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NORANDA TO SPIN OFF FOREST INTERESTS INTO SEPARATE COMPANY
|
NORANDA TO SPIN OFF FOREST INTERESTS INTO SEPARATE COMPANY
| Financial Reports |
API PRESIDENT SEES OPTIONS TO AVERT OIL CRISIS
| American Petroleum Institute President
Charles DiBona said no options should be rejected to combat
growing U.S. dependence on foreign oil.
"No action should be ruled out--import fees or quotas,
floor prices, tax incentives or other alternatives--while a
national dialogue on the issue continues," DiBona... | Corporate News |
U.S. SELLS 3-MO BILLS AT 5.63 PCT, STOP 5.64 PCT, 6-MO 5.59 PCT, STOP 5.60 PCT
|
U.S. SELLS 3-MO BILLS AT 5.63 PCT, STOP 5.64 PCT, 6-MO 5.59 PCT, STOP 5.60 PCT
| Corporate News |
NATIONAL DISTILLERS <DR> CLOSES ALMADEN SALE
| National Distillers and
Chemical Corp said it completed the sale of Almaden Vineyards
Inc to Heublein Inc for about 128 mln dlrs.
Heublein, a former subsidiary of RJR Nabisco Inc <RJR>, was
recently acquired by <Grand Metropolitan PLC>.
Almaden, based in San Jose, Calif., makes and sells table... | Financial Reports |
CEASARS WORLD SAYS IT IS STUDYING UNSOLICITED 28 DLR-PER-SHR OFFER BY MARTIN SOSNOFF
|
CEASARS WORLD SAYS IT IS STUDYING UNSOLICITED 28 DLR-PER-SHR OFFER BY MARTIN SOSNOFF
| Financial Reports |
U.S. BILL AUCTION RATES AVERAGE 5.63, 5.59 PCT
| The U.S. Treasury said its weekly
auction of three-month bills produced an average rate of 5.63
pct, with a 5.59 pct rate on six-month bills.
These rates compared with averages of 5.47 pct for the
three- and 5.51 pct for the six-month bills sold last week.
The bond-equivalent yield on three-month bi... | Financial Reports |
CANADA MULLING SELLING PETRO-CANADA - MULRONEY
| Prime Minister Brian Mulroney said the
government was considering selling Petro-Canada and the sale
would proceed if it were in the national interest to do so.
Mulroney told the House of Commons assets of the huge oil
company would be examined before a decision was made, just as
other state-run companie... | Financial Reports |
NEWS CORP <NWS> COMPLETES PURCHASE OF NEWSPAPER
| The News Corp said the South China
Morning Post Ltd of Hong Kong become a wholly-owned subsidiary
March 7 as previously announced.
| Financial Reports |
RICHMOND HILL<RICH>, RIVERHEAD END MERGER TALKS
| Richmond Hill Savings Bank and
<Riverhead Savings Bank FSB> said they terminated their
previously announced merger negotiations.
The banks gave no reason for ending the talks, which began
on January 14.
| Financial Reports |
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... | Commodities and Trade |
GENERAL CINEMA <GCN> POOR SEASON LOWERS NET
| General Cinema Corp said
lower attendence at its theatres against last year's record
Christmas season lowered its first fiscal quarter operating
earnings nine pct to 15.9 mln dlrs.
"While we are not off to as good a start in fiscal 1987 as
we would like, business has picked up in the last few weeks,"
... | Other |
CEASARS WORLD <CAW> STUDYING SOSNOFF OFFER
| Ceasars Wold Inc said its board is
studying the unsolicited and conditional tender offer for all
its common shares at 28 dlrs per share from Martin T. Sosnoff.
A company spokesman said the board expects to make a
recommendation "shortly", but could not specify a time period.
