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<Miller Tabak Hirsch and Co> said it has received an accepted 3424729 common shares of Penn Traffic Co in response to its 31.60 dlr per share tender offer that expired Friday and together with the 380728 shares it already owned it now has about 91.8 pct of Penn Traffic. The company said Penn Traffic is expected to hold a special shareholders meeting later this month to approve a merger into Miller Tabak at the tender price. It said two Miller Tabak representatives will be named to the Penn Traffic board on March Four to serve as the only directors with Penn Traffic president and chief executive officer Guido Malacarne. The company said it received financing for the transaction from First National Bank of Minneapolis and Salomon Inc <SB>. Reuter | MILLER TABAK HAS 91.8 PCT OF PENN TRAFFIC <PNF> |
Coffee quota talks at the International Coffee Organization council meeting here continued this afternoon but producers and consumers still had not reached common ground on the key issue of how to estimate export quotas delegates said. The 54 member contact group was examining a Colombian proposal to resume quotas April 1 under the ad hoc system used historically with a pledge to meet again in September to discuss how quotas would be worked out in the future they said. Delegates would not speculate on the prospects for agreement at this time. Anything could happen one delegate said. Reuter | COFFEE QUOTA TALKS CONTINUE BUT NO AGREEMENT YET |
<Federal Industries Ltd> said it introduced a commercial paper program with an authorization of 440 mln dlrs through agents <Bank of Montreal> <Dominion Securities Inc> and Wood Gundy Inc. Net proceeds from the sale of notes will be used for general corporate purposes and will replace existing outstanding debt the company said. It did not elaborate on financial terms of the issue. Reuter | FEDERAL INDUSTRIES SETS COMMERCIAL PAPER ISSUE |
Waste Management Corp said its board voted a two-for-one stock split payable April 21 record March 30. In other action Waste Management directors approved an increase in the quarterly dividend to 18 cts from 14 cts payable April three record March 18. Reuter | WASTE MANAGEMENT <WMX> VOTES SPLIT, UPS PAYOUT |
Porex Technologies Corp said its board declared an initial annual dividend of 10 cts per share its first payout payable March 26 to holders of record March 12. Reuter | POREX TECHNOLOGIES <PORX> SETS INITIAL DIVIDEND |
Davis Water and Waste Industries Inc said its board declared a 33-1/3 pct stock dividend payable March 23 to holders of record March 12. Reuter | DAVIS WATER <DWWS> DECLARES STOCK DIVIDEND |
Medco Containment Services Inc said its board declared an initial annual dividend of 10 cts per share its first payout payable March 19 to holders of record March 12. Reuter | MEDCO CONTAINMENT <MCCS> SETS INITIAL PAYOUT |
Pittston Co said it has tentatively agreed to acquire WTC International N.V. in a tax-free exchange of stock. Pittston said it agreed to exchange 0.523 common share for each of the about 8612000 WTC common shares outstanding. Pittston said WTCs three principal shareholders who own 62 pct of its stock are parties to this agreement. They have granted Pittston the right of first refusal to their shares. WTC has granted Pittston an option to buy WTC shares equal to 18.5 poct of its outstanding stock. The agreement is subject to approval of both boards and WTC shareholders. Pittston said described WTC as a fast growing air freight forwarding company with operations throughout the world. Its revenues totaled nearly 200 mln dlrs in the year ended November 30 and for the quarter ended on that date it earned 1.3 mln dlrs on revenues of 55.8 mln dlrs. Pittston said its Burlington Air Express subsidiary generates about two-thirds of its 450 mln dlrs in annual revenes with its domestic air freight services. Reuter | PITTSTON <PCO> AGREES TO ACQUIRE WTC <WAF> |
<SDC Sydney Development Corp> earlier reporting an increased nine month operating loss said a cost control review now underway may result in cost reduction and elimination of unprofitable and non-strategic products and services. The companys operating loss for the nine months ended December 31 1986 increased to 7.7 mln dlrs from a loss of 1.7 mln dlrs in the prior year it said earlier. Revenues increased by 20 pct to 11.8 mln dlrs from year-earlier 9.8 mln dlrs. Reuter | SDC SYDNEY COST REVIEW MAY ELIMINATE PRODUCTS |
Shr loss 11 cts Loss 739146 Revs 11754251 Note: initial public listing December 1986 Reuter | <MULTI-STEP PRODUCTS INC> SIX MTHS DEC 31 LOSS |
The Bank of England said it had offered borrowing facilities to those discount houses wishing to use them at 1430 GMT. The Bank also said it provided the money market 456 mln stg assistance in the afternoon session bringing its total help so far today to 493 mln stg. This compares with its forecast of a shortage in the system today of around 700 mln stg. The central bank purchased bank bills outright comprising 41 mln stg in band one at 10-7/8 pct 361 mln stg in band two at 10-13/16 pct and 54 mln stg in band three at 10-3/4 pct. Money market dealers said the Bank of England has recently used the offer of borrowing facilities to signal that it does not want to see an early reduction in U.K. Base lending rates. The Bank does this by lending to the discount houses at rates of interest higher than its prevailing money market dealing rates. REUTER | U.K. MONEY MARKET OFFERED BORROWING FACILTIES |
Electronic Mail Corp of America said its efforts to secure additional financing for expansion have fallen through. The company said that there are no immediate prospects for financing through other sources though efforts will continue. The company said operations wil continue while further efforts are made. Negotiations with an undisclosed company had been onging for four months the company said. Reuter | ELECTRONIC MAIL <EMCA> FINANCING ATTEMPT FAILS |
Bangladesh will receive a grant equivalent to 47 mln U.S. Dlrs from the Netherlands during 1987 under an agreement signed here Saturday officials said. This raised the amount of Dutch grants to Bangladesh to 759 mln dlrs since 1972 used mainly for commodity imports and implementing development projects they said. Reuter | NETHERLANDS GRANTS 47 MLN DLRS TO BANGLADESH |
Caisse Centrale Desjardins du Quebec is issuing a 10 billion yen step-up eurobond maturing on March 25 1992 and priced at 101-3/4 pct joint-bookrunner Warburg Securities said. The issues pays a coupon of one pct in years one and two and then pays a coupon of 7-7/8 pct in years three four and five. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The payment date is March 25 while the issue will be listed in Luxembourg. The borrower is the wholesale financing arm of a major group of credit unions in the Province of Quebec. REUTER | QUEBEC'S CAISSE DES JARDINS ISSUES YEN EUROBOND |
Dow Chemical Co has launched a 200 mln Swiss franc 12-year bond with a 4-3/4 pct coupon priced at 100-1/4 pct lead manager Union Bank of Switzerland said. The issue carries a call option from 1993 at 102 pct declining thereafter by 1/2 percentage point per year. Subscriptions close March 18 and payment date is April 2. REUTER | DOW CHEMICAL LAUNCHES 200 MLN SWISS FRANC BOND |
