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American Cyanamid Co said it bought the 50 pct interest of Cyanamid Fothergill Ltd held by <Fothergill and Harvey PLC> making the unit a wholly owned subsidiary. The unit manufactures structural materials including advanced composites adhesives and aluminum honeycomb for the European space industry. The current management will remain in place and the unit will continue at its locations in Wrexham U.K. the company said. Reuter | AMERICAN CYANAMID <ACY> BUYS U.K. COMPANY |
Shr loss 26 cts vs loss 12 cts Net loss 289649 vs loss 138372 Revs 5944286 vs 5902074 Reuter | NOEL INDUSTRIES INC <NOL> 1ST QTR JAN 31 LOSS |
An investor group including New York-based Mutual Shares Corp and Mutual Qualified Income Fund Inc told the Securities and Exchange Commission it raised its stake in Gelco Corp common stock to 575859 shares or 8.2 pct of the total outstanding. The group said its most recent purchases included 241000 shares bought between January 21 and March 10. The group said it purchased the shares for investment purposes. Reuter | GROUP BOOSTS GELCO <GEL> STAKE TO 8.2 PCT |
Qtr ended Jan 31 Shr 92 cts vs 1.28 dlrs Net 5415000 vs 7730000 Revs 114.2 mln vs 112.9 mln Avg shrs 5864000 vs 6030000 Year Shr 45 cts vs 1.40 dlrs Net 2664000 vs 8536000 Revs 322.9 mln vs 312.3 mln Avg shrs 5885000 vs 6105000 Note: Net includes LIFO gains of 48000 dlrs vs 118000 dlrs for qtr and charges of 257000 dlrs vs 225000 dlrs for year. Reuter | OSHMAN'S SPORTING GOODS INC <OSHM> 4TH QTR NET |
Oper shr 24 cts vs 19 cts Oper net 1096332 vs 794711 Revs 803085 vs 442420 Six mths Oper shr 53 cts vs 43 cts Oper net 2375844 vs 1741437 Revs 1471257 vs 768683 NOTE: Prior year excludes income from discontinued operations of 19 cts per share in the quarter and 17 cts per share in the year. Reuter | UNIVERSITY PATENTS INC <UPT> 2ND QTR JAN 31 NET |
Freedom Federal Savings Bank said it voted its first cash dividend of 10 cts a share payable April 10 record March 31. The 1987 annual dividend will be 40 cts a share it said. Reuter | FREEDOM FEDERAL <FRFE> SETS INITIAL PAYOUT |
Qtr ends Feb 28 Shr six cts vs three cts Net 189683 vs 80499 Revs 2874930 vs 2594474 NOTE: Full name Hospital Staffing Services Inc. Prior year includes extraordinary gain of one ct per share. Reuter | HOSPITAL STAFFING SERVICES <HSSI> 1ST QTR NET |
The dollar is near appropriate levels against European currencies and the yen and a further fall could damage confidence in the currency while endangering world economic growth a top Bundesbank official said. Board member Leonhard Gleske also told a Forex Association conference current exchange rates of major currencies can be viewed as equilibrium levels in a medium-term perspective. He said the recent Paris agreement on currency stabilisation and policy coordination between the Group of Five and Canada may herald an era of greater exchange rate stability. The Paris agreement was not however an attempt to set up permanent target zones for exchange rates Gleske stressed adding such targets would be extremely difficult to agree and enforce on an international level. At present levels the dollar can no longer be considered grossly overvalued in relation to the European currencies and the yen Gleske said. He said the dollar had fallen much less against currencies of important trading nations such as Canada Korea Taiwan and Hong Kong and further falls there may still be necessary. But a further dollar depreciation against major European currencies and the yen may not be the best way to restore the dollar to a fully competitive position as measured by its weighted external value he said. In fact a further marked decline in the dollar rate would hold two major dangers Gleske said. First in countries with large balance of payments surpluses such as Japan and West Germany it threatened to hamper economic growth and thus slow down the expansion of real income and domestic expenditure necessary to wipe out surpluses. Second in the United States it could damage investors confidence in the dollar and thus reduce their willingness to finance huge fiscal and external payments deficits Gleske said. Gleske also was strongly sceptical that an international system of binding target zones for currencies fluctuating in narrow bands against each other can be established. Such targets threatened to cause policy conflicts both within countries and between them. For instance the U.S. Reliance on foreign capital to fund its deficits requires interest rates there be set at high levels but domestic considerations call for low ones. If target zones were established this would put pressure on other countries to reduce their interest rates even more even though this may be in conflict with their own domestic situation and priorities he said. Gleske added targeting the exchange rate even within a wide margin will meet with serious objections where there is a clearly perceived potential for conflict between domestic and external policy priorities. Commenting on the Paris currency accord Gleske said its chances of stabilising exchange rates rested heavily on current interest rate differentials being maintained. These chances seem to me to rest critically on the expectation that the current configuration of interest rates and the monetary policies behind them will assure smooth financing of current account imbalances in the months ahead. Gleske said past experience of currency adjustments had learned that markets are inclined to be impatient and will thus tend to overshoot. He said this would seem to be unnecessary and should be avoided if at all possible. Monetary policies can help achieve this but only if markets believe that pledged changes in fiscal policies will lead to balanced international payments he said. REUTER | DOLLAR VALUE APPROPRIATE, BUNDESBANK OFFICIAL SAYS |
A House Banking subcommittee approved legislation which would require the Treasury Secretary to begin negotiations on the establishment of an international debt adjustment facility. The facility would buy up some of the debt of less developed countries and sell it to banks at a discount. The facility was proposed by Rep. John LaFalce D-N.Y. who said it would help ease the third world debt crisis. It was approved by the House International Finance subcommittee and sent to the full House Banking Committee which will consider the measure next week. The legislation is part of the omnibus trade bill being considered by several committees. Reuter | U.S. SUBCOMMITEE APPROVES INTERNATIONAL DEBT BILL |
West German chemical group Bayer AG <BAYG.F> said it had received claims for damages from haemophilics who allege they were infected with AIDS through a blood plasma produced by a Bayer subsidiary. Bayers shares fell 13 marks to close at 292 in Frankfurt today. Dealers said a newspaper report about possible huge claims for damages triggered off the share selling in Bayer other pharmaceuticals and insurance companies. Bayer said in a statement it was insured against claims and had received two. Bayer did not rule out that some infections may have been passed on through the plasma in the past. But the company added that the method of production had been changed and according to current knowledge there was now no danger of contracting AIDS through the blood plasma. The plasma is used by haemophilics to aid the clotting of blood. The Hamburg-based news magazine Der Spiegel reported in its latest edition that the West German pharmaceutical industry could face billions of marks worth of claims for damages from infected haemophilics and their relatives. Reuter | BAYER CONFIRMS IT RECEIVED AIDS DAMAGE CLAIMS |
Plains Resources Inc said that as of December 31 its estimated proved oil and gas reserves rose by 27 pct to 5.43 mln barrels from 4.27 mln barrels and proved developed reserves rose 16 pct to four mln barrels from 3.45 mln barrels a year ago. The company said its year end reserves did not include the oil and gas reserves of Houston Oil Fields Co which recently agreed to merge with it pending shareholder approval in mid-April. If approved the merger will add another 3.2 mln barrels to the companys reserve base. Reuter | PLAINS <PLNS> POSTS RESERVES INCREASES |
Playboy Enterprises Inc said it has no plans to restructure or to take the company private. Moreover Chairman Hugh Hefner who owns 71 pct of the more than 9.4 mln shares outstanding has no interest in selling his stock spokeswoman Robyn Radomski said. Articles in two weekly business publications have said Playboy is a takeover candidate because of what financial analysts see as its undervalued asset base. Radomski said there were no corporate developments to account for the recent unusual trading in Playboys shares but that there seemed to be a correlation with the two articles. Playboy shares are currently trading at 13-5/8 on turnover of about 40100 shares. For the past 52-weeks the stock has traded in a range of 5-7/8 to 13-1/4 on light volume. The reports based on an asset evaluation by analyst Mark Boyar place Playboys worth at about 280 mln dlrs or 30 dlrs a share. Boyar estimated Playboys publishing to be worth about 130 mln dlrs its product licensing 50 mln dlrs its real estate including a mansion in Beverly Hills at 30 mln dlrs and its excess working capital after debt repayment of 70 mln dlrs according to Business Week. According to Boyar the licensing division Playboy mansion and artwork alone make the firm worth about 20 dlrs a share the Forbes Magazine article said. According to Advertising Age the Playboy logo is the most recognized symbol after Coca Cola another analyst noted. Radomski noting that the articles were written without contact with Playboy said that from time to time people do speculate about the company. She said she had spoken with majority shareholder Hefner in the last day or so for a reaction to the articles. American Securities analyst David Leibowitz believes anyone who bought in thinking takeover or lbo (leveraged buyout) is likely to be disappointed because the chances are nil. Management has repeatedly stated it will not take the company private he said. But shareholders who held the stock prior to all the publicity have gotten a heck of a ride for their money he said. Leibowitz said he also believes that the true asset value of the company is likely to exceed the current price of the stock. But a leveraged buyout is not in the cards. I take management at their word he said. While Playboys cable television operation is considered a drain on the company by some analysts Liebowitz sees potential. They do have a management plan for the cable operation and the company as a whole he said. Were this plan to in fact translate into reality the opportunity for earnings is significant he said. Reuter | PLAYBOY <PLA> HAS NO RESTRUCTURING PLANS |
