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U.S. Agriculture Secretary Richard Lyng said he would not agree to an extension of the 18-month whole dairy herd buyout program set to expire later this year. Speaking at the Agriculture Department to representatives of the U.S. National Cattlemen's Association, Lyng said some dairymen asked the program be extended. But he said the Reagan administration, which opposed the whole herd buyout program in the 1985 farm bill, would not agree to an extension. The program begun in early 1986, is to be completed this summer. U.S. cattlemen bitterly opposed the scheme, complaining that increased dairy cow slaughter drove cattle prices down last year. Reuter

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2-APR-1987 10:49:54.58

NO EXTENSION ON U.S. DAIRY HERD BUYOUT - LYNG

Brazil will export 6,000 tonnes of poultry and 10,000 tonnes of frozen meat to Iraq in exchange for oil, Petrobras Commercial Director Carlos Sant'Anna said. Brazil has a barter deal with Iraq and currently imports 215,000 barrels per day of oil, of which 170,000 bpd are paid for with exports of Brazilian goods to that country. Reuter

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2-APR-1987 10:51:21.09

BRAZIL TO EXPORT POULTRY, MEAT TO IRAQ FOR OIL

Shr 35 cts vs 19 cts Net 3,336,000 vs 1,484,000 Sales 115.9 mln vs 76.2 mln Avg shrs 9,461,000 vs 7,897,000 NOTE: Prior year ended December 29, 1985. Reuter

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2-APR-1987 10:51:27.86

MICHAELS STORES INC <MKE> YEAR FEB ONE

The World Bank will prepay on July 9, 1987 and July 17, 1987 the total amount outstanding of two Swiss franc public issues, in the first of what could be a series of similar moves in other capital markets, a spokesman for the Bank said in a telephone call from Washington. The prepayments cover 96 mln Swiss francs of 6-1/2 pct Swiss franc bonds of 1976 and due 1991, lead managed by Swiss Bank Corporation and 100 mln Swiss francs of 7-3/8 pct bonds of 1981 and due 1991, lead managed by Credit Suisse. Eugene Rotberg, World Bank vice president-treasurer, said in a prepared statement that the prepayments are being made because of the substantial decline in interest rates over the past two years, the spokesman said. The World Bank intends to exercise early redemption on selected public issues of its securities in Switzerland and other capital markets if the exercise is financially beneficial and consistent with the Bank's overall funding strategy. Last month, Rotberg said that the World Bank planned to bring forward to the first half of 1987 its borrowing plans for the year because of its expectations that world interest rates will rise by the year end. REUTER

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2-APR-1987 10:51:54.56

WORLD BANK TO REDEEM EARLY TWO SWISS FRANC BONDS

Several industrial nations are pressing the United States to consider whether its debt strategy, under increasing fire in the developing world, needs to be strengthened, monetary sources say. While few nations are ready to pour vast sums of money into radical "debt relief" style solutions to the debt crisis, pressure is building for a greater International Monetary Fund role in the plan. But U.S. officials, who are fighting off demands for change by Congress, are confident they will retain support for their strategy which will probably be endorsed in a communique issued by the IMF's policy-making Interim Committee. One Reagan administration official said a recent discussion among leading industrial countries showed there was "very broad and strong support for continuing the strategy". The official said in an interview, "I don't sense that there's a strong desire to revise the debt strategy, except of course here on (Capitol) Hill." But monetary sources said some industrial nations, like France and Italy, are troubled by signs the strategy is increasingly strained. Britain too is said to be concerned. In late 1985, Washington called on multilateral development banks, like the World Bank, and commercial banks to increase loans to the 15 major debtors by 29 billion dlrs over three years. In return, the major debtors were expected to undertake reforms promoting inflation-free economic growth, more open markets and a reduced government role in the economy. The IMF was to retain a "central role" in the strategy, shifting its economic reform programs from emphasizing austerity to stressing growth, freer trade policies and foreign investment in debtor nations. But monetary sources said some nations want even more flexibility from the IMF when it sets economic programs tied to loans for debtor nations. Such flexibility would include less rigid economic targets -- which often lead to artificial crises when they are not met -- and more reliance on ranges and benchmarks to monitor economic performance. There is also concern that the level of IMF lending is too low and the commercial banks, themselves under attack for tawdry loan levels to debtors, want to see it increased. The IMF, which holds its semi-annual meetings with the World Bank next week, will only be a small net lender this year. Much of its loan disbursements are offset by repayments. Meanwhile, most countries, including the United States, acknowledge the banks have not lived up to their commitments. Paul Volcker, chairman of the Federal Reserve Board, is particularly irritated with the reluctance of commercial banks to lend more to reforming debtors, monetary sources say. New IMF managing director Michel Camdessus is understood to be worried about the Fund's image in the developing world, where it is often depicted as the source of economic ills. Camdessus' experience as former chairman of the so-called "Paris Club" of western creditor governments, has given him extensive first-hand experience of the debt crisis. Brazil, which in February declared an interest paymernts moratorium on 67 billion dlrs of commercial bank debt, has flatly ruled out adopting a program of IMF-sponsored economic reforms. Peru too has rejected an IMF program, curbing debt repayments to 10 pct of exports. But the administration official said Brazil's strategy of using a moratorium as a negotiating tool might backfire. "It's probably turning out to be more complicated than they thought. It underlines the extreme risk that a debtor country takes on itself when it begins down that road," the official said. Indeed, U.S. banks are laying the groundwork for writing down their Brazilian loans. U.S. officials have generally praised most debtors for adopting genuine economic reforms and the multilateral institutions for stepping up their lending. And they point out that Venezuela, Chile and the Philippines have struck agreement with commercial banks stretching out debt repayments. But problems still dog assembly of a 7.7 billion dlrs bank loan for Mexico, which many officials acknowledge may be the last major cash loan for a debtor country. Instead, banks are being pressed to come up with more novel ways of easing the liquidity squeeze in debtor nations. The prospect of greater official involvement in the debt strategy depends chiefly on the ability of western nations to come up with more finance. While there is sympathy in Congress for various forms of debt relief, more U.S. funds for the World Bank or the IMF are a virtual impossibility in today's era of budget restraint. That leaves rich surplus nations like Japan and West Germany, but neither country favors generalized debt relief. And the Reagan administration is not inclined to bow to Congressional pressure for changes in regulations governing foreign loans, to make it easier for banks to account for delays in interest and principal repayments. Reuter

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2-APR-1987 10:53:39.49

U.S. URGED TO STRENGTHEN DEBT STRATEGY

Morton Thiokol Inc said its Morton Chemical Division entered into an agreement with <Mitsubishi Chemical Industries Ltd>, Japan, to market extrudable adhesive resins based on Mitsubishi's Novatec AP product line technology. It said the resins are used in a broad range of applications, including barrier co-extrusion with nylon and Ethylene-Vinylalcohol Copolymer for film, sheet and bottles. Reuter

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2-APR-1987 10:53:51.69

MORTON THIOKOL <TKI> UNIT TO MARKET RESINS

<Hawley Group Ltd> said it has agreed to buy <Crime Control Inc> of Indiana for 51.3 mln dlrs cash. Crime control is a security service group that sells, installs and services electronic security systems which would expand the coverage of Hawley's <Electro-Protective Corp> unit. Hawley said the acquisition moved it into 12 new market areas including the West and South-West and would create the fourth largest provider of security systems in the U.S. Hawley is a Bermuda-based holding company whose main subsidiary is the U.K. Security, home improvements and cleaning operation <Hawley Group Plc>. Earlier this week, Hawley launched a 196 mln stg recommended offer for <British Car Auction Group Plc> and last month it said it planned to issue 150 mln dlrs in 15 year convertible redeemable preference shares. It said in a statement that Crime Control reported operating profit of 4.0 mln dlrs in 1986 and had end-year net tangible assets of 4.5 mln dlrs. REUTER

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2-APR-1987 10:54:42.28

HAWLEY BUYS U.S. CRIME CONTROL FOR 51.3 MLN DLRS

Chancellor of the Exchequer Nigel Lawson criticised media coverage of comments he made yesterday, when he was reported as saying he wanted sterling to stay roughly where it was, specifying a rate of around 2.90 marks and 1.60 dlrs to the pound. Holding up a newspaper report on his comments headed "Exchange Rate Targets Set" Lawson told journalists "This story is a complete non-event." He criticised the report, which said he was now targetting sterling against the dollar and mark. "Nothing of the sort occurred," Lawson said. Lawson said he had only told National Economic Development Council panel members what the pound's current dollar/mark rates were that day, after saying he was happy with current sterling levels. He said he had told the NEDC, a tripartite forum of government, unions and industry, that the pound would be kept near its present level by a mixture of interest rates and intervention on foreign exchange markets. He then repeated to the panel that he remained satisfed with sterling at around its current levels following the Paris accord in February on currency stabilisation. REUTER

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2-APR-1987 11:04:55.52

LAWSON SAYS STERLING TARGET COMMENTS INSIGNIFICANT

The European Community responded to widespread U.S. criticism of its trade policies by publishing an extensive list of U.S. actions which pose obstacles to EC exports. A spokeswoman for the EC Commission said the detailed 25-page report of alleged malpractices was in response to a similar document issued by U.S. Administration officials in November, and updated a previous EC list. EC External Trade Relations Commissioner Willy De Clercq said its object was to show such actions were not solely taken by trading partners of the U.S. And that "the U.S. Were not innocents in the matter." The report covers the entire field of EC-U.S. Commercial relations and lists more than 30 obstacles ranging from tariff measures, import quotas, customs duties, anti-dumping procedures, fiscal barriers and export subsidies. The Commission said not all the barriers mentioned were necessarily inconsistent with U.S. International obligations, and emphasised many of them could be removed at upcoming international trade talks. "The purpose of the report is to make clear that trade practices which impede exports are not a unique problem only faced by U.S. Exporters. Europeans face similar problems in the U.S.," it said. Among the obstacles detailed in the report are import restrictions on food products, such as cheese, sugar and syrup, certain wines, beers and juices, as well as on firearms and machine tools. It also criticises programs to boost U.S. Cereals exports. The document said the U.S.'s three-year export enhancement program (EEP), which began in 1985, had subsidised exports of 9.7 mln tonnes of wheat, two mln tonnes of wheat flour and 2.8 mln tonnes of barley up to mid-March this year. The subsidies granted so far were worth about 620 mln dlrs, it added. "The Community has already reacted where necessary to U.S. EEP subsidies by increasing its exports refunds, and will continue to do so," it said, adding the current GATT round would also provide an opportunity to address the subject. The document also says import quotas maintained by the U.S. On a range of farm products, including sugar, peanuts and certain cottons, restrict EC exports. In addition, the report deplores a recent U.S.-Japan accord on semi-conductors, export controls on technology transfers, standards tests in the telecommunications arena and the U.S. Administration's "buy American" public procurement policy. Reuter

