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STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER
| Sweden's Stora Kopparbergs Bergslags
AB <SKPS ST> said it had now acquired 90 pct of shares in rival
pulp and paper makers Papyrus AB, thus passing the threshold
above which it can compulsorily buy the rest of the company.
Remaining shareholders would have until later this month to
sell their shares ... | Other |
OECD TRADE, GROWTH SEEN SLOWING IN 1987
| The 24 nations of the Organisation for
Economic Cooperation and Development (OECD), hampered by
sluggish industrial output and trade, face slower economic
growth, and their joint balance of payments will swing into
deficit in 1987, the Economist Intelligence Unit (EIU ) said.
The EIU said in its World T... | Other |
U.K. MONEY MARKET GIVEN LATE HELP WORTH 15 MLN STG
| The Bank of England said it provided the
market with unspecified late assistance worth 15 mln stg.
It has given the market total assistance of 228 mln stg
today compared with a liquidity shortage it estimated at a
revised 300 mln stg.
| Other |
BANK OF FRANCE CUTS INTERVENTION RATE
| The Bank of France said it cut its money
market intervention rate to 7-3/4 pct from eight pct when it
injected money against first category paper.
The bank also cut its seven-day repossession rate to 8-1/2
pct from 8-3/4 pct.
The intervention rate has stood at eight pct since it was
raised from 7-... | Corporate News |
WHITE ENGINE BOUGHT BY PRIVATE INVESTOR
| White Engine, a manufacturer of
industrial and automotive diesel and gasoline engines with more
than 100 mln dlrs in sales, said it has been sold to a group of
group investors.
White Engine said the purchase is led by Donald Stewart, a
private investment banker, along with White senior executives.
... | Financial Reports |
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... | Market and Economy |
STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER
| Sweden's Stora Kopparbergs Bergslags
AB <SKPS.ST> said it has now acquired 90 pct of shares in rival
pulp and paper makers Papyrus AB, thus passing the threshold
above which it can compulsorily buy the rest of the company.
Remaining shareholders would have until later this month to
sell their shares ... | Other |
ALLEGHENY INT'L <AG>, FIRST BOSTON SET MERGER
| Allegheny International Inc said it
has entered into an agreement to merge with an affiliate of
First Boston Inc's <FPC> First Boston Corp in a transaction
valued at about 500 mln dlrs.
Allegheny said the agreement calls for holders of its
common to receive 24.60 dlrs a share. Holders of the company'... | Financial Reports |
FRENCH JANUARY M-3 MONEY SUPPLY RISES ONE PCT
| French money supply, measured in terms of
M-3, rose a provisional one pct in January after falling 0.7
pct in December, the Bank of France said.
M-3 is the main money supply aggregate used by the French
monetary authorities. It has been joined as a second main money
supply aggregate for 1987 by M-2, whi... | Corporate News |
CHRYSLER SAYS AMC HOLDERS TO GET CHRYSLER STOCK WORTH FOUR DLRS A SHARE UNDER BUYOUT PLAN
|
CHRYSLER SAYS AMC HOLDERS TO GET CHRYSLER STOCK WORTH FOUR DLRS A SHARE UNDER BUYOUT PLAN
| Corporate News |
TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES
| The Turkish Central Bank set a
Lira/Dollar rate for March 10 of 773.05/776.92 to the Dollar,
down from the previous 769.60/773.45.
The Bank also set a Lira/Mark rate of 417.20/419.29 to the
Mark, up from the previous 419.15/421.25.
| Financial Reports |
CONTINENTAL BANK/CANADA SETS DISTRIBUTION
| Continental Bank of Canada, a subsidiary
of Lloyds Bank PLC <LLOY.L>, said it intends to redeem all
existing preferred shares and distribute a stock dividend to
common shareholders.
The initial distribution will be in cumulative redeemable
retractable floating rate class A preferred shares series II,... | Corporate News |
STUDY SAYS U.S., CANADA PACT WOULD SPUR ECONOMIES
| A free trade pact between the United
States and Canada could spur the economies of both sides
substantially, according to a study released by the Institute
for International Economics.
