRIAL PRODUCTION SLOWED IN JANUARY |
Qtly div 1.4375 dlrs vs 1.4375 dlrs Pay May 1 Record April 3 Note: Dividend paid to all shareholders other than Norfolk Southern Corps <NSC> Norfolk and Western Railway Co. Reuter | WHEELING AND LAKE ERIE RAILWAY CO <WLE> DIV |
Qtly div class B 13.5 cts vs 13.5 cts Pay April 30 Record April 9 Reuter | GENERAL CINEMA CORP <GCN> CLASS B DIVIDEND |
Shr 36 cts vs 31 cts Shr diluted 32 cts vs 30 cts Net 26158000 vs 21798000 Revs 1.05 billion vs 844.2 mln Nine mths Shr 1.28 dlrs vs 1.22 dlrs Shr diluted 1.15 dlrs vs 1.08 dlrs Net 92779000 vs 77971000 Revs 3.16 billion vs 2.70 billion Avg shrs 72.4 mln vs 64.0 mln Reuter | <JOHN LABATT LTD> 3RD QTR JAN 31 NET |
Authorizations to purchase 50 mln dlrs worth of U.S. wheat and wheat flour under Public Law 480 were issued to Sudan today the Agriculture Department said. The authorization provides for 34 mln dlrs -- about 309000 tonnes -- worth of wheat grade U.S. number two or better (except durum which shall be number three or better). It also provides for 16 mln dlrs -- about 73000 tonnes -- worth of wheat flour. The contracting period for both commodities is March 20 through August 31 1987. The delivery period for wheat is March 20 through September 30 1987 and for wheat flour is April 10 through SEptember 30 1987 USDA said. Reuter | SUDAN RECEIVES 50 MLN DLRS IN PL480 AUTHORITY |
The House Ways and Means Committee is moving toward passage of a trade bill that sponsors said was intended to help open foreign markets to U.S. agricultural goods and to modify some U.S. agricultural trade laws. The trade subcommittee voted to require President Reagan to take into account the potential harm to U.S. agricultural exports of any trade retaliation he might impose for foreign unfair trade practices against other domestic industries. The bill would allow U.S. agricultural producers to seek government monitoring of imports if there is a reasonable chance the industry would be harmed by an import surge. The full Ways and Means Committee is to consider the bill next week and congressional sources said they expect it will be approved. In investigations involving a processed agricultural product trade associations of processors or producers would have to petition for relief from foreign dumping or unfair duties. The bill sets out U.S. trade negotiating objectives for the Uruguay round of talks under the General Agreement on Tariffs and Trade. It would seek fair trade in agriculture seek to discipline restrictive or trade distorting import and export practices to eliminate tariffs subsidies quotas and non-tariff barriers. President Reagans authority to negotiate a new GATT agreement would be extended through January 1993 and authority to negotiate a free trade zone with Canada would be extended through January 3 1991. The bill extends Reagans authority to negotiate an international coffee agreement through October 31 1989. It allows a refund of import duties paid on raw sugar imported from November 1 1977 to March 31 1985 for production of sugar or products containing sugar and destined for re-export. The export of the sugar or products must occur before Octoer 1 1991. Presently to qualify for the refund the sugar must be processed within three years after import and exported within five years. Agriculture would also benefit from more rapid decisions in complaints of unfair foreign trade practices or injury from imports. Reuter | TRADE BILL TO CHANGE AGRICULTURE TRADE LAWS |
American City Business Journals Inc said it declared an initial dividend of 15.4 cts a share on its recent issue of 1.6 mln shares of convertible exchangeable preferred stock. The dividend is payable March 31 to shareholders of record March 20 American City said adding that future dividends will be paid on a quarterly basis. The preferred stock was issued on February 23. Reuter | AMERICAN CITY <AMBJ> SETS INITIAL PREFERRED DIV |
U.S. BUSINESS LOANS RISE 377 MLN DLRS IN MARCH 4 WEEK, FED SAYS |
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Business loans on the books of major U.S. banks excluding acceptances rose 377 mln dlrs to 279.085 billion dlrs in the week ended March 4 the Federal Reserve Board said. The Fed said that business loans including acceptances increased 484 mln dlrs to 281.546 billion dlrs. Reuter | U.S. BUSINESS LOANS RISE 377 MLN DLRS |