Oshmans Sporting Goods Inc said earnings for the fourth quarter ended January 31 were affected by the weak economies of Texas Oklahoma and Louisiana resulting in a drop in net earnings to 5415000 dlrs or 92 cts a share from 7730000 dlrs or 1.28 dlrs a share for the year-ago quarter. The company also said sales on the West Coast were hurt by late snows and poor skiing conditions. Same-store sales declined 3.2 pct for the quarter and 2.2 pct for the year. For the full year Oshmans net earnings fell to 2664000 dlrs or 45 cts a share from 8536000 dlrs or 1.40 dlrs a share. In 1986 the company said it opened nine stores and closed three. At year-end the company said it was operating 188 Oshmans stores and 27 Abercrombie and Fitch stores. Reuter | OSHMAN'S <OSHM> CITES WEAK REGIONAL ECONOMIES |
Light scattered showers covered winter wheat areas in the North China Plain in the week ended March 14 moistening topsoils for wheat just breaking dormancy in most central and northern areas the Joint Agricultural Weather Facility of the U.S. Agriculture and Commerce Departments said. In its International Weather and Crop summary the agency said southern winter wheat areas are in the early vegetative stage. Above-normal February temperatures over the North China Plain caused winter grains to break dormancy early in the south. Moderate to heavy rains in southern Jiangsu Anhui eastern Hebei Hunan Jiangxi Fujian and Zheziang reversed Februarys below normal precipitation pattern. The agency said the wet weather in these areas provided ample moisture for rice planting and lessened the need for irrigation. Mostly dry weather in early-rice areas of Guanxi and Guandong resulted in irrigation for continued rice planting it said. Reuter | CHINA CROP WEATHER SUMMARY -- USDA/NOAA |
Qtr ended Feb 28 Shr 24 cts vs 24 cts Net 10.0 mln vs 10.1 mln Revs 202.8 mln vs 184.6 mln Nine mths Shr 66 cts vs 67 cts Net 27.3 mln vs 27.6 mln Revs 588.2 mln vs 539.2 mln Note: 1986 shr data adjusted for 3-for-2 stock split paid October 1986. Reuter | WORTHINGTON INDUSTRIES INC <WTHG> 3RD QTR NET |
Wet weather covered Rio Grande do Sul Brazil in the week ended March 14 benefitting soybeans which are mostly setting to filling pods the Joint Agricultural weather Facility of the U.S. Agriculture and Commerce Departments said. In its International Weather and Crop Summary the agency said minimal precipitation covered soybean areas in Santa Catarina Parana and southern Matto Grosso do Sul. Adequate soil moisture in these areas met crop moisture demands reducing the potential for crop stress it said. The agency said February precipitation was above normal over most soybean areas of Brazil. Weekly temperatures were below normal it said. Reuter | BRAZIL CROP WEATHER SUMMARY -- USDA/NOAA |
Southwest Forest Industries Inc said 344 members of the United Paperworkers International Union went out on strike at the companys Snowflake Ariz. paper mill temporarily halting operations at the newsprint and linerboard facility. The mill which employs 525 people has an annual capacity of 282000 tons of newsprint and 159000 tons of linerboard the company said. Southwest Forest also said it is continuing to negotiate with the Internatinal Brotherhood of Electrical Workers whose 65 members are honoring the paperworkers picket lines. The company said it intends to resume mill operations as quickly as possible using salaried employees union workers who elect to work contractors and newly hired replacements for the striking workers. Reuter | WORKERS STRIKE AT SOUTHWEST FOREST <SWF> MILL |
Precipitation diminished over Argentinas summer crop areas in the week ended March 14 the U.S. Agriculture and Commerce Departments Joint Weather Facility said. In its International Weather and Crop Summary the agency said crop areas in Cordoba Santa Fe and Buenos Aires received only light scattered showers -- three to 13 millimeters. The beneficial drier weather allowed drying of fields for summer crop harvesting following Februarys heavy rainfall it said. Reuter | ARGENTINA CROP WEATHER SUMMARY -- USDA/NOAA |
A White House-ordered report said that growing U.S. reliance on foreign oil into the year 2000 could have potentially damaging implications for national security. The Energy Department study discusses several options to curb reliance on foreign oil but makes no recommendations. President Reagan and most Congressmen have previously ruled out a tax on foreign oil as a way to curb imports and to help the depressed domestic oil industry. Energy Secretary John Herrington said in a statement that although we have made gains in energy security in the last six years this report shows that there is justification for national concern both over declining competitiveness of our domestic oil and gas industry and over rising oil imports. The report said imports last year were 33 pct of U.S. consumption and by the mid-1990s could rise to 50 pct. Among the reports options to ease U.S. reliance on foreign oil are several already advocated by the Reagan Administration. President Reagan ordered the study last September citing a determination that the country never again become captive to a foreign oil cartel referring to the OPEC-led oil shortages and sharp prices increases of the 1970s. The report said an import fee would raise prices and help make it economical for U.S. oil firms to find and produce new oil as well as to cut imports but on the whole the tax would depress the nations economy. reuter | U.S. WARNS OF DEPENDENCE ON FOREIGN OIL |
VTX Electronics Corp said its board declared a five-for-four stock split payable April Nine to holders of record March 27. Reuter | VTX ELECRONICS <VTX> SETS SDTOCK SPLIT |
Coastal Corp said it expected earnings for 1987 to be significantly above profits of 71.6 mln dlrs last year. In a letter to shareholders appearing in the companys newly-issued 1986 annual report Coastal chairman Oscar Wyatt did not elaborate on how much earnings were expected to increase. The 1986 profits of Coastal a natural gas production and pipeline company were halved from 1985 levels due to slumping energy prices. The companys sales totaled 6.7 billion dlrs last year. Coastal also said it sold its natural gas for an average price of 2.17 dlrs per mcf in 1986 a drop of 18 pct from the previous year. Oil and natural gas liquids sold for an average 14.20 dlrs a barrel in 1986 a reduction of 37 pct. The Houston-based company which produced a daily average of 120 mln cubic feet of gas and 11149 barrels of oil said it had proved reserves at yearend 1986 of 28.6 mln barrels of oil and 954 billion cubic feet of natural gas. Average reserve replacement costs were 8.28 dlrs per barrel of oil equivalent during the past three-year period representing a little more than half of the industry average the company said. Coastals more than 800 gasoline retail outlets were operated profitably during 1986 and are expected to continue to do so the company said. Reuter | COASTAL (CGP) SEES INCREASE IN 1987 PROFITS |
Federal Paper Board Co said its board has approved the issuance of 140 mln dlrs of convertible preferred stock with proceeds to be used to redeem on June 15 its 125 mln dlrs in 13 pct subordinated debentures. The company also said it has completed the redemption of 2.3125 dlr convertible exchangeable preferred stock most of which was converted into common instead of being redeemed. Reuter | FEDERAL PAPER BOARD <FBO> TO SELL PREFERRED |
Shr profit 26 cts vs loss nine cts Net profit 10.3 mln vs loss 1.0 mln Revs 208.2 mln vs 123.3 mln Year Shr profit 38 cts vs profit nine cts Net profit 13.0 mln vs profit 2.8 mln Revs 635.5 mln vs 429.3 mln Note: 1986 full year results include extraordinary loss of one mln dlrs or three cts per share. Reuter | (REPAP ENTERPRISES CORP INC) 4TH QTR NET |
Norstar Bancorp said it has agreed in principle to acquire United National Bank of Callicoon N.Y. by exchanging three Norstar common shares for each of the 201660 United shares outstanding. Based on the recent price of Norstars stock it said the proposed tax-free exchange would have a market value of about 20 mln dlrs. Norstar said the acquisition is subject to approval by Uniteds holders and state and federal regulators. United has assets of 90 mln dlrs. Reuter | NORSTAR <NOR> SETS ACQUISITION FOR STOCK |
an eventual oil import fee in the united states will make no difference to champlin petroleum corps joint venture agreement signed today with petroleos de venezuela (pdvsa) champlin chairman william adams said. this was an aspect which was discussed at length during the negotiations but we can say our contract covers all eventualities in this regard he told reuters during the signing ceremony here. Venezuelas energy and mines minister arturo hernandez grisanti earlier described the agreement under which pdvsa buys 50 pct of champlins corpus christi refinery as one more step in the maturation and presence of our oil industry in world markets. union pacific chairman william cook said the agreement will be beneficial to both sides combining a secure source of supply with a modern refinery and access to markets. we are looking to a long-term relationship and at a time of protectionist tendencies in the U.S. Congress there are clear benefits to both sides he said. Adams said pdvsa crude would remain competitive even with an oil import fee because champlin had invested heavily over the years in adapingthe texas refinery to process venezuelan heavy crudes with coking and hydro-treating facilities and obtain a competitive product yield. therefore while the danger of an oil import fee has been a consideration in the negotiations and it remains to be seen what such a fee would represent we do not foresee any impact on todays agreement adams said. He said the refinery could run crude as heavy as venezuelas bolivar coastal field (bcf) 17 api without any difficultiesand would probably move over time to a heavier diet to take advantage of bigger margins. The refinery has a capacity to process up to 110000 bpd of venezuelan high sulphur content heavy crude with an 80-85 pct yield of white products. Reuter | U.S OIL TAX WOULD NOT AFFECT PDVSA-CHAMPLIN DEAL |