The study, by Paul Wonnacott, said a successful conclusion
to the free trade talks now under way could raise Canada's
... | Corporate News |
GULF RESOURCES <GRE> TO HAVE GAIN ON STOCK SALE
| Gulf Resources and Chemical Corp said it
has sold 9,534,633 shares of <Imperial Continental Gas
Association> for 720 pence a share, or 68.6 mln stg, in a
private transaction for a pretax gain of about 19.6 mln dlrs.
Gulf Resources said it still owns 6.7 mln shares of
Imperial Continental, or a 4.6 pc... | Financial Reports |
ROTTERDAM GRAIN HANDLER SAYS PORT BALANCE ROSE
| Graan Elevator Mij said its balance in
port of grains, oilseeds and derivatives rose to 136,000 tonnes
on March 7 from 31,000 a week earlier, after arrivals of
523,000 tonnes and discharges of 418,000 tonnes last week.
The balance comprised 38,000 tonnes of grains and oilseeds
and 98,000 tonnes of deriv... | Market and Economy |
DONALD TRUMP SAID HE HAS AGREED TO PURCHASE CROSBY ESTATE'S RESORTS SHARES
|
DONALD TRUMP SAID HE HAS AGREED TO PURCHASE CROSBY ESTATE'S RESORTS SHARES
| Corporate News |
U.K. AGRICULTURAL FUTURES MARKETS TO MERGE
| Three London markets which trade potato,
soymeal and meat futures said they will merge to form a new
Agricultural Futures Exchange.
Legal advisers have been instructed to implement the
amalgamation of the London Potato Futures Association, LPFA,
the London Meat Futures Exchange, LMFE, and the Grain and ... | Corporate News |
BSN <BSN> SHARE SALE ADVANCES
| BSN Corp said its agreement to sell
1,750,000 new common shares, or a 25 pct interest, to 31
unaffiliated European institutional investors for 30.4 mln dlrs
has become definitive.
The company said closing is expected shortly after the
filing of a registration statement with the Securities and
Exchange... | Financial Reports |
GENCORP<GY> UNIT TO SELL LOS ANGELES TV STATION
| Gencorp said its RKO General
subsidiary agreed to sell KHJ-TV in Los Angeles to Walt Disney
Co <DIS> for 217 mln dlrs cash plus working capital and other
adjustments at closing.
The company said under the agreement in principle, RKO's
application to renew the station's broadcast license would be
di... | Financial Reports |
BARCLAYS BANK SAID IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.
|
BARCLAYS BANK SAID IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.
| Financial Reports |
MIDLAND BANK SAID IT CUTTING ITS BASE RATE TO 10.5 PCT FROM 11 PCT.
|
MIDLAND BANK SAID IT CUTTING ITS BASE RATE TO 10.5 PCT FROM 11 PCT.
| Financial Reports |
IMATRON <IMAT> SELLS STAKE TO MITSUI <MITSY>
| Imatron Inc said
Mitsui and Co Ltd of Japan has purchased a two mln dlr equity
interest in Imatron at market price and was granted a 120-day
option to make another two mln dlr investment at the same price.
Imatron said Mitsui, the exclusive importer of Imatron's
Ultrafast computed tomography scanners in... | Corporate News |
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 m... | Corporate News |
A.H. ROBINS'S <QRAH> JANUARY EARNINGS UP
| A. H. Robins Co, the drug company
in bankruptcy proceedings due to litigation over its Dalkon
Shield contraceptive device, reported consolidated net earnings
for the month ended January 31 of 17.3 mln dlrs.
In the corresponding year-ago period it reported net
earnings of 13.8 mln dlrs.
Robins said... | Financial Reports |
BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
| Barclays Bank Plc <BCS.L> and Midland
Bank Plc <MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc <NWBL.L>
The rate changes take effect tomorrow.
| Financial Reports |
CONTROL DATA <CDA> TO BUY PERIPHERALS STAKE
| Control Data Corp said it
agreed to acquire Unisys Inc's <UIS> 13 pct stake in <Magnetic
Peripherals Inc>.
