text
stringlengths 0
9.69k
| target
stringlengths 0
137
|
|---|---|
Sandoz AG said it planned a joint venture to produce herbicides in the Soviet Union. The company said it had signed a letter of intent with the Soviet Ministry of Fertiliser Production to form the first foreign joint venture the ministry had undertaken since the Soviet Union allowed Western firms to enter into joint ventures two months ago. The ministry and Sandoz will each have a 50 pct stake but a company spokeswoman was unable to give details of the size of investment or planned output. Reuter | SANDOZ PLANS WEEDKILLER JOINT VENTURE IN USSR |
Central bank governor Chang Chi-cheng rejected a request by textile makers to halt the rise of the Taiwan dollar against the U.S. Dollar to stop them losing orders to South Korea Hong Kong and Singapore a spokesman for the Taiwan Textile Federation said. He quoted Chang as telling representatives of 19 textile associations last Saturday the government could not fix the Taiwan dollar exchange rate at 35 to one U.S. Dollar due to U.S. Pressure for an appreciation of the local currency. The Federation asked the government on February 19 to hold the exchange rate at that level. The federation said in its request that many local textile exporters were operating without profit and would go out of business if the rate continued to fall. Reuter | TAIWAN REJECTS TEXTILE MAKERS EXCHANGE RATE PLEA |
Shr loss six cts vs profit 19 cts Net loss 166000 vs profit 580000 Revs 3772000 vs 5545000 Year Shr loss 13 cts vs profit 52 cts Net loss 391000 vs profit 1425000 Revs 15.4 mln vs 16.6 mln NOTE: 1985 year figures pro forma for purchase accounting adjustments resulting from March 1985 reeacquisition of company by its original shareholders before August 1985 initial public offering. Reuter | NATIONAL FSI INC <NFSI> 4TH QTR LOSS |
MidCon Corp a subsidiary of Occidental Petroleum Corp <OXY> said William C. Terpstra has resigned as president and chief operating officer and his reponsibilities will be assumed by MidCon chairman O.C. Davis. No reason was given. Reuter | OCCIDENTAL <OXY> OFFICIAL RESIGNS |
Italys state-owned <Banca Nazionale del Lavoro - BNL> said it would issue 120 mln dlrs of five-year convertible eurobonds an operation to be lead-managed by <Credit Suisse-First Boston Ltd>. BNL president Nerio Nesi told a news conference that the issue to be placed on the main international markets and listed in Luxembourg would be the first equity linked issue by an Italian bank on the Euromarket. BNL officials said the issue is scheduled for mid-March and additional financial details were not immediately available. They said the operation would be through the issue of depositary receipts by BNLs London branch. They said the bonds would carry warrants issued by its <Efibanca> subsidiary and convertible into BNL saving shares within five years. The officials said a banking consortium led by Credit Suisse-First Boston would at the same time arrange for the private placing of an unspecified number of BNL savings shares with foreign institutional investors. The operation was to further its aim of obtaining a listing on foreign stock exchanges with a view to future capital increases through ordinary share issues they said. REUTER | ITALY'S BNL TO ISSUE 120 MLN DLR CONVERTIBLE BOND |
General Electric Co said AMR Corps oprder of GE CFG-80C2 engines to power 25 new <Airbus Industrie> A300-600R and 15 Boeing Co <BA> 767-300ER twinjets is worth over 650 mln dlrs. The company said the order is the largest single one it has ever received for commercial aircraft engines. AMR announced the order earlier today. GE said deliveries will start in early 1988. Reuter | GE <GE> SAYS AMR <AMR> ORDER WORTH 650 MLN DLRS |
Shr loss 1.93 dlrs vs profit 16 cts Net loss 53412000 vs profit 4479000 Revs 24.8 mln vs 32.7 mln Note: 1986 shr and net include 51187000 dlr writedown on U.S. operations uneconomic coal operations and other mineral properties Reuter | <PRECAMBRIAN SHIELD RESOURCES LTD> YEAR LOSS |
The Bank of England said it had provided the money market with a further 437 mln stg assistance in the afternoon session. This brings the Banks total help so far today to 461 mln stg and compares with its revised shortage forecast of 450 mln stg. The central bank made purchases of bank bills outright comprising 120 mln stg in band one at 10-7/8 pct and 315 mln stg in band two at 10-13/16 pct. In addition it also bought two mln stg of treasury bills in band two at 10-13/16 pct. REUTER | U.K. MONEY MARKET GIVEN FURTHER 437 MLN STG HELP |
Shr nil vs nil Net 130998 vs 30732 Revs 1568941 vs 10053234 Reuter | GREASE MONKEY HOLDING CORP <GMHC> YEAR NOV 30 |
Oper shr profit 1.80 dlrs vs loss 2.28 dlrs Oper net profit 20480000 vs loss 1318000 Revs 25.4 mln vs 12.3 mln Avg shrs 1135000 vs 576000 NOTE: Net excludes realized investment gains of 40000 dlrs vs 13000 dlrs. 1986 net excludes 729000 dlr tax credit. Reuter | ACCEPTANCE INSURANCE HOLDINGS INC <ACPT> YEAR |
Oper shr loss 31 cts vs loss 30 cts Oper net loss 5429000 vs loss 5216000 Revs 257.5 mln vs 243.6 mln Avg shrs 17.5 mln vs 13.5 mln Year Oper shr loss eight cts vs profit 28 cts Oper net loss 1324000 vs profit 4067000 Revs 989.5 mln vs 747.9 mln Avg shrs 17.6 mln vs 15.7 mln NOTE: 1986 operating net loss excludes income from discontinued operations equal to 11 cts in the quarter and 66 cts in the year compared with 1.07 dlrs in the quarter and 1.23 dlrs in the respective periods of 1985. 1986 operating net loss also excludes extraordinary charges of 14 cts in the quarter and 54 cts in the year. 1985 operating net profit excludes an extraordinary gain of 47 cts. Reuter | MINSTAR INC <MNST> 4TH QTR NET |
The coupon on Dai-Ichi Hotel Ltds 50 mln Swiss franc issue of five-year notes with equity warrants has been cut to 1-5/8 pct from the indicated 1-7/8 pct lead manager Swiss Volksbank said. The warrants have an exercise price of 1507 yen per share compared with the last traded price of 1470 yen it said. The notes are guarantees by Long-Term Credit Bank of Japan Ltd. Payment is due on March 25. REUTER | DAI-ICHI HOTEL SWISS FRANC NOTES COUPON CUT |
Shr not given Loss 54.9 mln Revs 27.2 mln Note: Prior year results not given. 1986 results include accounts of 89 pct owned <Precambrian Shield Resources Ltd> acquired November 5 1986 Reuter | <MARK RESOURCES INC> YEAR LOSS |
Saab-Scania AB is issuing a 150 mln dlr eurobond due April 2 1992 paying 7-3/4 pct and priced at 101-3/4 pct lead manager Morgan Guaranty Ltd said. The bond is available in denominations of 5000 and 50000 dlrs and will be listed in London. Payment date is April 2 1992. Fees comprise 1-1/4 pct selling concession and 5/8 pct management and underwriting combined and listing will be in London. REUTER | SAAB-SCANIA ISSUES 150 MLN DLR EUROBOND |
Transform Logic Corp said it has revised downward its previously reported fourth quarter and year ended October 31 results to reflect compensation expense for employee stock options. The company said resolution of this disagreement with its auditors came as a result of Securities and Exchange Commission involvement. The company will amend its option-granting procedure to conform to the SEC decision which will eliminate future charges it added. Transform said its fourth quarter profit was revised to 305082 dlrs or two cts a share from the previously reported 580955 dlrs which left the company with a fiscal 1986 loss of 249814 dlrs or two cts a share instead of the reported 26195 dlrs profit. Reuter | TRANSFORM LOGIC <TOOG> REVISES RESULTS DOWNWARD |
American Stores Co said it expects to report earnings per share of 3.70 to 3.85 dlrs per share on sales of slightly over 14 billion dlrs for the year ended January 31. The supermarket chain earned 4.11 dlrs per share on sales of 13.89 billion dlrs last year. The company did not elaborate. Reuter | AMERICAN STORES <ASC> SEES LOWER YEAR NET |
