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MERRILL LYNCH ISSUES 100 MLN ECU EUROBOND | Merrill Lynch and Co is issuing a 100
mln Ecu eurobond due March 30, 1990, paying 7-3/8 pct and
priced at 101 pct, lead manager Banque Paribas Capital Markets
said.
Merrill Lynch Capital Markets is co-lead manager.
The issue is available in denominations of 1,000 and 10,00
Ecus and will be listed in Luxembourg.... |
WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE | Sweden's Wallenberg group fought back
a bid by the London-based Swedish financier Erik Penser to
secure a large stake in Swedish Match <SMBS ST>, one of the
companies at the core of their business empire.
A statement issued by the Wallenberg holding companies AB
Investor and Forvaltnings AB Providentia said they ha... |
INDONESIAN SOYBEAN IMPORTS FORECAST TO RISE | Soybean imports are forecast to rise to
425,000 tonnes in 1987/88 (October/September) from an estimated
300,000 in 1986/87 and 375,000 in 1985/86, the U.S. Embassy
said in its annual report on Indonesia's agriculture.
It said Indonesia did not achieve its goal of
self-sufficiency in soybean output in calendar 1986 ... |
SHV SAYS IT MAKING TENDER OFFER FOR IC GAS | <SHV (United Kingdom) Holding Co Ltd>
said it was making a tender offer for up to 33 mln ordinary
shares in Imperial Continental Gas Association.<ICGS.L>.
It said in a statement the offer was on the basis of 700p
for each IC Gas ordinary and 252p for every one stg nominal of
IC Gas loan stock.
SHV already holds... |
NOBEL/FINANCIERE ROBUR ISSUE FRENCH FRANC BONDS | Nobel and Financiere Robur are issuing
French franc domestic bonds with share warrants, according to
announcements in the Official Bulletin (BALO).
Nobel is issuing a 200 mln franc 10-year bond with a 5.5
pct coupon in 1,000 franc denominations, to which existing
shareholders will have subscription rights in the ra... |
JAPANESE BANKS COOL ON NIGERIAN DEBT TALKS | Japanese banks are expected to give
Nigerian debt negotiators a cool response when they arrive here
tomorrow for talks, banking sources said.
"We're not very enthusiastic about Nigeria's debt
rescheduling," said a senior official at a leading Japanese
bank.
A team of Nigerian officials will meet with Japanese
c... |
U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG | The Bank of England said it forecast a
shortage of around 800 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 1.61 billion stg.
Partly offsetting this outflow, exchequer transactions and
a fall in n... |
JAPAN SALES TAX MAY FORCE NAKASONE OUT OF OFFICE | Prime Minister Yasuhiro Nakasone is likely
to leave office this summer amid opposition to his
controversial tax-reform package, political analysts said.
They said Nakasone's reputation as a skilled politician has
suffered irreparable damage from his support of a five pct
sales tax planned for January 1988.
"Nak... |
BLACK MINERS SUPPORT S. AFRICAN MINES TAKEOVER | Thousands of black
mineworkers roared support for a union proposal to seize
control of South Africa's gold, uranium, platinum and coal
mines if the owners refuse to improve conditions for migrant
black workers.
About 15,000 miners attended a rally here to endorse moves
proposed by last week's annual meeting of the ... |
THAILAND ANNOUNCES THIRD TAPIOCA QUOTA FOR EC | Thailand's Commerce Ministry announced a
new tapioca export quota of 737,987 tonnes for the European
Community against 762,860 tonnes for the previous allocation.
The ministry said the fresh allocation, for the February
27-July 7 shipment period, is the third under a maximum 5.5 mln
tonne overall quota that Thailan... |
ATPC MEMBERS FIND WAYS TO CURB TIN EXPORTS | Mine and industry officials from
most member states of the Association of Tin Producing
Countries (ATPC) say they have found ways to limit group
exports to 96,000 tonnes in the year started March 1, according
to views polled by Reuter correspondents.
The plan to curb exports, agreed in January, is aimed at
cutting ... |
SOUTH KOREA TO HOLD CURRENT ACCOUNT SURPLUS DOWN | South Korea plans to take steps to keep
its 1987 current account surplus below five billion dlrs,
Economic Planning Board Minister Kim Mahn-je said.
Kim told reporters the government would repay loans ahead
of schedule and encourage firms to increase imports and
investment abroad to prevent the current account surp... |
DUTCH OILSEEDS/FATS IMPORTS ROSE IN 1986 | and oil-bearing
raw materials, fats and oils rose to 2.16 mln tonnes on a
fat/oil basis in 1986 from 2.12 mln tonnes in 1985, the
Commodity Board for Margarine, Fats and Oils said.
