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U.S. TAX INCREASE PROPOSED ON BEER AND WINE | Rep. Anthony Beilenson, D-Cal, said
he introduced legislation to triple the federal excise taxes on
beer and on two types of wine which have the least alcohol.
His bill would raise the tax on beer from nine dlrs to 27
dlrs per 31-gallon barrel, an increase of about 32 cents per
six pack. The tax on the two types of wine would go from 17
cents to 51 cents per gallon and from 67 cents to 2.01 dlrs per
gallon respectively, he said in a statement.
"Raising the tax rates on beer and wine is an entirely
justifiable means of reducing the deficit. It would also
modestly discourage excessive drinking," Beilenson said.
Reuter
|
MEDITRUST <MTRUS> RAISES QUARTERLY | Qtly div 43 cts vs 38 cts prior
Pay May 15
Record April 30
Reuter
|
MONSANTO <MTC> UNIT SEES OPERATING LOSS IN 1987 | Monsanto Corp's G.D. Searle and Co unit
said it will report an operating loss for 1987, mainly due to
expenses for research and development.
Searle chairman Sheldon Gilgore said Searle's operating
loss in 1987 will be less than the 87 mln dlr operating loss in
1986.
He said Searle's first quarter sales will be up 21.8 pct to
179 mln dlrs from 147 mln dlrs in the year ago quarter. In 1986
Searle's sales were 665 mln dlrs.
Gilgore said the company intends to have sales of three
billion dlrs by the mid-1990s.
He said the company anticipates approval in Japan, the
U.S., Italy, Spain and the U.K. for its ulcer treatment drug
Cytotech.
He also said that in a paper not yet published the drug was
shown to prevent a flare-up of ulcers for a longer period of
time than Tagamet, made by SmithKline Beckman Corp <SKB>.
Other drugs in Searle's pipeline include tissue plasminogen
activator (TPA), made by a different process than Genentech's
<GENE> TPA, expected to be approved for marketing this year.
Reuter
|
STATUS GAME CORP <STGM> 3RD QTR FEB 28 NET | Oper shr six cts vs one ct
Oper net 194,109 vs 28,751
Revs 2,731,688 vs 347,134
Avg shrs 3,360,527 vs 2,295,359
Nine mths
Oper shr 11 cts vs five cts
Oper net 356,571 vs 111,545
Revs 5,923,907 vs 1,491,852
Avg shrs 3,296,982 vs 2,289,762
NOTE: Share adjusted for 10 pct stock dividend in December
1986. Prior year net excludes tax credits of 5,775 dlrs in
quarter and 17,325 dlrs in nine mths.
Net excludes discontinued amusement game operations gains
144,095 dlrs vs 70,194 dlrs in quarter and loss 2,952,814 dlrs
vs gain 196,872 dlrs in nine mths.
Reuter
|
INT'L SURGICAL <SURG> TO OFFER TEST | International Surgical and
Pharmaceutical Corp said it will offer diagnostic testing
services to hospitals, clinics and private medical practices in
the metropolitan New York area.
The company said it has leased a vascular diagnostic
testing mobile unit to conduct a test for early indicators of
potential stroke.
Medicare/Medicaid and other insurance programs have
approved the test and are paying up to 500 dlrs for the
diagnostic procedures, it said.
Reuter
|
EUROPEAN AIRLINES REPORT RECORD PASSENGER RESULTS | European airlines, hit by a drop in
business across the North Atlantic for much of last year, today
reported record passenger traffic for February.
The 21-member Association of European Airlines said
passenger traffic in February was 11 pct higher than a year
earlier, allowing carriers to fill just under 60 pct of seat
capacity, the highest ever recorded in the month.
On the North Atlantic route, where 1986 business suffered
because American visitors were deterred by the falling dollar,
fears of terrorism and the Chernobyl nuclear accident,
passenger traffic was up 15.5 pct.
Improvements were also registered on South and
Mid-Atlantic, European, Asian and Middle East routes.
"If the momentum is maintained AEA airlines can anticipate
sustained growth this summer -- in marked contrast to last
year," Henderson said in a statement.
Reuter
|
UNIVERSAL FOODS CORP <UFC> VOTES DIVIDEND | Qtly div 20 cts vs 20 cts prior qtr
Pay 6 May
Record 21 April
Reuter
|
BETZ LABORATORIES INC <BETZ> SETS QUARTERLY | Qtly div 35 cts vs 35 cts prior
Pay May 14
Record April 30
Reuter
|
NORTHWESTERN NATIONAL LIFE <NWNL> UPS PAYOUT | Qtly div 24 cts vs 21-1/2 cts prior
Pay May 15
Record April 24
NOTE: Northwestern National Life Insurance Co.
Reuter
|
GRAIN SHIPS WAITING AT NEW ORLEANS | Ten grain ships were loading and 14
were waiting to load at New Orleans elevators, trade sources
said.
ELEVATOR LOADING WAITING
Continental Grain, Westwego 1 6
Mississippi River, Myrtle Grove 1 0
ADM Growmark 1 4
Bunge Grain, Destrehan 1 0
ELEVATOR LOADING WAITING
ST CHARLES DESTREHAN 1 1
RESERVE ELEVATOR CORP 1 0
PEAVEY CO, ST ELMO 1 0
CARGILL GRAIN, TERRE HAUTE 2 1
CARGILL GRAIN, PORT ALLEN 0 0
ZEN-NOH 1 2
reuter
|
CENTEL <CNT> SELLS DEBENTURES AT 9.233 PCT | Centel Corp is raising 50 mln dlrs
through an offering of debentures due 2017 yielding 9.233 pct,
said lead manager Smith Barney, Harris Upham and Co Inc.
The debentures have a 9-1/8 pct coupon and were priced at
98.90 to yield 117 basis points over comparable Treasury
securities.
Non-callable for five years, the issue is rated A-3 by
Moody's Investors Service Inc and A by Standard and Poor's
Corp.
E.F. Hutton and Co Inc and UBS Securities Inc co-managed
the deal.
Reuter
|
AMES DEPARTMENT STORE <ADD> MARCH SALES UP | Ames Department Stores Inc
said sales for the five weeks ended April Four were up 8.2 pct
to 164.0 mln dlrs from 151.6 mln dlrs a year earlier, with
same-store sales up 6.5 pct.
The company said for the first nine weeks of its fiscal
year, sales were up 16.3 pct to 277.6 mln dlrs from 238.7 mln
dlrs a year before, with same-store sales up 14.5 pct.
Reuter
|
FOOTHILL <FGI>, SIERRITA IN STANDSTILL ACCORD | Foothill Group Inc said it reached a
standstill agreement with Santa Cruz Resources Inc and its
parent, Sierrita Resources Inc, that bars the companies from
acquiring more than a 30 pct interest in Foothill, except
through a business combination approved by Foothill's board.
The company also said Santa Cruz has advised it that it
owns 24.7 pct of Foothill's outstanding common stock.
In addition, Santa Cruz and Sierrita have agreed to vote
their shares in accordance with instructions from the Foothill
board in connection with certain business combinations and
certain anti-takeover matters, Foothill said.
Foothill said the arrangement also bars Santa Cruz and
Sierrita fron tendering any Foothill securities owned by them
into any tender offer unless certain unspecified conditions are
met.
Reuter
|
SHOE-TOWN <SHU> MARCH SALES RISE 19 PCT | Shoe-Town Inc said sales for the
five weeks ended April four, 1987 rose 19 pct to 16.8 mln dlrs
from 14.1 mln dlrs a year ago.
It said year-to-date rose 19.4 pct to 36.3 mln dlrs from
30.4 mln dlrs a year ago.
Reuter
|
FIRST FEDERAL OF MICHIGAN <FFOM> 1ST QTR NET | Shr 3.33 dlrs vs 3.39 dlrs
Net 37,069,000 vs 36,902,000
Avg shrs 10.95 mln vs 10.05 mln
Reuter
|
WASTE RECOVERY <WRII> IN DEAL WITH BLUE CIRCLE | Waste Recovery Inc said it has received
an exclusive license to use <Blue Circle Industries PLC's>
refuse-derived fuel technology in the U.S.
The company said it plans to modify a 750 short ton per day
resource recovery plant in Miami to use the technology and will
sell refuse-derived fuel from the Miami plant to Lone Star
Industries Inc's <LCE> Hialeah, Fla., cement plant, to take the
place of about 20 pct of the Hialeah plant's coal usage.
Waste Recovery said initial demonstration trials are
scheduled for the fourth quarter.
Waste Recovery said it also plans to build two new scrap
tire processing plants to produce tire-derived fuel in Atlanta
and in the Philadelphia area. It said Goodyear Tire and Rubber
Co <GT>, its main shareholder, has agreed to supply Waste
Recovery with scrap tires for raw materials for fuel.