Prices of wholesale finished energy goods in the United States were up in February rising by 4.0 pct after a 9.8 pct rise in January the Labor Department said. The Producer Price Index for finished energy goods has fallen 20.9 pct in the past 12 months. Heating oil prices rose 3.0 pct in February after a 18.0 pct rise in January the department said. Gasoline prices rose by 5.5 pct last month after a 15.7 pct January rise the department said. Natural gas prices rose 1.8 pct after a 4.2 pct rise in January. Energy goods at the intermediate stage of processing rose 2.7 pct in February after rising 3.5 pct in January and were down 16.1 pct over the past 12 months the Labor Department said. Prices for crude energy goods such as crude oil coal and gas at the wellhead rose 2.6 pct last month after a 10.0 pct January rise. They were down 11.6 pct from February 1986 the department said. At the intermediate stage liquefied petroleum gas prices rose 10.1 pct last month after a 5.0 pct January rise and were 41.0 pct below prices a year earlier the department said. Residual fuel prices rose 16.7 pct in February after a 13.4 pct rise a month earlier and were off 17.4 pct in 12 months. Electric power prices fell 0.3 pct last month after a 1.3 pct January decline and were down 3.6 pct from a year ago. Crude oil prices rose 4.4 pct in February after a 19.7 pct January rise and were off 21.3 pct from the year ago level. Prices of natural gas at the wellhead rose 1.8 pct in February after rising 4.2 pct a month earlier and were 14.8 pct lower than they were 12 months earlier the department said. Coal costs were down 0.3 pct last month after rising 0.4 pct in January and were down 0.8 pct from a year ago. Reuter | U.S. PRODUCER ENERGY PRICES RISE IN FEBRUARY |
WEYERHAEUSER SAID IT SEES SIGNIFICANT INCREASES IN EARNINGS IN 1987 |
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BankAmerica Corp is seeking a buyer for its branch in Asuncion Paraguay a spokesman in Miami for the bank holding company said. We are in ongoing negotiations for the sale of our Paraguay operations the spokesman said. He declined to name the possible buyer. A sale of the Paraguayan operations which employ about 80 people would be consistent with Bank of Americas strategy of concentrating its international efforts on wholesale banking he added. The bank has sold operations in a number of countries recently including Italy and Sri Lanka. Reuter | BANK OF AMERICA <BAC> SEEKS TO QUIT PARAGUAY |
General Electric Co has received a 474.5 mln dlr contract for 172 F-110-GE-100 fighter jet engines and 32 other jet engines the Air Force said. REUTER | GE <GE> GETS 474.5 MLN DLR CONTRACT |
General Host Corp said a federal district judge in Wichita Kan. affirmed a preliminary 1984 ruling that the companys Amerian Salt Co unit polluted groundwater near a plant in Lyons Kan. The company said it would appeal the ruling which calls for actual damages of 3.1 mln dlrs and punitive damages of 10 mln dlrs. General Host believes it has strong grounds for a reversal of the ruling. It reiterated that it is not including a provision for losses in its financial statements. American Salt part of General Hosts AMS Industries Inc unit has agreed with the State of Kansas to carry out an effective clean-up plan the company said. In the current ruling Federal Judge Cecil Miller affirmed his August 1984 preliminary ruling. The suit was brought in 1977 by a group of local landowners a General Host spokesman said. Reuter | GENERAL HOST <GH> TO APPEAL COURT RULING |
Mobil Oil Corp has received a 107.2 mln dlr contract for jet fuel the Defense Logistics Agency said. REUTER | MOBIL <MOB> GETS 107.2 MLN DLR CONTRACT |
Iomega Corp said its president Gabriel Fusco resigned as president to become chairman and chief executive officer of <Sequoia Systems>. Fusco was president and chief executive officer of Iomega between April 1983 and January 1987 and will remain on the companys board of directors. Reuter | IOMEGA <IMOG> PRESIDENT RESIGNS FOR NEW POST |
VARITY EXPECTS TO REPORT 4TH QTR AND FULL-YEAR 1986 LOSS |
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Guilford Mills Inc said it filed with the Securities and Exchange Commission a registration statement covering a 60 mln dlr issue of convertible subordinated debentures. Proceeds will be used to repay certain indebtedness and increase working capital as well as for general corporate purposes. Guilford Mills said it expects the issue will be offered later this month. The company named Bear Stearns and Co as lead underwriter of the offering. Reuter | GUILFORD MILLS <GFD> TO SELL CONVERTIBLE DEBT |