Exports of the same commodities fell to 1.35 mln tonnes
from 1.38 mln on a fat-oil basis.
Fat- and oil-bearing raw materials import... |
CHINA'S HEILONGJIANG PROVINCE BOOSTS GOLD OUTPUT | Gold output in the northeast China
province of Heilongjiang rose 22.7 pct in 1986 from 1985's
level, the New China News Agency said. It gave no figures.
It said the province, China's second largest gold producer
after Shandong, plans to double gold output by 1990 from the
1986 level. China does not publish gold pro... |
SALE TILNEY BUYS STAKE IN U.S. INSURANCE BROKER | <Sale Tilney Plc> said it has purchased
80 pct of the ordinary share capital of <B and R International
Inc.>, a U.S. Insurance broker, for 5.6 mln dlrs.
Sale is paying 3.6 mln dlrs in cash on completion, with the
balance plus interest to be paid in equal instalments over the
next six years.
B and R posted preta... |
SAN MIGUEL BOARD APPOINTMENT MAY MEAN CHANGES | Disagreement over management of <San
Miguel Corp> (SMC) may follow the Philippine government's
appointment of a well-known banker to the SMC board, investment
analysts said.
They told Reuters the presence of <United Coconut Planters
Bank> (UCPB) president Ramon Sy to the board of SMC may mean
changes in SMC managem... |
ESTIMATED DROP IN JAPAN CORPORATE PROFITS TRIMMED | The combined profits of Japan's major
corporations, excluding financial institutions, are forecast to
fall 19.2 pct in the 1986/87 year ending March 31, compared to
the 19.9 pct decline projected in late November, Wako Research
Institute of Economics said.
The private research body also said in a statement that 437... |
LEBANESE PRESIDENT AGREES NEW PEACE MOVES | Lebanese President Amin Gemayel has
agreed to three key points in a new Syrian-brokered plan aimed
at ending civil war in Lebanon, official sources said.
They said the Maronite Christian leader has agreed to give
up Cabinet voting rights, to ensure that the Prime Minister is
elected by parliament and to the aboliti... |
INDIAN BUDGET DEFICIT SEEN FUELING INFLATION | Prime Minister Rajiv Gandhi's fiscal
1987/88 budget has sparked speculation that a large deficit
will push up India's moderate inflation rate and that the
country's stock markets will experience prolonged uncertainty,
economists, politicians and stockbrokers told Reuters.
The projected deficit for fiscal 1987/88, e... |
INDIA BUYS 46,000 TONNES OF VEGETABLE OILS | The Indian State Trading Corporation
purchased 46,000 tonnes of vegetable oils at its import tender
on Friday, market sources said.
The business was for April shipments and comprised 20,000
tonnes of European rapeseed oil at 318 dlrs, 20,000 tonnes of
soyoil, believed South American origin, at 314, and 6,000
tonnes... |
BEECHAM UNIT LAUNCHES ARTHRITIS DRUG | Beecham Group Plc <BHAM.L> said its
subsidiary <Beecham Pharmaceuticals> launched a new once-a-day,
prescription only medicine for the reduction of pain and
inflammation caused by rheumatoid and osteoarthritis. The
launch took place simultaneously in the U.K. And West Germany.
The drug, which has the approved name ... |
JAPAN TO PROMOTE INTEREST RATE LIBERALISATION | The Bank of Japan decided at a policy
board meeting to promote further interest rate liberalisation
by lowering the minimum denomination of regulation-free large
deposits and by raising the interest rate ceiling on money
market certificates (MMCs), a central bank official said.
The new guideline will go into effect... |
TAIWAN POWER FIRM PLANS MORE FOREIGN DEBT CUTS | State-owned (Taiwan Power co) will boost
its domestic borrowings to further cut its foreign debt in line
with a government policy to trim the island's huge foreign
exchange reserves, a company official said.
The company's foreign debt, mainly from the Japanese and
U.S. Banks, was cut nearly by half to 66.2 billion ... |
CREDITORS ALLOW TECK HOCK TO FULFIL CONTRACTS | The nine creditor banks of
international coffee trader <Teck Hock and Co Pte Ltd> met
today to discuss ways of letting it fulfil profitable contracts
which would help it balance earlier losses, a creditor bank
official said.