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2-APR-1987 11:07:29.90

EC PUBLISHES LIST OF U.S. BARRIERS TO FREE TRADE

U.S. Agriculture Secretary Richard Lyng warned Japan that the failure to remove a longstanding import quota on Japanese beef might spark a protectionist response in the United States. "Given the protectionist mood in the Congress and the country, if I were a leader in Japan I would certainly be very concerned...and the failure to remove it (the beef quota) might be very serious," Lyng told a group of U.S cattlemen. Lyng said he and Trade Representative Clayton Yeutter, during a visit to Japan later this month, will demand "total elimination" of the beef import quota by April 1988. The current dispute with Japan over semiconductor may strengthen the U.S. stance in farm trade negotiations, Lyng said, because Japan does not want a trade war with the U.S. Lyng dismissed recent statements in Tokyo that Japan might retaliate against U.S. products as a result of the semiconductor dispute. "They (Japan) aren't going to pick a fight with us," Lyng said, adding that with its huge bilateral trade surplus Japan has more to lose in a trade war than the United States. Lyng told the U.S. cattlemen that the quota on Japanese beef imports does not allow consumers there an adequate choice in food purchases. He said in addition to beef, the U.S. will press for eliminiation of import barriers on Japan's citrus and rice as well. Lyng noted that Japan is the largest buyer of U.S. farm products, principally grains and soybeans. Reuter

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2-APR-1987 11:11:23.62

LYNG SETS TOUGH U.S. STANCE WITH JAPAN ON BEEF

U.S. Trade Representative Clayton Yeutter said he doubted Japan could avoid the April 17 imposition of U.S. tariffs on its semiconductor products. The three high-level Japanese government representatives who would be coming here in the next few days to discuss the issue would probably be unable to show evidence of continued compliance with the semiconductor trade agreement, Yeutter told reporters. "It would be impossible to provide evidence of compliance with the agreement" based on sales of only a few days time, he said. Asked by reporters if the sanctions were 100 pct certain for April 17, he said, "One could never foreclose all options. We have an obligation to listen to the arguments our trading partners make." He said the length of the sanctions will be determined by Japan and Japanese semiconductor firms. "They would be lifted only when persuasive evidence provided demonstrates compliance," he said. "Whether a few weeks or a few months depends on their actions," Yeutter added. Reuter

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2-APR-1987 11:13:25.96

YEUTTER DOUBTS JAPAN CAN AVOID U.S. SANCTIONS

U.K. Defence Minister George Younger said he had accepted an offer from British Aerospace Plc <BAEL.L> to buy state-owned armaments manufacturer <Royal Ordnance> for 190 mln stg. The British Aerospace bid had been competing against a rival offer from engineering group GKN Plc <GKN.L>. Younger told Parliament the sale was conditional on consideration by the Office of Fair Trading. He said its recommendation should be available next week and, subject to approval by the Secretary of State for Trade and Industry, should be completed before Easter. The decision marks the end of a period of uncertainty about ownership of the company, Younger said. "But, equally important, it opens up the full range of opportunities for development and growth of business which are only really available under good private sector management," he said. Reuter

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2-APR-1987 11:14:28.95

U.K. TO SELL ROYAL ORDNANCE TO BRITISH AEROSPACE

Standard and Poor's Corp said it affirmed Freeport McMoRan Inc's 265 mln dlrs BB-minus subordinated debt. The implied senior debt rating is BB-plus. S and P cited a decline in debt leverage to a pro forma 50 pct from 66 pct at year-end 1986. Equity and gas and oil property sales reduced debt incurred in acquiring Petro-Lewis Corp, American Royalty Trust and Agrico Chemical Co. The doubling of oil and gas reserves from a year earlier and synergies between the firm's agricultural operations and Agrico strengthen its competitive position, but a rise in financial risk slows the improvement, S and P pointed out. Reuter

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2-APR-1987 11:15:31.42

FREEPORT MCMORAN <FTX> DEBT AFFIRMED BY S/P

Chancellor of the Exchequer Nigel Lawson criticised media coverage of comments he made yesterday, when he was reported as saying he wanted sterling to stay roughly where it was, specifying a rate of around 2.90 marks and 1.60 dlrs to the pound. Holding up a newspaper report on his comments headed "Exchange Rate Targets Set" Lawson told journalists "This story is a complete non-event." He criticised the report, which said he was now targetting sterling against the dollar and mark. "Nothing of the sort occurred," Lawson said. Lawson said he had only told National Economic Development Council panel members what the pound's current dollar/mark rates were that day, after saying he was happy with current sterling levels. He said he had told the NEDC, a tripartite forum of government, unions and industry, that the pound would be kept near its present level by a mixture of interest rates and intervention on foreign exchange markets. He then repeated to the panel that he remained satisfed with sterling at around its current levels following the Paris accord in February on currency stabilisation. Reuter

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2-APR-1987 11:15:40.08

LAWSON SAYS STERLING COMMENTS INSIGNIFICANT

Sun Co's Sun Refining and Marketing Co subsidiary said it raised the price it charges contract barge customers for heating oil in ny harbor by 0.50 cent a gallon, effective today. The 0.50 cent price hike brings Sun's heating oil price to 50.75 cts a gallon, the company said. Reuter

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2-APR-1987 11:15:57.17

SUN <SUN> RAISES HEATING OIL BARGE PRICE

Helga Steeg, executive director of the International Energy Agency, said a U.S. oil import fee would disrupt world markets and could prompt trade retaliation against the United States. She told the U.S. chapter of the World Energy Conference she believed "an oil import fee would be difficult to operate, would generate unacceptable economic costs and that it would gravely hamper and distort international trade in energy." Steeg also said it would violate the General Agreement on Tariffs and Trade (GATT) by imposing a discriminatory tariff, permitting retaliation by oil exporting countries. Steeg praised President Reagan's opposition to a tax, which would be aimed at helping the U.S. oil industry. Reuter

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2-APR-1987 11:20:50.47

WORLD ENERGY OFFICIAL OPPOSES U.S OIL IMPORT FEE

Industrial Equity (Pacific) Ltd, a Hong Kong investment firm, said it raised its stake in Oglebay Norton Co to 351,500 shares, or 10.6 pct of the total outstanding common stock, from 286,500 shares, or 8.6 pct. In a filing with the Securities and Exchange Commission, Industrial Equity, which is principally owned by Brierley Investments Ltd, a publicly held New Zealand firm, said it bought 65,000 Ogelbay shares on March 27 at 27.00 dlrs each. It also said the Federal Trade Commission had no objection to its notification that it may buy between 15 and 24.9 pct of Ogelbay's common stock. Reuter

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2-APR-1987 11:21:12.80

HONG KONG FIRM BOOSTS OGLEBAY <OGLE> STAKE

Utilicorp United said the Iowa Utilities Board has ordered its Peoples Natural Gas division to reduce its rates to customers by 313,937 dlrs. Utilicorp said it will request a reconsideration of the order within 20 days and the Board will have 20 days to act upon the request. The company said the reduction was the result of a rate request filed by Peoples in May 1986 for an 8.6 mln dlr increase. The Board granted Peoples an interim increase of 4.2 mln dlrs in August 1986, Utilicorp said. Reuter

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2-APR-1987 11:24:03.21

UTILICORP <UCU> DIVISION CUTS GAS RATES

Japanese press reports said Prime Minister Yasuhiro Nakasone has said he may compromise on his controversial sales tax plan, bowing to widespread opposition even within his own party. The reports said he told a meeting of supporters of his ruling Liberal Democratic Party today the proposed five pct tax should be amended if there was anything wrong with it. Officials were not immediately available for comment. Until now, Nakasone had vowed to press on with the tax as part of his plan to reform Japan's 36-year-old tax system. But most Japanese newspapers and news agencies quoted him as saying today he would not foist the tax on the Japanese people if they hated it. Opposition parties and some industry groups say the tax breaks Nakasone general election campaign promises last July and would discourage consumer spending, needed to meet government pledges to try to stimulate economic growth. Pressure for the tax to be amended or shelved is likely to increase soon, before a first round of local elections due on April 12, political analysts said. Resistance has spread from opposition parties and affected industries to the LDP. Some 36 of Japan's 47 provincial governments have called for the plan to be scrapped or handled carefully, government officials said. Some leading LDP candidates for the local polls have not asked Nakasone to make a campaign speech for them as they fear his presence would weaken their position in the elections. REUTER

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2-APR-1987 11:24:34.96

NAKASONE SAID WILLING TO REVISE SALES TAX PLAN

Shr profit nil vs loss 10 cts Net profit 19,000 vs loss 1,825,000 Revs 2,611,000 vs 610,000 Avg shrs 19.3 mln vs 18.0 mln NOTE: 1986 net includes 4,000 dlr tax credit. Reuter

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2-APR-1987 11:24:54.75

HITECH ENGINEERING CO <THEX> YEAR NET

Qtly div 25 cts vs 25 cts prior Pay May 15 Record April 20 Reuter

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2-APR-1987 11:25:14.38

GENERAL DYNAMICS <GD> SETS DIVIDEND

The European Community Commission decided today to make available a further 70,000 tonnes of British intervention feed wheat for sale on to the British domestic market, trade sources said here. This will be additional to the 31,000 tonnes remaining after this week's sale of 126,031 tonnes of domestic feed wheat to the home market, British officials said in London. Reuter

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2-APR-1987 11:27:26.83

EC TO RELEASE MORE UK INTERVENTION FEED WHEAT

Shr seven cts vs 47 cts Net 652,000 vs 11.3 mln Year Shr 2.77 dlrs vs 73 cts Net 77.6 mln vs 16.6 mln NOTE: 1986 year net includes gain 51.0 mln dlrs from sale of American Cellular Telephone Corp shares. 1985 net both periods includes 15.2 mln dlr gain from sale of Washington office building. Reuter