Sight deposits by commercial banks at the Swiss National Bank rose by 3.10 billion Swiss francs to 10.53 billion in the last 10 days of February the National Bank said. Foreign exchange reserves fell 3.06 billion francs to 30.64 billion. Sight deposits are an important measure of Swiss money market liquidity. The decline in foreign exchange reserves reflected the dismantling of swap arrangements the National Bank said. Banknotes in circulation rose by 834 mln francs to 24.79 billion while other deposits on call - mainly government funds - fell 1.60 billion francs to 1.04 billion. REUTER | SWISS SIGHT DEPOSITS RISE 3.10 BILLION FRANCS |
 USDA LIFTS CROSS-COMPLIANCE FOR 1987 CROP OATS REPEAT FROM LATE FRIDAY WASHINGTON Feb 27 - The USDA said it is lifting the limited cross-compliance requirement for 1987 crop oats. Deputy Secretary Peter Myers said the action was being taken to help alleviate the short supply of oats. Under limited cross compliance the plantings of other program crops on the farm may not exceed the crop acreage bases of those crops. The lifting of the cross-compliance on oats permits the planting of oats in excess of the oat acreage base without sacrificing eligibility for other crop program benefits. Myers said soybean plantings are expected to decrease as a result of the action on oats planting of which are expected to increase by two to three mln acres. Reuter  | |
CONSOLIDATED TVX SAYS IT WILL ISSUE SHARES TO BUY STAKES IN THREE BRAZIL MINING FIRMS |
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Brazil is not happy with the existing structure of the 14-bank advisory committee which coordinates its commercial bank debt Finance Minister Dilson Funaro said. U.S. Banks have 50 pct representation on the committee while holding only 35 pct of Brazils debt to banks he said adding This is not fair with the European and Japanese banks. The committee had played a useful role in 1982 and 1983 however. Noting the often different reactions of U.S. Japanese and European banks Funaro told journalists that Brazil might adopt an approach involving separate discussions with the regions. Since debtor nations problems were normally treated on a case-by-case basis Perhaps the same principle should apply to creditors central bank president Francisco Gros said. Brazil on February 20 suspended indefinitely interest payments on 68 billion dlrs owed to commercial banks followed last week by a freeze on bank and trade credit lines deposited by foreign banks and institutions worth some 15 billion dlrs. Funaro and Gros spent two days at the end of last week in Washington talking to government officials and international agencies and will this week visit Britain France West Germany Switzerland and Italy for discussions with governments. Funaro and Gros are today meeting British Chancellor of the Exchequer Nigel Lawson Foreign Secretary Geoffrey Howe and Governor of the Bank of England Robin Leigh-Pemberton. Bankers have estimated that Brazil owes U.K. Banks around 8.5 billion dlrs in long and medium term loans giving the U.K. The third largest exposure after the U.S. And Japan. The crisis began when Brazils trade surplus its chief means of servicing its foreign debt started to decline sharply and the problem was compounded by a renewed surge in the countrysate of inflation. Reserves were reported to have dropped below four billion dlrs. Funaro envisaged that any eventual solution to problems with Brazils 108 billion dlr foreign debt would involve only partial servicing of the debt. What we propose is to arrive at a mechanism of refinance for part of the service because we cannot service all that he said. I really think we have to change the old rules. Asked why Brazil was first approaching governments rather than the commercial banks themselves in its search for a solution to the crisis Funaro said We must first talk to the governments and then we can talk to the banks because the banks have some limits. It is a political discussion from our point of view he said. Funaro said he hoped next week to travel to talk to Japanese and Canadian government officials. He would then talk to the commercial banks If Ive got some solution from the governments. I cant take the burden only to the banks. He was not sure how long it would take to reach a solution.  In discussions with governments Brazil would review the mechanisms whereby finance was made available to nations in need. Finance from official lending agencies had been virtually closed since 1982. You must open these mechanisms he said. He said that while the U.S. Officials had been disturbed by Brazils suspension of interest payments they understood Brazil had no other choice as it had to protect its reserves. Also the financing mechanisms had to be discussed because we cant stay as we were the last few years. Im trying to put the problem on the table.... All of us would like to have a kind of equilibrium. he said. Although Brazil has rejected a substantive role for the International Monetary Fund (IMF) in managing its economy Funaro paid a call in Washington to IMF Managing Director Michel Camdessus and to World Bank President Barber Conable. Funaro noted that inflation in February had started to decline again and he expected Brazil to achieve a minimum eight billion dlr trade surplus in 1987. Banking sources noted that Brazils monthly surplus had declined to some 150 mln dlrs in the final three months of last year against a monthly one billion in the first nine months. Brazil had the third largest trade surplus in the world Funaro said although its share of international trade was only one pct. The solution is linked with growth not recession he said noting an IMF program would involve promoting exports and inducing an internal recession in order to service debt. Banking sources said Brazils debts to foreign governments as opposed to commercial banks now benefit from a sounder structure following last months rescheduling by the Paris Club of creditor nations of 4.12 billion dlrs of official debt. REUTER | BRAZIL CRITICISES ADVISORY COMMITTEE STRUCTURE |
Oper shr 17 cts vs 25 cts Qtly div 15 cts vs 15 cts prior Oper net 1522000 vs 3501000 Sales 98.0 mln vs 86.3 mln NOTE: Prior year net excludes loss from discontinued operations of 1817000 dlrs. Company said common shares outstanding down significantly to 7814000 reflecting retirement of about 5200000 shares since start of restructurining in August 1986. Dividend pay April 30 record April 16. Reuter | WHITTAKER CORP <WKR> 1ST QTR JAN 31 NET |
Caisse Centrale Desjardins du Quebec is issuing a 10 billion yen step-up eurobond maturing on March 25 1992 and priced at 101-3/4 pct joint-bookrunner Warburg Securities said. The issues pays a coupon of one pct in years one and two and then pays a coupon of 7-7/8 pct in years three four and five. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The payment date is March 25 while the issue will be listed in Luxembourg. The borrower is the wholesale financing arm of a major group of credit unions in the Province of Quebec. Reuter | QUEBEC'S CAISSE DES JARDINS ISSUES YEN EUROBOND |
Oper shr 1.80 dlrs vs 1.46 dlrs Oper net 25.0 mln vs 20.2 mln Sales 1.09 billion vs 996.4 mln Avg shrs 13.9 mln vs 13.8 mln Year Oper shr 3.20 dlrs vs 2.57 dlrs Oper net 44.4 mln vs 35.4 mln Sales 3.87 billion vs 3.43 billion Avg shrs 13.9 mln vs 13.8 mln NOTES: Operating net excludes losses of 12.1 mln dlrs or 87 cts a share vs 321000 dlrs or two cts a share in quarter and 6.0 mln dlrs or 43 cts a share vs 5.1 mln dlrs or 37 cts a share from discontinued operations. This includes provision in latest quarter of 12.2 mln dlrs for closing of Almys Department Store Co. Operating net in latest quarter and year includes 750000 dlrs charge for restructuring announced in early January Reuter | STOP AND SHOP COS INC <SHP> 4TH QTR JAN 31 NET |