No statement was made after the meeting and officials
declined to comment on any decisions ... |
TESCO ISSUES 100 MLN STG CONVERTIBLE BOND | Tesco Plc <TSCO.L> is issuing a 100 mln
stg convertible eurobond due February 20, 2002 paying an
indicated coupon of four to 4-1/4 pct and priced at par, lead
manager Credit Suisse First Boston Ltd said.
The issue is callable after 90 days at 106 pct declining by
one pct per annum to par thereafter. It is not calla... |
SNCF ISSUING THREE BILLION FRANC DOMESTIC BOND | The French state railway company, the Ste
Nationale des Chemins de Fer Francaise (SNCF), is issuing a
three billion French franc domestic bond in two tranches, the
bond issuing committee said.
Details of the issue will be announced later and it will be
listed in the Official Bulletin (BALO) of March 9.
The issu... |
DUTCH ANIMAL FEED USAGE DOWN IN FIRST HALF SEASON | Dutch animal feed usage in the first
half of the current season from July through December 1986 fell
7.6 pct to 6.5 mln tonnes from 7.1 mln in the same period of
1985, figures in the latest newsletter from the co-operative
Cebeco-Handelsraad show.
Tapioca usage fell 9.1 pct to 1.4 mln tonnes from 1.6 mln
in the fir... |
REUTERS TO CARRY JIJI FINANCIAL SERVICES | Reuters Holdings Plc <RTRS.L> said it
would display an English language financial news service
provided by the Japanese Jiji Press from the second quarter of
1987.
The service, which will be provided through the Reuter
Monitor and Composite Information Service (CIS), will offer
24-hour reports on Japanese economic ... |
FIAT UNIT ISSUES 100 MLN DLR BOND AND WARRANTS | Fiat Finance and Trade Ltd is issuing a
100 mln dlr eurobond due April 2, 1991 at 7-1/4 pct and 101-1/8
pct, lead manager Morgan Stanley International said.
The issue is guaranteed by Internazionale Fiat Holding SA
and is accompanied by a 200,000 currency warrant package.
The bond is available in denominations ... |
U.K. CONFIRMS JANUARY STERLING M3 RISE | The Bank of England said the broad
measure of U.K. Money supply, Sterling M3, rose a seasonally
adjusted 1.1 pct in January after a 0.2 pct rise in December.
The unadjusted year-on-year rise was 17.6 pct after 18.1
pct in the year to December.
The narrow measure of money supply, M0, fell by a
seasonally adjuste... |
EXCO BUYS U.S. GOVERNMENT SECURITIES BROKER | <Exco International Plc>, a subsidiary of
British and Commonwealth Shipping Co Plc <BCOM.L>, said it had
agreed in principle to buy an 80 pct stake in <RMJ Holdings
Corp> for about 79 mln dlrs.
Exco Chairman Richard Lacy told Reuters the acquisition was
being made from Bank of New York Co Inc <BK.N>, which currentl... |
PAKISTAN TO TENDER FOR RBD PALM OIL | Pakistan will hold an import tender
tomorrow for 6,000 tonnes of refined bleached deodorised palm
oil for second half March shipments, traders said.
REUTER
|
HOECHST TO RESEARCH DISCS WITH U.S., JAPAN FIRMS | Hoechst AG <HFAG.F>, <Kerdix Inc.>,
Boulder, Colorado, and <Nakamichi Corp>, Tokyo, have agreed to
pool their research and development on magneto-optical memory
discs, Hoechst said in a statement.
Research will be carried out at each company and Hoechst
will start to produce the discs by mid-1988 and distribute the... |
COLOROLL AGREES TO BUY U.S. WALLCOVERINGS COMPANY | <Coloroll Group Plc> said it has entered
into a conditional agreement to acquire the business and assets
of <Wallco Inc> and related companies for 14.5 mln dlrs.
Miami-based Wallco manufactures and distributes
wallcoverings and showed a pretax profit of 1.5 mln dlrs on
turnover of 37 mln in the year ending June 198... |
ECONOMIC SPOTLIGHT - AUSTERITY MEASURES IN HUNGARY | Hungary is to embark on a new series of
austerity measures to tackle a budget deficit which tripled
last year after quadrupling in 1985.
The target deficit in the 1987 budget approved by
Parliament last December was 43.8 billion forints.
But Zoltan Boesze, chief of the Finance Ministry's budget
financing divisi... |
U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN | The Bank of England said it revised its
forecast of the shortage in the money market down to around 700
mln stg from its original estimate of 800 mln.
REUTER
|
ALASKA HOUSING HAS 150 MLN DLR SYNDICATED LOAN | Alaska Housing Finance Corp, a local U.S.