Southwest Forest Industries Inc said 344 members of the United Paperworkers International Union went on strike at the Snowflake Ariz. paper mill halting operations at the newsprint and linerboard facility. The mill which employs 525 people has an annual capacity of 282000 tons of newsprint and 159000 tons of linerboard the company said. Southwest Forest said it is negotiating with the International Brotherhood of Electrical Workers whose 65 members are honoring the paperworkers picket lines. The company said it intends to resume mill operations as quickly as possible using salaried employees union workers who elect to work contractors and newly hired replacements for the striking workers. Reuter | WORKERS STRIKE AT SOUTHWEST FOREST MILL |
Secretary of Agriculture Richard Lyng will meet with representatives from major grain exporting companies today and the subject of subsidized wheat to the Soviet Union will likely be discussed an aide to Lyng said. Todays meeting set to begin at 1500 EST (2000 gmt) was scheduled at the request of the exporters the aide said. The EEP (export enhancement program) is pretty obviously one of the things they (the exporters) want to talk about but they havent any agenda as far as I know Lyngs aide said. Private industry export officials have met periodically with Lyng to discuss farm policies and the export situation. Whether this meeting will prompt any U.S. action on the issue of whether Moscow will be offered export bonus wheat is uncertain the aide said. I dont know what theyll tell us that we dont already knwo but well hear what they have to say Lyngs aide said. The USDA official said that as far as he knows there has been no further action on offering the Soviet Union wheat under the EEP. Reuter | LYNG TO MEET WITH EXPORTERS, EEP LIKELY TOPIC |
The International Cocoa Organization ICCO buffer stock working group began examining a draft proposal for buffer stock rules this afternoon delegates said. The plan presented by ICCO Executive Director Kobena Erbynn represented a compromise between producer European Community EC and other consumer views on how the buffer stock should operate they said. The proposal involved three key principles. First the buffer stock manager would be open to offers for cocoa rather than using fixed posted prices as previously delegates said. Under an offer system the buffer stock manager would be free to choose cocoas of varying prices they said. The second provision was that non-ICCO member cocoa could comprise a maximum 10 pct of the buffer stock while the third laid out a pricing system under which the buffer stock manager would pay differentials for different grades of cocoa to be set by a formula the delegates said. After the plan was presented working group delegates met briefly in smaller groups of producers EC consumers and all consumers to look at the proposal. Producers gave no reaction to the scheme and will respond to it when the working group meets tomorrow at 1000 GMT producer delegates said. Consumer members accepted the proposal as a good base to work from one consumer delegate said. Delegates said the proposal was only a starting point for negotiations on buffer stock rules and subject to change. Reuter | ICCO GROUP LOOKS AT COCOA BUFFER STOCK RULE PLAN |
Shr 10 cts vs 11 cts Net 255000 vs 242000 Sales 7166000 vs 6486000 Avg shrs 2438000 vs 2118000 Year Shr 50 cts vs 40 cts Net 990000 vs 849000 Sales 29.0 mln vs 22.8 mln Avg shrs 1972000 vs 2118000 NOTE: Share adjusted for five-for-four stock split declared today. Reuter | VTX ELECTRONICS CORP <VTX> 4TH QTR NET |
Shr 36 cts vs 37 cts Net 2751000 vs 2179000 Qtly div 40 cts vs 40 cts prior Avg shrs 7699241 vs 5943341 NOTE: Dividend payable April 10 to shareholders of record March 30. Reuter | MORTGAGE GROWTH INVESTORS <MTG> 1ST QTR FEB 28 |
E-Systems Inc said it has received a three-year U.S. Navy contract worth 9208223 dlrs for the continued production of AN/UGC-136 military teleprinters for use in submarines. Reuter | E-SYSTEMS <ESY> GETS NAVY CONTRACT |
Hilton Hotels Corp chairman Barron Hilton said the company will build 10 all-suite hotels in suburban markets in the next 18 to 30 months. Hilton said the hotels will feature between 150 and 200 rooms. Construction costs will range between 65000 dlrs and 85000 dlrs per suite versus 100000 dlrs to 200000 dlrs a room for its traditional downtown locations. Hilton said it will break ground on six hotels this year in the Chicago New England and Southern California areas. It said the new hotels will be targeted to business travelers and rooms will cost between 65 dlrs and 85 dlrs a night. Reuter | HILTON HOTELS <HLT> TO BUILD ALL SUITE HOTELS |
Hundreds of farmers brought Madrids traffic to a standstill with their tractors in the latest protest to demand a better deal from the European Community (EC) and more government subsidies to face up to EC competition. Farmers said they had planned to bring their cows with them but police had prevented their entry into the capital. In the south striking shipyard workers clashed with police in the port of Cadiz in what has become a regular weekly protest against job layoffs at the state-owned Astilleros Espanoles. The workers locked themselves in the factory and traded stones for tear gas police said. Reuter | FARMERS RENEW PROTESTS IN SPAIN |
Shr 31 cts vs 27 cts Net 11.4 mln vs 9905528 Revs 194.3 mln vs 171.7 mln Avg shrs 36.6 mln vs 36.4 mln NOTE: Sixteen-week periods. Reuter | SHONEY'S INC <SHON> 1ST QTR FEB 15 NET |
<Fortune Savings Bank> said it agreed to buy the deposits and assume the leasehold of a Financial Security Savings and Loan Association <FSSL> branch here. Terms of the agreement were not disclosed. Fortune said the agreement is subject to regulatory approval. It also said that if the transaction is approved Financial would generate a profit on the sale. Reuter | FORTUNE SAVINGS TO BUY FINANCIAL <FSSL> BRANCH |
Endata Inc said it terminated development work on a previously announced contract with <Educational Testing Services>. Endata said that under terms of the contract Educational Testing asked it to terminate development of an advanced image processing system integration project and to return all projected-related equipment. Endata said termination of the project will not materially affect its operating results. Separately Endata said it bought the assets and business of three service centers from <Midcom Inc> for an undisclosed amount. Reuter | ENDATA <DATA> TERMINATES WORK ON CONTRACT |
Finance and economy ministers of the Gulf Cooperation Council (GCC) opened a two- day meeting to discuss further economic integration officials said. They said issues to be discussed by the ministers from Bahrain Kuwait Oman Qatar Saudi Arabia and the United Arab Emirates (UAE) would include a recommendation by central bank governors on a common currency exchange rate. The governors agreed in January on a denominator on which to base currencies of the six states. Any decision will be forwarded for final approval to a GCC summit meeting due in Saudi Arabia late this year. The six states have different currency systems. Saudi Arabia Bahrain Qatar and the UAE are linked in theory to the International Monetary Funds basket of currencies -- the special drawing right (SDR) -- but in practice to the dollar. Oman links its currency formally to the dollar while Kuwait pegs its dinar to a trade-weighted basket devised by itself. The denominator chosen by central bank governors has not been disclosed but some bankers expect the currencies to be linked to the SDR or a trade-weighted basket. Opening the meeting Ahmed al-Tayer the UAEs Minister of State for Finance and Industry said implementation of joint economic agreements is increasingly linking the interests of GCC citizens together. The general assembly of the Gulf Investment Corporation met in Abu Dhabi earlier under the chairmanship of Bahrains Finance and National Economy Minister Ibrahim Abdul-Karim The corporation was formed to contribute to joint economic and investment projects in the GCC. Officials said the corporations assets rose to 1.31 billion dollars last year from 1.04 billion at the end of 1985. REUTER | GULF ARAB MINISTERS DISCUSS ECONOMIC COOPERATION |
Oper shr loss six cts vs profit four cts Oper net loss 165000 vs profit 83000 Sales 2413000 vs 921000 Avg shrs 2908770 vs 2203462 Year Ope shr profit five cts vs profit five cts Oper net profit 124000 vs profit 106000 Sales 5652000 vs 1623000 Avg shrs 2369949 vs 2061102 NOTE: Net excludes losses from discontinued operations of 548000 dlrs vs 14000 dlrs in quarter and 696000 dlrs vs 21000 dlrs in year. 1985 year net excludes 35000 dlr tax credit. 1985 year includes only six months of operations due to change in fiscal year. Reuter | PHOTOGRAPHIC SCIENCIES CORP <PSCX> 4TH QTR LOSS |
American Stock Exchange said a seat was sold yesterday for 315000 dlrs a record amount and up 10000 dlrs from the last sale on March Three which had been the record. The market is now 275000 dlrs bid and 340000 dlrs offered it said. Reuter | AMEX OPTIONS SEAT SOLD FOR RECORD AMOUNT |
<CMS Adversiting Inc> said it is in preliminary discussions with a Canadian group with extensive franchise experience for a joint venture to start up a majority-owned CMS Canadian subsidiary called CMA Advertising International of Canada. CMS also said the group intends to seek an undertaker to investigate a possible stock offering ot the subsidiary. Reuter | CMS ADVERTISING NEGOTIATES CANADIAN VENTURE |
Medical Research Investment Fund Inc said net assets as of February 28 were 2359722 dlrs up 189.5 pct from a year earlier. It said net asset value per share rose to 14.64 dlrs from 12.14 dlrs based on 161187 shares outstanding compared with 67136 shares. Reuter | MEDICAL RESEARCH FUND SAYS ASSETS ROSE |