It said tire-derived fuel trials by major cement and paper
companies in the Southeast are scheduled for the second and
third quarters of 1987, with fuel for the trials to come from
its Houston plant.
Reuter
|
COLONIAL BANCGROUP <CLBGA> MAKES ACQUISITION | Colonial BancGroup said it has
signed letter of intent to acquire Community Bank and Trust of
Hartselle, Ala., with assets of 26 mln dlrs, for undisclosed
terms, subject to approval by regulatory authorities and
Community Bank shareholders.
Completion is expected within the next year, it said.
Reuter
|
U.S. TO PUSH STRONG SUMMIT AGRICULTURE STATEMENT | The United States will push for a
strong statement from Western heads-of-state at the June
economic summit in Venice, urging "comprehensive" negotiations
on agriculture begin immediately to reduce domestic farm
subsidies, the senior U.S. planner for the summit said.
"Agriculture has really become the number one international
economic problem," Allen Wallis, undersecretary of state for
economic affairs, told Reuters in an interview.
At the Tokyo economic summit last year, western leaders
identified agriculture as a major international problem but
made no specific recommendations.
This year, Wallis said the U.S. will press for a statement
instructing trade ministers to begin negotiating on the issue,
and include domestic programs.
While the Western leaders, including president Reagan, will
not conduct specific negotiations, Wallis said they can give a
push to the agriculture talks under the General Agreement on
Tariffs and Trade (GATT).
Wallis said the leaders should endorse a "comprehensive"
negotiation, which is interpreted as including domestic
policies as well as import restraints and export subsidies.
Reuter
|
FAB INDUSTRIES INC <FIT> 1ST QTR FEB 28 NET | Shr 69 cts vs 67 cts
Net 2,488,000 vs 2,435,000
Revs 27.6 mln vs 26.5 mln
Reuter
|
EC COMMISSION AUTHORISED TO BUY MAIZE IN JUNE | The European Commission was authorised
to buy up to one mln tonnes of maize into intervention stores
in the second half of June, although sales into intervention
normally end on April 30, Commission sources said.
They said approval was given by the EC's Cereals Management
Committee because of the possible disturbance of the market due
to heavy imports of maize under the agreement between the EC
and the United States.
The agreement guarantees access to the Spanish market for
two mln tonnes of non-EC maize a year for the next four years.
The sources said the intervention price for the maize would
be 201.49 Ecus a tonne.
They said at this price it seemed unlikely that the full
They added the decision is also designed to prevent massive
offers of maize for intervention just ahead of the normal April
30 deadline, which could be caused by speculation about the
implementation of the accord with the United States.
Reuter
|
JAPAN BUYS 5,000 TONNES CANADIAN RAPESEED | Japan bought 5,000 tonnes Canadian
rapeseed overnight at an undisclosed price for May shipment,
trade sources said.
Reuter
|
CORROON/BLACK <CBL> SAYS UNIT IN LLOYD'S FUND | Corroon and Black Corp said <Minet
Holdings PLC>, of which it owns 25 pct, agreed to participate
in a 103 mln stg fund set up by Lloyd's of London to cover part
of the claims faced by PCW underwriting agencies.
The company said Minet and several other companies were
involved in the syndicate, which faces 235 mln stg in claims
due to fraud and mismanagement.
The fund was proposed by Lloyd's to cover a portion of the
claims in return for a contribution of 34 mln stg from PCW
members. The offer is subject to acceptance by 90 pct of the
PCW members by May 30.
Lloyd's 103 mln stg offer, including 48 mln stg from
Lloyd's and 55 mln stg from brokers, is designed to cover the
reinsurance costs on the 235 mln stg of net liabilities.
Minet was unable to disclose the amount of its proposed
contribution to the fund, Caroon and Black said. However, Minet
was confident that the losses could be funded from existing
cash resources.
Under the terms proposed, Lloyd's would take over all
members' future obligations connected with PCW, and members
would agree not to pursue the matter in court.
Reuter
|
NORTHERN TRUST CORP <NTRS> 1ST QTR NET | Shr 87 cts vs 73 cts
Net 14.7 mln vs 11.7 mln
Assets 8.38 billion vs 7.43 billion
Loans 3.91 billion vs 3.40 billion
Deposits 5.60 billion vs 5.08 billion
Reuter
|
RIO TINTO SEES MODEST INCREASE IN METALS DEMAND | The consumption of some base metals,
along with dollar prices, are showing signs of modest
improvement, according to Rio Tinto-Zinc Corp Plc (RTZ).
However, the company said, iron ore markets have weakened.
RTZ commodity specialist Philip Crowson told reporters he
thought base metals industry forecasts for 1987 were erring on
the side of caution, whereas forecasts for the last several
years had proven over-optimistic.
RTZ said it expected to benefit from a rise in U.S. And
industrial production in 1987. Earlier, RTZ reported 1986 net
attributable profit of 245 mln stg against 257 mln in 1985.
Reuter
|
COLOMBIA JAN EXPORTS UP BUT COFFEE VALUES FALL | The value of colombian exports other than
coffee rose 55 pct in january compared with the same period
last year, apparently setting a trend for the trade balance in
1987, government statistics institute figures show.
They amounted to 180.8 mln dlrs fob compared with 147.5 mln
dlrs for coffee, a drop of 42 pct from last year.
The trade balance registered a 35 mln dlr surplus, compared
with a 56 mln dlr surplus in january 1986.
The national planning department forecast that in 1987
coffee, colombia's traditional major export, will account for
only one-third of total exports, or about 1.5 billion dlrs.
Reuter
|
LONDON GRAIN FREIGHTS | 27,000 long tons
USG/Taiwan 23.25 dlrs fio five days/1,500 1-10/5 Continental.
Trade Banner - 30,000 long tons grain USG/Morocco 13.50
dlrs 5,000/5,000 end-April/early-May Comanav.
Reference New York Grain Freights 1 of April 8, ship
brokers say the vessel fixed by Cam from the Great Lakes to
Algeria at 28 dlrs is reported to be the Vamand Wave.
Reference New York Grain Freights 2 of April 8, they say
the Cory Grain maize business from East London at 22 dlrs is to
Japan and not to Spain as reported.
Reuter
|
LONDON SUGAR FREIGHTS | TBN 14,00 mt bulk sugar
Fiji/Prai 16 dlrs fio 10,000/1,000 1-10/5 Fiji Sugar Marketing.
TBN 15,000 mt bulk sugar Queensland/Japan 14.65 dlrs fio
10,000/1,000 20-30/4 CSR.
ENQUIRIES - Antwerp/1-3 ports Greece 40,000 mt bagged sugar
indications 750/750 in shipments of 10,000/15,000 tonnes spread
from May to July a/c unnamed charterer.
Inchon/India 12,600 mt bagged sugar 1,000/1,000 20/4-5/5
a/c Kaines.
Reunion/1-2 ports Portugal 10,000 mt bulk sugar about 20
dlrs 2,000/750 1-10/5 a/c French charterer.
Reuter
|
LONDON GRAIN FREIGHT ENQUIRIES | Antwerp/Libya 5,500 mt bagged flour 14
daps 24-27/4.
New Orleans/Guanta 9,387 mt bulk hss 3,000/13 days
25-4/5-5.
Naantali/Saudi Red Sea 30,000/35,000 mt barley 4,000/3,000
20-30/4 or early May.
Dunkirk/Xingang 12,000 mt bagged flour 1,500/1,700 13-20/4.
Toledo/Seaforth 17,000 mt hss offers 18.50 dlrs four
days/8,000 13-15/4.
River Plate/Malaysia 20,000/22,000 long tons hss
2,000/2,000 Apr.
Reuter
|
HOME SAVINGS BANK <HMSB> 1ST QTR NET | Shr 51 cts vs not given
Net 6,089,000 vs 7,310,000
NOTE: Company went public in November 1986.
Net includes loan loss provisions of 75,000 dlrs vs 30,000
dlrs and gains on sale of securities of 756,000 dlrs vs
2,468,000 dlrs pretax.
1986 net includes tax credit 1,022,000 dlrs.
1987 net includes 2,400,000 dlr gain from tax credit
resulting in reduction of goodwill.
Reuter
|
ISRAEL IN NINTH AIR RAID OVER LEBANON THIS YEAR | Israeli helicopter gunships attacked
Palestinian guerrilla positions near Sidon in southern Lebanon
today in the ninth air raid over Lebanon this year, the
military spokesman said.
"All our aircraft returned safely to base and the pilots
reported accurate hits," he said. The aircraft returned ground
fire, he said.
The targets, three buildings on the outskirts of Ain
el-Hilweh refugee camp, were command posts for planning
guerrilla attacks, the military said.