Government agency, has become the first municipal entity to tap
the syndicated loan market, receiving a 150 mln dlr, seven-year
revolving loan, said Merrill Lynch Capital Markets as arranger.
Merrill said the loan is a back-up to a proposed
euro-commercial paper program.
... |
SWEDEN TO GO AHEAD WITH S. AFRICAN TRADE SANCTIONS | Sweden's ruling Social Democratic
Party gave full power to the government to decree unilateral
trade sanctions against South Africa, Prime Minister Ingvar
Calrsson said.
Carlsson told a news conference the party decided the fight
against apartheid took priority over Sweden's traditional
policy of only adopting sanc... |
DIGITAL AUDIO TAPE PLAYERS GO ON SALE IN JAPAN | Japanese consumers hesitated about buying
the controversial digital audio tape player (DAT) as it went on
sale in Tokyo today, but said the DAT player's near-perfect
sound will make it a success once it becomes cheaper.
"The sound is great, but I'll wait until more machines hit
the market and prices fall to about 1... |
ECONOMIC SPOTLIGHT - ITALIAN BOOM | Italy's strong economic revival has led
some observers to talk of miracles and created euphoria in some
quarters about future growth prospects, but many Italian
experts warn that the current wave of optimism is excessive.
"I think all this foreign interest in the so-called Italian
miracle is really exaggerated...Fo... |
U.K. MONEY MARKET RECEIVES 37 MLN STG ASSISTANCE | The Bank of England said it had provided
the money market with 37 mln stg assistance in the morning
session. This compares with the Bank's downward revised
estimate of the shortfall in the system today of around 700 mln
stg.
The central bank purchased bank bills outright comprising
four mln stg in band one at 10-7/... |
JAPAN, U.S. SET TO BEGIN HIGH-LEVEL TRADE TALKS | Japan and the U.S. Kick off top-level
trade talks tomorrow amid signs officials from both sides are
growing increasingly irritated with each other.
The talks, held annually at sub-cabinet level to review the
whole gamut of U.S./Japan economic relations, will pave the way
for American Secretary of State George Schul... |
INDIA TO HOLD WHITE SUGAR BUYING TENDER | India will hold a buying tender on
Wednesday, March 4, for two to three cargoes of white sugar for
March/April shipment, traders said.
REUTER
|
QANTAS TO BUY FOUR 747-400'S FOR ONE BILLION DLRS | <Qantas Airways Ltd> has placed a firm
order with Boeing Co <BA> for four 747-400 aircraft at a cost
of 250 mln Australian dlrs each, chairman Jim Leslie said.
The first is due for delivery in April 1989 with the others
arriving in May, June and September of that year, he said in a
statement.
The 400 series is ... |
CARLTON COMMUNICATIONS OPTIMISTIC FOR 1987 | <Carlton Communications Plc> has started
the current financial year well, with accounts for the first
four months showing a healthy increase on the same period last
year, and Chairman M.P. Green told the annual meeting he looked
forward to 1987 with optimism.
The issue of 4.6 mln shares in ADR form had now been
suc... |
EC OPENS ANTI-DUMPING ENQUIRY INTO SOVIET MERCURY | The European Community Commission said
it has opened an enquiry into allegations that the Soviet Union
is dumping mercury on the European market at below-cost prices.
The Commission said its decision follows a complaint from
EC non-ferrous metals producers that the sales of Soviet
mercury were harming their busines... |
MANILA SAID TO OFFER DEBT BONDS TO BANKS | The Philippines will offer commercial
bank creditors an innovative pricing plan that will make debt
payments through certificates of indebtedness instead of cash,
the authoritative Business Day newspaper said.
Finance Secretary Jaime Ongpin told reporters Saturday that
the alternative proposal is designed to avoid ... |
ARGENTINE DEBT NEGOTIATOR CONFIDENT OF ACCORD | Argentina's chief debt negotiator
said he was confident of a prompt accord with international
creditor banks for rescheduling the country's foreign debt.
"I'm quite optimistic about carrying out a serious and
quick negotiation," Treasury Secretary Mario Brodersohn said on
return from talks in New York with leading ... |
GULF ARAB DEPUTY OIL MINISTERS TO MEET IN BAHRAIN | Deputy oil ministers from six Gulf
Arab states will meet in Bahrain today to discuss coordination
of crude oil marketing, the official Emirates news agency WAM
reported.