The letter of intent provides that Unisys converts from an
owner in Magnetic Peripherals to a customer of Control Data's
data storage products group over a two year period.
Under the ag... | Financial Reports |
DONALD TRUMP TO BUY CROSBY RESORTS <RTB> STOCK
| Casino hotel operator and real estate
developer Donald Trump said he has agreed to purchase the Class
B common stock of Resorts International Inc held by the family
and estate of late Resorts chairman James Crosby for 135 dlrs
per share.
Trump said he is also considering a tender offer for
remaining C... | Financial Reports |
USAIR <U> WINS COURT ORDER AGAINST TWA <TWA>
| USAir Group Inc said a U.S. District
Court in Pittsburgh issued a temporary restraining order to
prevent Trans World Airlines Inc from buying additional USAir
shares.
USAir said the order was issued in response to its suit,
charging TWA chairman Carl Icahn and TWA violated federal laws
and made mislea... | Financial Reports |
GREASE MONKEY <GMHC> GETS, REJECTS MERGER OFFER
| Grease Monkey Holding Corp said it has
received and rejected an unsolicited merger offer from Jiffy
Lube International Inc <LUBE>.
The company said the proposal involved an exchange of
Grease Monkey common stock for a combination of Jiffy Lube
securities with an estimated current value substantially ... | Commodities and Trade |
U.S. RULING ON BRAZIL FCOJ MAY COME TOMORROW
| A decision on final dumping duties on
frozen orange juice from Brazil may not be issued until
tomorrow, Commerce Department officials said.
They said the department has until midnight tonight to set
the duty but may not make the finding public until tomorrow.
A preliminary duty of 8.54 pct was set O... | Commodities and Trade |
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 ... | Corporate News |
CHRYSLER <C> IN DEAL TO BUY AMC <AMO>
| Chrysler Corp said it agreed in
principle with French state-owned Renault to acquire American
Motors Corp., in which Renault is controlling shareholder,
under a deal in which AMC stockholders other than Renault would
receive Chrysler common stock with a market value of four dlrs
for each AMC common share th... | Financial Reports |
BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
| Barclays Bank Plc <BCS.L> and Midland
Bank Plc <MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc <NWBL.L>
The rate changes take effect tomorrow.
The base rate reductions came after the Bank of Eng... | Corporate News |
U.S. MINT SEEKING 4,784,000 LBS ZINC
| The U.S. Mint said it is seeking
offers on 4,784,000 lbs of special high-grade zinc that it
intends to purchase.
It said selling offers will be due at 1100 hrs EST, March
24.
The Mint said two increments of 1,300,000 lbs each are for
delivery the weeks of April 13 and april 20 to Ball Corp,
Gree... | Financial Reports |
CANADA BUILDING PERMITS RISE IN NOVEMBER
| Led by the non-residential sector,
Canadian building permits issued in November rose 0.7 pct to
2.18 billion dlrs, seasonally adjusted, from 2.16 billion dlrs
in October, Statistics Canada said.
Residential permits fell 3.9 pct to 1.25 billion dlrs from
1.30 billion dlrs in October while the number of u... | Other |
DIXIE YARNS <DXYN> TO ACQUIRE TI-CARO INC
| Dixie Yarns Inc and <TI-CARO
Inc> jointly said they signed a merger agreement calling for
Dixie to acquire all TI-CARO's stock in exchange for three mln
of Dixie's common.
The companies said the previously announced merger has been
approved by TI-CARO's board and is expected to close by early
April... | Other |
U.S. HAS TO MIDNIGHT TO SET ORANGE JUICE DUTIES
| A decision on final dumping duties on
frozen orange juice from Brazil may not be issued until
tomorrow, Commerce Department officials said.
They said the department has until midnight tonight to set
the duty, but may not make the finding public until tomorrow.
