title
stringlengths 0
138
| body
stringlengths 0
13.4k
|
|---|---|
INSTITUTES SEE NO WEST GERMAN RECESSION | The five leading West German economic
research institutes, which have revised down their forecasts
for 1987 growth, do not predict a recession in West Germany,
their spokesman, Hans-Juergen Schmahl said.
The institutes were divided in their spring report on
forecasts for 1987, with three predicting two pct growth and
two seeing only one pct expansion. Growth was 2.4 pct in 1986.
Schmahl, presenting the report at a news conference, said,
"None of the institutes reckons with a recession or with the
beginning of a recession." He added, however, that exports
remained the weak point of the economy .
Schmahl also said West Germany would have to expect further
encroachments of foreign goods onto its markets.
Arthur Krumper of Munich's Ifo institute, which with the
DIW of West Berlin had presented the more pessimistic view of
the economy, said, "The braking effects (on the economy)
produced by external factors will remain considerable for most
of the year."
REUTER
|
DEPOSIT GUARANTY CORP <DEPS> 1ST QTR NET | Shr 1.11 dlrs vs 1.10 dlrs
Shr diluted 1.03 dlrs vs 1.02 dlrs
Net 8,186,000 vs 8,114,000
Reuter
|
COMPUTER ASSOCIATES <CA> STARTS BPI <BPII> BID | Computer Associates International Inc
said it has started its previously-announced 1.92 dlr per share
tender offer for all shares of BPI Systems Inc.
In a newspaper advertisement, the company said the offer,
which has been approved by the BPI board and is to be followed
by a merger at the same price, is conditioned on receipt of at
least 1,813,742 shares. The offer and withdrawal rights expire
May 15 unless extended.
In addition to shares sought in the tender, shareholders of
BPI owning 1,951,720 shares or 34.6 pct have agreed to sell
their shares to Computer Associates for the tender price.
Reuter
|
SAUNDERS DENIES "PAPER SHREDDING" ALLEGATIONS | Former Guinness Plc <GUIN.L> chairman
Ernest Saunders dismissed allegations he ordered the shredding
of documents in the early stages of a U.K. Investigation as
"completely untrue," the Press Association news agency reported.
The allegations were made by his former personal assistant
Margaret McGrath, in a statement to the High Court on Friday.
Saunders' reply was read out by his lawyer at the start of
the fourth day of a hearing, on an application by Saunders and
U.S. Lawyer Thomas Ward for the discharge of "asset-freezing"
orders obtained by Guinness on March 18.
McGrath alleged that among the documents destroyed were
papers from the files on the <Distillers Co Plc> bid, as well
as diaries, correspondence and an address book.
The temporary orders froze property owned by the two men
valued about 5.2 mln stg, the sum paid by Guinness into a
Jersey bank last May during the Distillers takeover.
They are also contesting orders requiring them to disclose
the whereabouts of the money and hand it back to Guinness
lawyers.
REUTER
|
BANK BOARD CLOSES OREGON SAVINGS ASSOCIATION | The Federal Home Loan Bank Board
said it had closed Future Savings and Loan Association of
Albany, Ore., and transferred its insured deposits to
Williamsburg Savings Bank of Salt Lake City, Utah.
Future had 6,614 accounts with total deposits of 57.3 mln
dlrs. On Monday, its five branches in Oregon will open as
branches of Williamsburg, which has 287 mln dlrs in assets and
19 offices in Oregon, Washington state and Utah.
The Bank Board said it closed Future because the
association was insolvent.
The Board said Future lost money on commercial real estate
loans which were poorly underwritten and inadequately
appraised. Future also violated regulations on the amount of
money which could be loaned to one individual, the Board said.
Accounts of up to 100,000 dlrs at Future are insured by the
Federal Savings and Loan Insurance Corp (FSLIC). Depositors
with accounts of over 100,000 dlrs will share Future's assets
on a pro rata basis after the assets have been liquidated.
Future was the ninth federal savings association to be
closed this year compared with 21 in 1986.
Reuter
|
KING WORLD PRODUCTIONS INC <KWP> 2ND QTR FEB 28 | Shr 21 cts vs eight cts
Net 6,597,000 vs 2,602,000
Revs 56.4 mln vs 23.2 mln
1st half
Shr 57 cts vs 32 cts
Net 17.6 mln vs 9,810,000
Revs 137.7 mln vs 76.0 mln
Reuter
|
BLUE CIRCLE PROFITS, DIVIDEND RISE | Year to end-December Shr 76.7p vs 67.7p
Div 17p making 23p vs 21p
Pretax profit 127.0 mln stg vs 116.9 mln
Turnover 1.10 billion vs 947.2 mln
Tax 25.0 mln vs 26.3 mln
Note - company full name is Blue Circle Industries Plc
<BCIL.L>. Company said it proposes one-for-one capitalisation
issue
Gross profit 390.9 mln vs 321.6 mln
Distribution costs 215.6 mln vs 177.6 mln
Administrative expenses 65.1 mln vs 58.9 mln
Other operating income 5.3 mln vs 11.0 mln
Share of profits of related companies 50.0 mln vs 58.1 mln
Operating profit 165.5 mln vs 154.2 mln
Net interest payable 33.6 mln vs 32.2 mln
Exceptional items 4.9 mln debit vs 5.1 mln debit
Minorities 3.4 mln vs 6.9 mln
Extraordinary items after tax 39.5 mln vs 4.2 mln
Pretax profit includes -
U.K. 37.7 mln vs 20.5 mln
U.S. 27.5 mln vs 22.8 mln
Mexico 15.0 mln vs 20.7 mln
Australasia 15.7 mln vs 13.2 mln
Africa 12.0 mln vs 12.6 mln
REUTER
|
SPANISH RAILWAY WORKERS CALL STRIKE | Railway cargo handlers yesterday called
a three-day strike starting April 19 to press for higher wages,
union sources said.
Workers of the Contratas Ferroviarias franchise firm, which
is also responsible for train and railway station maintenance,
are asking for an eight pct wage rise. The company has offered
four pct.
Reuter
|
NORTHROP <NOC>/EATON <ETN> IN HELICOPTER PROGRAM | Northrop Corp said it and Eaton
Corp have been selected by the McDonnell Douglas Corp/Textron
Inc team to codevelop the aircraft survivability equipment for
the U.S. Army's light helicopter experimental program.
The Army is expected to pick contractors to produce the
helicopters in 1992.
Reuter
|
CRAZY EDDIE <CRZY> MAY MAKE ACQUISITION | Crazy Eddie Inc said it is
negotiating for the possible acquisition of Benel Distributors
Ltd, which operates Crazy Eddie Record and Tape Asylums in all
Crazy Eddie stores.
It said the acquisition would probably also include
affiliate Disc-o-Mat Inc, which operates a number of record and
tape stores in the New York metropolitan area.
Other details were not disclosed.
Reuter
|
CRAZY EDDIE <CRZY> SETS DEFENSIVE RIGHTS | Crazy Eddie Inc said its board has
adopted a defensive shareholder rights plan and said it has
received "friendly inquiries" on its acquisition.
It said under the plan, shareholdrs of record as of April
21 will receive a right to purchase under certain circumstances
at a price of 42 dlrs 0.01 preferred share for each common
share held. The rights will expire April Nine.
The company said the rights would be exercisable 20
business days after a party were to acquire 20 pct or more of
Crazy Eddie common stock or announce a tender or exchange offer
that would result in ownership of 30 pct or more.
Crazy Eddie said if a party owning 20 pct or more of its
stock were to merge into it or if a party were to acquire 40
pct or more of Crazy Eddie stock, right holders other than the
acquiring party would be entitled to acquire common shares or
other securities or assets with a market value equal to twice
the rights' exercise price.
If after a party acquired 20 pct or more of its stock Crazy
Eddie were acquired or 50 pct of its earnings power or assets
sold, rightholders other than the acquirer would be entitled to
buy shares of the acquirer's common stock worth twice the
rights' exercise price, the company said.
Crazy Eddie said if a party were to acquire 30 pct or more
of its common stock and then fail to acquire Crazy Eddie within
180 days thereafter, rightholders would be entitled to exchange
their Crazy Eddie common stock for subordinated notes of Crazy
Eddie maturing either one year or, above a certain dollar limt,
five years after issuance.
Crazy Eddie said adoption of the plan is not in response to
any known effort to acquire control of it. But the company
said it has become aware of some "possible accumulations" of
its stock has has received some "friendly inquiries."
Reuter
|
SIX KILLED IN SOUTH AFRICAN MINE | Six workers were killed and four
injured in an undeground rock fall at South Africa's second
largest gold mine today, the mine owners said.
It was the third major mine accident in the country in less
than a week.
Thirty four workers died in methane gas explosion at a coal
mine last Thursday.
Reuter
|
ZAMBIA'S KWACHA FALLS AT WEEKLY AUCTION | The Zambian kwacha fell at this week's
foreign exchange auction to 18.75 kwacha to the dollar from
last week's 16.95, the Bank of Zambia said.
The rate was the lowest since the auctions resumed two
weeks ago under a new two-tier exchange rate system worked out
with the World Bank and International Monetary Fund.
The Bank of Zambia said it received 370 bids, ranging from
13.00 to 20.75 kwacha, for the six mln dlrs on offer. One
hundred and thirty-five bids were successful.
A British High Commission spokesman said Britain would put
eight mln stg into the auction at a rate of one mln a week as
soon as Zambia reached a full agreement with the IMF.
The money could be spent only on goods produced and
supplied by British firms, excluding luxuries and defence
equipment, the spokesman added.
