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Moodys Investors Service Inc said it upgraded Valero Energy Corps 120 mln dlrs of debt. Moodys cited an improved leverage position that will result from Valeros sale of its Valero Natural Gas subsidiary to Valero Natural Gas Partners L.P. the partial sale of units of that partnership to the public and the simultaneous sale of first mortgage bonds to institutional investors. Raised were Valero-backed tax-exempt economic development revenue bonds of Vincennes Ind to Baa-3 from B-1 Valeros subordinated debt to Ba-1 from B-2 and depository preferred stock to Ba-1 from B-2. Reuter | VALERO ENERGY <VLO> DEBT UPGRADED BY MOODY'S |
NL Industries Incs NL Chemicals Inc subsidiary said it filed two complaints against <United Catalysts Inc> for patent infringements and misappropriation of confidential information. NL said the patent infringement suit alleges that Uniteds product Thixogel DSS infringes on NLs patent protecting its Bentone 128 product. NL said it filed the patent complaint in the United States District Court for the Western District of Kentucky and the misappropriation complaint in Circuit Court Jefferson County Ky. United Catalysts is based in Louisville Ky. Reuter | NL <NL> FILES SUITS AGAINST UNITED CATALYSTS |
Irving Bank Corp said it bought the factoring division of Associates Commercial Corp a unit of Gulf and Western Co Incs Associates Corp of North America. The terms of the previously announced deal were not disclosed. It said the assets were transferred to Irving Commercial Corp. Reuter | IRVING TRUST <V> BUYS GULF/WESTERN <GW> UNIT |
Dittler Brothers called for investigations by the attorneys general of 24 states in connection with possible violation of state lottery laws by Bally Manufacturing Corp <BLY> and its subsidiary Scientific Games. Dittler Brothers said it requested the states law enforcement chiefs to investigate the companies following last weeks determination by a court-appointed auditor that Scientific furnished erroneous information to those 24 state lottery officials. The states named are spread throughout the country. Reuter | DITTLER BROTHERS SEEK LOTTERY INVESTIGATIONS |
Shr five cts vs one ct Net 196986 vs 37966 Revs 15.5 mln vs 8900000 Nine mths Shr 52 cts vs 22 cts Net two mln vs 874000 Revs 53.7 mln vs 28.6 mln Reuter | AMRE INC <AMRE> 3RD QTR JAN 31 NET |
U.S. Rep. Dan Glickman D-Kan. chairman of the House Agriculture subcommittee on wheat soybeans and feedgrains said he would today introduce a bill to apply the so-called 0/92 concept to wheat and feedgrains producers. Glickman told Reuters the measure would allow 1987 winter wheat producers and 1988 feedgrains producers the possibility of receiving no less than 92 pct of their income support payments regardless of how much acreage they planted. He also said his bill would protect program participants from reduced income payments in the event market prices rose above the loan rate. Reuter | KANSAS LEGISLATOR TO OFFER U.S. 0/92 BILL TODAY |
C. Itoh Finance (Europe) Ltd is issuing a 30 mln dlr deferred coupon eurobond due March 30 1992 and priced at 100.1 pct Wako International (Europe) Ltd said as lead manager. From the third year the bonds will pay interest at a rate of four pct over six month London interbank borrowed rate (Libor). They will be issued in denominations of 50000 dlrs and will be listed in Luxembourg. Fees of 0.1 pct comprise two basis points for management and underwriting and eight points for selling. Co-leads are Mitsui Trust International and Pru-Bache Securities International. Pay date is March 30. The transaction is guaranteed by C. Itoh and Co (Hong Kong) Ltd Wako International said. REUTER | C. ITOH FINANCE (EUROPE) ISSUES EUROBOND |
International Lease Finance Corp said it sold two Boeing 737-200 aircraft and leased one 737-200 in two transactions valued at 28 mln dlrs. It said the sales will result in a pre-tax gain for its second fiscal quarter ending May 31. The two jets were sold for 18 mln dlrs to an investor group and the third was leased for five years to Pacific Western Airlines Ltd of Calgary Alberta International Lease said. Reuter | INTERNATIONAL LEASE <ILFC> SELLS TWO JETS |
HiTech Engineering Co said it completed the private sale of 200000 shares of its common stock to its chairman and president Francine Prokoski for 37500 dlrs. The company said the proceeds will be used to develop products under a contract with a private company. Reuter | HITECH ENGINEERING <THEX> COMPLETES STOCK SALE |
Shr 10 cts vs 11 cts Net 547000 vs 579000 Sales 11.0 mln vs 11.1 mln Year Shr 46 cts vs 52 cts Net 2500000 vs 2841000 Sales 40.7 mln vs 40.5 mln Reuter | PORTA SYSTEMS CORP <PSI> 4TH QTR JAN 31 NET |
California Energy Co Inc said an initial public offering of 1900000 common shares is underway at 7.50 dlrs each through underwriters led by Laidlaw Adams and Peck Inc. The geothermal power company said the offering is expected to close March 19. Reuter | CALIFORNIA ENERGY <CECI> INITIAL OFFER STARTS |
Divi Hotels NV of Aruba said its warrants have started trading today on the <American Stock Exchange>. Reuter | DIVI HOTELS <DVH> WARRANTTRADE ON AMEX |
FEDERATED DEPARTMENT STORES INC 4TH QTR SHR 3.64 DLRS VS 3.16 DLRS |
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Oper net 46.6 mln Revs 392 mln 12 mths Oper net 65 mln vs 47.1 mln Revs 590 mln vs 591 mln NOTE: Eight months represents earnings following acquisition in May 1986 when company went private. Period ending Jan. 3 1987 excludes 42.3 mln dlrs of interest expenses 41.6 mln dlrs of acquisition adjusments and 1.7 mln dlrs of income taxes. Reuter | <WARNACO GROUP INC> EIGHT MTHS JAN THREE NET |
Bank of Ireland said it launched in the U.S. Market a commercial paper program for up to 200 mln dlrs becoming the first Irish issuer of paper in that market. It said the first tranche of an undisclosed amount was sold today through Goldman Sachs and Co Inc and that the paper last week had received the top A-1/P-1 rating of Standard and Poors Corp and Moodys Investors Service Inc respectively. In a statement the Bank of Ireland noted that the U.S. Paper market will provide it with a new source of funding. REUTER | BANK OF IRELAND LAUNCHES U.S. PAPER PROGRAM |
Treasury Secretary James Baker said the U.S. opposes Soviet membership of the World Bank or the International Monetary Fund. Baker told a House foreign affairs subcommittee I think our position is absolutely clear on that ... We do not support and will not support Soviet membership in the World Bank or the IMF. Baker said the U.S. position was unqualified and unconditional. The secretary observed that he has written to congressman Jack Kemp a New York Republican who is also a presidential contender outlining the U.S. position. Baker was responding to a questioner who noted that World Bank President Barber Conable has in the past suggested future Soviet membership could take place. Ever since Soviet leader Mikhail Gorbachev suggested Soviet membership in the General Agreement on Tariffs and Trade -- which was also rejected -- there has been speculation Moscow was interested in joining the international institutions. Reuter | BAKER SAYS U.S. OPPOSES SOVIET BANK MEMBERSHIP |
Shr 43 cts vs 37 cts Net 2276000 vs 1674000 Sales 31.9 mln vs 23.9 mln Avg shrs 5.3 mln vs 4.5 mln Year Shr 90 cts vs 69 cts Net 4508000 vs 3096000 Sales 98.4 mln vs 75.0 mln Avg shrs 5.0 mln vs 4.5 mln Reuter | GANTOS INC <GTOS> 4TH QTR JAN 31 NET |
Shr not given Net 788099 Revs 15.5 mln NOTE: Company went public during 1986. Reuter | <ATLANTIC EXPRESS INC> 1ST HALF DEC 31 NET |
Rabobank Nederland B.A. Said it is launching under its own management a 250 mln guilder eight-year bullet bond with a 6-3/4 pct coupon and priced at par. No early redemption is permitted on the bond which will be paid back in full on April 15 1995. Denominations are in 1000 and five times 1000 guilders. Subscription closes March 23 payment is April 15. Listing will be on the Amsterdam Stock Exchange. REUTER | RABOBANK LAUNCHES 250 MLN GUILDER BULLET |
Spendthrift Farm Inc said it has received three tentative proposals to acquyire control of the company. It said it is evaluating the proposals and will not comment further unless a definitive agreement is reached. Reuter | SPENDTHRIFT FARMS <SFI> GETS BID FOR CONTROL |