The army says Israel's air raids on its northern neighbour,
averaging two a month, are aimed mostly at Palestinian
guerrilla bases, weapons depots and launching posts for attacks
against Israel.
The last Israeli Air Force attack was on March 23.
Reuter
|
ROSS STORES <ROST> FIVE WEEK SALES UP FIVE PCT | Ross Stores Inc said its
five-week sales for the period ended April 4 totaled 44 mln
dlrs, up five pct from a year earlier.
The company said for the two months ended April 4, sales
totaled 85 mln dlrs, up nine pct from a year ago.
Ross stores operates 121 retail stores. It closed 25 of its
stores earlier this year.
It said comparing sales to a year ago, not counting the 25
stores now closed, sales were up 22 pct in the five-week period
and up 29 pct in the two month period.
Reuter
|
AMOSKEAG BANK SHARES INC <AMKG> 1ST QTR NET | Shr 70 cts vs 67 cts
Net 6,416,000 vs 6,057,000
NOTE: Net includes pretax securities sales gains of
5,900,000 dlrs vs 5,900,000 dlrs.
Reuter
|
MSR EXPLORATION LTD <MSR> YEAR LOSS | Shr loss five cts vs profit 10 cts
Net loss 381,391 vs profit 736,974
Revs 6,161,391 vs 9,241,882
NOTE: Canadian dollars.
Proved oil reserves at year-end 3.3 mln barrels, up 39 pct
from a year earlier, and natural gas reserves 4.7 billion cubic
feet, off nine pct.
Reuter
|
SEARS <S> SALES REFLECT COMPETITIVE PRICING | Analysts who follow Sears, Roebuck and
Co said the company's 4.2 pct sales gain in March by its
Merchandise Group reflects more competitive pricing and
continues a pattern of growth started in late 1986.
Sears said sales for the five weeks ended April 4 rose to
2.62 billion dlrs from 2.51 billion dlrs a year earlier.
Linda Kristiansen of Paine Webber Inc called the numbers
"impressive," and said she looks for a full-year sales gain of
five pct for the nation's largest retailer.
reuter^M
|
ISRAELI HELICOPTERS RAID SOUTH LEBANON - RADIO | Beirut radio stations said Israeli
helicopter gunships raided south Lebanon and that one of the
craft was downed.
State owned Beirut Radio quoted witnesses as saying one
helicopter was apparently shot down by heavy anti-aircraft fire
as it attacked targets in the Ain al-Hilweh area east of the
port of Sidon.
The Sunni Moslem Voice of the Homeland radio said the
helicopter was seen falling into the sea.
There was no immediate independent confirmation of the
reports.
REUTER
|
SOUTHMARK <SM> TO OFFER SPECIAL DIVIDEND | Southmark Corp said it will issue its
shareholders a special dividend right to acquire 22 shares of
American Realty Trust <ARB> for each 100 shares of Southmark
they own.
Each right entitles the holder to buy one share of
beneficial interest of American Realty Trust at a price of 3.75
dlrs per share, Southmark said.
Southmark said the offer's record date is May 1, with an
ex-dividend date of April 27, adding that the it will issue the
rights to shareholders on May 6 and the offer will expire on
May 22.
Southmark said it received the rights on April 6 as the
holder of about 84 pct of American Realty Trust's outstanding
shares.
Holders of fewer than 455 Southmark shares who would
receive rights to acquire fewer than 100 American Realty shares
will be paid cash in lieu of the rights distribution, the
company said.
Southmark said it will compute the cash price paid based on
the average closing market price of the rights on the American
Stock Exchange for the first ten days the rights are traded,
beginning April 6.
In order to get the dividend for these rights a Southmark
shareholder must own common stock on the ex-dividend date,
April 27, the company said.
After that, Southmark said its common stock will be traded
on an ex-rights basis.
Reuter
|
EXPORTS OTHER THAN COFFEE RISE SHARPLY IN COLOMBIA | Colombian exports other than coffee rose
55 pct in January compared with the same period last year,
figures from the government statistics institute show.
Non-coffee exports amounted to 180.8 mln dlrs fob compared
with 147.5 mln dlrs for coffee, a drop of 42 pct from last
year.
The trade balance registered a 35 mln dlr surplus, compared
with a 56 mln dlr surplus in January 1986.
The national planning department forecast that in 1987
coffee, Colombia's traditional major export, will account for
only one third of total exports, or about 1.5 billion dlrs.
REUTER
|
U.S. TO PUSH STRONG SUMMIT AGRICULTURE STATEMENT | The United States will push for a
strong statement from Western heads-of-state at the June
economic summit in Venice, urging "comprehensive" negotiations
on agriculture begin immediately to reduce domestic farm
subsidies, the senior U.S. planner for the summit said.
"Agriculture has really become the number one international
economic problem," Allen Wallis, undersecretary of state for
economic affairs, told Reuters in an interview.
At the Tokyo economic summit last year, western leaders
identified agriculture as a major international problem but
made no specific recommendations. This year, Wallis said the
U.S. will press for a statement instructing trade ministers to
begin negotiating on the issue, and include domestic programs.
While the Western leaders, including president Reagan, will
not conduct specific negotiations, Wallis said they can give a
push to the agriculture talks under the General Agreement on
Tariffs and Trade (GATT).
Wallis said the leaders should endorse a "comprehensive"
negotiation, which is interpreted as including domestic
policies as well as import restraints and export subsidies.
"They (GATT talks) really have to deal with domestic
policies, as well as trade arrangements," Wallis said.
Trade Representative Clayton Yeutter has said a summit
statement of support for agriculture talks is part of an
overall U.S. strategy to build momentum for the GATT farm
talks.
Public statements in recent weeks by several members of the
Reagan cabinet have stressed the agriculture issue.
Yeutter and Agriculture Secretary Richard Lyng will
repeatedly discuss agriculture during a visit to Japan starting
next week. Yeutter said agriculture will also be on the agenda
of the trade ministers "quadrilateral" talks among
Japan, the European Community, the U.S. and Canada this month.
And the ministerial meeting of the Paris-based Organization
for Economic Cooperation and Development, OECD, in May will
highlight the agriculture problem, Yeutter said.
The OECD in May is expected to release a study of domestic
farm subsidies which shows that Japan has the highest subsidies
among industrial countries, but aid to farmers is also generous
in the EC and United States.
The controversial OECD study calculated a measure of farm
subsidies called the Producer Subsidy Equivalent, PSE, which
allows farm aid to be compared across countries.
Some officials including British Agriculture Minister
Michael Jopling, have said the PSE could be useful as a method
of negotiating lower domestic farm subsidies worldwide.
However, the State Department's Wallis said while the PSE
can be useful in negotiations, it has shortcomings and "its not
definitive."
He and other U.S. officials said the Reagan administration
has not yet reached a decision on a specific U.S. agriculture
proposal to present to the GATT.
"I would expect it (U.S. proposal) to be in the fall,"
after the series of international meetings, Wallis said.
At preliminary meetings of the GATT agriculture committee,
the United States has pushed for the so-called "freeze and
rollback" approach. Subsidies would first be frozen at current
levels, then rolled-back jointly in stages.
However, the Reagan administration perplexed some trade
analysts recently by reacting cooly to a plan by Australian
prime minister Bob Hawke calling for a similar approach. Hawke
unveiled a seven-point plan to freeze and subsequently reduce
the gap between high farm price supports and world prices.
Australia is leading a the so-called Cairns group of 13
coutries pressing for freer agriculture trade.
"The proposals that the so-called Cairns group are coming
up with seem to be focusing on short-run, quick fixes which is
not what we think is what's called for here," Wallis said.
Wallis and other said the U.S. wants a "long-range"
solution to the agriculture problem.
U.S. officials also have criticized the Australian proposal
because they said it deals primarily with the difference
between domestic prices and world levels in the EC and U.S.,
but fails to focus on the question of market access.
At the same time the U.S. is rejecting the Australian
"quick fix", Wallis said the U.S. will press at the summit for
a declaration urging that agriculture talks be completed
"expeditiously", or within two years.
The unstated U.S. strategy, U.S. officials said, is to keep
the pressure on the EC this year through the export enhancement
program and lower value of the dollar, in the hope that a
sweeping agriculture agreement is possible in 1988.
Reuter
|
TAFT BROADCASTING <TFB> COMPLETES STATION SALE | TVX Broadcast Group Inc
<TVXG> said it has completed the previously-announced purchase
of five Taft television stations.
Last week, TVX said the sale, which was scheduled to close
then, had been delayed.
Taft said the purchase price was 240 mln dlrs, as
previously announced. The price is subject to final
adjustments, Taft said.
Taft did not indicate the size of the gain, if any, it
would post on the sale.
It said the stations are WTAF-Philadelphia,
WDCA-Washington, WCIX-Miami, KTXA-Dallas and KTXH-Houston.
