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Dow Chemical Co <Guy F. Atkinson Co> and <Woodward-Clyde Consultants> said they formed a venture to combat groundwater contamination. The venture called AWD Technologies Inc will offer site analysis planning engineering and construction services for restoration of groundwater. Reuter | DOW <DOW> SETS GROUNDWATER POLLUTION VENTURE |
Shr profit four cts vs loss 49 cts Net profit 160700 vs loss 1867100 Revs 4700000 vs 5600000 Year Shr profit two cts vs loss 1.20 dlrs Net profit 84400 vs loss 4507800 Revs 20.5 mln vs 22.5 mln Reuter | SCIENTIFIC SYSTEMS SERVICES INC <SSSV> 4TH QTR |
Semi-annual div four cts vs four cts Pay April 30 Record April 9 Reuter | SKIPPERS INC <SKIP> SEMI-ANNUAL DIVIDEND |
Qtly div 13 cts vs 13 cts prior Pay April 17 Record April 3. Reuter | ZIEGLER CO INC <ZEGL> SETS QUARTERLY |
Diamond-Star Motors Corp the joint-venture company owned by Chrysler Corp <C> and Mitsubishi Motors said it has additional product suppliers for the all-new vehicle to be produced at the companys plant now under construction. It said Globe Industries Inc Chicago Heights Ill. was picked to supply roof silencer pads and dash panel pads and Fabricon Products of River Rouge Mich. for hood insulators. Reuter | DIAMOND-STAR MOTORS ADDS MORE SUPPLIERS |
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS SOYBEANS 18,345 WHEAT 11,470 CORN 34,940 |
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Hilton Hotels chairman and president Barron Hilton will introduce the hotel chains newest product the Hilton Suites at a press conference Tuesday at the Waldorf Astoria the company said. Reuter | HILTON HOTELS <HLT> TO LAUNCH NEW PRODUCT |
Banking Center said it has signed a letter of intent to acquire First Railroad Mortgage Co from First Union Bank of Augusta Ga. for undisclosed terms. The company said First Railroad had loan production of over 100 mln dlrs in 1986 and was servicing over 435 mln dlrs in loans at the end of 1986. Reuter | BANKING CENTER <TBCX> TO MAKE ACQUISITION |
Italian state bank <Istituto Bancario San Paolo di Torino> said its fully-owned <San Paolo U.S. Holding Co> of Wilmington in the U.S. had signed a letter of intent to acquire <Valley National Bank> of California. San Paolo said in a statement that subject to obtaining official authorization from the relevant bodies it would merge Valley National Bank with its subsidiary <First Los Angeles Bank>. Value of the planned acquisition was not disclosed. Reuter | SAN PAOLO DI TORINO TO ACQUIRE CALIFORNIAN BANK |
Farmers enrolled over 6.5 mln acres of program crops in the latest conservation reserve program signup and around four mln acres of non-program crops Agriculture Department conservation specialists said. Soybean acreage amounted to less than two mln acres of the non-program crop acreage enrolled a USDA analyst said. Heavy enrollment of non-base acreage in wheat states of which a big percentage would be fallow and non-soybean land accounted for a large portion of the non-program acreage the analyst said. Wheat and corn acreage comprised slightly over 40 pct of the total 10572402 acres accepted into the ten-year program. USDA analysts gave the following enrollment breakdown: -- wheat 2615140 acres -- corn 1894764 acres -- barley 705888 acres -- sorghum 585552 acres -- cotton 417893 acres -- rice 2035 acres -- peanuts 611 acres -- tobacco 285 acres -- total program crops 6512700 acres -- total nonprogram 4059702 acres -- total enrollment 10572402 acres USDA analysts are currently working on a complete state breakdown of crop acreage enrollment and should have it ready for publication later this week they said. Reuter | USDA DETAILS CONSERVATION CROP ENROLLMENT |
Senator Richard Lugar of Indiana ranking Republican on the U.S. Senate Agriculture Committee has not decided whether to introduce an administration-backed bill to apply the so-called 0/92 provision to 1988 through 1990 grain crops an aide to the senator said. The Reagan administration has asked Lugar to offer the measure the aide said. However a number of farm groups have told Lugar they oppose the proposal on the grounds it would reopen the 1985 farm bill and the senator has decided to take a second look at the proposal the aide said. Last week the aide indicated Lugar was planning to offer the 0/92 measure and a bill to tighten a payment limitation loophole. Reuter | U.S. SENATOR UNCOMMITTED ON OFFERING 0/92 BILL |
The New York Stock Exchange said it will cooperate with the Securities and Exchange Commission by disclosing imbalances in market-on-close orders in 50 major stocks thirty minutes prior to the close of trading Friday. The procedure will be followed this Friday when stock index futures and options and individual stock options expire simultaneously. Such triple expirations occur four times a year and in the past have been associated with big swings in stock market averages. In a new variation of the disclosure rules the NYSE said no market-on-close orders related to index arbitrage can be entered after 1530 EST. The NYSE said all market-on-close orders for 50 big capitalization stocks including the 30 components of the Dow Jones Industrial Average must be entered by 1530 EST Friday. The NYSE will then furnish to financial news services any imbalance in market-on-close orders of 10000 shares or more. After 1530 EST market-on-close orders in the 50 stocks can be entered only on the opposite side of the imbalance. But the bar on entering market-on-close orders related to index arbitrage after 1530 EST is a new element of the disclosure plan which has the goal of making the market less volatile during the triple expirations. Reuter | NYSE TO REPORT IMBALANCES ON EXPIRATION FRIDAY |
Moodys Investors Service Inc said it raised to Aa-2 from Aa-3 the long-term deposit obligations of Citizens Fidelity Bank and Trust Co because its parent Citizens Fidelity Corp has merged into PNC Financial Corp. Moodys said the merger should strengthen the banks earnings potential through the acquired access to PNCs product lines. It should also result in significantly more financial flexibility to Citizens Fidelity Moodys said. The banks Prime-1 rating for short-term deposits was not affected. Reuter | PNC FINANCIAL <PNCF> UNIT UPGRADED BY MOODY'S |
<Video Shopping Mall Inc> said it signed agreements to increase its programming by four additional stations adding 3.04 mln viewers. It said its programs now reach 24.8 mln households. Reuter | VIDEO SHOPPING MALL EXPANDS VIEWERS BASE |
<International Fine Foods Inc> said it has acquired 2001 Distributors Inc of West Babylon N.Y. for 875000 common shares plus contingent shares based on future earnings. 2001 distributes fresh-squeezed juices and had a loss on sales of about one mln dlrs in 1986 its first year of operation. Reuter | INTERNATIONAL FINE FOODS MAKES ACQUISITION |