Shr profit three cts vs loss seven cts Net profit 161000 vs loss 367000 Revs 24.3 mln vs 26.5 mln Reuter | KASLER CORP <KASL> 1ST QTR JAN 31 NET |
Caribbean Select Inc said it has elected to redeem on April 10 all its Class A warrants and all Class B warrants at 0.01 ct each. At the same time it said its board has decided to reduce the exercise price of the Class B warrants to 3.50 dlrs per common share from four dlrs to encourage the exercise of the warrants. Each Class B warrant allows the purchase of one common share. It said each Class A warrant is still exercisable into one common share at two dlrs each. Reuter | CARIBBEAN SELECT <CSEL> TO REDEEM WARRANTS |
Unilever Plc <UN.A> and NV group reported improvements in margins and underlying sales volume growth of five pct in 1986 after stripping out the effects of falling prices disposals and currency movements Unilever Plc chairman Michael Angus said. He told reporters that volumes in North America increased some 10.5 pct while European consumer goods rose about 2.5 pct after being flat for some years. Much of the disposal strategy aimed at concentrating activities on core businesses had now been completed he noted. But the process of acquisitions would go on with strategic acquisitions taking place from time to time he said. The company earlier reported a 20 pct rise in pre-tax profits for 1986 to 1.14 billion stg from 953 mln previously. In guilder terms however profits at the pre-tax level dropped three pct to 3.69 billion from 3.81 billion. Angus said the recent purchase of Chesebrough-Ponds Inc <CBM.N> for 72.50 dlrs a share was unlikely to bring any earnings dilution. However it would not add much to profits with much of the companys operating profits paying for the acquisition costs. Finance director Niall Fitzgerald added that while gearing - debt to equity plus debt - rose to about 60 pct at end 1986 from 35 pct last year this was expected to drop back to about 40 pct by end-1987. The same divergence was made in full year dividend with Unilever NVs rising 3.4 pct to 15.33 guilders and Unilever Plcs increasing 29.9 pct to 50.17p approximately in line with the change in attributable profit. Angus said the prospectus for the sale of parts of Chesebrough was due to be published shortly. However he said that there was no target date for completing the process. He also declined to say what sort of sum Unilever hoped to realise from the operation beyond noting that Chesebrough had paid around 1.25 billion dlrs for Stauffer Chemical Co which operates outside Unilevers core activities. In the U.S. Organic growth from the Lipton Foods business considerable expansion in the household products business and in margarine had been behind the overall sales increase. However he noted that the U.S. Household products business had turned in a planned loss with fourth quarter performance better than expected despite the anticipated heavy launch costs of its Surf detergents. Reuter | UNILEVER HAS IMPROVED MARGINS, VOLUMES IN 1986 |
Sara Lee Corp said it agreed to buy a 34 pct interest in Paris-based DIM S.A. a subsidiary of BIC S.A. at a cost of about 84 mln dlrs. DIM S.A. a hosiery manufacturer had 1985 sales of about 260 mln dlrs. The investment includes the purchase of 360537 newly issued DIM shares valued at about 51 mln dlrs and a loan of about 33 mln dlrs it said. The loan is convertible into an additional 229463 DIM shares it noted. The proposed agreement is subject to approval by the French government it said. Reuter | SARA LEE <SLE> TO BUY 34 PCT OF DIM |
Holiday Corps Holiday Inn Hotel Group said it will add a record 17 hotels with 4440 rooms to its international division as part of its plan to double its presence abroad by 1995. The company said its international division will reach 50000 rooms by this spring classifying it as the eighth largest hotel chain in the world. Holiday said by the end of the year there will be approximately 220 Holiday Inn hotels in 54 countries. The company said it plans to expand from 28 to 55 hotels in its Asia/Pacific region and to 192 in its Europe/Middle East/Africa regionby 1995. For 1987 the hotel group will focus on expansion on Western Europe and Asia citing China as an untapped source for the international lodging industry. Holiday also said it will concentrate on city center hotels in key destination cities in Western Europe catering primarily to business travelers. Some of those cities where Holiday said it will open new properties this year include Amsterdam Lyon/Atlas and Lisbon. Reuter | HOLIDAY CORP <HIA> HOTEL GROUP ADDS PROPERTIES |
China called on the United States to remove curbs on its exports to give it favourable trading status and ease restrictions on exports of high technology. But the U.S. Embassy replied that Chinese figures showing 13 years of trade deficits with the U.S. Out of the last 15 are inaccurate and said Peking itself would have to persuade Congress to change laws which limit its exports. The official International Business newspaper today published Chinas demands in a editorial to coincide with the visit of U.S. Secretary of State George Shultz. It is extremely important that the U.S. Market reduce its restrictions on Chinese imports provide the needed facilities for them and businessmen from both sides help to expand Chinese exports the editorial said. The U.S. Should quickly discard its prejudice against favourable tariff treatment for Chinese goods and admit China into the Generalised System of Preference (GSP). Despite easing of curbs on U.S. Technology exports in recent years control of them is still extremely strict and influences normal trade between the two countries it added. The paper also printed an article by Chinas commercial counsellor in its Washington embassy Chen Shibiao who said that all kinds of difficulties and restrictions were preventing bilateral trade fulfilling its full potential. He named them as U.S. Protectionist behaviour curbs on technology transfer and out-of-date trade legislation. Reuter | CHINA CALLS FOR BETTER TRADE DEAL WITH U.S. |
Commerce Secretary Malcolm Baldrige said after the release of a sharply lower January leading indicator index that a pickup in exports is needed. The best tonic for the economy now would be a pickup in net exports he said in a statement after the department reported the index fell 1.0 pct in January from December the sharpest drop since a 1.7 pct fall in July 1984. The main reasons for the January decline after a 2.3 pct December rise were declines in building permits new orders for plant and equipment and for consumer and industrial goods. Reuter | U.S. COMMERCE SECRETARY SAYS EXPORT RISE NEEDED |
<Precambrian Shield Resources Ltd> earlier reporting a large loss against year-ago profit said the 1986 loss was mainly due to a 51187000 dlr writedown on its U.S. operations uneconomic coal and other mineral properties. Precambrian which is 89 pct owned by <Mark Resources Inc> said it took the writedown in accordance with new Canadian Insititute of Chartered Accountants guidelines for full cost method accounting by oil and gas companies. Precambrian earlier reported a 1986 loss of 53.4 mln dlrs compared to profit of 4.5 mln dlrs in the prior year. Reuter | PRECAMBRIAN SHIELD TAKES 51 MLN DLR WRITEDOWN |
Aero Services Inc said its common stock will continue to be included for quotation in the National Association of Securities Dealers NASDAQ system due to an exception from filing requiements which it failed to meet as of January 15. The company said while it believes it can meet conditions the NASD imposed for the exception there can be no assurance that it will do so. Reuter | AERO SERVICES <AEROE> GETS NASDAQ EXCEPTION |