Reuter
|
ISRAELI HELICOPTERS RAID SOUTH LEBANON - RADIO | Beirut radio stations said Israeli
helicopter gunships raided south Lebanon and that one of the
craft was downed.
State owned Beirut Radio quoted witnesses as saying one
helicopter was apparently shot down by heavy anti-aircraft fire
as it attacked targets in the Ain al-Hilweh area east of the
port of Sidon.
The Sunni Moslem Voice of the Homeland radio said the
helicopter was seen falling into the sea.
There was no immediate independent confirmation of the
reports.
Reuter
|
EC EXPERTS TO STUDY POSSIBLE ACTION AGAINST JAPAN | European Community trade experts will
meet in Brussels tomorrow to discuss possible EC action against
Japan over trade, British Prime Minister Margaret Thatcher
said.
She told Parliament the officials would examine ideas put
forward by the U.K. Last weekend. "Trade matters and trade
initiatives have to be taken by the Community," Thatcher said.
She said the experts would focus "on more effective action
against the dumping of components (by Japan), possible
unbinding of tariffs on certain products (to allow each EC
country to set their own tariffs) ... And measures which might
be necessary to avoid diversion if the United States acts
against Japan."
REUTER
|
U.S. MARCH RETAIL SALES CUT BY LATE EASTER | U.S. retailers' lackluster March sales
were due to a late Easter, according to analysts who expect a
recovery in April.
"Sales look soft because of the Easter shift, but
underlying business is better than the numbers indicate," said
Bear Stearns analyst Monroe Greenstein.
Analysts generally average the sales results of March and
April to account for the variation of Easter's occurance. This
year, Easter is being observed on April 19, which is three
weeks later than last year.
Analyst Edward Johnson of Johnson Redbook Associates said
sales for March rose an unadjusted 2.5 to 3.0 pct, and a
seasonally adjusted 5.5 pct to six pct, compared to an adjusted
5.7 pct last year.
"The obvious question is whether these numbers indicate
that the consumer activity is slowing, but it does not appear
to be because liquidity and employment are rising," said
analyst Jeff Edelman, analyst of Drexel Lambert and Burnham.
Overall, analysts said first half sales are coming in
according to expectations. Sales for all of 1987 are expected
to rise about 5.5 pct to six pct, up a bit from 1986's rise.
In March, sales of housewares, furniture and big ticket
items were stronger than apparel sales, signaling to many
analysts that apparel sales will be strong in April as the
holiday nears.
"Sales gains in home appliances and home fashions reflect a
continuing strength in the housing market," said Edward
Brennan, chairman of Sears Roebuck and Co <S> which reported an
overall sales gain of 4.2 pct. Brennan said sales of women's
sportswear were also excellent.
"Sears' total apparel sales was up only modestly, but even
a modest improvement in apparel is a very good accomplishment
due to the fact that most people will buy apparel in April,"
said C.J. Lawrence analysts Harry Mortner.
J.C. Penney Co Inc <JCP> and Dayton Hudson Corp <DH> were
among the weaker performers with comparable stores sales
declining 1.5 pct and 4.9 pct, respectively. Penney's store and
catalog sales declined 1.3 pct overall and Dayton Hudson's
overall sales rose 4.8 pct.
Penney chairman William Howell said, "Sales continued
strong for catalog operations and, geographically, ranged from
very active in the east to weak in the economically depressed
southwest."
"Penney's been shifting away from leisure time activity
wear to other apparel lines, which yield higher profit margins,
but are currently hurting sales," said Greenstein of Bear
Stearns.
Hudson chairman Kenneth Mackes cited the late Easter for
the decline. Edelman of Drexel said that "Hudson had a tougher
comparison because it had an exceptionally good 1986."
Most analysts agreed that promotions are slightly lower
than last year.
"Retailers are not planning for much - inventories are
being kept lean, markdowns are lower than last year, but sales
are coming through anyway," said CJ Analyst Harry Mortner.
Mortner said he expects profits in the first quarter to
be better than he had originally expected in the beginning of
the year.
Most retailers report their first quarter in the middle of
May.
MARCH RETAIL SALES FOR MAJOR U.S. RETAILERS
STORE PCT 1987 1986
SEARS 4.2 2.6 BIL 2.5 BIL
K MART 4.6 2.2 BIL 2.1 BIL
JC PENNEY (1.3) 1.1 BIL 1.1 BIL
WAL-MART 32 1.1 BIL 855 MLN
FEDERATED 4.9 934 MLN 891 MLN
MAY 3.5 885 MLN 855 MLN
DAYTON 4.8 792 MLN 756 MLN
WOOLWORTH 0.2 591 MLN 590 MLN
ZAYRE 12.7 522 MLN 464 MLN
Reuter
|
LONDON EURODOLLAR BONDS CLOSE LOWER | Eurodollar bonds closed as much as a full
point lower as the dollar fell to a post-war low against the
yen and interest rates on U.S. Treasuries rose almost to eight
pct.
The dollar fell to 144.30 yen and recovered only slightly
after foreign exchange traders in New York said the Federal
Reserve intervened to buy dollars for yen.
But despite the dollar's woes, Japan Development Bank,
wholly owned by the Japanese government, raised 150 mln dlrs in
a seven-year eurobond carrying an eight pct coupon.
Lead manager for the issue, Bank of Tokyo, said the deal,
at the time of pricing, was to yield 60 basis points over
comparable maturity Treasuries. However, by the close of
trading, that spread had narrowed to 55 and continued to slide
in aftermarket activity.
Dealers noted that the spread to Treasuries is wide for a
newly-priced AAA-rated borrower like Japan Development Bank.
For example, earlier this week, the World Bank raised U.S. Dlrs
at only 25 basis points over Treasuries. Dealers said that
because the borrower comes to market fairly infrequently -- the
last time was about nine months ago, the spread appears wide.
But officials at Bank of Tokyo said the spread is intended
to compensate for the lack of liquidity and for the uncertainty
currently associated with owning dollar securities.
The officials said the borrower opted to raise funds in
dollars, despite the currency's weakness, because it is the
only market deep enough to accommodate an issue of that size.
Japan Development Bank is not allowed to raise euroyen.
Market sources said the deal is likely to be swapped into
yen as the borrowers previous issues were.
Late in the day, the deal was trading just inside its fees
at less 1.75 less 1.55.
Also issued today was a 40 mln dlr five-year offering from
Toshiba International Finance (Netherlands) carrying a 7-3/8
pct coupon and priced at 101-1/2.
Three equity linked dollar denominated deals were offered,
the largest of which was a 200 mln dlr offering by Sekisui
Chemical Co and guaranteed by Sanwa Bank Ltd. The issue has
equity warrants attached and late in the day it was quoted on
brokers' screens at 106-1/2, bid only.
The Australian dollar market continued active, with
Canadian Imperial Bank of Commerce offering a bond of 125 mln
five-year with a zero coupon priced at 54.
Late in the day, the deal was quoted at less 1-1/4 bid. A
similar deal yesterday by Toronto Dominion, priced slightly
higher at 54.37 pct for an effective yield of 13.52 pct, was
quoted slightly lower at less 1.37 less 1.25 pct.
Dealers said that investors are apparently willing to
accept zero-coupon bonds yielding 50 to 100 basis points less
than annual-pay bonds because their are tax benefits for retail
buyers. Also, the bonds are more volatile and if interest rates
fall in Australia as many analysts expect, the potential for
capital gains is greater with a zero-coupon. The bonds are also
better for those who expect the australian dlr to appreciate.
Dealers said that the Australia dlr zero coupon bonds are
apparently being placed with retail accounts on the European
continent with very little placement being done in Japan.
Euroyen issues sank slightly in line with prices on
domestic Japanese bond markets but recovered in late trade as
the yen soared. After the markets closed, the dollar fell to
144 yen.
The European Investment Bank (EIB) issued a 40 mln euroyen
issue paying 4-5/8 pct over seven years. This is the second
seven-year yen issue in two days -- a sector of the yield curve
in Japan that dealers feel has not yet become overpriced.
REUTER
|
WORLD BANK TO SEND ECONOMIC MISSION TO BRAZIL | World Bank President Barber Conable
said his agency plans to send a mission to Brazil next week to
explore economic conditions.
Speaking to reporters at the International Monetary Fund
and World Bank annual meeting, Conable said that he felt
positive and optimistic that something between Brazil and its
creditors will be worked out.
Conable met last night with Brazilian officials and told
reporters that "We agreed to send a mission to Brazil next week
to explore further the state of progress and to get
clarifications."
Reuter
|
LOWER U.S. FARM PAYMENT BASE EYED FOR SAVINGS | Reducing the amount of crop base a
farmer can receive deficiency payments on is being looked at as
one way to cut the U.S. agriculture budget for fiscal year
1988, congressional aides and lobbyists said.