BioTechnica International said it established a new subsidiary BioTechnica Agriculture to develop and commercialize microbial and plant products for improving crops. It said the unit will be based in Overland Park Kansas. It said Charles H. Baker former president of Rohm and Haas Cos <ROH> Rohm and Haas Seed Inc affiliate has been named president of the new agriculture unit. The company said Baker will also act for a limited time as president of <Chaco Enterprises Inc> formed to acquire the Hybrex hybrid wheat technology from Rohm and Haas. Reuter | BIOTECHNICA <BIOT> HAS NEW AGRICULTURE UNIT |
Sunworld International Airways Inc said its February load factor rose to 53 pct from 46.1 pct a year earlier and its year-to-date load factor was up to 52 pct from the 51 pct posted for the same period last year. February revenue passenger miles rose to 27.4 mln from 26.4 mln but year-to-date revenue miles declined to 59.7 mln from 60.4 mln. Available seat miles for the month dropped to 51.7 mln from 57.2 mln and for the two month period available miles totaled 115.3 mln down from last years 119.2 mln Sunworld International said. Reuter | SUNWORLD <SUNA> HAS HIGHER LOAD FACTOR |
Analyst Sanford Margoshes of Shearson Lehman Brothers said he recommended a number of oil stocks today now that it is apparent that OPEC has succeeded in holding to its prescribed production quotas. It is clear that OPEC through jawboning and quota restraint will boost the price of oil Margoshes said. Prices of oil stocks rose sharply today in response to higher oil prices and optimism about OPEC quotas. Margoshes said he recommends Imperial Oil <IMO.A> up 1/2 to 49-1/8 Standard Oil Co <SRD> 7/8 to 62-3/4 Exxon <XON> one to 83-1/8 and Chevron <CHV> 1-1/8 to 54-7/8. In addition Margoshes said he recommended Atlantic Richfield <ARC> on a short-term basis though he said he is still suspect about its debt situation. Atlantic Richfield rose 1-3/4 to 77. He said the market could come down to test the 16 dlr a barrel level again but the main thrust of investing in oil is positive right now. Before the year is out we will see higher oil prices. He noted that belief that the government is interested in raising the strategic reserves is factored into the rise in oil stocks today. Reuter | SHEARSON LEHMAN UPGRADES U.S. OIL STOCKS |
West German Chancellor Helmut Kohl has invited the European Communitys 17-man Commission for talks in Bonn next month in a bid to repair strained relations EC diplomats said. The Commissioners led by President Jacques Delors will pay a two-day visit to Bonn on April 1-2 when they were due for a meeting with the principal West German cabinet members. The meeting the first of its kind between the Commission and the government of a member state was originally meant to focus on problems posed by West Germanys federal constitution. But they said the meeting was now likely to be dominated by Commission plans to restructure the ECs exhausted finances and its costly farm policy which have provoked strong opposition from Bonn. Kohl has written two letters to Delors complaining that the plans would hit West German farmers hard. His farm minister Ignaze Kiechle has publicly criticised the two German members of the Commission for failing to oppose them. This caused protest from Brussels where the Commission tries to guard the independence of its members from the governments that nominate them. REUTER | EC COMMISSION TO VISIT BONN AT KOHL'S INVITATION |
Minister of Mines Patrick Chitambala confirmed that Zambia had ended copper shipments through South Africa and announced that its state-run mining company had closed down its liaison office in the white-ruled republic. He told the official Times of Zambia newspaper in an interview the government was diverting all mineral exports along rail routes to Dar es Salaam in Tanzania and Beira in Mozambique. Chitambala declined to say what volume of copper and other minerals were being shipped through these two ports but he said there had not been any problem with the new arrangements. So far our copper has been reaching its destinations without hindrance he told the Times. The Times of Zambia quoted unnamed sources as saying Zambia exported 100000 tonnes of copper through Dar es Salaam and 17000 through Beira in the last quarter of 1986. Diplomatic sources in Lusaka had earlier expressed doubts over Zambias ability to ship all its copper through Beira and Dar es Salaam without causing massive bottlenecks at the ports. Chitambala also said that the state-run Zambia Consolidated Copper Mines (ZCCM) had closed its liaison office in Johannesburg since it was now redundant. Reuter | ZAMBIAN MINISTER CONFIRMS COPPER DIVERSION |
TAFT CHAIRMAN'S GROUP RAISES TAFT BROADCASTING BID TO 150 DLRS/SHARE |
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Development Corp of America said its merger with Lennar Corp <LEN> was completed and its stock no longer existed. Development Corp of America whose board approved the acquisition last November for 90 mln dlrs said the merger was effective today and its stock now represents the right to receive 15 dlrs a share. The American Stock Exchange said it would provide further details later. Reuter | DEVELOPMENT CORP OF AMERICA <DCA> MERGED |
Treasury Secretary James Baker said that Brazil should come up with a new economic plan if it hopes to get additional assistance from commercial banks and others. In testimony before a House appropriations subcommittee Baker said that he had given that message to Brazilian officials earlier this month when they met for talks in Washington. He said that the so-called Cruzado Plan had worked for a while but that new efforts by the government are now required. Baker made it clear that he backed the decision by the Paris Club official creditors to reschedule loans to Brazil even though the country later froze its payments to commercial bank creditors. He said that the official loans are being serviced and that this was a result of the rescheduling. Reuter | TREASURY'S BAKER CALLS FOR NEW BRAZIL PLAN |
California Micro Devices Corp said its stock was included in the March 17 expansion of the NASDAQ market system. Reuter | CALIFORNIA MICRO <CAMD> TRADES ON NASDAQ |
Teva Pharmaceutical Industries Ltd based in Israel said it sold its wholly owned Promedico subsidiary to foreign investors for four mln dlrs. It said the book value of the unit is about 2.2 mln dlrs. Teva said it will continue to market Promedicos products through its wholly owned subsidiary Salomon Levin and Elstein Ltd. Reuter | TEVA <TEVIY> SELLS PROMEDICO SUBSIDIARY |
ERC International said its Facilities Management Group subsidiary ERCI Facilities Service Corp was awarded a 2.1 mln dlrs contract in the drug repository field the third such contract in nine months. It said that under the five-year contract it will manage the National Cancer Institutess pre-clinical drug repository of more than 400000 drugs and chemicals used to test antitumor activity in animals and tissue culture systems. Reuter | ERC <ERC> GETS THIRD CONTRACT |
Treasury Secretary James Baker said that the United States was not seeking loan veto in its negotiation for voting power at the Inter-American Development Bank. Discussing the ongoing negotiation Baker said the U.S. position is that the countries that pay in the most should have the greatest say over the loan decisions. The U.S. is seeking the power to block loan votes with one other country and the issue will be discussed in Miami later this month at the annual meeting of the Latin development bank. Reuter | BAKER SAYS U.S. NOT SEEKING IADB VETO |
Qtly div 25 cts vs 20 cts prior Pay April 21 Reord March 27 Reuter | NEW MILFORD SAVINGS BANK <NMSB> RAISES PAYOUT |
K Mart Corp said recent talks to sell 65 remaining Kresge variety stores and their underlying real estate to F.W. Woolworth Co <Z> have ended. Robert Stevenson K Mart vice president told Reuters the talks which began about six weeks ago ended. He declined to give a reason. Kresge is the forerunner of what is now the K Mart chain. The name was changed to K Mart in 1977 Stevenson said. Were selling and buying real estate in our real estate division and Woolworth was interested in some of our properties. The talks were of a casual nature he said. The 65 Kresge stores that are scattered around the country in downtown and suburban locations he said. Stevenson said K Mart will continue to operate the stores. The stores are profitable. The only decision K Mart has made is that we will continue to operate them he said Kresge had been a nationwide chain of 900 variety stores. Reuter | K MART <KM> ENDS TALKS TO SELL STORES |