Central banks have easily beaten back the foreign exchange markets first test of the industrialized nations recent pact to stabilize currencies analysts said. In active trading this week the market pushed the dollar sterling the Canadian dollar and Australian dollar higher. But operators got their fingers burned as one by one the central banks signalled their displeasure. So far G-6 has been a roaring successsaid James ONeill financial markets economist at Marine Midland Bank NA. The central banks are sending strong signals that they wont tolerate any kind of momentum building behind currencies added a senior corporate trader at one U.K. bank. On February 22 the finance ministers and central bank governors of the U.S. Japan West Germany France and the U.K. -- the Group of Five -- plus Canada signed an accord under which they agreed to cooperate closely to foster stability of exchange rates around prevailing levels. The agreement was viewed by many in the market as an attempt to put a floor under the dollar after its sizeable two-year decline against major world currencies. And initially traders indicated their respect for the accord by refraining from pushing the dollar lower. But by Wednesday the dollar climbed to more than 1.87 marks about five pfennigs above its levels the Friday before the G-6 accord. The move was aided by indications that the U.S. economy picked up steam in February at the same time as the West German economy was regressing. But dealers said the Federal Reserve Bank of New York gave traders a sharp reminder that the G-6 pact had encompassed the idea of limiting inordinate dollar gains as well as declines. Dealers differed as to whether the U.S. central bank actually intervened to sell dollars above 1.87 marks or simply telephoned dealers to ask for quotes and enquire about trading conditions. But the dollar quickly backed off. It hovered today around 1.85 marks. The market was surprised that the Fed showed its face so soon said Marine Midland NAs ONeill. Also on Wednesday London dealers said the Bank of England intervened in the open market to sell sterling as the U.K. currency rose to 1.60 dlrs compared with 1.5355 dlrs before the G-6 pact. Sterling along with the other high-yield currencies like the Australian dollar and Canadian dollar was in favor after traders surmised that the the chance of intervention pursuant to the Paris currency accord left limited room for profit plays on dollar/mark and dollar/yen. The pound also was boosted by suggestions of an improving U.K. economy anticipation of a popular British budget on March 17 and public opinion polls showing good chances for the incumbent Conservative party in any general election. There was a real run on sterling said Anne Mills of Shearson Lehman Brothers Inc. Sterling traded today around 1.5750 dlrs down from 1.5870 dlrs last night. It slid to 2.917 marks from 2.950 yesterday and from a peak of about 2.98 recently. Theres been some heavy profit-taking on sterling/mark ahead of next Tuesdays U.K. budget said James McGroarty of Discount Corp. As speculators detected the presence of the U.S. and British central banks they acclerated their shift into Canadian and Australian dollars. But here too they were stymied. The Bank of Canada acted to slow its currencys rise. The Canadian dollar traded at 1.3218/23 per U.S. dollar today down from 1.3185/90 yesterday. And the Australian Reserve Bank using the Fed as agent sold Australian dollars in the U.S. yesterday dealers said. The Australian dollar fell to a low of 67.45/55 U.S. cents today from a high of 69.02 Thursday. Analysts said the central banks moves to stifle sudden upward movement leave the market uncertain about its next step. Today the focus shifted to the yen which has held to a very tight range against the dollar for several months. The dollar fell to 152.35/40 yen from 153.35/40 last night. Analysts said the yen also gained as traders unwound long sterling/short mark positions established lately. Because of the change in perceptions about the health of the German economy the funds from those unwinding operations are ending up in yen a dealer at one U.K. bank said. Recent West German data have shown falling industry orders lower industrial output and slowing employment gains. Moreover the yen is benefitting as Japanese entities