WAM said the officials would be discussing implementation
of last Sunday's agreement in Doha by Gulf Cooperation Council
(GCC) oil ministers to he... |
MANILA OFFICIALS SPLIT OVER DEBT STRATEGY | A rift has occured among Philippine
officials over debt talks opening tomorrow in New York with
Economic Planning Secretary Solita Monsod accusing the chief
negotiator of softening his stand to gain a quick agreement.
Monsod told Reuters Finance Secretary Jaime Ongpin had
decided not to insist on Manila's creditor ... |
OECD SAYS JAPAN RESOLVED TO STIMULATE DEMAND | Japan appears resolved to encourage
domestic demand for its goods instead of relying on exports to
support its economy, Jean-Claude Paye, Director General of the
Organization for Economic Cooperation and Development (OECD),
told a news conference.
Paye has been in Japan exchanging views on problems
confronting the ... |
SAUDI ARABIA REITERATES COMMITMENT TO OPEC ACCORD | Saudi Arabian Oil Minister Hisham Nazer
reiterated the kingdom's commitment to last December's OPEC
accord to boost world oil prices and stabilize the market, the
official Saudi Press Agency SPA said.
Asked by the agency about the recent fall in free market
oil prices, Nazer said Saudi Arabia "is fully adhering by ... |
KUWAIT MINISTER SAYS NO EMERGENCY OPEC TALKS SET | Kuwait's oil minister said in a newspaper
interview that there were no plans for an emergency OPEC
meeting after the recent weakness in world oil prices.
Sheikh Ali al-Khalifa al-Sabah was quoted by the local
daily al-Qabas as saying that "none of the OPEC members has
asked for such a meeting."
He also denied t... |
TAIWAN PLANS NEW TARIFF CUTS | Taiwan plans another round of deep tariff
cuts this year to help narrow its trade surplus with the U.S.,
A senior economic planner said.
Wang Chao-Ming, vice-chairman of the council for economic
planning and development, told Reuters Taiwan would further
reduce import tariffs on 1,700 products sometime in the secon... |
RHONE-POULENC TO LAUNCH INVESTMENT CERTIFICATES | French state-owned chemicals group
Rhone-Poulenc <RHON.PA> said it will increase its capital with
a 2.5 billion franc issue of preferential investment
certificates on March 9.
Company chairman Jean-Rene Fourtou said 500 mln francs of
the issue will be placed in the U.S. Details of the issue will
be announced by Fin... |
HUTCHISON SEES HIGHER PAYOUT, SATISFACTORY PROFITS | Hutchison Whampoa Ltd <HWHH.HK>
expects satisfactory profits in 1987 and will pay a higher
dividend for the year, chairman Li Ka-shing said.
He did not make any specific projections for the company's
earnings this year but he said the firm will pay a dividend of
not less than 32.5 cents per share after a proposed
f... |
BALLADUR EXPECTS IMPROVED FEBRUARY INFLATION DATA | The French inflation rate is expected to
show a substantial improvement in February after January's very
high 0.9 pct monthly rate, Finance Minister Edouard Balladur
said.
He told a French television interviewer that half of the
high January rise, which took year on year inflation that month
to three pct, was due t... |
FEBRUARY U.S. PURCHASING MANAGER INDEX FALLS | The U.S. economy continued to expand in
February, but at a slower pace than in January which saw a
spurt of activity, the National Association of Purchasing
Management (NAPM) said in a report.
The Association's composite survey index declined to 51.9
pct in February from 55.8 pct in January, the NAPM said. It was
t... |
FUNARO SAYS BRAZIL NEEDS MORE, FASTER FINANCE | Brazil would not have suspended
payments on debt owed to foreign banks if it had received more
and faster financing from official lending agencies, Finance
Minister Dilson Funaro said.
He said he would not seek more money from the International
Monetary Fund to which Brazil paid 922 mln dlrs last year and
said Braz... |
AMERICAN MOTORS <AMO> BREAKS OFF TALKS ON PLANT | American Motors Corp said that it broke
off talks aimed at extending the life of its only U.S. car
assembly plant after the union rejected its final proposal for
wage concessions.
Negotiations, which continued past a midnight Friday
deadline, ended Saturday after United Auto Workers negotiators
voted to reject the ... |
SCIENTIFIC MICRO SYSTEMS <SMSI> ACUIRES SUPERMAC | Scientific Micro Systems Inc said it
has acquired Supermac Technology, a rapidly growing supplier of
enhancement products and disc drive subsystems for the Apple
personal computer market.