Shr 20 ct vs 27 cts Net 1048000 vs 1368000 Revs 9457000 vs 5386000 NOTE: Dollar amounts converted from Irish pounds at noon buying rate of the Federal Reserve Bank of New York at Dec 31 1986 of 1.4105 dlr per one Irish pound. The equivalent rate at Dec 31 1985 was 1.2470 dlr equals one Irsh pound. Full name of company is The Institute of Clinical Pharmacology PLC based in Dulbin Ireland. Reuter | INSTITUTE OF CLINICAL PHARM PLC <ICPYY> YEAR |
LAWSON SAYS U.K. BASIC RATE INCOME TAX TO BE CUT TO 27 PCT FROM 29 PCT |
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Chancellor of the Exchequer Nigel Lawson presenting his budget for fiscal 1987/88 to parliament said U.K. Economic growth was forecast at three pct in calendar 1987. He said the Treasury expected a current account balance of payments deficit in 1987 of 2.5 billion stg after a 1.1 billion shortfall in 1986. Inflation is expected to be 4.0 pct at the end of 1987 he said adding it may exceed 4.5 pct by the summer before falling back to 4.0 pct by the end of the year. The planned PSBR for 1987/88 was 4.0 billion stg unchanged when compared with the likely outturn for fiscal 1986/87 Lawson said. Although no explicit target was set for the broad sterling M3 money supply Lawson said broad money will continue to be taken into account in assessing monetary conditions as well as the exchange rate. The low outturn of the PSBR in 1986/87 was mainly due to the buoyancy of non-oil tax revenues in general and the corporation tax paid by an increasingly profitable business sector in particular. On oil prices Lawson said he was sticking to his earlier assumption that North Sea crude prices will average 15 dlrs per barrel in calendar 1987. The treasury would strive to keep the PSBR at 1.0 pct of GDP in future he said. Reuter | U.K. GROWTH RATE SEEN AT THREE PCT THIS YEAR |
Butler Manufacturing Co said its board authorized the repurchase of up to 600000 shares or 12 pct of its outstanding common stock. It said purchases will be made in open market and private transactions through Kidder Peabody and Co. Butler currently has 5001848 shares outstanding. Reuter | BUTLER <BTLR> TO BUY BACK 600,000 SHARES |
Royal Palm Savings Association said it has entered into an agreement with the Federal Home Loan Bank Board and the Florida Department of Banking and Finance resulting in the removal of limitations which had severely restricted its growth and lending. The company said it will now be permitted to grow about 70 mln dlrs in calendar 1987 or about 15 pct for this year and at the same rate thereafter. Royal Palm said under the accord it will resume commercial and nonresidential lending but will place substantial emphasis on residential loans. The company said it agreed to adopt new policies and procedures but did not elaborate. Reuter | ROYAL PALM <RPAL> SAYS RESTRICTIONS LIFTED |
West German feedstuffs production is expected to decline further after it dropped to 16.5 mln tonnes in 1986 from 16.7 mln the previous year the West German Feed Stuff Industry Association (MFI) said. Association president Ulrich Wagner told a news conference West Germanys rate of self sufficiency in the feedstuffs sector is expected to fall below 70 pct this year from around 75 pct in 1986. He attributed the expected decline to introduction of milk quotas in 1984 aimed at curbing EC milk production and to cheaper imports from abroad. Our industrys output is not even close to stagnation Wagner said. In the long term we expect annual production to decline steadily. The only sector which saw a slight increase last year by 0.6 pct was feed for poultry which rose to 3.25 mln tonnes from 3.23 mln he said. Wagner predicted that the sales volume in feed for dairy cattle will decline even more this year because of the further cut in milk output from April. Reuter | WEST GERMAN FEED OUTPUT SEEN DECLINING |
Shr 10 cts vs eight cts Net 856000 vs 574000 Sales 9593000 vs 9232000 Avg shrs 8809000 vs 6969000 Reuter | ICN BIOMEDICALS INC <BIMD> 1ST QTR FEB 28 NET |
Period ended January 31. Shr loss two cts vs loss 12 cts Net loss 192370 vs loss 1494146 Revs 6751830 vs 2278842 Note: Full name Applied Circuit Technology Inc. Reuter | APPLIED CIRCUIT TECHNOLOGY <ACRT> 1ST QTR LOSS |
Qtly div 5-1/2 cts vs 5-1/2 cts prior Pay April 16 Record April Six Reuter | FRISCH'S RESTAURANTS INC <FRS> SETS QUARTERLY |
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS |
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The <New York Stock Exchange> said it is undertaking a review of the long-term effects on securities markets of computer-driven trading techniques known as program trading. The NYSE said The study will review major new trading techniques involving programmed portfolio hedging and index arbitrage for their potential benefits and risks to the financial system. It will also explore the regulatory implications of these trading techniques and whether their increased use could possibly lead to market abuse. The exchange said a final report is expected before the end of 1987. It said program trading is becoming increasingly important as a market factor. Reuter | NYSE REVIEWS PROGRAM TRADING |
The Federal Reserve entered the U.S. Government securities market to arrange two billion dlrs of customer repurchase agreements a Fed spokesman said. Dealers said Federal funds were trading at 6-1/16 pct when the Fed began its temporary and indirect supply of reserves to the banking system. Reuter | FED ADDS RESERVES VIA CUSTOMER REPURCHASES |
Jan 31 end Shr 3.64 dlrs vs 3.16 dlrs Net 171.3 mln vs 154.0 mln Sales 3.44 billion vs 3.23 billion Avg shrs 47.1 mln vs 48.8 mln Year Oper shr 6.23 dlrs vs 5.88 dlrs Oper net 301.9 mln vs 286.6 mln Sales 10.51 billion vs 9.98 billion Avg shrs 48.5 mln vs 48.8 mln NOTE: Latest year net excludes 14.3 mln dlr charge from loss on early debt extinguishment. Net includes charges 15.7 mln dlrs in both periods of latest year vs charges 23.9 mln dlrs in both periods of earlier year from merger of divisions. Investment tax credits three mln dlrs vs 8900000 dlrs in quarter and 4900000 dlrs vs 16.4 mln dlrs in year. Latest year net includes nine mln dlr provision for loss on disposition of two Abraham and Strauss stores and preopening expenses for another. Latest year net includes gain from sale of interest in Fort Worth Texas shopping center of 9500000 dlrs. Latest year net both periods includes gain 9100000 dlrs from sale of interest in Memphis Tenn. shopping center. Prior year net includes gain 6600000 dlrs on sale of Boston Store division. Reuter | FEDERATED DEPARTMENT STORES INC <FDS> 4TH QTR |
Shr 12 cts vs 10 cts Net 1683000 vs 1407000 Sales 42.2 mln vs 28.8 mln Year Shr 83 cts vs 70 cts Net 11908000 vs 10005000 sales 160.3 mln vs 126.5 mln Reuter | CLOTHESTIME INC <CTME> 4TH QTR NET |
<Phoenix Canada Oil Co Ltd> said it intends to appeal a ruling in U.S. Federal District Court of Delaware on its suit against Texaco Inc <TX> Chevron Corp <CHV> Chevrons Gulf Oil unit and their Ecuador subsidiaries. The court ruled against Phoenixs claim that a royalty it held should have entitled it to a share of the 160 mln U.S. dlrs paid to the defendants when they sold 62.5 pct of their working interest in Ecuador oil operations Phoenix said. However the court did award Phoenix 1250000 Canadian dlrs in underpayments the company said. Phoenix Canada Oil said the fiduciary relationship that existed between Phoenix as the royalty owner and the defendants as the working interest operators was fundamental in the oil industry and was not reflected in the courts ruling. Reuter | PHOENIX CANADA OIL TO APPEAL RULING |
Gannett Co Inc said it will ask shareholders at the May Seven annual meeting to approve a doubling of authorized common shares to 400 mln and limitations on the liability of directors under Delaware law. Reuter | GANNETT <GCI> SEEKS TO DOUBLE AUTHORIZED SHARES |
Shr loss two cts vs profit three cts Net loss 59299 vs profit 88843 Revs 3487693 vs 2123488 Year Shr profit 25 cts vs loss two cts Net profit 816395 vs loss 44541 Revs 12.2 mln vs 7413328 Avg shrs 3208472 vs 2348559 Reuter | VIDEO LIBRARY INC <VLVL> 4TH QTR LOSS |
