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DRESDNER DECLINES COMMENT ON SCRIP SHARE REPORT
| A Dresdner Bank AG <DRSD.F> spokesman
said the bank had no comment on newspaper reports that
shareholders would be offered free subscription shares.
Dresdner shares surged to open 10.50 marks higher at
319.50, before climbing further. Other bank stocks also rose
strongly and dealers cited speculation already in the market
that Deutsche Bank AG <DBKG.F> would make a similar move. Such
"scrip" issues, if they occurred, would mark the first time
German banks had ever issued free shares.
The varying reports said Dresdner shareholders may be
offered one free share for every 15, 18 or 20 already held.
| Corporate News |
U.K. LONGER CYCLICAL INDICATOR RISES IN FEBRUARY
| The U.K. Longer leading cyclical
indicator rose in February by 5.8 pct after January's 1.9 pct
rise, figures from the Central Statistical Office show.
The indicator, base 1980, which shows trends in the economy
12 months ahead, was put at 108.7 in February compared with
102.7 in January and 99.5 in February 1986.
The shorter leading indicator, signalling trends six months
ahead, was put at 97.1 for January, the latest month for which
data were available, after December's 96.5. This compared with
98.4 in January 1986.
The coincident indicator, designed to signal current
turning points in the economy, was put at 91.2 in January, down
from 91.9 in December and 91.6 in january 1986.
The lagging index, which the CSO says shows a turning point
in the economy about a year after it happens, was at 92.4 in
January, down from 92.5 in December and 93.0 a year earlier.
The Office said leading indicators still do not show a
consistent picture of the likely future developments of the
business cycle in Britain.
It said the strong rise in the longer leading index between
December and February was due mainly to rises in share prices.
| Corporate News |
AUSTRALIAN WHEAT AREA TO FALL, FORECASTER SAYS
| Australian wheat plantings are
forecast to fall to 10.40 mln hectares in 1987/88 from 11.72
mln sown in 1986/87, Australian Wheat Forecasters Pty Ltd (AWF)
said in its first preliminary crop forecast.
But there was no reason to expect Australian production in
1987/88 would be less than the 16.5 mln tonnes of last year,
the private forecaster said, as crops in New South Wales and
Queensland suffered from poor yields last season.
Most of the fall in plantings was expected in Western
Australia while state average yields would be assisted by
growers sowing wheat on fallows and rest paddocks, it said.
The main reason for a low Western Australia estimate was a
poor profit outlook under cost, credit and yield pressures. But
in the eastern states the wheat area should hold up provided
that rainfall between now and June is not less than average,
AWF said.
Although some farmers were saying they intended to cut back
wheat area by 20 pct, AWF said this was unlikely since they
needed cash flow and there were problems with alternative
crops.
"The lack of statutory marketing for oilseeds, pulses and
oats is a cause for concern if those crops are to comprise a
high proportion of growers' income," AWF said.
AWF's state area forecasts in mln hectares, with 1986/87
production in mln tonnes, are as follows (crop forecasts were
not given for the new wheat year)
Area Crop
1987/88 1986/87 1986/87
Queensland 0.82 0.82 0.95
N.S.W. 3.07 3.17 4.40
Victoria 1.53 1.63 3.25
S.Australia 1.45 1.64 2.30
W.Australia 3.53 4.46 5.60
| Financial Reports |
PITTWAY CORP <PRY> 4TH QTR NET
| Shr 1.35 dlrs vs two dlrs
Net 6,195,000 vs 9,202,000
Sales 157.5 mln vs 151.6 mln
Year
Shr 6.02 dlrs vs 6.78 dlrs
Net 27,608,000 vs 31,117,000
Sales 585.7 mln vs 541.3 mln
| Other |
FRENCH JANUARY INDUSTRIAL PRODUCTION FELL 1.98 PCT - OFFICIAL
|
FRENCH JANUARY INDUSTRIAL PRODUCTION FELL 1.98 PCT - OFFICIAL
| Corporate News |
U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN
| The Bank of England said it revised down
its forecast of the deficit in the money market today to 750
mln stg from 800 mln.
| Financial Reports |
JAPAN LONG-TERM PRIME SEEN CUT TO RECORD LOW SOON
| Japan's long-term banks will soon cut
their prime rate, now at a record low 5.5 pct, by 0.2 or 0.3
percentage point in response to falling secondary market yields
on their five-year debentures, long-term bankers said.
The long-term prime rate is customarily set 0.9 percentage
point above the coupon on five-year bank debentures issued by
the long-term banks every month.
The latest bank debentures, at 4.6 pct, have met strong
end-investor demand on the prospect of further declines in yen
interest rates, dealers said. The current 5.5 pct prime rate
has been in effect since February 28.
| Corporate News |
YEUTTER SEES U.S., JAPAN VERGING ON TRADE CONFLICT
| The United States and Japan
are on the brink of serious conflict on trade, especially over
semiconductors, Japanese unwillingness for public bodies to buy
U.S. Super-computers, and barriers to U.S. Firms seeking to
participate in the eight billion dlr Kansai airport project,
U.S. Trade Representative Clayton Yeutter said.
He was talking to reporters yesterday on the eve of a
two-day meeting of trade ministers which will review progress
made by committees set up after the Uruguay meeting last
September launched a new round of GATT (General Agreement on
Tariffs and Trade) talks.
European Community (EC) commissioner Willy de Clercq
meanwhile told reporters conflict between the world's three
major trading and economic powers -- the EC, the U.S. And Japan
-- set a poor example for other members of GATT.
Australian Trade Minister John Dawkins told the reporters
bilateral retaliation at the enormous expense of the rest of
the world was no way to solve trade disputes.
New Zealand trade minister Mike Moore told his colleagues
great progress had been made in preparing for the current round
of GATT negotiations which must not be sidetracked.
The ministers have said they want to maintain the momentum
towards fresh negotiations or avert serious trade conflicts.
Yeutter said the problem with international trade talks was
that they tended to get bogged down for years. "Countries don't
get very serious about negotiating until the end of the day
which is, maybe, five or six years in the future."
He also said he did not consider the new U.S. Congress as
protectionist as it was 18 months ago. "That's a very healthy
development," he added."If you asked me about that a year or 18
months ago I would have said that it was terribly
protectionist."
"Members of Congress, that is the contemplative members of
Congress, have begun to realise protectionism is not the answer
to the 170 billion dlr trade deficit," Yeutter said.
"They've also begun to realise that you cannot legislate
solutions to a 170 billion dollar trade deficit so they are
more realistic and, in my judgement, more responsible on that
issue than they were 12 or 18 months ago."
He added, "Whether that will be reflected in the legislation
that eventually emerges is another matter."
| Corporate News |
IRAN SAYS IT INTENDS NO THREAT TO GULF SHIPPING
| Iran said reports that it intended to
threaten shipping in the Gulf were baseless, and warned the
U.S. And other countries not to interfere in the region.
Tehran radio, monitored by the BBC, quoted a Foreign
Ministry spokesman as saying any attempt at interference would
be met by "a strong response from Iran and other Moslems in the
world."
U.S. Defence Secretary Caspar Weinberger, in remarks
apparently unrelated to the broadcast, said the U.S. Would do
whatever was necessary to keep shipping lanes open in the face
of new Iranian anti-ship missiles in the Gulf.
The U.S. State Department said two days ago Tehran had been
told of U.S. Concern that Iranian anti-ship missiles posed a
threat to the free flow of oil from the Gulf.
U.S. Officials have said Iran has new Chinese-made
anti-ship "Silkworm" missiles, which pose a greater threat to
merchant ships than missiles used before.
The Iranian spokesman said the reports that Iran intended
to attack ships were "misleading propaganda."
He said Iraq's President Saddam Hussein was the main cause
of tension in the Gulf and said Iran would continue to use "all
its legitimate means to stem the cause of tension."
Weinberger said in a television interview in the U.S. "We
are fully prepared to do what's necessary to keep the shipping
going and keep the freedom of navigation available in that very
vital waterway."
"We aren't going into any disclosures or discussions of what
might happen, but we are certainly very sympathetic to and
listening carefully to any suggestions for our assistance in
keeping navigation free in that area," he said.
Weinberger said U.S warship movements in the Gulf area were
not unusual.
A U.S. Navy battle group led by the aircraft carrier Kitty
Hawk is currently in the northern Arabian Sea.
The Iranian spokesman was quoted by Tehran radio as saying
the U.S. Was trying to build up its military presence in the
region.
| Other |
BAKER DENIES DOLLAR TARGET EXISTS
| U.S. Treasury Secretary James Baker
again said the meeting of six major industrial nations in Paris
last month did not establish a target exchange rate for the
dollar.