The House Committee on Energy and Commerce is studying recommendations for stricter penalties for violation of securities laws said Rep. John D. Dingell D- Mich. chairman of the committee. Dingell told Reuters after a speech to businessmen here that insider trading laws must be strengthened to assure that self-regulation by the securities industry is more effective. Weve got to see to it that (exchange) members regulate their employees he said. Dingell said his committee is looking at a number of possibilities to harshen penalties for violation of securities laws. But he would not be more specific saying proposals on stiffer penalties are still being drafted in Washington. I wish I could be more definitive but I cant Dingell told Reuters. Dingell said another solution to the problem of insider trading would be a significant increase in funding for the Securities and Exchange Commission as well as in SECs authority to enforce securities laws. Dingell added that he supports self-regulation by the securities industry rather than government creation of some new structure that may or may not work. The markets must regulate themselves he said. Reuter | STIFFER U.S. SECURITIES PENALTIES SOUGHT |
Shr profit nil vs loss 10 cts Net profit 2936 vs loss 170866 Revs 4147248 vs 1091392 Reuter | UNITED TOTE INC <TOTE> 1ST QTR JAN 31 NET |
Pro-Med Capital Inc said its common will be included in the next expansion of the NASDAQ National Market System which will take place tomorrow. Reuter | PRO-MED CAPITAL <PRMD> TO BE INCLUDED IN NMS |
Systemhouse Inc said it has been awarded a 12 mln dlr contract by the County of Los Angeles to design and develop its integrated County Justice Information System. Systemhouse also said it has opened a branch in Los Angeles as a direct result of the contract. Reuter | SYSTEMHOUSE INC <SHKIF> WINS CONTRACT |
Seven Oaks International Inc said it has formed a new 80 pct owned subsidiary called Seven Oaks Direct Inc to offer a full line of telemarketing services. It said Seven Oaks direct management will own the remaining 20 pct. The company said initial costs connected with the startupo of a new Memphis Tenn. marketing center for Seven Oaks direct may hurt earnings slightly in the first half of the year ending in April 1988 but Seven Oaks Direct should operate at no worse than breakeven for fiscal 1988 as a whole. Reuter | SEVEN OAKS <QPON> IN TELEMARKETING VENTURE |
BALLY MFG FILES FOR PUBLIC OFFERING OF ITS HEALTH AND TENNIS CORP SUBSIDIARY |
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The Chicago Mercantile Exchange CME and the Chicago Board Options Exchange CBOE announced today that they will trade futures and options respectively on an index of international securities compiled by Morgan Stanley Group Inc. Morgan Stanley said it has agreed to license the exchanges to use the Morgan Stanley Capital International Europe Australia and Far East or EAFE stock index as the trading basis. The EAFE index is comprised of 900 international stocks from 16 nations in Europe the Far East and Australia. The EAFE is the only instrument by which world markets are measured CME special counsel Leo Melamed said at a news conference announcing the agreement. CME Chairman Jack Sandner noted that one-third of the exchanges daily trading volume now derives from overseas. The success of our index markets particularly the S and P index is ample precedent to forging ahead in international markets he said. Mark Sladkus publisher of Morgan Stanley Capital International Perspective said Japanese bank stocks represent the largest portion of the index. The officials said the exchanges have not yet submitted the EAFE index to the Securities and Exchange Commission and the Commodities Futures Trading Commission for approval. However Melamed said approval is not expected to be granted quickly and the exchanges did not set a starting date for the new contracts. The EAFE index is tabulated daily but Sladkus said real-time calculation will be introduced when trading begins. The conflicting opening and closing of international securities markets will have to be accommodated in the calculations he noted. Morgan Stanley has been calculating the EAFE index weekly since 1970 and daily since 1972. The CME and CBOE will negotiate with a third party to be an independent monitor ... the guardian of the index Melamed said. Morgan will remove itself from deciding which stocks move in and out of the index. Reuter | CME, CBOE TO LAUNCH INTERNATIONAL STOCK INDEX |
Western Digital Corp said it intends to call for redemption on April six all of its outstanding 6-3/4 pct convertible subordinated debentures due 2011. It said it would buy back the convertible debentures at 1090.94 dlrs per each 1000 dlr face amount including accrued interest. Until the close of business on April six the debentures are convertible into the companys common stock at 17.50 dlrs per share or 57.14 shares per each 1000 dlr debenture. The companys stock closed at 26.625 dlrs a share on Friday WEestern Digital said. Reuter | WESTERN DIGITAL <WDC> TO REDEEM CONVERTIBLE DEBT |
Shr loss eight cts vs loss 20 cts Net loss 586000 vs los 1497000 Revs 13.8 mln vs 14.4 mln Year Shr loss 15 cts vs loss 18 cts Net loss 1135000 vs loss 1377000 Revs 57.7 mln vs 55.1 mln Reuter | QUADREX CORP <QUAD> 4TH QTR JAN 31 LOSS |
Moodys Investors Service Inc said it may downgrade Conseco Incs 100 mln dlrs of debt. The rating agency cited Consecos proposal to acquire Western National Life Insurance Co from Beneficial Corp <BNL>. Moodys said its review would focus on the financing of the deal which will increase Consecos size from 650 mln dlrs in assets to about 2.7 billion dlrs. Moodys will also study the adequacy of projected earnings and cash flow from Western National in relation to the financing plan. Conseco currently carries B-1 senior subordinated debentures and convertible debt. Reuter | MOODY'S MAY DOWNGRADE CONSECO <CNC> DEBT |
J.P. Morgan and Co Inc said that Brazils recent suspension of interest payments on part of its commercial bank debt may lift its nonaccrual loans this year. Morgan which has over 1.9 billion dlrs of Brazilian debt said in its annual report it is possible that nonaccrual loans to borrowers in Brazil could increase during 1987. However a spokesman for Morgan told Reuters right now we are still accruing interest and we have not yet decided what will be done as of March 31. Citicorp <CCI> said last week that 3.9 billion dlrs of Brazilian loans may be put on a cash basis on March 31. Reuter | MORGAN <JPM> SAYS BRAZIL NONACCRUALS MAY RISE |
Philip Crosby Associates Inc said its fourth quarter and annual earnings report will be delayed two more weeks. The company cited the recent in-house embezzlement and a subsequent review by auditors of its international situation as reason for the delay. Philip Crosby however said it believes its December estimate calling for earnings per share between 10 cts and 15 cts on revenues of 11 mln dlrs was still valid. Reuter | PHILIP CROSBY ASSOCIATES <PCA> EARNINGS DELAYED |
Bally Manufacturing Corp said its Health and Tennis Corp filed with the Securities and Exchange Commission for an initial public offering of 5800000 shares of common stock and a concurrent offering of 50 mln dlrs of 20-year convertible subordinated debentures. The company said it expects the initial public offering price to be between 13 dlrs and 15 dlrs a share. Upon completion of the offering Bally said it will own 76 pct of Ballys Health and Tennis Corp. Bally said Drexel Burnham Lambert Inc and Paine Webber Inc will represent underwriters of the offering and Drexel will underwrite the debenture offering. Ballys Health and Tennis Corp operates more than 250 fitness centers and has about 1800000 members. Reuter | BALLY MFG <BLY> TAKING HEALTH CLUB UNIT PUBLIC |