Conservative gains in Finnish general elections could speed liberalisation of financial markets though there will not be a radical economic restructuring conservative officials and economic analysts said. The conservatives gained nine new seats in parliament after the two-day elections which ended yesterday and political commentators say social democrat Prime Minister Kalevi Sorsa is likely to be replaced by a centre-right coalition. International spokesman Pasi Natri told Reuters: we are willing to liberalise the economy as much as possible. Helsinki analysts said the outgoing centre-left coalition had introduced major reforms of money and stock markets in its period of government between 1983 and 1987. They said Finnish conservatives bore little resemblance to other European conservative movements and had for example shelved privatisation policies to increase their popularity. Finnish trade affairs are dominated by its special ties with its neighbour The Soviet Union and a new centre-right coalition could alter this relationship the analysts said. The two countries have a long-term pact under which trade must be balanced in value. The 1987 accord signed in January agreed bilateral trade totalling about 30 billion markka. Finland exports finished products to the USSR with crude oil accounting for 80 pct of imports. The Centre Party said before the elections that Fenno- Soviet trade would have to be cut because Finland had to trim exports when the value of Moscows oil exports to Finland fell. Finnish financial markets reacted cautiously to the election news with little movement in the markka or on the Helsinki stock exchange. Securities analysts said the market would respond positively if a centre-right coalition was formed but added it was too early to exclude the possibility that social democrats would hang on to power. The spokesman said conservatives favoured legislation governing the stock market to prevent casino-style behaviour. He said the conservatives also favoured the establishment of an internal market between the Nordic countries. International capital markets were becoming more and more important he said adding conservatives would speed up the development of Finlands capial markets. He said the conservatives supported the bilateral trade ties with Moscow but that links with western Europe should be studied. Finland is a member of the European Free Trade Association ( EFTA). Negotiations between the major Finnish political parties are likely to be protracted and the shape of the new government will probably not be established before the start of April. Conservatives hold 44 seats now The Centre Party gained three to 40 and the social democrats lost one and now hold 56 seats. REUTER | CONSERVATIVE GAINS MAY SPEED FINNISH MARKET REFORM |
BankAmerica Corp may place its long-term loans to Brazil on nonaccrual status if Brazil continues to defer interest payments on the loans the bank holding company said in a filing with the Securities and Exchange Commission. BankAmerica said its outstanding loans to Brazil currently total about 2.7 billion dlrs including about 1.5 billion dlrs in long-term loans and 1.2 billion dlrs in short-term loans. The Brazilian government announced in February its intention to stop paying interest temporarily on its long-term public and private sector commercial bank debt. Continued deferral of interest payment on these obligations could result in the loans being placed on nonaccrual status the banking firm said. BankAmerica said its outstanding loans to Mexico currently total about 2.5 billion dlrs of which about 215 mln dlrs of loans have been reported as either nonaccrual or past due 90 days or more. Outstanding loans to Venezuela currently total about 1.3 billion dlrs of which 241 mln dlrs of loans have been reported as either nonaccrual or past due 90 days or more it said. Reuter | BANKAMERICA <BAC> MAY RECLASSIFY BRAZIL LOANS |
State-owned <Chemie Linz AG> is likely to record a 1986 loss of some 600 mln schillings compared with a 340 mln loss in 1985 a company spokesman said. Falling sales and lower world prices of fertilisers were largely responsible for the sharp increase along with the effects of the dollars fall which has helped to give U.S. Fibre producers a competitive edge he told Reuters. The firm would have made a small profit in 1985 had it not been for 456 mln schillings lost by subsidiary <Merx HandelsgesmbH> on oil trading. Merx has since withdrawn from the oil market. The firm will announce 1986 results in July. Reuter | CHEMIE LINZ EXPECTS SHARPLY HIGHER 1986 LOSS |
Shr 13 cts vs 13 cts Net 617000 vs 604000 Revs 1889000 vs 1920000 Reuter | <CABRE EXPLORATION LTD> SIX MTHS JAN 31 NET |
Dudley Taft and Narragansett Capital Inc said it was prepared to raise its bid to acquire Taft Broadcasting Co to more than 150 dlrs per share. Taft through Theta Co sent and letter to Tafts board of directors stating he was committed to purchasing the broadcasting company and was ready to discuss all aspects of the purchase. The company said items to be discussed included price structure and form of consideration. Taft said he was prepared to negotiate a transaction in which Taft Broadcast shareholders would receive in excess of 150 dlrs per share. Reuter | DUDLEY TAFT RAISES BID FOR TAFT BROADCASTING<TFB> |
TREASURY'S BAKER SAYS HE IS "QUITE CONFIDENT" JAPAN WILL STIMULATE ITS ECONOMY |
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The proposed European Community (EC) tax on vegetable oils and fats is no longer a major issue on the agenda and the EC Commission merely used it as a threat the West German Feed Stuffs Industry Association (MFI) said. Association chairman Ulrich Wagner told a news conference the West German feed industry believes the EC does not seriously contemplate the introduction of such a tax because it would end in another transatlantic trade war. We have just avoided a trade conflict with the U.S. And the Commission used the tax threat to calm national farm lobbies. American Soybean Association (ASA) president-elect Wayne Bennett said yesterday in The Hague that U.S. Soybean producers were confident the tax would be rejected. Bennett who is leading one of three soybean delegations on a lobbying tour of EC capitals will also visit Bonn on Thursday and Friday. There are indications the Bonn government will also reject the proposed tax Wagner said. Reuter | EC OILS TAX NO LONGER MAJOR ISSUE - ASSOCIATION |
Allwaste Inc said it entered into an agreement in principle to acquire all the outstanding common of a related air-moving and industrial services company. It did not disclose the name of the company. Allwaste which preforms air-moving and related services said it will swap shares of its common valued at 2.6 mln dlrs with the company it is acquiring. It said the acquisition is subject to negotiation of a final agreement. Reuter | ALLWASTE <ALWS> TO BUY RELATED COMPANY |
Exxon Corp the worlds largest oil company said in a published interview today that it was reviewing its worldwide refinery operations and might decide to close on of its french refineries. Lee R. Raymond Exxons new president singled out the possibility of a closure of one of Exxons refineries in France during the interview. An Exxon spokeswoman confirmed that Raymond had specifically mentioned refineries in France but said that no specific refinery had been named. She also said that all of Exxons opertations were under constant review. Exxon currently has two refineries in France FOS in the mediterranean with a capcity of 175000 barrels per day and Port Jerome west of paris with a similar capacity. Petroleum Intelligence Weekly an influential trade journal said in its current issue that they understood that Exxon was looking at the possibility of refinery closures in Antwerp Southern France or possibly Italy. Paul Mlotok oil analyst with Salomon Brothers inc said that with the closures Exxon made in 1986 in Europe and the improvement in the European refining situation its future profits there should be good. Exxon and other major oil companies have closed a bunch of refineries in Europe upgraded the rest and shaken many of the indepedents out of the market. Now with demand for products rising and efficient operations Exxon should show superior earnings Mlotok said. Just after Royal Dutch <RD> they are seen as one of the highest grade refiners in Europe he added. Industry sources said that the oil companies were likely to feel greater pressure on their operations in Southern Europe where competition from the OPEC countries is increasing as these producers move further into downstream operations. PIW said that refiners in the Mediterranean can expect increased shipments from Saudi Arabia and other OPEC export refineries. PIW said sales from Libya Algeria and elsewhere are expected to reclaim markets lost to Italian and other European refiners as a result of the abundance of cheap netback oil last year. Reuter | EXXON <XON> MAY CLOSE ONE FRENCH REFINERY |