Baker said in a television interview aired here yesterday:
"We don't have a target for the dollar." He declined to comment
on what might be a desired level for the dollar, saying: "We
really don't talk about the dollar."
He said protectionism was becoming "extremely strong" in the
U.S. In response to widening U.S. Trade deficits and import
barriers in other countries.
"The mood in the United States is extremely disturbing. It's
extremely strong," he said.
"As I've said before, we sort of see ourselves as engaged
here in a real struggle to preserve the world's free trading
system, because if the largest market in the world (the U.S.)
goes protectionist we run the risk of moving down the same path
that the world did in the late 1930s," he said.
While relative exchange rates had a role to play in
defusing the threat of protectionism, it alone did not offer
any solution, he said.
"You must address this problem on the exchange rate side,
but it cannot be solved on the exchange rate side alone. It's
far more comprehensive and broad than that, and the solution of
it requires a comprehensive approach," Baker said in the
interview.
Baker said it would be necessary for other countries to
adjust their currencies upwards, as well as remove their
barriers to U.S. Imports. But he did not elaborate or name any
countries.
| Corporate News |
FRENCH INDUSTRIAL PRODUCTION FALLS IN JANUARY
| French industrial production fell a
seasonally adjusted 1.98 pct in January after revised unchanged
output in December, the National Statistics Institute (INSEE)
said.
The figure, which excludes construction and public works,
put the January index, base 1980, at 99 after 101 in December.
January output was 1.98 pct down on January 1986.
INSEE, which from January changed its base year to 1980
from 1970, originally had December output down 2.2 pct on
November, using the old base year.
INSEE said production in January was affected by rail
strikes and severely cold weather.
It said output of gas and electricity was very high but
activity slowed on construction sites, in quarries and in
certain base industries.
| Corporate News |
GOOD DEMAND FOR COLOMBIANS ON BREMEN MARKET
| The Bremen green coffee market attracted
good buying interest for Colombian coffee last week, while
Brazils were almost neglected, trade sources said.
Buyers were awaiting the opening of Brazil's export
registrations for May shipment, which could affect prices for
similar qualities, they said.
Colombia opened export registrations and good business
developed with both the FNC and private shippers. Prices were
said to have been very attractive, but details were not
immediately available.
Central Americans were sought for spot and afloat.
In the robusta sector nearby material was rather scarce,
with turnover limited, the sources said.
The following offers were in the market at the end of last
week, first or second hand, sellers' ideas for spot, afloat or
prompt shipment in dlrs per 50 kilos fob equivalent, unless
stated (previous week's prices in brackets) -
Brazil unwashed German quals 100 (102), Colombia Excelso
105 (110), Salvador SHG 110 (108), Nicaragua SHG 109 (same),
Guatemala HB 111 (same), Costa Rica SHB 113 (112), Kenya AB FAQ
142 (134), Tanzania AB FAQ 120 (same), Zaire K-5 105 (unq),
Sumatra robusta EK-1 91 CIF (same).
| Corporate News |
U.K. MONEY MARKET GIVEN 97 MLN STG ASSISTANCE
| The Bank of England said it provided the
money market with help of 97 mln stg in the morning session.
This compares with the Bank's revised estimate of a 750 mln
stg shortage in the system today.
The central bank bought bank bills outright comprising 12
mln stg in band one at 9-7/8 pct and 85 mln stg in band two at
9-13/16 pct.
| Corporate News |
IRANIAN TANKER ATTACKED OVER WEEKEND - LLOYDS
| The Iranian steam tanker Avaj, 316,379
tonnes dw, was attacked and hit at 1715 hours on March 21,
Lloyds Shipping Intelligence service reported.
One person was killed. The tanker is owned by the National
Iranian Tanker Co.
| Financial Reports |
NEXT WORLD TRADE NEGOTIATIONS MUST SUCCEED - NZ
| Ministers from more than 20
nations were told by New Zealand that the next international
negotiations on liberalising trade would be the last this
century and the cost of failure could not be measured.
Trade minister Mike Moore told his colleagues at a
welcoming ceremony before two days of talks here that great
progress had been made in preparing for the negotiations which
must not be sidetracked.
"We live in troubled and dangerous times for the world
trading system," he said.
"We have seen that the failure of the world trading system
has caused great depression and conflict in the past. Our
failure to maintain the momentum will be at great cost to us
all," Moore said.
"The cost of failure is beyond calculation. It is our last
hope and best opportunity this century. We will not get another
chance before the year 2000," he added.
The ministers are in New Zealand to review world trade
since the "Uruguay round" talks last September. The talks are
also part of preparations for a full-scale June meeting of the
General Agreement on Tariffs and Trade (GATT) in Venice.
The Uruguay meeting is considered by most countries to have
been particularly successful, with northern hemisphere
countries managing to have service industries such as banking
and insurance included in the next full round.
The southerners' goal of including agricultural and
tropical products also was met.
The meeting at this North Island tourist resort is
described by participants as informal and no declaration is
expected.
Moore said one aim was to "instil a sense of political
urgency to avert potential economic tragedy."
Another was to seek ways of popularising freer trade to
people who felt the pain of readjustment but could not see the
benefits, as well as preventing "bush fires of confrontation
while we proceed with orderly negotiations."
The meeting is being attended by 25 overseas delegations
including representatives of GATT and the Economic Community.
The delegates include U.S. Trade Representative Clayton
Yeutter.
American sources say he is ready to state that the best way
to reverse protectionist sentiment in the United States is to
implement four key Uruguay proposals:
-- an end to agricultural subsidies;
-- inclusion of trade in services and investments in GATT
regulations;
-- tightening of restrictions on pirating of so-called
intellectual property such as trademarks, patents and
copyrights;
-- new rules to resolve trade disputes among GATT's 92
member states.
Earlier, New Zealand sources had said French Foreign Trade
Minister Michel Noir had pulled out of the informal GATT talks
for domestic political reasons.
Cabinet chief Bernard Prauge will lead the French
delegation.
| Financial Reports |
SWISS SIGHT DEPOSITS RISE 743.7 MLN FRANCS
| Sight deposits of commercial banks at
the Swiss National Bank rose 743.7 mln Swiss francs in the
second 10 days of March to 8.40 billion, the National Bank
said.
Foreign exchange reserves fell 392.1 mln francs to 33.55
billion.
Sight deposits are a major indicator of money market
liquidity in Switzerland.
| Commodities and Trade |
PHILIPPINE LONG DISTANCE <PHI> YEAR NET
| Shr primary 95.30 pesos vs 29.71 pesos
Shr diluted 61.11 pesos vs 18.49 pesos
Qtly div 1.25 pesos vs 1.25 pesos
Net 1.9 billion vs 779 mln
Revs 6.1 billion vs 4.7 billion
NOTE: Full name Philippine Long Distance Telephone Co.
Figures quoted in Philippine Pesos.
Dividend payable April 15 to holders or record March 13.
Exchange rate on day of dividend declaration was 20.792 pesos
per dollar.
| Corporate News |
ARMTEK <ARM> TO SELL INDUSTRIAL TIRE UNIT
| Armtek Corp, previously the
Armstrong Rubber Co, said it agreed to sell its industrial tire
and assembly division to a Dyneer Corp <DYR> for an undisclosed
sum.
It said the agreement covers the division's tire production
facility in Clinton, Tenn., and its plants serving original
equipment and replacement markets. Armstrong Tire Co, an Armtek
unit, will continue to sell replacement industrial tires, the
company said.
Final closing is expected in the third fiscal quarter
ending June 30.
| Financial Reports |
CASH CRISIS HITS UGANDAN COFFEE BOARD
| Uganda's state-run Coffee Marketing
Board (CMB) has been suffering a cash crisis for the past two
months due to a bottleneck in export shipments and
administrative delays in handling payments, trade sources said.
The CMB needs between 10 and 15 billion shillings (the
equivalent of seven to 10 mln dlrs) to pay farmers and
processors for coffee already delivered, but its present export
revenue is insufficient to cover such expenditure, they said.
The board's cash crisis has serious implications for the
economy as a whole, since coffee accounts for 95 pct of
Uganda's total exports.
The CMB's financial difficulties first started in January
following delays in rail-freighting export consignments of
coffee to the ports of Mombasa, Dar es Salaam and Tanga.
These delays were caused by a shortage of railway wagons in
Uganda and bottlenecks on the ferries which transport Ugandan
wagons across Lake Victoria to link up with the Kenyan and
Tanzanian railway systems, the sources said
Marketing Minister John Sebaana-Kizito publicly
acknowledged on February 19 that the CMB had run up arrears to
local suppliers as a result of the shortage of transport for
moving exports.