who have invested heavily overseas for example in Australian financial instruments repatriate their profits ahead of the end of the Japanese fiscal year on March 31. Noting that the dollar/yen rate is in a sense the most controversial one because of the large U.S. trade deficit with Japan analysts said the stage could be set for another test of the dollars downward scope against the Japanese currency. In its latest review of the foreign exchange market through the end of January the Federal Reserve revealed that it intervened to protect the dollar against the yen on January 28. On that day the dollar fell as low as 150.40 yen. Sure the Fed bought dollars near the 150 yen level in January. But the market has to bear in mind that time marches on and the situation changes said McGroarty of Discount. Reuter | AFTER G-6, ROUND ONE GOES TO CENTRAL BANKS |
Weyerhaeuser Co said it should have significant increases in earnings in 1987 and 1988 should be another very good year. Weyerhaeuser reported 1986 earnings of 276.7 mln dlrs or 1.91 dlrs per share on 5.65 billion dlrs in revenues. Anticipated improved cash flows will allow the company to invest and acquire much more aggressively than it has in the past few years Weyerhaeuser also said. Weyerhaeuser principally a lumber products company said the forecast was made by the companys chief financial officer during a meeting of institutional investors in Tokyo. It also said its expects to see opportunities in the building products area particularly in composite panels and in other engineered products directed toward specific rather than commodity end-use markets. But it said growth may be higher in added-value products in financial services and in other diversified businesses. In addition the company said rising product prices and demand for pulp and paper are reflected in all the major world markets except in the case of some light-weighted paper grades where overcapacity remains a problem. Weyerhaeuser further stated that it has lowered its manufacturing cost structure and is obtaining significant productivity increases. Reuter | WEYERHAEUSER <WY> SEES HIGHER 1987 EARNINGS |
Shr loss seven cts vs profit 12 cts Net loss 662000 vs profit 1520000 Revs 59.1 mln vs 63.1 mln Six mths Shr profit 23 cts vs profit 20 cts Net profit 2802000 vs profit 2543000 Revs 138.5 mln vs 126.7 mln Reuter | LDBRINKMAN CORP <LDBC> 2ND QTR JAN 31 LOSS |
General Electric Co said it will redeem on May 1 RCA Corps 75 mln dlrs of 11-1/2 pct notes due 1990. General Electric is the successor obligator to RCA. GE said it will buy back the notes at par plus accrued interest to but not including May 1. No further interest will accrue on the notes after the redemption date. Bankers Trust Co is trustee. Reuter | GENERAL ELECTRIC <GE> TO REDEEM RCA CORP NOTES |
American Brands Inc said it filed with the Securities and Exchange Commission its financial statements for fiscal 1986 in connection with its previously announced offering outside the U.S. of its 50 mln stg 9-1/2 pct notes due 1994. American Brands said the notes are not to be sold in the U.S. or to a U.S citizen. Reuter | AMERICAN BRANDS INC <AMB> FILES WITH SEC |
Spendthrift Farm Inc said it will miss the 1875000 dlr March 16 interest payment on its 30 mln dlrs of 12.5 pct senior subordinated notes due 1994. It said it is currently holding talks with its creditors about a possible debt restructuring. The company said it expects to finalize an agreement before the end of the 30 day grace period on April 14. If it fails to make an agreement by that date it will default on the notes. The company also said it is holding talks with its bank creditors and expects a restructuring agreement soon. Reuter | SPENDTHRIFT FARM <SFI> TO MISS NOTE PAYMENT |
Shr loss two cts vs profit three cts Net loss 80333 vs profit 67967 Revs 1162678 vs 1009731 Avg shrs 3317104 vs 2494.049 year Shr loss 21 cts vs profit four cts Net loss 679520 vs profit 96724 Revs 4191540 vs 4702999 Avg shrs 3242641 vs 2525677 NOTES: Revenues exclude hospital television rental business sold Dec 29 1986 1986 losses in both periods include gain of 530000 dlrs on sale of discontinued business Reuter | ACS ENTERPRISES INC <ACSE> 4TH QTR LOSS |
