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NO BUNDESBANK POLICY CHANGES EXPECTED THURSDAY
| The Bundesbank is unlikely to change
its credit policies at its central bank council meeting on
Thursday, as exchange rates and short-term interest rates have
stabilized over the past few weeks, money market dealers said.
Attention in the money market is focused on tomorrow's
tender for a securities repurchase pact, from which funds will
be credited on Thursday, when an earlier pact expires, draining
16 billion marks from the system.
The tender was announced last Friday, because carnival
festivities closed banks in Duesseldorf yesterday, and will
close banks here this afternoon.
Because of the disruption to business from carnival,
minimum reserve figures for the start of the month are
unrealistic, making it difficult for banks to assess their
needs at the tender.
Dealers said the Bundesbank would want to inject enough
liquidity in this week's pact to keep short-term rates down.
But because of uncertainty about banks' current holdings,
the Bundesbank may well allocate less than 16 billion marks
this week, and top it up if necessary at next week's tender.
"I would not be surprised if the Bundesbank cuts the amount
a little, to say 14 or 15 billion marks," one dealer said.
"They would then stock it up at the next tender when the
need is clearer," he added.
An earlier pact expires next week, draining 8.5 billion
marks from the system. Banks also face a heavy but temporary
drain this month from a major tax deadline for customers.
Banks held 52.0 billion marks on February 27 at the
Bundesbank, averaging 51.0 billion over the whole month, just
clear of the 50.5 billion February reserve requirement.
Call money traded today at 3.85/95 pct, up from 3.80/90
yesterday.
| Financial Reports |
<PALOMA PETROLEUM LTD> YEAR NET
| Shr 32 cts vs 29 cts
Net 3,320,206 vs 2,990,695
Revs 13.5 mln vs 14.9 mln
| Corporate News |
U.K. MONEY MARKET SURPLUS REVISED TO 250 MLN STG
| The Bank of England said it revised up
its forecast of today's surplus in the money markets to 250 mln
stg from its earlier estimate of a 150 mln.
The central bank has not operated in the market today.
| Financial Reports |
<AMERICAN RESOURCE CORP LTD> YEAR NET
| Shr five cts vs 51 cts
Net 2,300,000 vs 22,500,000
Revs not given
Note: Prior shr and net include 20.3 mln U.S. dlr gain on
sale of equity holdings
Results in U.S. funds
| Corporate News |
WASTE MANAGEMENT ENDS TENDER OFFER FOR CHEMLAWN
|
WASTE MANAGEMENT ENDS TENDER OFFER FOR CHEMLAWN
| Commodities and Trade |
WEST GERMAN JAN COFFEE IMPORTS DOWN ON YEAR-AGO
| West German gross green coffee imports
in January fell sharply to 38,616 tonnes from 54,576 in January
last year, figures from the Federal Statistics Office show.
Imports of decaffeinated unroasted coffee were 396 tonnes
against nil a year earlier.
| Commodities and Trade |
ONE VALLEY BANCORP <OVWV> RAISES QUARTERLY
| Qtly div 26 cts vs 25 cts prior
Pay April 15
Record March 31
NOTE: One Valley Bancorp of West Virginia Inc.
| Corporate News |
NATIONAL DATA CORP <NDTA> 3RD QTR FEB 28 NET
| Shr 31 cts vs 26 cts
Net 3,516,000 vs 2,972,000
Revs 40.0 mln vs 36.3 mln
Avg shrs 11.4 mln vs 11.2 mln
Nine mths
Shr 89 cts vs 73 cts
Net 10.0 mln vs 8,146,000
Revs 116.8 mln vs 105.0 mln
Avg shrs 11.3 mln vs 11.1 mln
| Other |
NVHOMES <NVH> SETS TWO-FOR-ONE SPLIT
| NVHomes LP said its board declared
a two-for-one split of Class A units, payable to shareholders
of record on April 20.
It said certificates will be distributed about two weeks
after the record date.
| Other |
VANGUARD TECHNOLOGIES INTERNATIONAL INC <VTI>
| Shr 19 cts vs 10 cts
Net 653,464 vs 287,606
Revs 10.6 mln vs 7,600,000
Year
Shr 68 cts vs 46 cts
Net 2,309,181 vs 1,408,813
Revs 38.4 mln vs 26.0 mln
| Corporate News |
THOMSON MCKINNON U.S. GOVERNMENT FUND DIVIDEND
| Mthly div 7.3 cts vs 7.5 cts in prior month
Payable April six
Record Marcxh 30
| Corporate News |
THOMSON MCKINNON INCOME FUND DIVIDEND
| Mthly div 8.5 cts vs 9.2 cts in prior month
Payable April six
Record Marcxh 30
| Industrial and Sector News |
(OAKRIDGE HOLDINGS INC) 2ND QTR DEC 31 NET
| Shr 48 cts vs four cts
Net 882,000 vs 82,000
Sales 968,000 vs 784,000
Six mths
Shr 53 cts vs 11 cts
Net 970,000 vs 202,000
Sales 2,001,000 vs 1,521,000
NOTE: 1986 net includes a gain of 26 cts a share from the
sale of a funeral home, and tax credits of 20 cts. 1985 net
includes tax credits of one cent in the quarter and 3.7 cts in
the six months period.
| Financial Reports |
GENERAL COMPUTER CORP <GCCC> 3RD QTR FEB 28 NET
| Shr 10 cts vs 20 cts
Net 146,000 vs 230,000
Revs 3,766,000 vs 3,271,000
Avg shrs 1,458,000 vs 1,125,000
Nine mths
Shr 15 cts vs 58 cts
Net 212,000 vs 653,000
Revs 10.6 mln vs 9,561,000
Avg shrs 1,458,000 vs 1,125,000
| Corporate News |
BRIERLEY OFFER FOR PROGRESSIVE STILL VALID
| <Brierley Investments Ltd>, (BIL),
said its offer of 4.20 N.Z. Dlrs per share for supermarket
group <Progressive Enterprises Ltd> still stands, although
<Rainbow Corp Ltd> said today it has 52 pct of Progressive.
BIL said in a statement it will review events on a daily
basis.
Rainbow announced earlier that it had increased its stake
in Progressive to 52 pct from 44 pct through the purchase of
9.4 mln shares at between 3.80 and 4.80 N.Z. Dlrs per share.
BIL chief executive Paul Collins said: "All Rainbow has done
is to outlay a substantial amount of cash to purchase shares
from parties who presumably were supportive of the merger."
Rainbow has proposed a merger with Progressive to form a
new company, <Astral Pacific Corp Ltd>. Under the merger,
shareholders in both Progressive and Rainbow will be issued
shares in the new company on a one-for-one basis.
"Quite simply, Rainbow should now bid for the balance of
Progressive Enterprises at 4.80 N.Z. Dlrs per share," Collins
said.
| Other |
AVATAR HOLDINGS INC <AVTR> YEAR NET
| Oper shr 32 cts vs seven cts
Oper net 2,599,000 vs 550,000
Revs 94.4 mln vs 69.4 mln
NOTE: Net excludes tax credits of 1,405,000 dlrs vs
3,538,000 dlrs.
| Commodities and Trade |
NORWAY OFFERS 11TH LICENCE ROUND OFFSHORE BLOCKS
| Norway has offered 10 new offshore blocks
to foreign and domestic applicants in the first phase of the
country's eleventh concession round, government officials said.
Company shares in each of the licences proposed by the Oil
and Energy Ministry are not final. The ministry has given the
companies 10 days to accept or decline the proposed shares.
