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The Pacific Stock Exchange said its closing prices will not be released this evening due to malfunctions within the Exchanges computer system. Reuter | PACIFIC STOCK EXCHANGE CLOSING PRICES DELAYED |
New York Stock Exchange chairman John Phelan said the stock market underwent a significant correction today but he did not characterize it as a crash. He also said the NYSE will open tomorrow on time. The market underwent a significant fall and a significant devaluation of assets of which we are all concerned he said. Speaking to reporters Phelan listed several reasons why the market fell today. He said stocks have been going up for five years without a correction. He also blamed inflation fears rising interest rates a lower dollar and problems with Iran. All came together in a very nervous market he said. Its the nearest thing to a meltdown that I ever want to see Phelan said. Phelan said what he meant by meltdown was a snowballing effect where selling fed on itself. Phelan said the NYSE is going through its standard procedures before trading begins tomorrow. Those procedures include checking with member firms on their liquidity margin positions and backlog. We know of no firm that has a significant problem but that could change at any moment he said. Asked for advice for the average investor Phelan said We do not know where the market will end up. The Dow Jones Industrial average declined a record 508 points to 1738.74. Volume was a record setting 605 mln shares almost double the previous record. Phelan in response to a question on declines in foreign markets said he believes there is no loss of confidence in the global economy. He added that the underlying fundamentals of the U.S. economy are still strong and that corporate earnings also continue to be firm. Phelan explained todays record descent as being the result of a confluence of factors including the globalization of markets and the proliferation of new securities instruments. Those two factors alone have made the market more volatile he said. Phelan also said a major factor in the decline was the fact that there has been no major correction in the five-year bull market. He also pointed to rising tension in the Mideast Gulf. The New York Stock Exchange was in constant contact with the Securities and Exchange Commission about a possible halt in all trading on the exchange Phelan said. The consensus was that it is better to let the market try to work itself out he said. In addition Phelan said that with the global nature of trading there is no guarantee that halting trading on the New York Stock Exchange would have served any purpose. Phelan said he was in contact with the Treasury department White House and the Federal Reserve but that the contact was made as a matter of routine. Reuter | NYSE CHAIRMAN SAYS MARKET DECLINE NOT A CRASH |
U.S. Treasury Secretary James Baker met West German Finance Minister Gerhard Stoltenberg and Bundesbank President Karl Otto Poehl today in West Germany and agreed to support the Louvre pact the Treasury Department said. The Treasury described the meeting as a very positive private meeting in Frankfurt West Germany which had been agreed upon last week. The parties agreed to continue economic cooperation under the Louvre agreement and its flexible application including cooperation on exchange rate stability and monetary policies the Treasury said. The Treasury said Baker and Stoltenberg are consulting with their G-7 colleagues and are confident that this will enable them to foster exchange rate stability around current levels. The Louvre pact is an agreement between the Group of Seven leading industrial countries including the United States and West Germany to promote currency stability. Baker was scheduled to visit Scandinavia and Belgium this week and the department earlier refused to release details of his travel itinerary citing security considerations. Reuter | U.S. TREASURY'S BAKER MEETS WEST GERMAN MINISTER |
Shr 23 cts vs 18 cts Net 249920 vs 194369 Revs 3752641 vs 3355563 NOTE: Full name is Scicom Data Services Ltd. Reuter | SCICOM DATA <SCIE.O> 1ST QTR SEPT 30 NET |
Shr profit three cts vs profit nine cts Net profit 102136 vs profit 307516 Revs 8549182 vs 8469476 Nine mths Shr loss 13 cts vs profit 28 cts Net loss 458823 vs profit 1014969 Revs 25.5 mln vs 24.6 mln Reuter | <ACC CORP> 3RD QTR NET |
President Reagan is concerned about the record drop in stock prices but remains convinced on the basis of administration talks with financial experts that the economy remains sound the White House said. White House spokesman Marlin Fitzwater said in a written statement that Reagan watched today with concern the decline on Wall Street where the Dow Jones industrial average plunged more than 500 points. The statement said Reagan had directed administration officials to consult with leading financial experts including the chairmen of the Federal Reserve the Securities and Exchance Commission and the New York Stock Exchange. These consultations confirm our view that the underlying economy remains sound Fitzwater said. The White House statement issued about 45 minutes after the stock market closed appeared designed to calm investors worried about U.S. economic propects. We are in the longest peacetime expansion in history. Employment is at the highest level ever. Manufacturing output is up. The trade deficit when adjusted for changes in currencies is steadily improving. And as the chairman of the Federal Reserve Board has recently stated there is no evidence of a resurgence of inflation in the United States Fitzwater said. He said Reagan was keeping close watch on the markets in the United States and in countries where waves of selling developed on Monday. We will continue to closely monitor these developments Fitzwater said. However his three-paragraph statement gave no hint of what if any action Reagan might take if the stock market plunge continues. The percentage drop of 22.6 percent on Monday was the second largest ever exceeded only by the 24.4 percent drop on Dec. 12 1914. It easily eclipsed the fall of 12.8 percent on Oct. 28 1929 which helped spark the Great Depression. Reagan and his top advisers discussed the market crisis which came on the same day American naval forces retaliated for last Fridays alleged Iranian missile attack on a U.S. flagged Kuwaiti tanker in the Gulf at a White House issues luncheon. Presidential aides told reporters after the luncheon an official statement was likely to be issued when the markets closed. Reuter | REAGAN SAID CONVINCED ECONOMY STILL SOUND |
Qtly div 39 cts vs 39 cts Pay December 31 Record December 4 Reuter | B.F. GOODRICH <GR> SETS QTLY DIVIDEND |
Shr 19 cts vs 38 cts Net 397000 vs 788000 Nine mths Shr 80 cts vs 1.19 dlrs Net 1674000 vs 2455000 NOTE: Company would not provide assets deposits and loans figures. Reuter | WESTPORT BANCORP <WEBAT.O> 3RD QTR NET |