Tony Lama Co Inc said it signed a letter of intent to buy Coulson of Texas Inc a maker of heels and leather components. The company said exact terms of the deal have not been determined but that it does not expect the acquisition to have a material effect on its financial position. In addition to buying substantially of all Coulsons assets Tony Lama said it would assume certain of the companys liabilities. Reuter | TONY LAMA <TLAM> TO BUY <COULSON OF TEXAS INC> |
Shr loss 89 cts vs loss 21 cts Net loss 3030548 vs loss 548442 Revs 1519360 vs 1081915 Avg shrs 3399993 vs 2725425 Reuter | TO-FITNESS INC <TFIT> YEAR DEC 31 LOSS |
CANADA DECEMBER BUDGET DEFICIT FALLS TO 2.01 BILLION DLRS FROM 2.27 BILLION YEAR EARLIER |
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Tribune Co said it completed the sale of the Danville Va. cable television system to Cablevision Industries Ltd Partnership affiliated with Cablevision Industries Inc of Liberty N.Y. It said the Danville system was one of two systems acquired by Tribune on September 30 1986 as part of its purchase of The Daily Press Inc publisher of the Newport News Daily Press and The Times-Herald. Agreements to sell both systems for a total of 100 mln dlrs were reached in October. Sale of the Newport News system was completed in December. Reuter | TRIBUNE <TRB> COMPLETES CABLE SYSTEM SALE |
Infortext Systems Inc said it finalized a two-year agreement under which GTE Services Corp and eight affiliates will sell Infortexts line of personal computer-based telephone call accounting systems. GTE Services a unit of GTE Corp evaluated 23 competitive call accounting systems the company said. Reuter | GTE <GTE> UNIT TO SELL INFORTEXT PRODUCTS |
Sheppard Resources Inc said it signed a letter of intent to merge with Breast Centers Inc an owner operator and franchiser of clinics that provide services for the early detection of breast cancer. Terms were not disclosed. After the merger Breast Centers shareholders would become the majority shareholders of the combined company. Also if approved Sheppard will change its name to Breast Centers. Reuter | SHEPPARD RESOURCES TO MERGE WITH CANCER CLINIC |
Qtly div 27.5 cts vs 27.5 cts prior Pay March 31 Record March 25 Reuter | FIRSTIER INC <FRST> SETS REGULAR QUARTERLY DIV |
Shr profit nil vs profit 38 cts Net profit 19000 vs profit 1239000 Revs 31.7 mln vs 31.2 mln 12 mths Shr profit 52 cts vs loss three cts Net profit 2173000 vs loss 119000 Revs 103.5 mln vs 98.6 mln Reuter | ZONDERVAN CORP <ZOND> 4TH QTR NET |
Qtly div 20 cts vs 20 cts previously Pay April 15 Record March 23 Reuter | UNIBANCORP INC <UBCP> REGULAR DIVIDEND SET |
Qtrly seven cts vs six cts Pay April 20 Record March 31 NOTE: full name of company is Second National Building and Loan. Reuter | SECOND NATIONAL BUILDING <SNBL> RAISES DIVIDEND |
The Bank of Spain said it approved a package of measures liberalising some exchange controls and easing some restrictions on the raising of foreign funds. It said in a statement that the circulars were the latest steps to deregulate Spains financial sector -- a move triggered by entry into the European Community (EC) a year ago. A Bank of Spain spokesman said in response to an enquiry from Reuters that the new measures were not yet in force and added that he could not say when they would take effect. The statement said one measure meant that residents in Spain would now be able to borrow up to the equivalent of 1.5 billion pesetas from abroad providing that the average length of the loans was at least one year that the borrower was not a Spanish branch of a non-resident lending agent and that the loan was denominated in a currency traded in Spain in convertible pesetas or in European Currency Units (ECUS). All foreign loans not approved under those rules will be approved automatically if the Bank of Spain does not specifically reject applications within 15 days of receiving them. The statement said another measure frees most of the restrictions on how banks can capture foreign funds and lend them. The existing limit on foreign obligations of three times the value of capital and reserves of a borrower bank is abolished although the Bank of Spain will continue to monitor the banks obligations. Restrictions on the maximum time difference between the maturity of foreign assets and obligations are also abolished and regulations governing risk by country are loosened. The latest measures follow recent moves to abolish the maximum interest rates banks can offer for some peseta funds and the lifting of restrictions on investments abroad by Spaniards. The government has also allowed foreign companies to be quoted on Spanish stock exchanges and has promised further reforms of the domestic financial system. Reuter | SPAIN LIBERALISES SOME EXCHANGES CONTROLS |