Sebaana-Kizito said at the time that the payments squeeze
would be resolved in two weeks.
However, an accident to the rail ferry which plies between
the Ugandan lake port of Jinja and Kisumu in Kenya put it out
of action between February 21 and March 15, causing fresh
delays in cargo movements.
Coffee exports are especially sensitive to the disruption
of rail transport since president Yoweri Museveni has banned
their haulage by road in a drive to save transport costs.
Transport difficulties meant that by early February the CMB
was holding unsold coffee stocks of around 750,000 bags.
These stocks were equivalent to one quarter of Uganda's
expected three mln 60-kilo bag 1986/87 (October-September)
crop, the sources said.
According to the sources, the board's financial problems
have been aggravated by long delays in processing export
receipts.
The coffee board was taking about eight weeks to recycle
export receipts into payments to local producers, whereas
export bills handled by local banks took half that time to
process, they said.
The sources said the CMB's price structure had been
overtaken by Uganda's high inflation rate, unofficially
estimated at about 200 pct, and that this was a further
disincentive to producers, already owed large arrears.
"The coffee pricing structure is wrong and three months
behind, the foreign exchange rate is unrealistic, and the
sooner the so-called economic package is put in top gear, the
better for the coffee industry and the economy as a whole," one
of the sources said.
The government is currently negotiating a package of
economic reforms with the World Bank and International Monetary
Fund aimed at underpinning a renewed inflow of foreign aid to
help Uganda's economic recovery after 15 years of political
strife.
| Other |
GENERAL PARTNERS IN GENCORP <GY> PROXY FIGHT
| General Partners, the group tendering
for all GenCorp Inc shares at 100 dlrs each, said it has
started soliciting proxies against GenCorp's proposals to
increase its number of authorized shares outstanding, create a
board with staggered election dates and eliminate cumulative
voting.
The proposals are to be voted on at the March 31 annual
meeting.
General Partners, a partnership of privately-held <Wagner
and Brown> and AFG Industries Inc <AFG>, made the disclosure in
a newspaper advertisement.
The partnership has already filed suit in U.S. District
Court in Columbus, Ohio, seeking to block a vote on the
proposals and to invalidate GenCorp's defensive preferred share
purchase rights.
General Partners asked shareholders to either vote against
the proposals or abstain from voting on them.
| Financial Reports |
USAIR <U> CUTS PIEDMONT <PIE> SHARES SOUGHT
| USAir Group Inc said it has amended
its 69 dlr per share tender offer for shares of Piedmont
Aviation Inc to reduce the maximum number it will accept to
9,309,394. Previously it had sought all shares.
In a newspaper advertisement, USAir said the offer and
withdrawal rights have not been extended and will still expire
April 3, along with the new proration period.
On Friday, the U.S. Department of Transportation approved
USAir's acquisition of 51 pct of Piedmont. If USAir were to
acquire more than 51 pct in the tender, it would be required to
sell the excess within one week.
USAir said receipt of the 9,309,394 shares -- which is also
the minimum amount it will accept -- would give it a total of
about 61 pct of Piedmont shares currently outstanding and 50.1
pct on a fully diluted basis.
The company said even if the purchase of the 9,309,394
Piedmont shares caused it to exceed the 51 pct limit, USAir
would waive the condition to the offer that the Transportation
Department approve a voting trust agreement permitting USAir to
buy and hold shares under the offer pending review of USAir's
application to gain control of Piedmont, subject to the order
not being rescinded or modified in an adverse way.
| Other |
NEW RUBBER PACT ADOPTED AT GENEVA CONFERENCE
| Producers and consumers representing
most of world trade in natural rubber adopted a new
International Natural Rubber Agreement (INRA) aimed at
stabilizing world prices over the next five years.
Negotiations for a new INRA, to succeed the present one
which runs out next October, began nearly two years ago.
Agreement on the new five-year pact, which uses a buffer
stock to keep prices stable by selling or buying rubber as
rates rise or fall, was reached at a two-week session here
under the auspices of the United Nations Conference on Trade
and Development (UNCTAD).
| Market and Economy |
STUDY SAYS OIL PRICE FALL SPURS BANKRUPTCIES
| The sharp drop in world oil prices
the past year triggered a 60 pct increase in bankruptcies in
the country's oil states, according to a study released by the
American Petroleum Institute (API).
API said the Dunn and Bradstreet study found that business
failures rose nationally by 6.9 pct in 1986 over 1985, but in
the "oil patch" of the Southwest the increase was 59.9 pct.
It said bankruptcies in Texas were up 57.4 pct, Oklahoma,
55.9 pct, Colorado, 55.8 pct and Louisiana, 46.6 pct.
In Alaska, failures rose by 66.2 per cent, it said.
API also said that three of the states with the highest
number of bank failures last year were large oil and gas
producers - Texas, Oklahoma and Kansas.
| Other |
WORLD DEPENDENCY ON MIDEAST OIL SAID INEVITABLE
| The world's dependency on the Mideast
as the source for its petroleum is growing and nothing is going
to stop it, Donald K. McIvor, an Exxon Corp <XON> Director and
senior vice president told Reuters in an interview.
"Non-OPEC production will begin to decline and the gap
between demand and supply will widen so that the trend to
increasing dependence on OPEC and the Middle East is
inevitable," McIvor said.
Decreased supplies will firm prices for crude oil but are
not likely to change a growing dependence, McIvor said.
McIvor, Exxon's senior vice president responsible for oil
and gas exploration and production said that dependence would
result from the Mideast's large spare capacity at a time when
the rest of the world consumes more oil than it was finding.
"Since 1970 we've been consuming oil at rates of 20-25
billion barrels per year while making new discoveries of only
about 10-15 bilion barrels per year," McIvor said.
"The bulk of the inventory and more than half of the
remaining proved reserves lies in the middle east which is
producing at much less than current capacity," he added.
McIvor said that of the some 30,000 oil fields discovered
so far only 37 "one-one thousandth of the total number contained
about 35 pct of all the oil ever discovered."
McIvor said, in response to a question, that he did not
believe there were any more "super giants", or oil fields with
reserves greater than five billion barrels, to be found which
would change the conclusion of the world's growing dependency.
"Of those 37 super giants only 11 lie outside the Middle
East. Only five of the 37 have been discovered in the past 20
years and only two of these lie outside the middle east
(Cantarell in Mexico and Alaska's North Slope)." McIvor said.
McIvor said that many of the large fields outside the U.S.
like Alaska's Prudhoe Bay and the North Sea were reaching a
peak and would soon begin to decline.
But the Exxon executive said that there were still plenty
of opportunities to be explored and developed outside of the
Middle east, particulartly in Canada, the North Sea, and
Australia and Africa.
McIvor said that decisions to explore and drill in those
areas would be depedent upon both the expectations of a higher
price of oil as well as the legal regime affecting the
companies.
"The ideal regime is a stable one not one where there is a
constant change in policies," McIvor said.
McIvor said he opposed import subsidies or tariffs used to
increase exploration as these only benefit one part of the
economy at the expense of other parts of the economy.
Asked about the options offered this week by U.S. Energy
Secretary Herrington to increase U.S. production McIvor said he
could not comment on subjects like the oil depletion allowance
now but "the thrust of his (Herrington) report is valid. It has
highlighted the growing dependency on the Middle east and the
need to increase U.S. production."
McIvor also said that he expected natural gas to play a
greater role in the future in meeting energy needs.
"Natural gas will have the opportunity to become an
increasingly important part of the worlkd's energy supply,"
McIvor said.
"Crude oil will be used more and more as a transportation
fuel and natural gas will be used more to generate heat, as an
industrial fuel," he added.
| Financial Reports |
S. AFRICAN CONSUMER PRICE INFLATION RISES SLIGHTLY
| South African year-on-year consumer
price inflation rose slightly to 16.3 pct in February after
falling sharply to 16.1 pct in January from 18.1 pct in
December, Central Statistics Office figures show.
The monthly rise in the all items index (base 1980) was
1.09 pct to 251.0 in February after a 1.4 pct increase to 248.3
in January.
A year ago the index stood at 215.8 and year on year
consumer price inflation at 18.05 pct.
| Corporate News |
FINLAND FEBRUARY TRADE SURPLUS AT 641 MLN MARKKA
| Finland had a 641 mln markka trade
surplus in February following an 80 mln markka surplus in
January and a 614 mln surplus in February 1986, Customs Board
preliminary figures showed.
Exports in February were 6.38 billion markka and imports
5.74 billion compared with exports of 6.72 billion and imports
of 6.64 billion in January and exports of 6.92 billion and
imports of 6.31 billion in February last year.
| Corporate News |
WEST GERMAN BARLEY, RAPE AFFECTED BY WINTER KILL
| Winter kill has probably affected West
German winter barley and rapeseed to an above average degree
this season, West German grain trader Alfred C. Toepfer said in
its latest report.