The Kenyan economy is heading for difficult times after a boom last year and the country must tighten its belt to prevent the balance of payments swinging too far into deficit President Daniel Arap Moi said. In a speech at the state opening of parliament Moi said high coffee prices and cheap oil in 1986 led to economic growth of five pct compared with 4.1 pct in 1985. The same factors produced a two billion shilling balance of payments surplus and inflation fell to 5.6 pct from 10.7 pct in 1985 he added. But both these factors are no longer in our favour ... As a result we cannot expect an increase in foreign exchange reserves during the year he said. The price of coffee Kenyas main source of foreign exchange fell in London today to about 94 cents a pound from a peak of 2.14 dlrs in January 1986. Crude oil which early last year slipped below 10 dlrs a barrel has since crept back to over 18 dlrs. Moi said the price changes coupled with a general decline in the flow of capital from the rest of the world made it more difficult to finance the governments budget deficit. Kenya was already spending over 27 pct of its budget on servicing its debts and last year it was a net exporter of capital for the first time in its history he added. This is a clear indication that we are entering a difficult phase as regards our external debts and it is imperative that we raise the rate of domestic savings and rely less on foreign sources to finance our development he said. It will be necessary to maintain strict discipline on expenditure ... And members of this house will have to take the lead in encouraging wananchi (ordinary people) to be more frugal in satisfying immediate needs the president added. REUTER | KENYAN ECONOMY FACES PROBLEMS, PRESIDENT SAYS |
Tri-Star Pictures Inc said it is changing its fiscal year to year ending at the end of February from a calendar year to reflect the traditional business cycles of its two principal businesses motion picture distribution and motion picture exhibition. It said it expects to file a report for the two-month fiscal year ended February 28 1987 by May 28 and to report earnings for the new first quarter in June. Reuter | TRI-STAR <TRSP> CHANGING FISCAL YEAR |
Lifetime Corp said it will make an announcement this morning between 1000 EST and 1030 EST. A company spokesman said the company preferred not to comment until that time. The American Stock Exchange delayed trading in Lifetime shares this morning for news pending. Reuter | LIFETIME <LFT> TO MAKE ANNOUNCEMENT |
<Scotts Hospitality Inc> said it acquired all issued shares of Capital Food Services Ltd of Ottawa. Terms were not disclosed. Scotts said Capital Food had 1986 sales of more than 20 mln dlrs and will continue to operate under its present name with existing management. Capital Food provides food services to several Ottawa institutions the company said. Reuter | SCOTT'S HOSPITALITY ACQUIRES CAPITAL FOOD |
Zimbabwean coffee output will reach 13000 tonnes this year up on just over 11000 tonnes produced in 1986 the Commercial Coffee Growers Association said. Administrative Executive Robin Taylor told the domestic news agency ZIANA that Zimbabwe earned the equivalent of 33 mln U.S. Dlrs from coffee exports last year. He would not say how much the country would earn in 1987. Taylor said the 173 commercial coffee growers under his association had increased production from 5632 tonnes in 1980 to more than 11000 tonnes in l986. Reuter | ZIMBABWE COFFEE OUTPUT SET TO RISE |
Yankee Cos Inc said it has acquired 3916000 dlrs of 7-1/2 pct convertible subordinated debentures due May 15 1998 of its YFC International Finance NV affiliate for 501807 common shares from an institutional investor. Reuter | YANKEE <YNK> SWAPS STOCK FOR DEBENTURES |
Video Display Corfp said it has reached a tentiative agreement to sell its existing cable television business for undisclosed terms and expects to report a gain on the transaction. The buyer was not named. The company said it will redeploy its service assets into manufacturing and distribution. It said the operations being sold accounted for about five pct of revenues for the year ended February 28 and lost money. Reuter | VIDEO DISPLAY <VIDE> TO SELL CABLE TV UNIT |
Shr three cts vs three cts Net 9820000 vs 91898 Revs 2843520 vs 2372457 Year Shr 13 cts vs 21 cts Net 401179 vs 681374 Revs 10.5 mln vs 9699535 Reuter | INTEK DIVERSIFIED CORP <IDCC> 4TH QTR NET |
<Beryllium International Corp> said it has signed a joint venture agreement with Cominco American Inc a unit of Cominco Ltd <CLT> to develop a beryllium mine and processing plant on Beryllium Internationals property in the Topaz Mountains southwest of Salt Lake City. Beryllium said as a 49 pct owner of the venture iot would be contributing the mine while Cominco as operator and 51 pct owner would conduct drilling metallurgical studies process testing and other preliminary work for a feasibility study. Beryllium said the cost of the preliminary work in 1987 which will start immediately should be about 250000 dlrs to 300000 dlrs. Reuter | BERYLLIUM INT'L SIGNS JOINT VENTURE PACT |
U.S. SINGLE-FAMILY HOME SALES FELL 6.8 PCT IN JAN AFTER REVISED 12.1 PCT DEC GAIN |
|
Sales of new single-family homes in the United States fell 6.8 pct in January from December to a seasonally adjusted annual rate of 716000 units the Commerce Department said. The department revised downward Decembers sales to a 12.1 pct rise to 768000 units from the previously reported 12.7 pct increase. The January decline in sales was the largest since last October when sales fell 9.3 pct. Before seasonal adjustment the number of homes actually sold in January was 53000 up from 49000 in December but down from 59000 in January 1986. The January fall brought home sales to a level 1.6 pct below January 1986 when they were a seasonally adjusted 728000 units. The average price was a record 127100 dlrs surpassing the previous record 119100 price set in December. The median price of a home in January reached 100700 dlrs -- the first time the price has exceeded 100000 dlrs. That compared with a median price of 94600 dlrs in December and 94000 dlrs in January a year ago. New homes available on the market in January totaled a seasonally adjusted 362000 units unchanged from December and equal to a 6.3 months supply. The supply in December was 5.9 months. Reuter | U.S. HOME SALES FELL 6.8 PCT IN JANUARY |
Dimis Inc said it has extended by five business days the expiration of its common stock purchase warrants until March Nine. It said over one mln have already been exercised. The warrants became effective February 17. Holders exercising will receive a new warrant expiring March 31 allowing the purchase of half a common share at one dlr. Reuter | DIMIS <DMS> EXTENDS LIFE OF WARRANTS BRIEFLY |
<American Barrick Resources Corp> said wholly owned Barrick Resources (USA) Inc completed the previously announced 50 mln U.S. dlr issue of two pct gold indexed notes which are guaranteed by American Barrick. Reuter | AMERICAN BARRICK <ABX> UNIT COMPLETES ISSUE |
Community Bank System Inc said it has entered into a definitive agreement to acquire Nichols Community Bank for 2800000 dlrs in common stock. It said subject to approval by Nichols shareholders and regulatory authorities the transaction is expected to be completed later this year. Reuter | COMMUNITY BANK <CBSI> TO MAKE ACQUISITION |
Belgian unemployment based on the number of jobless drawing unemployment benefit fell to 12.1 pct of the working population at the end of February from 12.6 pct at the end of January the National Statistics Office said. The rate compares with 12.4 pct at the end of February 1986. The total number of jobless stood at 508392 compared with 530587 at the end of January and 521219 at the end of February 1986 the Statistics Office said. REUTER | BELGIAN UNEMPLOYMENT FALLS IN FEBRUARY |