French companies Ste Nationale Elf Aquitaine <ELFP.PA> and
Total Cie Francaise des Petroles <TPN.PA>, which were expected
to receive operatorships following France's agreement last
autumn to purchase gas from Norway's Troll field, were not
offered operatorships in this round, industry sources said.
Three eleventh round blocks were awarded in the
Haltenbanken exploration tract off central Norway, including
the Smoerbukk West field where Den Norske Stats Oljeselskap A/S
<STAT.OL> (Statoil) was appointed operator.
Statoil will share the licence with subsidiaries of U.S.
Oil companies Tenneco Inc <TGT.N> and Texas Eastern Corp
<TET.N> and the Italian oil company <Agip SpA>'s Norwegian
subsidiary.
E.I. Du Pont de Nemours <DD.N> subsidiary Conoco Norway Inc
was named operator on Haltenbanken block 6406/8 and will share
the licence with Statoil.
Norsk Hydro A/S <NHY.OL> will operate nearby block 6407/10
with partners Statoil, Norsk Agip A/S, Royal Dutch/Shell
Group's <RD.AS> A/S Norske Shell and <Deminex> unit Deminex
(Norge) A/S.
Statoil has been offered the operatorship on a new block in
the relatively unexplored Moere South exploration area south of
Haltenbanken, with A/S Norske Shell, Texas Eastern and
<Petroleo Brasileiro SA> (Petrobras) also offered stakes in the
block.
Norwegian companies landed operatorships on all six blocks
opened in the Barents Sea area off northern Norway. The blocks
were awarded in three licenses, each covering two blocks.
Statoil will head exploration on blocks 7224/7 and 7224/8,
sharing the licence with Exxon Corp's <XON.N> Norwegian
subsidiary Esso Norge A/S, The British Petroleum Co PLC's
<BP.L> BP Petroleum Development (Norway) Ltd, Shell, Norsk
Hydro and Saga Petroleum A/S <SAGP.OL>.
Blocks 7219/9 and 7220/7 were awarded to Norsk Hydro, the
operator, Statoil, Mobil Corp's <MOB.N> Mobil Exploration
Norway, Petrofina SA's <PETB.BR> Norske Fina A/S and BP.
The third Barents Sea licence, covering blocks 7124/3 and
7125/1, went to Saga Petroleum A/S, the operator, Statoil,
Atlantic Richfield Co's <ARC.N> Arco Norge A/S, Total Marine
Norge A/S and Amerada Hess Corp <AHC.N>.
The oil ministry withheld awards on four strategic blocks
included in the eleventh round's second phase.
The ministry is accepting applications for phase two blocks
until early April and the awards will likely be announced this
summer, officials said.
| Financial Reports |
PERCEPTION TECHNOLOGY <PCEP> TO TAKE CHARGE
| Perception Technology Corp said
it expects to take a charge of about 686,000 dlrs or 19 cts per
share against earnings for the second quarter ended March 31
due to the bankruptcy proceeding of customer T.C. of New York
Inc.
Perception said it has outstanding lease receivables from
T.C. of about 2,480,000 dlrs.
It said the exact amnount of the charge will depend on the
extent of recovery of the leased equipment involved and on
arrangements that might be made with the bankruptcy court on
the equipment.
| Corporate News |
Bundesbank buys dollars for yen - Frankfurt dealers
|
Bundesbank buys dollars for yen - Frankfurt dealers
| Other |
REUTERS TO BUY I P SHARP OF CANADA
| Reuters Holdings Plc <RTRS.L> said it
had agreed in principle to buy <I P Sharp Associates Ltd> of
Toronto for 30.4 mln stg.
Sharp is a time-sharing network and database company
specialising in finance, economics, energy and aviation. It
operates a global packet-switching network and global limits
systems for foreign exchange trading.
Sharp shareholders will be offered cash, shares or a
mixture of the two in settlement. The acquisition, which is
subject to Canadian government approval, would be through
amalgamation into a specially-created company.
Reuters said it had been given options by a number of Sharp
shareholders covering 67 pct of the common stock pending
completion of a Reuters review of the company.
Sharp operates 38 offices in 20 countries. In 1986 it
reported revenue of 55 mln Canadian dlrs with a pretax loss of
1.6 mln compared with a 1.9 mln profit in 1985.
However, Sharp said that internal accounts showed the
company was in profit in the first two months of 1987.
End-1986 net assets totalled 11.85 mln dlrs.
A Reuters statement said the acquisition would fit
perfectly into its package for the banking and securities
industries.
| Corporate News |
HORIZON BANK <HRZB> SETS STOCK SPLIT
| Horizon Bank said its board
declared a three-for-two stock split, payable April 21 to
holders of record April Seven.
| Corporate News |
WASTE <WMX> ENDS OFFER FOR CHEMLAWN <CHEM>
| Waste Management Inc said its
wholly owned subsidiary, WMX Acquisition Corp, ended its tender
offer to buy shares of ChemLawn Corp at 35 dlrs a share.
All shares tendered to Waste Management will be returned to
shareholders as soon as practical, it said.
Earlier this week, ChemLawn agreed to accept a merger
proposal at 36.50 dlrs a share from Ecolab Inc in a transaction
valued at about 370 mln dlrs.
| Market and Economy |
<ACKERLY COMMUNICATIONS INC> YEAR LOSS
| Shr loss 1.44 dlrs vs loss 1.50 dlrs
Net loss 10.1 mln vs loss 8,866,000
Revs 122.3 mln vs 112.5 mln
Avg shrs 7,671,855 vs 6,520,928
| Corporate News |
UNITED MEDICAL <UM> TO SELL UNIT
| United Medical Corp said it
has reached a definitive agreement to sell its hospital
distribution unit to <Myriad Group Inc> for undisclosed terms,
with closing expected in the next several weeks.
| Commodities and Trade |
ITALY CONSUMER PRICES RISE 0.4 PCT IN FEBRUARY
| Italy's consumer price index rose 0.4 pct
in February compared with January after rising 0.6 pct in
January over December, the national statistics institute
(Istat) said.
The year-on-year rise in February was 4.2 pct down from 4.5
pct in January and compared with 7.6 pct in February 1986.
Istat said its consumer prices index for the families of
workers and employees (base 1985) was 109.1 in February against
108.7 in January and 104.7 in February 1986.
| Financial Reports |
CCC ACCEPTS BONUS BID ON CATTLE FOR EGYPT - USDA
| The Commodity Credit Corporation has
accepted a bid for an export bonus to cover the sale of 760
head of dairy cattle to Egypt, the U.S. Agriculture Department
said.
The delivery period for the cattle is April, 1987-June,
1988, it said.
The bonus of 1,870.00 dlrs per head was made to Esmah
Nevada Inc and will be paid in the form of commodities from the
CCC inventory.
An additional 7,199 head of dairy cattle are still
available to Egypt under the Export Enhancement Program
initiative announced September 12, 1986, the department said.
| Market and Economy |
THATCHER DEFENDS UK OIL POLICY IN SAUDI INTERVIEW
| British Prime Minister Margaret Thatcher
denied in an interview published in Saudi Arabia today that her
government's oil policy contributed to weakness in world oil
prices.
She said the government was determined not to intervene to
influence production decisions by oil companies operating in
the North Sea.
"We believe these must be a matter for the commercial
judgment of the oil companies," she told the Arabic language
daily al-Sharq al-Awsat in an interview coinciding with a visit
to London by King Fahd of Saudi Arabia.