A preliminary duty of 8.54 pct was set ... | Corporate News |
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... | Corporate News |
GALE FORCE WINDS BUFFET GREAT LAKES
| The National Weather Service said
warnings of gale force winds remained in effect over lakes
Erie, Huron and Michigan.
Also, warnings have been posted for large waves and beach
erosion along the shores of the Lakes. Winds gusting to 45 mph
caused four to six foot waves along the western and southern
s... | Corporate News |
U.K. ISSUES ONE BILLION STG BOND TRANCHE
| The Bank of England said it was taking
onto its books a further one billion stg tranche of 8-3/4 pct
Treasury Loan stock due 1997, payable 40 stg pct on
application. The stock was issued to the Bank at 96.50 stg pct
and will be available for dealings from March 11, with the
remainder of the amount payable o... | Corporate News |
AMC SAYS IT IS "STUDYING" CHRYSLER BUYOUT PROPOSAL AND WILL COMMENT WHEN "APPROPRIATE"
|
AMC SAYS IT IS "STUDYING" CHRYSLER BUYOUT PROPOSAL AND WILL COMMENT WHEN "APPROPRIATE"
| Financial Reports |
PETRO-CANADA TO DRILL TWO TERRA NOVA TEST WELLS
| Petro-Canada, Canada's
state-owned oil company, said it will drill two delineation
wells this summer at the Terra Nova oil field offshore
Newfoundland.
Evaluation of test results and preliminary engineering work
should put Petro-Canada in a position to propose a development
plan for the Terra Nova fie... | Financial Reports |
CHARAN SEES AT LEAST 50 PCT RISE IN 1987 PROFIT
| (Charan Industries Inc), a distributor
of toys and other consumer products, expects 1987 net profit to
rise at least 50 pct over last year's 6.1 mln dlrs, president
Earl Takefman told reporters before the annual meeting.
"We grew basically 100 pct last year, I'm not sure we're
going to be able to grow 1... | Market and Economy |
MAYFAIR SUPER MARKETS <MYFRA> SALES INCREASED
| Mayfair Super Markets said its
sales for the second qtr ended Feb 28 were 122.0 mln dlrs, an
increase of more than 15 pct compared to sales of 105.9 mln
dlrs in the comparable quarter last year.
The company said sales for the first six months of the year
were 242.0 mln dlrs, more than 15 pct above the 2... | Corporate News |
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 ... | Other |
PPG INDUSTRIES <PPG> SELLS ETHYLENE INTERESTS
| PPG Industries Inc said a group of
investors led by <Sterling Group> of Houston said it has agreed
to acquire PPG's ethylene products business, including its
inteest in an ethylene glycols joint venture with du Pont Co
<DD> in Beaumont, Texas, for undisclosed terms.
The company said completion is ... | Commodities and Trade |
FED EXPECTED TO ADD TEMPORARY RESERVES
| The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves via customer repurchase agreements, economists said.
Most economists said the Fed will add 1.5 to two billion
dlrs of temporary reserves via customer repurchase agreements,
but some said there is a... | Financial Reports |
BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
| Barclays Bank Plc <BCS.L> and Midland
Bank Plc <MDBL.L> said they are cutting their base lending
rates to 10.5 pct from 11 pct. The cuts follow a similar move
by National Westminster Bank Plc <NWBL.L>
The rate changes take effect tomorrow.
The base rate reductions came after the Bank of Eng... | Market and Economy |
UNITED AUTO WORKERS UNION SAYS IT SUPPORTS CHRYSLER-AMC MERGER
|
UNITED AUTO WORKERS UNION SAYS IT SUPPORTS CHRYSLER-AMC MERGER
| Financial Reports |
LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
| Lloyds Bank Plc <LLOY.L> said it is
cutting its base lending rate to 10.5 pct from 11 pct,
effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc <NWBL.L> led the way this
morning after the Bank of England lowered it... | Financial Reports |
NORCROS BREAKS OFF MERGER TALKS WITH WILLIAMS
| Norcros <NCRO.L> Plc said it has no
intention of proceeding any further with talks on Williams
Holdings Plc's suggestion that there would be benefits arising
from a merger between the two groups.