Reuter
|
U.S. SENATE LEADER CALLS FOR INTEREST RATE CUTS | Senate Finance Committee Chairman
Lloyd Bentsen (D-Tex.) called on major industrial countries to
make a pledge at the coming economic summit in Venice to cut
interest rates.
"I think at the summit meeting in Venice what we ought to be
trying to do is to get the other major industrial nations that
are involved to bring interest rates down, say, one pct,"
Bentsen told NBC Television's "Meet the Press."
Bentsen said coordinated rate cuts could take "billions off
the debt service of the Latin countries" and help ease
protectionist pressures in the industrial countries.
Bentsen also South Korea and Taiwan should be pressured to
revalue their currencies in relation to the U.S. dollar.
"You take the Taiwanese, with an enormous capital surplus,
enormous trade surplus, and we've had very little cooperation
there," he said.
Departing Deputy Treasury Secretary Richard Darman told the
same television network he agreed that the U.S. dollar had not
fallen enough against the currencies of some countries.
"I think that more does have to be done there in
negotiations with the countries involved, the so-called NICs
(newly industrialized countries)," he said.
Darman said such negotiations with newly industrialized
countries were underway privately.
Bentsen predicted Congress and the White House would agree
on a fiscal 1988 budget that would raise between 18 and 22
billion dlrs in new revenues.
The Texas senator said a series of excise taxes would be
considered by Congress, including an extension of the telephone
tax and new levies on liquor and cigarettes.
Bentsen said he supported an oil import fee, but that it
would not happen without President Reagan's support.
Darman called for a "top level negotiation" between the White
House and Congress on a budget compromise that would include
asset sales, some excise taxes, cuts in middle-class
entitlement programs, "a reasonable, steady rate of growth in
defense" and reform of the budget process.
Reuter
|
OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS | A 3.22 billion dlr offer for Dome
Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
may short-circuit Dome's restructuring plan and open the door
for more takeover bids, oil analysts said.
Dome is trying to get approval for a plan to refinance debt
of more than 4.5 billion dlrs by July 1, 1987, when an interim
debt plan that allowed the Canadian oil and gas firm to defer
substantial payments to creditors will expire.
Analysts said TransCanada's bid signals Dome's debtholders
that an alternative exists to Dome's debt plan.
Dome announced its plan to 56 major creditors as well as
public noteholders in March after several months of delicate
negotiations.
TransCanada's proposal "amounts to a quasi debt
restructuring," oil analyst Doug Gowland of Brown Baldwin Nisker
Ltd said from Toronto.
Calgary-based Dome's restructuring plan would allow
creditors to convert debt to common shares under a formula yet
to be negotiated. Payments on remaining debt would be linked to
cash flow generated by assets pledged against the debt.
"The weakness of the whole debt-refinancing proposal is that
even with approval of creditors, there is no assurance that
Dome will in fact be able to repay all of its debt obligations,"
said Wilf Gobert, an oil analyst for Peters and Co Ltd in
Calgary.
TransCanada's announcement came as a surprise since Dome
was waiting for responses from creditors on its proposed
refinancing packages, Gobert said.
The TransCanada proposal could open the bidding for Dome
since other potential buyers were probably waiting for lenders
to agree to a restructuring, he added.
"I would think that the debtholders would want to entertain
any and all offers (for Dome)," Gobert said.
Dome spokesman David Annesley said in New York that
TransCanada's announcement could be seen as an attempt to fix
the bidding price for Dome and an effort to preclude other
possible buyers from making an offer. "By drawing attention to
us in our discussions, it means that others may be a little
reluctant to come forward," he said.
Dome does not consider TransCanada's proposal a formal
offer because the pipeline utility's announcement breached a
confidential agreement between the two companies, he said.
Dome responded to the statement by suspending discussions
with TransCanada in order to pursue talks with other
unidentified parties. However, Dome said its management and
financial advisers would evaluate all proposals, including
TransCanada's.
Gowland said TransCanada's offer is probably a fair price
for the company's 36.1 mln acres of oil and gas land holdings.
However, he said not enough financial details are known
about Dome's debt restructuring to compare the value of
TransCanada's proposed offer.
Reuter
|
SOSNOFF RAISES BID FOR CAESARS WORLD <CAW> | Investor Martin T. Sosnoff said he has
raised his offer for Caesars World Inc shares to 32 dlrs each
from 28 dlrs and has reduced the number of shares he is seeking
to 29.1 mln from all those not already owned.
In a newspaper advertisement, Sosnoff said the bid by his
MTS Acquisition Corp, withdrawal rights and the proration
period will now expire June 19 unless extended. The offer had
been scheduled to expire May 15. In late March, Sosnoff said he
had received a "negligible" number of shares in response to the
offer, which had been rejected by Caesars as inadequate.
Sosnoff already owns about four mln of Caesars' 30 mln
common shares now outstanding, or a 13.3 pct interest on a
primary basis.
Last week, Caesars' board approved a recapitalization plan
as an alternative to the Sosnoff offer under which shareholders
would receive a special dividend of 25 dlrs per share, subject
to approval by shareholders at a special meeting to be held in
June.
The company planned to borrow 200 mln dlrs and sell 800 mln
dlrs in debt to finance the payout.
Sosnoff said in the newspaper advertisement that the
amended offer is conditioned on receipt of enough shares to
give him a majority interest on a fully diluted basis and on
the arrangement of financing, as well as to approvals by New
Jersey and Nevada gaming authorities.
He said the tender would be the first step in acquiring all
of Caesars' shares and if successful would be followed by a
merger transaction.
Sosnoff said later in a statement that the 29.1 mln shares
he is now seeking, together with the 4,217,675 shares he owns,
would give him a 92.4 pct interest on a fully diluted basis.
He said he still has received only a "negligible" number of
shares in response to his tender.
In a letter to Caesars' chairman Henry Gluck included in
the statement, Sosnoff said Gluck had again refused, on April
8, to meet with him, even though he had said he was willing to
increase the price of his offer.
Sosnoff said the financing for the offer is almost fully in
place.
Sosnoff said PaineWebber Group Inc <PWJ> has now delivered
to him commitments to purchase up to 475 mln dlrs of increasing
dividend cumulative exchangeable preferred stock of MTS Holding
Corp, an indirect parent corporation of MTS Acquisition.
He said Marine Midland Banks Inc <MM>, which leads a
syndicate that has provided commitments for a 500 mln dlr
margin facility, believes it will be able to arrange for
further commitments under the margin facility to advance up to
an additional 25 mln dlrs that may be needed to permit the
purchase of shares under the offer.
Sosnoff said under the merger that would follow his tender,
each of the 2,750,000 Caesars shares not covered by the offer,
or 7.6 pct on a fully diluted basis, would be converted into
Series A preferred stock valued at 32 dlrs per shareby an
independent investment baking firm.
He said "To the extent that fewer than 29,100,000 sdhares
are purchased in the offer, the stockholders would receive a
combination of cash and Series A preferred stock having a value
of 32 dlrs per share of Caesars."
Sosnoff said he believes terms of his offer are superior to
Caesars' recapitalization.
Sosnoff said he will be meeting this week with gaming
officials in Nevada in an effort to expedite the investigatory
process required for regulatory approval, a process that it
already underway in New Jersey.
He said his offer has been extended based on the likely
duration of the regulatory process.
He said he intends to further extend the offer if the
approval process is not completed by the expiration date.
Reuter
|
CRAZY EDDIE <CRZY> EXECUTIVE LEAVES BOARD | Crazy Eddie Inc executive vice
president and chief financial officer Sam Antar, who turns 66
soon, has resigned from its board and has been replaced by
William H. Saltzman, vice president and general counsel of
Sun/DIC Acquisition Corp.
Sam Antar and other executive vice presidents Mitchell
Antar and Isaac Kairey were named to an Office of the President
that took over the duties of chief executive officer from
chairman Eddie Antar in January.
Reuter
|
SHULTZ BEGINS TALKS WITH SHEVARDNADZE | U.S. Secretary of State George Shultz
and Soviet Foreign Minister Eduard Shevardnadze met today an in
elegant Moscow mansion in pursuit of the first superpower arms
control agreement in nearly a decade.
Shultz, accompanied by senior advisers and technical
experts, arrived from Helsinki aboard a U.S. Air Force plane
and went straight into a closed-door meeting with Shevardnadze
and Soviet negotiators.
State Department spokesman Charles Redman told reporters
that U.S. Arms control advisers had been told not to discuss
the U.S. Proposals with the press.
U.S. Officials have been optimistic about the possibility
of progress at the talks, scheduled to end on Wednesday.
Shultz has been more guarded, saying that if the Soviet
officials approached the talks in the same constructive spirit
as the Americans "we should be able to move the ball along in a
very positive way."
Shultz is expected to protest about a spying network that
has come to light at the U.S. Embassy and which has cast a
shadow over his talks. For its part the Soviet Union has said
its diplomatic missions in the United States are subjected to
surveillance and has accused Washington of "spy-mania."
Shevardnadze met Shultz with a handshake at the door of the
ornate guest house built by a Russian merchant, now belonging
to the Foreign Ministry. Later, in the white marble room where
the discussions were being held, they had to be prompted by
photographers to shake hands again.
"There was no instinctive warmth," an observer said.
Reuter
|
COMPACT VIDEO INC <CVSI.O> YEAR LOSS | Shr loss 67 cts vs loss two cts
Net loss 3,721,000 vs loss 107,000
Revs 155.7 mln vs 24.2 mln
NOTE: Results for 12 months ended Dec 31, 1986, and eight
months ended Dec 31 1985. Because of the acquisition of Brooks
Drug in September 1986 and the company's change of fiscal year,
prior-year results are not comparable, Compact Video explained.