Rep. Charles Stenholm (D-Tex.) has suggested that the
planted crop base a producer receives deficiency payments on be
reduced by five pct, an aide to Stenholm said.
The aide said no official proposal has yet been drawn up,
but that as it becomes more clear exactly how much agriculture
spending will have to reduced, specific numbers will be
discussed and a proposal could "very likely" be drafted.
Under the proposal, if a farmer idled 20 pct of his acreage
base and was eligible to plant the remaining 80 pct, he would
receive payments on only 75 pct of his total base.
Current regulations provide farmers with deficiency
payments on 100 pct of their non-idled acreage.
Reducing the payment base by five pct could save around 400
to 500 mln dlrs, but would have to be applied to the 1987 crop
programs in order for any savings to accrue in fiscal year
1988, an Agriculture Department economist said.
Stenholm's aide said when the proposal is officially
offered, it would likely be an amendment to the budget
reconciliation bill.
Other options currently being talked about as a way to cut
one to two billion dlrs from the farm budget include increasing
acreage reduction programs, limiting farm payments,
implementing a 0/92 acreage set-aside program or limiting the
use of generic in-kind certificates.
Reuter
|
GILLETTE CANADA ISSUES 70 MLN STG BOND | Gillette Canada Inc is issuing a 70 mln
stg bond due October 30, 1993 carrying a coupon of 9-5/8 pct
and priced at 101-1/2, Morgan Stanley Ltd said as lead manager.
The issue is guaranteed by Gillette Co and is available in
denominations of 1,000 and 5,000 stg. Payment date is April 30
and there is a long first coupon.
The issue will be listed in Luxembourg.
There is a selling concession of 1-1/4 pct and a combined
management and underwriting fee of 5/8 pct.
REUTER
|
GILLETTE CANADA ISSUES 70 MLN STG BOND | Gillette Canada Inc is issuing a 70 mln
stg bond due October 30, 1993 carrying a coupon of 9-5/8 pct
and priced at 101-1/2, Morgan Stanley Ltd said as lead manager.
The issue is guaranteed by Gillette Co and is available in
denominations of 1,000 and 5,000 stg. Payment date is April 30
and there is a long first coupon.
The issue will be listed in Luxembourg.
There is a selling concession of 1-1/4 pct and a combined
management and underwriting fee of 5/8 pct.
Reuter
|
EC EXPERTS STUDY POSSIBLE ACTION AGAINST JAPAN | European Community trade experts will
meet in Brussels tomorrow to discuss possible EC action against
Japan over trade, British Prime Minister Margaret Thatcher
said.
She told Parliament the officials would examine ideas put
forward by the U.K. Last weekend. "Trade matters and trade
initiatives have to be taken by the Community," Thatcher said.
She said the experts would focus "on more effective action
against the dumping of components (by Japan), possible
unbinding of tariffs on certain products (to allow each EC
country to set their own tariffs) ... And measures which might
be necessary to avoid diversion if the United States acts
against Japan."
Reuter
|
FIRST INTERSTATE EXPECTS BRAZIL, ECUADOR LOAN ACTIONS TO CUT 1987 NET BY 15.4 MLN DLRS
| |
WORLD BANK TO SEND ECONOMIC MISSION TO BRAZIL | World Bank President Barber Conable
said his agency plans to send a mission to Brazil next week to
explore economic conditions.
Speaking to reporters at the International Monetary Fund
and World Bank annual meeting, Conable said that he felt
positive and optimistic that something between Brazil and its
creditors will be worked out.
Conable met last night with Brazilian officials and told
reporters, "We agreed to send a mission to Brazil next week to
explore further the state of progress and to get
clarifications."
Reuter
|
MOROCCO TENDERS FOR 55,000 TONNES PL 480 SOYOIL | Morocco is scheduled to tender April 14
for a total of 55,000 tonnes of U.S. soyoil under PL-480 for
shipments from May through September, private export sources
said.
The tender calls for shipment of 6,100 tonnes in May,
12,200 tonnes each in June, July and August and 12,300 tonnes
in September, they said.
Reuter
|
REAGAN DECLARES MAINE DISASTER AREA | President Reagan declared that a
major disaster existed in the State of Maine in following
severe storms and flooding there, paving the way for federal
relief and reconstruction assistance.
In announcing Reagan's action, the White House said in a
written statement that Androscoggin, Franklin, Kennebec,
Oxford, Penobscot, Piscataquis and Somerset counties would be
eligible for federal aid.
Those counties were hit by storms and flooding in late
March and early April.
Reuter
|
MIDLANTIC CORP <MIDL> 1ST QTR NET | Shr diluted 1.18 dlrs vs 1.04 dlrs
Net 45.0 mln vs 39.2 mln
Assets 16.7 billion vs 15.2 billion
Deposits 13.0 billion vs 12.1 billion
Loans 11.9 billion vs 10.1 billion
NOTE: Results restated for merger of Midlantic Banks Inc
and Continental Bancorp Inc on January 30, 1987.
Reuter
|
YOUNG AND RUBICAM IS DEFENDENT IN ATT <T> SUIT | <Worldwide 800 Services Inc>,
whose Service 800 unit recently filed a lawsuit against
American Telephone and Telegraph Co for false advertising and
anti-competitive practices, said it has named <Young and
Rubicam>, an advertising firm, as a defendent in the case.
Worldwide said Young and Rubicam designed and placed the
ATT advertisements in question.
The amended complaint, filed in the U.S. District Court for
the Northern District of Illinois Eastern Division, seeks
injuctive relief damages, the company said.
The suit charges Young and Rubicam with misrepresenting
ATT's involvement in the toll-free international dialing
service network through a series of false and misleading
advertisements.
Reuter
|
CANADIAN AIRLINES, FLYING TIGER IN PACT | (Canadian Airlines International Ltd)
said it signed an agreement with (The Flying Tiger Line Inc),
that will offer Canada's first around-the-world cargo service.
The service, from Mirabel airport, will link Canada to a
large network of worldwide air freight markets using wide-body
B747 freighter aircraft, Canadian Airlines said.
It said the agreement calls for the two companies to share
aircraft capacity on a 50/50 basis and compete independently
for cargo on the route.
The airline said the joint operating agreement will give
Canadian shippers a fast, reliable and cost effective way of
moving their products to major markets, including the U.S.
Reuter
|
A.T. BROD NAMES NEW PRESIDENT | A.T. Brod and Co Inc, an investment
banking firm, said Michael L. Brod has been named president and
chief operating officer, succeeding his father Albert T. Brod,
who remains chairman and chief executive officer.
Reuter
|
COMMUNITY BANK SYSTEM INC <CBSI> 1ST QTR NET | Shr 46 cts vs 49 cts
Net 1,101,551 vs 831,398
NOTE: Share adjusted for two-for-one stock split in May
1986.
Reuter
|
GOLDMAN SACHS SELLS 'PERLS' AT 13-1/4 PCT RATE | Sole underwriter Goldman, Sachs and Co
said it is publicly offering 40.05 mln dlrs of principal
exchange rate linked securities, or "PERLS," due 1991 that it
purchased from Westinghouse Electric Corp <WX>.
The securities have a 13-1/4 pct coupon and par pricing.
Interest will be paid in U.S. dlrs. At maturity, investors will
receive the principal amount of their holdings in New Zealand
dlrs, Goldman Sachs detailed.
Non-callable for life, the issue is rated A-1 by Moody's
and AA-minus by Standard and Poor's. PERLS are relatively new
in the domestic debt market.
Reuter
|
FITCHBURG GAS <FGE> RAISES QUARTERLY | Qtly div 38 cts vs 35 cts prior
Pay May 15
Record May One
Reuter
|
FITCHBURG GAS <FGE> PLANS TO ISSUE NOTES | Fitchburg Gas and Electric Light Co
said its Board of Directors authorized a filing with the
Massachusetts Department of Public Utilities seeking authority
to issue up to 27 mln dlrs of long-term notes.
Proceeds will be used to redeem, after June one, all
outstanding shares of the company's cumulative preferred stock,
four dlr series, redeem certain outstanding long-term
indebtedness and repay outstanding short-term indebtedness.
Fitchburg said this would lower its cost of capital in the
future and give the utility an opportunity to reduce existing
lines of credit.
Reuter
|
U.S., JAPANESE TRADE OFFICIALS OPEN TALKS | A senior Japanese trade official met
U.S. negotiators in an emergency effort to try to head off new
high American tariffs on Japanese semiconductor goods set to go
into effect on April 17.
The vice minister of Ministry of International Trade and
Industry, Makoto Kuroda, flew in from Tokyo for the talks with
Deputy U.S. Trade Representative Michael Smith.
A second round of talks is set for tomorrow.