Thatcher said this policy had not contributed to the fall
in oil prices as North Sea production was now about the same as
in 1984 when prices were close to 30 dlrs a barrel.
British production was on a plateau and was unlikely to
increase in the future, she said.
"We naturally share the concern of Saudi Arabia and other
OPEC members about the harmful effects of oil market volatility
for both producer and consumer countries," Thatcher said.
"On our part, we are careful to avoid any actions which
might add to such volatility."
| Industrial and Sector News |
MARCH PRICES FELL IN GERMAN STATE ON YEAR-AGO
| The cost of living in North
Rhine-Westphalia, Germany's most populous state, fell 0.1 pct
in the month to mid-March to stand 0.5 pct lower than at the
same time a year earlier, the regional statistics office said.
Prices had risen 0.3 pct in the month to mid-February but
had fallen 0.7 pct year-on-year.
The regional figures are considered a good guide to
national inflation trends. The Federal Statistics Office is due
to publish provisional national figures for March by the end of
this month.
| Other |
BUNDESBANK BUYS DOLLARS IN FRANKFURT - DEALERS
| The Bundesbank bought large amounts
of dollars for yen in an apparent attempt to hold the dollar
above 149 yen, dealers said.
The dollar intervention was in concert with some other
central banks, they said.
Dealers said the Bank of Japan and Bank of England
supported the dollar against the yen earlier today and that
these two banks and the U.S. Federal Reserve were also active
yesterday.
The Bundesbank declined to comment on the dealers' remarks.
Dealers said the intervention underlined the determination
of central banks to keep currencies within recent ranges
following last month's agreement in Paris by six leading
countries to foster currency stability.
One dealer said he had been repeatedly in contact with the
Bundesbank during the morning to see if it wanted to buy
dollars after the Japanese and U.K. Central bank moves.
He said the Bundesbank told him it was observing the
situation to see if it should intervene in consultation with
other central banks.
Since the Paris agreement on February 22 the dollar had
until yesterday traded in a 1.8150-1.8700 mark range, and above
150 yen, with traders reluctant to push the dollar down to test
central banks' resolve to defend currency stability.
But the test came this week with the dollar falling below
1.81 marks and 150 yen. Dealers said a reviving trade dispute
between Washington and Tokyo and growing sentiment that the
dollar would have to fall further to narrow the obstinate U.S.
Trade deficit were behind the weakness.
This week's intervention showed central banks were prepared
to cooperate to defend the Paris pact, dealers said.
Dealers said it was significant the West German and British
central banks were supporting the dollar against the yen.
That showed the pact involved multilateral cooperation by
central banks to foster currency stability, they said.
But it was unclear how such cooperation was being arranged
and how frequent consultations between central banks were.
| Corporate News |
CROSSLAND SAVINGS <CRLD>ACQUIRES WESTERN SAVINGS
| CrossLand Savings FSB said it has
acquired Western Savings and Loand Co with the assistance of
the Federal Savings and Loan Insurance Corp.
CrossLand said Salt Lake City based Western has been
combined with its two Florida-based thrift subsidiaries. The
parent company contributed 50 mln dlrs in cash to the resulting
1.7 billion dlr asset subsidiary which will operate under the
name CrossLand Savings FSB with headquarters in Salt Lake City.
CrossLand said Western, with assets of 400 mln dlrs,
operated 13 branch offices in the states of California, Oregon,
Utah and Washington.
To facilitate the acquisition, CrossLand said, Western was
converted from a mutual to a stock association in a voluntary
supervisory conversion. Crossland and the FSLIC executived an
assistance agreement indemnifying CrossLand from certain losses
that could occur in connection with Western's loan portfolio.
The company said James J. Heagerty, chairman and chief
executive officer of CrossLand Savings FSLA in Bradenton, Fla.,
will serve in that capacity for the new subsidiary resulting
from the merger.
Western's president, Christopher J. Sumner, will be
president of the combined unit, CrossLand said.
| Corporate News |
BANK OF ENGLAND DRAINS MONEY MARKET LIQUIDITY
| The Bank of England said it drained
liquidity from the money market when it sold 167 mln stg of
treasury bills due March 27 at rates between 9-9/16 and 10 pct.
Earlier, the bank estimated a surplus of around 250 mln stg
in the system today.
| Other |
<IVACO INC> YEAR NET
| Shr 1.11 dlrs vs 1.04 dlrs
Net 44,092,000 vs 35,145,000
Revs 1.94 billion vs 1.34 billion
Note: 1986 results include extraordinary gain of 1,035,000
dlrs or six cts a share from secondary share offering of Canron
unit.
| Corporate News |
MOBIL PLAN TO OPEN PEKING OFFICE, CHINA DAILY SAYS
| Mobil Corp <MOB.N> of the U.S. Plans to
open an office in Peking to develop oil exploration
opportunities in China, the China Daily said.
It quoted Mobil president Richard Tucker, currently in
Peking, as saying he is optimistic about investment prospects
in China and that Peking will continue to encourage foreign
private businesses to invest here.
It said Mobil bought 73 mln dlrs of crude oil and oil
products from China in 1986 and sold it lubricant and
fertiliser, but gave no more details.
| Financial Reports |
VICORP RESTAURANTS INC <VRES> 1ST QTR FEB 15 NET
| Shr profit 1.17 dlrs vs loss 12 cts
Net profit 11.3 mln vs loss 1,038,000
Revs 104.6 mln vs 128.7 mln
NOTE: Current year net includes gain 9,500,000 dlrs from
the sale of its specialty restaurants unit, charge 1,200,000
dlrs from addition to insurance reserves, 4,600,000 dlr tax
credit and 660,000 dlr charge from debt repayment.
| Other |
COMMERZBANK TO ACQUIRE AND FLOAT LINOTYPE
| Commerzbank AG <CBKG.F> said it will
acquire <Linotype GmbH>, Europe's largest manufacturer of
type-setting and printing communications technology from Allied
Signal Inc <ALD.N> and float off the shares in the company.
Commerzbank declined to say how much it had paid for
Linotype.
Linotype's group turnover in 1986 rose 15 pct to more than
500 mln marks, the bank said. The group's net return on capital
was seven pct.
| Financial Reports |
EC EXPORT LICENCES FOR 59,000 TONNES WHITE SUGAR AT REBATE 45.678 ECUS - FRENCH TRADERS
|
EC EXPORT LICENCES FOR 59,000 TONNES WHITE SUGAR AT REBATE 45.678 ECUS - FRENCH TRADERS
| Corporate News |
U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES
| A total 59,000 tonnes of current series
white sugar received export rebates of a maximum 45.678
European Currency Units (Ecus) per 100 kilos at today's
European Community (EC) tender, the U.K. Intervention Board
said.
Out of this, traders in West Germany received 34,750
tonnes, in the U.K. 13,000, in Denmark 7,250 and in France
4,000 tonnes, it added.
Earlier today, London traders had expected the subsidy for
the current season whites campaign for licences to end-Aug to
be more than 45.00 Ecus per 100 kilos but Paris traders were
more precise by forecasting a rebate level of 45.75 to 46.0
Ecus.
London traders were also reluctant earlier to predict the
likely tonnage to be authorised for export in view of the
on-going dispute between the Commission and European producers
over the threatened action by the producers to move over
800,000 tonnes to intervention.