U.S. Treasury Secretary James Baker said the U.S. opposes Soviet membership of the World Bank or the International Monetary Fund. Baker told a House foreign affairs subcommittee I think our position is absolutely clear on that ... We do not support and will not support Soviet membership in the World Bank or the IMF. Baker said the U.S. position was unqualified and unconditional. Baker was responding to a questioner who noted that World Bank President Barber Conable has in the past suggested future Soviet membership could take place. Reuter | BAKER SAYS U.S. OPPOSES SOVIET BANK MEMBERSHIP |
Italys response to protests by U.S. Soybean producers about the proposed European Community (EC) tax on vegetable oils and fats had not been encouraging American Soybean Association (ASA) board chairman George Fluegel said. Fluegel heading one of three U.S. Soybean producer delegations currently on a lobbying tour of EC countries told Reuters in an interview meetings with officials from the Italian Foreign and Agricultural ministries had not yielded much to encourage hopes that Italy would vote against the proposed tax. Fluegel said his delegation had received a negative response from the Italian Agriculture Ministry but that the attitude of the Foreign Ministry appeared more realistic. He said the proposed tax was discriminatory against U.S. Farmers since it was basically asking them to help finance the ECs Common Agricultural Policy (CAP) on oilseeds. Asked which EC countries might be expected to vote against the proposed tax he said Realistically from the information were getting it looks like the English the Germans hopefully the Netherlands and Denmark. His delegation also hoped to convince Belgium to vote against the issue he added. Asked what form he thought U.S. Retaliatory action might take in the event of the EC tax proposal being approved Fluegel said industrial as well as agricultural products could be involved. U.S. Agriculture Secretary Richard Lyng warned the EC yesterday it would face serious retaliation if it enacted the tax. ASA president-elect Wayne Bennett said yesterday in The Hague American soybean producers were confident the proposed tax would be rejected. Reuter | ITALY STANCE ON EC OILS TAX NOT ENCOURAGING-ASA |
Israel has drawn up a five-year plan for 1987-1991 to raise agricultural production by 500 mln dlrs to 2.7 billion dlrs an annual rise of 3.4 pct the Israeli Ministry of Agriculture said. Agricultural exports are to be increased by 180 mln dlrs or 4.8 pct per year on average. The area planted to cotton is to remain at the 1986 level of 100000 to 112500 acres with exports expected to bring in 80 to 90 mln dlrs per year. The 34 pct decline from the 1985 level reflects continued water rationing which will remain in force the ministry said. Groundnut production is planned to increase by 13000 tonnes or 57 pct by 1991 and exports by 9000 tonnes or 82 pct. Maize production is targetted to rise by 48000 tonnes or 48 pct and exports by 34000 tonnes or 45 pct. Reuter | ISRAEL'S FIVE-YEAR PLAN TO BOOST AGRICULTURE |
Brunswick Corp said it filed a registration statement with the Securities and Exchange Commission on a shelf offering of 300 mln dlr in senior debt securities. It said proceeds from the sale will be used mainly for to replace variable rate indebtedness primarily privately placed commercial paper incurred in connection with the acquisitions of Bayliner marine Corp and Ray Industries Inc. Reuter | BRUNSWICK <BC> FILES FOR 300 MLN DLR SHELF |
An investor group led by New York investor George Soros said it acquired a 6.1 pct stake in B.F. Goodrich Co common stock as an investment. The group said it paid about 69 mln dlrs for the 1389600 Goodrich shares which are being held by Quantum Fund N.V. a Netherlands Antilles investment firm advised by Soros. It said all the shares were bought between Dec. 29 and March 9. The group said it reserved the future right to buy additional shares and to formulate other purposes or plans regarding its Goodrich investment. Reuter | SOROS GROUP HAS B.F. GOODRICH <GR> STAKE |
Treasury Secretary James Baker said the United States was not seeking loan veto in its negotiation for voting power at the Inter-American Development Bank. Discussing the ongoing negotiation Baker said the U.S. position is that the countries that pay in the most should have the greatest say over the loan decisions. The U.S. is seeking the power to block loan votes with one other country and the issue will be discussed in Miami later this month at the annual meeting of the Latin development bank. Reuter | BAKER SAYS U.S. NOT SEEKING IADB VETO |
Commerce Secretary Malcolm Baldrige predicted 1987 will be the fifth successive year for growth in housing starts after a 2.6 pct rise overall in February starts to a seasonally adjusted annual rate of 1.851 mln units. This year should be the fifth solid year in a row for homebuilding activity -- with single-family units stronger than multi-family units he said in a statement. Single-family starts rose last month from January levels by 5.6 pct to 1.317 mln units on a seasonally adjusted basis while multi-family unit starts fell 4.1 pct to 534000 units the department reported. Reuter | BALDRIGE PREDICTS SOLID U.S. HOUSING GROWTH |
TAFT BROADCASTING SAYS IT WILL CONTINUE TO REVIEW OPTIONS IN RESPONSE TO LATEST BID |
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COURT ENJOINS ZICO INVESTMENT'S TENDER FOR BANCROFT CONVERTIBLE FUND |
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A group led by New York investor Michael Steinhardt told the Securities and Exchange Commission it bought a 6.6 pct stake in Holiday Corp common stock as an investment. The group said it paid 114 mln dlrs for its 1.6 mln Holiday shares 530000 of which were bought since Feb. 6. At the same time group members said they held short positions in the stock totaling 830000 shares. In addition to Steinhardt himself the group includes Steinhardt Partners and Institutional Partners two investment firms of which Steinhardt is one of the general partners. Reuter | STEINHARDT GROUP HAS 6.6 PCT OF HOLIDAY <HIA> |
Adm. John Poindexter a former National Security Adviser who resigned over the Iran arms scandal refused to testify before a House committee probing a recent expansion of White House and military control over unclassified information. On advice of counsel I decline to answer that question pursuant to my constitutional rights under the Fifth Amendment Poindexter said four times in response to questions from House Government Operations Committee chairman Rep. Jack Brooks. Reuter | POINDEXTER REFUSES TO TESTIFY BEFORE COMMITTEE |
Standard and Poors Corp said it may downgrade Chi-Chis Incs 50 mln dlrs of B-plus convertible subordinated debentures due 2009. S and P cited continued poor operating performance of Chi-Chis 200 Mexican food restaurants and the companys planned repurchase of up to three mln of its common shares. Chi-Chis posted a third-quarter loss of 10 mln dlrs including a 20 mln dlr pretax loss from the disposal of 21 company-owned restaurants as part of a restructuring plan the rating agency noted. Profitability has fared poorly for three years mostly because of intense competition S and P added. Reuter | S/P MAY DOWNGRADE CHI-CHI'S <CHIC> CONVERTIBLES |
Oper shr 29 cts vs 22 cts Oper net 3.9 mln vs 1.8 mln Year Oper shr 63 cts vs four cts Oper net 10.1 mln vs 855000 NOTE: Excludes gain one ct per share vs loss two cts in the quarter and gain 41 cts per share vs gain six cts in the year from investments. Also excludes extraordinary gain of one ct per share in fourth quarter 1985 and gain of one ct per share vs one ct in the full year period. Reuter | SCOR U.S. CORP <SURE> 4TH QTR NET |
THe New York STock Exchange said an option trading rights seat sold for 40000 dlrs off 5000 dlrs from the previous sale on January 29. The Exchange said the current bid is 35000 dlrs the last offer is for 45000 dlrs. Reuter | NYSE OPTION TRADING RIGHTS SEAT SALE |