Shr nil vs loss 10 cts Net profit 2936 vs loss 170866 Revs 4147248 vs 1091392 Reuter | UNITED TOTE INC <TOTE> 1ST QTR JAN 31 NET |
Pacific Resources Inc said it has installed a CALM (Catenary Anchor Leg Mooring) single-point mooring terminal off the southwest coast of Oahu at its Hawaiian Independent Refinery at a cost of 3.5 mln dlrs. The system transfers crude and fuel oils from tankers to the refinerys tank farm and carries refined products to ships for export PRI said. Company chairman Robert G. Reed said the new mooring system will permit 24-hour service in most kinds of weather and will reduce ship turnaround time. He said the mooring is the first of its kind in the U.S. The new system can accomodate vessels up to 150000 deadweight tons or one mln barrels of cargo PRI said. Reuter | PACIFIC RESOURCES <PRI> INSTALLS OIL MOORING |
U.S. money managers and investment advisors said they expect stocks to continue to outperform bonds but some are hedging bets by keeping roughly half of portfolios in bonds and cash for quick investment shifts. Merrill Lynch said its new asset mix report due today will urge weightings of 50 pct stock 35 pct bonds and 15 pct cash versus 40 pct bonds 35 pct stock and 25 pct cash previously. We believe an overweighting in stocks is warranted because of the positive momentum of corporate earnings said Christine Lisec-Tinto Merrill senior investment strategist. Lisec-Tinto who formulated Merrills latest asset mix recommendations with new chief investment strategist Charles Clough said there may be some consolidation of recent stock price gains but the market appears to have good potential. Through Friday stock prices as measured by the Dow Jones Industrial Average surged 19.13 pct in 1987. Meanwhile the Shearson Lehman Treasury bond price index edged up 0.4 pct. We believe that the equity market has much more upside potential than the bond market Chrysler Corp <C> treasurer Fred Zuckerman said. He said interest rates are not coming down and I would not bet a lot that they will come down sharply. Chryslers 3.5 billion pension fund last week sold 405 mln dlrs of corporate bonds in the first of two planned sales of slightly less than one billion dlrs of corporates. Zuckerman told Reuters the proceeds will be used to buy stock to bring equities to 50 pct or more of the portfolio. A roughly even bond/stock portfolio split also is urged by Wright Investors Service with 4.25 billion dlrs under management but it is more optimistic on bonds than stocks. Wed put half in bonds and half in equities now said Judith Corchard Wright senior vice president. She said the bond share was lifted from 35 pct in the last three months. The stock market has appreciated sharply and discounted future corporate earnings extensively Corchard said. She said were worried about a stock price correction of as much as 10 to 15 pct within six or possibly even three months. Meanwhile Wright expects bonds to benefit from a half to one percentage point decline in interest rates by years end. At this level of the stock market there is more of an advantage to being in long-term bonds than in equities given our interest rate scenario Corchard said. The stock market has come a long way in a short time. Id be hardpressed to jump into stocks with the Dow near 2300 unless I was really convinced that earnings and multiples will increase said a fixed-income securities portfolio manager at a major money center bank. He said the bank has kept bond/equity portfolio mix fairly stable recently and probably will make no major changes for months as it awaits economic oil price and dollar trends. Weve seen no real movement from bonds to stocks among our funds said George Collins president of T. Rowe Price Associates with 22 billion dlrs in assets under management. While he detected no rush into stocks from bonds either among the many mutual funds under the T. Rowe Price umbrella or among outside money managers Collins thinks stocks are better investments than bonds at this time. In the near term the stock market has more prospects for growth due to the mixed signals on the economy so far the slim chance the Federal Reserve will ease policy and still heavy debt accumulation Collins said. He expects U.S. stocks to improve further because there is more corporate earnings potential nominal interest rates already are low and there is strong foreign demand for stock. Collins said that in funds which include bonds and stocks the firm has long maintained an aggressive 75 pct weighting in equity with the rest in bonds and cash. Our equity managers have taken a slightly heavier cash position in equity portfolios lately Collins said. Cash in portfolios usually means short Treasury bills which can be readily sold to allow rapid investment shifts. Many portfolio managers are working with relatively high cash positions in equity accounts often 25 to 30 pct given the belief that there may well be downward price corrections enroute to higher ground. In bond portfolios the money managers generally showed a preference for shorter term (10 years and under) Treasury notes and to a lesser extent agency securities rather than longer-dated Treasury issues and corporate bonds. Since yield premiums of corporate over Treasury bonds are now the lowest in years many investors believe corporates are overvalued versus Treasury and agency issues. Another negative cited for corporate bonds is the risk of hostile takeovers leveraged buyouts and sudden ratings declines that does not exist with Treasury or Federal agency securities. Farm Credit paper was cited by some as undervalued and a good buy despite the issuers well-publicized financial woes. Reuter | U.S. MONEY MANAGERS MAY LEAN TO STOCKS VS BONDS |
Qtr ends Jan 31 Shr 22 cts vs 19 cts Net 4549000 vs 3666000 Revs 8903000 vs 7791000 Avg shrs 20.9 mln vs 19.9 mln Six mths Shr 42 cts vs 41 cts Net 8641000 vs 7928000 Revs 17.5 mln vs 14.6 mln Avg shrs 20.8 mln vs 19.4 mln NOTE: earnings were restated to reflect the three-for-two stock split on April one 1986. Reuter | NEW PLAN REALTY TRUST <NPR> 2ND QTR NET |
BellSouth Corps BellSouth Mobility Inc unit said its mobile phone customers can now choose their long-distance carrier. Previously all mobile calls were routed through American Telephone and Telegraph Cos long distance service. Reuter | BELLSOUTH <BLS> EXPANDS MOBILE PHONE SERVICE |
SCHLUMBERGER SAYS IT TERMINATES PACT TO SELL FAIRCHILD SEMICONDUCTOR BUSINESS TO FUJITSU |
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The Commodity Credit Corporation (CCC) has approved an additional 84.0 mln dlrs in credit guarantees for sales of U.S. agricultural products to Algeria for fiscal year 1987 under the Export Credit Guarantee Program (GSM-102) the U.S. Agriculture Department said. The department said the additional guarantees provide up to 31.0 mln dlrs in coverage for sales of protein meals 9.0 mln dlrs for tallow and 44.0 mln dlrs for vegetable oils. The latest guarantees increase the cumulative fiscal 1987 program for sales of U.S. agricultural products to Algeria to 464.0 mln dlrs from 380.0 it said. To be eligible for the credit guarantees all sales must be registered with the CCC by September 30 and shipments completed by December 31 1987 it said. Reuter | MORE CCC CREDIT GUARANTEES FOR ALGERIA -- USDA |