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2-APR-1987 11:35:42.72

FMI FINANCIAL CORP <FMIF> 4TH QTR NET

In a fresh sign of the strains caused by Brazil's suspension of interest payments on its medium-and long-term debt, U.S. bank regulators have lowered their rating of the country's creditworthiness to "substandard," bankers said. Brazil was previously ranked as an "other transfer risk problem." Reserves would have to be set aside for loans to Brazil only if its credit rating were lowered by another notch to "value impaired," but bankers said the regulators' decision should be read as a sign of official concern about the deterioration in Brazil's finances. The downgrading was decided by the Interagency Country Valuation Review Committee, which groups regulators from the Federal Reserve Board, the Federal Deposit Insurance Corp and the Comptroller of the Currency. The downgrading coincides with the move by several major U.S. banks to place their loans to Brazil on non-accrual status because of the February 20 suspension of interest on 68 billion dlrs of term debt. By declaring the loans non-performing, the banks wipe out tens of millions of dollars of accrued, but uncollected, interest payments from their first-quarter accounts. Reuter

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2-APR-1987 11:38:47.13

U.S. REGULATORS DOWNGRADE BRAZIL TO SUBSTANDARD

U.S. Agriculture Secretary Richard Lyng, reacting to recent criticism of U.S. meat inspection, defended the program saying the United States has the best inspection system in the world. Speaking to representatives of the U.S. National Cattlemen's Association, NCA, Lyng attacked what he called recent "terribly biased" press reports critical of USDA poultry inspection. He cited a report on CBS "60 Minutes" which criticized USDA salmonella detection in poultry. "I know we have the finest meat and poultry inspection system in the world," Lyng told the cattlemen. Lyng said USDA makes every effort to minimize the levels of salmonella in poultry, but added "the total elimination of harmful bacteria is virtually impossible in this world." Reuter

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2-APR-1987 11:40:49.21

LYNG DEFENDS U.S. MEAT INSPECTION SYSTEM

Shr 22 cts vs not given Net 1.6 mln vs 1.4 mln Revs 35 mln vs 14 mln NOTE: 1985 results restated from originally reported loss of 1.6 mln dlrs or 28 cts a share. 1986 figures reflect reverse takeover accounting to include 12-month results of the Rose Group, but only three months for Tele-Radio Systems Ltd and Ens Bio Logicals. Reuter

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2-APR-1987 11:41:19.04

ENS BIO LOGICALS INC <BIOLF> YEAR NET

Vernitron Corp said it anticipates that a special shareholders meeting will be held in June to vote on a proposed merger with SB Holding Corp. Vernitron said the record date for the meeting has been tentatively set for May 15. The company said it filed preliminary proxy materials with the Securities and Exchange Commission for the special shareholders meeting. Following its tender offer in November 1986, SB Holding owns 54.7 pct of Vernitron. Reuter

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2-APR-1987 11:41:51.25

VERNITRON <VRN> TENTATIVELY SETS MERGER VOTE

Bethlehem Steel Corp said effective with shipments of May 3 transaction prices for all H-piles will be increased by 30 dlrs per short ton. The company said a new base price, coupled with revised size extras, will result in a published price of 446 dlrs per ton HP14 and 420 dlrs for all other H-pile sizes. Reuter

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2-APR-1987 11:42:34.53

BETHLEHEM STEEL <BS> RAISES H-PILE PRICES

To-Fitness Inc said it has changed the terms of a proposed five mln unit offering expected to be made at 1,000 dlrs per unit through underwriter Eastlake Securities Inc. The company said now each unit will consist of 100 redeemable cumulative preferred shares and a number of common shares to be determined at the time of the offering. Previously, the units were to consist entirely of preferred. Reuter

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2-APR-1987 11:45:31.59

TO-FITNESS <TFIT> CHANGES OFFERING TERMS

U.S. Trade Representative Clayton Yeutter said a possible recession in western Europe or Japan was possible as a result of the U.S. dollar's decline and the resulting drop in the U.S. trade deficit. Yeutter told the Senate Finance Committee, "They certainly have the macroeconomic policy tools to adjust" to the U.S. reduction in imports. Asked if the U.S. trade deficit was preventing them from going into a recession, Yeutter replied that result was "certainly possible" and was the reason why they should adjust their monetary, fiscal and tax policies. Asked by Sen. Bill Bradley (D-N.J.) whether the U.S. trade deficit would improve more if the value of the dollar dropped further, Yeutter replied, "That should be a mathematical truism." But he added that markets are more complicated than that. He said he expected the current decline in the dollar to show up soon in the decline in the value of imports. He expected the U.S. would soon start importing less from Japan and Europe and would start exporting more to Europe where there's less rigidity on imports. Reuter

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2-APR-1987 11:45:41.56

YEUTTER SEES POSSIBLE EUROPEAN, JAPAN RECESSION

Oper shr 15 cts vs 32 cts Oper net 656,927 vs 1,388,765 Revs 15.4 mln vs 11.3 mln NOTE: 1985 net includes pretax gain 1,880,056 dlrs on sale of stock in subsidiary. Net excludes discontinued operations loss 641,001 dlrs vs profit 281,818 dlrs. Reuter

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2-APR-1987 11:46:56.68

MEDICORE INC <MDK> YEAR NET

General Automation Inc said it completed its previously announced acquisition of Parallel Computers Inc, of Santa Clara, Calif. The company said the purchase price consisted of 615,000 General Automation restricted shares together with 5-year warrants to buy an aggregate 445,000 additional shares at 5.25 dlrs each. Reuter

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2-APR-1987 11:48:37.88

GENERAL AUTOMATION <GENA> COMPLETES PURCHASE

Comdisco Inc expects record earnings for the second quarter ended March 31 in the range of 65 to 75 cts a share, Chairman Kenneth Pontikes said in remarks prepared for delivery to a group of Los Angeles financial executives. In the year-earlier second quarter, Comdisco reported earnings of 40 cts a share. Pontikes reiterated that earnings for the full fiscal year should be "at record levels of 2.10 dlrs to 2.25 dlrs a share compared with 1.91 dlrs a share a year ago." Comdisco said the anticipated higher earnings are the result of strong performance by its risk arbitrage subsidiary and increased profitability from the marketing of its lease portfolio and its disaster recovery services. It said the loss incurred from risk arbitrage activities in the first fiscal quarter of 1987 has been completely recovered. Reuter

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2-APR-1987 11:53:26.08

COMDISCO <CDO> SEES RECORD 2ND QTR EARNINGS

<Royal Bank of Canada> said it would lower its Visa credit card interest rate to 15.9 pct from 18.6 pct, effective with the May billing statement. The bank said it would retain the credit card user fee of 12 dlrs yearly or 15 cts a transaction. Its move came one day after <Canadian Imperial Bank of Commerce> lowered its credit card interest rate to the same level. The Canadian government last month threatened to legislate lower credit card rates if financial institutions did not voluntarily do so. <Toronto Dominion Bank> lowered its rate to 15.9 pct before the government warning. Reuter

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2-APR-1987 11:54:02.32

ROYAL BANK CANADA LOWERS CREDIT CARD RATE

Denmark's net official reserves rose to 49.49 billion crowns in March from 36.34 billion in February, against 43.13 billion in March 1986, the central bank said in its monthly balance sheet report. Total net reserves, including reserves held by commercial and major savings banks and corrected for exchange rate adjustments, rose to 45.263 billion crowns from 37.26 billion in February, compared with 35.31 billion in March 1986. "The increase must be seen against the background of a considerable inflow of foreign exchange after the outflow up to the EMS realignment in January," the bank said in a statement. REUTER

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2-APR-1987 11:59:15.70

DANISH RESERVES RISE IN MARCH

A group led by Leading Edge Hardware Products Inc, a Massachusetts computer firm, told the Securities and Exchange Commission it sold its entire 5.4 pct stake in Xyvision Inc. The group, which includes Leading Edge and companies affiliated with it, said it sold the 324,200 Xyvision common shares between February 27 and April 1 for a total of 5.0 mln dlrs. Reuter

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2-APR-1987 12:00:03.14

COMPUTER FIRM SELLS 5.4 PCT XYVISION <XYV> STAKE

Parent company net profit 965 mln francs vs 442 mln. Dividend 22.50 francs vs 6.32. Net banking income 22.23 billion francs vs 20.33 billion. Net operating provisions 5.50 billion francs vs 5.19 billion, with most of increase going to cover loans to heavily-indebted countries. Reuter

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2-APR-1987 12:00:40.20

CREDIT LYONNAIS <CRLP.PA> 1986 PROFIT UP SHARPLY

Shr 29 cts vs 28 cts Net 4,411,000 vs 4,210,000 Revs 185.5 mln vs 159.4 mln Six mths Shr 58 cts vs 60 cts Net 8,821,000 vs 8,603,000 Revs 362.6 mln vs 331.4 mln Reuter

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"12631"

2-APR-1987 12:00:58.24

UNITED STATIONERS INC <USTR> 2ND QTR FEB 28 NET

Michigan National Corp said it raised the prime rate for its subsidiary Michigan National Bank to 7-3/4 pct from 7-1/2 pct, effective yesterday. The move follows similar increases earlier in the week by other banks. Reuter

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"12632"

2-APR-1987 12:07:39.74

MICHIGAN NATIONAL <MNCO> RAISES PRIME

One miner has died and 44 miners remain trapped a half mile underground in a fire at a Noranda Inc copper mine, officials said. Noranda said 26 miners had made it to a lunch room, where they had air and water, but 18 others were unaccounted for. Two rescue teams were searching for the missing men. Noranda spokesman Lionel Gleeton said miner Ange-Marie Kenney, in his 30s, died when he was caught in thick smoke about 1,000 feet from the lunch room. His body was found by rescuers. Reuter

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2-APR-1987 12:09:59.46

NORANDA <NOR> COPPER MINE BLAZE KILLS ONE

The World Bank over the last month repaid and refinanced 500 billion yen in loans at more favourable interest rates in what was the first step in a plan to refinance its existing debt, Eugene Rotberg, World Bank vice-president/treasurer said. He told Reuters in a telephone interview from Washington that the moves are consistent with, but not driven by, the Bank's view that interest rates have essentially bottomed out and will move higher by year-end. Rotberg was responding to a question following news the Bank would exercise its option to prepay early some 196 mln Swiss francs of existing bonds in the Swiss franc market. The bond redemptions are the first in the public market and may be followed by similar moves in other capital markets if the Bank considers the exercise financially beneficial and consistent with its overall funding strategy. Rotberg noted that the World Bank is very liquid right now, with some 18 billion dlrs in cash available. The Bank will be looking at various instruments and the levels they are trading at in determining what issues will be repaid, he said. However, Rotberg said that unlike the yen loans, there was no immediate plan to refinance the Swiss franc bonds, although the Bank could possibly issue new debt in that market over the next few months. He said that the yen loans, which were the equivalent of some three billion dlrs principal amount, had been from the Japanese long-term credit banks, trust banks and insurance companies and had interest rates of between seven and nine pct. All the borrowings were refinanced as traditional syndicated loans with the same parities at the Japanese long-term prime rate, currently 5.8 pct. The World Bank borrows in excess of 10 billion dlrs a year, with almost all its borrowings in medium and long-term fixed rate markets. Rotberg declined to say whether the 1/4 point rise in U.S. Prime rates yesterday to 7-3/4 pct signalled a reversal in the trend in interest rates. "Over the short term, rates could go up or they could go down," he said, adding that the bank takes a longer view on interest rates when deciding its financing strategy. However, given the current level of interest rates, it would not be wise to take short-term money on to the liability side of the Bank's balance sheet, he said. REUTER