Ceasars World Chairman H... | Financial Reports |
AMERICUS TRUST <BYU> <BYP> INITIAL QTRLY DIV
| Americus Trust For Bristol Myers shares
announced an initial dividend of 68.75 cts payable May 12 for
shareholders of record April 3.
| Financial Reports |
UNITED SECURITY <UNSE> TO BUY ROBERT BROWN UNIT
| United Security Financial Corp of
Illinois said it has signed a letter of intent to buy Robert
Co. Brown and Co Inc's <RCBI> MAGIC Insurance Group unit.
Robert C. Brown and Co would receive newly issued United
Security stock. United Security said it is anticipated that
such stock would represent a su... | Financial Reports |
GRAIN SHIPS LOADING AT PORTLAND
| There were three grain ships loading
and two ships were waiting to load at Portland, according to
the Portland Merchants Exchange.
| Financial Reports |
WARRINGTON SELLS SHOE DIVISIONS
| (Warrington Inc) said it sold its shoe
divisions to Montreal-based (Taurus Footwear Inc) for
undisclosed terms.
The divisions manufacture and distribute Greb, Hush
Puppies, Kodiak, and Santana brand shoes and had revenues of
about 69 mln dlrs last year, Warrington said. It said the sale
of the shoe di... | Corporate News |
DUPONT <DD> UNIT RAISES CRUDE OIL PRICES
| Conoco Inc, a subsidiary of DuPont
Corp, said it was increasing its contract prices for crude oil
between 10 cts and one dlr a barrel, effective today.
Conoco said the increase brings its price for the U.S.
benchmark crude West Texas Intermediate to 17.50 dlrs a barrel,
up one dlr.
South Louisiana... | Financial Reports |
CBT DISCUSSES MAJOR CHANGES FOR RENOVATION
| Chicago Board of Trade (CBT)
agricultural and financial futures markets could be in for a
period of major upheaval later this year if the exchange goes
ahead with planned renovation.
A CBT spokesman told Reuters the exchange was looking at a
number of options to identify the most cost effective and
ef... | Financial Reports |
GROUP SEEKS PRIME MEDICAL <PMSI> HOLDER LIST
| A group of investment firms led by
Far Hills, N.J., investor Natalie Koether said it is seeking
information about the shareholders of Prime Medical Services
Inc, over which it has said it is seeking control.
In a filing with the Securities and Exchange Commission,
the group, which includes Shamrock Asso... | Market and Economy |
<GRAND METROPOLITAN PLC> UNIT TO SELL BUSINESS
| Grand Metropolitan PLC said its
Grandmet USA Inc unit decided to sell its physical fitness and
exercise equipment business.
The company said Morgan Stanely and Co Inc is advising it
on the sale of the business.
| Financial Reports |
CHRYSLER <C> AMC BUYOUT VALUED AT 1.55 BILLION
| Chrysler Corp's proposed acquisition of
American Motors Corp is valued at about 1.55 billion dlrs,
including the cost of acquisition and the 767 mln dlrs in
American Motor' debt that Chrysler will assume, analysts said.
They said Chrysler's cost of acquisition was valued at 782
mln dlrs, paid in cash, ... | Financial Reports |
WASHINGTON NAT'L <WNT> BUYS UNITED PRESIDENTIAL
| Washington National Corp's
Washington National Insurance Co said it bought the remaining
15 pct of United Presidential Corp's <UPCO> outstanding shares
at 19 dlrs a share cash.
The acquisition of the shares is part of a plan of exchange
approved by United Presidential shareholders at a special
meet... | Commodities and Trade |
CONAGRA <CAG> COMPLETES MERGER WITH TRIDENT
| Conagra Inc said it completed the
merger of its Sea-Alaska Products Co unit and <Trident Seafoods
Corp.>
Conagra said the new company, in which it holds a 45 pct
stake, will be called Trident Seafoods Corp. Charles Bundrant,
president of Trident before the merger, was named president of
the new com... | Commodities and Trade |
MARKET DISCOUNTS HIGHER SOVIET GRAIN IMPORTS
| Grain analysts said the increase of
three mln tonnes in 1986/87 Soviet grain imports is unlikely to
affect the market Tuesday.