Norcros said any such benefits could be achieved through
normal trading and did not warrant a closer form... | Financial Reports |
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 ma... | Financial Reports |
LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
| Lloyds Bank Plc <LLOY.L> said it is
cutting its base lending rate to 10.5 pct from 11 pct,
effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc <NWBL.L> led the way this
morning after the Bank of England lowered it... | Commodities and Trade |
LESS GRAIN FLOWS INTO WEST GERMAN INTERVENTION
| The West German Intervention Board said
it accepted 962,192 tonnes of grain from the start of the
current agricultural year to the end of last month, compared
with 1.8 mln tonnes during the July/February period in 1985/86.
It said it accepted 336,097 tonnes of bread wheat (nil in
the year-earlier period... | Market and Economy |
LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
| Lloyds Bank Plc said it is cutting its
base lending rate to 10.5 pct from 11 pct, effective tomorrow.
The reduction follows similar moves from the three other
British clearing banks.
National Westminster Bank Plc led the way this morning
after the Bank of England lowered its dealing rates in a signa... | Corporate News |
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.69 PCT - OFFICIAL
|
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.69 PCT - OFFICIAL
| Corporate News |
LITTLE MOVEMENT ON HAMBURG FISHMEAL MARKET
| The Hamburg fishmeal market saw little
movement in the past week with demand slack as in other protein
feed sectors, trade sources said.
Prices edged up on firmer origin offering levels and the
stronger dollar. Sellers quoted 64 pct fishmeal at between 640
and 650 marks per tonne free on truck for spot ... | Financial Reports |
UK MONEY RATES FALL AS BANK APPROVES BASE RATE CUT
| A half point cut in base lending rates
was announced by the big four clearing banks today after the
Bank of England finally endorsed such a move following weeks of
downward pressure, dealers said.
During its routine intervention in the market, the bank
trimmed the rates at which it deals with the discou... | Corporate News |
GRAIN CERTIFICATE REDEMPTIONS PUT AT 240 MLN BU
| Over 240 mln bushels of government
grain have been allocated in redemptions for commodity
certificates since the program began April 30, according to the
Commodity Credit Corporation.
Redemptions included 11.4 mln bushels of corn valued at
17.0 mln dlrs, or an average per-bushel price of 1.492 dlrs,
s... | Other |
AMC <AMO> STUDYING CHRYSLER <C> PROPOSAL
| American Motors Corp said it
is studying a proposed merger with Chrysler Corp.
American Motors said it received a letter from Chrysler
Corp "advising us of their proposal to enter into a merger
transaction with American Motors Corp."
In a brief statement, the company said, "We are studying
the pro... | Other |
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 publ... | Financial Reports |
WALL STREET STOCKS/AMERICAN EXPRESS <AXP>
| American Express Co's stock fell
sharply, reflecting, in part, investors' disappointment that
the company did not make an announcement about its plans for
brokerage unit Shearson Lehman Brothers, traders said.
The company has said it is studying options for its
Shearson unit. Traders said many investors... | Financial Reports |
RANGER <RGO> COMPLETES U.S. PROPERTY SALE
| Ranger Oil Ltd said it
completed on March 2 the previously announced sale of its U.S.
oil and gas properties held by subsidiaries Ranger Oil Co and
Ranger Inc to Ampol Exploration Ltd, of Australia, for 18.5 mln
U.S. dlrs.
Ranger said that under the deal, it would retain a five pct
gross overriding ro... | Other |
AMOCO'S FIRST SOUTH CHINA SEA EXPLORATORY WELL FLOWS 2,240 BARRELS OF OIL DAILY
|
AMOCO'S FIRST SOUTH CHINA SEA EXPLORATORY WELL FLOWS 2,240 BARRELS OF OIL DAILY
| Corporate News |
TRADERS SAY USDA MAY LOWER ORANGE CROP ESTIMATE
| The U.S. Department of Agriculture will
probably decrease its estimate of the 1986/87 Florida orange
crop today to as low as 123 mln boxes from 129 mln boxes,
analysts and industry sources said.