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2-APR-1987 12:10:42.65

WORLD BANK REFINANCED 500 BILLION YEN OF LOANS

British Telecommunications PLC has transferred the information systems division of its wholly owned Canadian subsidiary, CTG Inc, to 51-pct-owned Mitel Corp, Mitel said. It said the transfer was designed to strengthen Mitel's position in the Canadian market. British Telecom acquired 51 pct of Mitel in March, 1986, while CTG became a wholly owned British Telecom subsidiary in May, 1985. Mitel said the transfer of holdings represents a restructuring of British Telecom's private branch exchange (PBX) interests in Canada. It said the CTG unit will become the center of a newly formed Mitel direct sales division, which will sell SX-2000 products to major Canadian business customers. Reuter

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2-APR-1987 12:12:24.64

BRITISH TELECOM <BTY> GIVES CTG TO MITEL <MLT>

Polysar Ltd said Alberta Natural Gas Co Ltd completed its purchase of Canstates Energy's shares held by Rankin Holdings Ltd for undisclosed terms. Polysar said its previous partnerships with Rankin in Canstates Energy, a natural gas liquid company, will continue with Alberta. Polysar, an international petrochemical company, said the new partnership will be beneficial to putting together a natural gas liquid system to serve the petrochemical feedstock requirements of its business. Reuter

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2-APR-1987 12:14:08.24

POLYSAR, ALBERTA COMPLETES PURCHASE

Moody's Investors Service Inc said it upgraded 924 mln dlrs of debt of Warner Communications Inc. Raised to Baa-1 from Ba-1 were the company's subordinated debt and Series A convertible exchangeable preferred stock. Moody's also affirmed Warner's Prime-2 commercial paper. The agency cited substantial improvements in Warner's operating performance, a stronger balance sheet and favorable long-term prospects for its core business. Warner's increased earnings and selective asset sales significantly reduced leverage and strengthened its equity base, Moody's said. Fixed-charge coverages have also improved. Reuter

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2-APR-1987 12:17:38.30

WARNER COMMUNICATIONS <WCI> UPGRADED BY MOODY'S

The EC Cereals Management Committee agreed in Brussels today that 300,000 tonnes of U.K. Intervention wheat would be made available for sale on the U.K. Home market over the next three months, the Ministry of Agriculture said. The committee agreed that 70,000 tonnes of wheat would be made available on April 14 followed by a further 30,000 tonnes later in the month. It also gave an assurance that a further 100,000 tonnes would be allocated for both May and June, which would complete the 300,000 tonnes originally requested by the U.K.. The ministry said sales out of intervention for July and August would be discussed later. Earlier, Paris trade sources said the EC Commission made available a further 70,000 tonnes of British intervention feed wheat for sale to the domestic market. Reuter

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2-APR-1987 12:18:45.58

EC FREES MORE U.K. INTERVENTION WHEAT FOR SALE

Heightened concern over renewed inflation is feeding the rally in silver and the upward move could drive the inflation hedge metal this year to as much as 9.00 dlrs per troy ounce, Mike Boswell chairman of Sunshine Mining Co told Reuters in an interview. "The anticipated higher inflation is being manifested in silver rather than in gold which is the traditional choice of inflation hedgers," said Boswell. The strength could put silver in a range of "8.00 to 9.00 dlrs even without any material swings in supply/demand," Boswell said. The buying interest for silver on the New York Commodity Exchange (Comex) continued strong, with prices rising today to a September 1986 high of 6.465 dlrs per ounce. However gold lagged at 426.30 dlrs, the strongest price since late January this year. Boswell said silver has been "under-valued for so long relative to gold but it's closing up the price gap." He noted that silver last year held at the depressed level of 5.00 dlrs while gold was soaring to more than 400.00 dlrs on concern over the heated political unrest in South Africa. "The strength was not filtering down to silver last year. Now we're seeing a delayed reaction," the Sunshine Mining official said. Almost a year ago, U.S. producers shut down two of their largest silver properties, Sunshine and Hecla mining companies, both located in Idaho. Boswell estimated that the closings slashed U.S. silver production by 10 mln ounces last year to less than 40 mln ounces. "Low silver prices and high labor costs made it uneconomical to keep the mines opened," he said. Increased imports from Mexico and Peru have made up for the loss of production in the United States which consumes 160 to 170 mln ounces annually, Boswell said. Reuter

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2-APR-1987 12:19:12.89

SUNSHINE MINING CHIEF SEES SILVER AT 9.00 DLRS

Belgian Finance Minister Mark Eyskens said he will announce measures in the next few days making it easier for non-residents to recoup the 25 pct withholding tax levied on investment income in Belgium. In an interview with Reuters, Eyskens also said he hoped the cabinet would tomorrow approve the abolition of bourse transaction taxes for non-residents, making Brussels one of the few stock exchanges in the world where foreign investors were not subjected to such a tax. He said both measures were aimed at attracting capital imports, reducing Belgium's heavy net capital outflows. Under the present system, non-residents pay withholding tax on their income from Belgian investments and can then reclaim it from Belgian authorities. But financial analysts said the procedure for recouping the tax is so bureaucratic and slow that it effectively acts as a barrier to foreign investment in Belgium, especially in the secondary bond market. Eyskens said he was ready to "simplify and eventually suppress" the procedure for non-residents and would announce details in the next few days. Financial analysts said the move would be far more significant than the imminent abolition for non-residents of the minimal bourse transaction taxes. These are set at three rates - 0.07 pct, 0.14 pct and 0.35 pct - according to the type of paper transacted. Eyskens said he hoped later to be able to abolish the transaction taxes for residents as well, but this would depend on progress in cutting the government's high budget deficit. He called the current 25 pct level of witholding tax "much too high" and said he hoped to reduce it in the longer term, perhaps as part of an overall reform of Belgian tax. But he added this would have to be done progressively because of its budgetary impact. The tax raises 170 billion francs a year in revenues, he said. Eyskens envisaged a cut to a basic 15 pct, after which a rate could be set for each new security issued. He said that as well as aggravating net capital outflows, the high rate of withholding tax also meant the treasury was forced to borrow at higher interest rates. But he said it was politically impossible to reduce taxes on investment income before those on earned income had been cut as part of the tax reform, planned for late 1980s. REUTER

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2-APR-1987 12:20:32.01

BELGIUM TO SIMPLIFY BOURSE TAX SYSTEM

<Noranda Inc> said production at its Murdochville, Quebec, copper mine was shut down by the fire that trapped 44 miners and killed at least one. Noranda spokesman Denis Morin said it was impossible to judge right now how long the shutdown might last, but said he thought it could be at least one week. The mine produced 1,792,000 metric tons of ore in 1986, Morin said. It has a mineral inventory of 35,065,000 tons. In the mine's three zones last year, copper grade was 1.10 pct at Needle Mountain, 0.30 pct at Copper Mountain Oxide and 1.32 pct at Murdochville, Morin said. Another Noranda spokesman said the smelter at Murdochville, which has not been shut down, has the capacity to treat 218,000 tons of mineral concentrate per year. The smelter treats ore from other mines as well as product from the Murdochville facility, he said. Reuter

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"12641"

2-APR-1987 12:20:58.08

NORANDA'S MURDOCHVILLE MINE SHUT DOWN BY FIRE

The Group of Seven industrialised countries will make use of next week's International Monetary Fund meetings in Washington to evaluate the Paris accord on currency stabilisation, U.K. Chancellor of the Exchequer Nigel Lawson told reporters. "On Tuesday I shall be going to Washington for meetings of the (IMF) Interim Committee and Development Committee, and we shall of course be having a meeting of the G-7," Lawson said. "And on the G-7, although there is no formal agenda, I would imagine that the first thing we do would be to review how the Paris accord has gone since it was agreed in February." Lawson said G-7 finance ministers will be reviewing medium-term economic objectives and projections involving domestic and external variables. Also examined will be performance indicators for each country. The Paris accord set objectives for such sectors as growth, inflation, current account and trade balances, budget performances, monetary conditions and exchange rates. Lawson said "At both the G-7 and the Interim Committee we will undoubtedly be discussing the debt problem. Clearly the debt problem is still with us, and still with us in quite a big way." "In many ways the problems of the big debtor countries, and indeed the poorest countries, are every bit as acute as they were when they began. It will be with us for a very long time." Lawson said he knew of no new debt initiative which might be presented and discussed next week in Washington. "We've got to go on a case-by-case basis," Lawson said. Possibilities for a coordinated approach to the problem would be something he would raise within the IMF, Lawson said. He noted the rise this week in U.S. Short-term interest rates, and said that a significant rise in borrowing costs would make the debt problem more acute. Special attention would go to Brazil next week, but Lawson added, "I do not expect anything to come to a head on that." Lawson said he told Brazilian Finance Minister Dilson Funaro here in February that Britain would not intervene and press British commercial banks into giving Brazil easier borrowing conditions. "I told him it was a matter for the banks, not governments," Lawson said. The IMF Interim Committee is to meet formally in Washington next Thursday, while the Development Committee was set to convene on Friday, Treasury officials said. REUTER

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2-APR-1987 12:25:37.78

G-7 TO REVIEW PARIS ACCORD IN WASHINGTON - LAWSON

Qtly div eight cts vs eight cts prior Pay June 1 Record May 15 Reuter

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2-APR-1987 12:27:09.63

STANDARD MOTOR PRODUCTS INC <SMP> SETS PAYOUT

National Video Inc said it entered an agreement with Univisa Inc for the development of 600 National Video franchised stores in Hispanic communities by 1992. Univisa, a Spanish-language group with interests in television, cable, program distribution, news services and records, will translate the National Video System into Spanish and market the franchises. National Video currently operates 700 stores. Franchises sell for 14,900 dlrs to 29,900 dlrs and require an initial investment of 100,000-389,000 dlrs, it said. Under terms of the agreement, Univisa is to sell not less than 600 National Video franchises to open by December 31, 1992. Subject to board approval, National Video will grant options to Univisa to buy up to 200,000 shares at six dlrs per share by April 1, 1990 and an additional 160,000 shares at nine dlrs per share by April 1992. In related agreements, National Video agreed to distribute Univisa Spanish video tapes and promotional materials distributed by of such video cassettes and will buy advertising on Univisa's national television network and on local Spanish language television stations. Reuter