It is too soon to assess the extent of the damage, but it
is likely that northern West German crops are particularly at
risk because of insufficient snow cover, it said.
The soil needs to warm up rapidly and moisture content must
improve to avoid further delays to spring field work, it added.
| Corporate News |
N.Z. PORTS REOPEN, BUT FURTHER DISRUPTION LIKELY
| New Zealand ports reopened at 0730
hrs local time (1930 GMT March 22) after being closed since
March 19 because of a strike over pay claims by watersiders, a
Waterside Federation spokesman said.
But industrial action by other port workers is likely to
cause further disruption, Harbour Workers union secretary Ross
Wilson told Reuters.
Wilson said his members are holding stopwork meetings this
morning to consider further stoppages over their pay claim.
The two disputes are not related.
Harbour Workers around the country went on strike for 24
hours on March 16, but Wilson said any further action will
occur on a port-by-port basis.
| Market and Economy |
<MICROTEL INC> MAKES ACQUISITION
| Microtel Inc said it has
completed the acquisition of <American Teledata Corp> and its
US Dial subsidiary, which provide long distance telephone
service in northeast Florida. Terms were not disclosed.
Microtel's shareholders include Norfolk Southern Corp
<NSC>, M/A-Com Inc <MAI>, Centel Corp <CNT>, Alltel Corp <AT>
and E.F. Hutton Group Inc <EFH>.
| Market and Economy |
JAMESWAY CORP SETS 2-FOR-1 STOCK SPLIT, UPS CASH PAYOUT 33 PCT
|
JAMESWAY CORP SETS 2-FOR-1 STOCK SPLIT, UPS CASH PAYOUT 33 PCT
| Market and Economy |
<AMERICAN VARIETY INTERNATIONAL INC> NINE MTHS
| March 31, 1986 end
Shr loss seven cts vs loss 11 cts
Net loss 76,888 vs profit 106,885
Revs 752,234 vs 922,036
| Commodities and Trade |
AMERICAN VARIETY ACQUISITION PACT TERMINATED
| <American Variety International
Inc> said its agreement to acquire <First National
Entertainment Corp> has been terminated because First National
was not able to fulfill terms of the agreement.
It said due to protracted negotiations with First National,
several American Variety divisions were inoperative in 1986.
American Variety said it is reevaluating its record and
tape library for possible conversion to compact discs.
| Corporate News |
JAMESWAY <JMY> SETS SPLIT, HIGHER CASH PAYOUT
| Jamesway Corp said its board
declared a two for one stock split and increased the quarterly
cash dividend by 33 pct.
The company said the dividend on the pre-split shares was
increased to four cts from three cts.
It said both the split and the dividend are payable May 23
to holders of record April 20, adding the company will have
about 13,860,000 shares outstanding after the split.
| Financial Reports |
HARPER/ROW <HPR> GETS EXPRESSIONS OF INTEREST
| Harper and Row Publishers Inc said its
special committee of independent directors has received
expressions of interest from a considerable number of domestic
and foreign firms with respect to restructuring or acquisition
transactions with the company.
Winthrop Knowlton, chairman of special committee said "no
determination has been made by the full board as to any
transaction."
He said the special committee and Kidder Peabody and Co Inc
intend to engage in discussions with interested parties in an
effort to come to a conclusion in the near future.
Formation of the special committee was announced early last
week when Harper and Row said its board had taken no action on
two pending acquisition proposals.
At that time, directors also indefinately postponed a
planned special shareholders vote on a restructuring proposal
which would have created a Class B common with 10 votes a share
and limited transferability.
The acquisition proposals had come from Theodore L. Cross,
owner of about six pct of the company's stock who offered 34
dlrs a share, and Harcourt Brace Jovanovich Inc <HBJ>, which
offered 50 dlrs a share.
| Financial Reports |
HUMANA INC 2ND QTR SHR 44 CTS VS 54 CTS
|
HUMANA INC 2ND QTR SHR 44 CTS VS 54 CTS
| Financial Reports |
FRUIT/LOOM <FTL> TO SELL UNIT FOR 145 MLN DLRS
| Fruit of the Loom Inc said it agreed to
sell its General Battery Corp subsidiary to Exide Corp for
about 145 mln dlrs in cash.
The proposed sale will complete Fruit of the Loom's
previously announced plan to divest itself of unrelated
businesses.
Proceeds from the proposed transaction are more than the
price projected in the company's recent initial public
offering, it said.
Completion of the transaction is subject to a definitive
agreement, regulatory approvals, financing and certain other
conditions and is expected to close May one, 1987, the company
said.
| Financial Reports |
CITYQUEST MAKES 120 MLN STG BID FOR WICKES
| <Cityquest Plc>, a newly formed company,
is making a recommended 120 mln stg offer for builders
merchants and DIY (do-it-yourself) company <Wickes Plc>, Wickes
said in a statement.
Undertakings to accept what is effectively a management
buyout have been accepted by holders of 88.9 pct of the shares.
The statement said the offer was due to a decision by
Wickes International Corp, a member of the U.S. Wickes
Companies <WIX.A> Inc group, which holds an 80.5 pct stake, to
realise much of its investment.
The offer would enable Wickes to become fully independent
and once the bid succeeded all the Wickes directors would
become members of the Cityquest board.
The offer will be of 345p cash for every Wickes share.
Wickes was last quoted at 345p compared with 275p at Friday's
close.
Wickes shareholders will also have the option of taking one
Cityquest share or 205p in loan notes for every 205p of the
cash consideration.
Henry Sweetbaum is chairman and chief executive of both
Cityquest and Wickes, and it was intended that Cityquest's name
would be changed to Wickes in due course.
Wickes came to the U.K. Unlisted Securities Market in
January, 1986 with a capitalisation of about 96 mln stg.
Cityquest has a fully paid share capital of one mln stg. S
G Warburg Securities has organised commitments from a group of
investors to subscribe for 65 mln stg in shares and 28.2 mln
stg in subordinated convertible loan stock. Lead investor is
Investors in Industry Plc
Cityquest also has loan facilities of 30 mln stg.
| Financial Reports |
HUMANA INC <HUM> 2ND QTR FEB 28 NET
| Shr 44 cts vs 54 cts
Net 42.9 mln vs 53.7 mln
Revs 983.3 mln vs 858.8 mln
Six mths
Shr 85 cts vs 1.11 dlrs
Net 83.1 mln vs 109.8 mln
Revs 1.91 billion vs 1.66 billion
| Financial Reports |
WINCHELL'S DONUT <WDH> SETS INITIAL QUARTERLY
| Winchell's Donut Houses LP
said it has declared an initial quarterly dividend of 45 cts
per unit on Class A and Class B limited partnership units,
payable May 29 to holders of record March 31.
| Financial Reports |
TRITON GROUP LTD <TRRO> 4TH QTR JAN 31 NET
| Oper shr profit nil vs loss nil
Oper net profit 671,000 vs loss 138,000
Sales 104.3 mln vs 70.8 mln
Avg shrs 101.2 mln vs 66.8 mln
Year
Oper shr profit six cts vs profit five cts
Oper net profit 6,309,000 vs profit
5,144,000
Sales 349.8 mln vs 303.4 mln
Avg shrs 85.0 mln vs 76.3 mln
NOTE: Net excludes discontinued operations nil vs gain
196,000 dlrs in quarter and loss 293,000 dlrs vs gain 407,000
dlrs in year.
Net excludes tax loss carryforward 1,423,000 dlrs vs
reversal of tax credit 625,000 dlrs in quarter and credits
5,437,000 dlrs vs 7,261,000 dlrs in year.
Results include U.S. Press Inc from November Three
acquisition.
| Financial Reports |
NIGERIA CHANGES AUCTION RULES TO DEFEND NAIRA
| Nigeria's Central Bank has changed the
rules governing its foreign exchange auctions in what analysts
see as a means of defending the naira currency, which has
depreciated steadily.
The bank said in a statement that from April 2, banks
bidding for foreign exchange would have to pay at the rate they
offered and not, as presently, at the rate of the lowest
successful bid made at the auction.
This should discourage banks from bidding high to ensure
that they were successful while paying the lower "marginal" rate,
analysts said.