Shr 99 cts vs not given Net 1943000 vs not given Nine mths Shr 2.35 dlrs vs not given Net 4602000 vs not given NOTE: Full name is Gateway Federal Savings and Loan Association. Latest qtr includes a tax credit of 909000 dlrs or 46 cents a share. Latest nine mths includes a tax credit of 2330000 dlrs or 1.19 dlrs. 1986 figures not given as company went public on June 2 1987. Reuter | GATEWAY FEDERAL SAVINGS <GATW.O> 3RD QTR NET |
Shr five cts vs eight cts Net 100000 vs 176000 Revs 4027000 vs 3649000 NOTE: 1986 qtr includes gain 90000 dlrs or four cts per share from tax gain. Reuter | KMW SYSTEMS CORP <KMWS.O> 1ST QTR SEPT 30 |
NYSE CHAIRMAN JOHN PHELAN SAYS NYSE WILL OPEN TOMORROW ON TIME |
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NYSE CHAIRMAN PHELAN SAYS STOCK MARKET UNDERWENT SIGNIFICANT CORRECTION TODAY, NOT CRASH |
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Texaco Inc said removal of sulphur emissions from the hot coal gases inside Texacos coal gasifier will be studied under a two-phase five-year program agreed to with the U.S. Energy Department. Texaco said the program could total some 17 mln dlrs in joint government/industry funding. The company has agreed tp contributed a minimum of 20 pct of the cost it said. The agreement calls for the DOE to fund the remainder Texaco said adding the private sectors share could grow if other organizations joint the test prgram. Texaco said the experimental technique involves injecting sorbents such as iron oxide or calcium compounds directly into the gasification vessel used in its proprietary Coal Gasification Process. Such in situ sulphur capture could reduce or eliminate the need for separte clean-up devices after syhthetic gas is produced from coal the company explained. Reuter | TEXACO <TX>, U.S. TO STUDY SULPHUR REMOVAL |
Atlantic Richfields Arco Oil and Gas Co said it increased contract prices for crude oil by 50 cts a barrel effective today. Arco said the 50 cts increase brings its posted price for West Texas Intermediate the U.S. benchmark grade to 19.00 dlrs a barrel. The price of West Texas Sour was increased to 18.10 dlrs. Light Louisiana Sweet was raised to 19.35 dlrs. The price was last changed on September 30. Reuter | ARCO <ARC> RAISES CRUDE OIL POSTINGS 50 CTS |
Shr 39 cts vs 39 cts Net 24.4 mln vs 23.8 mln Revs 425.9 mln vs 396.2 mln Nine mths Shr 1.23 dlrs vs 1.04 dlrs Net 76.3 mln vs 64.1 mln Revs 1.26 billion vs 1.12 billion NOTE: Net adjusted to account for the recent 2-for-1 split of the companys common. Qtr 1986 includes a seven cts per shr gain due to net after-tax foreign currency exchange effect. Reuter | POLAROID CORP <PRD> 3RD QTR SEPT 27 |
Oper shr loss 2.51 dlrs vs profit 94 cts Oper net loss 27.2 mln vs profit 10.3 mln Revs 464.2 mln vs 504.6 mln Nine mths Oper shr loss 1.33 dlrs vs profit 2.57 dlrs Oper net loss 14.4 mln vs profit 28.2 mln Revs 1.41 billion vs 1.55 billion NOTE: 1987 qtr and nine mths excludes loss 41.1 mln dlrs or 3.79 dlrs per share and loss 41.8 mln dlrs or 3.87 dlrs per share respectively from discontinued real estate operations. 1986 qtr and nine mths include loss 126000 dlrs or one cent per share and gain 304000 dlrs or three cts per share respectively from discontinued operations. Reuter | MORRISON KNUDSEN CORP <MRN> 3RD QTR LOSS |
WHITE HOUSE SAYS REAGAN CONCERNED ABOUT STOCK DROP, CONVINCED ECONOMY SOUND |
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EC COMMISSION PRESIDENT URGES QUICK MEETING OF G-7 AFTER MARKETS TURMOIL |
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TREASURY'S BAKER MET WEST GERMANY'S STOLTENBERG TODAY, AGREED TO SUPPORT LOUVRE PACT |
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Merrill Lynch and Co Inc said it was confident in the financial markets despite the unprecedented decline in the stock market. Americas economic system is the strongest in the world with great inherent ability to correct itself and it remains fundamentally sound said chairman William Schreyer and president Daniel Tully in a statement. We recognize that emotions run high during such a period as we are experiencing. However now is the time when it is critical that reason and objectivity prevail they said. Reuter | MERRILL LYNCH <MER> CONFIDENT IN MARKETS |
Shr 19 cts vs 38 cts Net 397000 vs 788000 Nine mths Shr 80 cts vs 1.19 dlrs Net 1674000 vs 2455000 NOTE: Company would not provide assets deposits and loans figures. Reuter | WESTPORT BANCORP <WEBAT.O> 3RD QTR NET |
ARCO RAISES CRUDE OIL PRICES 50 CTS BARREL, TODAY, WTI TO 19.00 |
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Taco Bell Corp a unit of Pepsico Inc said it increased its stake in Calny Inc common stock to 1349884 shares or 27.9 pct of the total outstanding from a previous figure of approximately 1230107 shares or 25.4 pct. In a filing with the Securities and Exchange Commission Taco Bell said it bought 119867 Calny common shares on October 15 and 16 at 10.75 dlrs a share. No reason was given for the recent purchases. Reuter | PEPSICO UNIT <PEP> LIFTS <CALNY.O> STAKE |
Groupe Macyro Inc said it agreed to buy two Quebec construction wholesalers (Nap Dumont (1982) Ltd) and (Nap Transport Cie Ltd) for 3.5 mln dlrs. Macyro said the two companies operate in the construction material electiricty plumbing hardware and locksmithing sectors and had sales of 23.5 mln dlrs last year. Reuter | MACYRO GROUP <MYO.M> BUYS COMPANIES |
Oper shr profit 62 cts vs profit seven cts Oper net profit 3492000 vs profit 401000 Revs 62.8 mln vs 62.0 mln Nine mths Oper shr profit 1.26 dlrs vs loss 42 cts Oper net profit 7131000 vs loss 2344000 Revs 190.3 mln vs 180.0 mln NOTE: 1986 period ended September 28. Results exclude extraordinary gain from net loss carryforward of 228000 dlrs or three cts a shr in the 1987 3rd qtr and 1043000 dlrs or 18 cts in the 1987 nine mths. 1986 nine mth results exclude earnings from discontinued operations of 7549000 dlrs or 1.34 dlrs. Reuter | CTS CORP <CTS> 3RD QTR OPER NET |
German Finance Ministry confident of maintaining currency stability at around current levels - spokesman |
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Shr loss two cts vs loss 1.79 dlrs Net profit 4959000 vs loss 56.2 mln Revs 290.3 mln vs 245.0 mln Nine mths Shr loss 75 cts vs loss 1.78 dlrs Net loss 9390000 vs loss 44.2 mln Revs 800.8 mln vs 838.6 mln NOTE: Full name is AMCA International Ltd. Results in U.S. dlrs. Latest qtr earnings include pension refund of 10 mln dlrs representing loss of two cts per shr after payment of preferred dividends. Reuter | AMCA INTERNATIONAL <AIL> 3RD QTR LOSS |
MORRISON KNUDSEN CORP 3RD QTR OPER SHR LOSS 2.51 DLRS VS PROFIT 94 CTS |
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POLAROID CORP 3RD QTR SHR 39 CTS VS 39 CTS |