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2-APR-1987 12:28:05.43

NATIONAL VIDEO <NVIS>, UNIVISA IN AGREEMENT

Period ended March 15. Shr 28 cts vs five cts Net 6,203,000 vs 1,030,000 Sales 52.6 mln vs 42.7 mln Six Mths Shr 34 cts vs seven cts Net 7,543,000 vs 1,376,000 Sales 100.1 mln vs 82.0 mln Reuter

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2-APR-1987 12:32:08.20

MONOLITHIC MEMORIES INC <MMIC> 2ND QTR NET

Vernitron Corp said it expects to hold a special meeting in June for a vote on its proposed merger into SB Holding Corp, which acquired 54.7 pct of Vernitron in a tender offer last November. Reuter

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2-APR-1987 12:33:11.57

VERNITRON <VRN> SETS SHAREHOLDER VOTE ON MERGER

Duff and Phelps put the outstanding fixed income securities of of Standard Oil Co on its watch list following the tentative offer by British Petroleum of North America <BP> to buy the company. Standard Oil's nearly three billion dlrs of long-term debt is currently rated DP-5 (high A) by the ratings agency. British Petroleum currently owns about 55 pct of Standard Oil's outstanding common stock and to acquire the remainder at the tender offer price of 70 dlrs per share would cost 7.4 billion dlrs. British Petroleum intends to fund two-thirds of that purchase with borrowed funds and the rest with cash. The additional debt will raise the fixed obligation ratio of British Petroleum from under 30 pct to perhaps 45 pct and increase its debt service requirements, Duff and Phelps said. However, putting Standard Oil's debt on its watch list, which Duff and Phelps said had "potentially negative implications," may eventually result in an upgrade depending on how British Petroleum restructures the company, Howard Mount of the ratings agency said. Mount said that acquiring Standard Oil's substantial cash flows and eliminating the annual dividend, which totaled 305 mln dlrs to common shareholders in 1986, would help satisfy British Petroleum's higher debt service. Reuter

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2-APR-1987 12:35:14.38

DUFF/PHELPS PUTS STANDARD OIL<SRD> ON WATCH LIST

CytRx Corp said the Swedish authorites and the Bank of Sweden approved its acquisition of Biopool AB of Sweden through a 60 pct owned Delaware corporate subsidiary, CytRx Biopool Ltd. Reuter

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2-APR-1987 12:36:05.86

SWEDEN OKAYS CYTRX <CYTR> BIOPOOL ACQUISITION

Shr loss 10 cts vs profit three cts Net loss 1.5 mln vs profit 442,000 Revs 2.6 mln vs 6.5 mln Year Shr loss 54 cts vs loss 77 cts Net loss 7.9 mln vs loss 11.3 mln Revs 14.2 mln vs 23.0 mln Reuter

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2-APR-1987 12:36:26.99

ALAMCO INC <AXO> 4TH QTR

Belgian Finance Minister Mark Eyskens warmly welcomed this week's increase in U.S. Prime rates, calling it a move that went beyond the Group of Five and Canada Paris accord on stabilising currencies. The rate rise would underpin economic and financial policy convergence among major countries, he added. In an interview with Reuters, Eyskens also made clear he believed the countries involved in the accord - the U.S., Japan, West Germany, France, Britain and Canada - had agreed "tentative" fluctuation ranges for exchange rates. Eyskens was speaking before hosting an informal meeting of European Community finance ministers and central bank chiefs in Belgium this weekend focusing on the international monetary situation and proposals for strengthening the European Monetary System (EMS). Asked about the dollar's recent fall on currency markets, Eyskens said he believed the Paris agreement was proving "more or less workable" despite what he called evident disagreements over U.S. Economic and monetary policy between Treasury Secretary James Baker and Federal Reserve Chairman Paul Volcker. Besides Baker's public statements that had dramatically influenced exchange markets, trade tensions between the U.S.And Japan had also caused the dollar's fall, expecially against the yen, he said. But he expressed optimism that Washington and Tokyo could reach a compromise in their row over semi-conductor trade. "I think agreement is quite possible," he said. Eyskens said he was "very agreeably surprised" by this week's quarter-point increase in U.S. Prime rates despite the obvious negative consequences for debtor countries. "It is a positive element which goes further than the (Paris) Louvre agreement ...It is the market taking account of its content," he said. He added that coordination of interest rates was a fundamental element of economic and monetary convergence between leading industrialised economies. "A policy of maintaining exchange rates within fluctuation ranges is not possible if it is not accompanied at least by a more coordinated policy of interest rates," he said. Eyskens made clear he believed the G-6 countries had agreed in Paris on ranges in which to hold their currencies. He said the end of the February 22 Louvre accord, in which the partners agreed to cooperate closely to foster exchange rate stability around current levels, clearly alluded to a "system of tentative (fluctuation) margins." He added the meeting and the statement would have been meaningless if the G-6 had not discussed the technicalities of implementing it. Eyskens said there was growing economic convergence among leading industrialised countries pointing towards greater order in the international monetary system. "That doesn't mean we are ready to restore Bretton Woods (the post-World War Two system of fixed exchange rates), but within the (International Monetary Fund) Interim Committee we are thinking in terms of target zones, fluctuation ranges to be implemented and defended," he said. The Interim Committee meets next week in Washington ahead of the IMF's Spring meetings, and Eyskens said the EC ministers would prepare for the gatherings at this weekend's talks. He said he hoped for wide-ranging talks on the future of the EMS at the weekend meeting, based on proposals from the EC's Monetary Committee and Committee of Central Bank Governors for strengthening the system through technical and institutional changes. Eyskens said he expected EC Commission President Jacques Delors to submit proposals for fully liberalising capital movements within the 12-nation bloc and made clear he shared Delors' view that this must be accompanied by a reinforcement of the EMS. "Both are totally linked. Liberalisation without strengthening the EMS would destabilise the Community," he said. REUTER

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2-APR-1987 12:36:52.68

EYSKENS SAYS US PRIME RISES WILL AID CURRENCIES

Noranda Inc said production at its Murdochville, Quebec copper mine was shut down by the fire that broke out last night, trapping 44 miners and killing one. Noranda spokesman Denis Morin said it was impossible to judge how long the shutdown might last but said he thought it could be at least one week. The mine produced 1,792,000 tonnes of ore in 1986, Morin said. It has a mineral inventory of 35,065,000 tonnes. In the mine's three zones last year, copper grade was 1.10 pct at Needle Mountain, 0.30 pct at Copper Mountain Oxide and 1.32 pct at Murdochville, Morin said. Another Noranda spokesman said the smelter at Murdochville, which has not been shut down, has the capacity to treat 218,000 tonnes of mineral concentrate per year. The smelter treats ore from other mines as well as product from the Murdochville facility, he said. The fire broke out last night in the mine which is situated in the Gaspe district of eastern Quebec. Reuter

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2-APR-1987 12:45:49.79

NORANDA COPPER MINE SHUT DOWN AFTER FIRE

Chemfix Technologies Inc said it acquired the remaining 50 pct of its California affiliate, VenVirotek, previously owned by a Ventura, Calif. businessman. Terms were not disclosed. VenVirotek proved the Chemfix Process could be successfully applied to convert spent drilling fluids into a reusable clay-like product that is suitable for use as landfill cover. Reuter

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2-APR-1987 12:50:51.37

CHEMFIX <CFIX> ACQUIRES BALANCE OF AFFILIATE

Belgian Finance Minister Mark Eyskens warmly welcomed this week's increase in U.S. Prime rates, calling it a move that went beyond the Group of Five and Canada Paris accord on stabilising currencies. The rate rise would underpin economic and financial policy convergence among major countries, he added. In an interview with Reuters, Eyskens also made clear he believed the countries involved in the accord -- the U.S., Japan, West Germany, France, Britain and Canada -- had agreed "tentative" fluctuation ranges for exchange rates. Eyskens was speaking before hosting an informal meeting of European Community finance ministers and central bank chiefs in Belgium this weekend focusing on the international monetary situation and proposals for strengthening the European Monetary System (EMS). Asked about the dollar's recent fall on currency markets, Eyskens said he believed the Paris agreement was proving "more or less workable" despite what he called evident disagreements over U.S. Economic and monetary policy between Treasury Secretary James Baker and Federal Reserve Chairman Paul Volcker. Besides Baker's public statements that had dramatically influenced exchange markets, trade tensions between the U.S.And Japan had also caused the dollar's fall, expecially against the yen, he said. But he expressed optimism that Washington and Tokyo could reach a compromise in their row over semi-conductor trade. "I think agreement is quite possible," he said. Eyskens said he was "very agreeably surprised" by this week's quarter-point increase in U.S. Prime rates despite the obvious negative consequences for debtor countries. "It is a positive element which goes further than the (Paris) Louvre agreement ...It is the market taking account of its content," he said. He added that coordination of interest rates was a fundamental element of economic and monetary convergence between leading industrialised economies. "A policy of maintaining exchange rates within fluctuation ranges is not possible if it is not accompanied at least by a more coordinated policy of interest rates," he said. Reuter

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2-APR-1987 12:52:30.20

BELGIUM SAYS U.S PRIME RISES WILL AID CURRENCIES

The Nigerian naira firmed against the dollar, banking sources said, after the rules governing foreign exchange auctions at the central bank were changed. The marginal rate set at today's auction, from which reporters were barred for the first time since the sessions began last September, was 3.7001 to the dollar compared with 4.0002 at the last session on March 19, the sources said. Under the new system unveiled on March 20 and in operation for the first time today, bidding banks must pay for foreign exchange at the rate they bid, rather than as previously at the rate of the lowest successful bid. The measure was aimed at discouraging banks from bidding high and thus driving down the naira's value. But banking sources and other analysts said demand for foreign exchange remained sharply higher than the available funds. Henceforth the sessions will be held every fortnight, instead of weekly, and today only 80 mln dlrs was on offer compared with the 50 mln dlrs usually on sale each week. The rule change appeared to have an immediate impact on bids. Today's highest bid was 4.06 to the dollar, compared with a top bid of 4.25 two weeks ago. Banks who bid higher than the marginal rate will be able to pass on their rate to their customers, while the marginal rate will only act as a marker for transactions. REUTER