Societe Generale de Belgique <BELB.BR> said the near doubling of net profits in 1986 was due in large part to the sale of shares in Genstar Corp. The company which announced a net non-consolidated profit of 5.31 billion francs compared with 2.82 billion in 1985 said its current profits rose by 19 pct last year without giving further figures. However it added in a statement that the company made major capital gains on sales during the year in particular from the sale of Genstar shares. Societe Generale governor Rene Lamy told last Novembers annual meeting that 1986 asset disposals would total around 4.5 billion francs including the sale of Genstar shares to Imasco Limited <IMS.TO>. He predicted a profit on extraordinary items of two billion francs after a rough balance in 1985. In todays statement Societe Generale gave no figures for extraordinary gains. Reuter | GENSTAR SALE BOOSTS BELGIAN SOCIETE GENERALE NET |
Photronics Corp said it has received two mln dlrs in contracts from General Dynamics corp for continued production of primary and secondary mirror assemblies for the Stinger-Post missile. It said the orders cover the second year of production of a planned five-year program. The companby also said it has received 800000 dlrs in orders for optical countermeasure coatings from various customers and its total backlog at March One was 13.6 mln dlrs a new record and up from last years high of 11.2 mln dlrs. Reuter | PHOTRONICS <PHOT> HAS GENERAL DYNAMICS <GD> PACT |
E-Systems said it received a multi-year U.S. Navy contract for the continuing production of its military teleprinters for use in submarines. It said the contract is worth 9208223 dlrs. Reuter | E-SYSTEMS <ESY> WINS NAVY CONTRACT |
Shr loss 11 cts vs profit six cts Net loss 217200 vs profit 83200 Revs 3564200 vs 3171900 Avg shrs 2033750 vs 1334950 Reuter | WESTERBEKE CORP <WTKB> 1ST QTR JAN 31 LOSS |
A proposal by two U.S. House Democrats to target government farm benefits to small- and medium-sized farms was warmly received by Democrats on a House subcommittee today. On balance this is the best new idea I have seen said Rep. Dan Glickman (D-Kan.) Chairman of the House Agriculture Subcommittee on Wheat Feedgrains and Soybeans. This is the first hard constructive proposal coming out as an alternative to the (Reagan) administrations farm proposal. The plan offered by Reps. Tim Penny (D-Minn.) and Byron Dorgan (D-ND) would raise target prices for wheat to 5.00 dlrs per bushel and for corn to 3.50 dlrs. Producers could receive deficiency payments on up to 80 pct of normal yield but not more than on 30000 bu of corn and 20000 bu of wheat. The proposal also would require acreage reductions of 20 pct eliminate generic certificates and prohibit persons not actively engaged in farming from receiving program benefits. Dorgan said the bill would save 24 billion dlrs over five years protect family farms and eliminate government accumulation of stocks because nonrecourse loans would be halted. However Rep. Pat Roberts (R-Kan.) said the measure would involve the federal government in deciding and defining who a family farmer is. Roberts said the bill for example would restrict program payments to 500 acres of wheat production in western Kansas. Other Republicans on the panel questioned how the bill would determine if a person was actively engaged in farming and therefore eligible for payments. Reuter | U.S. HOUSE TARGETING PROPOSAL SPARKS INTEREST |
The New York Stock Exchange said it will review the long-term effects on securities markets of computer-driven trading techniques known as program trading. The NYSE said The study will review major new trading techniques involving programmed portfolio hedging and index arbitrage for their potential benefits and risks to the financial system. It will also explore the regulatory implications of these trading techniques and whether their increased use could possibly lead to market abuse. The exchange said a final report is expected before the end of 1987. It said program trading is becoming increasingly important as a market factor. Reuter | NYSE TO REVIEW PROGRAM TRADING |
The European Commission is to consider proposed new higher minimum standards for sales of durum wheat into intervention stores European Community sources said. They said a document drawn up by Commission officials proposes a reduction in the maximum humidity level to 13 pct from 14 an increase in the minimum weight to 78 kilos per hectolitre from 76 a tightening of other technical standards and introduction of some new ones. Current public stocks of durum wheat in the EC are 1.15 mln tonnes of which almost 1.12 mln are in Italy. Reuter | EC TO MULL NEW DURUM WHEAT INTERVENTION RULES |
Bancroft Convertible Fund said the U.S. District Court for the District of New Jersey issued a preliminary injunction enjoining <Zico Investment Holding Incs> tender offer for Bancroft. It said the Court order prevents Zico from buying any shares tendered to them during the offer which began on Feb. 17 1987. In the tender offer blocked by the Court Zico offered to buy 500000 shares or about 22 pct of Bancrofts outstanding stock for 30 dlrs a share. Previously Zico had bought 965000 Bancroft shares for 31 dlrs a share giving it about 28 pct of the company. If the recent offer had gone through the Zico would have owned slightly more than 50 pct of Bancrofts outstanding shares. Reuter | COURT ENJOINS TENDER FOR BANCROFT <BTV> |
Zambia will reintroduce a modified foreign exchange auction at the end of this month as part of a new two-tier exchange rate central bank governor Leonard Chivuno said. Chivuno told a press conference at the end of three weeks of negotiations with the International Monetary Fund (IMF) that there would be a fixed exchange rate for official transactions and a fluctuating rate decided by the auction for other types of business. The Bank of Zambia previously held weekly auctions to distribute foreign exchange to the private sector and determine the kwachas exchange rate but these were suspended at the end of January. President Kenneth Kaunda said at the time that he was suspending the auction system in view of the rapid devaluation and violent fluctations of the exchange rate which had resulted. Business and banking sources said another reason for suspending the auction was that the central bank was low on foreign exchange and was 10 weeks behind in paying successful bidders. The kwacha stood at 2.2 per dollar when the auction system was first introduced in October 1985 but it slid to around 15 per dollar by the time it was suspended 16 months later. Since then Zambia has operated a fixed exchange rate of about nine kwacha per dollar. REUTER | ZAMBIAN EXCHANGE AUCTION TO RESUME AT END OF MARCH |
Shr primary 64 cts vs 45 cts Shr diluted 60 cts vs 44 cts Net 4524000 vs 3212000 Revs 202.5 mln vs 171.9 mln Avg shrs primary 7112480 vs 7052964 Avg shrs diluted 8034223 vs 8008763 Year Shr primary 1.70 dlrs vs 1.31 dlrs Shr diluted 1.65 dlrs vs 1.30 dlrs Net 12.1 mln vs 9252000 Year Revs 612.4 mln vs 523.4 mln Avg shrs primary 7112480 vs 7052964 Avg shrs diluted 8034223 vs 7732544 Note: Includes after-tax LIFO charges of 441000 dlrs vs 359000 dlrs for qtr and 539000 dlrs vs 407000 dlrs for year. Reuter | JAMESWAY CORP <JMY> 4TH QTR JAN 31 NET |
Taft Broadcasting Co said its board continues to explore alternatives such as a possible financial restructuring in response to a Theta Corp offer of 150 dlrs per share for Taft stock. Last week Taft rejected a 145 dlr-a-share bid by Theta an investment group headed by Tafts vice chairman Dudley Taft. Taft also said the new proposal would be submitted to the board but no decision had been made with respect to the sale of the company. In the proposal Theta said it was prepared to discuss all aspects of the offer including price structure and form of consideration and would be prepared to negotiate a transaction in which shareholders would receive a value in excess of 150 dlrs per share. Taft said Theta requested that the company cooperate and provide it with information subject to an appropriate confidentiality agreement. The company declined to comment beyond this statement. Reuter | TAFT <TFB> TO CONTINUE TO REVIEW ALTERNATIVES |