Dry weather pushed further into South Africas Orange Free States Maize Triangle in the week ended March 14 the Joint Agricultural Weather Facility of the U.S. Agriculture and Commerce Departments said. In a summary of its Weather and Crop Bulletin the agency said scattered showers continued throughout Transvaal but dry pockets persisted in the northeast and south. Temperatures average one to four degrees C above normal throughout all grain areas stressing grain-filling corn in areas receiving lightest rainfall it said. The agency said rainfall during February was near to above normal in most areas but earlier periods of hot dry weather reduced yield prospects in parts of the northern Transvaal and southern Orange Free State. Reuter | SOUTH AFRICA CROP WEATHER SUMMARY -- USDA/NOAA |
Chancellor of the Exchequer Nigel Lawsons budget contained virtually everything the government bond (gilts) market had hoped for and is likely to help prices race ahead in coming months analysts and traders said. Indeed in the first half hour after Lawson completed his speech gilt prices soared about 1-1/2 points an extremely sharp gain in such a short period of time. Overall they rose about two points on the day. This budget was incredibly bullish for the gilts market Morgan Grenfell and Co Ltd economist Stephen Bell said. Analysts said that in the light of the reaction to the budget in the gilts and U.K. Money markets U.K. Commercial bank base rates are likely to be cut by as much as a full point tomorrow. Analysts said the markets euphoria was simply a reflection of supply and demand. The crucial piece of news in the budget was that the Public Sector Borrowing Requirement would be held to 4.0 billion stg. By comparison a year ago the PSBR was set at 7.0 billion stg. The lower PSBR means the Bank of England will have to offer far less new stock to the market to meet its funding needs and the scarcity factor is sure to drive prices up further analysts said. The PSBR at four billion is lower than anyone realistically expected Bell said. Most market expectations called for the Chancellor to announce a PSBR of about 5.5 billion stg. S.G. Warburg Securities Co Ltd economist John Shepherd said that overall the Bank will have to sell about two billion less in new securities next fiscal year -- a cut of about 15 pct in total new issue volume. Chase Manhattan Securities Ltd international economist Andy Wrobleski noted the Bank has already raised about 1.8 billion stg of next years funding needs this year via a series of tap issues. The issues have been in a partly-paid form where the full price does not have to be paid until the start of the new fiscal year and therefore they are not counted in the current years fund raising. But the Bank of England will also be constrained from issuing gilts in the conventional form by its promise to try out a U.S.-style auction system in which firms bid for new stock. The Bank will also have to offer at least one index-linked issue where the rate paid to investors is tied to the Retail Price Index leaving about one to two billion stg in total to be raised in the form of traditional stock. Analysts noted that the budget contains provision for a two pence in the pound cut in the basic rate of income tax in line with most market expectations although some operators had expected a cut of up to four pence in the pound. The gilts market approved of the more modest tax cut Shepherd said because If it was more than two pct they would have become concerned about the economy heating up again. Also a cut of two pence in the pound suggests that if the ruling Conservative party is re-elected another two pence cut can be offered at budget time next year. Analysts said the gilts market may also be building steam on the political implications of the budget which suggests an early election. All the goodies in this budget will be in place by the middle of May Morgan Grenfells Bell said. This makes a June election very likely. Bell said some politically popular provisions omitted from the budget such as lifting the ceiling on the amount of mortgage eligible for tax benefit and some provisions on pensions could not have been implemented until autumn anyway. At that rate they would have been of little use for a political party expecting to call an election in June. Also analysts noted the budget does not go overboard with measures that are seen as generous to the wealthy. This will be a difficult budget for the (opposition) Labour party to attack Shepherd said. REUTER | U.K. BUDGET SEEN BOOSTING GOVERNMENT BOND MARKET |
Cominco Ltd said it was in the second round of two-week-old negotiations with about 3200 unionized workers at its Trail and Kimberley British Columbia zinc-lead operations. The existing two-year contracts expire April 30. The workers are represented by the United Steelworkers of America. A Cominco spokesman queried by Reuters declined to comment on whether the company was confident of reaching a new agreement before April 30 but said the union had not yet taken a strike vote. The contracts cover 2600 production workers at Trail and Kimberley and 600 office and technical staff at the two operations. Trail produced 240000 long tons of zinc and 110000 long tons of lead in 1986. The Sullivan mine at Kimberley produced 2.2 mln long tons of ore last year most for processing at the Trail smelter. Reuter | COMINCO <CLT> IN TRAIL, KIMBERLEY NEGOTIATIONS |
Consolidated Oil and Gas Inc and Consolidated Energy Partners LP <CPS> whose stocks are halted on the American Stock Exchange said they will issue news releases shortly. A spokesman for the companies declined to comment on why the stocks had been halted. Reuter | CONSOLIDATED OIL <CGS> TO ISSUE NEWS SHORTLY |
Shr 56 cts vs 46 cts Net 2005000 vs 1685000 Sales 189.8 mln vs 156.0 mln Avg shrs 3603000 vs 3614000 Year Shr 1.88 dlrs vs 1.77 dlrs Net 6774000 vs 6587000 Sales 692.1 mln vs 596.8 mln Avg shrs 3604000 vs 3713000 NOTE: Net includes tax credits of 250000 dlrs vs 162000 dlrs in quarter and 610000 dlrs vs 1288000 dlrs in year. Thirteen vs 12 and 53 vs 52-week periods. Latest year net includes gain 418000 dlrs for first nine months from change in pension accounting for which results of first three periods restated. Reuter | PUEBLO INTERNATIONAL INC <PII> 4TH QTR JAN 31 |
Shr 38 cts vs 47 cts Net 2253664 vs 2806820 Gross income 5173318 vs 5873904 NOTE: Net includes gains on sale of real estate of 126117 dlrs vs 29812 dlrs. Reuter | HRE PROPERTIES <HRE> 1ST QTR JAN 31 NET |
Masscomp said it reached a joint marketing relationship to promote and sell V.I. Corps line of DataView s Graphics Software Products. MassComp said it will promote the products to key government and commercial accounts. Reuter | MASSCOMP <MSCP>, VI IN DEAL |
Shr loss 25 cts vs profit three cts Net loss 713000 vs profit 69000 Revs 2.4 mln vs 921000 Six months Shr loss 24 cts vs profit six cts Net loss 572000 vs profit 120000 Revs 5.7 mln vs 1.6 mln NOTE:To effect change from fiscal to calendar year company reported results for six months period ended December 31 1985. 1985 six months includes one time gain of 35000 dlrs. Reuter | PHOTOGRAPHIC SCIENCES CORP <PSCX> 4TH QTR |
The Citizens Utility Board said it will file a class action suit Tuesday in Cook County Circuit Court against Commonwealth Edison Co seeking refunds of 150 dlrs a customer for consumers who have been paying what it calls the wrong monthly customer charge for the past two years. The suit comes in the wake of an Illinois Commerce Commission decision dismissing a class action complaint Citizens Utility Board filed with the commission in September on behalf of consumers who had been overcharged. It said the overcharges stem from Edisons monthly customer charge which is supposed to be 11.24 dlrs for those who live in single family homes or buildings with two units and 5.65 dlrs for people living in buildings with three or more units. Reuter | CITIZENS UTILITY BOARD TO SUE EDISON <CWE> |
Qtly div 6-1/4 cts vs 6-1/4 cts prior Pay April 30 Record April Three Reuter | CENTRAL BANK FOR SAVINGS <CBCT> SETS PAYOUT |
Qtly div 10 cts vs 10 cts previously Pay April 14 Record March 31 Reuter | FIRST OF MICHIGAN CAPITAL CORP <FMG> DIVIDEND |
Dry weather covered most European crop areas in the week ended March 14 except for those in southwestern France southern Italy and Greece the Joint Agricultural Weather Facility of the U.S. Agriculture and Commerce Departments said. In its International Weather and Crop sumary the agency said mixed rain and snow covered Greece. Winter grains in England France and northern Italy remained dormant. Grains usuaually break dormancy in March. Winter grains in Eastern Europe usually break dormancy in early April it said. Showers improved irrigation supplies in winter wheat areas of northern Pakistan and northern India it said. Normally wheat harvesting is well underwaty in central India and just beginnning to the north ending in most areas by late April. Showers improved irrigation supplies in southern India reversing Februarys below-normal trend. Summer rice is usually in or nearing reproduction in most southern areas it said. In the Philippines most rainfall was restricted to the central islands continuing Februarys drying trend in Luzon and southern Mindanao. Locally heavy showers dotted Indonesia and Malaysia as rainfall generally decreased eastward through the islands. In February locally heavy showers may have caused flooding in Java it said. The second cnsecutive week of dry weather stressed Moroccan winter grains approaching teh heading stage the agency said. Light to moderate rain spread from northern Thailand to Northern Vietnam as dry weather prevailed elsewhere in Southeast Asia. Dry weather covered winter grain areas in western and central Algeria but soil moisture was likely adequate to meet crop demands it said. Light showers in eastern Algeria and Tunisia maintained adequate moisture for crop growth it said. Timely rains will be needed in the next several weeks as winter grains advance through the critical reproductive phase the agency said. Reuter | WORLD CROP WEATHER SUMMARY -- USDA/NOAA |
Qtly div 17-1/4 cts vs 17-1/4 cts prior Pay April 15 Record March 31 Reuter | FEDERAL PAPER BOARD CO <FBT> SETS PAYOUT |
Qtly div four cts vs four cts prior Pay April 22 Record April Three Reuter | SHONEY'S INC <SHON> SETS PAYOUT |