Reuter
|
UAW SAYS MAJOR WORK STOPPAGE POSSIBLE AT GM, FORD | Leaders of the nation's unionized
automobile workers have signaled their intent for a major work
stoppage later this year if General Motors Corp. <GM> and Ford
Motor Co. <F> fail to satisfy demands for job security, pay
raises and protection against shifting U.S. production to
foreign sources.
United Automobile Workers (UAW) president Owen Bieber was
loudly cheered by some 3,000 local delegates at a special
bargaining strategy convention yesterday when he declared the
1.1 mln-member union is ready to go to "war" against the major
auto makers in support of its goals.
"It takes two to make peace, but only one to make war ...
and if it's war, the UAW will be ready for it. War against the
insecurity of layoff," the UAW chief said.
The militant tone as the four-day convention opened
underscored the probability for bitter confrontation during the
summer's labor negotiations between the UAW and the auto
companies over new contracts covering some 500,000 U.S. workers
at G.M. and Ford.
The current pacts expire September 14.
GM Vice President and chief labor negotiator Alfred Warren
recently told Reuters that the 1987 bargaining round would
likely be the most difficult of the decade because of the
carmaker's drive to cut costs and shed uncompetitive
parts-making operations employing thousands of workers.
Job security has been the union's main theme for several
years. A master resolution stating UAW goals notes that the
union's membership working in the auto industry has fallen by
200,000 since 1978 to a current level of about 690,000.
GM was hit by a six-day selective national strike in 1984
before signing its current labor agreement, which contains a
one billion dlr job security fund to protect workers whose jobs
are threatened by new technology or moves to outside suppliers.
At Ford, which has more than 8 billion dlrs in cash
reserves and out-earned larger GM last year for the first time
since 1924, executives said they would oppose the UAW's demand
for a return to guaranteed percentage annual pay increases that
were dropped in the last recession.
Ford has not been hit by a national strike since 1976,
which has prompted some union analysts to suggest it is now
Ford's "turn," to be the UAW strike target.
Bieber yesterday described the UAW's situation in 1987 as
"crucial" in view of the growing penetration of the U.S. market
by imported cars and trucks as well as moves by the Detroit
automakers to use foreign and other non-union sources to secure
cheaper vehicles and auto parts.
He said the union will stress job security, annual general
pay raises, improved profit-sharing and limits on companies'
ability to transfer work.
Reuter
|
NEWORLD BANK FOR SAVINGS <NWOR> 1ST QTR NET | Oper shr 45 cts vs 26 cts
Oper net 2,258,000 vs 1,166,000
NOTE: 1986 net excludes 842,000 dlr tax credit.
Reuter
|
JANUARY NEWPAPER ADVERTISING INCOME UP 10.5 PCT | The Newspaper Advertising Bureau said
its preliminary estimates show spending for newspaper
advertising in January totaled 2.06 billion dlrs, an increase
of 10.5 pct from the year earlier month.
The bureau said retail advertising for the month was up
10.7 pct to 1.02 billion dlrs. National advertising was off 0.7
pct to 264 mln dlrs. Classified increased 14.7 pct to 777 mln
dlrs.
Reuter
|
USAIR TO BUY 55 PCT OF 17.0 MLN PIEDMONT SHARES TENDERED
| |
DEUTSCHE TEXACO NOT AFFECTED BY LEGAL DISPUTE | Deutsche Texaco AG, Texaco Inc's <TX.N>
99.15 pct-owned West German subsidiary, will not be affected by
the legal dispute with the Pennzoil Company <PZL.N>, managing
board chairman Armin Schram said.
Schram told a news conference that Deutsche Texaco's
business will not be affected by the "legal proceedings in the
U.S. Our liquidity is more than sufficient to guarantee
supplies of crude oil and products to refineries and customers."
Schram said West German law prohibited the parent company
from "touching our basic capital of 500 mln marks and reserves
of 81 mln."
REUTER
|
PAKISTAN CONFIRMS KENYA TEA IMPORT INVESTIGATION | Pakistan's Corporate Law Authority,
CLA, has begun an enquiry into imports of tea from Kenya and
the trade imbalance between the two countries, CLA chairman
Irtiza Husain confirmed.
He told Reuters by telephone that importers Liptons and
Brooke Bond had been asked to supply data to the authority and
a hearing would be held.
The CLA would then report back to the Commerce Ministry,
which had requested the enquiry. Husain said no date had yet
been set for the hearing and declined to give further details
of the matter.
Industry sources told Reuters reports that the companies'
tea import licences had been suspended were incorrect.
Reuter
|
PORTUGUESE ECONOMY REMAINS BUOYANT DESPITE CRISIS | Portugal's economy, which has been
enjoying one of its most buoyant periods in more than a decade,
may now be strong enough to shrug off the country's latest
government crisis, analysts said.
But the April 3 ousting of Prime Minister Anibal Cavaco
Silva's government could slow economic reforms and investment
as Portugal continues to adapt to membership in the European
Community, which it joined in January last year, they said.
Cavaco Silva's minority Social Democratic Party, PSD, was
toppled in a parliamentary censure vote by left-wing parties.
The centre-right administration had made economic growth
reform a priority in its 17 months in office.
In 1986, Portugal's economy grew four pct, its current
account surplus swelled to more than one billion dlrs and
inflation fell to 10 pct, from 20 pct in 1985.
Analysts and businessmen said the prospects of instability
were worrying but they felt the foundations for continued
growth had not been badly shaken.
"The economy has developed a certain self-confidence that is
now less dependent on the political situation," said Fritz
Haser, economics professor at Universidade Livre, Lisbon.
"The market doesn't see this as a real crisis yet," economist
Jorge Braga de Macedo told Reuters.
Businessmen have identified political instability over the
last 13 years as one of the biggest obstacles to lasting
economic progress.
The PSD administration was the 16th formed since the 1974
revolution.
Portugal's developing stock markets, however, remain
buoyant. Brokers and unit trust managers said the recent surge
in economic confidence under the PSD rule was still largely
underpinned by continuing optimistic forecasts.
Investment grew nearly 10 pct in 1986 and a Bank of
Portugal forecast, released on the day the PSD government fell,
predicted the pace of investment and overall economic growth
would remain at similar levels this year.
But analysts said the crisis interrupted current policies
and could slow economic development.
Soares, who is expected to announce a decision by the end
of the month, can either call early elections or form a new
government from parties in the existing left wing-dominated
parliament.
Many businessmen said they strongly favoured quick
elections as the best solution. "There is a good chance that a
majority government could result from early elections,"
Confederation of Portuguese Industry (CIP) president Pedro
Ferraz da Costa said.
He said they were optimistic this could mean the
continuation in the near future of liberalisation policies
introduced over the last year.
The left-wing parties favour a parliamentary solution, but
the PSD said it wants an early election in which opinion polls
say they could win an overall majority.
A PSD majority would also open the way for more
wide-ranging reforms, such as relaxation of labour laws and
possible denationalisation of industry, the analysts said.
Cavaco Silva has accused the left-wing opposition parties
of blocking key economic reforms.
The left-wingers said Portugal's positive economic results
were more the product of favourable international conditions
such as cheaper oil and raw material imports, than of PSD
policies.
REUTER
|
MALAYSIA CUTS FIVE YEAR PLAN BUDGET | Malaysia will reduce its budget
for the 1986-1990 development plan to 49 billion ringgit from
its original 74 billion to limit expenditure, the Economic
Planning Unit (EPU) of the Prime Minister's Department said.
EPU director-general Radin Soenarno was quoted by the
national news agency Bernama as saying this would be done by
suspending many projects which could only take off when the
recession-hit economy improved.
Radin did not specify what projects would be suspended but
said the Fifth Malaysian Plan will be reviewed annually instead
of on a mid-term basis.
REUTER
|
MERRILL LYNCH FIRST QTR SHR ONE DLR VS 85 CTS
| |
SHULTZ ARRIVES IN MOSCOW FOR ARMS TALKS | U.S. Secretary of State George Shultz
arrived in Moscow for talks with Soviet leaders likely to focus
on nuclear arms reductions.
Shultz flew in from Helsinki and drove straight from the
airport to a meeting with Soviet Foreign Minister Eduard
Shevardnadze.
The three days of talks are overshadowed by an espionage
row between the two powers. Shultz has said he wants to discuss
it but Soviet officials have indicated they expect him to
concentrate on disarmament issues.
Reuter
|
MERRILL LYNCH AND CO <MER> 1ST QTR NET | Shr primary one dlr vs 85 cts
Shr diluted 97 cts vs 81 cts
Net 108.6 mln vs 86.8 mln
Rev 2.70 billion vs 2.17 billion
Reuter
|
COOPER CANADA <CPC.TO> SETS SHARE CONSOLIDATION | Cooper Canada Ltd said it planned to
consolidate its common and class A non-voting shares into one
class of common shares, subject to shareholder approval on May
1.
Cooper Canada said the proposal would result in only voting
shares being available to respond to Charan Industries Ltd
<CHN.TO>'s previously announced six dlr a share takeover bid.
Reuter
|
CORONA <ICR.TO> FAVORS ROYEX <RGM.TO> OFFER | International Corona Resources Ltd said
its board of directors believes that terms of Royex Gold Mining
Corp's previously announced offer are fair and reasonable, but
it decided it will make no recommendation on the offer to its
shareholders.