The Department is scheduled to release the new estimate at
1500 hrs EST (2100 gmt) today.
Analysts said... | Financial Reports |
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.
... | Financial Reports |
UAW SAYS IT BACK CHRYSLER <C>, AMC <AMO> MERGER
| The United Auto Workers <UAW> union said
it supports Chrysler Corp's proposal to buy American Motors
Corp as creating "a good match that potentially points the way
to a more secure future for workers at both companies."
"We believe our members' interests can be well served
within the Chrysler family,... | Financial Reports |
TWA <TWA> DECLINES COMMENT ON USAIR <U>
| A Transworld Airlines Inc official said
the airline has no comment on USAir Group Inc's planned buyout
of Piedmont Aviation Inc.
TWA, however, has pursued its application with the
Department of Transportation for a takeover of USAir, according
to Mark Buckstein, TWA general counsel and vice president. T... | Corporate News |
MOODY'S MAY DOWNGRADE PIEDMONT AVIATION <PIE>
| Moody's Investors Service Inc said it
may downgrade 120 mln dlrs of debt of Piedmont Aviation Inc
because of the airline's agreement to be acquired by USAir
Group Inc <U>.
The rating agency said its review would focus on the effect
of the acquisition on Piedmont's financial leverage and its
debt-se... | Other |
RUBBER PRODUCERS, CONSUMERS START NEW PACT TALKS
| The chairman of the conference on a new
International Natural Rubber Agreement (INRA), Manaspas Xuto of
Thailand, said it was imperative to try to settle the main
outstanding issues this week.
The INRA renegotiation conference, which resumed today
under the auspices of the United Nations Conference on T... | Corporate News |
USAIR <U> AND UNIT REMAIN UNDER MOODY'S REVIEW
| Moody's Investors Service Inc said the
212.75 mln dlrs of debt of USAir Group Inc and its USAir Inc
unit remain under review for possible downgrade.
The rating agency cited USAir Group's proposed acquisition
of Piedmont Aviation Inc <PIE>, as well as Trans World Airlines
Inc's <TWA> proposed cash ... | Financial Reports |
FED SETS 2.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
|
FED SETS 2.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
| Commodities and Trade |
BALLY <BLY> TO TAKE 17.3 MLN DLR 1ST QTR CHARGE
| Bally Manufacturing Corp said it
expects a charge to earnings in the first quarter of this year
of 17.3 mln dlrs as a result of its deal to buy back 2.6 mln of
its common shares from real estate developer Donald Trump.
In a filing with the Securities and Exchange Commission,
the Chicago-based hotel, cas... | Financial Reports |
SHELL CANADA SAID IT RAISED CRUDE PRICES BY 47 CANADIAN CTS A BARREL TODAY
|
SHELL CANADA SAID IT RAISED CRUDE PRICES BY 47 CANADIAN CTS A BARREL TODAY
| Financial Reports |
HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES
| Hudson Bay Mining and Smelting Co Ltd
said it cut prices for all grades of zinc sold in North America
by one U.S. cent a pound and by one Canadian cent a pound,
effective immediately.
The new price for high grade zinc is 37 U.S. cents and
49-1/2 Canadian cents a pound, the company said.
Special hi... | Financial Reports |
FED ADDS RESERVES VIA CUSTOMER REPURCHASES
| The Federal Reserve entered the U.S.
Government securities market to arrange 2.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
| Financial Reports |
COURT REJECTS BUITONI APPEAL OVER IRI FOOD UNIT
| An appeal by Buitoni SpA against a court
ruling that an accord under which it was to acquire Italian
state food firm SME - Societa Meridionale Finanziaria was not
contractually binding has been rejected, court officials said.