Chancellor of the Exchequer Nigel Lawsons Budget speech was described as sound and well balanced by analysts if slightly lacking in excitement. A cut in bank base lending rates is now widely expected tomorrow with most forecasts predicting a half-point fall. A follow-up half-point cut is anticipated next week. Worthy but boring would probably sum it up Peter Fellner U.K. Economist at stockbrokers James Capel and Co said. It was a very very prudent fiscal budget. Richard Jeffrey of brokers Hoare Govett said it was a well-balanced budget within the confines of the governments philosophy of keeping expenditure levels flat. Most analysts said the Budget was very sound on the fiscal side but offered nothing new on monetary policy. As was widely expected Lawson split his fiscal adjustment between trimming the 1987/88 PSBR target to 4.0 billion stg from 7.1 billion and cutting basic rate income tax from 29 to 27 pct. The target for the narrow measure of money supply M0 was kept unchangd at two to six pct while the target for the broad Sterling M3 aggregate was dropped. Both Jeffrey and Fellner said the budget clears the way for a half-point fall in U.K. Base rates tomorrow but the authorities are unlikely to sanction a larger cut immediately. Many analysts and currency dealers have forecast a full one-point cut tomorrow. The Bank of England will be loathe to take any action which it will have to reverse later Jeffrey said though he added a further half-point cut was quite possible in the near future. The main worry from todays speech is the outlook for inflation given the signs of relaxed monetary policy contained in it Scrimgeour Vickers economist Richard Holt said. Holt noted the rather loose inflation forecast of 4.0 pct at end-1987 and said the lower interest rates likely to result from the tough fiscal stance could cause longer term concern. A higher PSBR target could be preferable in the long term he said although lower mortgage interest rates on the back of falling base rates would have an offsetting impact on inflation. The Budget will inspire a lot of short-term confidence but it was not a good budget for inflation he said Jeffrey said he would have liked Lawson to say more about the dangers of excessive liquidity build-up but overall was not too concerned about a revival of inflation. Fellner noted that the exchange rate was to remain the leading edge of monetary policy but said the authorities were likely to be extremely cautious on this front. He said they were unlikely to hesitate in holding interest rates steady or even raising them again if sterling showed any signs of excessive weakness. Most analysts agreed Lawson had bolstered the credibility of the Budget by adopting realistic forecasts. Raising the forecast for the current account deficit from 1.5 to 2.5 billion stg for 1987 would not unsettle the markets which are already discounting that amount Jeffrey said. that the 4.0 billion stg PSBR target was given credibility by the favourable outturn for 1986/87 which is now also forecast to be 4.0 billion stg. But analysts said the Budget speech did not give any clear-cut indication about the timing of the general election which has to be held before June 1988. Some believe it signals a poll this June noting that the benefits such as income tax cuts and the decision not to raise duties on alcohol and tobacco become available immediately. But others said it kept several options open and it was not possible to deduce too much from it. James Capels Fellner noted that by being fiscally prudent Lawson had kept open the possibility of an autumn election in that there would be no chickens coming home to roost. Richard Jeffrey who favours the likelihood of a June election said it was important the Chancellor had not gone for a Budget aimed overtly at buying an election victory. Nevertheless he said it was likely to result in a boost to the Conservative Partys pre-election popularity. REUTER | ANALYSTS SAY U.K. BUDGET POINTS TO BASE RATE CUTS |
Taft Broadcasting Co stock rose almost three points today as its vice chairman and an investment group proposed to sweeten a takeover offer for the company. However several arbitragers said they would shy away from the stock at its current price levels since it is unclear how high bidding for the company would go and whether the company would agree to a takeover. There are too many uncertainties said one arbitrager. Taft stock rose 2-7/8 to 155-3/4. Dudley Taft Taft vice chairman and Narragansett Capital Inc said they sent a letter to the Taft board stating they were committed to pursuing acquisition of the broadcast company and were prepared to negotiate a transaction in excess of 150 dlrs per share. The company responded that the proposal would be submitted to the board of directors but that no decisions have yet been made on a sale of the company. Someones betting this company will go for 170 (dlrs per share) said one arbitrager. Arbitragers said the stock is a risky buy at current levels unless an offer was accepted in the 170 dlr per share range. They said to make an arbitrage investment at this level would be chancy since it will take a long time for any transaction to be completed because of regulatory approvals necessary for the broadcast properites. Taft earlier rejected a 145 dlr per share or 1.35 billion dlr bid from the investment group. The company said it rejected the bid as inadequate based on advice of Goldman Sachs and Co its financial adviser. It said it would consider alternatives such as restructuring. Arbitragers speculated a bidding war may erupt for Taft which has two large shareholders in an investment group led by Robert Bass and Carl Lindner chairman of American Financial Corp. The Bass group holds 25 pct of Taft and Lindner holds 16.2 pct. The Taft family which founded the company almost 50 years ago has about 12 pct. Lindner last week told the Securities and Exchange Commission he may be interested in making a bid for Taft. I could see if things got really crazy that it might go for 175 (dlrs per share) said one arbitrager but he speculated it probably would not even be taken over for more than a price in the 160s. Another speculated that Lindner might bid but he speculated the investor would not really be interested in running the company. Lindner was unavailable for comment. Dennis McAlpine an analyst with Oppenheimer and Co said he had speculated the company might be considering a leveraged buyout. Ideally youd have to break this thing up to satisfy all the interests involved he said adding the two largest shareholders might be interested in pieces of Taft. He said the highest takeover price he calculated for the company has been about 140 dlrs per share but that the highest estimates on Wall Street have been about 160. He said the latter would be based on more optimistic expectations for the broadcast industry. Reuter | TAFT <TFB> STOCK RISES ON PROPOSAL |
The Bank of France expects a continued revival in short-term industrial activity but the outlook for any improvement in Frances record 10.9 pct unemployment rate remains bleak the Bank of France said in its monthly review. The upturn in activity in all industrial sectors except the agro-food sector in February more than compensated for the fall in January while construction and civil engineering experienced a recovery which appears likely to extend over the next few months. Internal demand rose and the export situation improved in particular toward the European Community (EC) the Bank said. Stocks decreases and order book levels with the exception of the agro-food industry improved substantially. In addition retail prices and salaries stabilised last months. Production rose in all sectors except agricultural machinery and aeronautics where it stabilised and ship construction where it declined. The car industry was the major beneficiary of the upturn in activity in February with both domestic and export orders rising. In the consumer goods sector actitity rose sharply despite a fall in the household goods sector and stability in pharmaceuticals. Among semi-finished products output rose sharply helped by a strong growth in construction materials. But activity in the retail sector declined slightly over the past two months. REUTER | BANK OF FRANCE SEES CONTINUED INDUSTRIAL PICKUP |
HERRINGTON SAYS HE MAY RECOMMEND TAX BENEFITS FOR U.S. OIL INDUSTRY |
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Moodys Investors Service Inc said it is reviewing for posible downgrade the debt ratings of W.R. Grace and Co because of concern the companys earnings may not be high enough to provide meaningful improvement in its currently thin margins of interest coverage for some time. Some 650 mln drls of outstanding debt is affected. Moodys said it is evaluating the ability of Graces less diversified business portfolio to generate funds sufficient for reinvestment and growth along with debt service and repayment in the next three to five years. Reuter | MOODY'S MAY LOWER W.R. GRACE <GRA> RATINGS |
MIDWAY AIRLINES SETS SHAREHOLDER RIGHTS PLAN |
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Consolidated Energy Partners LP said 99 pct owned master limited partnership Consolidated Operating Partners LP has defaulted on a 10 mln dlr principal payment to its lending banks and has filed for reorganization under Chapter 11 of the federal bankruptcy code. The company said Consolidated Operating Partners intends to file a plan of reorganization within 90 days. It said a request for an extension of the payment time was not granted. Consolidated Energy an affiliate of Consolidated Oil and Gas Inc <CGS> said the value of the properties owned by Consolidated Operating Partners substantially exceeds the 46.3 mln dlrs of nonrecourse debt due lender banks First Interstate Bancorp <I> and RepublicBank Corp <RPT>. The partnership has other debt totalling about 530000 dlrs it said. Reuter | CONSOLIDATED ENERGY <CPS> UNIT FILES CHAPTER 11 |