Eastman Kodak Co said it is introducing four information technology systems that will be led by todays highest-capacity system for data storage and retrieval. The company said information management products will be the focus of a multi-mln dlr business-to-business communications campaign under the threme The New Vision of Kodak. Noting that it is well-known as a photographic company Kodak said its information technology sales exceeded four billion dlrs in 1986. If the Kodak divisions generating those sales were independent that company would rank among the top 100 of the Fortune 500 it pointed out. The objective of Kodaks new vision communications campaign it added is to inform others of the companys commitment to the business and industrial sector. Kodak said the campaign will focus in part on the information management systems unveilded today -- -- The Kodak optical disk system 6800 which can store more than a terabyte of information (a tillion bytes). - The Kodak KIMS system 5000 a networked information management system using optical disks or microfilm or both. -- The Kodak KIMS system 3000 an optical-disk-based system that allows users to integrate optical disks into their current information management systems. -- The Kodak KIMS system 4500 a microfilm-based computer-assisted system which can be a starter system. Kodak said the optical disy system 6800 is a write-once/ready-many-times type its Mass Memory Division will market on a limited basis later this year and in quantity in 1988. Each system 6800 automated disk library can accommodate up to 150 14-inch optical disks. Each disk provides 6.8 gigabytes of randomly accessible on-line storage. Thus Kodak pointed out 150 disks render the more-than-a-terabyte capacity. Kodak said it will begin deliveries of the KIMS system 5000 in mid-1987. The open-ended and media-independent system allows users to incorporate existing and emerging technologies including erasable optical disks high-density magnetic media fiber optics and even artificial intelligence is expected to sell in the 700000 dlr range. Initially this system will come in a 12-inch optical disk version which provides data storage and retrieval through a disk library with a capacity of up to 121 disks each storing 2.6 gigabytes. Kodak said the KIMS system 3000 is the baseline member of the family of KIMS systems. Using one or two 12-inch manually loaded optical disk drives it will sell for about 150000 dlrs with deliveries beginning in mid-year. The company said the system 3000 is fulling compatibal with the more powerful KIMS system 5000. It said the KIMS system 4500 uses the same hardware and software as the system 5000. It will be available in mid-1987 and sell in the 150000 dlr range. Reuter | KODAK <EK> HAS NEW DATA STORAGE, USAGE SYSTEMS |
Bangor Hydro-Electric Cor said it has filed with the Maine Public Utilities Commission (MPUC) for a two-stage base rate reduction. Bangor Hydro said the first stage which could take effect on April 1 and would stay effective until the MPUC makes a final decision on the filing could cut revenues by 6.149 mln dlrs or 9.7 pct. The company said lower federal income taxes and lower capital costs prompted the filing. The second stage Bangor Hydro said effective when the MPUC makes a final decision calls for an additional revenue reduction of 712000 dlrs or 1.1 pct. Bangor Hydro said if approved the cuts would reduce residential base rates by 8.5 pct with 7.5 pct cut by April 1. The utility company also said it is seeking to increase its fuel cost adjustment rate by April 1. Bangor said if the increase is approved it could offset much of the base rate cut and may cause a net increase in some customers rates. Reuter | BANGOR HYDRO <BANG> SEEKS RATE CUT |
Browning-Ferris Industries Inc said the Colorado Department of Health and the U.S. Environmental Protection Agency have awarded the company permits to build and operate a hazardous waste disposal site near Last Chance Colo. The company said construction will start this year and take about 12 months costing about 14 to 16 mln dlrs. It said it has already spent 10 mln dlrs on development costs. The site will not accept materials that react rapidly with air or water explosives shock sensitive materials or radioactive wastes the company said. Reuter | BROWNING-FERRIS <BFI>WASTE DISPOSAL SITE CLEARED |
Sales 3.65 billion crowns vs 3.40 billion. Profit after financial items 821.2 mln crowns vs 740.2 mln. The 1986 results include a once-off writedown of 520 mln crowns for intangible assets mainly the know-how paid for in the takeover of a number of high-tech companies by the group Pharmacia said. Earnings per share after real tax including the writedown: 1.94 crowns vs 12.05 crowns. Earnings per share after real tax (not including the writedown): 12.38 crowns vs 12.05 Earnings per American Depository Receipt (ADR) according to U.S. Accounting principles after real tax including the writedown): 1.96 crowns vs 9.49 crowns. Earnings per ADR according to U.S. Accounting principles after real tax (without the writedown): 9.8 crowns vs 9.49. One ADR represents 0.75 pct of one B Free share in Pharmacia. The board proposed a dividend of 1.55 crowns vs 1.25. REUTER | PHARMACIA AB <PHAB ST> 1986 YEAR |
VWR Corp said it has formed a new subsidiary Momentun Textiles to handle the distribution of upholstery fabrics leathers and naugahyde to contract and consumer furniture manufacturers. It said its VWR Textiles and Supplies unit which had handled that business will continue to distribute non-woven textiles construction fabrics and manufacturing supplies. Reuter | VWR CORP <VWRX> FORMS NEW UNIT |
Saxon Oil Development Partners Saxon Oil Co said its chairman Bill Saxon and chief executive officer Steven Saxon have resigned effective immediately. Saxon said Anthony Gumbiner chairman and chief executive officer of The Hallwood Group Inc succeeds Bill Saxon as chairman. Hallwood owns a substantial number of shares of preferred stock in Saxon which if converted into common stock would constitute approximately 37 pct of the company according to a source. Hallwood specializes in bailing out financially troubled companies and restructuring their debt according to the source. In exchange sometimes the group receives a small portion of the companys common stock. At times the group also receives a position in the company as was the case at Saxon the source explained. Reuter | HALLWOOD GROUP <HWG> OFFICIAL GET SAXON POST |
Pharmacia AB <PHAB ST> forecast earnings after financial items of one billion crowns in 1987 vs 821.2 mln last year on condition that exchange rates remained at their present parities. Sales would in such circumstances go up to six billion crowns from 3.65 billion in 1986 it said. A weakening Dollar was mainly responsible for a five pct negative impact on sales during 1986 which the company blamed on currency movements. Last years results were also badly hit by a once-off writedown of 520 mln crowns for intangible assets. The company said mainly this represented the premium the group had paid for the know-how of various high-tech firms it had taken over. The accounts also showed a financial deficit of 1.87 billion crowns vs a deficit of 133 mln which was covered partly by drawing down company liquidity to 738 mln vs one billion and partly by increasing borrowing to 2.23 billion vs 621 mln. Pharmacia said the financial deficit was caused by it having used more funds than generated by group operations mainly because of the 1.36 billion it paid in cash for shares in LKB-Produkter AB and the assets of Intermedics-Intraocular Inc. REUTER | PHARMACIA FORECASTS HIGHER 1987 EARNINGS |