Royex on March 31 offered to buy four mln Corona shares.
For each Corona share it offered four dlrs cash, one series B
share of Royex, one series C share of Royex and one share
purchase warrant. It also bid for all Corona warrants expiring
Aug 31, 1987.
Reuter
|
S.ATLANTIC <SOAF.O>, INDEPENDENCE <INHO.O> MERGE | South Atlantic Financial Corp
said it has agreed in principle to merge with Independence
Holding Co into a new company to be called SAFCO International
Ltd.
It said each South Atlantic share would be exchanged for
one SAFCO share and each Independence share for 2.822 SAFCO
shares.
Independence now owns about 40 pct of South Atlantic's 9.8
mln primary common shares.
South Atlantic said said its chairman and chief executive
officer Sheldon S. Gordon would have the same posts with SAFCO
and Independence president Ronald G. Strackbein would be
president of SAFCO.
The company said the transaction is subject to execution of
definitive agreements, the receipt of fairness opinions from
investment banks and approval by boards and shareholders of
both companies. It said proxy materials are expected to be
maioled this quarter. Both South Atlantic and Independence
are insurance companies.
Reuter
|
HOME FEDERAL UPPER EAST TENNESSEE <HFET> 1ST QTR | Shr 47 cts vs not given
Net 2,100,000 vs 1,277,000
NOTE: Company went public in fourth quarter of 1986.
Home Federal Savings and Loan Association of Upper East
Tennessee.
Reuter
|
STATEWEST EXPANDS SERVICE, ENTERS FARE AGREEMENT | StateWest Airlines Inc said it
started service to Las Vegas, Nev., Tucson, Ariz., and San
Diego, and entered into a joint fare agreement with Trans World
Airlines <TWA>.
StateWest said the fare agreement will result in lower
fares for StateWest passengers who continue to any one of Trans
World's 50 U.S. destinations.
The company also said the new destinations expand its daily
flights to 49 and it added the company's fourth advanced Shorts
360 to its fleet of aircraft.
Reuter
|
U.S. FEEDER STEER PRICE | The U.S. Feeder Steer Price, or USFSP,
as posted by the CME is calculated by Cattle Fax and represents
the price used for cash settlement of the CME Feeder Cattle
contract.
The USFSP is a seven-calendar-day average of feeder steer
prices from 27 states, based on auction and direct country
sales for feeder steers that weigh between 600 and 800 lbs and
are estimated to grade between 60 and 80 pct choice when fed to
slaughter weight.
April 9 Previous quote
70.03 69.87
Reuter
|
NOVA <NVA.TO> TO REDEEM PREFERRED | Nova, An Alberta Corp said it
will redeem its 12 pct cumulative redeemable convertible second
preferred shares on May 15, 1987 at the redemption price of
26.25 dlrs per share.
Holders may convert their shares into class A common shares
on the basis of 3.435 class A common shares for each 12 pct
convertible preferred share held, Nova said.
Nova said it retained Burns Fry Ltd, Merrill Lynch Canada
Inc and Gordon Capital Corp to maintain a market bid of at
least 26-3/8 dlrs for the preferred shares until May 12, 1987.
Nova said that if any 12 pct preferred shares are acquired
by the broker group, the shares will be converted into class A
common shares.
Reuter
|
COLUMBIA GAS <CG> SEEKS CONTRACT COST RECOVERY | Columbia Gas Transmission
corp said it made an abbreviated, streamlined filing with the
Federal Energy Regulatory Commission to recover a portion if
its costs of renegotiating high-cost gas purchase contracts.
Recently, the Columbia Gas System Inc pipeline subsidiary
said, FERC denied on procedural grounds and without prejudice a
proposal to include these costs in the company's most recent
purchased gas adjustment -- or PGA -- filing.
Noting it has has asked for a rehearing on the denial
ruling, Columbia Gas said it would withdraw its alternative
filing if the commission grantes its request for a rehearing to
include the contract renegotiation costs in its PGA or
consolidates this issue in the pipeline's general rate filing
and permit recovery, subject to refund, effective April one.
The company said the alternative filing seeks to recover
about 79 mln dlrs a year through the pipeline's non-gas sales
commodity rates. This annual amortization amount is based on
recovery of about 653 mln drls over an 8-1/4 year period,
beginning April 1, 1987.
Columbia Gas said the filing would increase the pipeline
commodity rates by 15.74 cts per mln Btu to 2.95 dlrs per mln.
The company said it orginially sought to include these
costs in its PGA since the payments to products resulted in
almost five billion dlrs in prospective price relief and were
not related to take-or-pay buyout costs.
It explained this interpretation was based on FERC's April
10, 1985, Statement of Policy which said that only take-or-pay
buyout costs must be recovered through a general rate filing
under the Natural Gas Act.
As a result of renegotiating contracts for high-cost gas,
Columbia Gas said, it has been able to reduce the average price
paid for gas purchased from Southwest producers to 1.96 dlrs
per mln Btu in December 1986 from 3.64 dlrs per mln in April
1985.
The pipeline said Southwestern producers account for 46 pct
of its total available gas supply this year.
Reuter
|
TURKEY TO APPLY FOR EC MEMBERSHIP | Turkey is to apply tomorrow for European
Community membership, Foreign Ministry officials said.
They told Reuters that Minister of State Ali Bozer would
lodge the application in Brussels with Belgian Foreign Minister
Leo Tindemans.
Turkey would be the 13th member of the group, of which
Belgium is current president.
Reuter
|
MELLON BANK <MEL> CHAIRMAN RETIRES | Mellon Bank Corp said J. David
Barnes has retired as chairman and chief executive officer and
resigned from the board of the company and its Mellon Bank
subsidiary.
The company said senior director Nathan W. Pearson will
succeed Barnes but also appointed a special search committee to
review all internal and external candidates for chairman.
Mellon said "Mr. Barnes felt a change of management at this
time would help the bank move more quickly and with less
constraint in meeting the needs of shareholders, customers and
employees."
Pearson is 75 and is financial advisor to the Paul Mellon
Family Interests. Barnes is 57.
On Friday Mellon reported a 59.8 mln dlr first quarter
loss. It had placed 310 mln dlrs of Brazilian loans on a
nonaccrual basis and said it would cut its quarterly dividend
to 35 cts per share from 69 cts due to energy, foreign,
commercial real estate and heavy industry loans.
Reuter
|
HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT | Hungary has announced sharp price
increases for a range of food and consumer products as part of
its efforts to curb a soaring budget deficit.
The official MTI news agency said the government decided
consumer price subsidies had to be cut to reduce state
spending. From today the price of meat will rise by an average
18 pct and that of beer and spirits by 10 pct, MTI said.
The measures are also aimed at cooling an overheated
economy, and could help dampen Hungarians' appetite for
imported Western goods which consume increasingly expensive
hard currency, the diplomats said.
The diplomats also said, however, that they did not expect
the kind of social unrest that followed sharp price rises in
other East Bloc states, notably Poland.
MTI said consumer goods will also become more expensive,
with the price of refrigerators rising some five pct. It also
announced a number of measures to ease hardship, including
higher pensions and family allowances.
Reuter
|
UAW CHEERS CALL FOR "WAR" ON GM AND FORD | Leaders of the nation's unionized
automobile workers have signalled their intent for a major work
stoppage later this year if General Motors (GM) and Ford Motor
Co., fail to satisfy demands for job security, pay raises and
protection against shifting U.S. production to foreign sources.
United Automobile Workers (UAW) president Owen Bieber was
loudly cheered by some 3,000 local delegates at a special
bargaining strategy convention yesterday when he declared the
1.1-mln-member union is ready to go to "war" against the major
auto makers in support of its goals.
"It takes two to make peace, but only one to make war ...
and if it's war, the UAW will be ready for it. War against the
insecurity of layoff," the UAW chief said.
Reuter
|
P.H. GLATFELTER CO SAYS IT WILL BUY ECUSTA CORP FOR 149 MLN DLRS IN CASH
| |
FAMILY HEALTH SYSTEMS INC <FHSY> 2ND QTR FEB 28 | Shr profit one ct vs nil
Net profit 74,000 vs profit 10,000
Revs 925,000 vs 112,000
Avg shrs 10 mln vs nine mln
Six mths
Shr loss nil vs loss one ct
Net loss 16,000 vs loss 90,000
Revs 1,855,000 vs 333,000
Reuter
|
CBT NIGHT TRADING SESSION SEEN GETTING APPROVAL | The Commodity Futures Trading
Commission, CFTC, is expected to accept the Chicago Board of
Trade's, CBT, proposal to establish a night trading session
when the commission meets Wednesday, CFTC officials said.
CBT has proposed starting an evening trading session
between 1800 and 2100 local time in Treasury bond and Treasury
note futures and options on the two futures contracts.
The exchange hopes to launch the experiment April 30.
While CFTC staff have raised numerous questions about how
the evening session will operate, they have not discovered any
major obstacle to approval, CFTC sources said.
"We are not anticipating any problems with approval," a CBT
official said.
CBT President Thomas Donovan and CBT Chairman Karsten
Mahlmann have been in the Far East this month to drum up
support for the night session.
Reuter
|
INTERNATIONAL BUSINESS MACHINES CORP <IBM> NET | 1st qtr
Shr 1.30 dlrs vs 1.65 dlrs
Net 785 mln vs 1.02 billion
Gross income 10.68 billion vs 10.13 billion
Avg shrs 604.6 mln vs 615.6 mln
NOTE: Pretax net 1.34 billion vs 1.83 billion.