Energy Secretary John Herrington said he may recommend to the White House that the domestic oil industry be given tax benefits to help it produce more oil and head off increasing U.S. dependence on foreign oil. He said also at a news conference that he would recommend to the White House that the fill rate of the Strategic Petroleum Reserve be increased from its planned 35000 barrels per day. The oil reserve fill rate capacity is 100000 barrels a day. Herrington said he had always advocated a greater fill rate for the petroleum reserve but the rate had been kept down because of budgetary constraints. Herrington did not disclose what tax incentives he might advocate but U.S. officials have shown interest in tax benefits for oil and gas exploration and for research and development into new ways to extract oil which is now considered uneconomical to produce. He made the remarks in conjunction with the release of the Energy Departments study on oils impact on national security. Herrington said that before he disclosed what recommendations for tax benefits for the oil and gas industry he might make he would raise the matter with the White House Economic Policy Committee to see if the proposals to increase oil production made good tax policy. He said he would like to increase U.S. production by one mln barrels a day. The report said that by the end of the century the United States may be relying on foreign sources for 50 pct of its oil consumption posing a serious economic and national security threat. Reuter | HERRINGTON SAYS HE MAY CALL FOR OIL TAX BENEFITS |
A House Banking subcommittee approved legislation which would require the Treasury Secretary to begin negotiations on the establishment of an international debt adjustment facility. The facility would buy up some of the debt of less developed countries and sell it to banks at a discount. The facility was proposed by Rep. John LaFalce D-N.Y. who said it would help ease the third world debt crisis. It was approved by the House International Finance subcommittee and sent to the full House Banking Committee which will consider the measure next week. The legislation is part of the omnibus trade bill being considered by several committees. Reuter | U.S. HOUSE PANEL SETS INTERNATIONAL DEBT BILL |
Shr 17 cts vs 13 cts Net 7602000 vs 4879000 Sales 141.5 mln vs 71.3 mln Avg shrs 45.0 mln vs 42.2 mln Year Shr 45 cts vs 32 cts Net 19.5 mln vs 12.0 mln Sales 397.2 mln vs 181.1 mln Avg shrs 43.4 mln vs 38.2 mln NOTE: Prior year net includes 2600000 dlr tax credit. Share adjusted for two-for-one stock split in June 1986. Reuter | CONSOLIDATED STORES CORP <CNS> 4TH QTR JAN 31 NET |
Wainco Oil Corp said it has completed a wildcat well on its GrandMarais prspect in Jefferson Davis Parish La. which is currently producing at a rate of 1.1 mln cubic feet of gas and 40 barrels of condensate daily. The company said it has a 20 pct working interest in the well which is flowing from Lower Frion Tweedel Sand perforations between 10104 and 10110 feet. Additional untested but possibly productive zones exist behind the pipe it added. It said the remaining owners are privately held petroleum companies. Reuter | WAINCO OIL <WOL> COMPLETES WILDCAT WELL |
Viacom INternational Incs MTV Networks Entertainment said that portions of MTV:Music Television will begin airing on Nine Network Australia effective April 16. The network will carry 12 hours of MTV programming weekly featuring an emphasis on local Australian artists. Australian media mogul Alan Bond agreed to acquire Nine Networks from Kerry Packer last year. Nine networks operates four broadcast television stations and affiliated regional stations in Australia. Reuter | VIACOM'S <VIA> MTV TO AIR IN AUSTRALIA |
ROSTENKOWSKI SAYS WILL BACK U.S. TAX HIKE, BUT DOUBTS PASSAGE WITHOUT REAGAN SUPPORT |
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A White House-ordered report said that growing U.S. reliance on foreign oil into the year 2000 could have potentially damaging implications for national security. The Energy Department study discusses several options to curb reliance on foreign oil but makes no recommendations. President Reagan and most Congressmen have previously ruled out a tax on foreign oil as a way to curb imports and to help the depressed domestic oil industry. Energy Secretary John Herrington said in a statement that although we have made gains in energy security in the last six years this report shows that there is justification for national concern both over declining competitiveness of our domestic oil and gas industry and over rising oil imports. The report said imports last year were 33 pct of U.S. consumption and by the mid-1990s could rise to 50 pct. Among the reports options to ease U.S. reliance on foreign oil are several already advocated by the Reagan Administration. President Reagan ordered the study last September citing a determination that the country never again become captive to a foreign oil cartel referring to the OPEC-led oil shortages and sharp prices increases of the 1970s. The report said an import fee would raise prices and help make it economical for U.S. oil firms to find and produce new oil as well as to cut imports but on the whole the tax would depress the nations economy. The study was outlined in a New York Times report today. Reuter | U.S. WARNS OF DEPENDENCE ON FOREIGN OIL |
ROSTENKOWSKI SEES NO EXPORT TAX INCENTIVES OR RESEARCH TAX CREDIT RENEWAL |
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Consolidated Rail Corp said it and CSX Corps CSX Transportation Corp subsidiary have reduced rates on boxcar shipments of manufactured products moving between CSX points in the South and Conrail points in the Northeast and Midwest. Conrail said the prices which were effective March one are expected to meet or beat comparable truck transportation prices in virtually all target markets. It said the reduced prices also represent a simplification of the prvious tariff-based rate structure which used price and milage scales to determine rates. The new prices are constructed from a single table of origin and destination Zip Codes. Reuter | CSX <CSX>, CONRAIL REDUCE SOUTH TO NORTH RATES |
Feb 28 Oper shr six cts vs two cts Oper net 189683 vs 47499 Revs 2874930 vs 2594574 NOTE: Prior year net excludes 33000 dlr tax credit. Reuter | HOSPITAL STAFFING SERVICES INC <HSSI> 1ST QTR |
Shr 1.53 dlrs vs 18 cts Net 841893 vs 95477 Revs 50.3 mln vs 35.1 mln Reuter | VIATECH INC <VTK> YEAR NET |
Central Bancorporation Inc said Oliver W. Birckhead 64 president and chief executive officer of the company and chairman and CEO of its Central Trust Co NA Cincinnati unit will retire on December 31. Central Bancorporation said Noble O. Carpenter will succeed Birckhead at the holding company on January one 1988. The company said Carpenter is currently executive vice president of the holding company and president and CEO of Central Trust Co of Northeastern Ohio NA. Reuter | CENTRAL BANCORPORATION <CBAN> CHIEF TO RETIRE |
Shr nine cts vs eight cts Net 373000 vs 269000 Sales 3501000 vs 2507000 Avg shrs 4036000 vs 3326000 NOTE: Periods end January 31 1987 and 1986 respectively. Reuter | INTERACTIVE TECHNOLOGIES INC <ITXI> 1ST QTR NET |
U.S. FHL BANKS SETS 6.70 PCT, 7.10 PCT, 7.65 PCT RATES ON 2.55 BILLION DLR OFFER |
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OPEC believes world oil prices should be set around a fixed average price of 18 dlrs a barrel OAPEC Assistant General Secretary Abdelaziz Al-Wattari said today. In a speech to a European Community (EC)/OAPEC/OPEC seminar in Luxembourg released here Al-Wattari said: OPEC believes ...The world energy trade should be kept without restrictions and should be built around a fixed average price of 18 dlrs. But he warned that defense of the 18 dlr a barrel level had caused hardship for OPEC countries who had been forced to curtail production and he warned that such cutbacks by OPEC states could not be sustained in some cases. For OPEC to stabilize the world oil price at what is now considered the optimal level of 18 dlrs a barrel its member countries have had to undergo severe hardship in curtailing production Al-Wattari said. Such cutbacks ... Cannot in certain cases be sustained Al-Wattari said. As well as financial and marketing pressures some states depended on associated gas output for domestic use and oil cutbacks had left insufficient gas supplies he added. Al-Wattari noted that total OPEC output was below the organizations agreed ceiling for all member countries in February although this had meant sacrifices. The effect of these sacrifices meant that market stability though restored to a good level was still under pressure Al-Wattari said. A lasting stability in the world market requires a wider scope of international cooperation he added. He said some non-OPEC oil producing countries had shown a political willingness after 1986 to cooperate with OPEC. But although cutbacks announced by these states were politically significant and welcomed by OPEC they were insufficient in terms of volume he added. The overall majority of non-OPEC producers have not responded sufficiently to OPECs calls for supply regulation he said. Al-Wattari said an 18 dlr a barrel price was optimal as it allowed investment in the oil industry outside OPEC to continue while not generating excessive cash flow for otherwise unviable high-cost areas outside OPEC. Such a price would no longer encourage protectionist measures he added. Fadhil Al-Chalabi OPEC Deputy Secretary General also addressing the seminar added that discipline was still needed to prevent violent fluctuations in the oil market. Cooperation between Arab states and Europe was advantageous for both sides Al-Chalabi said adding he hoped cooperation would ultimately lead to full-fledged Euro-Arab dialogue. Reuter | OPEC WANTS 18 DLR OIL PRICE - OAPEC OFFICIAL |
The Office of Finance Federal Home Loan Banks said it set rates on todays debt offering of 6.70 pct on its 1.11 billion dlr issue 7.10 pct on a 1.065 billion dlr issue and 7.65 pct on a 375 mln dlr issue. It said the issues which are for settlement March 25 mature March 26 1990 March 25 1992 and March 25 1997 respectively. The office said telephone confirmation of allotments must be received by 1500 hrs EST today and that secondary trading will begin at 0930 hrs EST tomorrow. Reuter | U.S. FHL BANKS SETS RATES ON DEBT OFFERING |