They said the market already has discounted higher Soviet
imports, partly on news last month that the Soviet Union bought
one mln tonnes of U.S. corn, and on rumors that the Rea... | Commodities and Trade |
<ATCO LTD> SEES GAIN FROM SALE
| Atco Ltd said its Atco
Development unit agreed to sell the Canadian Utilities Center
in Edmonton, Alberta and the Canadian Western Center in
Calgary.
The sales, together with the previously-announced sale of
Atco's Australian operations, will gross 114 mln dlrs and
result in an after-tax gain of 31 ml... | Commodities and Trade |
LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY
|
LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY
| Commodities and Trade |
BANCROFT <BCV> FILES SUIT AGAINST ZICO
| Bancroft Convertible Fund Inc said it
filed a lawsuit in federal court in Newark, N.J., seeking to
block a hostile 30 dlr a share takeover offer by <Zico
Investment Holdings Inc.>
Bancroft said the suit also names Michael B. Javett,
principal officer of Zico, and First Fidelity Bancorp's <FFB>
F... | Financial Reports |
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 ban... | Financial Reports |
WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN
| A confidential World Bank report on the
Peruvian economy has said the government's strategy does not
offer good prospects for medium and long-term growth and is
likely to lead to an early renewal of inflationary pressure.
The report, published today by the economic monthly, The
Peru Report, said the suc... | Financial Reports |
LINDNER SAYS HE DISCUSSED CONTROL OF TAFT <TFB>
| Financier Carl Lindner, who holds a
16.2 pct stake in Taft Broadcasting Co, told the Securities and
Exchange Commission he has discussed with the company the
possibility of seeking control of it.
Lindner, the Cincinnati, Ohio, investor who controls
American Financial Corp, said his talks with some of Ta... | Financial Reports |
INVESTORS SET DEADLINE FOR JAPAN FUND <JPN>
| An investor group that includes T.
Boone Pickens III said it set a deadline of 1600 EST on March
11 for its offer to acquire Japan Fund Inc.
The group, which also includes <Sterling Grace Capital
Management Inc LP> and <Anglo American Security Fund LP>, said
it was willing to deposit in escrow 100... | Corporate News |
INVESTOR FIRMS HAVE 25.5 PCT OF SYMBION <SYMB>
| A group of affiliated firms led by
Warburg, Pincus Capital Co L.P., a New York venture capital and
investment partnership, said it has acquired 1,920,527 shares
of Symbion Inc, or 25.5 pct of the total outstanding.
In a filing with the Securities and Exchange Commission,
the Warburg Pincus group said it... | Corporate News |
OFFSHORE INVESTOR HAS 5.9 PCT OF HAUSERMAN<HASR>
| Kindness N.V., a Bahamas-based firm
owned by U.K. investor and Bahamas resident John Templeton,
said it has acquired 137,900 shares of Hausereman Inc, or 5.9
pct of the total outstanding common stock.
In a filing with the Securities and Exchange Commission,
Templeton said he bought the shares for invest... | Corporate News |
INVESTMENT FIRMS UP STAKE IN MCGILL MFTG <MGLL>
| A group of affiliated investment
firms led by Bermuda-based Fidelity International Ltd and
Boston-based FMR Corp, told the Securities and Exchange
Commission it raised its stake in McGill Manufacturing Co Inc.
The group said it raised its stake to 88,580 shares, or 6.2
pct of the total outstanding commo... | Financial Reports |
U.S. INTERVENED TO BUY 50 MLN DLRS AGAINST YEN ON JANUARY 28, FED SAYS
|
U.S. INTERVENED TO BUY 50 MLN DLRS AGAINST YEN ON JANUARY 28, FED SAYS
| Financial Reports |
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 ... | Corporate News |
CTS <CTS> INCREASES 1986 LOSS
| CTS Corp said it increased its
1986 loss from continuing operations to 26.6 mln dlrs from the
previously announced 23.8 mln dlrs loss.
The 1986 figure was increased to include expenses involved
with its settlement of a dispute with Dynamics Corp of America
<DYA>.