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2-APR-1987 12:53:35.81

NIGERIAN NAIRA FIRMS AFTER RULE CHANGE

Coffee prices look set to continue sliding in the near term, given the lack of progress towards a new International Coffee Organization (ICO) export quota accord, according to coffee traders and analysts. Robusta coffee futures dipped sharply to 4-1/2 year lows yesterday at 1,220 stg per tonne, basis the May position, when the lack of new debate on quotas at ICO talks here confirmed expectations that efforts to restore quotas would not be revived at this stage, they said. The 15-day ICO average composite price fell to 99.69 cents a lb for April 1, the lowest for 5-1/2 years. Quotas will not now be renegotiated before the ICO's annual September council session, and in the interim the Brazilian frost season from June to August may prove the only bullish factor to stem further price weakness, they said. Futures bounced back from the lows today towards the previous trading range around 1,260/1,270 stg per tonne on May as the market recovered from yesterday's "confidence blip," one trader commented. But despite today's upturn, the overall trend is for lower prices in the near future, one trade source said. The market had become increasingly vulnerable to yesterday's shakeout, having held within a 1,250/1,350 stg second position trading range for 22 successive sessions, he said. Technically the market is more likely to decline further as it absorbs today's brief rally. Steep declines towards the 1,100/1,050 stg area could foster a "three figure mentality," and speculators may elect to push for coffee prices below the psychological 1,000 stg level, he added. Some traders said today's upturn was in part due to Brazil's opening last night of May green coffee export registrations. This had been widely anticipated by the market and came as no surprise, but it did remove some prevailing uncertainty and light trade buying was seen this morning as a consequence. However, the overall trend remains downwards and a test of support at 1,200 stg should be expected soon, with the only possible supportive influence on the horizon being the approach of Brazil's frost season, they said. Roasters are believed to be well covered, limiting activities to modest hand-to-mouth purchases and generally not taking up producer offers, they added. Central American producers have sold the bulk of their current crops, but robusta producers in West Africa and Indonesia need to sell coffee for April through July shipment, and this could pressure prices further, traders said. However, one dealer, although seeing no reason to be bullish, advised caution. "Everybody's bearish now, just as they were bullish when the market was at 3,100 stg," he said. Arthur Cherry, coffee analyst at E.D. and F. Man, expressed doubts the price spiral would continue much below current levels. "One dlr coffee is catastrophic for many producers -- there must be a minimum below which prices cannot fall." While prices dropped to the lowest levels since September 1982 yesterday, manufacturers have no plans to cut their retail prices. "Its impossible to say, we can't predict anything like that at this stage," a General Foods spokesman said. Manufacturers have lowered prices recently anyway in response to market weakness. At the beginning of March the price of a 100 gram jar of coffee was cut to 1.55 stg from 1.65 stg in Britain. But should coffee market prices continue to fall, the situation would be reviewed, the spokesman added. Nestle also has no plans to make additional price cuts in the near future. "The market seems to have established some equilibrium and doesn't look set to go much lower," a Nestle spokesman commented. Coffee's plunge this week has been mirrored by tea, which fell to a 5-1/2 year low at today's auction at 1.18 stg per kilo for medium quality, traders added. Reuter

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2-APR-1987 12:58:34.26

COFFEE PRICES SET TO CONTINUE SLIDE - TRADERS

The Group of Seven industrialised countries will make use of next week's International Monetary Fund meetings in Washington to evaluate the Paris accord on currency stabilisation, U.K. Chancellor of the Exchequer Nigel Lawson told reporters. "On Tuesday I shall be going to Washington for meetings of the (IMF) Interim Committee and Development Committee, and we shall of course be having a meeting of the G-7," Lawson said. "And on the G-7, although there is no formal agenda, I would imagine that the first thing we do would be to review how the Paris accord has gone since it was agreed in February." Lawson said G-7 finance ministers will be reviewing medium-term economic objectives and projections involving domestic and external variables. Also examined will be performance indicators for each country. The Paris accord set objectives for such sectors as growth, inflation, current account and trade balances, budget performances, monetary conditions and exchange rates. Lawson said "At both the G-7 and the Interim Committee we will undoubtedly be discussing the debt problem. Clearly the debt problem is still with us, and still with us in quite a big way." Reuter

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2-APR-1987 13:19:54.29

LAWSON SAYS G-7 TO REVIEW PARIS ACCORD NEXT WEEK

The First Interstate Bank of California subsidiary of First Interstate Bancorp said it is raising its prime lending rate to 7-3/4 pct from 7-1/2 pct, effective immediately. Reuter

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"12657"

2-APR-1987 13:21:14.31

FIRST INTERSTATE <I> RAISES PRIME RATE

Shr loss 56 cts vs loss 71 cts Net loss 809,000 vs loss 1.0 mln Revs 5.3 mln vs 5.3 mln Year Shr loss 1.51 dlrs vs loss 1.59 cts Net loss 2.2 mln vs loss 2.3 mln Revs 26.5 mln vs 29.1 mln (Company corrects 1985 year per share figure) Reuter

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"12658"

2-APR-1987 13:22:02.07

CORRECTED - DEROSE INDUSTRIES INC <DRI> 4TH QTR

Shr profit five cts vs loss two cts Net profit 219,000 vs loss 84,000 Revs 11.7 mln vs 11.8 mln 1st half Shr profit 11 cts vs profit 12 cts Net profit 467,000 vs profit 555,000 Revs 21.2 mln vs 21.0 mln NOTE: Half net includes 93,000 dlrs vs 300,000 dlrs from litigation gains. Reuter

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"12659"

2-APR-1987 13:22:16.82

FLORAFAX INTERNATIONAL INC <FIIF> 2ND QTR FEB 28

Union Carbide France, a unit of Union Carbide Corp <UK>, has launched a bid to buy shares of French chemical group <Duffour et Igon> at 2,100 francs a share until May 4, the stockbrokers' association CSAC said in a statement. Duffour et Igon has capital of 13.3 mln francs, divided into 133,100 shares with a nominal value of 100 francs. They were last traded on January 9 at 856 francs. <Rothschild et Associes Banque> is acting for Union Carbide. Reuter

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2-APR-1987 13:24:16.71

UNION CARBIDE FRENCH UNIT IN TAKEOVER BID

Suffield Financial Corp said it has completed the acquisition of Coastal Bancorp of Portland, Maine, in an exchange of 2.05655 Suffield shares for each Coastal share. Reuter

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2-APR-1987 13:29:20.59

SUFFIELD <SPCP> COMPLETES COASTAL <CSBK> BUY

Bank of Montreal <BMO.M> Chairman William Mulholland said he was reasonably optimistic that debt negotiations between Brazil and its commercial bank creditors can be accomplished satisfactorily in the long run. "It's going to be a bit rocky short term ... a couple of months ... but I am reasonably optimistic longer term," he told a press briefing here. Earlier, Mulholland announced that Bank of Montreal has formally applied to swap up to 100 mln dlrs of its roughly one billion dlr cross border exposure to Brazil into local equity investments under a novel conversion scheme. Tensions have been running high between Brazil and its bank creditors since President Jose Sarney imposed a unilateral suspension of interest payments on some 68 billion dlrs of commercial bank debt on February 20, bankers said. Only yesterday, three leading U.S. banks voluntarily put their Brazilian loans on non-accrual status and took a hefty cut in net income for the first quarter ended March 31. Bankers saw this as a clear refusal to be intimidated into granting major concessions as forthcoming refinancing talks. Bank of Montreal's Mulholland regretted Brazil's action but declined to discuss what action his bank might take. Mulholland merely said that Bank of Montreal had not canceled any of its short-term credit lines that came up for renewal on March 31. However, John Bradlow, senior vice president of the corporate and goverment banking division, said that it was possible that Bank of Montreal might follow the U.S. banks' lead in its second quarter results accounting. "A decision will be made at April 30 or in the first weeks of May," he told reporters after the briefing. Unlike most major U.S. banks, whose reporting year ends on December 31, Canadian banks operate on a November through October basis. At the press briefing, Mulholland detailed the proposed debt/equity conversion scheme, which is aimed at boosting investment capital and conserving foreign exchange reserves. Unlike many existing programs, Bank of Montreal intends to sell its own dollar-denominated debt at par to either the obligor or local investors for cruzados, which would then be ploughed into Brazilian assets. Mulholland said current debt/equity schemes, in which bank debt is often sold to foreign third parties at a discount, were like "peddling off debt at fire sale prices". He added that they could do pyschological harm to investor confidence. While acknowledging that Brazil has yet to give its official blessing to the plan, Mulholland predicted, "if it is supported, we are going to see more of this." Sources at other large banks with sizeable exposure to Brazil were not so sure about the scheme's success. "I don't think it's going to fly because of the impact it would have on money supply and other political reasons," said one banker, noting that earlier informal proposals along the same lines received "fairly neutral responses." "And is there a market for such investment in a time of great uncertainty," he added. Mulholland admitted, "it is something of an experiment.... some one has to screw up the courage and do something." "It is very important that avenues (to reversing net capital outflows) are broadened," he added, noting that in recent years the options have in fact been narrowing. Another senior banker agreed that debt/equity swap proposals, such as Bank of Montreal's, should be explored and developed but warned that Brasilia has been "very ambivalent" about debt/equity schemes thus far. The banker added, "debt/equity conversion should happen but it is not a major instrument for solving debt problems." Reuter

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2-APR-1987 13:31:38.87

BANK MONTREAL REASONABLY OPTIMISTIC ON BRAZIL

McDowell Enterprises Inc said it has completed the acquisition of 80 pct of privately-held Interpharm Inc, a maker of generic pharmaceuticals, for 488,000 common shares, plus another 521,000 to be issued on approval by McDowell shareholders. It said subject to future sales and profit levels, McDowell could over a four-year period acquire the remaining 20 pct of Interpharm for another 1,543,000 shares. Reuter

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2-APR-1987 13:37:49.58

MCDOWELL ENTERPRISES <ME> MAKES ACQUISITION

Shr 20 cts vs 20 cts Net 4.1 mln vs 4.0 mln Qtly div five cts vs five cts prior Revs 118.0 mln vs 45.2 mln Six months Shr 40 cts vs 35 cts Net 8.1 mln vs 6.9 mln Revs 215.6 mln vs 90.3 mln NOTE:Dividend payable July 31 to holders of record July 15. Reuter