Scientific Micro said it acquired all the common stock of
Supermac in exchange for 1.05 mln shares of its own common
stock. The ... |
AMERICAN EXPRESS <AXP> VIEWING SHEARSON OPTIONS | American Express Co, rumored to be
considering a spinoff of part of Shearson Lehman Brothers Inc,
said it is studying a range of options for its brokerage unit
that could improve Shearon's access to capital and help it meet
broadening international competition.
In a joint statement, American Express and Shearson sa... |
SPANISH FARMERS PROTEST, THEN CALL TRUCE | Spanish farmers demanding a better deal
from the European Community blocked roads and staged protest
rallies this weekend before their leaders announced a truce to
negotiate with the government.
Spain joined the community at the start of last year and
farmers say they have suffered competition from EC imports
witho... |
SWISS HAVE NET GAIN IN 1985 GOVERNMENT FINANCES | Switzerland recorded last year its first
overall surplus in government finances since 1974, ending with
a net gain worth 905 mln Swiss francs, the Finance Ministry
said.
The surplus, including cash transactions and long-term
investments, contrasted with the 1985 shortfall of 1.06 billion
francs and the 297 mln fran... |
TWO S/L FAILURES RAISE U.S. 1987 TOLL TO 10 | The Federal Home Loan Bank Board
(FHLBB) announced savings and loan association failures in
Kansas and Colorado, raising the U.S. 1987 total to 10.
The FHLBB said it closed the First Federal Savings and Loan
Association of Beloit, Kansas, and transferred its desposits
and some other assets to Home Savings Associati... |
ROPAK <ROPK> HAS 34 PCT OF BUCKHORN <BKN> | Ropak Corp said it received
and accepted about 456,968 common shares and 527,035 Series A
convertible preferred shares of Buckhorn Inc at four dlrs and
5.75 dlrs each respectively in response to its tender offer
that expired Friday, and it now owns 34.4 pct of Buckhorn
voting power.
The company had owned 63,000 com... |
APPLE COMPUTER <AAPL> UPGRADES MACINTOSH LINE | Apple Computer Inc today will
announce the addition of two new machines to its profitable
Macintosh line of personal computers, both aimed at the
business market.
The Macintosh was first introduced in January 1984 and has
been upgraded several times since then. Both of the new
machines, the Macintosh SE and the Mac... |
PHILADELPHIA PORT CLOSED BY TANKER CRASH | The port of Philadelphia was closed
when a Cypriot oil tanker, Seapride II, ran aground after
hitting a 200-foot tower supporting power lines across the
river, a Coast Guard spokesman said.
He said there was no oil spill but the ship is lodged on
rocks opposite the Hope Creek nuclear power plant in New
Jersey.
... |
PENRIL <PNL> SEEKS TO SELL TWO UNITS | Penril Corp said it is seeking to
sell its Triplett Electrical Instrument Corp subsidiary in
Bluffton, Ohio, and Triplett's Alltest division in Hoffman
Estates, Ill., as part of a plan to concentrate on its three
profitable division and reduce its debt load.
The company also said it is evaluating a plan to satisfy
... |
LL/E ROYALTY <LRT> REVENUES MAY BE ESCROWED | LL and E Royalty Trust said Louisiana
Land and Exploration Co <LLX>, the working interest owner for
its oil and natural gas properties, is entitled to start
placing all or part of the revenues that would otherwise accrue
to the trust.
LL and E said Louisiana Land has not yet escrowed any
amounts and will monitor th... |
<DALE BURDETT INC> FACES DAMAGE CLAIM | Dale Burdett Inc said it
faces damages claims totalling about 420,000 dlrs from the
former owners of Burdett Publications Inc.
The company said on February 20, 1986, its predecessor
Nolex Development Inc acquired Burdett Publications Inc in an
exchange of 17 mln common shares for all Burdett Publications
shares, bu... |
PUROLATOR <PCC> IN BUYOUT WITH HUTTON <EFH> | New Jersey-based overnight messenger
Purolator Courier Corp said it has agreed to be acquired for
about 265 mln dlrs by a company formed by E.F. Hutton LBO Inc
and certain managers of Purolator's U.S. courier business.
Analysts have said that Purolator has been for sale for
some time. Purolator announced earlier it... |
NCR <NCR> SIGNS LICENSE AGREEMENT | <Willemijn Holding BV> of Rotterdam
said it has licensed NCR Corp to produce and sell products and
services using token ring technology.
Reuter
|
PAKISTAN COTTON OUTPUT REACHES 7.7 MLN BALES | Pakistan cotton production during the
current crop season (Sept/March) reached 7.7 mln bales of 375
pounds each, up 500,000 from last season, Shafi Niaz, Chairman
of the Agricultural Prices Commission, said.