U.S. officials have said Japan has failed to live up to its
semiconductor agreement with the U.S. and there was little that
could be done now to avert the 300 mln dlrs in tariffs.
reuter
|
NORTHERN TRUST <NTRS> NET HURT BY BRAZIL LOANS | Northern Trust Corp said its first
quarter earnings were reduced by 875,000 dlrs by placing 53.2
mln dlrs of loans to Brazil and six mln dlrs in loans to
Ecuador on a cash basis.
Should these loans remain on nonperforming basis for the
rest of 1987, net income for year will be cut by about 3.2 mln
dlrs, the bank said.
Earlier it posted net income for the period of 14.7 mln
dlrs or 87 cts a share, up from 11.7 mln dlrs or 73 cts a
share.
Total nonperforming assets were 114.1 mln dlrs at March 31,
up from 53.4 mln dlrs at December 31 and 79 mln dlrs at March
31, 1986 the bank said.
The provision for loan losses for the first quarter was
eight mln dlrs compared to 11 mln a year ago. Net loan charge
offs were six mln dlrs, down from 11 mln dlrs a year ago.
The reserve for loan losses was 78.1 mln dlrs, or two pct
of outstanding loans, higher than the 56 mln dlrs of 1.65 pct
of loans outstanding at March 31, 1986.
Reuter
|
GERMAN BANKER CALLS FOR MORE TAX CUTS | A further cut in West German taxes to
overcome the current weakness of the domestic economy has been
called for by Thomas Wegscheider, management board chairman of
Bank fuer Gemeinwirtschaft AG.
He said in an interview due in tomorrow's Die Welt
newspaper that tax cuts already decided by the government
should be expanded by implementation of the "Stability Law,"
which allows tax cuts of up to 10 pct for a limited period.
Wegscheider also said a temporary rise in state borrowing
resulting from such cuts would be tolerable, according to
excerpts of his remarks released early by Die Welt.
In line with a pledge made at the Paris monetary conference
in February, the government announced in March that 5.2 billion
marks worth of tax cuts would be added on to reductions of some
nine billion marks already scheduled for next year.
Wegscheider said the Bundesbank should pursue its policies
aimed at lower interest rates and said a reduction in money
market rates could encourage private capital market investment.
Earlier today the Bundesbank's vice-president Helmut
Schlesinger said the central bank saw no current reason to
change its monetary course.
REUTER
|
GE <GE> GETS PORTUGUESE ENGINE ORDER | General Electric Co said it has
received a 60 mln dlr order to provide CF6-80C2 engines for
three <Airbus Industrie> A310-300 aircraft bought by TAP Air
Portugal.
It said aircraft deliveries are scheduled to start in late
1988.
Reuter
|
SWISS AGREE ON NEW PROSPECTUS RULES FOR NOTES | Swiss franc notes issued after May 1 must
be provided with a prospectus, virtually erasing the difference
in information requirements between notes and public bonds,
according to a convention drafted by the Bankers' Federation.
The convention requires that lead managers draw up a
prospectus naming all syndicate members and providing certain
details about the borrower.
In contrast to public issues, though, the prospectus must
merely be made available to clients on request via all
syndicate banks rather than published and distributed in
printed form.
The convention, which was approved by banks earlier this
month, replaces an earlier convention dating from 1984 and
deals with what had been widely seen as an increasingly
anachronistic distinction between notes and public issues.
Its publication follows a long debate among bankers on the
amount of information that should be provided by borrowers,
heightened by difficulties with Swiss franc issues here on
recent occasions .
It applies to all notes in units of at least 50,000 Swiss
francs, the usual denomination, which are placed directly with
customers by the syndicate and not quoted on the bourse.
Anything smaller than 50,000 francs will be governed by the
unchanged, more demanding rules that apply to public issues.
Bankers contacted by Reuters said they did not envisage
that the new requirement would present them with problems or
push up fees. Many banks said that they had for some time been
providing more than the legal minimum of information.
Traditionally, notes or private placements, as they were
also known, were medium term instruments denominated in 50,000
francs and placed largely with institutional investors.
They were normally not brought onto the open market and
never quoted on the stock exchange.
But over the years the distinction between notes and the
publicly quoted and traded bonds gradually broke down. The
National Bank therefore last May abolished all remaining
restrictions on maturities and denominations which still
formally divided them.
However, it was not in the competence of the National Bank
to rule on prospectuses and banks have since continued largely
as before: public issues, generally quoted on stock exchanges,
have been provided with detailed prospectuses, while notes,
virtually always not-quoted, have been equipped only with
"information memorandums" with varying degrees of detail.
The new convention attempts to put an end to this. It says
each notes prospectus must contain the following seven points:
- The precise terms of the issue
- Details of the company performance if it is more than six
months since the last annual report
- Naming of all guarantors
- The source of the information
- Details of ratings, insofar as they have been made
- For equity linked notes, details of where the company's
shares are listed and price high and lows over at least the
last three years.
- That the lead manager has required the borrower to
provide information during the lifetime of the notes on the
progress of his business.
According to figures from Swiss Bank Corp, total note
issues by foreign borrowers reached 18.6 billion Swiss francs
last year, compared with 23.6 billion francs borrowed in the
form of public bonds.
A majority of the note issues were for Japanese borrowers.
REUTER
|
BRAZIL GOVERNORS CALL FOR REMOVAL OF FUNARO | Brazil's political crisis appears
to be deepening as powerful state governors are calling for the
removal of Finance Minister Dilson Funaro, chief architect of
economic policy.
Commentators said their call, front-page headlines in
today's press, laid bare President Jose Sarney's political
weakness and highlighted Brazil's economic planning turmoil.
The demand for Funaro's resignation came last night from
four governors with much combined political clout, those of Sao
Paulo, Rio de Janeiro, Minas Gerais and Mato Grosso do Sul. At
a news conference in Sao Paulo, they delivered a blunt message
-- the economy was in crisis and they wanted a new ministerial
team to shape policy. Otherwise there was a risk of social
chaos.
Reuter
|
DOE RUN RAISES LEAD PRICE 0.50 CT TO 26.50 CTS | Doe Run Company said it is
increasing the price of its corroding grade lead by one-half
cent to 26.50 cents a lb, effective immediately.
The price is quoted FOB, Herculaneum, Mo., and FOB, Boss,
Mo., with freight allowed for carload quantities.
Reuter
|
SPAIN'S FOREIGN RESERVES RISE IN FEBRUARY | Spain's foreign reserves rose by 905 mln
dlrs in February to total 17.05 billion dlrs, compared with
14.11 billion dlrs in February 1986, Bank of Spain figures
show.
Under a new accounting system introduced this month,
Spain's foreign reserves now exclude foreign currency held by
financial institutions.
Under the previous system, Spain's foreign reserves would
have risen by 391 mln dlrs in February, taking into account a
fall of 514 mln dlrs in financial institutions' foreign
currency position.
In January this year, the Central Bank's foreign reserves
rose by 143 mln dlrs, while financial institutions' foreign
currency position fell by 118 mln dlrs.
REUTER
|
<SULPETRO LTD> 1ST QTR JAN 31 LOSS | Shr not given
Net loss 9,900,000 vs loss 17,300,000
Revs 14.7 mln vs 29.8 mln
Note: Previous loss restated.
Reuter
|
S/P MAY DOWNGRADE GENERAL INSTRUMENT <GRL> | Standard and Poor's Corp said it may
downgrade the A-2 commercial paper of General Instrument Corp.
S and P cited the firm's 80 mln dlr loss for fiscal 1987
and a 90 mln dlr loss on discontinued micro-electronic and
opto-electronic businesses and venture investments.
These losses, coupled with restructuring and re-evaluation
actions, have led to poor earnings and cash flow since fiscal
1985. Stockholders equity fell 25 pct since fiscal year-end
1984 to a 465 mln dlr pro forma level, S and P said.
S and P said it will assess the effects of management's
restructuring plans on credit quality and profit improvement.
Reuter
|
GENERAL PHYSICS <GPHY> FORMS NEW UNIT | General Physics Corp said it
has formed a new business unit called HP Technical Services to
furnish health physics technicians and radiological engineers
and scientists to the electric utility industry for use in
nuclear power plants.
Reuter
|
WESTERN FEDERAL SAVINGS BANK <WFPR> 1ST QTR NET | Shr 74 cts vs 92 cts
Net 1,300,450 vs 1,600,258
NOTE: Share adjusted for 10 pct stock dividend in July
1986.
Company based in Mayaguez, Puerto Rico.
Reuter
|
FEDERATED GROUP <FEGP> POSTS HIGHER MARCH SALES | Federated Group Inc
said its sales for the five weeks ended April five totaled 33.9
mln dlrs, compared with 33.8 mln during the same period last
year.