Qtly div 35 cts vs 35 cts in prior qtr Payable April one Record March 14 Reuter | JIM WALTER CORP <JWC> REGULAR DIVIDEND |
Diagnostic Retrieval Systems Inc said it has made an offer to acquire through a wholly owned unit all outstanding shares of Rospatch Corps common stock for 22 dlrs a share cash or about 53 mln dlrs. DRS a warfare systems producer said it would make the transaction through a cash tender offer for all but not less than 51 pct of Rospatchs outstanding common stock followed by a merger with Rospatch a labels high technology and wood producer at the same purchase price per share. DRS said the deal is subject to approval by the Rospatch board and the tender offer expires on March 6 1986. Reuter | DIAGNOSTIC <DRS> MAKES A BID FOR ROSPATCH <RPCH> |
The volume of contracts traded on the New Zealand Futures Exchange (NZFE) reached a record 25559 contracts in February the International Commodities Clearing House (ICCH) said. The previous high was 22583 contracts in December 1986. The ICCH said the value of the contracts traded in February was 2.90 billion N.Z. Dlrs. The seven contracts currently traded on the NZFE are: five-year government bonds the share price index 90-day bank bills 90-day prime commercial paper the U.S. Dollar crossbred wool and wheat. Reuter | RECORD N.Z. FUTURES VOLUMES TRADED IN FEBRUARY |
AAR Corp said that the U.S. Air force exercised an option valued at about eight mln dlrs with its Brooks and Perkins Cadillac manufacturing subsidiary in Michigan for cargo pallet maintenence and overhaul. Reuter | AIR FORCE EXERCISES OPTION FOR AAR <AIR> ORDER |
Dow Chemical Co has launched a 200 mln Swiss franc 12-year bond with a 4-3/4 pct coupon priced at 100-1/4 pct lead manager Union Bank of Switzerland said. The issue carries a call option from 1993 at 102 pct declining thereafter by 1/2 percentage point per year. Subscriptions close March 18 and payment date is April 2. Reuter | DOW CHEMICAL LAUNCHES 200 MLN SWISS FRANC BOND |
Tanzanias ruling Chama cha Mapinduzi (CCM) party has endorsed the governments economic reform programme but said it did not think more changes such as a further devaluation of the shilling would be needed. Tanzania has devalued the shilling more than 65 pct in less than a year and has started to overhaul inefficient government firms in line with a package agreed with the IMF. The CCMs national executive committee said it was satisfied with government efforts to implement IMF conditions. Measures taken so far are satisfactory and there is no need to take other ones -- the devaluation of the shilling included it said. The committees statement was in response to a government report on the IMF package submitted last Thursday. Reuter | TANZANIA SAYS NO NEED FOR NEW ECONOMIC MEASURES |
A Taiwan mission will leave next week for Washington to renegotiate an agreement severely limiting the growth of the islands textile exports a Board of Foreign Trade official said. Under the agreement signed last July Taiwans textile export growth was limited to 0.5 pct each year until 1988 based on the value of 1985 exports. The official said the pact was unfair because the United States had signed more favourable agreements with Hong Kong and South Korea. They were each given about one pct growth until 1991. He said Taiwan now found it difficult to compete with its two main rivals and the problem had been made worse because of the surging value of the Taiwan dollar. Reuter | TAIWAN TO SEEK HIGHER TEXTILE EXPORTS TO U.S. |
U.S. JAN CONSTRUCTION SPENDING ROSE 1.0 PCT AFTER REVISED 0.9 PCT DEC DROP |
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U.S. NON-FARM PRODUCTIVITY FELL REVISED 2.2 PCT IN 4TH QTR INSTEAD OF 1.7 PCT |
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Productivity in the non-farm business sector fell at a seasonally adjusted revised annual rate of 2.2 pct in the fourth quarter last year the Labor department said. Previously the department said productivity fell 1.7 pct in the fourth quarter. The decline followed a 0.3 pct drop in the third quarter. For all of 1986 productivity increased 0.7 pct from 1985 reflecting rises of 4.3 pct in the first quarter and 0.5 pct in the second quarter. Non-farm productivity in 1985 increased 0.5 pct the department said. For the fourth quarter output rose 1.9 pct while hours of all persons increased 4.3 pct. Hourly compensation rose 2.7 pct but effectively was zero when the increase in CPI-U is taken into account. Unit labor costs rose 5.1 pct. The implicit price deflator for non-farm business fell 0.4 pct following a 3.6 pct increase in the third quarter. Manufacturng productivity declined 0.1 pct after a 3.6 pct increase in the third quarter. Manufacturing output rose 3.3 pct in the fourth quarter and as hours gained 3.4 pct and compensation per hour 2.1 pct the department said. Real compensation per hour in manufacturing fell 0.6 pct in the fourth quarter when inflation was taken into account. Business productivity including farms fell 2.8 pct in the fourth quarter after a 0.4 pct third-quarter decline but was 0.7 pct higher overall in 1986 than in 1985. Hourly compensation increased three pct overall in 1986 in the non-farm business sector the smal.0 pct.e since 1919. In 1985 hourly compensation rose 4.0 pct. The implicit price deflator for non-farm business rose 2.2 pct in 1986 after a 3.3 pct rise a year earlier and was the smallest increase since 1965. Unit labor costs were up 2.3 pct in 1986 after rising 3.5 pct in 1985. Productivity in manufacturing rose 2.7 pct last year after a 1985 rise of 4.4 pct the department said. Reuter | U.S. NON-FARM PRODUCTIVITY FELL 2.2 PCT IN QTR |
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.69 PCT FROM 7.82 PCT |
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U.S. construction spending rose 3.6 billion dlrs or 1.0 pct in January to a seasonally adjusted rate of 378.5 billion dlrs the Commerce Department said. Spending in December fell a revised 3.5 billion dlrs or 0.9 pct to 374.9 billion dlrs the department said. Previously it said spending fell 0.5 pct in December. The department said the value of all new construction in 1986 was 376.9 billion dlrs or six pct more than the 355.6 billion dlrs of building put in place in 1985. The department said January construction spending was 5.1 billion dlrs or 1.4 pct above the January 1986 total of 373.4 billion dlrs. Residential construction spending rose in January to an annual rate of 180.7 billion dlrs from 178.6 billion dlrs in December. Public construction outlays rose for a third successive month to 75.2 billion dlrs in January from 71.2 billion dlrs in December and were 7.2 billion dlrs or 10.6 pct higher than the January 1986 estimate of 68.0 billion dlrs the department said. The department said a big increase in public spending occurred on highway construction where outlays rose in January to 23.8 billion dlrs from 18.9 billion dlrs in December. In constant dlrs January construction outlays rose 3.6 billion dlrs or 1.1 pct from December levels the department said. Reuter | U.S. CONSTRUCTION SPENDING ROSE 1.0 PCT IN JAN |