Sales 6.50 billion vs 6.10 billion, maintenance gross
income 1.95 billion vs 1.77 billion, program products gross
income 1.40 billion vs 1.15 billion and rentals and other
services 825 mln vs 1.10 billion.
Reuter
|
USAIR <U> REPORTS FINAL PRORATION FACTOR | USAir Group Inc said, in announcing
the final proration factor for its tender offer for Piedmont
Aviation Inc <PIE>, that 17.0 mln shares, or 90 pct of the
shares were validly tendered.
USAir said it has purchased and will pay for 9.3 mln
shares, representing about 55 pct of those tendered.
Reuter
|
MORE BRITISH GOLD ARTICLES HALLMARKED | The number of British gold articles
hallmarked during the first quarter of this year rose by more
than 11 pct on the corresponding period last year, figures
released by the Assay Offices of Great Britain show.
More than 2.5 mln British items were hallmarked during the
quarter, up 11.1 pct on the same year ago period. The four
Assay Offices also marked 832,222 foreign gold articles, up 2.5
pct on last year.
In weight terms the 7.19 mln grams of British gold assayed
was a 15.3 pct increase, while the 2.95 mln grams of foreign
gold represented a rise of 3.1 pct.
British silver goods assayed totalled 698,132, an increase
of 6.2 pct but only 78,457 foreign items were marked, a fall of
11.1 pct.
A total of 10,968 kilos of silver were assayed, an 11.1 pct
rise.
The number of platinum items marked fell 12.5 pct to 1,785,
while in weight terms the total slipped 8.1 pct to 9,849 grams.
A spokesman for the Assay Offices of Great Britain said he
was particularly encouraged to see the percentage increase for
British manufactured goods.
Reuter
|
TEXACO <TX> USES BANKRUPTCY COURT TO BUY TIME | Texaco Inc.'s plunge into bankruptcy to
shield it from posting a bond in its 10.53 billion dlr legal
battle with Pennzoil Co. <PZL> is a strategy that will give it
breathing room until the fight over the 1984 acquisition of
Getty Oil Co. winds its way up to the U.S. Supreme Court,
analysts said.
Texaco, the nation's third-largest oil company, filed for
protection under Chapter 11 of the U.S. bankruptcy code earlier
today, saying it had no choice because of Pennzoil's refusal to
negotiate a reasonable settlement.
But unlike most Chapter 11 cases, the Texaco proceeding
should not result in a major reorganization of the company or
affect its daily business operations, several experts said.
"This is another piece of financial history," Sanford
Margoshes, an analyst with Shearson Lehman Brothers, said of
the bankruptcy filing. "What Texaco is doing is buying time to
fight its battle in the courts. They have high hopes they will
be upheld if the case goes all the way to the U.S. Supreme
Court."
Margoshes said he did not anticipate any significant
changes in Texaco's oil exploration and production business
because the bankruptcy filing affects only about four pct of
the giant oil company's 32.6 billion dlrs in annual revenues.
Texaco executives said the bankruptcy filing would
effectively halt payments of stock dividends and repayment of
its 6.8 billion dlr debt, but added that the company's assets
far exceeded its liabilities.
"Texaco's cash flow is at a very respectable rate of about
15 dlrs per share annually," Margoshes said. "Obviously, the
point of Chapter 11 was not so much seeking protection from
creditors as it was seeking protection from the predator
Pennzoil."
The two companies have been locked in an acrimonious
struggle since a Texas state court jury in November 1985
ordered Texaco to pay Pennzoil 10.53 billion dlrs for
improperly interfering with Pennzoil's planned acquisition of
Getty Oil Co. In a major setback for Texaco last week, the U.S.
Supreme Court said Texaco must abide by Texas state law that
requires posting a bond for the full amount of the judgment
while the merits of the case were appealed.
Although a Texas appeals court hearing was scheduled Monday
(April 13) on Texaco's motion to reduce the amount of the bond
required under state law, Texaco elected not to risk losing the
important court ruling that could have required it to post more
than 10 billion dlrs in collateral.
The bankruptcy filing, analysts said, effectively freezes
all of Texaco's obligations while it continues to appeal the
merits of the Pennzoil lawsuit.
"This is a drastic measure," said Rosario Ilacqua, an
analyst with L.F. Rothschild in New York. "But it's also an
indictment of the legal system in this country in that Texaco
was forced to seek bankruptcy when it couldn't get a fair
hearing."
Ilacqua predicted that the Texas jury judgment would
ultimately be overturned or whittled down from its original
10.53 billion dlrs, an amount that is increasing by about 2.5
mln dlrs in interest accumulated daily. Texaco has contested
the ruling, insisting that Pennzoil did not have a valid
contract under New York state law to acquire Getty Oil.
Suggestions by some experts that the Texaco bankruptcy
might be an incentive for Pennzoil to lower its settlement
demands, which are widely believed to be between 3 billion and
5 billion dlrs, were discounted by indignant Pennzoil
executives.
"I think it makes it much more difficult to settle," said
Baine Kerr, Pennzoil's retired president who has acted as the
company's chief negotiator in the Texaco litigation. "I think
that's one of the main reasons they did it."
Joseph Jamail, a Houston lawyer for Pennzoil, said the
company had made its latest settlement offer to Texaco on
Saturday and was taken by surprise when Texaco filed for
bankruptcy. He declined to reveal the amount of the proposal,
citing a confidentiality agreement between the two companies.
"Texaco told us they would get back to us but instead they
chose to go to bankruptcy court," Jamail said. "This was an
irresponsible and unneeded move."
Ilacqua also said the bankruptcy filing appeared to
eliminate any chance of settlement in the near-term.
"There have been some crazy numbers floating around in
settlement discussions," Ilacqua said. "I think 1 billion dlr
settlement would be more than adequate for Pennzoil. I don't
know if that Texas jury really understood what money is. They
gave Pennzoil an astronomical judgment."
Analysts said they expected Texaco stock, which closed
Friday at 31 and 7/8, to slip to about 25 when the New York
Stock Exchange opened Monday morning.
Lawyers for Pennzoil said they believed the company would
prevail in court appeals, adding that Texaco's assets were
ample enough to ultimately pay the Pennzoil judgment in full.
Reuter
|
SWISS SIGHT DEPOSITS FALL 4.64 BILLION FRANCS | Sight deposits of commercial banks at
the Swiss National Bank fell 4.64 billion Swiss francs to 7.88
billion in the first 10 days of April, the National Bank said.
Foreign exchange reserves rose by 9.4 mln francs to 33.12
billion.
Sight deposits are an important measure of money market
liquidity in Switzerland.
The National Bank said banks repaid around 5.8 billion
francs of traditional central bank credit taken out to meet
their end-of-quarter liquidity requirements. This was partially
offset by new swap arrangements.
Bank notes in circulation fell 440.2 mln francs to 24.48
billion while other deposits on call at the National Bank --
mainly government funds -- fell 840.5 mln francs to 941.5 mln.
REUTER
|
U.K. MONEY MARKET GIVEN FURTHER 68 MLN STG HELP | The Bank of England said it provided the
market with a further 68 mln stg assistance this afternoon,
bringing its total assistance on the day to 143 mln stg.
Shortly before, the Bank said it had revised its estimate
of the shortage up to 450 mln stg from the earlier forecast of
400 mln.
During the afternoon, the bank bought 22 mln stg of band
two bank bills at 9-13/16 pct and two mln stg of local
authority bills plus 44 mln stg of bank bills in band four at
9-11/16 pct. These rates were in all cases unchanged from
previous intervention levels.
REUTER
|
GOODYEAR <GT> PREDICTS FIRST QUARTER NET | Goodyear Tire and Rubber Co said it
expects to report earnings from continuing operations of over
one dlr per share on 71.3 mln average shares outstanding.
In last year's first quarter the company lost 60.0 mln dlrs
or 55 cts per share on 108.4 mln shares outstanding, after a
110.8 mln dlr writedown of oil reserves of its Celeron Corp
unit.
Goodyear said it will report first quarter results April 27.
Goodyear chairman Robert E. Mercer also told the annual
meeting that unless there is a major downturn in the economy,
it expects to work its debt down to normal levels in three
years through its restructuring and cash flow from improved
margins.
The company set up its restructuring program to fend off a
hostile takeover attempt by Sir James Goldsmith. As part of
the restructuring, Goodyear executed a major stock buyback
program that resulted in an increase in its debt.
Reuter
|
TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS | Taiwan announced plans for another round
of import tariff cuts on 862 foreign goods shortly before trade
talks with Washington which officials described as a move to
help balance trade with the United States.
Wang Der-Hwa, Deputy Director of the Finance Ministry's
Customs Administration Department, on Saturday told reporters
the list of products included 60 items asked by Washington.
He said the ministry sent a proposal to the cabinet that
the tariffs on such products as cosmetics, bicycles, apples,
radios, garments, soybeans and television sets be cut by
between five and 50 pct.
The cabinet was expected to give its approval next Thursday
and the new tariff cuts would be implemented possibly starting
on April 20, he added.
Reuter
|
CHINA AND PORTUGAL SIGN MACAO DEAL | Prime Ministers Zhao Ziyang of China and
Anibal Cavaco Silva of Portugal signed an agreement to end more
than four centuries of Portuguese rule over the territory of
Macao and return it to Chinese control in 1999.
Macao will become a special administrative region on
December 20, 1999, retaining a high degree of autonomy except
in foreign affairs and defence. Its capitalist system is to
remain intact for 50 years under an arrangement similar to the
one that will return Hong Kong to China from Britain in 1997.