Comparable store sales fell eight pct to 29.4 mln dlrs from
32.1 mln a year earlier, the company said.
Federated said it now has 65 stores in operation compared
with 59 during the like period a year ago.
Reuter
|
USAIR <U> CUTS ATLANTA COACH FARES | USAir Group Inc said it is reducing
coach fares up to 62 pct between Atlanta and 21 destinations
for travel April 12 through June 15.
The fares are non-refundable and applicable to roundtrip
flights. Reservations must be made at least two days in advance
and tickets purchased within 24 hours after reservations are
made, the company said.
Roundtrip fares between Atlanta and Pittsburgh, for
example, would be 178 dlrs instead of 478 dlrs, USAir said.
Reuter
|
NUTMEG INDUSTRIES <NUTM> IN LICENSING DEAL | Nutmeg Industries Inc said it has
agreed in principle on a license deal with United Media/United
Feature Syndicate Inc under which it would have the right to
sell a line of men's spectator sportswear bearing the
likenesses of characters from Charles M. Schulz' "Peanuts"
comic strip.
The company said the license runs through December 1988 and
has renewal options for two more years.
Reuter
|
FIRM TO OFFER TELEVISION PROGRAMMING FOR SHIPS | Shipboard Satellite Network Inc <SSN>
said it will offer television service delivered by satellite to
ships at sea beginning June 1.
The company, whose initial public offering began yesterday,
said its programming will include a mix of general and
financial news, sports and talk shows. In addition, the company
said it plans to offer first-run movies, sports and
entertainment specials.
The company said its programming will be transmitted
several times a day to passenger cabins and lounges.
Reuter
|
FINAL TEST INC <FNLT> 4TH QTR LOSS | Shr loss six cts vs loss 88 cts
Net loss 123,840 vs loss 1,298,377
Revs 1,333,416 vs 385,146
Year
Shr profit six cts vs loss 1.47 dlrs
Net profit 124,872 vs loss 2,171,011
Revs 4,618,232 vs 2,959,141
Reuter
|
PROTECTIVE LIFE <PROT> IN ACQUISITION | Protective Life Corp said it
has signed a letter of intent to assume <Liberty Life Insurance
Co's> group insurance on July 1, subject to regulatory
approvals.
Terms were not disclosed.
Reuter
|
DIGITAL COMMUNICATIONS <DCAI> SELLS SWITCHES | Digital Communications Associates Inc
said Bank South Corp <BKSO> purchased several of its recently
introduced System 9000 intelligent T-1 switching systems.
DCA said the switching systems will be used to transmit
voice and data between the bank's downtown banking location
here and its new operations center near Atlanta's Hartsfield
International Airport.
Reuter
|
A.O. SMITH CORP <SMC> SETS QUARTERLIES | Qtly divs Class A and B 20 cts vs 20 cts
Pay May 15
Record April 30
Reuter
|
SONY CHAIRMAN PLAYS DOWN TRADE CONFLICT | Sony Corp <SNE.T> chairman Akio
Morita played down the U.S.-Japanese trade conflict, saying
that direct investment abroad was the most effective way to
reduce Japan's trade surplus.
Morita was speaking at the official opening of a 100
million franc (16.4 million dollars) compact disc player
factory in eastern France.
He said trade friction between the U.S. And Japan over
high-technology was a very complicated and delicate issue but
that Sony intended to invest directly throughout the world.
Referring to the European Community's stance against
turnkey plants, he said: "I know Brussels is not very favourable
to these so-called new Japanese 'screwdriver factories', but in
Sony's case our policy is quite different."
The Colmar plant, Sony's third in France, would eventually
use local components and be a purely French factory, he said.
Sony France SA was established in 1973. Its 1986 sales
were two billion francs (327 mln dlrs) and the company says it
expects sales of 2.7 billion francs (443 mln dlrs) in 1987.
Sony's other two French plants, in the south west of the
country, export over 80 per cent of their production.
Company officials say that production from Sony's European
factories currently accounts for over 30 per cent of the
group's European sales and they expect this to increase. In
1986 over 20 per cent of Sony's eight billion dollar worldwide
sales were made in Europe.
At the beginning of 1987, Sony employed about 1,100 people
in Europe. The group plans to open a compact disc software
factory in Austria this summer and an audio cassette plant in
Italy next year.
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CENTRAL BANCORP INC <CBAN> 1ST QTR NET | Shr 1.02 dlrs vs 78 cts
Net 14.4 mln vs 11.0 mln
NOTE: 1987 net includes gain 2,222,000 dlrs from
termination of pension plan.
Results restated for pooled acquisitions and share adjusted
for stock dividends.
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NEW JERSEY STEEL FILES FOR INITIAL STOCK SALE | <New Jersey Steel Corp> said it
filed a registration statement with the Securities and Exchange
Commission for the initial public offering of 1.8 mln shares of
common stock at an estimated price of 20 dlrs to 22 dlrs a
share.
The company said it would sell one mln shares and that <Von
Roll Ltd>, would sell the remaining 800,000 shares.
Proceeds from the offering, to be made through an
underwriting group managed by PaineWebber Inc, will be used for
capital expenditures and repayment of long-term debt owed to
Von Roll, the company said.
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MARS STORES <MXXX> MARCH SALES FALL | Mars Stores Inc said sales for
the five weeks ended April 4 were off 22.3 pct to 8,242,525
dlrs from 10.6 mln dlrs a year earlier.
The company said sales for the first nine weeks of its
fiscal year were off 14.5 pct to 14.1 mln dlrs from 16.5 mln
dlrs a year before.
Results exclude the discontiued Big Value Outlet division,
it said, and are not directly comparable because Easter fell in
March last year and will fall late in April this year.
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<EMCOR> COMPLETES SALE OF STOCK TO INVESTORS | Emcore said it completed
the sale of 4.1 mln dlrs of stock to Citicorp Venture Capital
Ltd, Concord Ventures of Dillon Read and Co and private
investors.
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FHLBB HIRES ADVISOR FOR FINANCIAL CORP <FIN> | The Federal Home Loan Bank Board
has retained Salomon Bros to seek ways to inject new capital
into Financial Corp of America, a Financial Corp spokeswoman
said.
Financial Corp, which recently has held preliminary talks
with unidentified parties concerning a possible acquisition of
the company, is also negotiating with a firm to advise and
represent it in matters regarding potential acquisition matters
as they may arise, Financial Corp said last month.
The Financial Corp spokeswoman said there have been no new
developments since the company announced the preliminary talks
on March 27.
Financial Corp, parent of American Savings and Loan
Association, the nation's largest thrift, has repeatedly said
it would give serious consideration to a merger as a means of
rapidly improving its capital position.
The company has also said it would need more than one
billin dlrs of capital to bring its regulatory net worth up to
regulatory requirements.
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SEC TO HOLD HEARING AGAINST BROKER | The Securities and Exchange Commission
said it will hold a public hearing against Martin Saposnick,
who was a co-underwriter of a 1983 public offering of North
Atlantic Airlines Inc.
The SEC claims that Saposnick, chairman of Marsan
Securities Co Inc, knew the offering prspectus failed to
adequately disclose the company's delinquent federal and state
taxes and its inability to pay debts when due.
No specific date was set. The SEC said the hearing will
determine whether Saposnick misrepresented compliance with
NASDAQ and if so, will determine remedial action.
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MICHIGAN GENERAL <MGL> EXTENDS EXCHANGE OFFER | Michigan General Corp said it
has extended its exchange offer for its 10-3/4 pct senior
subordinated debentures due December 1, 1988 until April 23.
It said the offer is being extended to allow it to conclude
talks with its lender and with representatives of the holders
of 75 pct of the debentures on the terms of the offer.
The holders have indicated their intention to tender and to
reach an agreement with the company, Michigan General said.
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ENDOTRONICS <ENDO> NAMES NEW PRESIDENT | Endotronics Inc said Richard
Sakowicz has been named president, chief executive officer and
a director, effective April 13.
Sakowicz, recently vice president at Control Data Corp
<CDA>, succeeds John Wright who will be resigning, it said.
In other action, the company said that Burton Merical has
been retained as a consultant to provide management and
financial advisory services and to act as chief financial
officer. Merical has provided consulting services to companies
who have successfully reorganized under Chapter 11 bankruptcy
proceedings, Endotronics noted.
In late March, Endotronics reported that its auditing firm
said its opinion for the fiscal year ended September 30, 1986
"should no longer be relied upon." The company also reported at
the time, that it was the subject of a formal private
investigation by the Securities and Exchange Commission and the
Federal Bureau of Investigation.