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The U.S. Chamber of Commerce in a statement said the phenomenal sell-off in the stock market is very likely to have run its course. The chamber said there is no justification for such a dramatic downward correction. While conceding that there is some justifiable concern about inflation higher interest rates and a lower dollar these uncertainties have been overcompensated for over recent weeks the Chamber said. Reuter | U.S. CHAMBER SAYS STOCK DROP HAS RUN COURSE |
Par Pharmaceutical Inc said it received approval from the Food and Drug Administration on two applications to manufacture and market the generic drug Leucovorin Calcium in tablet form. Par said it would begin to market the drug in dosage strengths of five mg and 25 mg. Leucovorin calcium is the generic name for Wellcovorin a product of <Burroughs Wellcome Co> used as an adjunct to cancer therapy the company said. Reuter | PAR PHARMACEUTICAL <PRX> GETS APPROVAL FOR DRUG |
Shr 1.17 dlrs vs 80 cts Net 5500000 vs 3500000 Nine months Shr 3.30 dlrs vs 2.10 dlrs Net 15.1 mln vs 9.2 mln Assets 1.6 billion vs 1.4 billion Deposits 1.3 billion vs 1.1 billion Loans 947.0 mln vs 822.0 mln Reuter | VALLEY CAPITAL CORP <VCCN.O> 3RD QTR NET |
Yugoslavias ambitious economic recovery and anti-inflation plan faces major hurdles before it can be implemented Yugoslav economists and Western diplomats said. Prime Minister Branko Mikulic on Monday proposed new taxes hitting high income earners moonlighters property and interest on savings as part of new government plans to rein in the countrys 123 pct inflation. He also proposed price and wage restraint and the trimming of repayments on the 20 billion dlr foreign debt in line with currency earning abiltiy. The taxes will anger many Yugoslavs struggling with soaring prices and will be resisted in Parliament a Western diplomatic source said. Yugoslav economists said Mikulics draft plans left many questions unanswered. It was a list of goals not concrete measures said a senior Yugoslav economist at a leading Yugoslav research institute. The state news agency Tanjug was more optimistic. It said the proposals indicated real economic reforms were coming. Further details of the program which Mikulic summarised in Parliament are to appear in the days ahead and the draft has to be debated and voted on by deputies in November. The goals are good a leading Belgrade economist said. No one can argue with that. But the million dollar question as with all government programs here is how they will be implemented. Zoran Popov senior research fellow at The Belgrade Institute for Industrial Economy said the existing system made many of the proposals difficult to put into effect. A change in the the system of taxation requires changes in the constitution he said. Mikulics speech tells us what he wants to do but not how. It may be anti-inflationary one diplomat said. But the question is how can you tax a black economy and how will the government find out who has two jobs or more than one home. Economists and diplomats said the proposals could be resisted by deputies from several of Yugoslavias constituent republics and provinces in defence of regional interests. Such resistance has blocked the nationwide implementation of federal government economic policy on many past occasions. Reuter | YUGOSLAV ECONOMIC PLAN SEEN FACING HURDLES |
New Jersey investor David F. Bolger said he has delivered requests for a special meeting of Cleveland-Cliffs Inc <CLF> shareholders representing more than 25 pct of the total voting shares in the company. Bolger who heads a group that owns 6.4 pct of Cleveland-Cliffs outstanding stock said he is seeking the special meeting to remove the current board of directors and elect his nominees. The Bolger group had called for a special shareholder meeting prior to the companys recent issuance of four mln new shares Bolger said. Reuter | BOLGER ASKS FOR CLEVELAND-CLIFFS HOLDERS MEETING |
ABITIBI-PRICE INC 3RD QTR SHR 45 CTS VS 42 CTS |
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German Finance Ministry confident of maintaining currency stability at around current levels - spokesman |
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William Crowe chairman of the U.S. Joint Chiefs of Staff predicted Iran will retaliate for the U.S. strike against its oil platform though he said Iranian options were limited. They will be determined. They will not be easily deterred and let me stress for you that our commitment there is not going to be risk free or casualty free. He said the most likely Iranian response would involve terrorism or the laying of mines. They obviously will look for ways that are probably more in line with the silent hand than what they have tried thus far Crowe told an American Stock Exchange conference. He declined comment on a reporters query whether he favored a stronger move against Iran than that ordered by the president. We carried out the operation that was decided upon and we carried it out with enthusiasm and I think it was professionally and well done Crowe said. Reuter | U.S. MILITARY LEADER PREDICTS IRANIAN RESPONSE |
Jefferies and Co said it is making a market in Allegis Corp at 67 to 68. The New York Stock Exchange halted the stock before the close at 75 for an order imbalance. A Jefferies official said the firm which specializes in third market trading is staying open tonight to accomodate our customers. Reuter | JEFFERIES MAKING MARKET IN ALLEGIS <AEG> |
The U.S. Agriculture Department has withdrawn the offers of dairy cattle to Egypt under the Export Enhancement Program. The department said the initiative for 10000 head of dairy cattle was announced on September 12 1986 and sales of 3501 head have been approved since that date. The department said it is its objective to complete sales within one year after announcing an initiative and that initiatives are continued for over a year only if sufficient sales activity occurs. It said it is giving exporters three days notice of the withdrawn in keeping with regulations under the program. Reuter | EEP DAIRY CATTLE INITIATIVE TO EGYPT WITHDRAWN |
Standard and Poors Corp said it affirmed at 100 mln dlrs of subordinated debt at B-plus and certificates of deposit at BB/B. S and P cited the firms restructuring which resulted in a 380 mln dlr third quarter loss. The loss was primarily due to the amortization of 330 mln dlrs of goodwill the agency said. It added that amortization does not affect tangible net worth and is considered a reflection of economic reality. Goodwill remains a high part of total equity and capital levels remain weak. The below-average core profitability should be enhanced by the firms business focus S and P said. Reuter | MERITOR SAVINGS <MTOR.O> DEBT AFFIRMED BY S/P |