Southwestern Bell Corp said it opposes the Department of Justice recommendation that regional holding companies be banned from offering interexchange services within their regions. Southwestern Bell said state regulators should decide whether regional holding companies are allowed to provide the service according to a brief filed in U.S. district court in Washington outlining the companys position. The company contends there is little likelihood competition would be hampered according to the brief. Southwestern Bell supports the Justice Departments recommendation to lift bans on information services and equipment manufacturing and to allow regional holding companies to enter non-telecommunications businesses it said. Reuter | SOUTHWESTERN <SBC> OPPOSES BAN ON SERVICES |
Shr loss 5.67 dlrs vs loss 5.17 dlrs Net loss 17 mln vs loss 15.4 mln Year Shr loss 12.42 dlrs vs loss 9.60 dlrs Net loss 37.0 mln vs loss 28.5 mln NOTE: 1986 4th qtr and year net includes 11.9 mln dlr and 43.8 mln dlr provision respectively for possible land and real estate losses. 1985 4th qtr and year net includes 5.1 mln dlr and 13.4 mln dlr provision respectively for possible losses. Reuter | BROADVIEW FINANCIAL CORP <BDVF> 4TH QTR LOSS |
Shr one ct vs three cts Net 123000 vs 371000 Revs 2944000 vs 2138000 Avg shrs 11.4 mln vs 11.6 mln Six mths Shr five cts vs six cts Net 531000 vs 725000 Revs 6200000 vs 4128000 Avg shrs 11.4 mln vs 11.6 mln Reuter | ENZO BIOCHEM INC <ENZO> 2ND QTR JAN 31 NET |
First Boston Incs <FBC> Sunter Acquisition Corp said it began its previously announced 24.60 dlr per share tender offer for Allegheny International Incs common stock. The company is also offering 20 dlrs for each 2.19 dlr cumulative preferred share and 87.50 dlrs for each share of 11.25 dlr convertible preferred stock. The company said the offer and withdrawal rights will expire at midnight April nine unless extended. Reuter | TENDER FOR ALLEGHENY INT'L <AG> UNDERWAY |
Varity Corp formerly Massey-Ferguson Ltd said it expected to report on March 25 a loss for the fourth quarter and full-year ended January 31. A company spokesman said specific figures were unavailable. Varity posted a net profit of 3.9 mln U.S. dlrs for the previous fiscal year ended January 31 1986 and a 3.3 mln dlr net profit for the previous fourth quarter. Its net loss for the nine months ended October 31 totaled 4.7 mln dlrs after a 19.7 mln dlr third quarter loss tied to strikes and plant shutdowns at its British and French operations. Varity also said it would seek shareholder approval at a special shareholders meeting on April 9 to authorize a transfer of values to the contributed surplus account on its balance sheet from the stated capital account for common shares. The spokesman said the move would help raise company values required to pay dividends under Canadian law. Reuter | VARITY <VAT> EXPECTS 4TH QTR, FULL-YEAR LOSS |
Healthcare International Inc said it completed two financial transactions with HealthVest <HVT> a health care real estate investment trust. The company said the first entailed receiveing approximately 11 mln dlrs through a sale and leaseback arrangement on the property of Austin Diagnostic Clinic which it acquired in December 1986. The company also said it received 33 mln dlrs in financing on its Healthcare Medical Center of Tustin in Orange County Calif. The funds will be used to repay floating indebtedness the company said. Reuter | HEALTHCARE INTERNATIONAL <HII> GETS FUNDING |
<Cablevision Industries Corp> said its Cablevision Industries of California Inc subsidiary has entered into an agreement to buy substantially all of the assets of Valley Cable TV for about 100 mln dlrs. The company said it will buy the system from a California limited partnership which is wholly-owned by Toronto-based <Hollinger Inc>. It said Valley Cable operates a 60000 subscriber cable television systems passing about 180000 homes in the west San Fernando Valley area of Los Angeles. Cablevision said it is the nations 21st largest cable company and is ownnd by Alan Gerry its chairman president and chief executive officer. The company said the agreement is subject to regulatory approval. Reuter | CABLEVISION TO BUY VALLEY CABLE FOR 100 MLN DLR |