Last week saw 60,500 tonnes whites athuorised for export at
a maximum rebate of 44.819 Ecus per 100 kilos.
| Financial Reports |
PIONEER-STANDARD ELECTRONICS INC <PIOS> PAYOUT
| Qtly div three cts vs three cts prior
Pay May One
Record April Eight
| Other |
HOUSE WAYS AND MEANS CMTE FINISHES WORK ON BILL TO TOUGHEN TRADE LAWS
|
HOUSE WAYS AND MEANS CMTE FINISHES WORK ON BILL TO TOUGHEN TRADE LAWS
| Financial Reports |
FABRI-CENTERS <FCA> 4TH QTR ENDS JAN 31 NET
| Shr 40 cts vs 41 cts
Net 1,979,000 vs 2,101,000
Revs 67.7 mln vs 63.6 mln
12 mths
Shr 36 cts vs 20 cts
Net 1,798,000 vs 1,034,000
Revs 239.4 mln vs 233.2 mln
| Other |
TSENG LABORATORIES INC <TSNG> 4TH QTR NET
| Shr profit one ct vs loss nil
Net profit 200,052 vs loss 56,782
Revs 2,394,198 vs 706,393
Avg shrs 17.8 mln vs 19.8 mln
Year
Shr profit one ct vs profit one ct
Net profit 258,125 vs profit 164,553
Revs 4,225,731 vs 3,027,892
Avg shrs 17.9 mln vs 19.5 mln
| Corporate News |
PARK ELECTROCHEMICAL CORP <PKE> SETS PAYOUT
| Qtly div three cts vs three cts prior
Pay May 20
Record April 20
| Financial Reports |
BRAZIL SEAMEN SAY STRIKE NEAR END
| About half of Brazil's 40,000 seamen
have returned to work after accords with 22 companies, and the
national strike which began on February 27 looks close to
ending, a union spokesman said.
The spokesman, speaking from strike headquarters in Rio de
Janeiro, estimated that 80 ships were strike-bound.
The seamen have settled for 120 pct pay increases with the
individual companies but are still discussing the issue of
overtime payments with the shipowners' association, Syndarma.
| Financial Reports |
KEY U.S. HOUSE PANEL FINISHES MAJOR TRADE BILL
| The House Ways and Means Committee
completed action on legislation to toughen U.S. trade laws,
chairman Dan Rostenkowski said.
The committee's consideration of one of the most
controversial provisions, a plan to force major trade surplus
countries to cut their trade imbalance with the United States,
was deferred until the full House considers the trade bill, its
sponsor Rep. Richard Gephardt said.
Gephardt, a Missouri Democrat, told Reuters he was not
certain the exact form his trade surplus reduction proposal
would take. Last year the House approved his plan to force a 10
pct surplus cutback each year for four years, by countries such
as Japan.
The Ways and Means Committess' trade bill forces President
Reagan to retaliate against unfair trade practices that violate
international trade agreements but it allows him to wave
retaliatory tariffs or quotas if the action would hurt the U.S.
economy.
The trade bill gives U.S. Trade Representative Clayton
Yeutter more authority in trade negotiations and in decisions
to grant domestic industries import relief.
It also gives him authority to decide whether foreign trade
practices are unfair and violate U.S. trading rights. These
powers are currently held by President Reagan.
The administration has strongly objected to this transfer
of authority from Reagan to Yeutter.
The bill also extends U.S. authority to negotiate
multilateral trade agreements. The bill will be wrapped into
other trade legislation and voted on in the House in April.
| Financial Reports |
RUSS TOGS INC <RTS> 4TH QTR JAN 31 NET
| Shr 82 cts vs 76 cts
Net 4,200,000 vs 3,954,000
Sales 58.7 mln vs 60.6 mln
Year
Oper shr 2.68 dlrs vs 2.47 dlrs
Oper net 13.8 mln vs 13.0 mln
Sales 274.3 mln vs 276.8 mln
NOTE: Prior year net excludes loss 1,120,000 dlrs from
discontinued operations and loss on disposal of 922,000 dlrs.
| Corporate News |
KLM TO TAKE 15 PCT STAKE IN AIR UK
| KLM Royal Dutch Airlines <KLM.A> said
it agreed to take a 15 pct stake in Air U.K. Ltd, a subsidiary
of British and Commonwealth Shipping Plc <BCOM.L>, in a
transaction worth around two mln stg.
A KLM spokesman said KLM already cooperated closely with Air
UK, which runs 111 flights a week to Amsterdam's Schipol
airport from nine UK cities.
British and Commonwealth Shipping said last week it held
preliminary talks about a KLM minority stake in Air U.K. But
gave no further details. KLM said it hoped the move would
attract more British feeder traffic to Amsterdam Airport.
| Financial Reports |
THERMO PROCESS <TPSI> ACQUISITION TERMINATED
| Thermo Process Systems Inc said
its proposed acquisition of the Surface Combustion Division of
privately-held <Midland-Ross Corp> has been terminated because
mutually satisfactory terms could not be established.
| Financial Reports |
NORANDA RAISES PRIMARY ALUMINUM PRICES
| Noranda Aluminum Inc. said it has
increased its primary aluminum prices by two cents a lb,
effective with new orders as of March 25 and all shipments
beginning May 1.
The new price for unalloyed ingot will be 64.5 cents a lb
while the new price for extrusion billet will be 72.5 cents a
lb.
| Other |
SOVIET PAPER DETAILS GEORGIAN FLOOD DAMAGE
| Floods and avalanches killed 110 people
and caused around 350 mln roubles worth of damage in the
southern Soviet republic of Georgia earlier this year, the
government daily Izvestia said.
Some 80,000 hectares of agricultural land and gardens had
been inundated, damaging tea plantations and orange groves, the
newspaper said. It added that spring sowing in southern parts
of the country was some two weeks behind schedule because of
the late thaw but gave no precise crop estimates.
In the most detailed report to date on the heavy snows in
January and floods in February, Izvestia said 8,200 people had
been evacuated from mountain areas, 4,500 houses had been
damaged and hundreds of kilometres of roads and power lines had
been destroyed.
A separate article in the daily warned that a sudden thaw
was expected shortly in the Ukraine and southern parts of
Russia, which experienced record snows this winter.
Preventive measures have already been taken in some areas
including the evacuation of cattle.
| Corporate News |
UTILICORP <UCU> SEES HIGHER 1987 FIRST QUARTER
| Utilicorp United Corp
said it expects to report 1987 first quarter earnings of about
12 mln dlrs or about 1.12 dlrs a share and revenues of about
190 mln dlrs.
In the comparable quarter a year ago, Utilicorp earned 8.5
mln dlrs or 87 cts on revenues of 203 mln dlrs.
There are 9.6 mln shares outstanding this year, up from the
8.5 mln shares in 1986, Utilicorp's president Richard Green
told financial analysts here.
First quarter 1987 results include one month contribution
of West Virginia Power, which became a division on March 1,
1987, Green said in remarks prepared for delivery to analysts.
Higher earnings for the period reflected reduced operating
and maintenenace expenses and about 10 mln dlrs in rate
increases in Iowa, Minnesota, Kansas and Colorado, he said.
However, Utilicorp's Missouri Public Service division is
experiencing the effect of a 5.9 pct rate reduction authorized
in September 1986, he noted.
Of Utilicorp's total revenues expected for the 1987 first
quarter, about 43 mln dlrs will be derived from electric
operations and about 147 mln dlrs will come from gas
operations, he said.