Wall Street tumbled to its worst point loss ever and the worst percentage decline since the First World War as a frenzy of stock selling stunned even the most bearish market participants. Everyone is in awe and the word crash is on everyones mind one trader said. The Dow Jones industrial average fell 508 points to 1738 a level it has not been at since the Autumn of 1986. Volume soared to 603 mln shares almost doubling the previous record of 338 mln traded just last Friday. Reuter | WALL STREET SUFFERS WORST EVER SELLOFF |
The New York Stock Exchange said it will hold a press conference at 16:20 EDT. The exchange released no further details. The Dow Jones industrial average fell over 500 points in trading on Monday exceeding the Oct 28 1929 decline that heralded the Great Depression. Reuter | NYSE TO HOLD PRESS CONFERENCE |
Fortune Financial Group Inc said it extended its stock repurchase program for an additional six months. The program which began last April will extend to April 16 1988 the company said. Last April the board authorized the repurchase of up to 400000 common shares of which 111200 were repurchased the company said. The company said it may purchase another 288800 shares in the open market. Reuter | FORTUNE FINANCIAL <FORF.O> EXTENDS REPURCHASE |
The Pacific Stock Exchange said it plans to close at 1300 pdt rather than at its normal closing time of 1330 pdt because of the extraordinary volume of transactions. The exchange also said it will use a closing rotation in all equity options series in order to determine a single closing price for the day and to match all outstnding market orders. Daily trading volume normally totals between 8-1/2 and nine mln shares an exchange spokesman said adding volume totaled about eight mln shares one and one-half hours ago. Theres a lot of anxiety of course but no panic stock exchange spokesman Don Alexander said of the trading activity. I think everybodys holding up under the situation very well. The stock market suffered its worst setback in history on Monday. After the close of trading the New York Stock Exchange said preliminary figures indicated a record 507.99 point drop in the Dow Jones Industrial average. Reuter | PACIFIC STOCK EXCHANGE TO CLOSE EARLY |
Ametek Inc said its board approved a program to purchase the companys stock. It also announced directors will review increasing the quarterly dividend at their regular November meeting considering a payment of 15 cts a share on the recently split stock. Ametek said this would be equal to 30 cts a share on the present shares up from the 25 cts quarterly paid previously. The company provided no details on its stock repurchase program. It noted such purchases have been made from time-to-time in the past. Reuter | AMETEK <AME> TO BUY STOCK, REVIEW DIVIDEND |
Shr 11 cts vs nine cts Net 105489 vs 88929 Revs 2306697 vs 2066636 Nine mths Shr 17 cts vs 14 cts Net 167960 vs 136856 Revs 6714468 vs 6026343 NOTE: 1987 qtr and nine mths includes tax gain 64200 dlrs and 102200 dlrs respectively. 1986 qtr and nine mths includes tax gain 78000 dlrs and 107000 dlrs respectively. Reuter | SPECIALTY COMPOSITES CORP <SPCM.O> 3RD QTR NET |
Shr five cts vs seven cts Net 80642 vs 115222 Revs 7833570 vs 5739443 Nine mths Shr five cts vs 1.11 dlrs Net 80773 vs 1743828 Revs 21.6 mln vs 16.3 mln Reuter | BULCAN CORP <BUL> 3RD QTR NET |
NYSE TAPE WAS DELAYED TWO HOURS, 10 MINUTES AT THE CLOSING BELL |
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Qtly div 50 cts vs 50 cts prior Pay December 10 Record November 13 Reuter | ELI LILLY AND CO <LLY> REG QTLY DIV |
Primary shr 68 cts vs 65 cts Diluted shr 62 cts vs 60 cts Net 6053000 vs 5803000 Revs 101.4 mln vs 94.8 mln Primary avg shrs 8955000 vs 8963000 Diluted avg shrs 11031000 vs 11010000 Nine months Primary shr 1.74 dlrs vs 1.83 dlrs Diluted shr 1.64 dlrs vs 1.69 dlrs Net 15.6 mln vs 16.3 mln Revs 291.4 mln vs 266.7 mln Primary avg shrs 8974000 vs 8936000 Diluted avg shrs 11053000 vs 10994000 NOTE: 1986 third qtr results exclude extraordinary 811000 dlr gain from termination of a pension plan. 1986 nine month results include 1804000 dlr gain from June 1986 sale of National Sanitary Supply common stock in an initial offering. Reuter | CHEMED CORP <CHE> 3RD QTR NET |
Shr 27 cts vs 21 cts Net 988000 vs 784000 Nine mths Shr 82 cts Net 3040000 vs 2089000 Assets 284.2 mln vs 244.0 mln Loans 203.7 mln vs 133.5 mln Deposits 211.7 mln vs 179.5 mln NOTE: 1986 nine mths per share not available because bank did not convert to stock form until May 22 1986. Reuter | WALTHAM CORP <WLBK.O> 3RD QTR NET |
Shr 41 cts vs 47 cts Net 1002000 vs 931000 Avg shrs 2452171 vs 1975422 Nine mths Shr 1.23 dlrs vs 1.41 dlrs Net 3014000 vs 2776000 Avg shrs 2444591 vs 1967539 Reuter | NATIONAL BANC OF COMMERCE CO <NBCC.O> 3RD QTR |
Shr three cts vs two cts Net 109000 vs 67000 Sales 11.3 mln vs 11.3 mln Nine mths Shr seven cts vs 99 cts Net 221000 vs 3213000 Sales 30.6 mln vs 35.9 mln Order backlog 22.7 mln vs 13.5 mln Note: 1986 figures include life insurance proceeds of 2.5 mln dlr or 78 cts a share. Reuter | EDAC TECHNOLOGIES CORP <EDAC.O> 3RD QTR NET |
Shr profit 22 cts vs loss 22 cts Net profit 430373 vs loss 433395 Sales 7723838 vs 6219157 Nine mths Shr profit 49 cts vs loss 1.20 dlrs Net profit 960008 vs loss 2338286 Sales 23.2 mln vs 19.9 mln NOTE: 1986 data restated to reflect operations discontinued in 1986 1986 earnings exclude loss from discontinued operations of 319055 dlrs or 16 cts a share in the quarter and 906962 dlrs or 46 cts a share for the nine months Reuter | AUTOTROL CORP <AUTR.O> 3RD QTR NET |
Allied-Signal Aerospace Co a unit of Allied-Signal Inc <ALD> and Ovonic Imaging Systems Inc signed an agreement to develop full color liquid crystal active matrix flat panel display for use in cockpit instrument display systems Ovonic Imaging said. The display systems are for use in airplanes and spacecraft. Under the agreement Ovonic a unit of Energy Conversion Devices Inc <ENER.O> will receive payments of about 4.5 mln dlrs over two year based upon completion of certain development milestones. Reuter | ALLIED-SIGNAL, ENERGY CONVERSION IN AGREEMENT |
Treasury balances at the Federal Reserve rose on October 16 to 12.813 billion dlrs from 9.985 billion dlrs on the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts rose to 28.398 billion dlrs from 28.117 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 41.211 billion dlrs on October 16 compared with 38.102 billion dlrs on October 15. Reuter | TREASURY BALANCES AT FED ROSE ON OCTOBER 16 |
 STRATUS COMPUTER INC <STRA.O> 3RD QTR NET shr 26 cts vs 18 cts net 5281000 vs 3496000 rev 48.8 mln vs 32.1 mln nine mos shr 64 cts vs 51 cts net 12852000 vs 9822000 rev 129.0 mln vs 89.2 mln Reuter  | |
DOW JONES INDUSTRIAL AVERAGE FALLS 500 POINTS |