Oper shr 45 cts vs 63 cts Oper net 3805000 vs 5155000 Revs 12.0 mln vs 10.6 mln Year Oper shr 1.58 dlrs vs 2.07 dlrs Oper net 12991000 vs 15692000 Revs 69.8 mln vs 71.7 mln Avg shrs 8265541 vs 7598522 Note: Current qtr and year figures exclude losses from discontinued operations of 761000 dlrs and 875000 dlrs respectively and disposition gain of 6.1 mln dlrs in both periods. Prior qtr and year figures exclude gain from discontinued operation of 31000 dlrs and loss of 2000 dlrs respectively. Reuter | SANTA ANITA COS <SAR> 4TH QTR NET |
Midway Airlines Inc which has frequently been mentioned as an acquisition target said it declared a shareholder rights plan. Holders will get a dividend of one preferred share purchase right on each outstanding share of common stock. Each right when exercisable will entitle the holder to purchase one one-hundredth share of Series C Junior Participating preferred stock for 50 dlrs. The rights are intended to assure that all holders receive fair treatment in the event of a takeover. The company said this is not in response to a known effort to acquire control. The rights will be exercisable 10 days after a person or group buys 20 pct of the companys common or announces or commences a tender offer that would result in acquisition of 30 pct or more of its common. Midway can redeem the rights at two cts each at any time prior to expieration of 10 days after the acquisition by any person of 20 pct or more of the companyts common it said. If Midway is acquired each right will entitle its hodler to purchase a number of the acquiring companys common shares having a market value at that time of twice the rights exercise price. The dividend will be payable to holders of record April six and expire 10 years later on April 6 1997. Reuter | MIDWAY AIRLINES <MDWY> SETS HOLDER RIGHTS PLAN |
Oper shr 19 cts vs 18 cts Oper net 951902 vs 987860 Revs 19.0 mln vs 17.1 mln Six mths Oper shr 26 cts vs 35 cts Oper net 1332273 vs 2502868 Revs 33.6 mln vs 29.2 mln Note: Oper net excludes tax credits of 897925 dlrs vs 841511dlrs for qtr and 1306860 dlrs vs 2132073 dlrs for six mths. Note: Year-ago results restated to reflect change in accounting principle effective August one 1985. Reuter | EQUION CORP <EQUI> 2ND QTR JAN 31 NET |
Intertan Inc said it plans to close its 17 company-owned retail stores in Germany and anticipates this will result in a 6.5 mln dlr charge against third quarter ended February 28 results. The company took over Tandy Corps <TAN> international retail operations last September and was spun off to Tandy holders of record December 31. As a result of the proposed Germany closings Intertan said about 57 German employees and 40 support personnel in Belgium are expected to be discharged. Intertan said it expects a small staff will be retained in Germany to service the companys 27 remaining German dealers. The company said its German operations had a fiscal 1986 loss of 4.0 mln dlrs on sales of 6.2 mln dlrs. For the first nine months of fiscal 1987 it had a pre-tax loss of 1.5 mln dlrs on revenues of 5.4 mln dlrs. Reuter | INTERTAN <ITAN>TO CLOSE GERMAN UNITS,TAKE CHARGE |
MACMILLAN BLOEDEL RAISES U.S. NEWSPRINT PRICE BY 30 U.S. DLRS/TONNE, EFFECTIVE JULY 1 |
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Venezuela has still to work out final details of its plan to supply Ecuador with 50000 barrels per day of crude oil to compensate that country for lost exports caused by earthquake damage a senior Petroleos de Venezuela (PDVSA) official said. We have yet to finalize details on how the compensation will be carried out and how OPEC production quotas will be affected he said during the signing of a joint venture deal with Union Pacific Corp today. He said an agreement was initialled on a visit last week by Ecuadors deputy energy minister Fernando Santos Alvite. He pointed out that there are some contractual points to be considered. Venezuela possibly unique among oil exporters requires its clients to sign final destination clauses to ensure its oil is not resold on the spot market. Ecuadors oil minister Javier Espinosa was quoted today as saying Venezuela will export the oil on Ecuadors account and remit the revenues to Quito. Ecuador would pay back the oil at a rate of 35000 bpd. He said Venezuelas oil would be traded through Ecuadorean state oil company Cepe but the PDVSA official said the company never allows third parties to trade its oil. Reuter | VENEZUELA-ECUADOR OIL LOAN UNDER DISCUSSION |
Shr 31 cts vs 21 cts Net 182839 vs 132804 Revs 25.0 mln vs 19.4 mln Reuter | <TEMCO SERVICE INDUSTRIES INC> 1ST QTR DEC 31 |
Shr 1.93 dlrs vs 2.21 dlrs Net 8371000 vs 9576000 Revs 18.3 mln vs 15.7 mln Reuter | <GREAT PACIFIC INDUSTRIES INC> YEAR NET |
Period end Jan 31 Shr loss 17 cts vs loss 26 cts Net loss 765808 vs loss 1216501 Revs 15.8 mln vs 18.7 mln Six mths Shr nil vs profit 54 cts Net loss 12.5 mln vs profit 2538030 Revs 32.5 mln vs 42.6 mln Avg shrs 4310068 vs 4712315 NOTE: Prior yr results restated to reflect change in value of aircraft resulting in increase of 232000 or five cts shr for six mths Reuter | SIMMONS AIRLINES INC <SIMM> 2ND QTR LOSS |
Temco Service Industries Inc said its proposed buyout by chairman Herman J. Hellman and president Harvey Newwman has been terminated by mutual consent and Temco has no present intention of being acquired by any other party. Reuter | <TEMCO SERVICE INDUSTRIES INC> MERGER ENDED |
The Surinam Aluminum Company (SURALCO) registered a 75 pct drop in alumina exports in February after its operations were shut down by worker violence and guerrilla sabotage the official Surinam News Agency SNA reported. SNA said Suralcos alumina exports dropped to 23869 tonnes in February from 92852 tonnes in January. Aluminum exports meanwhile decreased nine pct in the same period to 1511 tonnes from 1647 tonnes. Suralcos alumina refinery at Paranam 18 miles south of the capital was shut down February 2 after workers destroyed plant and computer equipment in a protest over layoffs at the companys nearby aluminum smelter. The smelter was shut down January 26 after anti-government guerrillas dynamited two electricity towers which transmit power to the plant from the Afobaka dam. The alumina refinery owned jointly by Suralco and Billiton NV a Royal Dutch Shell subsidiary was reopened March 9. But the smelter remains closed as do the Suralco mines at Moengo 60 miles east of Paramaribo which were closed down by guerrillas last November. Reuter | SURALCO ALUMINA EXPORTS DROPPED 75 PCT IN FEB |
The budget presented by Chancellor of the Exchequer Nigel Lawson was described by MPs and analysts as being politically astute combining tax cuts and fiscal prudence which promised to boost the Conservative governments standing with both voters and financial markets. The 1987/88 budget contained a two-penny cut in the standard rate of tax and a three billion stg reduction in the Public Sector Borrowing Requirement (PSBR) to 4.0 billion stg. Parliamentarians said the budget would pave the way for a fall in domestic interest rates and an early election. Conservative MP Anthony Beaumont-Dark said the budget is not glamourous - but it is sound and sensible. Lawson told journalists later that it was a budget built on success for success. But opposition MPs did not agree . David Steel leader of the Liberal Party said this was a strangely deceptive budget. The Chancellor had six billion stg to give back - he has chosen to give half of that to reducing the PSBR whereas we in the SDP/Liberal Aliance think it would have been wiser to use those revenues to reduce unemployment and alleviate poverty. Steel said the cunning thing in this seductive budget is that all the good things will come in the pre-election period - the fall in interest rates the fall in mortgage rates the lower income tax relatively cheaper whisky beer cigarettes and petrol. David Owen the leader of the Social Democratic Party (SDP) which with the Liberals make up the centrist Alliance grouping said this is a good attempt at an electioneering budget but it has failed in its objective. It has given money to the haves as opposed to the have-nots. Labour leader Neil Kinnock called it a bribes budget. Kinnock said the budget had little to do with the general good and everything to do with the general election. Roy Hattersley the Labour Partys Treasury spokesman said the Tories should have used available resources to invest in industry in health and in education. He added that we know that whoever is elected (to power in the next general election) will reverse these tax cuts. But Lawson rejected that. Rather he said the Treasury expected to have at least 3.0 billion stg in fiscal 1988/89 for use in cutting taxes or raising public spending. Lawson rejected claims by opposition MPs that the government would be forced to call an election by a deteriorating economy. In his financial statement to Parliament Lawson had said that the setting for this years budget is more favourable than it has been for many years. We are now entering our seventh year of steady growth and the fifth in which this has been combined with low inflation. The public finances are sound and strong and unemployment is falling. He said that these are the fruits of the governments determination in bad times as well as good to hold firmly to our policies of sound money and free markets. Lawson later said the Government felt no compulsion to plump for an early election. Asked by political journalists what effect the Budget would have on election timing he replied I think we will hold the election either late or early. I must confess I am rather relaxed about it all. There is not any compulsion to go for an early election. But he added that if the Prime Minister decides to go for an early election it will bring to an end all this rather ridiculous pre-election atmosphere and fever - and there is something to be said for that. Industry also welcomed Lawsons budget. Confederation of British Industry (CBI) President David Nickson said This budget will reinforce business success. Lower government borrowing means lower interst rates for business. This is what the CBI wanted. We have always said we would judge the budget on how it affects the cost of borrowing. This should do the trick. REUTER | BUDGET SEEN PAVING WAY FOR EARLY U.K. ELECTION |