The United States has signed a Public Law 480 agreement with Honduras to provide for the sale of 12.0 mln dlrs worth of U.S. agricultural commodities the U.S. Agriculture Department said. The agreement signed March 11 provides for the sale of about 75000 tonnes of wheat/wheat flour worth 8.5 mln dlrs 15000 tonnes of corn/sorghum worth 1.5 mln dlrs and 6000 tonnes of tallow worth 2.0 mln dlrs the department said. The commodities will be supplied in the current fiscal year ending September 30 and sales will be by private U.S. traders on a competitive bid basis. Purchase authorizations will be announced as issued. Reuter | PL 480 COMMODITIES FOR HONDURAS -- USDA |
U.S. EXPORTERS REPORT 150,000 TONNES CORN SOLD TO UNKNOWN DESTINATIONS FOR 1986/87 |
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More than 500 people arrested during last weeks riots in northern Nigeria will face summary trial by a judicial tribunal President Ibrahim Babangida said. He said investigations showed the the violence was carefully planned by evil men and those arrested would be tried for arson murder rape and treason some of which carry the death penalty. Babangida said the crisis was the civilian equivalent of an attempted coup detat against the government. Reuter | NIGERIAN RIOTERS TO FACE SUMMARY TRIAL |
Missouri Republican Senators John Danforth and Christopher Bond have introduced a bill that would allow wheat and feedgrain producers along the Mississippi and Missouri Rivers hurt by flooding last year to collect at least 92 pct of their deficiency payments this year without planting. Danforth aide Austin Schlick said the bill was similar to a provision included in a House Agriculture Committee-passed emergency disaster assistance bill scheduled to be taken up by the House tomorrow. Schlick said flooding destroyed a number of levees along the two rivers last October leaving farmland there vulnerable to further damage this year. Reuter | SENS. DANFORTH, BOND ASK TARGETED 0/92 MEASURE |
The Commodity Credit Corporation (CCC) has accepted a bid on an export bonus to cover the sale of 8000 tonnes of barley to Cyprus the U.S. Agriculture Department said. The barley is for shipment May 5-20 and the bonus of 39.32 dlrs per tonne was made to Harvest States Cooperatives the department said. The bonus will be paid in the form of commodities from the inventory of CCC stocks. The department said an additional 42000 tonnes of U.S. barley are still available to Cyprus under the Export Enhancement Program initiative announced on August 26 1986. Reuter | CCC ACCEPTS BONUS BID ON BARLEY TO CYRPUS |
Lynch Corp subisidiary Lynch Entertainment Corp said it formed a general partnership called Coronet Communications Co which has acquired WHBF-TV station in Rock Island Ill. The company said the price for the station a CBS television network affiliate was 20 mln dlrs. The company also said the other partner is Lombardo Communications Inc a wholly-owned corporation of Phillip Lombardo. Lynch said it will pursue further acquisitions of media and entertainment entities with emphasis on broadcasting and cable television operations. Reuter | LYNCH CORP <LGL> UNIT BUYS TELEVISION STATION |
Morgan Stanley Group Inc said its Capital International Europe Australia and Far East or EAFE stock index will be a used as a basis for trading futures and listed options. The company said it granted licenses to the Chicago Mercantile Exchange and the Chicago Board of Options for the EAFE index. The index includes 900 companies representing 16 national stock markets in Europe Australia and the Far East. It is used as a benchmark of international stock market activity the company said. Reuter | MORGAN <MS> LICENSES OVERSEAS INDEX FOR TRADING |
Schlumberger Ltd said it terminated an agreement in principle for Fujitsu Ltd to buy 80 pct of its Fairchild Semiconductor operations. The company said the rising political controversy in the U.S. concerning the venture made it unlikely that the sale of the Fairchild stake could be completed within a reasonable time. The sale has been opposed by the U.S. Commerce Department and the U.S. Defense Department in part on national security grounds. The company said termination of the agreement opened other possibilities including a possible leveraged buyout of the semiconductor maker by Fairchild management. In the interim Fairchild would continue its ongoing business within Schlumberger the oilfield services concern said. Last October Schlumberger announced the sale of the Fairchild stake and said it would take a 200 mln dlrs charge in the fourth quarter from the sale. The company ended up recording special charges of 2.1 billion dlrs in the fourth quarter leading to a loss of 2.02 billion dlrs for the year. Schlumberger never announced a price for the sale but industry analysts have estimated the value of the deal at about 200 mln dlrs. The proposed sale was under antitrust review by the U.S. Justice Department. Additionally Commerce Secretary Malcolm Baldridge and other U.S. officials have voiced reservations about the transaction since it was announced. Government officials have expressed concern that the sale could reduce the competitiveness of U.S. chip makers by putting key advanced technology into Japanese hands. New high-technology semiconductors are used in supercomputers which are faster and more powerful than existing computers. Schlumberger is an oilfield services company controlled by French interests and headquartered in New York. Fujitsu Ltd is a computer and telecommunications company based in Japan. Reuter | SCHLUMBERGER <SLB> ENDS PACT TO SELL FAIRCHILD |
Henley Group Inc said it declared a special dividend distribution of one Fisher Scientific Group Inc share for every 16 Henley shares. Previously it said it would pay one fisher share for every 20 outstanding but it changed the ratio because of the reduction in its outstanding shares to 109 mln from 129 mln. It said the distribution of about 20 pct of Fishers common stock will be made April six to holders of record March 26. Fisher will trade on NASDAQ under the symbol <FSHG>. Reuter | HENLEY GROUP <HENG> SETS FISHER DISTRIBUTION |
Ford Motor Co said it is recalling about 33600 of its 1987-model year Ford Crown Victoria Mercury Grand Marquis and Lincoln Town Car vehicles equipped with 5.0 -liter engines. It said the vehicles may have been produced with some improperly manufactured sterring linkage components that could fracture causing reduced steering control. Ford said it was unaware of any accidents or injuries caused by the conditions prompting the recall. It said of the affected vehicles about 32000 are in the United States 1200 in Canada and 400 in export locations. Reuter | FORD <F> TO RECALL 33,600 FULL SIZE CARS |
Office of Management and Budget Director James Miller said he believed Congress was moving closer to a compromise with the administration over federal budget deficit cuts for the coming fiscal year. I think Congress is moving in the direction of the president he told Reuters as he was about to address a meeting of the Federal Managers Association. He did not elaborate on this but said a reported agreement by House and Senate budget writers calling for about 36 billion dlrs in deficit cuts was six billion too short. The administration proposed 42 billion dlrs in deficit reductions. Reuter | OMB CHIEF SAYS CONGRESS CLOSE ON DEFICIT CUTS |