Official sources said Pakistan was likely to use 3.4 mln
bales of cotton during the current financial year e... |
IMPERIAL CHEMICAL <IMP> FORMS NEW UNIT | Imperial Chemical Industries PLC said
it is forming a new U.S. pharmaceuticals unit called ICI
Pharma.
Combined sales of Imperial's existing Stuart
Pharmaceuticals unit and the new ICI Pharma are projected to be
1.1 billion dlrs in 1990, the company said. Stuart had 1986
sales of 582 mln dlrs.
Imperial said it... |
FINANCIAL SANTA BARBARA <FSB> TO MAKE PURCHASE | Financial Corp of Santa
Barbara said it has signed a definitive agreement to purchase
Stanwell Financial, the lending operations unit of mortgage
banking company <Stanwell Mortgage>, for undisclosed terms.
Reuter
|
ALCAN TO CLOSE WEST GERMAN ALUMINIUM SMELTER | <Alcan Aluminiumwerke
GmbH>, a subsidiary of Alcan Aluminium Ltd <AL.N> of Canada,
said it plans to close its aluminium smelter in Ludwigshafen at
the end of June.
A spokesman said Alcan was closing the smelter, with annual
capacity of 44,000 tonnes and 320 employees, because of high
electricity costs and the low w... |
BBC AG BROWN BOVERI UND CIE <BBCZ.Z> 1986 YEAR | Parent Company net profit 12.8 mln Swiss francs vs 7.5 mln.
Orders received 2.21 billion francs vs 2.61 billion.
Sales 2.25 billion francs vs 2.49 billion.
Group sales 13.83 billion francs vs 13.88 billion.
Group orders 11.03 billion francs vs 13.00 billion.
REUTE
|
MARRIOTT <MHS> TO SELL HOTEL | <Four Seasons Hotels> said it and <VMS
Realty Partners> of Chicago have agreed to purchase the Santa
Barbara Biltmore Hotel from Marriott Corp for an undisclosed
amount.
It said the venture will rename the hotel the Four Seasons
Biltmore at Santa Barbara and invest over 13 mln dlrs in
improvements on the 228-room p... |
DH TECHNOLOGY <DHTK> CHAIRMAN SELLS SHARES | DH Technology Inc said it has
repurchased 500,000 of its shares from cofounder Helmut Falk at
4.25 dlrs each and Falks has sold another 500,000 shares to
venture capital firm TA Associates at the same price.
The company said Falk has resigned as chairman of DHL and
now owns 213,567 shares. It said TA now owns 928,... |
BROWN BOVERI OMITS DIVIDEND, PLANS WARRANT BOND | BBC AG Brown Boveri und Cie
<BBCZ.Z> said it will omit dividend in 1986 for the second
consecutive year.
It said it planned to invite shareholders and non-voting
stockholders to subscribe to a warrant bond issue of around 150
mln Swiss francs to be made after the June 2 annual meeting.
The value of the stock su... |
U.S. CORPORATE FINANCE - ASSET-BACK MARKET GROWS | The U.S. asset-backed debt securities
market, which grew explosively last year, is broadening and
investment bankers say 1987 could see a variety of issuers.
"It is interesting to note that the first two asset-backed
deals of the year were done by commercial banks," said Anthony
Dub, who heads First Boston Corp's a... |
VIACOM SAID IT HAS NEW NATIONAL AMUSEMENTS, MCV HOLDINGS BIDS
| |
ILC TECHNOLOGY <ILCT> OFFICER REMOVED | ILC Technology Inc said
Raymond Montoya, vice president of finance, has been removed as
an officer and terminated as an employee of the company, and
ILC has filed a civil action against him to recover alleged
improprer disbursements of company funds.
The company said Montoya has been arrested by police in
Hawthorne... |
APPLE COMPUTER <AAPL> HAS NEW MACINTOSH MODELS | Apple Computer Inc said it has
introduced two new models of its Macintosh personal computer,
the Macintosh II and SE, offering users the ability to flexibly
configure systems to suit their needs or expand the systems as
their needs grow.
Apple said the Macintosh II features high-performance, open
architecture desig... |
REAGAN AND BAKER BEGIN TASK OF REBUILDING | After a week that left his presidency
shaken and his popularity at a new low, Ronald Reagan and his
new chief of staff today begin trying to revive an
administration tattered by the Iran-contra arms scandal.