An appeal court rejected Buitoni's claim that the 497
billion lire accord with... | Financial Reports |
ALLEGHENY <AG> AIMS TO DIVEST MORE BUSINESSES
| Allegheny International Inc,
the consumer products concern that today announced a merger
agreement with a First Boston Corp <FBC> affiliate in a deal
worth about 500 mln dlrs, said it intends to divest more units
as a way to increase profits.
"We're going to reduce AI to a size consistent with our
... | Corporate News |
HAMILTON OIL <HAML> SAYS RESERVES RISE
| Hamilton Oil Corp said reserves at the
end of 1986 were 59.8 mln barrels of oil and 905.5 billion
cubic feet of natural gas, or 211 mln barrels equivalent, up 10
mln equivalent barrels from a year before.
| Commodities and Trade |
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 statem... | Other |
GRAHAM-MCCORMICK <GOP> SELLS OIL AND GAS STAKE
| Graham-McCormick Oil and Gas
Partnership said it completed the sale of interests in two
major oil and gas fields to <Energy Assets International Corp>
for 21 mln dlrs.
The company said it sold about one-half of its 50 pct
interest in the Oak Hill and North Rucias fields, its two
largest producing p... | Corporate News |
ADVANCED TOBACCO <ATPI> MERGER TALKS END
| Advanced Tobacco Products Inc
said it has ended talks on being acquired by Sterling Drug Inc
<STY> but has resumed acquisition talks with other parties.
The company had previously announced that a "major U.S.
based company" that it did not identify was evaluating its
nicotine technology.
Advanc... | Corporate News |
T.H.E. FITNESS <RFIT> BUYS LIVINGWELL UNIT
| T.H.E. Fitness INc said it
agreed to buy Livingwell Inc's manufacturing unit, Powercise
INternational Inc, for 11.0 mln T.H.E. Fitness shares valued at
about 30 mln dlrs.
This acquisition includes all of Livingwell's rights to its
recently announced Powercise fitness equipment.
IN a separate trans... | Corporate News |
EXXON <XON> RAISES HEATING OIL PRICE, TRADERS
| Oil traders in the New York area said
Exxon Corp's Exxon U.S.A. increased the price it charges
contract barge customers for heating oil in New York harbor by
1.5 cts a gallon, effective Saturday, March 7.
They said the increase brought Exxon's contract barge price
to 50 cts a gallon.
Traders said ... | Financial Reports |
HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES
| <Hudson Bay Mining and Smelting Co Ltd>
said it cut prices for all grades of zinc sold in North America
by one U.S. ct a pound and by one Canadian ct a pound,
effective immediately.
The new price for high grade zinc is 37 U.S. cts and 49-1/2
Canadian cts a pound, the company said.
Special high ... | Corporate News |
BANKAMERICA <BAC> COMPLETES MORTGAGE UNIT SALE
| BankAmerica Corp's Bank of America
unit said it completed the previously announced sale of
BankAmerica Finance Ltd to <Bank of Ireland> for an expected
pre-tax gain of 23 mln dlrs.
BankAmerica Finance provides residential mortgages in south
east England.
Its total assets at the end of 1986 were... | Financial Reports |
SUPERMARKETS GENERAL GETS UNSOLICITED BID FOR 41.75 DLRS/SHR CASH
|
SUPERMARKETS GENERAL GETS UNSOLICITED BID FOR 41.75 DLRS/SHR CASH
| Other |
BRAZIL TREASURY TO RELEASE COFFEE BUYING FUNDS
| The Treasury Department is due to
release funds for the Brazilian Coffee Institute, IBC, to pay
for the coffee purchased from local producers, the IBC said in
a statement.
IBC production director Oripes Gomes said in the statement
that payment would be made within the official guarantee
prices.
... | Financial Reports |
SHELL CANADA <SHC> RAISED CRUDE OIL POSTINGS
| Shell Canada, a wholly owned subsidiary
of the Royal Dutch/Shell Group <RD> said that it raised crude
oil prices by about 47 Canadian cts a barrel today.