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U.S. warships destroyed an Iranian oil platform in the Gulf on Monday and the Navy also raided a second oil rig in retaliation for Fridays Iranian missile attack on a U.S. flag tanker the Pentagon said. President Reagan and Defense Secretary Caspar Weinberger warned Iran of even stronger countermeasures if the military escalation between the two countries continued in the volatile waterway. Reagan said he ordered the strike on the first platform by four U.S. destroyers which fired about 1000 five-inch shells at the Rostam oil rig 120 miles east of Bahrain in the central Gulf. A short time later Navy personnel boarded a second Iranian oil platform about five miles to the north and destroyed radar and communications equipment before leaving the structure the Pentagon said. Defense Department spokesman Fred Hoffman told reporters that the second platform had been abandoned by Iranian personnel during the shelling and destruction of the first rig. The United States said both platforms were being used to keep track of Gulf merchant shipping and to launch speedboat attacks on such shipping by Iranian Revolutionary guards. Reuter | U.S. FORCES DESTROYED OIL RIG, RAIDED ANOTHER |
Gulf and Western Incs publishing unit Simon and Schuster said it agreed in principle to acquire <Woodhead-Faulkner (Publishers) Ltd> a British-based publisher of professional and consumer books for undisclosed terms. Upon completion of the proposed transaction Woodhead-Faulkner will become part of Simon and Schusters International Group which in the U.K. includes Simon and Schuster trade books and Prentice Hall academic texts. Simon and Schuster said that Woodhead-Faulkner will continue to publish under that name. The company will continue to be under the direction of Martin Woodhead who will report to Henry Hirschberg president of Simon and Schusters International Group. Woodhead-Faulkner founded in 1972 publishes international banking finance and investment books. Reuter | GULF AND WESTERN <GW> TO ACQUIRE BRITISH COMPANY |
Shr 52 cts vs 45 cts Net 2623000 vs 2256000 Nine mths Shr 1.55 dlrs vs 1.45 dlrs Net 7744000 vs 6542000 Reuter | CNB BANCSHARES INC <CNBE.O> 3RD QTR NET |
Shr 16 cts vs 14 cts Net 954000 vs 777000 Revs 24.7 mln vs 21.5 mln Avg shrs 6000000 vs 6000000 Nine mths Shr 39 cts vs 34 cts Net 2314000 vs 1805000 Revs 69.2 mln vs 59.3 mln Avg shrs 6000000 vs 5363000 Reuter | NATIONAL SANITARY SUPPLY CO <NSSX.O> 3RD QTR |
Culp Inc citing lower margins said it expects income from operations in its second quarter ending October 31 to be lower than in the same year-ago period. But Culp said that due to a capital gain from the sale of its Culp Industrial Fabrics unit net income for the quarter should be higher than the 1.5 mln dlrs or 35 cts per share it earned in the 1986 third quarter. Culp also said it expects it will be difficult in its current fiscal year to match the 5.2 mln dlrs it earned for the year ended May 2 1987 even if it included the capital gain from the sale of the division. Reuter | CULP <CULP.O> SEES LOWER SECOND QUARTER |
Canadas economy is strong and the outlook remains positive despite the sharp fall of stock prices on Canadian and other exchanges Finance Minister Michael Wilson told the House of Commons. I look with some confidence in the performance in the economy...I think we have a sound economy in Canada Wilson said in response to opposition party questions. Wilson noting the relative stability in the Canadian exchange and bond markets rejected opposition demands to take some form of action. There has been both quite good stability in both the (currency) exchange and bond markets this morning and I dont see any reason why we should try to take action thats anticipating somethnng which might not happen Wilson said. The Canadian dollar held steady around the 77 U.S. mark today while the Toronto Stock Exchanges composite index was off 292.20 points to 3306.40 in late trading Monday. Reuter | CANADA'S WILSON SAYS ECONOMY SOUND |
A major South African mining house on Monday reported two of its gold mines suffered huge losses as a result of a black miners strike in August which crippled about half the countrys crucial gold mines. Johannesburg Consolidated Investment Company one of the six major mining houses said the two mines suffered a combined net loss of 9.7 mln dlrs in the three months to end-September compared with a profit of 8.6 mln dlrs in the preceding quarter. It was the first indication of the real economic impact of the biggest wage strike in the history of the gold mining industry which accounts for nearly half the value of South Africas total exports. The results were pretty disastrous primarily due to the impact of the strike Ken Maxwell head of Johannesburg Consolidateds gold division told a news conference in Johannesburg. We havent recovered from the strike yet he said adding that 70 percent of underground mining at the groups biggest mine Randfontein Estates was halted by the three-week strike. Johannesburg Consolidated and its controlling company the giant Anglo American Corp. were hard-hit by the three-week miners strike but refused to disclose production losses. Anglo American is due to report its quarterly gold-mine profits later this week. Reuter | S. AFRICA MINING HOUSE REPORTS HUGE STRIKE LOSSES |
Shr 86 cts vs 74 cts Net 11.1 mln vs 8.6 mln Revs 87.7 mln vs 80.5 mln Avg shrs 12857904 vs 11578259 Nine mths Shr 2.61 dlrs vs 2.15 dlrs Net 32.6 mln vs vs 24.8 mln Revs 269.8 mln vs 257.8 mln Avg shrs 12482780 vs 11502035 12 mths Shr 3.28 dlrs vs 2.80 dlrs Net 40.3 mln vs 32.1 mln Revs 355.4 mln vs 342.1 mln Avg shrs 12271220 vs 11457028 Reuter | EASTERN UTILITIES ASSOCIATES 3RD QTR NET |
The European Community is willing to offer limited concessions to the United States on one of two major issues which threaten to poison their trade relations next year an EC commission spokesman said. He said the offer would be made at a meeting later this month between U.S. Trade Representative Clayton Yeutter and EC External Relations Commissioner Willy de Clercq. EC Farm Commissioner Frans Andriessen told agriculture ministers meeting in Luxembourg that the EC is willing to make some temporary arrangements to lighten the impact on U.S. Exports of an EC plan to ban the sales of meat from animals fed with growth hormones the spokesman said. Washington has said it will take trade reprisals if the EC proceeds with the ban from January 1 and if European countries do not quickly cut back what it sees as unfair subsidies to the makers of their Airbus airliner which are harming U.S. Manufacturers. It claims the hormones ban has no scientific basis and will rob it of 130 mln dlrs worth of exports a year. Diplomatic sources said the Yeutter-de Clercq meeting will take place in London and will also involve the aerospace ministers of France Britain West Germany and Spain the countries involved in the Airbus project. Reuter | EC, U.S. PLAN HIGH-LEVEL TRADE TALKS |