China hopes to win back the Nationalist-ruled island of
Taiwan under the same "one country, two systems" formula.
Reuter
|
HOG AND CATTLE SLAUGHTER GUESSTIMATES | Chicago Mercantile Exchange floor
traders and commission house representatives are guesstimating
today's hog slaughter at about 280,000 to 300,000 head versus
294,000 week ago and 303,000 a year ago.
Cattle slaughter is guesstimated at about 120,000 to
126,000 head versus 120,000 week ago and 124,000 a year ago.
Reuter
|
TRADE ISSUES STRAINING EC'S PATIENCE WITH JAPAN | Member states of the European
Community are starting to run out of patience with Japan which
they believe has repeatedly promised major initiatives to open
its market to imports, but as often made only minor moves.
Diplomatic sources here said several recent actions by EC
countries bear witness to a new disillusionment with the
willingness, or at least the ability, of the Japanese
government to reduce its massive trade surplus with the EC.
However, they said an all-out trade war may be far off, as
EC states know they would suffer almost as much as Japan.
Senior EC diplomats gave a generally favourable reaction to
an EC executive commission proposal under which the EC could
raise tariffs on a range of Japanese products if the U.S.
Carries out a threat to make a similar move on April 17.
The EC tariffs, which would involve renouncing obligations
entered into with the world trade body GATT, would be designed
to stop a diversion of exports to the EC market from that of
the U.S.
The diplomats were meeting as Tokyo announced that the EC's
trade deficit with Japan reached a record 2.13 billion dlrs in
March, up from 1.94 billion in February.
Reuter
|
EC COULD DECIDE ON JAPAN TRADE MOVES IN LATE MAY | The European Community (EC) has
effectively given Japan six weeks to take moves to open its
market to imports before it decides on possible tough
retaliatory trade measures, EC diplomats said.
They said EC foreign ministers will meet on May 25 and 26
to review the state of trade relations between the two sides.
The EC executive commission was asked by representatives of
member states on Friday to propose a renunciation of some EC
pledges to the world trade body, GATT, unless there are
"adequate and early measures to open the Japanese market."
Such a renunciation would be the first step to imposing
stiff increases in duties, or quantitative limits, on Japanese
exports.
The diplomats said it was unlikely that the issue would be
discussed in detail at the next meeting of EC foreign ministers
on April 27 and 28 in Luxembourg as time was needed to prepare
proposals for possible retaliatory action.
They said the commission has powers to take some limited
action before getting ministerial approval to prevent Japanese
exports of electrical, photographic and other goods being
diverted to Europe following of possible U.S. Tariff moves.
In May, the ministers are also likely to discuss how to
prevent Japan from getting an extra trading advantage as a
result of Spain and Portugal joining the bloc, which obliges
them gradually to reduce tariffs on many industrial goods.
Japan's trade surplus with the Community has grown
steadily, registering a record 2.13 billion dlrs in March.
Reuter
|
P.H. GLATFELTER <GLT> ACQUIRING ECUSTA | P.H. Glatfelter Co said it
has reached an agreement to acquire all the capital stock of
<Ecusta Corp> for 149,177,857 dlrs in cash.
Glatfelter, a printing and writing paper maker, said Ecusta
operates an uncoded three sheet and light-weight specialty
paper mill in Pisgah Forest, N.C. The mill produces and
converts paper products used by the doemstic and foreign
tobacco industry.
Glatfelter said it expects to close the deal by May 31.
Reuter
|
GREENWICH PHARMACEUTICALS COMPLETES PLACEMENT | Greenwhich Pharmaceuticals Inc
<GRPI.O> said it has completed a private placement of its
common stock, generating more than eight mln dlrs in net
proceeds.
These funds, together with the two mln dlrs in cash
currently held by the company, will be used to complete its
Therafectin rheumatoid arthritis drug development program and
to develop other drugs, the company said.
Reuter
|
NCR CORP 1ST QTR SHR 65 CTS VS 51 CTS
| |
BROWNING-FERRIS <BFI> UNIT SEES EPA LAWSUIT | CECOS International Inc, a
subsidiary of Browning-Ferris Industries Inc, said it expects
the U.S. Environmental Protection Agency to sue the company,
claiming non-compliance with regulatory requirements at CECOS'
Livingston, Louisiana hazardous waste treatment plant.
CECOS said the EPA advised the company it intendend to seek
a penalty in the range of five mln dlrs to 10 mln dlrs.
CECOS said it considered the proposed penalty to be "grossly
excessive" and has offered 125,000 dlrs in earlier negotiations
to settle the disputed issues.
CECOS said it believes strongly that the EPA's claims and
proposed remedies concerning the Livingston waste disposal site
are unreasonable.
The company also said its 125,000 dlr settlement offer was
consistent with monetary penalties previously accepted by the
EPA concerning disputes over other hazardous waste treatment,
storage and disposal operations.
CECOS said major issues of the dispute include the
Livingston waste site's analysis and operation plans,
inspection records and freeboard limits of rainwawater holding
impoundments.
Reuter
|
FIRST MARATHON <FMS.A.TO> PLANS STOCK SPLIT | First Marathon Inc said it planned a
two-for-one stock split, to be effective on shareholders'
approval at the June 4 annual meeting.
The financial services company said it also completed the
previously reported 29.6 mln dlr private placement of 1.5 mln
non-voting preferred shares convertible one-for-one into
non-voting class A shares.
Reuter
|
U.S. BANCORP <USBC> 1ST QTR NET | Shr 66 cts vs 57 cts
Net 20.0 mln vs 17.1 mln
Avg shrs 30.3 mln vs 30.0 mln
Reuter
|
IBM <IBM> HAS HIGHER SHIPMENTS, COSTS IN QTR | International Business Machines
Corp said shipments and revenues were higher in the first
quarter, but net earnings fell 22.8 pct in part due to higher
expenses.
IBM said net income fell to 785 mln dlrs or 1.30 dlrs a
share from 1.02 billion dlrs or 1.65 dlrs on about 1.8 pct
fewer shares outstanding.
While total sales and income rose 5.5 pct to 10.68 billion
dlrs from 10.13 billion dlrs, costs and expenses rose 12.1 pct
to 9.61 billion dlrs from 8.57 billion in the quarter, the
computer maker said.
The company said it continues to take actions to make it
more competitive, including cost and expense reduction
measures.
"Although the worldwide economic situation remains
unsettled, there are some encouraging signs in our business,"
IBM said in a statement.
"In addition to the increase in first quarter shipments, we
have announced new offerings in our large processor and
personal computing product lines," it said.
"We have yet to fully benefit from our recent product
announcements, retirement incentives and other resource
balancing measures, and we expect these actions will have a
more significant impact as 1987 progresses," the company added.
It said it expects more than 12,000 U.S. employees to take
advantage of the retirement incentives announced last year.
Pretax earnings fell 27 pct to 1.34 billion dlrs from 1.83
billion, IBM said. Pretax margins slipped to 12.5 pct in 1987
from 18.1 pct in 1986, it said.
Reuter
|
ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE | Graan Elevator Mij, GEM, said its
balance in port of grains, oilseeds and derivatives rose to
146,000 tonnes on April 11 from 111,000 a week earlier after
arrivals of 404,000 tonnes and discharges of 369,000 tonnes
last week.
The balance comprised 21,000 tonnes of grains plus oilseeds
and 125,000 tonnes of derivatives.
This week's estimated arrivals total 274,000 tonnes, of
which 71,000 are grains/oilseeds and 203,000 derivatives.
The figures cover around 95 pct of Rotterdam traffic in the
products concerned.
Reuter
|
LINDBERG CORP <LIND> 1ST QTR NET | Shr 15 cts vs 15 cts
Net 689,561 vs 784,088
Sales 19.2 mln vs 19.8 mln
Avg shrs 4.7 mln vs 5.3 mln
NOTE: 1986 net includes a gain of 108,000 dlrs or two cts a
share from proceeds from the sale of property.
Reuter
|
BELGELECTRIC RAISES 300 MLN LUXEMBOURG FRANCS | Belgelectric Finance BV is raising
300 mln Luxembourg francs through a five year, non-callable
bullet bond carrying a 7-1/4 pct coupon at par, lead manager
Banque Internationale a Luxembourg SA (BIL) said.
The private placement for the Belgian utilities' finance
company is for payment on May 26 and coupon payments are
annually on May 27. Fees total 1-3/4 pct and the issue is
guaranteed by the Belgian utilities, Intercom, Ebes and Unerg.
REUTER
|
GERMAN INSTITUTES WARN ON MONEY SUPPLY | Four of West Germany's five leading
economic research institutes warned that excessive monetary
growth threatened a resurgence of inflation.
But in a dissenting view the DIW institute in West Berlin,
echoing recent statements by leading Bundesbank officials, said
the expansion seen over the last 1-1/2 years did not
necessarily threaten stability.
The five institutes issued a joint spring report, in which
three -- Kiel, Hamburg and Essen -- forecast a two pct rise in
GNP in 1987, while West Berlin and Munich predicted one pct.
The four institutes said an expansive policy was welcome in
view of the slowdown in economic activity. But experience has
shown that strong monetary growth eventually leads to a price
rise which undoes the beneficial effects of monetary policy.
Given virtual zero inflation in West Germany such fears may
seem exaggerated, they said.
"But it has often turned out in the past that the price
climate can quickly deteriorate, forcing the central bank into
a restrictive policy," they said.
The economic costs of a preventive stability policy are
less than fighting inflation once it has taken hold, they said.