Operating income derived from electric operations in the
first three months of 1987 is estimated to be eight mln dlrs,
while the contribution from gas operations will be about 10 mln
dlrs, Green said.
Green told analysts that Utilicorp received regulatory
approval from various states and the Federal Energy Regulatory
Commission to reincorporate in Delaware, effective April one.
Utilicorp signed an agreement with Cominco Ltd of Vancouver
to extend the deadline to May 31, 1987, for completion of the
company's purchase of West Kootenay Power and Light of British
Columbia, due to a longer than expected regulatory approval
process, he said.
Hearings were completed in February and a decision by the
British Columbia Utilities Commission on the 60 mln dlrs
purchase by Utilicorp is pending, he said.
| Corporate News |
TSENG <TSNG> SEES SALES INCREASE FIRST QTR 1987
| Tseng Laboratories Inc said it
expects first quarter 1987 sales to exceed total sales for the
entire 1986 year, and said it expects earnings for the quarter
to grow at a faster rate than sales.
Tseng posted total revenues for 1986 of 4,255,731, and net
income of 258,125, or 14 cts per share.
Jack Tseng, president of the company, attributed the high
expectations to increased orders from major costomers, as well
as accelerated business from its growing reseller network.
Tseng posted first quarter 1986 sales of 549,950, and net
income of 19,163, the company said.
| Corporate News |
STOCKHOLDER SYSTEMS <SSIAA> MAKES ACQUISITION
| Stockholder Systems Inc said it has
agreed in principle to acquire privately-held Software Concepts
Inc, which provides software for check processing, mortgage
application processing and safe deposit box accounting, for
undisclosed terms.
Software Concepts had revenues of about 3,200,000 dlrs for
the year ended June 30.
| Financial Reports |
CONCEPT INC <CCPT> 2ND QTR FEB 28 NET
| Shr 11 cts vs five cts
Net 656,000 vs 314,000
Sales 8,868,000 vs 6,499,000
Avg shrs 5,823,000 vs 5,705,000
1st half
Shr 22 cts vs 13 cts
Net 1,296,000 vs 795,000
Sales 17.3 mln vs 13.5 mln
Avg shrs 5,809,000 vs 5,973,000
NOTE: Share adjusted for five-for-four split in February
1987.
| Financial Reports |
LIFE OF INDIANA CORP <LIFI> 4TH QTR LOSS
| Shr loss two cts vs profit six cts
Net loss 103,000 vs profit 319,000
Revs 4,357,000 vs 6,494,000
Avg shrs 5,415,185 vs 5,646,185
Year
Shr profit 22 cts vs profit 10 cts
Net profit 1,236,000 vs profit 570,000
Revs 22.2 mln vs 24.8 mln
Avg shrs 5,638,596 vs 5,646,185
NOTE: 1986 net includes tax credits of 30,400 dlrs in
quartger and 58,000 dlrs in year.
| Financial Reports |
B.F. SAUL REAL ESTATE INVESTMENT <BFS> PAYOUT
| Qtly div five cts vs five cts prior
Pay April 30
Record April 10
NOTE: B.F. Saul Real Estate Investment Trust.
| Financial Reports |
SOUTH AFRICA PROBLEMS REMAIN DESPITE DEBT PACT
| South Africa's new foreign debt
agreement sparked a rally in local financial markets, but
bankers and economists said the pact removes only one source of
anxiety from a still depressed economy.
"We have not gone from 'no confidence' to 'full confidence'
yet," commented one banker, who saw the agreement as having
marginal influence on fundamental economic problems.
Money market analysts cited the debt renegotiation as the
main impetus behind increases today in both the commercial and
financial rand.
The commercial rand, used for current account transactions,
rose 0.5 cts to 49 U.S. Cts while the financial rand jumped
nearly two cts to 33 U.S. Cts.
All equity and fixed investment flows of foreigners take
place through the financial rand, which is considered the main
barometer of South Africa's attractiveness to overseas
investors.
Analysts predicted the debt arrangement plus further gains
in the gold price could push the commercial rand over 50 U.S.
Cts and the financial rand to 35 cents in the next few weeks.
They said the financial rand in particular was being driven
by a tentative provision in the new debt agreement that could
favorably affect the currency.
Foreign creditors may get permission to convert loan
balances and short-term claims into equity investments in South
Africa.
Finance Minister Barend du Plessis said the Reserve Bank
was "investigating the implications of such conversions in light
of terms and restrictions of the financial rand system."
Du Plessis in disclosing the new agreement last night said
the recent sharp rise in the financial rand was an example that
"some foreign investors are again taking a more realistic view
of South Africa."
Terms of the debt agreement call for South Africa to repay
1.42 billion dlrs of 13 billion dlrs of frozen debt over the
next three years. The agreement extends a standstill
arrangement, expiring June 30, that has been in place since
August, 1985.
Bankers said the repayment amounts essentially confirmed
their private estimates and could be comfortably met by the
monetary authorities.
"They (creditors) asked for the maximum amount and we
offered the minimum," said one banking source, reacting to
reports from London that creditors were hoping for larger
repayments.
Reserve Bank governor Gerhard de Kock said South Africa
should have "no difficulty whatsoever" with the terms.
Economists said the debt agreement would have no
significant impact on economic problems continuing to face
South Africa including high rates of inflation and
unemployment, labour unrest and political uncertainty.
Johannesburg Stock Exchange president Tony Norton, speaking
yesterday before the debt agreement, said the economy was "in
bad shape" and there was "an awful lot of talk but little action"
to cure serious problems.
| Corporate News |
MAYTAG <MYG> SEES CAPITAL SPENDING UP IN 1987
| Maytag Co said it expects capital
spending in 1987 to increase to about 60 mln dlrs from 49 mln
dlrs in 1986.
Maytag chairman and chief executive officer Daniel Krumm
said the company plans a "significant" investment at its
Admiral refrigerator plant in Galesburg, Ill., as well as
continued spending for product improvement and increased
efficiency at other Maytag facilities.
Earlier, the company reported 1986 net income of 111.2 mln
dlrs, or 2.57 per share, versus net income of 124.9 mln dlrs,
or 2.89 dlrs a share, in 1985.
| Financial Reports |
TRAVELERS <TIC> UNIT TO BUY REALTY DIVISIONS
| The Travelers Corp's Travelers
Mortgage Services said it signed a letter of intent to buy two
subsidiaries of the privately-held <Equitable Life Assurance
Society of the U.S.>
The company said it plans to acquire the Equitable
Relocation Management Corp and the Equitable Realty Network
Inc.
The company said the acquisitions will give it broader
distribution of its corporate relocation service and mortgage
programs.
| Financial Reports |
COMMUNICATIONS AND CABLE INC <CCAB> 1ST QTR NET
| Oper shr seven cts vs loss nil
Oper net 988,000 vs loss 52,000
Revs 2,267,000 vs 791,000
NOTE: Net excludes gains from discontinued operations of
65,000 dlrs vs 75,000 dlrs.
Current year net includes gain 1,025,000 dlrs from sale of
cellular telephone investment.
Prior year figures restated for discontinued operations.
| Corporate News |
3-MAR-1987 06:14:59.08
| 3-MAR-1987 06:14:59.08
| Other |
DALLAS INVESTOR CUTS STAKE IN MCDERMOTT (MDR)
| A group led by Dallas investor
Harold Simmons told the Securities and Exchange Commission it
had reduced its stake in McDermott International Inc by one
pct, to under five pct.