FMC Corp said its Marine Colloids division was awarded a patent for anti-icing fluids thickened with carrageenan seaplant extract. The company said the patent covers glycol-based anti-icing solutions containing gel-forming carrageenan in an amount sufficient to thicken the fluid and promote its adherence to surfaces. FMC said it intends to grant licenses for use of its patent to interested chemical producers and equipment users. Reuter | FMC <FMC> UNIT WINS PATENT FOR ANTI-ICING FLUID |
British Foreign Secretary Sir Geoffrey Howe backed the United States attack on an Iranian oil platform on Monday and said it should not worsen the Gulf crisis. The United States is fully entitled to take military action in exercise of rights of self-defense in the face of the imminent threat of further attacks Howe said in a statement issued in London. The United States said its forces destroyed the platform on Monday in retaliation for an Iranian missile attack on a U.S.- flagged Kuwaiti ship last Friday. Referring to that attack Howe added I trust the Iranians will fully understand that continued attacks of this kind will only enhance justification for firm action in self-defense. At a press conferenced in Luxembourg during a meeting of European Community (EC) ministers Howe was asked about statements from a senior Iranian official who said America was now involved in a full-scale war. It would be profoundly undesirable and quite unjustified for Iran to react in that way he said. Reuter | BRITAIN BACKS U.S. STRIKE ON IRAN OIL PLATFORM |
The Dow Jones Industrial average plunged to 1844.97 a 404 point decline in the leading market indicator. The last time the Dow index touched the 1840 level was in November 1986. Reuter | DOW JONES FALLS MORE THAN 400 POINTS |
Qtly div one cent vs 10 cts in prior quarter Payable November 16 Record November two Reuter | CITYFED FINANCIAL CORP <CTYF.O> CUTS DIVIDEND |
American Telephone and Telegraph Co said it supported the Federal Communications Commissions (FCC) plan to establish price ceilings for ATT long-distance services as a replacement for current regulation. The company was responding to an FCC proposal of August 4 that price caps replace the current rate-of-return regulation which has been in place for the past 20 years. ATT said vigorous competition in the long-distance industry has made obsolete rate-of-return which stipulates that a company can earn no more than a fixed rate -- currently 12.2 pct -- on its investment. The company termed the price cap a transitional step and said it hoped the FCC would support a program of regulatory oversight which would consist of a streamlined tariff process. Reuter | ATT <T> SUPPORTS FCC PLAN ON PRICE CEILINGS |
SIMON AND SCHUSTER TO ACQUIRE WOODHEAD-FAULKNER OF THE U.K. FOR UNDISCLOSED TERMS |
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PACIFIC STOCK EXCHANGE SAYS IT WILL CLOSE ONE-HALF HOUR EARLY DUE TO HIGH TRADING VOLUME |
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DOW FALLS 404 POINTS TO 1844, LOWEST LEVEL OF THE YEAR |
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AFG Industries Inc said its board authorized management to buy back up to four mln common shares or 15.7 pct of the AFG stock outstanding from time to time in the open market. The company said the action was taken in light of current market conditions. It also said the repurchased shares will be returned to treasury for general corporate purposes and for use with stock option plans. Reuter | AFG INDUSTRIES <AFG> TO BUY BACK STOCK |
J.P. Morgan and Co Inc said third-quarter net income rose 3.6 pct to 219.2 mln dlrs from 211.5 mln a year earlier partly because of reduced loan-loss provisions and a lower income tax bill. For the first nine months of the year however Morgan posted a loss of 140.8 mln dlrs compared with a profit of 682.4 mln in the same period of 1986 because it set aside 875 mln dlrs in reserves in the second quarter against shaky third-world loans. The provision for loan losses in the quarter was 20 mln dlrs down from 70 mln a year earlier. Morgans tax bill was 52.4 mln dlrs in the quarter down from 85.3 mln a year earlier mainly because of benefits associated with the second-quarter loan-loss provision. Net interest earnings fell to 474.3 mln dlrs from 526.5 mln as net yield narrowed to 2.71 pct from 3.13 pct and 1.3 billion dlrs of Brazilian loans remained on non-accrual. Non-interest operating income was 296 mln dlrs up from 292.8 mln. Net charge-offs halved to 16 mln dlrs. Expenses jumped 18 pct to 387.3 mln dlrs with personnel costs accounting for half of the increase. The effect of the lower dollar on overseas costs was also a factor. Reuter | J.P. MORGAN <JPM> LOWERS LOAN-LOSS PROVISIONS |
CCR Video Corp said it received an offer to enter into negotiations for <Intercep Investment Corp> of Vancouver B.C. to acquire a controlling interest in the company through a tender offer. CCR said the negotiations would determine the terms under which the CCR board could support an Intercep tender offer. Additional details were not immediately available. Reuter | CCR VIDEO<CCCR.O> GETS OFFER ON TAKEOVER TALKS |
CITYFED FINANCIAL CORP SAYS IT CUT QTRLY DIVIDEND TO ONE CENT FROM 10 CTS/SHR |
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Huge oil platforms dot the Gulf like beacons -- usually lit up like Christmas trees at night. One of them sitting astride the Rostam offshore oilfield was all but blown out of the water by U.S. Warships on Monday. The Iranian platform an unsightly mass of steel and concrete was a three-tier structure rising 200 feet (60 metres) above the warm waters of the Gulf until four U.S. Destroyers pumped some 1000 shells into it. The U.S. Defense Department said just 10 pct of one section of the structure remained. U.S. helicopters destroyed three Iranian gunboats after an American helicopter came under fire earlier this month and U.S. forces attacked seized and sank an Iranian ship they said had been caught laying mines. But Iran was not deterred according to U.S. defense officials who said Iranian forces used Chinese-made Silkworm missiles to hit a U.S.