Two new U.K. Tax relief measures for oil producers announced today are aimed at encouraging developments in the North Sea to go ahead and boost opportunities for the offshore supplies industry the Inland Revenue said in a post-budget statement. Earlier Chancellor of the Exchequer Nigel Lawson announced in his annual budget to Parliament that from today companies will be allowed to offset up to 10 pct of qualifying development expenditure on certain future oil fields against Petroleum Revenue Tax (PRT). To date full relief was allowed for expenditure on an individual field itself when its income stream began but was not immediately available against other development expenditure the statement said. The new relief will apply to fields outside the southern basin for which development consent is first given on or after today and will improve the post-tax economics of new developments and encourage companies to proceed with project which might have been delayed it said. Lawson also announced that he would henceforth allow certain expenditure on oil related research which does not at present qualify for PRT relief to be offset against PRT liability. This means oil-related expenditure in the U.K. Or on the U.K. Continental shelf which has not become allowable in a particular field within three years of being incurred to be allowed against PRT liability in any oil field the Inland Revenue said. This brings the scope of PRT relief for research costs more in line with corporation tax relief measures and is planned to encourage general research into ways of reducing field development costs it said. In due course the industry should benefit by over 100 mln stg a year it calculated. The Inland Revenue statement also included other technical measures that Lawson did not comment on in his budget speech. These included measures to allow companies to balance their shares of PRT-exempt oil allowances through reallocation in two past periods of allowance utilisation. Tidier rules on incorrectly allowed PRT expenditure reliefs were announced while there were also ammendments on rules on corporation tax and Advance Corporation Tax relating to the so-called ring fence of activities in the U.K. And its continental shelf. The Finance Bill will have provisions for the implementation of measures announced in November it said. Gareth Lewis Davies a North Sea expert with stockbrokers Wood Mackenzie and Co Inc in Edinburgh thought the two reliefs on PRT would help the depressed offshore industry. He said the 10 pct cross field allowance relief would favour chances that development of smaller North Sea fields such Osprey Don and Arbroath would be brought forward. Early development of the larger Miller and Bruce oil fields might also be encouraged he said. Lewis Davies said the measure might also aid the offshore construction industry which suffered a huge amount of lay-offs under the price slump of more than 50 pct last year. He pointed out that the relief only applies to the development of new fields outside the Southern Basin. This means more jobs could be created as the fields in the central and northern sectors of the North Sea are deeper than in the south and thus have greater capital and labour requirements as the waters are deeper than in the south. He said the PRT relief for certain research expenditure would help fundamental research in the oil industry although the benefits of this research would not be seen for several year. REUTER | LAWSON OIL TAX BREAKS TO HELP NEW FIELDS - REVENUE |
Texas Eastern Corps Texas Eastern Gas Pipleline unit President Howard C. Homeyer said the company is committed to cleaning up polychlorinated biphyenyls PCBs from its pipeline system. In testimony before Sen. Frank Lautenbergs (D-N.J.) oversight committee on Environment and Public Works a press statement said Homeyer said the company will work with the Environmental Protection Agency to immediately clean up contaminated sites. The New York Times today reported that the EPA knew as early as the fall of 1985 about PCB contamination at sites along the Texas Eastern pipeline but took no action because the company supplied insufficient information. According to the Times Texas Eastern admitted burying PCBs at 51 sites along its right of way. Homeyer told the committee according to a statement that the cleanup will require cooperation among EPA headquarters six EPA regions and a dozen states to avoid delays. Texas Eastern officials were not immediately available for comment. Reuter | TEXAS EASTERN <TET> PLEDGES PCB CLEANUP |
Shr 31 cts vs 27 cts Qtly div four cts vs four cts prior Net 11.4 mln vs 9905528 Revs 194.3 m ln vs 171.7 mln Note: Qtly div is payable April 22 to shareholders of record April three. Reuter | SHONEY'S INC <SHON> 1ST QTR FEB 15 NET |
Perry Drug Stores Inc which two weeks ago reported sharply lower first quarter earnings plans to slow its expansion to five to six pct annually from 15 pct last year Chairman Jack A. Robinson told Reuters. Robinson said after the companys annual meeting that Perry also would slow its acquisition program through which the company has moved into the auto parts business. Although Robinson would not make a specific earnings forecast he said We expect to regain our earnings momentum in the second half of the current fiscal year ending October 31. Perry Drug earned 13 cts a share in its first quarter this year. It made 11 cts a share in last years second half down from 51 cts in the 1985 second half. Reuter | PERRY DRUG <PDS> SLOWS EXPANSION |
American Telephone and Telegraph Co and Philips Telecommunications BV (APT) would hold 36 pct through direct and indirect holdings in Frances <Cie Generale de Constructions Telephoniques> if a joint bid with French partners for the soon-to-be-privatised firm succeeds a director at one of the partner firms said. Marc Mathieu of <Societe Anonyme de Telecommunications> SAT told journalists the bid foresaw a direct stake of 20 pct for APT the joint firm set up by the U.S.s ATT <T.N.> and the NV Philips Gloeilampenfabrieken <PGLO.AS>. The other 80 pct would be owned by a holding company made up of SAT APT Cie du Midi <MCDP.PA> and five mutual funds. Under French law foreign investors are restricted to a 20 pct direct stake in privatised companies but can boost their stake to 40 pct through indirect holdings. The make-up of the holding company however is subject to close discussions within the government due to legal queries over the nationality of the mutual funds a Finance Ministry official said. Although bought by French citizens they are managed by foreign banks <Morgan Guaranty Trust Co of New York> and <Banque de Neuflize Schlumberger Mallet SA> controlled by Algemene Bank Nederland NV <ABNN.AS> an SAT spokesman said. CGCT which controls 16 pct of the French public telephone switching market is to be sold by the government for 500 mln francs by private tender. Five groups are bidding for the company and the government has said it will choose CGCTs new owner by the end of April. APT vice-president Wim Huisman told a news conference a capital increase was envisaged if SAT-APT wins CGCT but declined to give details or say how an increase would affect foreign stakes in CGCT. In 1985 CGCT posted losses of 200 mln francs on sales of three billion after 1984 losses of 997 mln francs. A joint SAT-APT statement added that buyers were committed to investing 240 mln francs in CGCT research and production plants. The APT-SAT offer includes a provision for CGCT to produce APT 5ESS-PRX switching technology and adapt it to French standards. The tender was launched after a 1985 draft agreement for ATT to take over CGCT was abandoned following the introduction of the French government privatisation laws which reopened bidding among a wider range of applicants. Other candidacies to take over CGCT include West Germanys Siemens AG <SIEG.F> allied with Schneider SA <SCHN.PA> subsidiary Jeumont-Schneider Swedens Telefon AB LM Ericsson <ERIC.ST> allied with Matra <MATR.PA> and Bouygues SA <BOUY.PA> Italys <Italtel> and Canadas Northern Telecom Ltd <NTL.TO>. Reuter | ATT-PHILIPS BID FOR CGCT OUTLINED |