The group had said in a March 10 filing, announcing
acquisition of 5.4 pct of the firm's stock, that it might
consider seeking control of the company.
| Financial Reports |
INTN'L PLATINUM, DEGUSSA IN JOINT VENTURE TALKS
| International Platinum Corp said it
signed a letter of intent to enter into further negotiations on
a joint venture exploration agreement with Degussa A.G., of
West Germany, regarding several North American platinum
properties.
Conclusion of the agreement is subject to completion of
further detailed examination by Degussa, as well as board and
regulatory approvals.
Under terms of the letter of intent, Degussa would
contribute substantially to a three year exploration budget of
4.5 mln dlrs in return for a 50 pct interest in the venture.
Degussa's contribution to the exploration budget will be
based on it matching International Platinum's past exploration
and acquisition costs, estimated at about two mln dlrs, and
then contributing on a pro rata basis, International Platinum
said.
Degussa's contribution would provide a major portion of
International Platinum's exploration budget, especially during
the first and second year of the proposed joint venture, the
company said.
| Other |
WESTWOOD ONE INC <WONE> 1ST QWTR FEB 28 NET
| Shr 12 cts vs eight cts
Net 1,440,000 vs 830,000
Revs 15.9 mln vs 11.2 mln
Avg shrs 12,342,000 vs 10,826,000
| Financial Reports |
IRAN SAYS HAS BETTER WEAPONS THAN SILKWORM
| Iranian Prime Minister Mir-Hossein
Mousavi said Iran had "more effective" missiles at its disposal
than the shore-to-sea missiles which had provoked U.S. Concern,
Tehran Radio reported.
A U.S. State Department spokesman said last week Iran had
acquired Chinese-made Silkworm missiles which posed a greater
threat to shipping in the Gulf than the weapons previously
used.
Tehran Radio, monitored by the British Broadcasting Corp,
quoted Mousavi as saying that Tehran officially announced after
its forces overran southern Iraq's Faw peninsula in February
last year that it had shore-to-sea missiles.
"The fact that the Americans, after so much delay, are now
thinking of expressing their concern with panic is because
Reagan needs this sensation now," said Mousavi, speaking after a
cabinet meeting in Tehran.
"We also announce today that these missiles are not the
limit of our war capabilities in the Gulf," he added.
Mousavi said the security of the Gulf region had nothing to
do with the U.S. But Iran would resort to any action to defend
the Gulf, "even those actions which are not thought probable by
Westerners."
| Financial Reports |
EC COMMISSION DETAILS SUGAR TENDER
| The European Community Commission
confirmed it granted export licences for 59,000 tonnes of
current series white sugar at a maximum export rebate of 45.678
European Currency Units (ECUs) per 100 kilos.
Out of this, traders in West Germany received 34,750
tonnes, in the U.K. 13,000, in Denmark 7,250 tonnes and in
France 4,000 tonnes.
| Financial Reports |
TRICENTROL TO CONCENTRATE ON PROVEN RESERVES
| Tricentrol Plc <TCT.L> said it will
concentrate most of its efforts this year on its proven oil and
gas reserves in order to maximise benefits to shareholders in
the mid to long-term.
It said in a statement "We are confident that substantial
development funds will be available to Tricentrol and that we
will be able to minimise further disposal of our interests."
Tricentrol wrote off 57.5 mln stg on the reorganisation of
its North American operations last year, when oil prices
plunged. The group incurred a 1986 net loss of 3.7 mln stg
against a 25.4 mln profit the previous year.
| Financial Reports |
BROOKLYN UNION GAS CO <BU> SETS PAYOUT
| Qtrly div 41.5 cts vs 41.5 cts prior
Pay May One
Record April 6
| Financial Reports |
ARGENTINE PORT WORKERS TAKE INDUSTRIAL ACTION
| Argentine port workers began an
indefinite protest against safety conditions at the port of
Buenos Aires, stopping work for one hour per shift, a press
spokesman said.
He said three port workers had died over the last month in
accidents. He said the decision to take action was made after a
port worker died yesterday after being electrocuted.
| Corporate News |
NOVAMIN SAYS IT RECEIVED PROPOSED TAKEOVER BID FROM BREAKWATER
|
NOVAMIN SAYS IT RECEIVED PROPOSED TAKEOVER BID FROM BREAKWATER
| Industrial and Sector News |
FED EXPECTED TO ADD RESERVES IN MARKET
| The Federal Reserve will probably
intervene in the government securities market to add reserves
today, economists said.
They expected the Fed will supply temporary reserves
indirectly via 1.5 to two billion dlrs of customer repurchase
agreements.
Fed funds hovered at a relatively high 6-1/4 pct this
morning after averaging 6.14 pct on Tuesday.
Early this afternoon the Fed also is expected to supply
reserves permanently, effective Thursday, by offering to buy
all maturities of Treasury bills.
| Financial Reports |
INDIA REPORTED BUYING TWO WHITE SUGAR CARGOES
| India is reported to have bought two
white sugar cargoes for April/May shipment at its tender today
near 227 dlrs a tonne cost and freight and could be seeking a
third cargo, traders said.
A British operator is believed to have sold one of the
cargoes, while an Austrian concern is thought to have featured
in the second cargo sale, they said.
| Corporate News |
NOVAMIN IN PROPOSED BUYOUT BY BREAWATER <BWRLF>
| <Novamin Inc> said it received a
proposed takeover offer from Breakwater Resources Ltd involving
a swap of one Breakwater share for two Novamin common shares.
It said the proposal also called for conversion of
outstanding Novamin warrants into Breakwater common shares on
the same basis, provided the exercise price was paid by the
warrant holders.
Novamin, a mineral exploration company, said directors
would meet next Tuesday to deal with the proposal, which, it
said, was subject to approval by Breakwater directors.
| Other |
LILLY INDUSTRIAL COATINGS INC <LICIA> 1ST QTR
| Feb 28 end
Shr 18 cts vs 13 cts
Net 1,541,000 vs 1,122,000
Sales 36.7 mln vs 33.5 mln
Avg shrs 8,517,000 vs 8,441,000
NOTE: Share adjusted for five pct stock dividend in August
1986.
| Corporate News |
COMMONWEALTY REALTY <CRTYZ>, BAY <BAY> END TALKS
| Commonwealth Realty Trust said
preliminary merger talks with Bay Financial Corp have been
terminated due to a failure to agree on terms.
| Commodities and Trade |
MET-PRO CORP <MPR> 4TH QTR ENDS JAN 31 NET
| Shr 19 cts vs 18 cts
Net 362,692 vs 347,868
Revs 6,311,808 vs 5,827,538
12 mths
Shr 60 cts vs 80 cts
Net 1,152,746 vs 1,534,503
Revs 24.7 mln vs 25.2 mln
| Other |
CENTRAL MAINE POWER CO <CTP> SETS QUARTERLY
| Qtly div 35 cts vs 35 cts prior
Pay April 30
Record April 10
| Other |
U.K. RESERVES SHOW UNDERLYING RISE IN FEBRUARY
| Britain's gold and currency reserves
showed an underlying rise of 287 mln dlrs in February, after a
72 mln dlrs rise in January, the Treasury said.
The underlying trend, which is a guide to Bank of England
operations to support the pound on foreign exchanges, is net of
borrowings and repayments.
This was above market expectations for a 100 mln dlrs rise.
The Treasury said the Bank of England used the opportunity
of strong demand to rebuild reserves after losses last autumn
and said the underlying rise was still relatively modest.