Reagan and former Senate Republican leader Howard Baker,
whose appointment as White House chief of staff won... |
LAROCHE STARTS BID FOR NECO <NPT> SHARES | Investor David F. La Roche of North
Kingstown, R.I., said he is offering to purchase 170,000 common
shares of NECO Enterprises Inc at 26 dlrs each.
He said the successful completion of the offer, plus shares
he already owns, would give him 50.5 pct of NECO's 962,016
common shares.
La Roche said he may buy more,... |
<SDC SYDNEY DEVELOPMENT CORP> NINE MTHS LOSS | Period ended December 31, 1986
Oper shr loss 1.08 dlrs vs loss 84 cts
Oper loss 7,700,000 vs loss 1,700,000
Revs 11,800,000 vs 9,800,000
Note: Current shr and net exclude extraordinary gain of
300,000 dlrs or five cts shr, versus extraordinary gain of
200,000 dlrs or four cts shr
Reuter
|
SENIOR ENGINEERING MAKES 12.5 MLN DLR US PURCHASE | <Senior Engineering Group Plc> said it
reached agreement with <Cronus Industries Inc> to acquire the
whole share capital of <South Western Engineering Co> for 12.5
mln dlrs cash. This sum is being financed by a term loan.
South Western is one of the U.S.'s leading manufacturers of
heat transfer equipment, with a tu... |
CHEUNG KONG CHAIRMAN SEES STRONG RESULTS IN 1987 | Cheung Kong (Holdings) Ltd <CKGH.HK>
is expecting strong results this year after reporting better
than expected profits in 1986, chairman Li Ka-shing said.
He did not give a specific earnings projection but he told
reporters the firm will pay total dividends of not less than 19
cents a share this year after a one-f... |
OCCIDENTAL <OXY> UNIT TO REDEEM DEBENTURES | Occidental Petroleum Corp said its
MidCon Corp subsidiary will redeem on March 31 all 269,000 dlrs
of its outstanding 10-1/4 pct convertible subordinated
debentures due 2009 at 107.18 pct of par.
It said interest payable March 31 will be paid in the usual
manner to holders of record on March 15. The debentures
con... |
WHITTAKER CORP 1ST QTR OPER SHR 17 CTS VS 25 CTS
| |
VIACOM <VIA> RECEIVES TWO REVISED OFFERS | Viacom International Inc said it
received revised merger offers from <National Amusements Inc>
and <MCV Holdings Inc>.
The company said the special committee plans to meet later
today to review both offers.
Viacom said National Amusements' Arsenal Holdings Inc
raised the value of its offer for the Viacom shares... |
DOW <DOW> TO OFFER 130 MLN DLRS IN SWISS NOTES | Dow Chemical Co said it will issue
200 mln Swiss franc-denominated bonds worth about 130 mln dlrs
U.S. at current exchange rates.
The 12-year bonds will carry a coupon of 4-3/4 pct and will
be sold primarily to European investors for 100.25 pct of face
value, Dow said.
Proceeds from the offering will be used to... |
FRENCH ESTIMATE 86/87 WHEAT DELIVERIES UNCHANGED | The French Cereals Intervention Board,
ONIC, left its estimate of French 1986/87 (July/June) soft
wheat deliveries unchanged from its last forecast at 21.98 mln
tonnes.
This compared with deliveries of 24.38 mln tonnes in
1985/86 (August/July).
Estimated 1986/87 maize deliveries were also left unchanged
from ON... |
WASTE MANAGEMENT CORP VOTES TWO FOR ONE STOCK SPLIT AND BOOSTS QTLY DIVIDEND TO 18 CTS
| |
WRITERS GUILD OF AMERICA STRIKES TWO NETWORKS | The Writers Guild of America said its
members have struck the news staffs of CBS Inc <CBS> and
Capital Cities/ABC Inc <CCB> this morning after negotiations
for a new contract broke down.
The guild said there had been extensions prior to the
strike deadline this morning, but said the strike was called
after the comp... |
PITTSTON AGREES TO ACQUIRE WTC INTERNATIONAL IN EXCHANGE OF STOCK
| |
TUESDAY MORNING INC <TUES> 4TH QTR NET | Shr 1.19 dlrs vs 1.46 dlrs
Net 3,150,185 vs 2,665,284
Revs 27.9 mln vs 24.1 mln
Avg shrs 2,653,646 vs 1,826,858
Year
Shr 1.45 dlrs vs 1.37 dlrs
Net 3,611,802 vs 2,502,443
Sales 62.2 mln vs 52.8 mln
Avg shrs 2,489,978 vs 1,826,858
Reuter
|
DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP
|
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