The Central Bank also announced the auctions would be
fortnightly, not weekly, beginning on April 2.
| Financial Reports |
AAR CORP <AIR> 3RD QTR FEB 28 NET
| Shr 37 cts vs 32 cts
Net 3,892,000 vs 2,906,000
Sales 71.8 mln vs 64.5 mln
Nine mths
Shr 1.08 dlrs vs 91 cts
Net 10,946,000 vs 8,206,000
Sales 214.1 mln vs 179.4 mln
Avg Shrs 10.5 mln vs 9.1 mln
| Market and Economy |
GATT MEETING HEARS PLEA FOR AFRICAN DEBT RELIEF
| Debt among African
countries will continue to grow and their economies will remain
stifled unless developed countries lower their interest rates,
Nigerian Trade Minister Samaila Mamman said today.
He told an informal meeting of the General Agreement on
Tariffs and Trade the widening gap between industrialized and
developing countries and an unfair international economic
system were major obstacles to growth in developing countries.
"I wish to emphasize that the growth in the volume of the
external indebtedness of African countries reflects the full
effect of the deflationary monetary and trade policies of the
developed market economy countries," Mamman said.
Delegates from 23 countries are attending the talks of the
world trade body in the New Zealand resort of Taupo.
| Financial Reports |
JAPAN SAYS IT TRYING TO EXPAND DOMESTIC DEMAND
| Japan has assured a meeting
of trade ministers it is making every effort to expand domestic
demand and restructure its economy.
Japanese trade representative Tsomu Hata told an informal
General Agreement on Tariffs and Trade (GATT) meeting that, in
addition to demand boosting measures adopted last September, a
comprehensive economic program will be prepared after the
1987/88 budget is approved.
Hata, speaking at the first session of the two-day meeting,
said agriculture is no exception to the goal of restructuring
the economy, but did not elaborate.
Hata said protectionist pressures in the international
economy are as strong as ever, reflecting financial deficits,
payment imbalances and serious unemployment in many countries.
| Financial Reports |
SUPERMARKETS GENERAL CORP 4TH QTR 50 CTS VS 52 CTS
|
SUPERMARKETS GENERAL CORP 4TH QTR 50 CTS VS 52 CTS
| Corporate News |
WEST GERMAN SHIP SINKS OFF WEST AFRICA
| The West German-registered motor
vessel Stefan E. Sank off the West African coast early today
and one of its eight crew members was killed, a Spanish navy
spokesman said.
He said the captain of the Singapore-registered tanker Nord
Pacific reported in a radio message that he had picked up the
remaining seven crewmen of the 2,223 tonnes dw Stefan E.,
Together with the body of the dead man.
| Market and Economy |
U.K. MONEY MARKET GIVEN FURTHER 485 MLN STG HELP
| The Bank of England said it had given
the money market a further 485 mln stg assistance in the
afternoon session. This takes the Bank's total help so far
today to 582 mln stg and compares with its forecast of a 750
mln stg shortage in the system today.
The central bank bought bank bills outright comprising 345
mln stg in band one at 9-7/8 pct and 75 mln stg in band two at
9-3/16 pct. It also purchased 65 mln stg of treasury bills in
band one at 9-7/8 pct.
| Corporate News |
JAPAN IN LAST DITCH EFFORT TO SAVE CHIP PACT
| Japan has launched a last-ditch effort to
salvage its computer micro-chip pact with the United States -
sending a letter to top American policy makers setting out its
case and instructing its producers to cut output further.
"We must make our utmost effort to ward off any catastrophe,"
Ministry of International Trade and Industry (MITI) Deputy
Director General Masaji Yamamoto told reporters.
"If hasty action is taken in the United States, it will
create very serious problems."
The Reagan Administration's Economic Policy is expected to
meet Thursday to review Japanese compliance with the bilateral
agreement hammered out last year. Under the pact, Tokyo agreed
to stop selling cut-price chips in world markets and to
increase its imports of American semiconductors.
Washington has accused Japan of reneging on the deal by
selling low priced chips in Asia and by failing to boost
American imports, and has threatened to take retaliatory
action.
In an effort to save the agreement, MITI is asking Japanese
chip makers to limit production in the hope that will boost
domestic demand and reduce the incentive to export.
Yamamoto said that Japan will slash output of 256 kilobit
dynamic random access and erasable programmable read only
memory chips by 11 pct in the second quarter. This follows a
cutback of more than 20 pct in the first three months of the
year.
He said the cutbacks were already drying up the supply of
chips available for export through unregulated distributors in
the so-called grey market.
"We have almost no grey market," he said. "Supply is
diminishing."
To help ensure that the cutbacks are implemented, MITI
called in the president of Japan's largest semiconductor maker,
NEC Corp <NIPN.T> last week, he said. It is also issuing
specific instructions on production to the Japanese subsidiary
of <Texas Instruments Inc>.
Trade and Industry Minister Hajime Tamura spelled out the
steps Japan was taking to salvage the pact and appealed for
U.S. Understanding in a letter to top American policy makers.
The letter was sent today to U.S. Secretary of State George
Schultz, Treasury Secretary James Baker, Commerce Secretary
Malcolm Baldrige and U.S. Trade Representative Clayton Yeutter.
The four, who make up the Economic Policy Council, are
expected to consider evidence presented by U.S. Chip maker
Micron Technology Inc <DRAM.O> of cut-price Japanese sales in
Hong Kong.
Yamamoto admitted that <Oki Electric Industry Co>'s Hong
Kong subsidiary had sold chips at an inappropriate level but
denied that it was dumping chips at rock-bottom prices.
"If the United States uses this as proof of dumping...We
will present our rebuttal," he said.
The sales though were inappropriate in the light of MITI's
advice to semiconductor makers to sell chips at well above
production costs to avoid any hint of dumping, he said.
He also called the case "strange," but he stopped short of
endorsing Japanese newspaper accusations that Oki had been
trapped into making the sales. He did say though that Micron
publicized the invoice documenting the sales on the same day
they were made and that Oki was unable to locate the person who
had bought the chips when it tried to buy them back last week.
| Industrial and Sector News |
AMERICAN MOTORS CORP GETS QUALIFIED AUDIT ON 1986 FINANCIAL STATEMENTS
|
AMERICAN MOTORS CORP GETS QUALIFIED AUDIT ON 1986 FINANCIAL STATEMENTS
| Financial Reports |
<ST . CLAIR PAINT AND WALLPAPER CORP> YEAR NET
| Shr 66 cts vs 55 cts
Net 2,422,000 vs 1,906,000
Revs 59.3 mln vs 47.4 mln
| Corporate News |
ALCO STANDARD <ASN> COMPLETES ACQUISITION
| Delta Business Systems Inc said
it has completed a previously-announced merger into Alco
Standard Corp.
Delta said it expects sales of about 30 mln dlrs for the
year ending in April.
| Corporate News |
RAINS PROMISE BOUNTIFUL CROPS IN ETHIOPIA
| Rain over wide areas has raised the
prospect of good food crops throughout Ethiopia, which suffered
a disastrous drought and famine two years ago.
Aweke Aynalem, head of the government's Agriculture
Development Department, told reporters prospects were good for
attaining the target of 250,000 tonnes of grain in the present
growing season, one of two each year in Ethiopia.
Normal crop production in Ethiopia is about 648,000 tonnes
a year, of which 250,000 tonnes are produced from the "belg"
(small) rains which fall at this time of year.
The belg rains are used to plant quick-maturing crops like
maize and barley. Any shortfall during this period affects
production in the main rainy season, because farmers eat their
stocks of seed.
Aweke said peasants in Wello, Tigre and Hararghe -- regions
which suffered severely from drought -- were now able to sow
their crops because of the favourable rains.
The government had distributed large quantities of seed and
fertiliser, and the rains should ensure a good crop.
| Corporate News |
AMERICAN MOTORS <AMO> STATEMENT QUALIFIED
| American Motors Corp said its auditors
qualified the company's 1986 financial report.
The report was qualified due to uncertainties surrounding
the previously announced arbitration award against American
Motors' former subsidiary, AM General Corp. The award is being
contested.
The report was filed today with the Securities and Exchange
Commission along with a copy of Chrysler Corp's <C> proposal to
take over American Motors.
American Motors said earlier than an arbitration award,
made to Emerson Electric Co <EMR> in February, amounted to 60
mln dlrs plus legal expenses. American Motors has challenged
the award.
The automaker sold the AM General unit to LTV Corp <QLTV>
in 1983, the same year it was awarded a five-year, 1.2 billion
dlr procurement contract with the military. LTV and AM General
last year sought protection under Chapter 11.
The arbitration proceeding was called after Emerson
Electric charged AM General violated an agreement covering the
development of certain components in the contract.
The components were for the military's "High Mobility
Multi-Purpose Wheeled Vehicle" (HMMWV), American Motors said.
In selling AM General to LTV, American Motors agreed to
indemnify LTV against losses incurred by LTV resulting from the
Emerson Electric claims.