-owned Liberian-flagged ship on Thursday and the Sea Isle City on Friday. Both ships were hit in the territorial waters of Kuwait a key backer of Iraq in its war with Iran. Henry Schuler a former U.S. diplomat in the Middle East now with CSIS said Washington had agreed to escort Kuwaiti tankers in order to deter Iranian attacks on shipping. But he said the deterrence policy had failed and the level of violence and threats to shipping had increased as a result of U.S. intervention and Irans response. The attack on the oil platform was the latest example of a U.S. tit-for-tat policy that gave Iran the initiative said Harlan Ullman an ex-career naval officer now with CSIS. He said with this appraoch America would suffer the death of one thousand cuts. But for the United States to grab the initiative militarily it must take warlike steps such as mining Irans harbors or blockading the mouth of the Gulf through which its shipping must pass Schuler said. He was among those advocating mining as a means of bringing Iran to the neogtiating table. If vital supplies were cut off Tehran could not continue the war with Iraq. Ullman said Washington should join Moscow in a diplomatic initiative to end the war and the superpowers should impose an arms embargo against Tehran if it refused to negotiate. He said the United States should also threaten to mine and blockade Iran if it continued fighting and must press Iraq to acknowledge responsibility for starting the war as part of a settlement. Iranian and Western diplomats say Iraq started the war by invading Irans territory in 1980. Iraq blames Iran for the outbreak of hostilities which have entailed World War I-style infantry attacks resulting in horrific casualties. Each side has attacked the others shipping. Reuter | HUGE OIL PLATFORMS DOT GULF LIKE BEACONS |
CCR VIDEO SAYST RECEIVED OFFER TO NEGOTIATE A TAKEOVER BY INTERCEP INVESTMENT CORP |
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The Canadian Auto Workers Union said it accepted an economic offer from the Canadian division of General Motors Corp <GM> in contract negotiations. But union president Bob White said many local issues at the 11 plants in Ontario and Quebec still remained unresolved ahead of Thursdays deadline for a strike by 40000 workers. It minimizes the possibility of a strike White told reporters. However if we dont have local agreements settled by Thursday there will be a strike he said. The local issues still unresolved involved health care skilled trades and job classifications White said. GM Canada negotiator Rick Curd said he believed a strike would be avoided. Even though there are some tough issues to be resolved were on the right schedule to meet the target Curd said. Im very pleased with the state of the negotiations he said. Union membership meetings have been scheduled for the weekend in case a tentative settlement said White. White said the union has also received assurances that a job protection pact negotiated with GM workers in the U.S. does not threaten Canadian jobs. The economic offer for a three-year pact largely matches agreements at Ford <F> and Chrysler <C> in Canada which include inflation-indexed payments for future retirees and fixed annual payments for current retirees. It also gives workers wage increases of three pct immediately and 1.5 pct in each of the second and third years. Reuter | GM <GM> CANADA UNIT MAJOR OFFER ACCEPTED BY UNION |
Canada Development Corp said its <Polysar Ltd> unit completed a refinancing package worth about 830 mln Canadian dlrs. The company said the financing which involves 24 banks and four syndicated loans consists of a 380 mln Canadian dlr revolver a 200 mln Canadian dlr European medium term loan a 149 mln Canadian dlr revolver and a 100 mln Canadian dlr operating loan. The company said the refinancing will reduce borrowing costs in addition to having other benefits. Reuter | CANADA DEVELOPMENT UNIT <CDC.TO> REFINANCES |
A U.S. attack on an Iranian oil platform in the Gulf on Monday appeared to be a tit-for-tat raid carefully orchestrated not to be too provocative or upset Arab allies Western diplomats in the region said. U.S. Defence Secretary Caspar Weinberger said Monday that U.S. Warships destroyed the oil platform in the southern Gulf in response to a missile strike on the American-registered Kuwaiti tanker Sea Isle City in Kuwaiti waters on Friday. We consider the matter closed he said a signal the U.S. administration did not want the Gulf crisis to escalate. Iran had warned the United States earlier in the day against exacerbating the Gulf crisis saying military action would endanger American interests. Following the raid a okesman for Tehrans War Information Headquarters vowed to avenge the attack with a crushing blow. The United States has entered a swamp from which it can in no way get out safely Tehran Radio quoted him as saying. Diplomats noted however Iran was also seeking to avoid ostracism by Arab states due to meet at a summit in Amman on November 8 and discuss the Iran-Iraq war. Iranian Prime Minister Mir-Hossein Mousavi is currently in Damascus and diplomats said he would seek Syrian help in preventing a total Arab breach with Tehran. Further escalation of the war threatening the Gulf Arab states could work against Tehran at the Amman gathering they said. The ball is in Irans court now. Its up to Tehran to respond one way or the other a diplomat said. President Ronald Reagan warned Iran of stronger American countermeasures if the military escalation continued. Western diplomats and military sources in the area said shelling the platform appeared to be the least provocative act the United States could have taken once it had decided to retaliate for the tanker attack blamed by both the Americans and Kuwaitis on Iran. Its interesting that they chose something in international waters because it doesnt implicate any other nation one diplomat said. This was better for U.S. Relations with the Gulf Arab states particularly Kuwait. Commented another diplomat: Kuwait must be happy that the U.S. Has done something but relieved that Faw was not attacked on its doorstep. One source said of the attack on the oil platform: They managed to warn off the crew and hit something that was the least nuisance to everybody. A diplomat commented: They were very clever in the place they chose. It gets attention but it hasnt devastated anything because it wasnt working in the first place. A senior Arab banker in the area said after the news broke: This was a good measured response without risking a flare-up ... It is a face-saving response (for the Americans). Reuter | DIPLOMATS CALL U.S. ATTACK ON OIL RIG RESTRAINED |
Brown Disc Products Co Inc a unit fo Genevar Enterprises Inc said it has purchased the ongoing business trademarks and certain assets of Rhone-Poulencs Brown Disc Manufacturing unit for undisclosed terms. Rhone-Poulenc is a French-based chemical company. Under the agreement Rhone-Poulenc will supply magnetic tape and media products to Brown Disc Products. Reuter | BROWN DISC TO BUY RHONE-POULENC <RHON.PA> UNIT |
DOW SINKS TO LOWEST LEVEL OF THE YEAR, DOWN 370 POINTS TO 1876 |
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Lane Telecommunications Inc <LNTL.O> said Richard Lane its president and chief operating officer resigned effective Oct 23. Lane founded the company in 1976 and has been its president since its inception the company said. He said he resigned to pursue other business interests. Kirk Weaver chairman and chief executive officer said Lanes resignation was amicable. No replacement has been named. Reuter | LANE TELECOMMUNICATIONS PRESIDENT RESIGNS |