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2-APR-1987 13:37:57.59

LAIDLAW INDUSTRIES INC <LWSI> 2ND QTR FEB 28

Computer Network Technology Corp (CNT) said it signed an equipment maintenance agreement with Storage Technology Corp <QSTK> that would allow Storage to provide field support and maintenance in the U.S. for Computer Network Technology products. CNT designs, manufactures and markets products for high speed networking systems. Reuter

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2-APR-1987 13:38:59.36

COMPUTER NETWORK TECH <CMNT> SIGNS PACT

McDowell Enterprises Inc said its auditors have decided to qualify their opinion on 1986 financial statements due to questions about the company's ability to continue as a going concern. McDowell said it will file its annual report for 1986 by April 15, after applying for an extension, and will report a loss for the year of about six mln dlrs after a substantial writedown of assets and an increase in costs associated with its withdrawal from the construction business. In 1985, McDowell lost 2,152,000 dlrs before a 1,240,000 dlr loss from discontinued operations. Reuter

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2-APR-1987 13:41:01.24

MCDOWELL <ME> TO GET QUALIFIED AUDIT

McKesson Corp said it sold the California Culinary Academy of San Francisco to an investor group headed by the academy's president, Fred Seymour, for undisclosed terms. The 400-student academy was founded nine years ago and was acquired in 1982 by McKesson. The company said it sold it because it no longer fits with its business direction. Reuter

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2-APR-1987 13:41:22.61

MCKESSON <MCK> SELLS CULINARY ACADEMY

Vanguard Technologies International Inc said it acquired 100 pct of the stock of <Diversified Data Corp>. Diversified, and its wholly-owned subsidiary, TECHPRO Corp, have current revenues from operations of approximately four mln dlrs, Vanguard said. The acquisition was for cash, but the amount was not disclosed. Reuter

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2-APR-1987 13:42:57.32

VANGUARD TECHNOLOGIES <VTI> ACQUIRES COMPANY

The American Stock Exchange said it has listed the common shares of Portage Industres Corp, which went public today. Reuter

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2-APR-1987 13:58:36.62

AMEX LISTS PORTAGE INDUSTRIES <PTG>

The New York Mercantile Exchange said options on heating oil futures will begin trading June 26. This would be the second options contract to trade at the exchange. NYMEX introduced crude oil options last November. "Heating oil options are a logical complement to our existing energy complex," said NYMEX Chairman William Bradt. "From our experience in crude, we fully expect heating oil options to offer significant new trading opportunities to current market participants and also draw additional users into this marketplace," he said. Six consecutive trading months in heating oil options will be introduced on June 26, led by the September 1987 contract, according to the exchange. Strike prices wil be in increments of two cts per gallon and seven strike prices for puts and for calls will be available, the exchange said. The middle strike price will correspond closely to the settlement price of the previous day's futures close, it said. Expiration will be on the second Friday of the month preceding delivery of the underlying futures contract, it said, meaning that the September options contract would expire August 14. Prices for heating oil options will be quoted in cts per gallon with a minimum fluctuation of 0.01 cent per gallon, NYMEX said. The options will be based on the underlying futures contract of 42,000 gallons each. Trading hours will be the same as heating oil futures, beginning at 0950 EST and ending 1505 EST. NYMEX received approval for heating oil options from the Commodity Futures Trading Commission on September 16, 1986, the exchange said. Reuter

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2-APR-1987 13:59:49.22

NYMEX SCHEDULES START OF HEATING OIL OPTIONS

Ark Restaurants Corp's 3,333,333 shares of common stock began trading today on the American Stock Exchange, the exchange said. The common opened on 100 shares at 4-3/8, the exchange said. The company, which is a holding company for 12 restaurants in New York City and New Jersey, formerly traded on NASDAQ, the exchange said. Reuter

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2-APR-1987 14:00:00.81

ARK RESTAURANTS <RK> BEGINS TRADING ON AMEX

Shr 19 cts Net 1,906,850 12 mths Shr 60 cts Net 5,871,258 NOTE: company began trading Jan 17, 1986. Reuter

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2-APR-1987 14:03:11.53

VMS HOTEL INVESTMENT TRUST <VHT> 4TH QTR NET

Sterling made a sharp recovery when U.K. Chancellor of the Exchequer Nigel Lawson described remarks he made yesterday on targets for the pound as "insignificant," rallying back up almost exactly to the levels it had fetched before Lawson spoke yesterday, dealers and analysts said. They said sterling would likely leave the limelight once again to trade quietly around current levels, as the markets set their sights on the dollar, yen and mark again ahead of key international monetary talks in Washington next week. Sterling ended its European day at 1.6020/30 dlrs, virtually unchanged from yesterday's last 1.6040/50 dlrs, fetched before Lawson's first comment. But it was well up on levels just above 1.59 dlrs which it had held until the second comment came. Against the mark, sterling recovered to close at 2.9190/9240 marks after today's opening 2.9040/90 and last night's 2.9210/45. "On balance, it is as if nothing happened ... We are back to where we were before," Mark Brett, economist at securities house Barclays de Zoete Wedd said. "This whole story is like a storm in a teacup," a dealer with a U.K. Bank commented. The pound's recovery was triggered when Lawson criticised media coverage of comments he made yesterday, when he told a conference he wanted sterling to stay roughly where it was. In this context, Lawson was reported to have specified rates of around 2.90 marks and 1.60 dlrs to the pound in remarks which markets were quick to interpret as a signal to sell sterling. Lawson said today he had merely stated yesterday's approximate value of the pound. "The wrong end of the stick was picked up," he told reporters, adding his comments did in no way signal a change in British exchange rate policies. Dealers and analysts said the reactions to both statements were clear evidence that the market, frustrated by the relative currency stability after the February 22 Paris agreement, was desperate to reactivate trading and would react to any clues offered about the contents of the currency accord. In Paris, finance ministers of the Group of Five and Canada are widely believed to have agreed exchange rate targets, although no participant has specified these in an apparent bid to foster stability by keeping markets guessing. "The markets are absolutely desperate to get clues on Group of Six (countries that are part to the Paris agreement) targets ... The number of rumours flying around is bigger than ever before," said Barclays de Zoete Wedd's Brett. Analysts said neither yesterday's remarks nor today's had changed their impression that after Paris, sterling was targeted to trade in broad ranges against major currencies. All polled analysts said if anything, the 2.90 marks level mentioned by Lawson was probably the centre of a wide 20-pfennig range which sterling would easily hold, helped by good economic indicators and relatively high interest rates. "It would be insane to pinpoint an exchange rate ahead of an election ... I don't believe Lawson is mad enough to tie himself to a fixed rate," Brett said. He expected sterling to firm over the next few weeks, to around 2.95 marks and 1.63 dlrs, as overseas investors reappraised high-yielding investments here. Robin Marshall, chief economist at Chase Manhattan Securities, said he was not surprised to see Lawson qualify his sterling target comments so quickly. "His remarks gave markets a target to aim at," he said, adding, "He (Lawson) talked himself into a bit of a corner on this ... It made him a hostage to fortune." Marshall and other analysts dismissed a theory, that by quoting target rates Lawson had attempted to put pressure on prime Minister Margaret Thatcher to agree to British membership of the European Monetary System (EMS), as implausible. Reuter

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2-APR-1987 14:04:53.46

STERLING REBOUNDS ON LAWSON "TARGET"-DENIAL

Shr 34 cts vs 32 cts Net 2,328,515 vs 2,175,046 12 mths Shr 1.14 dlrs vs 1.25 dlrs Net 7,857,997 vs 8,615,439 NOTE company attributed decrease to significant drop in prime lending rate as its principal business is pegged to the interest rate. Reuter

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2-APR-1987 14:11:50.05

VMS SHORT TERM INCOME TRUST <VST> 4TH QTR NET

Senate Republican leader Robert Dole said President Reagan changed no minds in a meeting with Republican senators to seek support for his veto of an 88 billion dlr highway bill. "I think it's safe to say no minds were changed," Dole said before the Senate began a final vote on the veto. Reuter

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2-APR-1987 14:22:28.50

DOLE SAYS REAGAN CHANGED NO MINDS ON VETO

Investor Paul Bilzerian said he has offered to buy all of the Pay 'N Pak Stores Inc stock he does not already own in a proposed 19 dlr a share cash merger. In a filing with the Securities and Exchange Commission, Bilzerian said he made the proposal in a letter to Pay 'N Pak Chairman David Heerensperger. Bilzerian said he proposed buying the Kent, Wash.-based retailing company through a new company he would set up which would buy up all the Pay 'N Pak common shares at 19 dlrs each. The Florida investor reported Monday that he has 1,000,000 mln Pay 'N Pak common shares, or 9.9 pct of the total outstanding common stock. He initially disclosed last Friday that he had bought 7.2 pct of the company's stock for investment purposes, but said he might increase his stake, seek representation on the company's board or launch a tender offer. Reuter

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2-APR-1987 14:23:40.77

BILZERIAN BIDS 19 DLRS/SHARE FOR PAY 'N PAK <PNP>

RJR Nabisco Inc's RJ Reynolds Tobacco USA unit said it sold four of its smoking tobacco brands to <John Middleton Inc> for undisclosed terms. The brands sold were Prince Albert, Carter Hall, Apple and Royal Comfort. The terms were not dislcosed. The company said these brands represent less than one pct of the RJ Reynolds Tobacco's USA total sales which amounted to 4.7 bilion dlrs in 1986. John Middleton is a family-owned tobacco business in King of Prussia, Pa which has manufactured and marketed pipe tobacco for 131 years. In January, the company said it was holding talks with potential buyers for the sale of the businesses but then said in February it was studying the transfer of the businesses to a master limited partnership. R.J. Reynolds said it will continue to sell the brands until July three. On March six, RJR completd the sale of its Heublein Inc unit to Grand Metropolitan PLC for 1.2 billion dlrs. It said it would use proceeds from that sale to redeem its 11.20 pct notes due Aug 1, 1997. Reuter

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"12677"

2-APR-1987 14:23:56.90

RJR <RJR> UNIT SELLS FOUR TOBACCO BRANDS

<Alcatel NV>, the telecommunications venture set up by ITT Corp <ITT> and France's <Cie Generale d'Electricite>, has accepted a proposal from the Industry Ministry to restructure ITT's former Spanish subsidiary, <Standard Electrica SA>, a Standard spokesman said. He said Alcatel also has agreed to sell <Marconi Espanola SA>, owned 80 pct by Standard and 20 pct by Alcatel. Negotiations to put Standard on a sounder financial footing have involved the government, Alcatel and Spain's telephone company, Compania Telefonica Nacional de Espana SA <TELF.MA>, which has a small stake in Standard and is its main customer. Reuter