AMC also said the award has not been confirmed by a court,
and faces additional legal challenges. It said that, because of
the LTV and Am General reorganizations, the final amount of a
confirmed award and the amount of any loss to LTV is uncertain.
| Corporate News |
ANACOMP <AAC> GETS FUNDS TO BUY DATAGRAPHIX
| Anacomp Inc said it
finalized the financing of its 128 mln dlrs purchase of
DatagraphiX Inc from General Dynamics Corp <GD>.
The financing, arranged by Drexel Burnham Lambert, consists
of 90 mln dlrs of bank financing, the private placement of 71
mln dlrs of senior subordinated notes and 25 mln dlrs of
convertible preferred stock, it said.
DatagraphiX, a manufacturer of microgrpahics equipment has
been merged into Anacomp and will be operated as a separate
division, Anacomp said. The division is expected to improve
results for Anacomp this year.
| Commodities and Trade |
SUPERMARKETS GENERAL CORP <SGL> 4TH QTR JAN 31
| Oper shr 50 cts vs 52 cts
Oper net 19.2 mln vs 18.8 mln
Sales 1.43 billion vs 1.30 billion
Avg shrs 38.6 mln vs 36.0 mln
Year
Oper shr 1.65 dlrs vs 1.73 dlrs
Oper net 62.7 mln vs 61.8 mln
Sales 5.51 billion vs 4.96 billion
Avg shrs 38.1 mln vs 35.8 mln
NOTES: Sales are from continuing operations
Operating net excludes results from discontinued operations
of nil vs profit 2,815,000 dlrs, or eight cts a share, in
quarter and loss 308,000 dlrs, or one cent a share, vs profit
1,880,000 dlrs, or five cts a share, in year
Latest year operating net also excludes loss of 1,536,000
dlrs, or four cts a share, on disposal of discontinued
department store segment
Share data adjusted to reflect two-for-one stock split paid
to holders of record August 1, 1986
Operating net includes pre-tax LIFO credit 700,000 dlrs vs
credit 2.0 mln dlrs in quarter and charge 2.8 mln dlrs vs
charge 4.9 mln dlrs in year
| Commodities and Trade |
ENERGY FACTORS <EFAC> TO BUY ALLIED <ALD> UNITS
| Energy Factors Inc said it has signed
an agreement to acquire GWF Power Systems Co and Combustion
Power Co Inc from Allied-Signal Inc for undisclosed terms.
The two Allied units operate and are developing
cogeneration projects and small petroleum-coke fueled power
plants.
| Other |
RYLAND GROUP INC <RYL> SETS QUARTERLY
| Qtly div 10 cts vs 10 cts prior
Pay April 30
Record April 15
| Commodities and Trade |
H.B. FULLER CO <FULL> 1ST QTR FEB 28 NET
| Shr 38 cts vs 30 cts
Net 3,649,000 vs 2,789,000
Sales 137.4 mln vs 119.2 mln
| Commodities and Trade |
MARKET LOAN COULD BE PINNED TO U.S. TRADE BILL
| Sen. David Pryor, D-Ark., said
he was considering amending the Senate Finance Committee's
trade bill with a provision to require a marketing loan for
soybeans, corn and wheat.
Pryor told the Futures Industry Association that there was
great reluctance among members of the Senate Agriculture
Committee to reopen the 1985 farm bill, and that a marketing
loan might have a better chance in the Finance panel.
The Arkansas senator said the marketing loan -- which in
effect allows producers to pay back their crop loans at the
world price -- had led to a 300 pct increase in U.S. cotton
exports in 14 months and a 72 pct increase in rice exports.
Pryor serves on both the Senate Finance and Agriculture
Committees.
| Commodities and Trade |
COOPER DEVELOPMENT CO <BUGS> 1ST QTR JAN 31 NET
| Shr profit seven cts vs loss 16 cts
Net profit 2,144,000 vs loss 4,110,000
Sales 121.3 mln vs 20.3 mln
Avg shrs 29.4 mln vs 25.3 mln
NOTE: Current year net includes pretax gain on sale of
product line of 11.4 mln dlrs and charge 4,711,000 dlrs posttax
on expensing of a portion of unamorized debt issuance costs of
unit.
Current year results include Technicon Corp, acquired in
August 1986.
| Financial Reports |
CITIZENS GROWTH <CITGS> OMITS QUARTERLY DIVIDEND
| Citizens Growth Properties said
it ommitted its regular quartelry dividend as a result of
decreased earnings, principally attributable to the default by
a borrower of the trust's laargest mortgage loan.
The trust last paid 12 cts on January 28.
The trust said it also reaffirmed a limited share
repurchase program subject to available cash flow in light of
the defaulted mortgage.
| Financial Reports |
PATRICK PETROLUEM HAS DEFINITIVE ACCORD TO BUY BAYOU RESOURCES
|
PATRICK PETROLUEM HAS DEFINITIVE ACCORD TO BUY BAYOU RESOURCES
| Corporate News |
PETROLITE CORP <PLIT> SETS PAYOUT
| Qtly dividend 28 cts vs 28 cts
Pay April 24
Record April 10
| Financial Reports |
DYNAMIC HOMES INC <DYHM> 4TH QTR NET
| Shr profit 0.2 cts vs loss 2.2 cts
Net profit 2,900 vs loss 43,500
Sales 1,660,000 vs 950,000
Year
Shr loss 30 cts vs loss 37 cts
Net loss 578,900 vs 713,300
Sales 5,112,100 vs 3,659,600
| Financial Reports |
SAFEGUARD SCIENTIFIC <SFE> UNIT BUYS SUBSIDIARY
| Safeguard Scientific Inc
said its subsidiary, Coherent Communications Systems Corp,
purchased a telecommunications equipment business for an
undisclosed amount of cash, notes and Coherent common stock.
Safeguard said it bought the business unit from Comsat
TeleSystems Inc, a subsidiary of Communications Satellite Corp
<CQ>.
| Corporate News |
PATRICK PETROLEUM <PPC> TO BUY BAYOU
| Patrick Petroleum Co said it
signed a definitive agreement to buy Bayou Resources Inc.
As previously announced, the transaction is valued at about
8.8 mln dlrs, including 2.8 mln dlrs in debt.
Under the agreement, Patrick will pay six dlrs per share
for each Bayou share, with additional value being given for
Bayou's preferred and options. Bayou has 827,000 shares out.
Depending upon the results of the re-evaluation of a
significant Bayou well as of Jan. 1, 1988, Bayou stockholders
may receive up to an additional two mln dlrs in stock and cash,
which has not been included in the 8.8 mln dlrs.
| Other |
WESTWORLD COMMUNITY HEALTH <WCHI> 4TH QTR LOSS
| Shr loss 15.23 dlrs vs profit 12 cts
Net loss 124,634,000 vs profit 882,000
Revs 38.4 mln vs 41.0 mln
Year
Shr loss 15.46 dlrs vs profit 48 cts
Net loss 126,434,000 vs profit 3,555,000
Revs 187.0 mln vs 133.2 mln
Avg shrs 8,177,000 vs 7,450,000
Note: Current year results include charges related to
closing or divestitures of facilities and other assets.
Full name Westworld Community Healthcare Inc.
| Commodities and Trade |
NYMEX TO SUBMIT PROPANE PROPOSAL TO CFTC
| The New York Mercantile Exchange expects
to submit a propane futures contract for federal regulatory
approval within a few days, according to an exchange
spokeswoman.
As previously announced, the Board of Governors of the
exchange approved the contract last month. The exchange will
now submit the contract to the Commodity Futures Trading
Commission, according to the spokeswoman.
Contract specifications will resemble those of heating oil
and gasoline futures. The contract size will be 1,000 barrels,
or 42,000 U.S. gallons.
The minimum price fluctuation for the propane futures
contract will be 0.01 cent per gallon, or 4.20 dlrs a barrel,
according to the exchange.
The maximum daily price limit will be two cts a gallon on
all contracts except spot. Trading will terminate on the last
business day of the month preceding the delivery month.
The exchange said delivery will be F.O.B from the seller's
pipeline, storage, or fractionation facility in Mont Belvieu,
Texas, which has a direct pipeline access to the Texas Eastern
Transmission Pipeline (TET) in Mont Beliview.
Delivery method will be by in-line or in-well transfer,
inter-facility transfer or pumpover, or book transfer and
cannot be done earlier than the tenth calendar day of the
delivery month, according to the exchange. Deliveries must be
completed no later than two business days prior to the end of
the delivery month.