The four institutes disputed the view that monetary
expansion would slow of its own accord in 1987 as domestic
investors switch liquidity into longer term capital market
investments following lower interest rates.
"Such redispositions may temporarily dampen the expansion of
central bank money stock, but do not automatically lead to a
smaller expansion of money supply," they said.
A return to growth and stability did not require
spectacular central bank moves, but could be done quietly with
open market operations and repurchase pacts, which would avoid
an interest rate rise by dampening inflationary expectations.
The DIW institute said monetary policy should not be
focused simply on growth of production potential. Because of
uncertainty about exchange rate developments and economic
weakness other factors should be taken into account.
Monetary policy should aim for further interest rate cuts
and avoid rises to boost the economy and discourage revaluation
speculation. Recent strong monetary expansion was not a threat
in itself to price stability.
The 1979/81 inflation following strong 1977/78 money growth
reflected other causes, such as rising oil prices and the
falling mark.
REUTER
|
NCR CORP <NCR> 1ST QTR NET | Shr 65 cts vs 51 cts
Net 61.5 mln vs 50.2 mln
Revs 1.12 billion vs 960.8 mln
Avg shrs 95.3 mln vs 99.4 mln
Reuter
|
GERMAN PRODUCER PRICES FALL 0.1 PCT IN MARCH | West German producer prices fell 0.1
pct in March compared with February to stand 3.9 pct lower than
in March last year, the Federal Statistics Office said.
In February, producer prices fell 0.3 pct from January and
dropped 4.2 pct from their levels a year earlier.
The Statistics Office said producer prices for natural gas
had fallen 3.0 pct in March against February, heavy heating oil
prices were 3.2 pct down, liquefied gas prices fell 14 pct and
coffee was 7.4 pct cheaper.
REUTER
|
USDA CHANGES LOW PROTEIN WHEAT TERMINAL PRICES | The U.S. Agriculture Department has
lowered its ASCS terminal prices for low protein hard red
winter and hard red spring wheat at a number of locations, a
senior USDA official said.
USDA reduced the price of hard red winter wheat at Kansas
City and Texas by six cents, at Minneapolis and Duluth by 32
cents and at St Louis by nine cents, Ralph Klopfenstein, deputy
administrator of commodity operations at the Agricultural
Stabilization and Conservation Service, said.
The department also lowered the terminal price of hard red
spring wheat at Minneapolis and Duluth by 32 cents, he said.
In addition, USDA cut the Pacific Northwest price of hard
red spring wheat by 31 cents, USDA officials who asked not to
be identified said.
The officials said hard red spring wheat prices at Chicago,
Denver and Toledo were adjusted by about the same amount as at
Pacific Northwest, Duluth and Minneapolis.
The price changes should lead to a pickup of PIK and roll
activity, Klopfenstein said. The price change was decided upon
last week and will be effective today, he said.
Klopfenstein also said the department raised the premiums
on high protein wheat to offset the drop in low protein wheat
prices, meaning the net price on any wheat commanding a protein
premium would remain unchanged.
Reuter
|
ALCIDE <ALCD.O> SAYS TESTS ENCOURAGING | Alcide Corp said preliminary
experimental results obtained using a formulation it has
developed for the disinfection of blood platelets indicate
feasibility for the approach.
The company notes there have been recent increases in
reports of transmission of microbial infections in recipients
of platelets, which are used in blood transfusions in patients
undergoing cancer therapy.
The company said related whole blood tests with baboon
blood showed no significant loss of in vitro activities or
survival.
The company said as a followup to the studies on thje
bacterial disinfection of platelets, it is planning to evaluate
the system for the inactivation of several viruses in the
presence of platelets. The viruses include Herpes Simplex
Virus Type I, cytomegalovirus and Human Immunodeficiency Virus,
which is responsible for AIDS.
Reuter
|
TEXACO CANADA <TXC> UNAFFECTED BY LEGAL MOVE | Texaco Canada Inc said its business
operations, its plans and financial integrity are unaffected by
yesterday's move by 78 pct-owner Texaco Inc <TX> to file for
protection under U.S. bankruptcy law.
Texaco Canada chief executive Peter Bijur said in a
statement that "it is business as usual for us on Monday
morning."
Texaco Inc added in a statement that it "has never operated
outside the U.S., and relations with all foreign governments
and activities of interest to them and their citizens are not
affected" by its legal dispute with Pennzoil Co <PZL>.
Reuter
|
FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES | The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
30-140 days 5.00 pct 5.00 pct 30-179 days
141-160 days 6.13 pct 6.08 pct 180-200 days
161-182 days 5.00 pct 5.00 pct 201-274 days
183-200 days 6.17 pct 6.18 pct 275-290 days
201-360 days 5.00 pct 5.00 pct 291-360 days
Reuter
|
GALILEO ELECTRO-OPTICS CORP <GAEO> 2ND QTR | Shr 51 cts vs 40 cts
Net 1.4 mln vs 851,000
Revs 9.8 mln vs 6.5 mln
Six months
Shr 74 cts vs 50 cts
Net 2.0 mln vs 1.1 mln
Revs 17.7 mln vs 11.3 mln
Avg shrs 2.7 mln vs 2.1 mln
NOTE:Quarter ended March 31. 1987 six months includes
charge of 115,000 dlrs due to reversal of investment tax
credits.
Reuter
|
GREAT LAKES FOREST PLANS 390 MLN DLR ONTARIO EXPANSION
| |
BOSTON FIVE <BFCS.O>, NEWORLD <NWOR.O> TO MERGE | Boston Five Cents Savings Bank said it
and Neworld Bank for Savings have agreed to merge, forming a
new holding company, Boston Five Bancorp.
Boston Five said the proposal calls for its holders to
receive 1.163 shares of the new company's stock for each share
now held and for Neworld Bank holders to recieve one share for
each share held in a tax free exchange.
Boston Five said the planned merger with Newworld Bank for
Savings Will create the largest savings bank in Massachusetts
and the third largest in New England with combined assets of
3.1 billion dlrs.
Boston Five chairman Robert J. Spiller said "There is a
natural fit between both banks. We consider this to be a merger
of equals."
Spiller will become Chairman of Boston Five Bancorp and
Neworld president James M. Oates will be president and chief
executive officer.
Boston Five said its President, Peter J. Blampied, will
become vice chairman and chief operating officer of the holding
company. The board of the holding company will have an equal
number of directors from each institution.
"Unlike many recent combinations, this merger has no
acquisition premium associated with it," Blampied said.
Boston Five has assetsof 1.9 billion dlrs and 35 officers.
Neworld has assets of 1.2 billion dlrs and 24 officers in
Massachusetts. It also has a loan center in New Hampshire.
Reuter
|
COOPERVISION <EYE> FORMS RECAPITALIZATION PLAN | Coopervision Inc said it is
preparing a recapitalization plan, which includes a common
stock repurchase program and an exchange of debt securities for
common stock.
The plan, along with a proposal to change its name to
Cooper Cos Inc, will be submitted for shareholders' approval at
the company's annual meeting on June 22.
The meeting had been postponed from its original date of
May 14 in order to let management review recapitalization
options, it said.
In addition, Coopervision said operating income in its
current fiscal quarter ending April 30 is expected to show an
improvement over its prior fiscal quarter's 82.5 mln dlrs and
its year ago quarter.
Income from continuing operations was not immediately
availalbe for the prior year's second quarter in which it
reported a net loss of 14.9 mln dlrs.
At a Drexel Burnham Lambert Investor Conference,
Coopervision chairman Parker Montgomery said, as previously
announced, he will listen to any bid that makes sense for
shareholders.
He also said Coopervision's stock fell in 1986 due to its
second quarter loss, rumors of a liquidation at 30 dlrs and 35
dlrs a share, and Ivan Boesky's subsequent sale of his
position.
"The stock dropped six dlrs in three days after Boesky sold
his position and has never recovered," Montgomery said. The
company's stock is currently trading at 19-1/4.
Montgomery further told the conference, "Don't be an
investor in the stock on the basis of any short term recovery
in operating or net income in 1987 and 1988."
"Our concentration is on maintaining or increasing market
share in our core businesses this year and next, regardless of
the impact to the bottom line," he said.
Reuter
|
COLOMBIA JUNE COFFEE REGISTRATIONS OPENED | Colombia has opened coffee
registrations for June shipment with no limit set for private
exporters, as in April and May, a National Coffee Growers'
Federation official said.
Colombia has sold an average of 900,000 bags per month
since the beginning of the calendar year.
Reuter
|
U.S. FEDERAL HOME LOAN BANKS SET OFFERING TOTALING 2.135 BILLION DLRS
| |
CANADA LEADING INDICATOR UP 0.4 PCT IN JANUARY AFTER 0.4 PCT DECEMBER RISE - OFFICIAL
| |
SPANISH MONEY SUPPLY GROWING AT DOUBLE TARGET PACE | Spain's principal measure of money
supply, the broad-based liquid assets in public hands (ALP),
grew at an annualised rate of 17.6 pct in March against 16.6
pct in February and 19.6 pct in March last year, provisional
Bank of Spain figures show.
The bank's target range for this year is 6.5 to 9.5 pct,
and Bank of Spain Governor Mariano Rubio said this month he was
aiming for the lower end of that range.
ALP grew by 11.4 pct during 1986.