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2-APR-1987 14:24:16.64

ALCATEL TO RESTRUCTURE SPANISH SUBSIDIARIES

Acme Steel Co said it has agreed in principle to acquire <Universal Tool and Stamping Inc> for an undisclosed price. The agreement is subject to approval by Acme's board and execution of a definitive purchase agreement, the companies said. Universal Tool makes and distributes automotive jacks and related equipment for the domestic auto industry. Reuter

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2-APR-1987 14:25:14.89

ACME STEEL <ACME> TO ACQUIRE UNIVERSAL TOOL

Amoco Corp first quarter profits are expected to exceed the 165 mln dlrs, or 65 cts per share, reported for 1986's fourth quarter, chairman Richard Morrow said. Speaking to reporters after a security analyst meeting, he said the gain was expected because of higher oil and gas prices, but declined to compare his expectations with the 331 mln dlrs, or 1.28 dlrs per share, the company earned in 1986's first quarter. Earlier, Morrow told the analysts that Amoco's first quarter refining and marketing results "will look pretty poor," because of low margins in January and February. The margins began to improve last month and look pretty good now, he added. Morrow said he expects oil product margins to remain good for the rest of the year, "but it remains to be seen if they will match 1986 levels." The Amoco chairman said he expects crude oil prices to remain in the 17 to 20 dlr barrel range for the rest of 1988 based on his belief that OPEC's agreement will hold. Morrow said his best estimate for 1989 crude oil prices is 21 dlrs per barrel, adding he believes this price level would result in a 40 pct increase in oil company exploration spending. President H. Lawrance Fuller told the analysts Amoco reduced its estimates of worldwide oil and gas reserves by a total of 201 mln equivalent barrels last year because of a drop in oil and gas prices. Noting the Securities and Exchange Commission requires that reserves be estimated on the assumption that year-end prices will remain fixed for the life of the properties, he said the drop in oil prices to 16 dlrs a barrel at the end of 1986 from 27 dlrs a year earlier forced the company to reduce its reserve estimate by four pct. Fuller said Amoco expects its U.S. oil and natural gas liquids production to decline about five pct this year from last year's 121 mln barrels because of drilling deferrals made last year when oil prices were falling. He said the full impact of the deferrals was off-set by the purchase of properties which will add about 5,000 barrels per day to the company's 1987 U.S. production. Fuller said U.S. refining capacity is expected to be increasingly strained by the rising demand for lead-free gasoline, especially the higher octane grades. He said expected federal regulations on gasoline vapor pressure will further tighten the industry's gasoline production capacity. Reuter

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2-APR-1987 14:26:38.95

AMOCO <AN> SEES 1ST QTR NET TOPPING 4TH QTR

Shr profit 1.49 dlrs vs loss 8.96 dlrs Net profit 2,461,906 vs loss 14,676,385 Rev 7.2 mln vs 10.9 mln Year Shr profit 2.12 dlrs vs loss 6.41 dlrs Net profit 3,506,112 vs loss 10,508,083 Revs 34.2 mln vs 50.7 mln NOTE: Realized investment gains for the qtr were 96,000 dlrs vs nil for 1985's 4th qtr. 1986 losses from investments were 203,000 dlrs, or 12 cts a share, vs losses of 354,000 dlrs, or 21 cts a share, in 1985. Qtr net includes extraordinary gain of 1.7 mln dlrs, vs extraordinary loss of 512,000 in the prior year's 4th qtr. 1985 net includes extraordinary gain of 2.5 mln dlrs. Reuter

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2-APR-1987 14:26:48.07

CELINA FINANCIAL CORP <CELNA> 4TH QTR NET

Pacific First Financial Corp said it expects to report a sharp increase in first quarter earnings as compared to the 4.1 mln dlrs, or 54 cts per share, reported a year earlier. The company also said earnings for the quarter should exceed the record 7.9 mln dlrs, or 1.05 dlrs per share, reported in last year's final quarter. The gains will be due to strong net interest income and profits on the sale of certain mortgage loans and mortgage backed securities, Pacific First said. The company expects to report first quarter results the week of April 13. Reuter

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2-APR-1987 14:27:10.85

PACIFIC FIRST <PFFS> SEES HIGHER 1ST QTR NET

Seventeen miners who were missing in a copper mine fire were found today and efforts were underway to rescue them and 29 others who were trapped but safe in an underground lunch room, officials said. The mine's owner, Noranda Inc. <NOR>, said one miner died in the fire, six miners escaped unharmed, 29 made it to an underground lunch room, where they had air and water, and 17 were later found safe in other lunch rooms. Reuter

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2-APR-1987 14:35:20.69

17 MISSING NORANDA MINERS FOUND ALIVE

The Senate overrode President Reagan's veto of an 88 billion dlr highway funding bill, 67-33. The measure now becomes law. It was a major personal loss for Reagan, who came to the Capitol earlier in the day to campaign for support. Reuter

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2-APR-1987 14:39:38.37

U.S SENATE OVERRIDES REAGAN'S HIGHWAY BILL VETO

Chemfix Technologies Inc said it has acquired the 50 pct of its VenVirotek unit that it did not already own from Ventura, Calif., businessmen for undisclosed terms. Reuter

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"12685"

2-APR-1987 14:43:35.69

CHEMFIX <CFIX> BUYS REST OF UNIT

Sun Co Inc said the O.M. Steel Federal Number One well in Williams County, N.D., flowed 660 barrels of oil and 581,000 cubic feet of natural gas per day through a 13/64 inch choke from depths of 13,188 to 13,204 feet. Sun said it has a 50 pct interest and Comdisco Resources Inc the remainder. An offset well is under consideration, it said. Reuter

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2-APR-1987 14:43:59.58

SUN <SUN> IN NORTH DAKOTA OIL FIND

Meridian Bancorp Inc said it has raised its prime rate to 7-3/4 pct from 7-1/2 pct, effective immediately. Reuter

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"12687"

2-APR-1987 14:44:03.60

MERIDIAN BANCORP <MRDN> RAISES PRIME RATE

Minnesota Mining and Mfg Co said it completed the acquisition of Unitek Corp, a supplier of orthodontic products, from Bristol-Myers Co <BMY>. The purchase agreement was announced February 12. It said Unitek, based in Monrovia, Calif., will operate as an independent subsidiary of 3M. Reuter

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2-APR-1987 14:45:54.12

3M <MMM> COMPLETES UNITEK ACQUISITION

Jorge Cardenas, manager of Colombia's Coffee Growers' Federation, welcomed Brazil's export measures and said they clarified the market situation. He told journalists the measures "set the rules clearly" and helped dissipate whatever doubts the market might have had about the world's biggest exporter's policies. Brazil's coffee institute, IBC, today opened export registrations for May with no quantity limit set. The contribution quota will be 15 pct of the minimum registration price, which will vary daily. Reuter

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2-APR-1987 14:47:14.28

COLOMBIA COFFEE CHIEF WELCOMES BRAZIL MEASURES

An amendment approved by the House Agriculture Committee yesterday requiring quotas on U.S. imports of products containing sugar is unlikely to remain in a comprehensive trade bill, Congressional sources said. The amendment, offered by Rep. Arlan Stangeland, R-Minn., would require quotas on the import of any merchandise containing over 25 pct sugar or other farm products which are now subject to U.S. quotas. Supporters of the amendment said it is aimed at curbing shipments of food products containing sugar from Canada. However, the Ways and Means committee, which has overall jurisdiction on trade legislation, will try to kill the amendment as protectionist, a committee aide said. An Agriculture committee aide acknowledged the proposal probably will not survive scrutiny by other House committees. But he said the amendment was introduced in part to send a warning to U.S. companies considering moving food processing plants to Canada to avoid the restrictive U.S. sugar quota. In debate on the amendment yesterday, Rep. Stangeland and other supporters said the proposal would have no effect on the status of foreign trade zones. Sugar producer groups pushed for the amendment on sugar-containing products because they believe sugar is being shipped to the United States in food products as a way to circumvent the quota on raw sugar. The sugar quota is only one mln short tons this year. Reuter

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2-APR-1987 14:48:36.83

U.S. SUGAR PRODUCT AMENDMENT UNLIKELY TO SURVIVE

The Environmental Protection Agency proposed rules to shield water supplies from potential leaks from 1.4 mln underground storage tanks, nearly half of which are used to store gasoline at service stations. It said the rules would require owners and operators of the tanks containing petroleum products or certain hazardous chemicals to monitor the tanks for leaks and, in case of leaks, to notify appropriate authorities. The owners and operators of petroleum tanks would also be financially responsible for any contamination, the EPA said. It said financial requirements for chemical tanks will be proposed later. Hazardous tanks are regulated separately. EPA Administrator Lee Thomas said "Thousands of underground storage tanks are currently leaking and, without adequate controls, many more can be expected to leak in the future, endangering our nation's drinking-water supplies." He added in a statement "We intend to ensure that each underground tank is either upgraded or closed down and that safe operating and cleanup procedures are following to provide maximum protection from any future leaks." reuter

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2-APR-1987 15:05:45.68

EPA TO SHIELD WATER SUPPLY FROM GASOLINE LEAKS

Seventeen miners who were missing in a copper mine fire were found today and efforts were underway to rescue them and 29 others who were trapped but safe in an underground lunch room, officials said. The mine's owner, Noranda Inc., said one miner died in the fire, six miners escaped unharmed, 29 made it to an underground lunch room, where they had air and water, and 17 were later found safe in other lunch rooms. Reuter

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2-APR-1987 15:07:11.67

SEVENTEEN MISSING COPPER MINERS FOUND ALIVE

White House spokesman Marlin Fitzwater said that comments made in congressional testimony by Trade Representative Clayton Yeutter do not reflect the government's position. Yeutter was questioned about the dollar during testimony to the Senate Finance Committee. Fitzwater said in a statement Yeutter's comments were in response to a hypothetical question "and do not reflect the government's position." "I want to emphasize that only the president and the secretray of the treasury are authorized to comment on the dollar," the spokesman said. Yeutter, asked whether the U.S. trade deficit would improve more if the value of the dollar dropped further, replied, "That should be a mathematical truism." But he added that markets are more complicated than that. He said he expected the current decline in the dollar to show up soon in the decline in the value of imports. Reuter

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2-APR-1987 15:10:07.63

WHITE HOUSE DISAVOWS YEUTTER COMMENTS ON DOLLAR