Buyers taking delivery of the propane must pay the seller
by certified check and the deadline for payment is 1200 EST
(noon) of the second business day following receipt of the
propane.
| Financial Reports |
KINGS ROAD ENTERTAINMENT INC <KREN> 3RD QTR NET
| Shr loss seven cts vs loss 64 cts
Net loss 367,000 vs 3,009,000
Revs 2,516,000 vs 8,787,000
Avg shrs 4,941,000 vs 4,714,000
Nine mths
Shr loss 73 cts vs loss 1.17 dlrs
Net loss 3,545,000 vs loss 4,573,000
Revs 6,788,000 vs 13.3 mln
Avg shrs 4,856,000 vs 3,908,000
NOTE: Prior year net includes tax credits of 63,000 dlrs in
quarter and 1,395,000 dlrs in nine mths.
| Financial Reports |
PAYCHEX INC <PAYX> 3RD QTR FEB 28 NET
| Shr 13 cts vs 10 cts
Net 1,109,000 vs 875,000
Revs 16.6 mln vs 13.2 mln
Nine mths
Shr 44 cts vs 33 cts
Net 3,770,000 vs 2,851,000
Revs 46.9 mln vs 36.9 mln
NOTE: Share adjusted for three-for-two stock split in June
1986.
| Financial Reports |
IC INDS <ICX> TO SELL CERTAIN ASSETS TO MLX
| IC Industries Inc said its Abex Corp
subsidiary agreed to sell its sintered friction materials
business in Italy to Troy, Michigan-based MLX Corp, for
undisclosed terms. Completion of the proposed transaction is
subject to approval by the Italian government, it said.
| Commodities and Trade |
RELIABLE LIFE INSURANCE CO <RLIFA> YEAR NET
| Shr 4.87 dlrs vs 2.21 dlrs
Net 14.6 mln vs 6,639,540
NOTE: 1986 net includes gain 2,578,887 dlrs from chjange in
accounting for pension plans and investment gaions of over
three mln dlrs.
| Financial Reports |
RAVEN INDUSTRIES INC <RAV> 4TH QTR JAN 31 NET
| Shr profit six cts vs loss nine cts
Net profit 101,000 vs loss 142,000
Sales 12.6 mln vs 8,736,000
Year
Shr profit 1.34 dlrs vs profit 1.02 dlrs
Net profit 2,122,000 vs profit 1,611,000
Sales 52.3 mln vs 41.9 mln
| Market and Economy |
HEMODYNAMICS INC <HMDY> YEAR LOSS
| Shr loss 24 cts vs loss 41 cts
Net loss 148,070 vs loss 251,225
Sales 1,298,257 vs 319,588
| Financial Reports |
DELOITTE HASKINS SELLS GETS STAKE IN COMPANY
| <Deloitte Haskins and Sells>, an
accounting and consulting firm, said it bought a stake in
<Holland Systems Corp>, a software and services company.
The company also said it set up a venture with Holland
Systems to develop and market an integrated line of information
management products and services.
It said products from the venture are expected to be
introduced within the next year.
| Financial Reports |
FED EXPECTED TO SET CUSTOMER REPURCHASES
| The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves indirectly via 1.5 to 2.5 billion dlrs of customer
repurchase agreements, economists said.
They said that while the Fed has only a moderate add need
over the next few days, it will probably intervene in an
attempt to counteract an elevated federal funds rate.
Fed funds, which averaged 6.09 pct on Friday, opened at
6-3/16 pct and remained at that level in early trading.
| Financial Reports |
LIBERTY ALL-STAR EQUITY FUND INITIAL DIV
| Qtly div five cts vs N.A.
Payable April two
Record March 20
NOTE:1986 dividend includes special two cts per share for
the period beginning with the fund's commencement of operations
on Novebmer three through December 31, 1986.
| Commodities and Trade |
australian annual broad money supply growth 10.3 pct in January
|
australian annual broad money supply growth 10.3 pct in January
| Commodities and Trade |
MOTO PHOTO INC <MOTO> 4TH QTR NET
| Oper shr profit one ct vs loss six cts
Oper net profit 148,628 vs loss 249,192
Revs 3,772,639 vs 1,101,633
Avg shrs 5,235,233 vs 4,371,795
Year
Oper shr loss 10 cts vs loss 19 cts
Oper net profit 5,760 vs loss 788,042
Revs 9,899,038 vs 3,819,678
Avg shrs 4,837,361 vs 4,163,006
NOTE: Share after poreferred dividends.
Current year net both periods excludes 15,000 dlr tax loss
carryforward.
| Commodities and Trade |
U.S. TREASURY'S BAKER SAYS CURRENCIES WITHIN RANGES THAT BETTER REFLECT FUNDAMENTALS
|
U.S. TREASURY'S BAKER SAYS CURRENCIES WITHIN RANGES THAT BETTER REFLECT FUNDAMENTALS
| Financial Reports |
GREECE SEEKING EC SUGAR NEXT MONTH AT TENDER
| Greece will hold a buying tender on
April 8, for reply by April 10, for 40,000 tonnes of white
sugar from EC member countries, for delivery in four equal
tranches in May, June, July and August, traders said.
| Financial Reports |
ZINC PRODUCERS APPROACH EC ON VOLUNTARY CLOSURES
| A number of individual zinc producing
companies have approached the European Commission to sound out
its reaction to a possible industry plan for a voluntary
reduction of smelting capacity, Commission sources said.
The companies have been told that the Commission could not
judge whether a plan would be acceptable under European
Community, EC, competition rules until it had full details,
they said.
In 1983, the industry drew up a plan envisaging the loss of
about 130,000 tonnes of annual capacity, or about 10 pct of the
total.
However, the industry did not proceed with this plan as
zinc market conditions improved in 1984, the sources noted.
They said the companies which approached the Commission
recently -- and which they did not name -- appeared to envisage
a loss of productive capacity similar to that proposed in 1983.
| Commodities and Trade |
CURRENCIES BETTER REFLECT FUNDAMENTALS - BAKER
| Treasury Secertary James Baker said
currencies were now within ranges that better reflected
economic fundamentals.
In a speech to the annual meeting of the Inter-American
Development Bank, he said, "Excchange have moved into ranges
that better reflect economic fundamentals."
He noted that in particular that dollar has fallen from its
high point in early 1985 helping to moderate protectionist
pressures in the U.S.
| Financial Reports |
TONKA <TKA> SEES LOWER FISCAL FIRST QUARTER NET
| Tonka Corp said it expects
results for its fiscal first quarter to end April four, to
decline from the record earnings of 3.8 mln dlrs or 57 cts a
share and revenues of 53.2 mln dlrs.
The toy manufacturer attributed its anticipated lower
financial results to an an expected moderate decline in
shipments of its Pound Puppies product line.
Tonka also said it expects revenues and earnings to remain
lower through the 1987 first half compared with 1986 record
results of 125.4 mln dlrs in revenues and 10.3 mln dlrs in net
earnings or 1.47 dlrs a share.
The company said its level of shipments is good despite a
conservative buying pattern on the part of retailers industry
wide. Tonka's first quarter shipments will be down somewhat
from 1986 record levels and gross profit margins will be down
slightly from a year ago, it said.
Second half sales are expected to be stronger based on a
return to a more traditional seasonal shipping pattern in which
retailers order and stock conservatively early in the year and
time large shipments for the second half, it said.
Tonka said that while the pace of order writing is trailing
last year's, bookings are "very good" for orders on several of
its new product introductions for 1987.
| Commodities and Trade |
CHILD WORLD INC <CWLD> 4TH QTR JAN 31 NET
| Shr 1.34 dlrs vs 1.09 dlrs
Net 15.4 mln vs 12.6 mln
Sales 323.6 mln vs 240.2 mln
Avg shrs 11.5 mln vs 11.5 mln
Year
Shr 95 cts vs 91 cts
Net 10.9 mln vs 9,368,000
Sales 628.8 mln vs 513.1 mln
Avg shrs 11.5 mln vs 10.3 mln
NOTE: Latest year net cut on mln dlrs by investment tax
credit loss.
| Corporate News |
BAYERNVEREIN EXPECTS UNCHANGED DIVIDEND FOR 1987
| Bayerische Vereinsbank AG <BVMG.F>
expects to pay an unchanged dividend of 13 marks on 1987
earnings but profits will only barely reach last year's record
levels, management board spokesman Maximilian Hackl said.
He told the annual news conference that possible credit
risks, especially those associated with foreign nations, had
largely been covered. Risk provisions in 1987 were therefore
unlikely to reach the same high level as in 1986.
Group bank net profit rose to 275.52 mln marks in 1986 from
222.73 mln the previous year and parent bank net profit
increased to 187.63 mln marks from 161.58 mln.
Hackl said that interest margins in the banking business
had declined to 2.71 pct last year from 2.78 pct the previous
year. But in the mortgage sector, the margins had increased
slightly and stood around 0.7 pct.