GenCorp said its first quarter earnings from operations rose four pct as sales increased six pct to 650 mln dlrs from 614 mln a year earlier. However the company reported net income declined to 17 mln dlrs or 77 cts a share in the quarter ended February 28 from 19 mln dlrs or 84 cts a year earlier. This years net included 700000 dlrs from the sale of assets while last years was increased 3.0 mln dlrs by such sales. GenCorp said lower operating profits for the tire and plastics and industrial products segments were essentially offset by higher wallcovering results. Reuter | GENCORP <GY> 1ST QTR OPERATING EARNINGS ROSE |
U.S. exporters will have the opportunity to sell an additional 300000 tonnes of U.S. durum wheat to Algeria under the Export Enhancement Program EEP the U.S. Agriculture Department said. The department said the sales will be subsidized with commodities from the Commodity Credit Corporation CCC inventory and the subsidy will enable U.S. exports to compete at commercial prices in the Algerian market. Algeria has already purchased 300000 tonnes of U.S. durum wheat under a previous export enhancement initiative announced November 10 1986 it said. Details of the latest initiative including an invitation for offers from exporters will be issued in the near future the department said. Reuter | NEW EEP DURUM WHEAT OFFER TO ALGERIA -- USDA |
Advanced Micro Devices said it plans to build the first of a new generation of 32-bit CMOS microprocessors designed to operate three to five times faster than the 32-bit devices currently built. The new microprocessor is capable of sustained performance of 17 mln instructions per second and has a peak of 25 mln instructions per second the company said. It said the new device is suitable for engineering workstations super-minicomputers laser printer controllers and other high-performance applications. Reuter | ADVANCED MICRO <AMD> PLANS NEW MICROPROCESSOR |
Shr 37 cts vs 35 cts Net 4346000 vs 4202000 Revs 232.0 mln vs 223.2 mln Reuter | MCCORMICK AND CO INC <MCCRK> 1ST QTR FEB 28 NET |
LyphoMed Inc said it and Vestar Inc entered into a joint venture to develop and market liposome formulations of selected drugs. Liposomes are spheres of subcellular size which are composed of phospholipids the primary components of living cell membranes. During the projects first year the companies will jointly develop liposome formulations for designated drugs and establish a commercial production capacity as well as coordinate and fund clinical studies of the formulations. Reuter | LYPHOMED <LMED>, VESTAR <VSTR> JOINT VENTURE |
TWA SAID IT DOES NOT INTEND TO SEEK CONTROL OF USAIR, ACQUIRE MORE STOCK AT THIS TIME |
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The Business Journal of New Jersey said it will publish Garden State Home and Garden monthly beginning in September. The company said the publication was launched as a bi-monthly in November 1986. The decision to covert to a monthly was made as a result of increasing demand for advertising space in the first four issues. The company also said it expects 1987 revenues of about three mln dlrs continuing average growth of over 50 pct for a second year. A spokesman declined to release actual 1986 stating the company had not completed its 10K report. For the first nine months of 1986 it had sales of 1070000 dlrs while sales for all of 1985 were a little less than one mln dlrs he added. Reuter | N.J. BUSINESS CONVERTS MAGAZINE TO MONTHLY |
Shr loss nine cts vs profit 35 cts Net loss 299000 vs profit 1025000 Sales 9704000 vs 9659000 Avg shrs 3792138 vs 2892138 Year Shr profit one ct vs profit 58 cts Net profit 45000 vs profit 1705000 Sales 25.4 mln vs 17.8 mln Avg shrs 3567138 vs 2892138 Reuter | TELEQUEST INC <TELQ> 4TH QTR DEC 31 LOSS |
U.S. Agriculture Department proposals to offer 260000 tonnes of subsidized vegetable oil to four countries are still under consideration by an interagency trade policy group a USDA official close to the group said. The official who asked not to be identified dismissed a report circulating in markets today that the interagency trade policy review group had rejected the proposals. Under the proposals USDA would offer vegetable oil under the export enhancement program EEP to four countries including 80000 tonnes to Turkey and 60000 tonnes to Algeria Morocco and Tunisia industry sources said. The proposals are still under review by the interagency working group the USDA official said. Reuter | U.S. EEP VEG OIL PROPOSALS STILL UNDER REVIEW |
The United States today dismissed as insignificant gains by Iranian forces in Northern Iraq. State Department spokesman Charles Redman told reporters the gain in an area around Mount Kardemand had no signifficant bearing on the seven-year-old Gulf war. Press reports from the region said the Iranian push had placed its forces to move against the road to Rawandiz some 60 miles (96 KM) north of major Iraqi oil fields and refineries and the Turkish-Iraqi pipeline at Kirkuk. But Redman said the Iranian push took place in an area of Iraqi territory which is of little strategic value. Actual possession of the area has seesawed between Iraq and Iran since the early days of the war he added. The Iranian push that captured the territory nearly two weeks ago and reported in the American press this weekend was not a major offensive Redman said. Reuter | IRAN GAIN IN IRAQI TERRITORY SEEN INSIGNIFICANT |
Qtr ends March One Shr profit 10 cts vs loss 2.20 cts Net profit 687000 vs loss 14.5 mln Revs 68.3 mln vs 54.8 mln Avg shrs 7018000 vs 6577000 Six mths Shr profit 38 cts vs loss 1.95 Net profit 2596000 vs loss 12.8 mln Revs 129.9 mln vs 113.3 mln Avg shrs 6964000 vs 6568000 NOTE: figures for qtr and year prior include pre-tax restructuring charge of 22.5 mln. Reuter | AMCAST INDUSTRIAL CORP <ACST> 2ND QTR NET |
Period ended Jan 31 Shr 16 cts vs 10 cts Net 901000 vs 562000 Nine mths Shr 1.77 dlrs vs 19 cts Net 9886000 vs 1122000 NOTE: Full name is Chicago Dock and Canal Trust 1987 nine months earnings include gain from dispositions of real estate of 7666000 dlrs or 1.33 dlrs a share Reuter | CHICAGO DOCK AND CANAL <DOCKS> 3RD QTR NET |
McGraw-Hill Inc said it bought <Medecines et Sciences Internationales SA> a French Healthcare publisher from Harper and Row Publishers Inc. The sum of the deal was not disclosed. It said the French company publishes original titles by French authors as well as translations of American British and German Medical books. The company will be consolidated with McGraw-Hill France it said. Reuter | MCGRAW HILL <MHP> BUYS HARPER/ROW <HPR> UNIT |
Infinite Graphics Inc expects earnings for the fourth quarter ending April 30 to exceed the 127587 dlrs or seven cts a share posted a year ago Chairman Clifford F. Stritch Jr. told a meeting of financial analysts. Stritch also said the companys annual revenues should exceed 6.0 mln dlrs up from 4.1 mln dlrs in the previous fiscal year. He said the company which markets advanced computer-aided engineering design and manufacturing systems plans to double its dealers to 50 during the coming fiscal year. Reuter | INFINITE GRAPHICS <INFG> SEES HIGHER 4TH QTR |