The settlement involved a takeo... | Financial Reports |
U.S. INTERVENED TO AID DLR IN JANUARY, FED SAYS
| U.S. authorities intervened in the
foreign exchange market to support the dollar on one occasion
during the period between the start of November 1986 and the
end of January, the Federal Reserve Bank of New York said in a
report.
The Fed's quarterly review of foreign exchange operations
said that the U... | Financial Reports |
INVESTMENT FIRM RAISES CERTRON <CRTN> STAKE
| Louart Corp, a Los Angeles investment
firm, said it raised its stake in Certron Corp to 237,000
shares, or 7.8 pct of the total outstanding common stock, from
164,000 shares, or 5.4 pct.
In a filing with the Securities and Exchange Commission,
Louart said it bought 73,000 Certron shares between Sept 9 a... | Financial Reports |
HOGAN SYSTEMS <HOGN> IN ACQUISITION
| Hogan Systems Inc said it acquired
<Systems 4 Inc> of Durango, Colo., for 1.7 mln dlrs.
Hogan said Systems 4 provides integrated applications
software and processing services to about 30 community banks.
Systems 4 has revenues of 1.5 mln dlrs a year, Hogan said.
| Financial Reports |
USSR SEEN LIKELY TO HONOR CORN COMMITMENT
| The Soviet Union will likely honor
its commitment with the United States to buy a minimum of four
mln tonnes of corn this year, an Agriculture Department
official said.
"They have always honoured the agreement, and there's no
reason now to think they won't this year," he told Reuters.
"They have a... | Commodities and Trade |
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.
| Financial Reports |
PICKENS SEES CONTINUED SLUMP IN WORKING RIGS
| T. Boone Pickens, the Texas oilman and
financier, said he believes the heady days the oil service
industry had in the early 1980s, when over 4,500 oil rigs were
once reported operating, will not return in his lifetime.
Pickens told Reuters he expects the rig count to drop to
below 600 before recovering... | Commodities and Trade |
MIYAZAWA SAYS PARIS ACCORD HELPING STABILISE RATES
| Finance Minister Kiichi Miyazawa said the
Paris currency accord has contributed to the stability of
exchange rates.
Miyazawa told a press conference the agreement reached last
month in Paris by six major industrial nations to cooperate in
bringing about currency stability has prevented speculative
con... | Financial Reports |
AUSTRALIAN RESERVE BANK IN BUYING INTERVENTION
| The Reserve Bank said at 1230 local time
it was offering to buy short-dated government securities in the
short-term money market.
The bank's action followed its purchase of short-dated
government stock and six-day repurchase agreements earlier in
the session.
Money market traders said the move was... | Financial Reports |
RUBBER LEAF DISEASE SEEN AFFECTING SUPPLY/PRICES
| The leaf disease corenes pora,
which has affected some rubber trees in Sri Lanka and
Indonesia, is likely to force a cut in supply and push up
depressed prices, a Malaysian rubber disease researcher said.
Trees with leaves hit by the fungus disease cannot be saved
and must be felled, Chee Kheng Hoy, Hea... | Financial Reports |
SEARCH FOR BRITISH FERRY'S TOXIC CARGO CONTINUES
| The search continued for a
cargo of poisonous chemical substances loaded on the Herald of
Free Enterprise Ferry which capsized in Zeebrugge harbour
Friday.
A total of 72 drums of various toxic materials which were
loaded on trucks in the ship's hold have been recovered, but
Belgian authorities warned ... | Commodities and Trade |
SOVIET ECONOMIST SEES FEW 1987 GAINS IN U.S. TRADE
| There is little chance Soviet exports
to the United States will rise in 1987, but Moscow's current
trade reforms should result in more trade in manufactured goods
in future, a Soviet economist said.
Sergey Frolov, chief economist at Amtorg Trading Corp, an
agent for Soviet trade organisations and indust... | Financial Reports |
CHINA ALLOWS NATIONWIDE FOREIGN EXCHANGE SAVING
| People throughout China can now open
foreign exchange accounts at the Bank of China, the official
Shenzhen Economic Zone Daily said.