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VLSI TECHNOLOGY INC <VLSI> 1ST QTR NET | Shr seven cts vs six cts
Net 1,612,000 vs 1,406,000
Revs 38.2 mln vs 34.3 mln
Avg shrs 23,742,000 vs 22,945,000
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U.S. HEALTHCARE <USHC> TO RUN HMO IN DELAWARE | U.S. Healthcare Inc said it has
been granted a certificate of authority to operate a health
maintenance organization in Delaware by the Delaware Department
of Health and Social Services.
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UGANDAN ASKS FOR MORE MONEY TO KEEP up SERVICES | Ugandan Finance Minister Chrispus
Kiyonga has asked the National Resistance Council, the
country's interim parliament, to approve 1,000 billion
shillings (714 mln dlrs) in extra government spending over the
last three months of this financial year, council sources said.
Kiyonga told the council that because of high inflation,
estimated to be running at over 150 per cent a year, the
government needed extra money to keep its services running
until the financial year ends on June 30.
The new appropriation requested by the minister is almost
as much as the 1,127 billion shillings (805 mln dlrs) the
government expected to spend during the whole year.
Kiyonga said the government was having trouble keeping to
the deficit target of 350 billion shillings (250 mln dlrs)
contained in the original budget announced last August. The
deficit was to be financed by borrowing.
The minister did not give a new budget deficit estimate.
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BELGIAN CURRENT ACCOUNT SURPLUS WIDENS IN 1986 | Belgium's current account surplus,
measured on a cash basis, widened sharply to 134.9 billion
francs last year from 17.5 billion in 1985, the Finance
Ministry said.
The increase was due almost entirely to a sharp rise in the
goods trade surplus to 126.1 billion francs from 20.4 billion.
The services trade surpluses increased to 52.4 billion
francs from 38.9 billion while the deficit on transfers rose
slightly to 43.6 billion from 41.8 billion.
Private sector capital operations showed a steeply higher
deficit of 160.7 billion francs after 56.9 billion in 1985.
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WARD CRITICISES GUINNESS'S FEE COMPLAINT | Guinness Plc <GUIN.L> director Thomas
Ward told a High Court hearing that the company's action
against him and ex-chairman Ernest Saunders sought to give the
impression of an international hunt for Ward's 5.2 mln stg fee
in connection with the Distillers Co Plc <DIST.L> takeover, the
Press Association news agency reported.
In a sworn statement, Ward, a U.S. Lawyer, said Guinness
had failed to acknowledge that his attornies in March had
offered to put the money, less tax and various expenses, into
an escrow account where it could only be touched under agreed
circumstances.
Ward said Guinness had made a transparent attempt to
belittle his services, the PA reported.
"I wish to emphasise that the fee paid for my services was,
when considered out of context, admittedly very large."
But every aspect of the (Distillers) bid - the size of the
target, the benefit to Guinness from success, the potential
damage from failure, the difficulties of the issues raised and
the cost for all services - were not merely large but virtually
unprecedented in the history of English takeovers," Ward said.
Failure would have cost Guinness between 25 mln stg and 100
mln stg, he added.
Ward said it was his idea to have a merger agreement with
Distillers under which Distillers agreed to pay Guinness's bid
costs, the PA reported.
Ward's statement was read to the court by his lawyer Peter
Curry. Ward and ex-Guinness chairman Saunders want to end a
temporary court freeze of their assets up to the disputed
amount of the 5.2 mln stg fee which Guinness is trying to
recover.
Guinness acquired Distillers in a fierecly fought 2.7
billion stg battle during 1986. The U.K. Government is also
probing the affair and has yet to report.
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MEMBERS OF JAPAN'S RULING PARTY SHUN NAKASONE | Members of prime minister Yasuhiro
Nakasone's ruling Liberal Democratic Party (LDP) have shunned
his support in their campaigns for upcoming local elections.
"His presence will do more harm than good," an LDP candidate
in Tokyo told Reuters. The candidate is one of several
conservatives who have rebelled and joined the public outcry
against Nakasone's proposal for a five pct sales tax.
Political analysts said Nakasone might have to step down
before the Venice summit of industrial democracies on June 8-10
if the LDP lost too many major local seats.
Nakasone's popularity has dropped sharply since he led his
party to its greatest-ever election victory last July, and
analysts said the proposed tax was one reason for the decline.
Over 2,500 local seats will be filled during two rounds of
polling. The first round is on Sunday, the second on April 26.
Political analysts said a seat to watch would be the
governorship of Fukuoka, southern Japan. The LDP and two centre
parties are challenging the incumbent governor, Hachiji Okuda,
who is supported by the opposition socialist and communist
parties.
The proposed tax is a key campaign issue.
"The LDP and the centrist parties should have about
1,350,000 votes against 700,000 for Okuda. But Okuda is the
incumbent and has the sales tax weapon," said Rei Shiratori,
professor of political science at Dokkyo University.
"Nakasone will serve out his term to the end of October if
the LDP wins in Fukuoka," he said.
Analysts believe the opposition is likely to win the
governorship of the northern island of Hokkaido.
But Kenzo Uchida, professor of political science at Hosei
University, said, "Nakasone can afford to get fairly tough if
the LDP loses only in Hokkaido."
The opposition parties are campaigning to scrap the sales
tax proposal.
The tax is one of the main pillars of Nakasone's plan to
overhaul the tax system, which has remained unchanged for 36
years.
It is also a key element in plans to boost Japanese
domestic demand and cut back on exports. Without the tax
revenue the government would have less to spend on stimulating
the economy.
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DENPAC <DNPC> PLACES PROCESSOR ASSEMBLY ORDER | Denpac Corp said it placed an
order for the assembly of the first 100 production units of its
Sinterloy processor, which will begin delivery later this year.
The company said two pre-production units have been placed
for clinical and laboratory evaluations, with an additional six
pre-production units to be placed shortly.
The company said the Sinterloy processor is used by dental
laboratories to fabricate dental appliances such as bridges and
crowns.
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SILICON SYSTEMS INC <SLCN> 2ND QTR MARCH 28 | Shr profit five cts vs profit two cts
Net profit 325,000 vs profit 105,000
Revs 19.5 mln vs 16.1 mln
Six Mths
Shr profit nine cts vs loss 35 cts
Net profit 627,000 vs loss 2,280,000
Revs 36.9 mln vs 27.4 mln
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DISEASE PUTS ZIMBABWE BEEF EXPORTS IN JEOPARDY | Zimbabwe's beef exports to the European
Community (EC), potentially worth 70 mln Zimbabwean dlrs this
year, may be jeopardised by an outbreak of foot and mouth
disease in southwestern Matabeleland, industry sources said.
The country has temporarily suspended beef exports to the
EC because of the outbreak and awaits a decision from the EC
veterinary committee, which is considering a formal ban.
The outbreak in the country's main ranching province has
already led neighbouring beef-producing Botswana and Zambia to
bar beef and dairy imports from Zimbabwe, threatening the dairy
industry with a loss of at least one mln dlrs in export
revenue.
"The situation is still uncertain at the moment. Normally
when an outbreak occurs there is an automatic suspension of
beef exports," one industry source said yesterday.
Commenting on EC policy, he explained, "Depending on the
seriousness of the outbreak the (veterinary) committee then
decides on three options, allowing us to continue exporting
beef from disease-free areas, clamping a three-month suspension
on exports or banning us from exporting for a year. We are
still awaiting their decision," he added, asking not to be
identified.
Zimbabwe was granted an export quota of 8,100 tonnes of
high-grade beef to EC markets in 1985 after the country had
spent millions of dollars erecting disease-control fences and
upgrading abattoirs to meet stringent EC rules.
Should the EC ban Zimbabwean exports, the country will be
forced to sell its beef on glutted world beef markets at low
prices, the source said. Projected earnings from beef sales
could fall about 23 mln dlrs as a result, he said.
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CRAXI SAYS HE IS RESIGNING | Italian Prime Minister Bettino Craxi, whose
five-party coalition government fell apart yesterday, told the
Senate he was resigning.
Craxi said at the end of a Senate (upper house) debate on
the government that he would go tonight to hand his resignation
to President Francesco Cossiga.
Craxi's government collapsed when the majority Christian
Democrats withdraw their 16 ministers from the 30 member
cabinet yesterday. Craxi had been prime minister for three and
a half years.
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SHAWMUT CORP <SHAS> 1ST QTR NET | Shr 1.32 dlrs vs 1.26 dlrs
Net 21.2 mln vs 17.4 mln
Avg shrs 16.1 mln vs 13.8 mln
Assets 10.0 billion vs 8.4 billion
Deposits 7.2 billion vs 6.1 billion
Loans 6.7 billion up 26 pct
NOTE: Results restated for pooled acquisitions of Shawmut
Home Bank and Fidelity Trust Co and include First Gibraltar
Mortgage Corp from December 30, 1986 purchase.
Loan loss provision 8,800,000 dlrs vs 6,300,000 dlrs.
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