REUTER
|
REEBOK INTERNATIONAL LIMITED <RBK> 1ST QTR | Shr 72 cts vs 52 cts
Net 38.6 mln vs 25 mln
Revs 281.8 mln vs 174.5 mln
Avg shrs 53.5 mln vs 48.2 mln
NOTE: 1987 1st quarter amounts do not includes sales of
AVIA Group International Inc, acquired at the end of the first
quarter. 1987 1st quarter revenues include Rockport revenues of
31 mln dlrs. 1986 1st quarter amounts do not include Rockport,
as Reebok acuqired that company in October 1986.
Reuter
|
BLOUNT INC <BLT> 4TH QTR NET | Oper shr 16 cts vs three cts
Oper net 1,930,000 vs 391,000
Revs 313.9 mln vs 308.9 mln
Avg shrs 11.9 mln vs 12.0 mln
Year
Oper shr 60 cts vs 27 cts
Oper net 7,215,000 vs 3,340,000
Revs 1.23 billion vs 1.16 billion
Avg shrs 11.9 mln vs 12.0 mln
NOTE: Prior year net excludes gains 4,896,000 dlrs in
quarter and 8,873,000 dlrs in year from termination of
overfunded pension plans.
Backlog 1.0 billion dlrs vs 942 mln dlrs.
Reuter
|
U.K. MONEY MARKET GIVEN LATE HELP OF 210 MLN STG | The Bank of England said it gave the
market late assistance of around 210 mln stg, bringing its
total help on the day to some 353 mln stg.
This compares with the Bank's estimate of the liquidity
shortage of around 450 mln stg, raised from its early forecast
of 400 mln stg.
REUTER
|
GIANT BAY <GBYLF> IN IDAHO GOLD VENTURE | Giant Bay Resources
Ltd said it signed an agreement in principle with Hecla Mining
Co for an operating joint venture on Hecla's Stibnite, Idaho,
gold deposit.
Giant Bay said if its bioleaching technology is used for
ore processing, it will have the right to acquire a working
interest in the property. It said it may spend as much as three
mln U.S. dlrs, excluding capital costs to bring the mine into
production. It said drilling has indicated substantial sulphide
reserves with a gold grade of about 0.1 ounce a ton, and early
tests show the gold ore responds to bioleaching.
Reuter
|
BLUE ARROW TO ACQUIRE RICHARDS CONSULTANTS | Blue Arrow PLC said it signed an
agreement to acquire Richards Consultants Ltd for 29 mln dlrs
in cash and securities.
Richards is a privately-owned New York-based executive
recruitment firm.
As part of the agreement, Blue Arrow said the four
principal shareholders who manage Richards will enter into
long-term service contracts with it. The agreement is subject
to approval of Blue Arrow shareholders.
Reuter
|
MERRY-GO-ROUND <MGRE> SETS STOCK SPLIT | Merry-Go-Round Enterprises Inc said
its board declared a three-for-two stock split, payable May One
to holders of record April 17.
Reuter
|
ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 27 CTS | Asarco Inc said it is increasing its
base spot sales price for refined lead by one-half cent to 27.0
cents a lb, FOB, delivered in carload lots, effective
immediately.
Reuter
|
ENEL ISSUES 15 BILLION YEN EUROBOND | Italy's state-owned Ente Nazionale per
l'Energia Elettrica (ENEL) is issuing a 15 billion yen eurobond
due May 27, 1994 paying 4-3/4 pct and priced at 101-7/8 pct,
joint-lead bookrunner IBJ International Ltd said. Morgan
Stanley International is the other joint-lead bookrunner and
appears on the left in documentation.
The non-callable bond is available in denominations of one
mln yen and will be listed in Luxembourg. The selling
concession is 1-1/4 pct while management and underwriting
combined pays 5/8 pct. The payment date is May 27.
REUTER
|
IRVING BANK CORP 1ST QTR SHR 1.51 DLRS VS 1.62 DLRs
| |
SAUDI ARABIA LIBERALISES BANKING SYSTEM | Saudi Arabia has speeded up reform of
its financial system with a package of measures designed to
boost the economy and open up the Kingdom to the lucrative
world of investment banking.
Bankers in Saudi Arabia detect a fundamental shift in
policy stemming from a need to tackle the underlying
contradiction between an Islamic legal framework and western
banking system.
One senior banker in Jeddah said: "There is a new wind
blowing... Saudi Arabia is moving on many fronts in a manner
that is extraordinarily aggressive."
The speed of reform, begun last year but now gathering
pace, has surprised bankers who have had to contend with a
financial system that restricted internationalisation of the
riyal and a religious court system that made debt collecting
difficult.
Saudi banks, once the most profitable in the world, have
generally reported falling profits for 1986 -- the fourth
successive year of decline -- as loan loss provisions ate into
already dwindling earnings.
Bankers say the Saudi Finance Ministry and Saudi Arabian
Monetary Agency (SAMA) seem to have developed a new strategy
although it remains to be seen how it will be implemented.
Reform started in 1986 with measures to boost previously
dormant stock trading, but took off in earnest this year.
-- From January 1, SAMA liberalised the money market,
giving banks greater access to liquidity aid via repurchase
agreements.
-- From March 22, the Finance Ministry abolished
withholding tax on funds borrowed by Saudi banks abroad.
-- From the same date, banks were notified of a new
committee to be set up under the auspices of SAMA to hear bank
disputes with creditors over non-payment of loans.
-- Also from the same date, banks were allowed to use
mortgages as collateral for lending, banned since 1981.
-- Within a few weeks, the Kingdom's first stock market
trading floor is expected to be opened.
Housed in central Riyadh in the building of the Saudi
Industrial Development Fund, the floor will initially be used
to trade shares on an auction system. Staff from each of the 11
commercial banks have been trained ahead of the launch and a
new computer network has been set up.
One banker said: "The abolition of withholding tax will give
banks the opportunity to participate in new instruments such as
interest rate or currency swaps. At last SAMA and the Finance
Ministry are opening up markets for investment banking."
Bankers say Saudi authorities appear to have been shocked
into reform by pressure from banks and alarm at bank reluctance
to extend further loans to the private sector.
Banks have lobbied hard for change, arguing that the
religious, or Sharia, legal framework was inconsistent with the
Kingdom's western banking system and made it nigh impossible
for them to collect interest on bad loans through the courts.
As a result, many banks had virtually stopped new lending,
but found themselves cut off from world investment banking by a
series of restrictions. Withholding tax made it punitively
expensive to take part in interest rate or currency swaps.
The private sector's frustration at the virtual standstill
in bank lending overflowed at a businessmen's conference in the
mountain resort in Abha last month and some powerful merchant
families also called for change, bankers said.
"Banks lobbied hard and had the ultimate weapon to force
change -- they stopped lending," another banker said. "That was
stifling growth of the economy."
It is still unclear whether the new committee that will be
set up to hear bank disputes with creditors will prove any more
efficient than another non-Sharia system already in force, the
Committees for the Settlement of Commercial Disputes (CSCDs).
Some bankers believe the new committee, yet to be formed,
will simply delay pending cases and force banks into a series
of private deals with creditors.
Nor is it clear what stance the new committee will take on
interest payments, generally not recognised under Islamic law.
But other bankers say the move is clear recognition by SAMA
and the Finance Ministry that Sharia courts and the CSCDs were
not the correct bodies for hearing bank disputes.
Other reforms have been taken or are in the pipeline.
Finance Minister Mohammed Ali Abal-Khail said in March that a
new body would examine late government payments to contractors.
In addition, further moves are under way to align business
life to the Gregorian calendar year, with companies being urged
to adopt it as their financial year.
A black list of borrowers, started more than two years ago
by banks, has recently been effectively sanctioned by SAMA,
bankers say.
Banks are now not permitted to lend or engage in securities
transactions with any party on the list.
REUTER
|
GENERAL NUTRITION FILES FOR SECONDARY OFFERING OF EIGHT MLN COMMON SHARES
| |
IRVING BANK CORP <V> 1ST QTR NET | Shr 1.51 dlr vs 1.62 dlr
Net 28.6 mln vs 30.4 mln
Assets 23.8 billion vs 20.9 billion
Deposits 15.5 billion vs 14 billion
Loans 13.8 billion vs 12 billion
Reuter
|
GENERAL NUTRITION <GNC> FILES FOR OFFERING | General Nutrition Inc filed a
registration statement with the Securities and Exchange
Commission for a secondary offering of eight mln common shares.
All the shares are being sold by the estate of David
Shakarian, the founder of the company. Kidder, Peabody and Co
Inc will be the sole manager of the underwriting.
The Shakarian estate owns 25.6 mln shares of General
Nutrition. There are 33.1 mln shares outstanding.
Reuter
|
TEXACO NOT REQUIRED TO POST BOND IN APPEAL OF PENNZOIL JUDGMENT, COURT SAYS
| |
O'SULLIVAN CORP <OSL> 1ST QTR NET | Shr 28 cts vs 32 cts
Net 2,823,000 vs 3,216,000
Rev 47.9 mln vs 42.9 mln
NOTE: The 1986 earnings per share adjusted for a four for
three stock distribution paid May 1986.
Reuter
|
FRENCH 13-WEEK T-BILL AVERAGE RATE RISES TO 7.39 PCT FROM 7.36 PCT - OFFICIAL
| |
PARK COMMUNICATIONS INC <PARC> 1ST QTR NET | Shr 15 cts vs 14 cts
Net 2,028,000 vs 1,879,000
Revs 32.1 mln vs 29.5 mln
Reuter
|
NVHOMES <NVH> SETS SPLIT PAYMENT DATE | NVHomes LP said April 30 will be
the distribution date for new units as a result of its
previously-announced two-for-one split to unitholders of record
April 20.
Reuter
|
Subsets and Splits