Beryllium International Corp said it has signed a joint venture agreement with Cominco American Inc a unit of Cominco Ltd to develop a beryllium mine and processing plant on Beryllium Internationals property in the Topaz Mountains southwest of Salt Lake City. Beryllium said as a 49 pct owner of the venture it would be contributing the mine while Cominco as operator and 51 pct owner would conduct drilling metallurgical studies process testing and other preliminary work for a feasibility study. Beryllium said the cost of the preliminary work in 1987 which will start immediately should be about 250000 dlrs to 300000 dlrs. Reuter | BERYLLIUM INT'L SETS JOINT VENTURE WITH COMINCO |
CANADA REAL 4TH QTR GDP ROSE 1.1 PCT, AFTER 3RD QTR 1.1 PCT RISE - OFFICIAL |
|
CANADA 4TH QTR CURRENT ACCOUNT DEFICIT 2.3 BILLION DLRS VS 3RD QTR 1.9 BILLION DEFICIT - OFFICIAL |
|
United-Guardian Inc said it signed a contract with <Federal Health Corp> covering the exclusive marketing of Warexin a disinfectant for kidney dialysis machines hospital equipment and instruments. Under the contract United-Guardian said Federal will continue to supply Hospal a subsidiary of <Sandoz Ltd> and <Rhone Poulenc S.A.> with all its Warexin requirements. Reuter | UNITED-GUARDIAN <UNIR>, <FEDERAL> SIGN CONTRACT |
McLean Industries Inc said its shipping subsidiary United States Lines Inc reached an agreement in principle to transfer its South American service to American Transport Lines Inc a subsidiary of <Crowley Maritime Corp>. Under the terms of the agreement United States Lines will lease five vessels to American Transport for 15 months with an option to extend the period up to 10 years the company said. In return U.S. Lines will receive a fixed payment and a percentage of revenues for at least three years and possibly as long as American Transport utilizes its vessels and conducts trade in South America the company said. The companies will consummate the transactions as soon as the required approvals are obtained McLean said. Reuter | MCLEAN INDUSTRIES <MII> UNIT TRANSERS SERVICE |
Senate Banking Committee Chairman William Proxmire said modified legislation to help a federal deposit insurance fund and prohibit new limited-service banks and thrifts could be ready for a Senate vote in two to three weeks. Proxmire said he agreed to demands from committee members for a one-year moratorium on granting new business powers sought by commercial banks to increase the bills chances. In its new form the bill would proscribe regulators from granting new powers to banks Proxmire told reporters after a speech to the U.S. League of Savings Institutions. A vote on the bill by the committee is scheduled for Thursday. If approved it will go to the full Senate. I have spoken to the majority leader and he has agreed to bring it up promptly on the Senate floor in two or three weeks Proxmire told the thrift executives. The bill would recapitalize the Federal Savings and Loan Insurance Corp fund with 7.5 billion dlrs. It also would prohibit establishment of new nonbank banks and nonthrift thrifts so-called because they provide financial services but do not meet the regulatory definition of both making loans and receiving deposits. Reuter | PROXMIRE VOWS QUICK ACTION ON U.S. BANKING BILL |
U.S. factory usage of lard in the production of both edible and inedible products during January totaled 21.3 mln lbs vs a revised 25.6 mln lbs in December according to Census Bureau figures. In the year-earlier period usage which includes hydrogenated vegetable and animal fats and other oils in process amounted to 33.3 mln lbs. Usage in January comprised 15.7 mln lbs of edible products and 5.6 mln lbs of inedible products. Total lard usage in the 1986/87 marketing season which began October 1 amounted to 104.3 mln lbs vs 154.2 mln lbs in the year-ago period. Reuter | U.S. LARD CONSUMPTION IN JANUARY |
The Amsterdam unit of French bank Societe Generale said it is launching a 50-mln guilder five month certificate of deposit programme starting March 6 and ending September 7. Denominations will be in one mln guilders. The price is to be set on March 4 issue date is March 6 and redemption at par is on September 7. Subscriptions are to be placed with Societe Generale Oolders en de Jong C.V or Haighton en Ruth B.V. A global note for the issue will be deposited with the Dutch central bank. REUTER | SOCIETE GENERALE DUTCH UNIT LAUNCHES CD PROGRAMME |
Mony Funding Inc is issuing a 125 mln dlr eurobond due April 7 1997 paying 8-1/8 pct and priced at 101-1/2 pct sole lead manager Citicorp Investment Bank Ltd said. The non-callable bond is guaranteed by Mutual Life Insurance Co of the U.S. And is available in denominations of 5000 dlrs and will be listed in Luxembourg. The selling concession is 1-3/8 pct while management and underwriting combined pays 5/8 pct. The payment date is April 7. REUTER | MONY FUNDING ISSUES 125 MLN DLR EUROBOND |
A total of 2435 tonnes of British intervention feed wheat were sold at todays tender for the home market out of requests for 3435 tonnes the Home Grown Cereals Authority HGCA said. Price details were not reported. No bids were submitted for intervention barley. Reuter | SMALL QUANTITY OF UK WHEAT SOLD TO HOME MARKET |
CANADA DECEMBER GDP UP 1.2 PCT AFTER NOVEMBER'S 0.2 PCT FALL - OFFICIAL |
|
Shr 78 cts vs one dlr Net 1413000 vs 1776000 Assets 705.3 mln vs 597.3 mln Deposits 495.6 mln vs 493.9 mln Loans 260.0 mln vs 379.7 mln Qtly div six cts vs six cts prior qtr Pay April 1 Record March 6 NOTE: 1986 net includes charges from accounting changes from one-time expenses associated with a proxy contest and an increase in loan reserves. First Federal Savings and Loan Association of Kalamazoo is full name of company. Reuter | FIRST FEDERAL SAVINGS <FFKZ> YEAR NET |
Boeing Co said its order for 15 extended-range 767-300s from AMR Corp <AMR> is worth over one billion dlrs. The company said AMR is its first customer for the 767-300ER twinjet a derivative of its 767-200 designed for increased passenger and cargo capability on flights of up to 6600 miles. It said the first delivery is scheduled for February 1988 and the jet will seat 215 in tri-class configuration. Boeing said it now has orders for 47 767-300s. In New York <Airbus Industrie> said AMR is also the launch customer for its A300-600R widebody. AMR today announced the order of 15 of the Boeing and 25 of the Airbus twinjets. Airbus said in AMRs configuration the A300-600R will seat 16 in first class and 251 in economy. Deliveries will be made bewtween April 1988 and June 1989. Airbus did not disclose the value of the order. Boeing said AMR will operate the 767s on North Atlantic routes while Airbus said AMR will operate the A300s on Caribbean routes. Reuter | BOEING <BA> SAYS ORDER WORTH ONE BILLION DLRS |
Inland Steel Industries Inc said it registered with the Securities and Exchange Commission for a proposed public offering of 1.5 mln shares of Series C cumulative convertible exchangeable preferred shares 50 dlrs a share liquidation value. Goldman Sachs and Co and First Boston Corp are underwriters. They have an option to buy 225000 additional shares to cover overallotments. Proceeds are for general corporate purposes including to fund a portion of the investment needed for a continuous cold mill joint venture under discussion with Nippon Steel Corp. Reuter | INLAND <IAD> FILES FOR 1.5 MLN SHARES OFF |
Acustar Corp said it has discovered significant unauthorized activity in its corporate accounts but has not yet determined the full extent of the problem. It said it has requested that all over-the-counter trading in its stock be halted until it can make a further announcement. An investigation is underway it said. Reuter | <ACUSTAR CORP> HAS UNAUTHORIZED ACCOUNT ACTION |
Shr 22 cts vs 12 cts Net 3243000 vs 1656000 Revs 28.4 mln vs 21.5 mln NOTE: All amts reflect 3-for-2 stock split of companys common in form of 50 pct stock dividend paid Feb 26 1987. Reuter | TOLL BROTHERS INC <TOL> 1ST QTR JAN 31 NET |