Whittaker Corp said it will have a gain on the sale of discontinued businesses after any operating losses from the businesses up until the dates of disposition but it will defer reporting the gain until its restructuring program hsa been substantially completed. The company said in the first quarter ended January 31m it completed the divestiture of its health maintenance organization operations to Travelers Corp <TIC> sold its Whittar Steel Strip operations to <DofascoxInc> and sold its equity investment in Bertram-Trojan Inc to an affiliate of <Investcorp>. The company said it has entered into definitive agreements to sell Whittaker General Medical Corp Bennes MArrel SA of France and Juster Steel Corp as well. The company said to date it has received proceeds of about 90 mln dlrs from divestitures and has used the funds to reduce debt incurred in the repurchase of its common shares. Whittaker today reported first quarter earnings from continuing operations fell to 1522000 dlrs from 3501000 dlrs a year before. The year-earlier figure excluded a 1817000 dlr loss from discontinued operations. Reuter | WHITTAKER <WKR> TO HAVE GAINS FROM SALES |
The Japan Fund Inc said it has received an unsolicited offer from <Sterling Grace Capital Management LP> acting together with certain other persons and entities to purchase all the assets of the fund at five pct below its aggregate net asset value. The Japan Find said tne deal is subject to obtaining satisfactory financing and a due diligence review. It added that the proposal has been referred to its Board of Directors for consideration. Reuter | THE JAPAN FUND <JPN> GETS BUYOUT OFFER |
Stansbury Mining Corp said it has arranged the financing it needs to bring its vermiculite mine into operation later this year. The company said New York investment banking firm Matthews and Wright has arranged 7300000 dlrs in tax-free industrial revenue bonds and 4700000 dlrs in conventional bonds. It said it expects to produce saleable ore from the mine before year-end. The company said it has also signed an agreement for Wright Engineers Ltd of British Columbia to recoup the cost of its services to Stansbury by converting warrants. The company said Wright Engineers would convert the warrants to Stansbury common on a monthly basis at the monthly market value as the 1700000 dlrs of engineering work is completed. It said it does not expect more than 400000 warrants to be converted over the next 12 months. Reuter | STANSBURY MINING <STBY> GETS FUNDING FOR MINE |
Div 50 won vs 50 won Net profit 6.91 billion won vs 6.10 billion Sales 4275.4 billion vs 38017 billion Note - Company has set 1987 sales target of 4800 billion won. Reuter | <SAMSUNG CO> CALENDAR 1986 |
Div 50 won vs 50 won Net profit 35.4 billion won vs 34.2 billion Sales 4214.9 billion won vs 3779.2 bilion Note - company has set 1987 sales target of 5200 billion. REUTER | <DAEWOO CORP> CALENDAR 1986 |
CORNING TO OFFER 0.5165 SHARE FOR EACH HAZLETON SHARE UNDER EARLIER AGREEMENT |
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Bank of New York Co said it and the management of RMJ Securities Corp have agreed to sell 80 pct of their interests in RMJ Holding Corp to <British and Commonwealth Holdings PLC> and Bank of New York expects to realize a substantial gain on the transaction. RMJ Holding is the holding company for RMJ Securities a large broker of U.S. government securities and agency obligations Bank of New York owns a majority interest in RMJ Holding and management of RMJ Securities the remainder. Bank of New York said the sale is expected to be completed during the second quarter. It said it and RMJ Securities management will continue to own 20 pct of RMJ Holding for now but the agreement provides for the sale of that remaining interest to British and Commonwealth over the next six years. Reuter | BANK OF NEW YORK <BK> TO HAVE GAIN ON UNIT SALE |
Corning Glass Works said the exchange ratio for its previously announced acquisition of Hazleton Laboratories Corp has been established at 0.5165 Corning common share for each Hazleton common share. Corning said the prospectus regarding the merger is expected to be mailed tomorrow to all Hazleton holders of record February 18. Hazleton shareholders will vote on the proposed merger at a special meeting on March 31. Reuter | CORNING <GLW>, HAZLETON <HLC> SET EXCAHNGE RATIO |
World animal health experts called for a campaign to eradicate the lethal cattle disease Rinderpest in Bangladesh Bhutan India Nepal and Pakistan a statement from a Food and Agriculture Organization (FAO) meeting here said. Some 230 mln dlrs is needed over two years to vaccinate the entire susceptible cattle population in Bangladesh and Pakistan and high-risk areas of the other three countries. In India some 240 mln cattle are estimated to be at risk from the disease. The experts recommended the campaign be funded mostly by the governments of the five nations with help from the FAO. Similar campaigns are needed in Egypt Yemen Iraq and Iran. Reuter | HEALTH EXPERTS URGE ERADICATION OF RINDERPEST |
Turkish retail prices rose 2.7 pct in February after 2.9 pct in January and 1.7 pct in February 1986 the State Statistics Institute said. Prices in the year to February rose 31.6 pct compared with 30.3 pct in the year to January and 38.8 pct in the 12 months to February 1986. The index (base 1978/79) covering 14 towns and five regions was 1886.8 in February 1837.2 in January and 1434.0 in February 1986. REUTER | TURKISH RETAIL PRICES RISE 2.7 PCT IN FEBRUARY |
bank of england announces creation of further one billion stg of nine pct 2002 exchequer stock |
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Xerox Corp said it has added a system that can handle more than 3000 calls per hour and store up to 526 hours of messages to its Voice Message Exchange product line. Available with 12 to 64 ports the new System V is designed to serve 800 to 10000 users the company said. It is compatible with the companys entire voice message exchange line it added. Xerox said the system may be rented annually with an option to purchase starting at 4700 dlrs per month or purchased for 123000 dlrs. Reuter | XEROX CORP <XRX> ADDS CAPACITY TO SYSTEM |
Bally Manufacturing Corp said it completed the acquisition of the Golden Nugget Casino Hotel in Atlantic City New Jersey from Golden Nugget Inc. Bally also acquired from Golden Nugget various parcels of real estate in Atlantic City it noted. The transaction included 140 mln dlrs in cash and stock and the assumption of a 299 mln dlrs mortgage. Reuter | BALLY <BLY> COMPLETES PURCHASE OF GOLDEN NUGGET |
<Consolidated TVX Mining Corp> said it agreed to issue 7.8 mln treasury shares to acquire interests in three gold mining companies in Brazil and an option to increase the companys interest in a platinum property. The company said the transactions will bring immediate production and earnings to Consolidated TVX enhance its precious metal potential and is expected to improve cash flow and earnings on a per share basis. The company did not give specific figures. Consolidated TVX said it will acquire 29 pct of CMP a public gold mining company in which TVX already holds a 15 pct interest making TVX the largest single shareholder. The company also agreed to acquire a 19 pct stake in Novo Astro a private company and a 16 pct interest in Teles Pires Mining increasing the TVXs ownership to 51 pct. In addition Consolidated TVX said it will acquire the right to add a 10 pct interest to a platinum property in which it already owns a 29.4 pct stake. CMP earned 11 mln Canadian dlrs in 1986 and expects to produce 42000 ounces of gold in 1987 at a cost of 160 U.S. dlrs an ounce Consolidated TVX said. Novo Astro operates Brazils richest gold mine located in Amapa State with an average grade of 0.8 ounces of gold a ton in a hardrock quartz vein Consolidated TVX said. Mining of eluvial surface material produced 25000 ounces in 1986 and is expected to produce 60000 ounces in 1987. It also said Teles Pires Mining controls rights to a 350 kilometer section of the Teles Pires River where one dredge is expected to produce 10000 ounces of gold in 1987. Reuter | CONSOLIDATED TVX TO BUY BRAZIL GOLD MINE STAKES |