Oper shr 16 cts vs nine cts Oper net 2281000 vs 1319000 Revs not given Year Oper shr 13 cts vs six cts Oper net 2635000 vs 1775000 Revs 31.9 mln vs 31.7 mln Note: 1986 qtr excludes extraordinary loss of 1155000 dlrs or nine cts share versus gain of 607000 dlrs or five cts shr Note continued: 1986 year excludes extraordinary loss of 3101000 dlrs or 25 cts share versus extraordinary loss of 265000 dlrs or two cts share Reuter | <ANTHES INDUSTRIES INC> 4TH QTR NET |
Pubco Corp said Maurice Saltzman had resigned as chairman and a director of the company effective immediately due to continuing health problems. At the same time it said Saltzman resigned as chairman and a director of its 32 pct owned Bobbie Brooks Inc <BBKS>. Reuter | PUBCO <PUBO> CHARIMAN RESIGNS |
Borg-Warner Corp said its directors approved the sale for about 240 mln dlrs of its industrial products division to a New York-based private investment firm Clayton and Dubilier Inc and senior management of the group. Yesterday the company said it agreed to sell the division which has annual sales of about 300 mln dlrs and is based in Long Beach California. Reuter | BORG-WARNER <BOR> BOARD OKS SALE OF UNIT |
Central Bank president Francisco Gros said possible retaliation by Brazils creditors would not be an intelligent measure because it would affect both sides. If our creditors considered retaliation Brazil would lose its capacity to export thus would never be able to pay its debt Gros said in a news conference. Gros said that during their 12-day globe-trotting tour of several countries he and Finance Minister Dilson Funaro warned creditors that Brazil could no longer continue representing the role of merely an exporter of capital. We made it very clear to our creditors that we must find other means to pay our debt. We told them we wish to pay but that first we must make sure that the country grows Gros said. We pointed out to them that in the last two years Brazil paid 24 billion dlrs just in interest rates while only receiving two billion dlrs in new loans over a similar period. Gros reiterated that Brazil will not accept interference from the International Monetary Fund (IMF) as creditors suggested. The performance of the IMF over the years has not been convenient to our needs. It is an important institution but we do not accept it to monitor our economy he said. The banks would welcome us going to the IMF. We would welcome if they pardoned half our debt Gros said. Brazil announced suspension of interest payment of 68 billion dlrs owed to commercial foreign banks on February 20. No deadline was established for the renewal of the payment. Our major commitment is with the countrys growth. Therefore we need more money to invest on new projects Gros said. He said that before the announcement of the suspension of interest payment Brazil was paying about 500 mln dlrs a month to its commercial foreign creditors. We can say that at least we are saving some money he said. Gros said Brazil has not submitted specific proposals to creditors and instead hopes that proposals would come through bilateral negotiations. The Central Bank president said he will be going next week to Washington to take part in a meeting of the Inter American Development Bank . In Brasilia sources linked to the Presidency said Brazil was preparing a new program of economic readjustment to strengthen its negotiations on its 109 billion dlr foreign debt. The sources said the new program could be announced by the end of the month and calls basically for preservation of the countrys growth. Reuter | BRAZIL WARNS CREDITORS AGAINST RETALIATION |
The entire House Agriculture Subcommittee on Livestock Dairy and Poultry has written U.S. Trade Representative Clayton Yeutter a letter urging the Reagan administration to block a European Community EC plan to tighten meat inspection requirements. The letter signed by the 16 panel members said the EC plan to require U.S. meat processing plants to comply with EC standards would impose an unnecessary and unfair hardship on the U.S. meat industry. The EC plan is set to go into effect April 30. It would be inconceivable that we would allow the EC continued access to the U.S. market while they attempt to halt our meat exports to the EC the March 9 letter said. Reuter | U.S. ACTION AGAINST EC MEAT PLAN URGED IN HOUSE |
Shr one cts vs two cts Net 50000 vs 58000 Revs 467000 vs 760000 Reuter | <AUTREX INC> 1ST QTR JANUARY 31 NET |
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