Unicorp American Corp said it has formed a joint venture with Sybedon Corp a New York real estate investment banking firm to pursue real estate projects. It said a total of 20 mln dlrs is being committed to the joint venture. Reuter | UNICORP AMERICAN <UAC> IN JOINT VENTURE |
Qtly div 25 cts vs 25 cts prior qtr Pay 31 May Record 1 May Reuter | PILLSBURY CO <PSY> VOTES QUARTERLY DIVIDEND |
Qtrly div 28.5 cts vs 28.5 cts Pay April 15 Record March 31 Reuter | BERKSHIRE GAS CO <BGAS> PAYS REGULAR QTLRY DIV |
The U.K. Exported 535460 tonnes of wheat and 336750 tonnes of barley in January the Home Grown Cereals Authority (HGCA) said quoting adjusted Customs and Excise figures. Based on the previous January figures issued on February 9 wheat exports increased by nearly 64000 tonnes and barley by about 7000 tonnes. The new figures bring cumulative wheat exports for the period July 1/February 13 to 2.99 mln tonnes and barley to 2.96 mln compared with 1.25 and 1.89 mln tonnes respectively a year ago. January wheat exports comprised 251000 tonnes to European Community destinations and 284000 tonnes to third countries. The Soviet Union was prominent in third country destinations taking 167700 tonnes while Poland was credited with 54500 and South Korea 50000 tonnes. Italy was the largest EC recipient with 75000 tonnes followed by West Germany with 55200 and France 52000 tonnes. Barley exports for January comprised 103700 tonnes to the EC and 233000 to third countries. The Soviet Union was the largest single importer with 133265 tonnes followed by Saudi Arabia with 53800 tonnes. Reuter | U.K. WHEAT AND BARLEY EXPORTS ADJUSTED UPWARDS |
Canadas real gross domestic product seasonally adjusted rose 1.1 pct in the fourth quarter of 1986 the same as the growth as in the previous quarter Statistics Canada said. That left growth for the full year at 3.1 pct which is down from 1985s four pct increase. The rise was also slightly below the 3.3 pct growth rate Finance Minister Michael Wilson predicted for 1986 in Februarys budget. He also forecast GDP would rise 2.8 pct in 1987. Statistics Canada said final domestic demand rose 0.6 pct in the final three months of the year after a 1.0 pct gain in the third quarter. Business investment in plant and equipment rose 0.8 pct in the fourth quarter partly reversing the cumulative drop of 5.8 pct in the two previous quarters. Reuter | CANADA GDP RISES 3.1 PCT IN 1986 |
Winter wheat crops in the western Soviet Union Poland and eastern Czechoslovakia through northern Romania may suffer some winterkill over the next two nights private forecaster Accu-Weather Inc said. Western USSR winter wheat areas have had only light and spotty snow and winterkill is possible tonight and tomorrow night as temperatures drop to minus 10 to 0 degrees F. Snow cover is scant in Poland with only about 50 pct of the winter wheat areas reporting one to two inches of snow as of this morning. The remaining 50 pct of winter wheat crops do not have snow cover making winterkill possible on each of the next two nights. Lowest temperatures will be minus 10 to 0 degrees F. Winter wheat areas from eastern Czechoslovakia through northern Romania had light snow flurries yesterday and last night but amounts were an inch or less. With temperatures expected to fall to near 0 degrees F over the next two nights some light winterkill is possible Accu-Weather added. Reuter | EAST EUROPE WHEAT WINTERKILL POSSIBLE, ACCU SAYS |
Shr 28 cts vs 22 cts Net 14 mln vs 10.6 mln Revs 163.8 mln vs 127.3 mln Year Shr 81 cts vs 59 cts Net 40.5 mln vs 28.7 mln Revs 521.2 mln vs 391.6 mln Reuter | CHARMING SHOPPES INC <CHRS> 4TH QTR JAN 31 NET |
Pansophic Systems Inc said it will split its stock two-for-one effective April two to shareholders of record March 13. It also said it will pay a six cts per share dividend on the pre-split shares a regular quarterly dividend on April two to shareholders of record March 13. Reuter | PANSOPHIC SYSTEMS <PNS> SPLITS STOCK 2-FOR-1 |
Lac Minerals Ltd and <Cambior Inc> said they completed a second hole at their jointly owned Doyon mine in Quebec which showed two significant gold intersections. One intersection graded 0.33 ounce gold a short ton over 44 feet at depth of 1411 feet while the other graded 0.22 ounce gold a ton over 23 feet at 2064 feet the companies said. The hole is 460 feet east of the previously reported first hole. They said they were now drilling another hole 460 feet to the west of the first drill hole and expected to report results in late March or early April. Reuter | LAC <LAC> INTERSECTS MORE GOLD AT DOYON MINE |
AMR Corp chairman Robert Crandall denying industry speculation said the company is not interested in acquiring shuttle routes in the northeast region of the U.S. from Pan Am Corp. But in remarks at a press conference announcing a major aircraft order he said AMR would be interested in certain other Pan Am assets. But he noted that none had been made available. Pan Am earlier today announced an order for 40 new aircraft from Boeing Co <BA> and <Airbus Industrie> a European consortium for an estimated 2.5 billion dlrs. AMR the parent of American Airlines has said it is not interested in acquiring Pan Am as a whole and Crandall reiterated that position today. Assets are one thing and companies are another Crandall said referring to the possibility of acquiring assets from Pan Am. He said Pan Am has not offered its transatlantic routes for sale adding that it would not make much sense for them to do so. Reuter | AMR <AMR> DISCOUNTS TALK ON PAN AM <PN> DEAL |
Calmar Inc said KEBOO Ab of Sweden which now owns about 64 pct of Calmark has approved the acquisition of remaining Calmar shares at 25.375 dlrs in cash at the request of the Calmar board. Calmar said a special meeting of its board will be held March Nine to form a special committee of directors not affiliated with KEBO to evaluate the transaction. KEBO is in turn 60 pct owned by <Investment AB Beijar> of Sweden. Reuter | CALMAR <CLMI> SEEKS TO BE ACQUIRED BY <KEBO AB> |
Fruit of the Loom Inc said an initial public offering of 27 mln Class A common shares is underway at nine dlrs per share through underwriters led by <Drexel Burnham Lambert Inc> Merrill Lynch and Co Inc <MER> E.F. Hutton Group Inc <EFH> and Sears Roebuck and Co Incs <S> Dean Witter Reynolds Inc unit. Reuter | <FRUIT OF THE LOOM INC> INITIAL OFFERING STARTS |
Italys state-owned <Banca Nazionale Del Lavoro-BNL> said it is negotiating to buy a West German bank as part of its foreign expansion policy. BNL president Nerio Nesi told a news conference the Italian bank was currently involved in talks but declined to name the German institution. He said the takeover move could be seen as BNLs reply to Deutsche Bank AG <DBKG.F> which entered the Italian market in December 1986 with the purchase of BankAmerica <BACN> subsidiary <Banca DAmerica e DItalia>. Nesi said BNL had also approved a 200 mln dlr credit line to the Soviet Union aimed at enabling Soviet companies to pay for Italian imports. He gave no further details. BNL officials said the group had also decided to increase its activities in the Soviet Union by opening a representative office in Moscow this month through its subsidiary <Sogecred> which specialises in Italian-Soviet trade. REUTER | ITALY'S BNL NEGOTIATING PURCHASE OF GERMAN BANK |
Three black workers were killed and seven injured in fighting at a South African zinc refinery last night Gold Fields of South Africa Ltd said. The company said two groups of workers began attacking each other at about 1000 local time with machetes knives and sticks at a hostel at the Zincor plant some 40 kms east of Johannesburg. It said the fighting was quelled after 25 minutes by its own security staff. Police were called but the fighting had ended by the time they arrived. A company spokesman said he had no idea of the cause of the fighting. An investigation was underway he said. Reuter | THREE KILLED IN SOUTH AFRICA ZINC REFINERY CLASH |