Oper shr 17 cts vs 19 cts Oper net 636000 vs 358000 Revs 10.6 mln vs 7024000 Avg shrs 3808000 vs 1924000 Year Oper shr 73 cts vs 65 cts Oper net 2467000 vs 1199000 Revs 31.5 mln vs 22.9 mln Avg shrs 3372000 vs 1785000 NOTE: Net excludes investment gains 20000 dlrs vs 86000 dlrs in quarter and 586000 dlrs vs 195000 dlrs in year. 1985 year net excludes 304000 dlr tax credit. Share adjusted for one-for-two reverse split in November 1985. Reuter | WARWICK INSURANCE MANAGERS INC <WIMI> 4TH QTR |
Canadas industrial product price index rose 0.2 pct in January after falling 0.2 pct in each of the two previous months Statistics Canada said. The rise was led by price gains for papers pharmaceuticals and petroleum and coal products. Price declines were recorded for meat products lumber and motor vehicles. On a year over year basis the federal agency said the index fell 0.9 pct in January the largest yearly decline on record. Reuter | CANADA INDUSTRIAL PRICES UP 0.2 PCT IN MONTH |
Olivers Stores Inc said it has decided to reorganize under Chapter 11 of the federal bankruptcy laws and will file a petition by the end of this week. The company said it has failed to reach agreement with primary lenders Manufacturers Hanover Corp <MHC> and Midlantic Corp <MIDL> on a debt restructuring. It said Manufacturers has declared the company in default and demanded repayment of about six mln dlrs in debt. Reuter | OLIVER'S STORES <OLVR> FILES CHAPTER 11 |
Howen Owners Federal Savings and Loan Association said its stockholders have approved an amendment to its charter increasing the number of authorized common to 32 mln shares from eight mln and the number of authorized preferred shares to eight mln from two mln. Reuter | HOWE OWNERS FEDERAL <HFSL> HOLDERS OK MORE STOCK |
Commerzbank Overseas Finance NV is issuing a 50 mln stg eurobond due March 31 1992 paying 9-5/8 pct and priced at 101-1/4 pct joint-lead manager Samuel Montagu and Co Ltd said. Commerzbank AG is the other joint-lead. The non-callable bond is available in denominations of 1000 and 10000 stg and will be listed in London. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The payment date is March 31. REUTER | COMMERZBANK UNIT ISSUES STERLING EUROBOND |
Nuclear Data Inc said its bank lenders agreed to extend its secured loan agreement through June 30 1987. The agreement which covers about 9.5 mln dlrs in short term debt had been scheduled to expire February 28. Terms of the extension require Nuclear Data to obtain replacement financing from outside sources before June 30 it said. If the company is unable to or fails to achieve certain projected operating results in the meantime it will be required to divest enough assets to retire its debt it said. For the first nine months of its fiscal 1987 year ended November 30 1986 Nuclear Data reported a loss of almost nine mln dlrs or 4.98 dlrs a share on revenues of 32.6 mln dlrs. Nuclear Data cited improvement in printed circuit board sales and said it is confident it will obtain replacement financing. In other action Nuclear Data said it set up a 1.25 mln dlrs reserve to cover the revaluation of certain domestic medical inventory and the redirection of its U.S. medical sales efforts. The reserve was taken to offset a decline in the U.S. dollar against the Danish Kroner and other factors adversely affecting sales of its Danish manufactured medical products in the U.S. market Nuclear Data said. Reuter | NUCLEAR DATA <NDI> GETS EXTENSIONS ON LOANS |
GELCO CORP 2ND QTR SHR 67 CTS VS 23 CTS |
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Shr 22 cts vs 17 cts Net 1232000 vs 834000 Sales 24.1 mln vs 20.9 mln Avg shrs 5609000 vs five mln Year Shr 97 cts vs 69 cts Net 4985000 vs 3426000 Sales 92.4 mln vs 77.9 mln Avg shrs 5153000 vs five mln Reuter | STROBER ORGANIZATION INC <STRB> 4TH QTR NET |
Dow Chemical Co said a judge on the New Jersey Superior Court for Monmouth County granted its Merrell Dow Pharmaceuticals Inc unit a motion for a directed verdict in its favor in a case alleging its morning sickness drug Bendectin caused a childs birth defects. Merrell Dow said after plaintiffs had completed their presentation of evidence Judge Marshall Selikoff granted the companys motion and discharged the jury on grounds tha plaintiffs did not present evidence showing the drug caused the child problems. Reuter | JUDGE RULES IN FAVOR OF DOW CHEM <DOW> UNIT |
U.K. Chancellor of the Exchequer Nigel Lawson has told Brazils Finance Minister Dilson Funaro that negotiations on Brazils debt to commercial banks are a matter for the commercial banks themselves a Treasury spokesman said. The spokesman said the Chancellor had emphasised in talks this morning with Funaro the need for the Brazilian authorities to be able to present a convincing economic program to the countrys creditors. He added an accord with the International Monetary Fund (IMF) could be a very helpful support. Brazil on February 20 suspended interest payments on 68 billion dlrs of its debts to commercial banks. Lawsons attitude was interpreted by banking sources as a clear rebuff to Brazilian hopes of obtaining official cooperation in resolving its external debt crisis. Funaro accompanied by central bank president Francisco Gros is on the first leg of a tour of European capitals in an attempt to explain to governments Brazils indefinite suspension of interest payments earlier this month. Brazil has in the past rejected a substantial role for the IMF in managing its economy arguing that an IMF austerity program by promoting exports and dampening domestic consumption would lead to recession and threaten democracy. Funaro and Gros last week visited Washington as part of their trip to enlist support from governments for its attempts to change the means by which developing countries finance growth. Funaro said on Saturday in Washington that Brazil would not have suspended payment on its debt if it had received more and faster financing from international agencies. He said earlier today that Brazil was first approaching governments before talking to the commercial banks themselves about the interest payment moratorium because the banks have some limits.... Its a political discussion from our point of view. Funaro said on Friday that his talks with U.S. Officials had resulted in no new financial arrangement to help resolve Brazils debt crisis describing the meeting as an initial contact. He had earlier met Federal Reserve Board Chairman Paul Volcker and U.S. Treasury Secretary James Baker. The Treasury spokesman pointed out that todays talks had been at Funaros request. After travelling this week to France Germany Switzerland and Italy Funaro hopes to visit Canada and Japan next week before starting negotiations with banks. REUTER | U.K. SAYS HAS NO ROLE IN BRAZIL MORATORIUM TALKS |
SHELL CANADA CUTS CRUDE OIL PRICES BY UP TO 1.27 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE |
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The Bank of Enlgand said it was creating and taking onto its own books a one stg tranche of the nine pct Exchequer stock due 2002. The issue is part paid with 20 stg pct payable on issue and the 76 stg pct balance due on April 27. First dealings will take place this Wednesday March 4. The initial reaction among dealers was to mark prices around 1/8 point easier. The market had been untapped prior to this announcement. REUTER | BANK OF ENGLAND ANNOUNCES ONE BILLION STG TAP |
Qtly div three cts vs three cts prior Pay April six Record March 20 Reuter | BRENCO INC <BREN> DECLARES QTLY DIVIDEND |
The National Union of Mineworkers NUM said it will demand a 55 pct annual wage increase in upcoming negotiations with South Africas mining companies. The union representing some 360000 black workers at about 118 mines last year sought a 45 pct boost in salaries and settled for 23.5 pct. NUM General Secretary Cyril Ramaphosa told a news conference the miners were very angry at low wages...And are prepared to press their struggle for as long as it takes to get their demands met. Salaries for black miners currently range from a low of 195 rand or 94 dlrs a month to 800 rand or 384 dlrs with an average monthly wage of 345 rand or 165 dlrs Ramaphosa said. He also said the union has asked the mining companies to begin new contract talks on April one instead of the usual May one starting time. The current one-year contract expires at the end of June. REUTER | BLACK SOUTH AFRICAN MINERS SEEK WAGE RISE |
Prime Computer Inc said it has introduced the Prime Medusa/pc software a two dimensional version of its Prime Medusa computer-aided-design software. Prime said Prime Medusa/pc is for use on an International Business Machines Corp <IBM> PC/AT operating within a Prime 50 Series minicomputer environment. The company said the software is available immediately to customers who have or are currently ordering a Prime Medusa license on one of Primes 50 series systems. Prime added the software costs 5000 dlrs per license with monthly maintenance of 65 dlrs. Prime said it also unveiled the Prime Medusa Revision 4.0 system with a new feature for developing applications that alows users to associate non-graphic information with graphic elements on a drawing sheet. The Prime Medusa Revision 4.0 is available immediately Prime said. Reuter | PRIME COMPUTER <PRM> UNVEILS PC SOFTWARE |
Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr including capital gains of 2.978 dlrs Payable March 27 Record February 27 Reuter | MASSACHUSETTS INVESTORS GROWTH STOCK FUND PAYOUT |
Federal Industries Ltds earlier announced commercial paper issue of up to 440 mln dlrs will be made only in Canada a company spokesman said. The issue currently underway is expected to be completed within the next few weeks. The final amount of the issue depends on market conditions but will likely be close to 400 mln dlrs the spokesman said. Reuter | FEDERAL INDUSTRIES PAPER ISSUE JUST IN CANADA |
Shr 35 cts vs 25 cts Net 1590000 vs 1140000 Revs 32.2 mln vs 23.0 mln YEAR Shr 1.16 dlrs vs 68 cts Net 5300000 vs 3100000 Revs 110.0 mln vs 85.4 mln Reuter | <PREMDOR INC> 4TH QTR NET |
American Nursery Products Inc said it purchased Miami-based Heinls Nursery Inc for undisclosed terms. Heinls Nursery has sales of about 4.5 mln dlrs and owns 100 acres of which 75 are in shade houses and about 58300 square feet cover greenhouses shipping and office facilities. Reuter | AMERICAN NURSERY <ANSY> BUYS FLORIDA NURSERY |
Jutland Telephone Co plans to issue a 75 mln Swiss franc 4-3/4 pct bond with a par price and a maximum 10-year maturity lead manager Union Bank of Switzerland said. The bond may be retired between 1991 and 1996 if the secondary price does not exceed par. It may be called starting in 1992 at 101 with declining premiums thereafter or for tax reasons beginning in 1988 at 102 with declining premiums thereafter. REUTER | JUTLAND TELEPHONE SETS 75 MLN SWISS FRANC BOND |
Regency Cruises Inc said its board elected William Schanz as its chairman and chief executive officer. He replaces Anastasios Kyriakides who resigned in December. Schantz has served as president treasurer and a director since its inception in 1984. The company also elected three directors. They are Paul Hermann John Clive Bayley and Costas Galetakis. The company said they replace Paul Wells and Douglas MacGarvey who also resigned in December. One new directors post has been added Regency said. Reuter | REGENCY CRUISES INC <SHIP> ELECTS NEW CHAIRMAN |
Semi-annual div from income of 7.3 cts vs 1.0 cent in prior period Payable March 27 Record February 27 Reuter | MFS MANAGED SECTORS TRUST DIVIDEND INCREASED |
Unocal Corp said it plans to introduce truck lube centers at most of the 148 Unocal 76 Auto/TruckStops along the nations interstate highways. The company said the centers will be the first national program to offer over-the-road trucks a convenient and complete lube-and-oil-change service. The centers will offer a 20-point lubrication and oil change at a suggested price of 99.95 dlrs for most trucks. Unocal said the price will be the same or lower than commercial grages and truckstops now charge in most areas. Reuter | UNOCAL <UCL> PLANS LUBE CENTERS AT TRUCKSTOPS |
Genzyme Corp said it and Howmedica a Rutherford N.J.-based company owned by Pfizer Inc have agreed to an initial joint research and development program. The company said the venture will focus on using Genzymes proprietary technologies to procued hyaluronic acid-based products for use in orthopedic surgery. Hyaluronic acid is a natural water retaining and lubricating component in the bodys soft tissue and a key part of certain body fluids. Reuter | <GENZYME>, PFIZER <PFE> UNIT IN JOINT VENTURE |
<Multi-Step Products Inc> earlier reporting an initial six month loss said it agreed to sell wholly owned Multi-Step Manufacturing Inc for 100000 dlrs cash subject to shareholder and regulatory approval. Multi-Step also said it will pay 900000 dlrs to cancel 711192 of its own shares which will be acquired from Michael Penhale and his benficiaries. Penhale will control and manage Multi-Step Manufacturing following the transactions. Multi-Step had a 739146 dlr loss for the six months ended December 31. The company received its initial public listing in December. The company said its ladder-making unit has been losing 300000 dlrs quarterly. The sale expected to close in April also calls for retirement of the units 400000 dlr bank debt Multi-Step said. The unit also has agreed to pay a debt of 400000 dlrs to Tarxien Company Ltd which is 40 pct owned by Multi-Step. Multi-Step previously said it agreed to acquire the remaining 60 pct of Tarxien it does not already own. Reuter | MULTI-STEP TO SELL LADDER UNIT, CANCEL SHARES |
Esselte Business Systems Incs Esselte Meto division said it has acquired the Antonson America Co a subsidiary of <Antonson Machines AB> of Sweden. Esselte said the Antonson unit based in LaPorte Indiana manufactures scales and label printers. The company said the purchase is part of a plan to increase the range of retail electronic scales being offered by Esselte in the U.S. It said the acquisition will enble Esselte to increase its distribution base in its effort to grow in the U.S. Reuter | ESSELTE BUSINESS <ESB> UNIT BUYS ANTONSON UNIT |
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 a fairly large round two billion dlrs or more of customer repurchase agreements. The Fed may add the reserves directly instead via System repurchases. Federal funds which averaged 6.02 pct on Friday opened at 6-1/8 pct and traded between there and 6-1/16 pct. Funds are under upward pressure from settlement of recently sold two-year notes and from a Treasury tax and loan call on banks. Reuter | FED EXPECTED TO ADD TEMPORARY RESERVES |