Suburban Bancorp said a Cook County Circuit Court ruled in favor of one of its companies Suburban Bancorp of Bartlett (formerly Bartlett State Bank) on claims against six former directors. Suburban Bank of Barlett claimed that the former directors breached their fiduciary duties and were negligent in opposing Suburban Bancorps tender offer in January 1985 costing Bartlett State Bank several hundred thousand dollars. It said a hearing to determine the amount of damages owed to the bank was set for April 21. Reuter | SUBURBAN BANCORP <SUBBA> UNIT WINS JUDGMENT |
Qtrly div eight cts vs eight cts prior Pay June 1 Record May 15 Reuter | AFFILIATED PUBLICATIONS INC <AFP> SETS PAYOUT |
Shr six cts vs six cts prior qtr Pay April 10 Record March 27 Reuter | FRANKLIN RESOURCES INC <BEN> QTLY DIVIDEND |
TWA FILES APPLICATION SEEKING RIGHT TO RAISE USAIR STAKE TO 25 PCT |
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CooperVision Inc <EYE> told the Securities and Exchange Commission it has acquired 1420500 shares of Cooper LaserSonics Inc or 6.5 pct of the total outstanding common stock. CooperVision said it bought the stake for 2.9 mln dlrs for investment purposes. It said it might buy additional Cooper LaserSonics common shares but said it does not plan to boost its stake above 10 pct of the total outstanding. Reuter | COOPERVISION HAS 6.5 PCT OF COOPER LASER <ZAPS> |
Massachusetts Governor Michael Dukakis a newcomer to national politics ended weeks of speculation with the announcement he plans to seek the 1988 Democratic presidential nomination. Dukakis said he had authorized the formation of a presidential campaign committee and would make a formal announcement of candidacy in Boston on May 4. The 53-year-old Dukakis is serving his third term as governor. He was reelected with 67 per cent of the vote last November. Reuter | MASSACHUSETTS GOV. DUKAKIS TO SEEK WHITE HOUSE |
DNA Medical Inc said Walter G. Mize had bought about 9400000 shares or about 33 pct of DNAs outstanding stock for 100000 dlrs cash. Under an agreement with Mize DNA said he will also become chairman and may at his option expand the board to provide him equal representation with the current board. DNA also said it will submit a proposal at its annual meeting for it to acquire three companies owned by Mize <Heritage Lite Meat Corp> <National Lean Beef Corp> and <Heritage Cattle <Corp>. DNA said the total value of the transactions is 700000 dlrs. DNA said that when the transactions are approved by its shareholders it will issue additional shares of its common so that Mize will own 80 pct of its issued and outstanding stock. DNA said Mize will replace its current chairman Donald Holbrook who will remain on the board. The company also said it will continue in the medical development business as long as it is deemed to be advantageous. Reuter | DNA MEDICAL <DNAM> SIGNS PACT FOR STOCK SALE |
Western Digital Corp said it plans to call for redemption on April 6 all of its approximately 47 mln dlrs principal amount of 6-3/4 pct convertible subordinated debentures due 2011. It said the debentures will be redeemable for 1090.94 dlrs including accrued interest for each 1000 dlrs principal amount. The debentures will be convertible into Western Digital common stock up until the redemption date at a conversion price of 17.50 dlrs per share the company also said. Reuter | WESTERN DIGITAL <WDC> TO REDEEM DEBENTURES |
Shr profit five cts vs loss 23 cts Net profit 916000 vs loss 2886000 Revs 20.0 mln vs 28.2 mln Reuter | <CANADIAN ROXY PETROLEUM LTD> YEAR NET |
CityFed Financial Corp said its City Federal Savings Bank has a preliminary agreement to sell 14 consumer lending offices to <Goldome FSB> for undisclosed terms. Goldome is the largest mutual savings bank in the U.S. CityFed said it decided to sell its consumer lending offices outside its main market areas in New Jersey and Florida to concentrate its resources to these markets. The offices being sold operate under the name of City Consumer Serices Inc in Arizona Colorado Illinois Maryland New Mexico Oregon and Virginia. Reuter | CITYFED <CTYF> TO SELL CONSUMER LENDING OFFICES |
Trans World Airlines said it told the Securities and Exchange Commission it does not intend to seek control of USAir Group or to acquire more of its stock at this time. TWA also said it is amending its application with the Department of Transportation to seek control of USAir. The amendment said TWA reserves the right to seek control of USAir in the future that it intends to maintain its 15 pct stake and that it also is seeking the flexibility to acquire up to 25 pct of USAir. TWA said all USAir stock owned by it would be in a voting trust and voted in the same proportion as the vote of all other USAir shareholders. TWA filed a 13-D with the Securities and Exchange Commission reporting its holding of 4023200 shares of USAir. TWA has said the stake amounts to about 15 pct. TWA also said that by order of the federal court in Pittsburgh it is temporarily barred from buying additional shares of USAir pending a hearing March 23 to reconsider USAirs application to expand the temporary restraining order to a preliminary injunction. Reuter | TRANS WORLD AIRLINES <TWA> FILES ON USAIR <U> |
First Bank System Inc said it has found a potential buyer for First Bank Luverne and its office in Pipestone Minnesota. The bank holding company said 215 Holding Co a corporation controlled by the family of the late Robert Short will buy First Bank Luverne. The bank has 59.2 mln dlrs in assets. First Bank which announced plans in 1985 to restructure its banking assets by offering to sell 28 of its banks with a total of 45 offices said agreements have now been signed for 43 of these offices. Reuter | FIRST BANK <FBS> AGREES TO SELL ANOTHER BANK |
Banner Industries Inc said 2204832 shares of its Class A common were tendered for exchange into Class B common in response to an offer which expired February 27. The company pointed out its Class A common is traded on the currently listed on any securities exchange. The company has over 4.6 mln shares outstanding. Reuter | BANNER "A" STOCK <BNR> EXCHANGED FOR "B" SHARES |
Joseph Harrosh a Fremont Calif. investor with a 5.6 pct in Bethlehem Steel Corp preferred stock said he intends to seek at least one of two board seats which may open should Bethlehem delay dividend payments. In a handwritten filing with the Securities and Exchange Commission Harrosh said he would seek the board seat if Betheleham Steel falls six quarters behind in its dividend payments to preferred holders. A six-quarter dividend delay would open two board seats which would be filled by preferred holders. Harrosh reported he has 139300 shares of Bethlehems five dlr cumulative convertible preferred stock. Reuter | INVESTOR EYES BETHLEHEM STEEL <BS> BOARD SEAT |
American International Petroleum Corp <AIPN> said it agreed to acquire for one mln dlrs the assets of a western Louisiana oil and gas company. American International would not identify the company. American said assets included nine leases totalling 2600 acres various working interests in 15 oil and gas wells on that property all equipment and machinery necessary for operation and a 50 pct interest in a nine-mile gas pipeline. Reuter | AMERICAN INTERNATIONAL PETROLEUM TO BUY ASSETS |