The Federal Reserve is expected to enter the U.S. Government securities market to add temporary reserves economists said. They expect it to supply the reserves indirectly by arranging 1.5 to two billion dlrs of customer repurchase agreements. The Fed may add the reserves directly instead via System repurchases. Federal funds which averaged 6.18 pct yesterday opened at 6-3/16 pct and stayed there in early trading. Analysts said the rate is under upward pressure partly from settlement of 8.25 billion dlrs of five-year Treasury notes. Reuter | FED EXPECTED TO ADD TEMPORARY RESERVES |
European Community industrial output increased by an average of around two pct last year compared with 3.3 pct growth recorded in 1985 against a year earlier the EC statistics office Eurostat said. Growth was highest in Portugal at five pct while in Greece output contracted by 0.3 pct Eurostat said in a statement. Eurostat noted output growth also fell in the U.S. And Japan. U.S. Production increased 1.1 pct after 2.0 pct in 1985 while in Japan output contracted by 0.5 pct after rising 4.5 pct a year earlier. Eurostat said EC industrial production in December rose 3.1 pct compared with 12 months earlier but added that after adjustment for seasonal factors output growth had been clearly slowing down since the beginning of the summe REUTER | EC INDUSTRY OUTPUT GROWTH SLOWS IN 1986 |
Shr profit five cts vs loss 2.11 dlrs Net profit 375061 vs loss 10.4 mln Revs 39.9 mln vs 37.8 mln Avg shrs 6536008 vs 4939895 12 mths Shr profit 47 cts vs loss 3.37 dlrs Net profit 2837288 vs loss 16.6 mln Revs 169.1 mln vs 149.4 mln Avg shrs 6037640 vs 4937378 NOTE: primary earnings per share are based on the weighted average number of common and dilutive common equivalent shares outstanding during each period after accounting for preferred stock dividends. The qtr and year 1985 includes a 6000000 provision for restructuring costs related to the sale of its Energy business and parts of its Bearing business. The qtr and year 1986 includes charges of 1200000 and 5200000 respectively for restructuring costs and operating losses which were charged against the previously provided accruals for restructuring costs. The qtr and year 1986 includes deferred income taxes of 244000 and 785000 respectively. Year net 1986 includes operations of Friedrich Climate Master Inc which the company acquired in August 1985 for the full period while the comparable period for 1985 includes only operations from August 16 1985 to Dec 31 1985. Third qtr 1986 Includes extraodinary tax gain of 270000 from early extinquishment of certain drafts payable. Reuter | LSB INDUSTRIES INC <LSB> 4TH QTR NET |
U.S. Carmaker General Motors hopes to sell between 7000 and 8000 vehicles in Europe this year a five-fold rise over the year before James Fry vice-president of GM Overseas Distribution Corporation told a news briefing. The low dollar makes our prices very attractive he said at a GM preview before the opening of the Geneva Motor Show. We would like to sell between 7000 and 8000 units in Europe for the year to August 1987 he told Reuters later. Officials said GM sold 1500 vehicles in the 1986 model year. Fry said that at an average price of 13000 dlrs his projected sales figures would mean turnover of between 91 mln and 104 mln dlrs in Europe. GM sales in Europe in the 1985 model year totalled 500 vehicles due largely to uncompetitive prices because of the then strong dollar Fry said. All GM vehicles sold in Europe are manufactured in the United States and Canada he said adding that most sales were in Switzerland followed by Sweden and West Germany. Reuter | GM <GM> HOPES FOR FIVE-FOLD RISE IN EUROPEAN SALES |
Lac Minerals Ltd and Cambior Inc said they completed a second hole at their jointly owned Doyon mine in Quebec which showed two significant gold intersections. One intersection graded 0.33 ounce gold per short ton over 44 feet at depth of 1411 feet while the other graded 0.22 ounce gold per ton over 23 feet at 2064 feet the companies said. The hole is 460 feet east of the previously reported first hole. Another hole is being drilled 460 feet to the west of the first drill hole and results are expected in late March or early April. Reuter | MORE GOLD DETECTED AT DOYON MINE |
Pizza Inn Inc said it will be making an announcement sometime this morning. The company declined to discuss details of the announcement. The American Stock Exchange delayed trading Pizza Inn shares this morning for news pending. Pizza Inn recently received a buyout proposal from Concept Development Inc <CDII> for an exchange of stock and cash subject to Concepts ability to get the necessary financing. Reuter | PIZZA INN <PZA> TO MAKE ANNOUNCEMENT |
Oper shr profit 34 cts vs loss 53 cts Oper net profit 3337000 vs 4881000 Revs 32.7 mln vs 49.6 mln Year Oper shr profit 20 cts vs loss 90 cts Oper net profit 2374000 vs loss 9381000 Revs 126.9 mln vs 160.5 mln NOTES: Operating net excludes loss 6050000 dlrs or 64 cts a share vs loss 24839000 dlrs or 2.61 dlrs a share in quarter and loss 6050000 dlrs or 64 cts a share vs profit 64013000 dlrs or 6.27 dlrs a share from discontinued operations 1986 loss from discontinued operations includes 6.0 mln dlrs charge equal to 64 cts a share to provide for additional liabilities resulting from the 1981 closure of lead zinc and silver mining smelting and refining business 1986 year operating net includes pre-tax gain of 5.3 mln dlrs equal to 56 cts a share from pension plan termination and gain of 5.2 mln dlrs or 56 cts a share from reduction in deferred taxes Effective Jan 1 1987 company changed oil and gas accounting to successful efforts from full cost increasing 1986 year net 9.2 mln dlrs or 98 cts a share and increasing 1985 loss 4.3 mln dlrs or 43 cts a share. The cumulative effect of the change was to decrease retained earnings at Dec 31 1986 by 14.0 mln dlrs Reuter | GULF RESOURCES AND CHEMICAL CORP <GRE> 4TH QTR |
The collapse of International Coffee Organization ICO talks on export quotas yesterday removes the immediate need to reinstate U.S. legislation allowing the customs service to monitor coffee imports analysts here said. The Reagan administration proposed in trade legislation offered Congress last month that authority to monitor coffee imports be resumed. That authority lapsed in September 1986. A bill also was introduced by Rep. Frank Guarini (D-N.J.). However the failure of the ICO talks in London to reach agreement on export quotas means the U.S. legislation is not immediately needed one analyst said. Earlier supporters of the coffee bill hoped it could be passed by Congress quickly. Youre going to have a hard time convincing Congress (now) this is an urgent issue the coffee analyst said. Reuter | COFFEE TALKS COLLAPSE EASES NEED FOR U.S. BILL |
Scotia Mortgage Corp is issuing a 100 mln Canadian dlr eurobond due April 9 1992 paying 8-3/4 pct and priced at 100-3/4 pct lead manager Wood Gundy Ltd said. The non-callable bond is available in denominations of 1000 and 10000 Canadian dlrs and will be listed in Luxembourg. It is guaranteed by the Bank of Nova Scotia. The selling concession is 1-1/4 pct while management pays 1/4 pct and underwriting pays 3/8 pct. The payment date is April 8 and there will be a long first coupon period. REUTER | SCOTIA MORTGAGE ISSUES 100 MLN CANADIAN DLR BOND |
Shr 70 cts vs 56 cts Net 6197000 vs 4880000 Revs 24.1 mln vs 17.1 mln Nine mths Shr 1.38 dlrs vs 1.20 dlrs Net 12.1 mln vs 10.4 mln Revs 52.5 mln vs 41.8 mln Reuter | PANSOPHIC SYSTEMS INC <PNS> 3RD QTR JAN 31 NET |