Reuters Holdings Plc <RTRS.L> said it had its first subscriber installation in China of its foreign exchange dealing service. The subscriber is the banking department of the China International Trust and Investment Corps (CITIC) head office in Beijing. The service is also due to be connected soon at the Bank of Chinas new headquarters in Beijing Reuters said. REUTER | REUTER DEALING SERVICE INTRODUCED IN CHINA |
Cambridge Medical Technology corp said it has signed a letter of intent with Panbaxy Laboratories to jointly make a new AIDS test. The company said it will have the exclusive right to market the product worldwide. The new test will be used to detect specific viral antigens in serum and whole blood samples. It said it hopes to design a simplified test for home use. Reuter | CAMBRIDGE MEDICAL <CMTC> IN DEAL ON AIDS TEST |
<Four Seasons Hotels Inc> and VMS Realty Partners said they agreed to acquire the Santa Barbara Biltmore Hotel in California from Marriott Corp for undisclosed terms. Closing was expected by March 31 they added. The companies said they would jointly own the hotel and rename it the Four Seasons Biltmore at Santa Barbara. They said they would spend more than 13 mln U.S. dlrs to enhance the Biltmores position as one of the finest resort hotels in North America. Chicago-based VMS Realty is a real estate and development firm. Reuter | FOUR SEASONS BUYING MARRIOTT <MHS> HOTEL |
Quaker Oats Co said it filed a shelf registration with the Securities and Exchange Commission covering up to 250 mln dlrs in debt securities. The company said it may offer the securites in one or more issues from time to time over the next two years. Proceeds will be used to repay short term debt issued in connection with Quaker Oats recent acquisitions and for other corporate purposes it said. Underwriters may include Salomon Brothers Inc and Goldman Sachs and Co. Reuter | QUAKER OATS <OAT> FILES SHELF REGISTRATION |
Stone Container Corp said it is splitting its common stock 2-for-1 and increasing its dividend 33-1/3 pct. The dividend of 20 cts a share an increase of five cts over the prior 15 cts a share on pre-split shares is payable June 12 to holders of record May 22. The stock split also is payable June 12 to holders of record May 22. Reuter | STONE <STO> SPLITS STOCK, RAISES PAYOUT |
Shares of Temple Inland Inc <TIN> and International Paper Co <IP> rose sharply this morning following a recommendation by Prudential Bache Securities traders said. Temple Inland jumped 2-7/8 to 73 and International Paper 1-1/4 to 91-1/4. Prudential Bache analyst Mark Rogers was not available for comment. Traders said he raised his recommendation of Temple Inland to a buy to support his earnings outlook of 5.85 dlrs a share in 1987 and nine dlrs a share in 1988. The company earned 3.30 dlrs a share in 1986. Traders also said that Rogers reiterated a recommendation of International Paper another forest products company that scored large gains in January as the dollar floundered. Rogers expects the company to earn 7.50 dlrs a share in 1987 and 10 dlrs a share in 1988. Last year the company earned 5.28 dlrs a share. Reuter | TEMPLE INLAND/INT'L PAPER UP ON RAISED OPINION |
Presidential Airways Inc said it will serve 12 cities when it starts operating Continental Express under a joint marketing agreement with Texas Air Corps <TEX> Continental Airlines on March 23. From its base at Dulles Airport in Washington Presidential will serve Albany N.Y. Birmingham and Huntsville in Alabama Columbus Ohio Daytona Beach Melbourne and Sarasota all in Florida Indianapolis New Yorks Kennedy Airport Philadelphia Portland Me. and Savannah Ga. Under the agreement Presidential will continue as a separate company but its mileage plan and other services will be combined with those of Continental Airlines. Reuter | PRESIDENTIAL AIR <PAIR> TO START NEW SERVICE |
Shr 81 cts vs 57 cts Net 3660273 vs 2437914 Rev 28.5 mln vs 23.1 mln Six months Shr 29 cts vs 12 cts Net 1325755 vs 483559 Rev 31.7 mln vs 26.4 mln Reuter | S-K-I LTD <SKII> 2ND QTR JAN 25 NET |
Shr loss 20 cts vs profit 96 cts Net loss 499000 vs profit 2369000 Revs 11.5 mln vs 10.3 mln NOTE: Prior year net includes gain on sale of property of 4557000 dlrs. Reuter | KAPOK CORP <KPK> YEAR SEPT 30 LOSS |
The coupon on the 70 mln dlr equity warrant eurobond for Best Denki Co Ltd has been set at three pct compared with the indicated 3-1/8 pct lead manager Nikko Securities Co (Europe) Ltd said. The exercise price was set 1640 yen per share representing a premium of 2-1/2 pct over todays closing price of 1600 yen. The foreign exchange rate was set at 154.40 yen to the U.S. Dollar. The five-year deal is priced at par. REUTER | COUPON REDUCED ON BEST DENKI WARRANT BOND |
Talks due today between management and unions to try to end the strike at Cargill U.K. Ltds Seaforth oilseed crushing plant have been rescheduled for Thursday a company spokesman said. Oilseed processing at the plant has been halted since December 19 when mill workers walked out in protest at new contract manning levels. Reuter | CARGILL U.K. STRIKE TALKS POSTPONED |
Lotus Development Corp said it has unveiled a new software product named Galaxy to complement the newly introduced Apple Computer Inc <AAPL> Macintosh II and Macintosh SE. Lotus said Galaxy will be formally introduced over the summer. Lotus said Galaxy will include Command language and dynamically linked modules unlike any other software product currently available for the Macintosh product family which enables the user to execute a series of commands with a single learned keystroke. Reuter | LOTUS <LOTS> INTRODUCES NEW SOFTWARE |
AMAX Incx said it has identified additional gold and silver ore reserves at its AMAX Sleeper Mine near Winnemucca Nev.. It said as a result of recent drilling reserves at thhe mine are now estimated at 2470000 short tons of ore grading 0.24 ounce of gold and 0.50 ounce of silver per ton that is treatable by conventional milling techniques. AMAX said additional reserves amenable to heap leaching are estimated at 38.3 mln tons averaging 0.025 ounce gold and 0.24 ounce silver per ton. Further drilling is being conducted it said. Reuter | AMAX <AMX> IN GOLD, SILVER FIND |
A study group said the United States should increase its strategic petroleum reserve to one mln barrels as one way to deal with the present and future impact of low oil prices on the domestic oil industry. U.S. policy now is to raise the strategic reserve to 750 mln barrels from its present 500 mln to help protect the economy from an overseas embargo or a sharp price rise. The Aspen Institute for Humanistic Studies a private group also called for new research for oil exploration and development techniques. It predicted prices would remain at about 15-18 dlrs a barrel for several years and then rise to the mid 20s with imports at about 30 pct of U.S. consumption. It said instead that such moves as increasing oil reserves and more exploration and development research would help to guard against or mitigate the risks of increased imports. Reuter | STUDY GROUP URGES INCREASED U.S. OIL RESERVES |
Oper shr profit 36 cts vs loss 1.48 dlrs Oper net profit 1353000 vs loss 5551000 Revs 11.3 mln vs 8142000 Year Oper shr profit 31 cts vs loss 1.58 dlrs Oper net profit 1165000 vs loss 5919000 Revs 38.0 mln vs 31.6 mln NOTE: Net includes pretax unusual gain 64000 dlrs vs loss 4744000 dlrs in quarter and losses 30077000 dlrs vs 4744000 dlrs in year. 1986 items include settlement of patent suit and provision for investment writeoff and 1985 item provision for loss on sale of scale business. 1986 net both periods excludes 400000 dlr tax credit. Reuter | K-TRON INTERNATIONAL INC <KTII> 4TH QTR NET |