Datapower Inc said it failed to meet the NASDAQ capital and surplus requirements as of February 20 but it received an exemption which will allow its common stock to continue to be included in the automated quotation system subject to certain conditions. Should Nasdaq terminate quotation of its securities at some future date the securities will continue to be quoted in the over-the-counter market Datapower also said. Reuter | DATAPOWER <DPWRC> FELL BELOW NASD REQUIREMENTS |
Shr four cts vs 15 cts Net 132851 vs 501537 Revs 10 mln vs 15.5 mln Six mths Shr 12 cts vs 24 cts Net 409383 vs 812045 Revs 19.4 mln vs 29.1 mln Reuter | THREE D DEPARTMENTS INC <TDD> 2ND QTR JAN 31 |
Shr 1.19 dlrs vs 1.38 dlrs Net 1499234 vs 1713941 Revs 23.2 mln vs 10.3 mln Reuter | <CONSOLIDATED PIPE LINES CO> YEAR NET |
Shr profit four cts vs loss 58 cts Net profit 119000 vs loss 1629000 Sales 18.4 mln vs 17.0 mln Reuter | NEWCOR INC <NEW> 1ST QTR JAN 31 NET |
Shr 13 cts vs seven cts Net 1487000 vs 778000 Sales 64.4 mln vs 58.3 mln Nine mths Shr 66 cts vs 55 cts Net 7388000 vs 6127000 Sales 223.0 mln vs 222.2 mln NOTE: 1987 quarter and nine month earnings includes a gain on sale of idle facilities of 406000 dlrs or four cts a share 1986 nine months earnings include gain on sale of idle facilities of 377000 dlrs or three cts a share Reuter | SKYLINE CORP <SKY> 3RD QTR FEB 28 |
American Locker Group Inc said environmental tests revealed low but unacceptable levels of two chemical compounds in ground water at its Signore plant near here. The tests conducted by Dames and Moore an environmental engineering firm followed the termination of talks for sale of the plant which makes steel office furniture. The company said the compounds were not used as part of its current operations. Testing will continue it said. Reuter | AMERICAN LOCKER <ALGI> CONDUCTS TESTS |
Shr 24 cts vs 13 cts Net 771000 vs 314000 Revs 24.1 mln vs 11.3 mln Avg shrs 3234000 vs 2426000 12 mths Shr 65 cts vs 38 cts Net 1983000 vs 904000 Revs 71.5 mln vs 37.7 mln Avg shrs 3035000 vs 2371000 Reuter | TECH DATA CORP <TECD> 4TH QTR ENDS JAN 31 NET |
The Senate budget committee sits down tomorrow to start drafting a fiscal 1988 budget with the budget writers expected to look at several proposals for fuel taxes and other tax options to cut the budget. In a briefing book for the drafting sessions a number of revenue raising tax options are proposed including a five dlrs a barrel fee on domestic and imported oil a fee just on imported oil and a broad based tax on domestic energy consumption based on five pct of value. Other proposals include various excise taxes and combinations of import surcharges or tariffs including a 10 pct import across the board import surcharge that would raise 22 billion dlrs next year alone more in later years. The committee however will only include revenue numbers in its proposed budget with the actual revenue decisions left to the House and Senate tax-writing committees. The committee will draft a budget which its chairman Sen Lawton Chiles a Florida Democrat said he hopes would raise at least 18 billion dlrs in revenues or about half the minimum 36 billion dlr deficit reduction he has in mind. The House Budget Committee also plans to start drafting a separate budget plan later this week which would have to be reconciled with the Senate version. The final budget would be the fiscal 1988 spending and revenue blueprint. Reuter | SENATE COMMITTEE MAY LOOK AT FUEL TAX PROPOSALS |
The trade surplus doubled in february to 261 mln dlrs from Januarys 129 mln but was below the 628 mln of February 1986 official figures show. The director of the Banco do Brasils foreign trade department (CACEX) Roberto Fendt told reporters the upturn in February confirmed a rising trend in exports which totalled 1.53 billion dlrs against 1.26 billion in January and after excluding coffee and oil derivitives was only slightly below the same month last year. Coffee earnings were down to 110 mln dlrs against 295 mln in February 1986 because of lower prices he added. Fendt said that although the February results were lower than the average expected for the rest of the year the governments target of an eight-billion-dlr surplus for 1987 should be achieved. This would compare with a 1986 surplus of 9.5 billion dlrs. Exports this year are expected to total 22.5 billion dlrs and imports 14.5 billion he added. In 1986 exports totalled 22.4 billion dlrs and imports 12.9 billion. Fendt said the rise in imports in February to 1.27 billion dlrs from 1.12 billion in February last year was in line with government plans to foster economic growth. Fendt said that imports were running at levels well above the traditional average for Brazil. In the first two months of the year imports excluding oil and wheat totalled 1.8 billion dlrs against 1.47 billion in the same 1986 period. This rise in import demand reflected the needs of Brazilian industry to equip to raise production and is perfectly compatible with the governments program for economic growth Fendt added. Reuter | BRAZIL TRADE SURPLUS RISES IN FEBRUARY |
Farah Manufacturing Co said it named Christopher Carameros senior vice president of finance effective April 1. Carameros will succeed Richard Jaeger as chief financial officer. Jaeger who continues as chief financial officer on a transitional basis was named vice chairman responsible for corporate finance. Carameros has been in public accounting for 12 years most recently as partner at Coopers and Lybrand. Reuter | FARAH <FRA> NAMES FINANCIAL OFFICER |
Condere Corp formed by former managers of Armtek Corp said it completed the acquisition of a tire plant and other assets of Armtek for undisclosed terms. In addition to a tire manufacturing plant Condere bought S. and A. Truck Tire Sales and Service Corp which operates 51 Sears Truck Tire Sales and Service Centers through a licensed agreement with Sears Roebuck and Co <S>. The plant will supply tires to Armteks Armstrong Tire Co as well as to several Sears Centers. Condere said it expects first year revenues to be 90 mln dlrs. Reuter | ARMTEK <ARM> UNIT LEVERAGED BUYOUT COMPLETED |
Qtrly div 34 cts vs 34 cts prior Pay May 1 Record April 15 Reuter | HORIZON BANCORP <HZB> SETS REGULAR PAYOUT |
ASHLAND OIL CHAIRMAN SEES LOSS FROM OPERATIONS IN THE SECOND FISCAL QUARTER |
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Henley Group Inc said it plans to issue 20 pct of the common stock of its Fisher Scientific Group Inc unit to Henley Group shareholders. The company said it intends to issue one share of Fisher Scientific for each 16 Henley shares held to shareholders of record March 26. The distribution is scheduled for April six the company also said. It said the Fisher shares will trade in the over-the-counter market under the symbol FSHG. Reuter | HENLEY <HENG> TO ISSUE SUBSIDIARY'S SHARES |