The increase riased its posted price for Light sweet crude
oil to 21.95 dlrs a barrel from its march one level.
Light sour crudes were raised t... | Financial Reports |
GHANA COCOA PURCHASES 1,323 TONNES IN LATEST WEEK, CUMULATIVE 216,095 TONNES - OFFICIAL
|
GHANA COCOA PURCHASES 1,323 TONNES IN LATEST WEEK, CUMULATIVE 216,095 TONNES - OFFICIAL
| Financial Reports |
MGE CORN SYRUP FUTURES CONTRACT CLEARS HURDLE
| The staff of the Commodity Futures
Trading Commission, CFTC, recommended that the regulatory
agency approve the Minneapolis Grain Exchange's application to
trade high fructose corn syrup-55, HFCS-55, futures contracts.
The commission is expected to approve the application at a
meeting tomorrow.
Th... | Corporate News |
WORLD BANK TO BRING BORROWING FORWARD THIS YEAR
| The World Bank intends to bring
borrowing forward into the first half of 1987 because it
expects global interest rates to rise by year end, World Bank
vice president and treasurer Eugene Rotberg said.
He told a news conference that rates in the U.S., Japan,
West Germany and Switzerland were near their l... | Corporate News |
SERVICEMASTER <SVM> SETS QUARTER DISTRIBUTION
| ServiceMaster L.P. approved
a second quarter cash distribution of 58 cts, payable April 10,
record March 23.
Previously, ServiceMaster said it would pay in 1987 an
indicated cash distribution of 1.50 dlrs a share, including 95
cts a share which would be paid before April 15, 1987.
In other action... | Financial Reports |
WALL STREET STOCKS/CHRYSLER <C>, AMC <AMO>
| The proposed 757 mln dlr deal under
which Chrysler Corp would acquire American Motors Corp was
described by analysts as a reasonable deal for both companies.
Ronald Glantz of Montgomery Securities said AMC common
stock could be fairly valued at "just under five dlrs a share"
given changes brought by tax... | Financial Reports |
KOREANS TO BUY 1.8 BILLION DLRS IN U.S. GOODS
| South Korean Foreign Trade Minister
Rah Woon Bae said his country's firms have agreed to buy 1.8
billion dlrs worth of U.S. goods during his two-week buying
trip to the United States.
Rah said most of the purchases represented shifts from
Japanese firms to U.S. firms as part of South Korea's effort to
... | Financial Reports |
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 ... | Financial Reports |
FITZWATER SAYS REAGAN STRONGLY AGAINST TAX HIKE
| White House spokesman Marlin
Fitzwater said President Reagan's record in opposing tax hikes
is "long and strong" and not about to change.
"We're opposed to tax increases.... We will fight tax
increases.... We will deal with it politically in every forum
possible," said Fitzwater when questioned about wh... | Financial Reports |
SUPERMARKETS GENERAL <SGL> GETS UNSOLICITED BID
| Supermarkets General Corp said
it received an unsolicited proposal from a third party to
acquire the company at 41.75 dlrs per share in cash.
Supermarkets also said it retained Shearson Lehman Brothers
Inc to advise its board of directors on the proposal.
Supermarkets General currently has about 38.... | Corporate News |
JAPANESE CRUSHERS BUY CANADIAN RAPESEED
| Japanese crushers bought 5,000 to 7,000
tonnes of Canadian rapeseed in export business over the weekend
for April shipment, trade sources said.
Japanese crushers continue to concentrate on rapeseed
purchases since it converts to a higher percentage of oil than
other oilseeds, they said. A glut of feed m... | Other |
ABMS SAYS U.S. ZINC STOCKS HIGHER IN FEBRUARY
| Total U.S. slab zinc stocks held by
smelters rose to 24,735 short tons at the end of February from
22,120 short tons at the end of January, the American Bureau of
Metal Statistics reported.
Zinc production increased to 26,732 short tons in February
from 25,786 short tons in January.
Shipments fro... | Corporate News |
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