Ford Motor Co has increased its U.S. production schedule for the second quarter by 52000 cars and 32000 trucks from previous plans the trade paper Wards Automotive Reports said. The paper which tracks industry production said Ford plans to build 485000 cars in the April-June period compared with 497000 a year ago. Fords new production schedule represents a 12 pct increase from previous production plans for cars and 10 pct for trucks Wards said. Reuter | FORD <F> INCREASES 2ND QTR OUTPUT PLANS -REPORT |
The Federal National Mortgage Association said it arranged a swap of 250-350 mln dlrs in stripped mortgage-backed securities with Shearson Lehman Brothers Inc. The exact amount of the swap will be determined later it said. Fannie Mae said the swap includes 15-year mortgages for Fannie Mae stripped mortgage-back securities that bear a nine pct coupon. The stripped securities consist of two classes. One receives all the principal payments from the underlying pool of mortgages and the other receives all the interest. Reuter | FNMA <FNM> ARRANGES MORTGAGE SECURITIES SWAP |
MCI Communications Corp said it has received a contract to provide telecommunications services to J.C. Penney Co Inc to accomodate much of Penneys nationwide vboice and information transfer requirements via a privatge satellite network. It said video teleconferencing will be provided at five locations data will be transmitted among seven locations and voice service will be provided to 350 locations. The company said Penneys use of the services is expected top exceed four mln call minutes per month of voice traffic. Value was not disclosed. Reuter | MCI <MCIC> GETS PENNEY <JCP> CONTRACT |
Shr 1.65 dlrs vs 1.50 dlrs Net 5370000 vs 4901000 Rev 8.4 mln vs 7.8 mln NOTE: 1986 net gain from property investments 717000 dlrs or 22 cts per share vs 721000 dlrs or 22 cts per share. Reuter | PRESIDENTIAL REALTY CORP <PDO> ANNUAL NET |
Ford Motor Co has increased its U.S. production schedule for the second quarter by 52000 cars and 32000 trucks from previous plans the trade paper Wards Automotive Reports said. The paper which tracks industry production said Ford plans to build 485000 cars in the April-June period compared with 497000 a year ago. Fords new production schedule represents a 12 pct increase from previous production plans for cars and 10 pct for trucks Wards said. Reuter | FORD INCREASES 2ND QTR OUTPUT PLANS, REPORT SAYS |
Investor Sumner Redstone who leads one of the two groups vying for control of Viacom International Inc offered to sweeten his bid for the company by 1.50 dlrs a share cash and 1.50 dlrs in securities. In a filing with the Securities and Exchange Commission Redstone who controls Dedham Mass.-based National Amusements Inc a theater chain operator offered to raise the cash portion of its Viacom offer to 42 dlrs a share from 40.50 dlrs. Redstone also raised the face value of the preferred stock he is offering to 7.50 dlrs from six dlrs. The Redstone offer which is being made through Arsenal Holdings Inc a National Amusements subsidiary set up for that purpose which also give Viacom shareholders one-fifth of a share of Arsenal common stock after the takeover. Viacom said earlier today it received revised takeover bids from Redstone and MCV Holdings Inc a group led by Viacom management which is competing with Redstone for control of the company and already has a formal merger agreement with Viacom. The company did not disclose the details of the revised offers but said a special committee of its board would review them later today. The Redstone group which has a 19.5 pct stake in Viacom and the management group which has a 5.4 pct stake have both agreed not to buy more shares of the company until a merger is completed unless the purchases are part of a tender offer for at least half of the outstanding stock. The two rivals also signed confidentiality agreements which give them access to Viacoms financial records provided they keep the information secret. In his SEC filing Redstone who estimated his cost of completing the takeover at 2.95 billion dlrs said Bank of America is confident it can raise 2.275 billion dlrs. Besides the financing it would raise through a bank syndicate Bank of America has also agreed to provide a separate 25 mln dlr for the limited purpose of partial financing and has committed to provide another 592 mln dlrs Redstone said. Merrill Lynch Pierce Fenner and Smith Inc has increased its underwriting commitment to 175 mln dlrs of subordinated financing debt for the Viacom takeover from the 150 mln dlrs it agreed to underwrite earlier Redstone said. Redstone said his group would contribute more than 475 mln dlrs in equity toward the takeover. The Redstone equity contribution to the takeover would consist of all of his groups 6881800 Viacom common shares and at least 118 mln dlrs cash he said. The new offer the second sweetened deal Redstone has proposed in his month-long bidding war with management also contains newly drawn up proposed merger documents he said. Last week the management group submitted what it called its last offer for the company valued at 3.1 mln dlrs and consisting of 38.50 dlrs a share cash preferred stock valued at eight dlrs a share and equity in the new company. Redstones previous offer had been valued at 3.2 billion dlrs. Reuter | REDSTONE DETAILS SWEETENED VIACOM <VIA> OFFER |
Montedison Spa <MONI.MI> said it has concluded its negotiations with Spanish pharmaceuticals company <Antibioticos SA>. A company spokesman told Reuters We have concluded the talks and we are now awaiting authorization from Spanish authorities. He declined to comment further. Earlier today the Italian company postponed a scheduled press conference on its talks with Antibioticos. An Italian press report today said Montedison has agreed to acquire Antibioticos for 500 billion lire. REUTER | MONTEDISON CONCLUDES TALKS WITH ANTIBIOTICOS |
UtiliCorp United Inc said it completed the acquisition of West Virginia Power from Dominion Resources for about 21 mln dlrs. The sale was approved by the West Virginia Public Service Commission in January and became effective March one. West Virginias management will continue to be responsible for operating the utility it said. Reuter | UTILICORP <UCU> COMPLETES ACQUISITION |
Armco Inc said its former European Steel Mill Merchandising department has become a unit of the parents specialty steels division based in Butler. The unit newly named Specialty Steels-Europe is based in Cologne West Germany. It will market and sell in Europe the divisions U.S.-made products and specialty products made in Europe. Reuter | ARMCO <AS> CHANGES EUROPEAN MARKETING UNIT |
The Federal Aviation Administration fined Delta Air Lines Inc 140400 dlrs for alleged violations of federal air safety rules FAA officials said. The FAA had reviewed Delta safety and maintenance operations early last year as part of a series of special inspections of U.S. air carriers. The Delta fine is the smallest to come out of the special inspections the officials said. As a result of the inspections Eastern Air Lines was fined a record 9.5 mln dlrs American Airlines was penalized 1.5 mln dlrs and Pan American World Airways 1.95 million dlrs. Reuter | FAA FINES DELTA <DAL> 140,400 DLRS ON SAFETY |