Perkin-Elmer Corp said it won a contract to provide laboratory information management systems to the Enviromental Protection Agencys 10 regional laboratories. The value and the exact duration of the contract was not disclosed. The company said the contract will include hardware software installation support services and software analyst consultations. Reuter | PERKIN-ELMER <PKN> WINS EPA CONTRACT |
Qtly div 27-1/2 cts vs 27-1/2 cts prior Pay December 31 Record December Four Reuter | WHIRLPOOL CORP <WHR> REG QTLY DIV |
Shr 43 cts vs 63 cts Net 16362000 vs 24325000 Revs 589.3 mln vs 549.1 mln Nine Mths Shr 1.40 dlrs vs 1.73 dlrs Net 54011000 66591000 Revs 1.68 1.58 billion Reuter | CONSOLIDATED FREIGHTWAYS INC <CNF> 3RD QTR NET |
Military experts say the United States faces a dilemma in the Gulf following U.S. destruction of an Iranian oil platform in retaliation for an attack on a U.S.-flagged tanker. The experts told Reuters Tehran holds the initiative and is likely to control the tempo and direction of the conflict as long as America simply reacts to Iranian attacks by launching limited retaliatory strikes. But if Washington seizes the initiative with bolder steps -- such as mining Irans harbors blockading its shipping or destroying key bases -- it could find itself in a major war. Iran is in the drivers seat in an absolute sense as the cycle of attack and retaliation continues said Fred Axelgard a Gulf War expert with the private Center for Strategic and International Studies (CSIS). Its like a Greek tragedy said retired Adm. Eugene Carroll of Washingtons private Center for Defense Information (CDI) think tank. Some Middle East experts say the only way out is for Washington to join forces with Moscow in pressing for an end to the war between Iran and Iraq. They say it is not feasible for America to withdraw its 30-ship force from the Gulf area where the Navy began escorting U.S.-flagged Kuwaiti tankers in July. Withdrawal would give the appearance of being chased away by Iran which President Reagan could never accept. U.S. Defense Secretary Caspar Weinberger told a Pentagon news conference the destroyers Kidd Young Leftwich and Hoel fired about 1000 rounds of five-inch shells at Irans Rostam oil rig 120 miles east of Bahrain beginning at about 1400 Gulf time (0700 EDT) on Monday. Weinberger said the platform had been used as a military base by Iran and that the attack responded to an Iranian Silkworm missile strike on the U.S.-flagged Kuwaiti tanker Sea Isle City on Friday. Iranians manning the platform were warned in advance and allowed to escape. We do not seek further confrontation with Iran but we will be prepared to meet any escalation of military action by Iran with stronger countermeasures Weinberger said. We consider this matter closed he said. Analysts ranging from the liberal CDI to conservatives agreed the U.S. reaction was measured reasonable and did not escalate the conflict unduly. But they said the question was whether Iran would consider the matter closed. It had not taken this view after earlier clashes. Reuter | LATEST ATTACK SEEN POINTING UP DILEMMAS FOR US |
Shr 96 cts vs 87 cts Net 10.8 mln vs 9671000 Revs 103.9 mln vs 97.5 mln Nine mths Shr 2.73 dlrs vs 2.62 dlrs Net 30.7 mln vs 29.3 mln Revs 325.7 mln vs 302.8 mln Reuter | ROCHESTER TELEPHONE CORP <RTC> 3RD QTR NET |
National City Corps National City Bank unit said it has begun a personal computer-based financial management service for small businesses. The service the InTouch Financial Manager is based on a personal computer system develoed by <Harbinger Comput Services> of Atlanta and is licensed in Ohio by <Money Station Inc> an electronic funds transfer network. National City said the service will allow businesses to use a personal computer and a local telephone call to communicate with their bank to initiate transactions and to receive data anmessages. Reuter | NATIONAL CITY <NCTY.O> UNIT BEGINS NEW SERVICE |
Shr 64 cts vs 55 cts Net 14.0 mln vs 11.8 mln Nine mths Shr 1.83 dlrs vs 1.53 dlrs Net 39.7 mln vs 32.7 mln Assets 4.65 billion vs 4.53 billion Loans 3.24 billion vs 2.92 billion Deposits 3.32 billion vs 3.15 billion Reuter | SOUTH CAROLINA NATIONAL CORP <SCNC.O> 3RD QTR |
Shr 30 cts vs 30 cts Net 1804000 vs 1800000 Nine mths Shr 89 cts vs 79 cts Net 533400 vs 4496000 NOTE: Earnings per share reflect initial public offering of 534750 common shares in March 1986 and 2-for-1 stock splits in January and June 1986. Reuter | MARINE CORP <MCOR.O> 3RD QTR NET |
Norwegian state oil company Den Norske Stats Oljeselskap (Statoil) signed contracts worth a total of 1.5 billion Norwegian crowns in connection with the development of the Veslefrikk oil field Statoil said. Moss Rosenberg Verft of Stavanger has been awarded a contract to convert the the drilling platform West Vision to a floating production platform. The work is to be completed in the summer of 1989. Aker Verdal has been awarded a contract for the engineering purchasing and construction of the steel jacket for the wellhead platform also to be completed in 1989 Statoil said. Reuter | STATOIL AWARDS VESLEFRIKK OIL FIELD CONTRACTS |
The British Treasury confirmed that the sale of British Petroleum Co Plc will go ahead as planned despite Mondays stock market crash which forced BP below the 330p a share set for the 7.2 billion stg issue. The government are not considering terminating the BP offer. The offer has been fully underwritten a Treasury spokesman said. The issue which remains open until October 28 was fully underwritten last week when the issue price was set. BP shares closed down 33p at 317p as the FT-SE 100 share index crashed a record 249.6 points more than 10 pct. Reuter | U.K. TREASURY CONFIRMS BP SALE TO GO AHEAD |
Egypt has agreed to build two housing estates and two new roads in Uganda worth a total of 295 million dollars Egyptian commercial attache Muhammud el Tahan said. He said Egyptian companies will build 8000 housing units in Kampala and reconstruct the roads between Fort Portal and Bundibugyo near the Zaire border in western Uganda and between Kapchorwa and Swam near Mount Elgon in the east of the country. Uganda would repay 70 per cent of the Egyptian Government credit to finance the projects in the form of barter goods and 30 per cent in hard currency Tahan said. Reuter | EGYPT TO BUILD HOUSING ESTATES AND ROADS FOR UGANDA |
UNION ACCEPTS GM CANADA'S ECONOMIC OFFER - MANY LOCAL ISSUES UNRESOLVED |
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Shr 30 cts vs 26 cts Net 2534000 vs 1695000 Revs 98.8 mln vs 67.1 mln Avg shrs 8447000 vs 6563000 NOTE: full name of company is harman international industries inc. Reuter | HARMAN INTERNATIONAL <HIII.O> 1ST QTR SEPT 30 |