Schlumberger Ltd most likely has an alternate buyer lined up for its Fairchild Semiconductor unit Wall Street analysts said. I think its clear that in cancelling its agreement with Fujitsu Schlumberger has signaled that it has another deal in the works said Paul Johnson a semiconductor analyst with L.F. Rothschild. There are unquestionably other buyers out there added Kidder Peabody analyst Adam F. Cuhney. A lot of companies have looked at Fairchild and would be willing to buy it. Among the companies that would be interested in bidding for Fairchild are Advanced Micro Devices <AMD> Sunnyvale Calif. and LSI Logic Corp <LLSI> Milpitas Calif. industry analysts said. Top U.S. chipmakers like National Semiconductor Corp <NSM> Texas Instruments Inc <TXN> and Motorola Inc <MOT> might also seek to buy Fairchild but could possibly run into antitrust problems the analysts added. Moreover Fairchilds management is thought to be considering proposing a leveraged buyout of the Cupertino Calif. company analysts said. In a brief statement announcing the termination of the agreement with Fujitsu Schlumberger said the decision opened up other possibilities including a possible buyout by Fairchild management. The company said it ended the deal in which Fujitsu would have bought 80 pct of Fairchild for an estimated 200 mln dlrs because rising opposition to the deal by the Reagan administration made it unlikely that the sale could be completed within a reasonable period of time. Analysts questioned this explanation however arguing that the companies did not need government approval to complete the transaction. Both Schlumberger and Fujitsu are foreigned-owned companies. Schlumberger would not have terminated the deal because the U.S. government didnt want it said Johnson of L.F. Rothschild. A spokesman for Schlumberger declined to elaborate on the companys news release. He said only that the company was reviewing a number of possible alternatives for the Fairchild unit. Officials at Fairchild and Fujitsu were not immediately available for comment. Analysts noted the significance of the governments apparent success in preventing Fujitsu from taking control of Fairchild. Administration officials including Commerce Secretary Malcolm Baldrige and Defense Secretary Caspar Weinberger feared that the sale to Fujitsu would lead to Japanese control of key semiconductor technology for supercomputers and military weapons systems. The government really stood up for the semiconductor industry said Johnson of L.F. Rothschild. That I think is the real significance of this. Consequently analysts said the Japanese government might now feel more pressure to address U.S. complaints about Japanese chipmakers violation of the semiconductor trade agreement signed last summer. Reuter | SCHLUMBERGER <SLB> MAY HAVE ALTERNATE BUYER |
Votrax International Inc said it won a contract to sell 150 telephone communications systems to Ford Motor Credit Co a unit of Ford Motor Co. The contract under which Ford Motor Credit will buy 150 Votrax Call Director Systems during the next 18 months is a multi-million dlr agreement the company said. Reuter | VOTRAX INT'L <VOTX> WINS FORD <F> UNIT CONTRACT |
Brazils trade surplus doubled in February to 261 mln dlrs from Januarys 129 mln but was well below the 628 mln dlrs of February last year official figures show. Director of the Banco do Brasils foreign trade department (CACEX) Roberto Fendt told reporters the upturn in February confirmed a rising trend in exports which totalled 1.53 billion dlrs against 1.26 billion in January and after excluding coffee and oil derivatives was only slightly below the same month last year. Coffee earnings were down to 110 mln dlrs against 295 mln in February 1986 because of lower prices he added. Fendt said although the February results were lower than the average expected for the rest of the year the governments target of an eight billion dlr surplus for 1987 should be achieved. This would compare with a 1986 surplus of 9.5 billion dlrs. Exports this year are expected to total 22.5 billion dlrs and imports 14.5 billion he added. In 1986 exports totalled 22.4 billion dlrs and imports 12.9 billion. Fendt said the rise in imports in February to 1.27 billion dlrs from 1.12 billion in February last year was in line with government plans to foster economic growth. Fendt said imports were running at levels well above the traditional average for Brazil. Imports in the first two months of the year excluding oil and wheat totalled 1.8 billion dlrs against 1.47 billion in the same 1986 period. This rise reflected industrys need for equipment to raise production and is perfectly compatible with the governments program for economic growth Fendt added. Reuter | BRAZIL'S TRADE SURPLUS DOUBLED IN FEBRUARY |
SAFT a unit of Cie Generale dElectricite of France said it bought U.K.-based Alcad Ltd from Penn Central Corps Marathon Manufacturing Cos Inc. Terms of the deal were not disclosed. Alcad is one of the worlds largest producers of pocket-plate nickel-cadmium storeage batteries used in industrial and railroad applications to start engines and as light sources SAFT said. SAFT said it expects to add 400 jobs at the U.K. operations. Reuter | PENN CENTRAL <PC> SELLS U.K. UNIT |
Silicon Valley Bancshares said it declared a five pct stock dividend payable May 1 to shareholders of record April 1. Reuter | <SILICON VALLEY BANCSHARES> SETS STOCK PAYOUT |
General Instrument Corp said its government systems division was awarded a 4900000 contract by the U.S. Air Force for a surveillence and targeting system aboard its B-52 aircraft. Reuter | GENERAL INSTRUMENT <PSE> GETS AIR FORCE AWARD |
The United Auto Workers denied a published report it is expected to pick Ford Motor Co to be the prime target in its upcoming contract talks with the auto industry. A UAW spokesman called premature a press report that the union picked Ford over General Motors Corp <GM> as the lead company in talks expected to begin in mid to late July. Earlier the Detroit Free Press quoting local union officials said Ford would probably be picked as the auto company to set the pattern for a negotiated settlement with the entire U.S. car industry. According to the report the fact that Ford earned more money last year than GM will cause the union to select Ford as the company with which the union will negotiate the pattern-setting settlement. The UAW traditionally picks one of the major car companies in its national contract talks with the auto industry which occur every three years. GM was named the lead company in the last round of talks in 1984. Reuter | UAW DENIES FORD <F> SET AS TARGET |
West German President Richard von Weizsaecker met Argentine President Raul Alfonsin for talks on the first day of the German leaders four-day visit. Local officials placed great importance on the meeting because Weizsaecker is considered a key backer here for more flexible repyament terms for Argentinas 51 billion dlr foreign debt. I suppose (the debt) will be unavoidable in talks said Juan Carlos Pugliese speaker of the lower house of the Argentine Parliament and one of Alfonsins top political allies before the meeting. He said that Germany in particular and most European countries have supported more liberal repyament terms for Argentinas debt Latin Americas third largest. An Argentine mission is now in the United States concluding negotiations on debt repyayment with 11 creditor banks. Reuter | WEST GERMAN PRESIDENT HOLDS TALKS WITH ALFONSIN |
CARL ICAHN SAYS HE IS TARGET OF SEC PROBE OF POSSIBLE EXCHANGE ACT VIOLATIONS |
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U.S. SELLS 3-MO BILLS AT 5.58 PCT, STOP 5.59 PCT, 6-MO 5.58 PCT, STOP 5.59 PCT |
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Anheuser-Busch Cos Inc in its annual report said its capital expenditures for 1987 are expected to approximate 900 mln dlrs. In 1986 Anheuser said it spent 777.3 mln dlrs up from 601.0 mln dlrs the prior year. Reuter | ANHEUSER-BUSCH <BUD> SETS HIGHER SPENDING |
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