Trans World Airlines Inc said the U.S. Equal Employment Opportunity Commission dismissed charges of sex and age discrimination filed against it by members of the Independent Federation of Flight Attendants. The union went on strike in March 1986 after failing to agree on a contract and charged that the airline sought greater wage concessions from the flight attendants because they were predominantly female. TWA said the commission found that there is no reason to believe these allegations are true. Reuter | DISCRIMINATION CHARGES LIFTED AGAINST TWA <TWA> |
The Federal Home Loan Bank Board said it voted to transfer one billion dlrs cash from the Federal Savings and Loan Insurance Corp (FSLIC) to the Dallas Federal Home Loan bank tomorrow to correct a collateral deficiency. The infusion was needed because the value of collateral behind FSLIC loans to savings and loan associations in the region had declined an FHLBB official said. The official said that as a result auditors of the Dallas bank one of the 12 regional federal home loan banks would be able to give an unqualified opinion on the banks condition. Reuter | FHLBB APPROVES FUNDS TRANSFER TO DALLAS BANK |
Asamera Inc said it has signed a letter of intent to sell its Denver refinery to Total Petroleum (North America) Ltd <TPN> for undisclosed terms. It said the sale is subject to regulatory approval. Reuter | ASAMERA <ASM> TO SELL DENVER REFINERY |
Market operators subscribed to less than half of the 3000 billion lire offer of a new type of indexed government paper figures from the Bank of Italy show. Operators subscribed to 1427 billion lire of the 3000 billion lire issue of seven-year discount certificates (CTs). The CTs of 100 lire nominal value each were offered for competitive tender at a price of 74 lire. Yields are adjustable annually and linked to those on 12-month treasury bills. Effective net yield on the first coupon will be 9.66 pct. The Bank of Italy took up 500 billion lire of the offer leaving 1073 billion lire unassigned. Reuter | NEW ITALIAN TREASURY OFFER UNDERSUBSCRIBED |
MacMillan Bloedel Ltd said it increased its current newsprint list price for customers in the United States by 30 U.S. dlrs a tonne effective July 1 1987. Standard white 30 pound newsprint sold through sales unit Powell River-Alberni Sales Corp will increase to 600 U.S.dlrs a tonne from 570 U.S. dlrs a ton MacMillan Bloedel said. It also said a five pct temporary competitive allowance introduced on Dec 1 1985 will be reduced to three pct while a five pct contract performance incentive program introduced July 1 1983 will remain in effect. MacMillan Bloedel said customers who annually purchase 100 pct against their contract will receive the five pct discount under the contract performance incentive program plus the three pct discount under the temporary competitive allowance against the new 600 U.S. dlr a tonne newsprint price. The company said it is restoring margins on newsprint and groundwood printing papers so it can continue expanding and upgrading its pulp and paper facilities. Reuter | MACMILLAN BLOEDEL<MMBLF> RAISES NEWSPRINT PRICE |
House Ways and Means Committee chairman Dan Rostenkowski said he was ready to support an 18 billion dlr tax increase to help balance the budget but doubted it could pass Congress without President Reagans support. Rostenkowski the chief House taxwriter said his committee was reluctant to back a tax increase without certainty that it would pass the full House and this would require Republican votes. Chairman Rostenkowski still says its an uphill fight unless the president signs on the Illinois Democrat said in remarks for delivery to the Tax Executives Institute. Rostenkowski predicted the tax increase will concentrate on increases in federal excise taxes while leaving the income tax intact. The taxwriters will not consider delaying the income tax rate cuts for upper income persons scheduled to take effect in 1988 he said. The top rate will fall from 38.5 pct to 28 pct next year. In addition he said they dont have the energy or appetite to endorse a radical new tax like a VAT (value added tax) which he also opposes. The real question is where the Republicans will be when the tough vote comes he said. Rostenkowski said his committee will not approve any tax credits to provide incentives for exports as part of a tax or trade bill this year. He added that no extension or expansion of the research and development tax credit for business is expected since it would cost billions of dollars. And Rostenkowski told the tax executives that Howard Baker as Reagans chief of staff would make it more likely the White House will ultimately back a tax increase this year. There are strong suspicions that the Baker boys will lead the president down the slippery slope of moderation he said. Reuter | ROSTENKOWSKI SAYS TAX HIKE NEEDS REAGAN SUPPORT |
Surprisingly strong U.S. housing statistics for February cannot be taken as an indication that the economy is generating any momentum and are not sufficient cause to start lifting forecasts for first quarter growth economists said. Building was boosted by two factors last month unusually mild weather and low mortgage rates. But economists said that seasonal factors make it hard to assess what spur to the economy if any will come from housing in coming months. And after a steady retreat mortgage rates seem to be near bottom. U.S. housing starts rose 2.6 pct in February to a seasonally adjusted annual rate of 1.851 mln units from 1.804 mln in January. It was the highest pace for starts since April 1986. The rate at which permits were issued for future building climbed 4.4 pct to a seasonally adjusted annual rate of 1.764 mln units after dropping 11.52 pct to 1.690 mln in January. Februarys weather is usually more adverse for home building. Because of seasonal factors its difficult to determine what this means for the economy down the road said Allan Leslie of Discount Corp. The housing report is seasonally-weighted to compensate for weather-related setbacks. As a result milder temperatures inflate the statistics. Economists said that low mortgage rates also were a spur to building last month. But several believe that rates will now consolidate before edging up in late spring/early summer. Builders are looking at current mortgage rates and saying Lets do it now said Mark Obrinsky of the U.S. League of Savings Institutions in Washington whose members supply much of the financing for home building. But Obrinsky doubts that there is much more downward potential for rates because he foresees higher inflation and some overall improvement in the U.S. economy. He expects rates to gain 50 to 100 basis points in early summer from the 9.50 pct fixed rate effective in February. Last November fixed rate mortgages were about 10.30 pct. As expected the strength in housing was concentrated in the single-family sector. The multi-family area -- which typically represents rental units -- remained weak due to high vacancy rates and increased capital costs of such units following tax law changes effective January 1. Single-family starts rose at a 5.6 pct annual pace to 1.317 mln units. Multi-family fell 4.1 pct to a 534000 rate. Strength in the single-family sector indicates that low mortgage rates are doing their job. But were probably not looking at a great deal of growth potential said Ward McCarthy of Merrill Lynch Capital Markets. McCarthy noted that the housing report together with larger than expected gains in U.S. employment industrial output and retail sales in February may cause some observers to start waving four pct GNP banners for the first quarter. Gross national product grew 1.3 pct in the fourth quarter. But McCarthy who still expects first quarter real GNP to come in at an annual rate of 2.5 pct or slightly above is not convinced that growth will pick up in future. The big story is the inventory re-building thats going on now not all of which is intentional he said. For example U.S. automakers who are already saddled with high stocks produced at an annual rate of 8.3 mln units in February compared with domestic car sales of 7.3 mln. Thus while inventories could contribute to GNP in the first quarter they may result in scaled-back production and weaker growth in the second he said. If most of the first quarter growth is inventory building and we cannot identify any improvement in export demand then there is the potential for softness in the second quarter agreed Allan Leslie of Discount Corp. He is still evaluating first quarter GNP prospects. Federal Reserve chairman Paul Volcker said last week that current data do not show the worsening in trade has reversed. At the same time that we are pumping up inventories in the first quarter we could foresee production slowing in the second cautioned Joe Plocek of McCarthy Crisanti and Maffei Inc who expects first quarter growth of about three pct. Reuter | U.S. HOUSING DATA FAIL TO CLARIFY ECONOMIC PATH |
Periods ended February 28 Shr 89 cts vs 87 cts Net 119.5 mln vs 114.6 mln Revs 872.3 mln vs 917.4 mln Avg shrs 134.9 mln vs 131.7 mln 12 mths Shr 2.87 dlrs vs 3.32 dlrs Net 383.4 mln vs 413.5 mln Revs 4.5 billion vs 4.4 billion Avg shrs 133.7 mln vs 124.7 mln NOTES: Year ago results restated to reflect application of new accounting for disallowances Full name is Public Service Enterprise Group Inc Reuter | PUBLIC SERVICE ENTERPRISE <PEG> TWO MTHS NET |
Pentron Corp said its Rotational Molding Inc unit has purchased privately held Ice Creations Unlimited for an undisclosed amount of cash and other considerations. The company said Ice Creations had sales of 1.2 mln dlrs in the year ended May 31 1986. Ice creations is a molder of plastics. Reuter | PENTRON CORP <PEN> UNIT TO BUY ICE CREATIONS |
Pennwalt Corp said it bought all outstanding shares of its third series cumulative convertible preferred stock from <Anschutz Corp>. According to a standstill agreement reached in 1985 Pennwalt said Anschutz received a 6.25 pct unsecured promissory note in the face amount of 138.9 mln dlrs for the 28054 preferred shares it held. The company said 50 pct of the note due August three will be paid with the proceeds from its common stock offering earlier this month. The remainder of the note will be paid from borrowings under existing credit facilities it said. Reuter | PENNWALT <PSM> BUYS ITS PREFERRED FROM ANSCHUTZ |
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