British bank base lending rates are likely to fall by as much as one full point to 9-1/2 pct this week following the sharp three billion stg cut in the U.K. Central government borrowing target to four billion stg set in todays 1987 budget bank analysts said. The analysts described Chancellor of the Exchequer Nigel Lawsons budget as cautious a quality which currency and money markets had already started to reward. Sterling surged on foreign exchange markets and money market interest rates moved sharply lower as news of the budget measures came through the analysts said. Lloyds merchant bank chief economist Roger Bootle said he expected base rates to be cut by one full point tomorrow. This is very much a safety-first budget in order to get interest rates down he said. Bootle said the money markets had almost entirely discounted such a one point cut with the key three month interbank rate down to 9-11/16 pct from 9-13/16 last night and it would be rather conservative for banks to go for a half-point cut now. Midland Bank treasury economist David Simmonds said he too expected base rates would be a full point lower by Friday but this would likely happen via two half-point cuts. This budget is designed to please both the markets and the electorate. The implications for interest rates are very favourable we could have a half-point cut tomrorow and another such cut before the end of the week Simmonds said. Pointing to buoyant U.K. Retail data released yesterday he said Lawson had done well to resist pressures for a sharp cut in income tax rates at the expense of a lower borrowing target. There is no real need to boost private consumption he said. National Westminster Bank chief economist David Kern said the lower borrowing target set in the budget had increased the likelihood of an early one-point base rate cut. Kern said the budget would have to be analysed carefully in particular to see how exactly Lawson planned to achieve the sharper than expected borrowing target cut before a one-point base rate cut could be implemented. But providing the budget small-print was convincing and I suspect it will be it is entirely possible that we see one point off base rates by the end of this week Kern said. Bootle of Lloyds said the expected base rate cut would pave the way for an early one-point cut in mortgage lending rates. This would help achieve Lawsons lower than expected consumer price inflation target of four pct at end-1987 he said. U.K. Base rates were cut last week to 10-1/2 pct from 11 pct after sustained pressure from the foreign exchange money and government bonds (gilts) markets. But building societies said they would not cut lending rates until base rates had fallen by one full point. REUTER | ANALYSTS SEE EARLY ONE POINT CUT IN U.K. BASE RATE |
A shareholder group led by New York investor Robert Toussie told the Securities and Exchange Commission it sold off most of its holdings in Hecks Inc common stock but reserved the right to again seek control of the company in the future. The group which includes the Edward A. Viner and Co brokerage said it sold 579600 shares since March 5 leaving it with 157000 shares or 1.8 pct of the total outstanding. The group had proposed a takeover of Hecks in September but later withdrew the offer and Hecks on March 5 filed for protection from its creditors under federal bankruptcy law. Reuter | TOUSSIE GROUP SELLS HECK'S <HEX> SHARES |
<Dixons Group PLC> which is in a battle with <CYACQ Corp> for control of Cyclops Corp said a Cyclops shareholder had agreed to withdraw a motion in U.S. District Court to prevent Dixons from completing its tender offer for Cyclops which expires 2400 EST today. Dixons did not name the shareholder and did not disclose the holders stake in Cyclops. Reuter | CYCLOPS <CYL> HOLDER WITHDRAWS TAKEOVER MOTION |
Shr 72 cts vs 58 cts Net 20.8 mln vs 14.9 mln Revs 328.7 mln vs 239.8 mln Avg shrs 28.9 mln vs 25.7 mln Note: Prior year shr restated for June 1986 two-for-one stock split Reuter | <NOMA INDUSTRIES LTD> YEAR NET |
Sears Roebuck and Co said it reached an out-of-court settlement with the Federal Trade Commission over the labeling of some down-filled garments sold in 1978 to avoid further legal expenses. In a statement Michael Bozic chairman of Sears Merchandise Group said As part of the voluntary corrective program Sears removed 75 mln dlrs worth of down-filled merchandise from sale prior to the FTC investigation retested and where necessary relabeled goods and nationally offered a full refund. Sears said it was the only retailer to take extensive steps to protect consumers despite the fact that down-labeling discrepancies were industry-wide in 1978. Both Sears and Kellwood Co a Sears supplier agreed to pay penalties of 200000 dlrs each to settle the charges. Reuter | SEARS <S> SETTLED TO AVOID FURTHER LEGAL COSTS |
Siebel Capital Management Inc a California investment adviser told the Securities and Exchange Commission (SEC) it bought 1.3 mln CooperVision Inc common shares or 5.9 pct of the total outstanding. In its SEC filing the firm said it intends to acquire more stock and may attempt to influence management of the company to make major changes in the companys business or corporate structure. Siebel said it made net purchases of 163200 CooperVision shares since Jan. 1. Reuter | FIRM HAS COOPERVISION <EYE> STOCK, WILL BUY MORE |
The American Stock Exchange said it is prepared to move settlement prices for its broad-based stock index contracts to the stock market opening on expiration Fridays providing the change is part of an industry-wide move to a uniform system. We believe it is in the best interests of the industry for all markets to participate in a coordinated move to base expiration Friday settlement prices on the stock market opening Amex president Kenneth Leibler said in a statmenet. He said non-uniform procedures will lead to market and investor confusion. Leibler said expirations based on openings appears to offer greater opportunities than the close to most efficiently handle any order imbalances which may occur on expiration Fridays. He said the markets would have the remainder of the trading day to correct any price dislocations that occur. Market analysts have attributed some wide swings in the stock market in part to arbitrage activity involving index options and futures and individual stocks. Options on the Major Market Index and the Institutional Index which now expire at the close are traded on the Amex. Reuter | AMEX CALLS FOR UNIFORM EXPIRATION PROCEDURES |
Galaxy Oil Co said it was notified by its secured bank lenders that they plan to foreclose on the companys material assets on April 7. The company which is in default of its 26.5 mln dlrs of bank debt and all of its other interest bearing debt said it is unlikely that its board will accept the banks latest offer for restructuring its debt. Galaxy said that if an agreement cannot be reached with its lenders it plans to file for Chapter 11 reorganization on or before April 7. It added that it is holding talks with other parties on debt restructuring alternatives. Reuter | GALAXY OIL <GOX> CREDITORS TO FORECLOSE ASSETS |
The western industrialised nations have agreed reforms in rules by which they provide credit for exports to developing countries the Organisation for Economic Cooperation and Development (OECD) said. The reforms tighten the rules for the use of foreign aid to subsidise export credits in so-called mixed credits the OECD said. The agreement to be implemented in two stages in July this year and July 1988 means the minimum aid component in mixed credits will be raised to 35 pct from 25 pct and to 50 pct for credits covering exports to the worlds least developed nations. Additionally a new formula will be used for calculating the aid element in mixed credits to take account of different interest rates in the exporting countries the 24-nation OECD which hosted the reform negotiations said. Minimum interest rates for officially subsidised trade loans have also been revised with the aim of cutting the subsidies and ending them completely on loans to relatively rich developing countries by July next year. The reforms follow several years of pressure by the U.S. To stop competitors notably France and Japan using foreign aid to subsidise exports putting U.S. Firms at a disadvantage. OECD officials said the agreement was based on a provisional accord reached in January subject to ratification by member governments. Some governments including Austria had linked their final approval to other trade credit issues which would be discussed at a meeting here in mid-April they added. By raising the minimum amount of aid required in mixed credits the agreement aims to make such hidden subsidies too costly for frequent use. A major loophole in the General Agreement on Tariffs and Trade has been closed today a senior U.S. Official here commented. Reuter | OECD AGREES EXPORT CREDIT REFORMS |
DSC Communications Corp said it was selected by American Information Technology Corps <AIT> Ohio Bell Telephone Co as a vendor of digital electronic cross-connect systems. The systems are used to interconnect both low and high speed digital transmission links while providomg access to individual voice/data channels embedded within these links. . Reuter | DSC <DIGI>, AMERITECH'S <AIT> OHIO BELL IN DEAL |
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