Former Treasury official C. Fred Bergsten said a new exchange rate system is needed to replace the fixed and flexible exchange rate systems which he said had not worked. I prefer a move to target zones in which the major countries would determine ranges of 15-20 pct within which they would pledge to hold their exchange rates by direct intervention and as necessary by changes in monetary and other policies Bergsten now the director of the Institute for International Economics said in a statement to a House Banking subcommittee. The substantial correction of the exchange rate that has occurred since early 1985 is enormously welcome and should produce a sizeable reduction in the U.S. trade deficit this year and next but the imbalance will not fall much below 100 billion dlrs on present policies so much more is needed he said. Reuter | FORMER TREASURY OFFICIAL URGES CURRENCY REFORMS |
Scotia Mortgage Corp is issuing a 100 mln Canadian dlr eurobond due April 9 1992 paying 8-3/4 pct and priced at 100-3/4 pct lead manager Wood Gundy Ltd said. The non-callable bond is available in denominations of 1000 and 10000 Canadian dlrs and will be listed in Luxembourg. It is guaranteed by the Bank of Nova Scotia. The selling concession is 1-1/4 pct while management pays 1/4 pct and underwriting pays 3/8 pct. The payment date is April 8 and there will be a long first coupon period. Reuter | SCOTIA MORTGAGE ISSUES 100 MLN CANADIAN DLR BOND |
Qtly div 10 cts vs 10 cts prior Pay April 13 Record March 13 Reuter | KNUTSON MORTGAGE CORP <KNMC> SETS QUARTERLY |
FORD MOTOR CO OF CANADA LTD 4TH QTR SHR 8.17 DLRS VS 55 CTS |
|
Ausimont Compo NV said it will change its name to Ausimont NV on May Six subject to shareholder approval. Reuter | AUSIMONT COMPO <AUS> TO CHANGE NAME |
Syria has complained to the United Nations that Israeli occupation authorities were blocking the export of citrus fruit from the Gaza Strip to the countries of the European Community EC. In a letter to Secretary General Javier Perez de Cuellar published here today Syrian U.N. charge daffaires Abdul Moumen Al-Atassi said: These measures threaten to create a slump in citrus production which constitutes the primary source of income in the Gaza Strip....They are causing heavy losses to farmers and all those working in the field of citrus production and threaten to bring about economic disaster. The Syrian envoy said the Israel action was a violation of the Geneva Conventions the U.N. Charter and the legitimacy of the economic rights endorsed by the United Nations. The Gaza Strip occupied by Egypt in the 1948 Arab-Israel war was captured by Israel in the 1967 Middle East war. Reuter | SYRIA SAYS ISRAEL BLOCKS CITRUS EXPORT FROM GAZA |
There was no evidence of winterkill in Yugoslavian winter wheat during field travel along a line running northwest from Belgrade to near Maribor the U.S. Agriculture Departments counselor in Belgrade said in a field report. The report dated February 26 said there is evidence of delayed germination in most areas due to late seeding last fall because of dry conditions. However warm temperatures over the past three weeks have promoted some early growth and will help the crop catch up on last falls late seeding it said. Some Yugoslav agriculture officials are concerned about the situation because warm temperatures have brought the grain out of dormancy and taken away snow protection a little early the report said. Cold temperatures over the next month could cause damage under these conditions they said. The report said all wheat farmers contacted during the field trip were optimistic about the crop and the way it emerged from winter. Reuter | YUGOSLAVIA WHEAT FREE OF WINTERKILL - USDA |
American Telephone and Telegraph Co said small businesses can win up to a 10 pct discount on telephone equipment under a new program. According to the Americas Choice Bonus Program customers that rent certain phone systems can earn credits each time they pay their monthly or fixed term lease bills. The credits can be used in the purchase of ATT products including communications systems and the System 25 PBX a telephone switch for voice and data communications. Customers will receive a 50 dlrs initial credit and additions to their account equivalent to 10 pct of their rental payments. Reuter | ATT <T> SETS SOME PHONE EQUIPMENT DISCOUNTS |
Shr 42 cts vs 39 cts Net 12.3 mln vs 9382000 Sales 172.0 mln vs 146.00 mln Avg shrs 29.5 mln vs 24.3 mln Year Shr 1.63 dlrs vs 1.35 dlrs Net 45.7 mln vs 30.0 mln Sales 665.5 mln vs 446.2 mln Avg shrs 28.0 mln vs 22.3 mln NOTE: translated at 1339 Italian lire to dollar. Reuter | AUSIMONT COMPO NV <AUS> 4TH QTR NET |
LyphoMed Inc said it has tentatively agreed to form a joint venture with privately-held Novopharm Ltd of Canada whereby each will market the others drug in their home country. LyphoMed will sell Novopharms oral pharmaceutical drugs in the U.S. and Novopharm will sell Lyphomeds injectable pharmaceutical drugs in Canada it said. The joint venture gives LyphoMed entry into the hospital and retail oral pharmaceutical market with Novopharms product line. Novopharm in turn will strengthen its position in the Canadian hospital market using LyphoMeds injectable products. The first product to be marketed will be cephalexin monohydrate now marketed by Eli Lilly Co <LLY> as Keflex a product whose patent expires in April. Keflex is an antibiotic with a current market in excess of 250 mln dlrs. It will be made by Novopharm in Canada sold to the new joint venture and distributed by LyphoMed in the U.S. it said. Reuter | LYPHOMED <LMED> IN JOINT MARKETING PACT |
Bell Petroleum Services Inc currently in Chapter 11 said Regal International Inc has acquired an option to buy its secured notes held by its banks. Bell said Regal also expressed interest in discussing an acquisition offer but Bells board rejected the offer saying it wanted to remain independent and proceed with its chapter 11 reorganization. The company said that its ability to reorganize will be hampered because a major competitor now holds an option on its notes. Reuter | REGAL INT'L <RGL> HOLDS BELL PETROLEUM OPTION |
Norton co said it has agreed to sell its remaining South African business Norton co Pty Ltd to <Global Mining and Industrial Corp> of South africa for undisclosed terms. The company said the unit accounts for less than two pct of Norton revenues and is being sold because Growing societal pressures in the United States and the unsettled situation in south Africa had required a disproportionate amount of management tiome to oversee. Norton said the unit is profitable. Norton said it will provide the South Afrcian unit with future technical support and products makde under that agreement will continue to be marketed under the Norton trademark. Reuter | NORTON <NRT> TO SELL SOUTH AFRICAN OPERATIONS |
Canadas current account deficit widened to a seasonally adjusted 2.27 billion dlrs in the fourth quarter from a deficit of 1.94 billion dlrs in the third Statistics Canada said. The shortfall for the full year rose to 8.81 billion dlrs from 1985s 584 mln dlr deficit the federal agency said. The agency said the rise in the merchandise surplus to 2.77 billion dlrs from 2.20 billion dlrs in the third quarter was more than offset by high deficits in servicies and investment. The total non-merchandise deficit grew to 5.04 billion dlrs from 4.14 billion dlrs. The current account deficit was 912 mln dlrs in the fourth quarter of 1985. In the capital account not seasonally adjusted there was a total net inflow of 4.76 billion dlrs in the fourth quarter up from a net inflow of 3.22 billion dlrs in the third quarter quarter. The total net capital inflow rose to 13.74 billion dlrs in 1986 from 7.68 billion dlr in 1985. Reuter | CANADA CURRENT ACCOUNT DEFICIT UP IN QUARTER |