Actual reserves rose by 305 mln dlrs in February to 22.26
billion dlrs, after rising 29 mln in January to 21.95 billion.
Accruals of borrowings under the exchange cover scheme were
36 mln dlrs last month, after 163 mln in January, while
repayments were 16 mln dlrs after the previous 151 mln, a
Treasury spokesman said.
Capital repayments totalled two mln dlrs. In January,
capital repayments totalled 14 mln dlrs, with a valuation
change that resulted in a fall of 41 mln dlrs due to the
quarterly rollover from the European Monetary Cooperation Fund
swap.
The Treasury would not comment on the Bank of England's
market operations, but currency traders reported moderate Bank
of England intervention to curb upward pressure on the pound
today.
A Treasury spokesman, commenting on the reserves figures,
said that the government does not want sterling either to rise
too far or to fall substantially from current levels.
He noted that the Chancellor of the Exchequer Nigel Lawson
stressed this after the recent Paris currencies meeting.
| Financial Reports |
PEP BOYS <PBY> SETS SPLIT, RAISES QUARTERLY
| Manny, Moe and Jack Inc
said its board declared a three-for-one stock split and raised
the quarterly dividend to six cts presplit from 5-1/2 cts.
Both are payable July 27 to holders of record July One and
the
The split is subject to shareholder approval at the May 18
annual meeting of an increase in authorized common shares to
500 mln from 40 mln, the company said.
| Corporate News |
PEP BOYS - MANNY, MOE AND JACK INC <PBY> 4TH QTR
| Jan 31 end
Shr 45 cts vs 37 cts
Net 8,349,000 vs 6,187,000
Sales 126.7 mln vs 103.7 mln
Year
Shr 1.55 dlrs vs 1.29 dlrs
Net 28.1 mln vs 21.1 mln
Sales 485.9 mln vs 388.9 mln
NOTE: Latest year net includes three cts shr gain from sale
of assets.
| Other |
HOVNANIAN ENTERPRISES <HOV> EARNINGS TO RISE
| Hovnanian Enterprises Inc said the
company's earnings for year would exceed the 1.65 dlrs a share
previously announced and could go as high as 1.75 dlrs for
fiscal year ended Feb 28, 1987.
The company posted net earnings of 11.5 mln dlrs, or 1.72
dlrs per share, on revenues of 199.3 mln dlrs for fiscal year
1986. These figures reflect two three-for-two stock splits in
March and August 1986.
At the Annual Drexel Burnham Lambert Construction
Conference here, Hovnanian executive vice presidnt Ara
Hovnanian said the company expects an earnings range of between
2.35 dlrs and 2.55 dlrs per share for fiscal 1988.
Total revenues for the year ending Feb 29, 1988, should be
between 320 mln and 350 mln, he said.
| Financial Reports |
NY TRADERS SAY TURKEY MADE LARGE SUGAR PURCHASE
| Turkey bought an estimated 100,000
tonnes of white sugar from three trade houses today for April
to June shipment, according to trade sources.
They said a large U.K. trade house sold 50,000 tonnes, a
U.S. house traded 25,000 tonnes, and a Swiss-based dealer house
25,000 tonnes.
Price details were unclear but reports this morning
suggested that Turkey was offered sugar at prices ranging down
to 212 dlrs a tonne, c and f basis.
| Commodities and Trade |
JOHNSON SAYS FED'S ACTIONS YESTERDAY MEANT TO STABILIZE DOLLAR AT CURRENT LEVELS
|
JOHNSON SAYS FED'S ACTIONS YESTERDAY MEANT TO STABILIZE DOLLAR AT CURRENT LEVELS
| Corporate News |
SUNSTAR FOODS INC <SUNF> 2ND QTR FEB 28 NET
| Shr 23 cts vs not reported
Net 282,000 vs 1,000
Sales 18.6 mln vs 18.7 mln
Six mths
Shr 48 cts vs 17 cts
Net 583,000 vs 213,000
Sales 37.8 mln vs 37.5 mln
NOTE: 1987 six months net includes a loss from discontinued
operations equal to two cts a share.
1986 net includes losses from discontinued operations of
four cts in the quarter and six cts in the six months.
| Other |
COMALCO SAYS LOWER COSTS HELP RETURN TO PROFITS
| Comalco Ltd said its return to profit
reflected reduced costs, improved primary aluminium prices and
its withdrawal from a Japanese smelter venture.
It said the earlier reported 57.1 mln dlr profit for the
year ended December 31 against a 69.13 mln dlr loss in 1985 was
also aided by lower interest rates on U.S. Dollar debt and
greater sales of bauxite and aluminium.
Comalco said it expected to pay at least a four cents per
share final dividend, delayed until July 1 to take advantage of
proposed dividend imputation laws.
This would make five cents for the year against a first and
final of one cent in 1985.
Comalco said the aluminium industry continues to suffer
from low prices and excess capacity, though the weak Australian
dollar had helped earnings.
Comalco's Commonwealth Aluminium Corp unit said earlier it
has conditionally agreed to sell its Goldendale smelter in
Washington, and port facilities at Portland, Oregon to Columbia
Aluminium Corp. Comalco said its extraordinary provision of
27.3 mln dlrs costs for Goldendale losses and closure may be
reduced if the sales agreement were completed.
| Other |
HADSON <HADS> TO ACQUIRE 85 PCT OF SEAXE <SEAX>
| Hadson Corp said it has signed a
definitive agreement to acquire 85 pct of the outstanding
common stock of Seaxe Energy Corp.
The company said it will buy the 85 pct interest in Seaxe
from shareholders owning restricted or controlled shares for
less than 200,000 Hadson common shares.
It said closing is subject to the approval of title
assignments by the French government. Seaxe is involved in oil
and natural gas exploration and development in the Paris Basin
of France.
| Corporate News |
REUTERS TO BUY I P SHARP OF CANADA
| Reuters Holdings Plc <RTRS.L> said it
had agreed in principle to buy <I P Sharp Associates Ltd> of
Toronto for 30.4 mln stg.
Sharp is a time-sharing network and database company
specialising in finance, economics, energy and aviation. It
operates a global packet-switching network and global limits
systems for foreign exchange trading.
Sharp shareholders will be offered cash, shares or a
mixture of the two in settlement. The acquisition, which is
subject to Canadian government approval, would be through
amalgamation into a specially-created company.
Reuters said it had been given options by a number of Sharp
shareholders covering 67 pct of the common stock pending
completion of a Reuters review of the company.
Sharp operates 38 offices in 20 countries. In 1986 it
reported revenue of 55 mln Canadian dlrs with a pretax loss of
1.6 mln compared with a 1.9 mln profit in 1985.
However, Sharp said that internal accounts showed the
company was in profit in the first two months of 1987.
End-1986 net assets totalled 11.85 mln dlrs.
A Reuters statement said the acquisition would fit
perfectly into its package for the banking and securities
industries.
| Corporate News |
TCBY ENTERPRISES <TCBY> SPLITS STOCK
| TCBY Enterprises Inc said its
board has approved a three-for-two split of its common stock
with a distribution to be made on April 24 to stockholders of
record on April 9.
The split will increase the number of outstanding shares to
over 26 mln from about 17.3 mln shares now, the company said.
TCBY Enetrprises is a franchisor and operator of retail
stores specializing in frozen yogurt-related treats.
| Financial Reports |
RAYTHEON CO <RTN> SETS QUARTERLY
| Qtly div 45 cts vs 45 cts prior
Pay April 30
Record April 10
| Other |
P.H. GLATFELTER CO <GLP> INCREASES DIVIDEND
| P.H. Glatfelter said its
board increased its quarterly dividend on its common stock to
14 cts per share, from 12.5 cts per share the prior quarter.