Parent bank commission surplus in the securities business
had risen almost 15 pct to 358 mln marks in 1986.
Expenses for personnel had increased 7.5 pct to 782 mln
marks and others costs had increased 9.4 pct to 272 mln marks.
The parent bank's 1986 partial operating profit, which
excludes earnings from trading on its own account, had climbed
two pct to 671 mln marks.
The parent bank's balance sheet total rose 5.3 pct to 81.5
billion marks at end-1986 compared with end-1985, Hackl said.
It was boosted by a three billion mark rise in mortgage
business and a 1.1 billion mark increase in banking business.
The mortgage sector's share in total parent bank business
volume rose to 46 pct from 45.
Hackl said that in January and February this year, the
bank's credit business had not livened up. But despite the
sharp downturn on German bourses, profits from trading on own
account had increased in the first two 1987 months compared
with the same year-ago period. He gave no detailed figures.
| Market and Economy |
DYNAMIC HOMES INC <DYHM> 4TH QTR NET
| Shr nil vs loss two cts
Net profit 2,900 vs loss 43,500
Revs 1,660,300 vs 950,000
12 mths
Shr loss 30 cts vs loss 37 cts
Net loss 578,900 vs loss 713,300
Revs 5,112,100 vs 3,659,600
| Financial Reports |
<CANADA LEASE FINANCING LTD> 3RD QTR DEC 31 NET
| Shr 30 cts vs 12 cts
Net 727,000 vs 266,000
Revs 27.8 mln vs 21.1 mln
Nine mths
Shr 59 cts vs 48 cts
Net 1,355,000 vs 1,098,000
Revs 69.4 mln vs 59.1 mln
| Corporate News |
ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE
| Graan Elevator Mij (GEM) said its
balance in port of grains, oilseeds and derivatives rose to
70,000 tonnes on March 21 compared with 10,000 a week earlier
after arrivals of 192,000 tonnes and discharges of 132,000
tonnes last week.
The balance comprised 25,000 tonnes of grains plus oilseeds
and 45,000 tonnes of derivatives.
This week's estimated arrivals total 487,000 tonnes, of
which 107,000 are grains/oilseeds and 380,000 derivatives.
The figures cover around 95 pct of Rotterdam traffic in the
products concerned.
| Financial Reports |
PUBLIC SERVICE N.C. <PSNC> RAISES PAYOUT
| Public Service Co of North
Carolina Inc said its board raised the quarterly dividend to 23
cts per share from 22-1/2 cts previously, as adjusted for a
two-for-one stock split that takes effect April 27.
The dividend is payable July One to holders of record June
16.
The company also said it plans to file soon for an offering
of up to one mln new shares, which would give it a total of
about 8,850,000 post-split shares.
| Financial Reports |
WICKES <WIX> PLANS REVERSE SPLIT, CALLS DEBT
| Wickes Cos Inc said its
board authorized a one-for-five reverse stock split and plans
to call the company's its 12 pct senior subordianted debentures
due 1994.
The company said it will seek shareholder approval of the
reverse stock split at the annual shareholders meeting
scheduled for June 18.
At January 31 Wickes had 239 mln shares outstanding, the
company also said.
Wickes also said it will call the debentures on Dec 1,
1987, assuming market conditions remain essentially the same.
| Other |
ICCO PUTS 1986/87 WORLD COCOA SURPLUS 94,000 TONNES VS 118,000 IN 1985/86 - DELEGATES
|
ICCO PUTS 1986/87 WORLD COCOA SURPLUS 94,000 TONNES VS 118,000 IN 1985/86 - DELEGATES
| Financial Reports |
INVESTOR ACQUIRES 9.9 PCT OF MUNFORD <MFD>
| A joint venture controlled by Dallas
investor Bradbury Dyer said it had acquired 377,000 shares, or
9.9 pct, of the common stock of Munford Inc.
In a filing with the Securities and Exchange Commission,
the concern, which comprises Paragon Associates and Paragon
Associates II, said it bought the stake for 7,659,000 dlrs and
may buy more shares.
Paragon said it bought the shares for investment purposes.
| Financial Reports |
YEUTTER BLASTS PROPOSED EC OILS AND FATS TAX
| U.S. trade representative Clayton
Yeutter today said that if the European Community's Council of
Ministers approves a tax on vegetable oils and fats, another
major transatlantic trade row will erupt over agriculture.
In a statement issued by the trade representative's office
following a speech to the American Soybean Association's board
of directors, Yeutter said the proposed tax would have a severe
impact on American soybean farmers, who export some 2.4 billion
dlrs in soybeans and products annually to the EC.
"This is an unacceptable situation for us and its
(vegetable oils tax) enactment would leave us no choice but to
vigorously protect our trade rights and defend our access to
the European market," Yeutter said.
Yeutter said the proposed vegetable oils tax would violate
EC obligations under the GATT.
He said the effect of the tax would be to double the price
of soyoil produced from imported soybeans, making margarine
made from soyoil more expensive than tallow-based margarine,
and closer in price to expensive European butter.
"I am astonished that the EC commission would propose such
a provocative measure so soon after we successfully resolved
the agricultural dispute over the enlargement of the EC to
include Spain and Portugal," Yeutter said.
"It serves no purpose to embark on another confrontational
course before the recent wounds have healed and as we are
beginning to make progress on the Uruaguay round (of global
trade talks)," he said.
| Financial Reports |
BP <BP> UNIT TO BUILD GOLD EXTRACTION PLANT
| Amselco Minerals Inc, a unit of British
Petroleum Co PLC, said it approved construction of a new plant
with Nerco Minerals Co to process carbon ore to recover
microscopic gold reserves.
The plant, to be located at the Alligator Ridge Mine near
Ely, Nev., will process 1,000 tons a day of carbon-bearing ore
to recover 70,000 ounces of gold over three years, it said.
The plant will use a chemical process called leaching to
extract the residual gold, which could not otherwise be
economically recovered. Operation of the plant, to be jointly
owned by Amselco and Nerco, is set to start in October.
The Alligator Ridge Mine is jointly owned by Amselco and
Nerco, a unit of Nerco Inc <NER>, which is 90.5 pct owned by
Pacificorp <PPW>, a Portland, Ore., holding company.
The mine has produced about 60,000 ounces of gold a year
since 1981 using another leaching process, a BP spokesman said.
The open pit oxide ore reserves of Alligator Ridge will be
exhausted by August 1987, as expected, when the work force will
be reduced to about 72 from 127, the company said.
The employees remaining after that will operate the new
plant, it said.
| Other |
MOTO PHOTO <MOTO> SEES BETTER 1ST QUARTER 1987
| Moto Photo Inc president, Michael
Adler, said he expects the company's first quarter earnings for
fiscal 1987 to be better than the same quarter a year ago.
Adler said, however, that the quarter would still be a
loss, primarily because it is the low season for the imaging
business.
Photo Moto recored a net loss for the first quarter 1986
ending March 31 of 328,889 dlrs.
| Financial Reports |
CANADA SOUTHERN PETROLEUM LTD<CSW> 2ND QTR LOSS
| Qtr ends Dec 31
Shr loss one ct vs profit two cts
Net loss 52,922 vs profit 220,041
Revs 481,832 vs 824,554
Six mths
Shr loss one ct vs profit four cts
Net loss 104,129 vs profit 345,515
Revs 934,685 vs 1,465,153
| Corporate News |
RECOTON CORP <RCOT> 4TH QTR LOSS
| Shr loss 14 cts vs profit 26 cts
Net loss 384,000 vs profit 714,000
Revs 8,367,000 vs 9,909,000
Year
Shr profit 19 cts vs profit 57 cts
Net profit 518,000 vs profit 1,547,000
Revs 28.7 mln vs 26.7 mln
NOTE: Includes income tax credits of 302,000 dlrs and 1.3
mln dlrs in 1986 and 1985, respectively, and 602,000 dlrs in
1985 qtr. Current qtr after tax provision of 452,000 dlrs.
| Financial Reports |
SANFORD CORP <SANF> 1ST QTR FEB 28 NET
| Shr 28 cts vs 13 cts
Net 1,898,000 vs 892,000
Sales 16.8 mln vs 15.3 mln
| Financial Reports |
<CANADA SOUTHERN PETROLEUM LTD> 2ND QTR LOSS
| Period ended December 31, 1986
Shr loss one ct vs profit two cts
Net loss 52,922 vs profit 220,041
Revs 481,832 vs 824,554
Six mths
Shr loss one ct vs profit four cts
Net loss 104,129 vs profit 345,515
Revs 937,685 vs 1,460,000
| Financial Reports |