It said the dividend is payable May 1, 1987, to
shareholders of record April 15, 1987.
In addition, the company said it authorized the repurchase
of up to an additional one mln shares of its common stock.
On March 27, 1985, the board had authorized the repurchase
of up to two mln shares, as adjusted for a two-for-one split,
effected in April 1986, the company said.
The company said 521,508 shares may still be repurchased
under the 1985 authorization. It added any shares repurchased
would be added to the treasury and will be available for future
issuance.
The company said it has no present plans to issue any of
the shares which may be repurchased. The company said it
presently has 24,614,352 common shares outstanding.
| Corporate News |
LIFE OF INDIANA CORP <LIFI> 4TH QTR LOSS
| Shr loss 19 cts vs profit 57 cts
Net loss 103,005 vs profit 319,344
Year
Shr profit 22 cts vs profit 10 cts
Net profit 1,236,347 vs profit 570,222
| Other |
ULTRAMAR SELLS U.K. MARKETING UNITS FOR 50 MLN STG
| Ultramar Plc <UMAR.L> said it had reached
agreement in principle to sell its wholly owned U.K. Marketing
companies to Kuwait Petroleum Corp for around 50 mln stg.
Ultramar's marketing units include <Ultramar Golden Eagle
Ltd> which in 1985 made a profit of around 1.4 mln stg before
financing and group administration charges. A small loss was
recorded for the first nine months of 1986.
The sale is due to take place on April 1 with the proceeds
intended to reduce group debt in the short term. But Ultramar
said the funds would ultimately be used for further development
of its core businesses in the U.K. And North America.
| Other |
CONSOLIDATED NOREX TO ACQUIRE TRIWEB RESOURCES
| <Consolidated Norex Resources
Ltd> said it agreed to acquire all issued and outstanding
shares of Triweb Resources Ltd, a privately held oil and gas
company with land holdings and production base in Alberta and
Saskatchewan.
The company said specific details relating to purchase
price and other terms will be released on closing of the
transaction, expected by May 15.
| Commodities and Trade |
THAI SUGAR PRODUCTION CONTINUES HIGH IN FEB
| Thai sugar production continued at a
high level in February, latest figures received by the
International Sugar Organization (ISO) show.
The figures show stocks at end-February of 2.49 mln tonnes
raw value against 2.33 mln a year earlier. Analysts said this
was a new peak for the date.
Production in February was 961,000 tonnes against 888,000
in February 1986 and took the Nov/Feb total for the current
crop to 2.25 mln tonnes. Production normally tails off sharply
after March, but in recent years production from March to the
end of the crop has been over 500,000 tonnes, analysts said.
Thailand's exports in February were 32,800 tonnes and
consumption 57,800.
Last month the Thai Agriculture Ministry said 1986/87
production was expected to fall to 2.3 mln tonnes from 2.48 mln
in 1985/86.
| Corporate News |
REICHHOLD CHEMICALS INC EXPLORING POSSIBLE SALE OF EUROPEAN SUBSIDIARY
|
REICHHOLD CHEMICALS INC EXPLORING POSSIBLE SALE OF EUROPEAN SUBSIDIARY
| Other |
NY TRADERS EXPECT CHINA TO STEP UP SUGAR BUYING
| Trade house sources said China is
expected to step up its sugar purchases following yesterday's
steep drop in world sugar prices.
The consensus is that the Chinese will buy between 200,000
and 400,000 tonnes of raw sugar.
"China is short of foreign exchange and a drop in prices is
usually taken as a buying opportunity by Peking," one trader
said.
Yesterday, prices on the New York world sugar market
plummeted by 0.58 to 0.50 cent on heavy liquidation by
speculators, disenchanted over the market's lack of rallying
power.
Speculation is that China will need the sugar for the
May/July period.
| Corporate News |
ROSS STORES INC <ROST> 4TH QTR JAN 31 LOSS
| Shr loss 1.30 dlrs vs profit 29 cts
Net loss 33.4 mln vs profit 7,386,000
Sales 168.2 mln vs 128.4 mln
Year
Shr loss 1.61 dlrs vs profit 30 cts
Net loss 41.4 mln vs profit 7,055,000
Sales 527.5 mln vs 366.7 mln
NOTE: Latest year net both periods includes 39.4 mln dlr
provision for closing 25 underperforming stores.
| Corporate News |
U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS
|
U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS
| Other |
HONG KONG M3 RISES 2.2 PCT IN JANUARY
| Hong Kong's broadly defined M3 money
supply rose 2.2 pct to 607.17 billion H.K. Dlrs in January,
after a 3.1 pct rise in December, for a year-on-year rise of
23.3 pct, the government said in a statement.
Local currency M3 rose 3.6 pct to 280.36 billion dlrs from
December when it was up 3.4 pct from November, for a rise of
16.3 pct on the year.
Total M2 rose 3.3 pct to 535.26 billion dlrs in January
from December when it rose 3.5 pct on the previous month. Local
M2 rose 4.7 pct to 249.03 billion dlrs in January from December
when it climbed 4.2 pct.
Total M2 and local M2 rose 32.5 pct and 23.9 pct on the
year-ago month, respectively.
Total M1 rose 12 pct to 62.84 billion dlrs in January after
a 5.0 pct rise the previous month. Local M1 rose 12.3 pct to
57.97 billion dlrs after a 6.2 pct rise. Total M1 and local M1
year-on-year growth was 32.5 and 32.6 pct, respectively.
Total loans and advances rose 3.3 pct to 517.19 billion
dlrs from December when they rose 1.2 pct.
Loans for financing Hong Kong's visible trade rose 3.4 pct
to 36.72 billion dlrs after a 1.8 pct rise in December.
| Corporate News |
NAVISTAR <NAV> STILL EXPECTS HIGHER 1987 NET
| Navistar International Corp chairman
Donald Lennox repeated that benefits from recapitalization are
likely to boost future earnings for fiscal 1987.
Lennox told the annual meeting that future quarterly and
full year earnings from ongoing operations should be
"significantly above 1986 results."
In his remarks, Lennox said management has no plans to
recommend reinstatement of the company's common stock dividend
in the foreseeable future.
He said the outlook for the medium duty truck market
continues to point to little or no change. But recent order
receipts indicate a "firmer tone in the heavy duty truck
segment," which could result in a five to eight pct increase in
industry shipments for the full year, he said.
After restructuring under the holding company format, the
company's present truck and engine subsidiary will be known as
Navistar International Transportation Corp. Neil Springer
currently president and chief operating officer of Navistar
International was named chairman of the new subsidiary.
James Cotting, now vice chairman and chief financial
officer, was named to succeed Lennox as chairman and chief
executive officer of Navistar International Corp. Lennox will
retire March 31.
Shareholders at the meeting approved a change in the
company's structure to a holding company format, to be
effective April 1.
| Financial Reports |
CORRECTED-LILLY INDUSTRIAL COATINGS INC <LICIA>
| 1st qtr Feb 28 end
Shr 18 cts vs 13 cts
Net 1,541,000 vs 1,122,000
Sales 39.7 mln vs 33.5 mln
Avg shrs 8,517,000 vs 8,441,000
NOTE: Share adjusted for five pct stock dividend in August
1986.
Company corrects current year sales.
| Other |