Previously only residents of Guangdong and Fujian provinces
could do this.
The paper also said the minimum for opening a fixed deposit
account had been cut to 50 yua... | Financial Reports |
SICHUAN BRACED TO FIGHT DROUGHT
| The Sichuan government has ordered that
any work or meeting which interferes with the fight against
drought must be cancelled or postponed to save time, energy and
manpower, the People's Daily domestic edition said.
Sichuan is one of six provinces threatened by drought.
Wen Wei Po, a Hong Kong daily... | Financial Reports |
ECONOMIC SPOTLIGHT - JAPAN PUSHES ITS CHIPMAKERS
| Japanese microchip makers are being
strong-armed into compliance with a U.S.-Japan pact on
semiconductors halting predatory pricing and opening Japan's
market to foreign chips, industry analysts said.
But doubts remain over whether the Ministry of
International Trade and Industry (MITI), which is pressu... | Financial Reports |
Sumita says little room for Bank of Japan to further ease credit policy
|
Sumita says little room for Bank of Japan to further ease credit policy
| Financial Reports |
SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY
| Bank of Japan governor Satoshi Sumita
said there is little room left for the central bank to further
ease its credit policy as interest rates levels are now
approaching their lower limit.
"The government should instead seek ways of making the best
use of its fiscal policy," he told a press conference.
... | Financial Reports |
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 h... | Financial Reports |
IRANIAN OIL MINISTER IN UAE TALKS
| Iranian Oil Minister Gholamreza
Aqazadeh is in the United Arab Emirates (UAE) to discuss oil
prices and the general market situation, Iranian officials
accompanying him said.
He will meet UAE President Sheikh Zaid bin Sultan
al-Nahayan and Oil Minister Mana Said al-Oteiba.
Aqazadeh arrived last ni... | Corporate News |
JAPAN MAY INCREASE ITS BRAZILIAN SOYBEAN PURCHASES
| Japanese crushers are likely to buy at
least 200,000 tonnes of Brazilian soybeans this year and
another 100,000 to 200,000 if quality and shipping conditions
are good against 128,089 tonnes in 1986, trade sources said.
A Japanese trading house recently bought about 31,000
tonnes of soybeans for April 10... | Other |
AUSTRALIAN METAL TRADER LINKS TO ASTURIANA DE ZINC
| <Metal Traders Australasia Ltd> said a
newly-formed subsidiary, the <Austmet Ltd> group, has
negotiated an exclusive long-term contract with Spain's
<Asturiana de Zinc> to market its zinc metal exports.
Metal Traders said in a statement the contract would
underpin the worldwide zinc, copper and... | Financial Reports |
SAUDI ARABIA'S KING FAHD WANTS STABLE OIL PRICES
| King Fahd said today Saudi Arabia wants
oil price stability and he called on non-OPEC producers to
avoid harmful competition with the 13 nation group.
His plea, in an interview with Reuters and the television
news agency Visnews, came ahead of a state visit he will make
to Britain later this month.
... | Financial Reports |
HILLSDOWN HOLDINGS PLC <HLDN.L> 1986 YEAR
| Shr 16.3p vs 12.2p
Div 2.75p vs 2.25p making 3.8p vs 3.15p adjusted for
Three-for-one capitalisation
Pre-tax profit 54.9 mln stg vs 33.4 mln
Turnover 1.70 billion vs 1.13 billion
Tax 7.6 mln vs 2.6 mlnProfit attributable 51.9 mln vs 30.1
Mln
Cost of Sales 1.49 billion vs 999.... | Financial Reports |
JAPAN CRUSHERS START APRIL U.S. SOYBEAN BUYING
| Japanese crushers, starting to buy U.S.
Soybeans for April shipment, have recently made purchases of
some 48,000 tonnes, trade sources said.
The sources said they could not estimate the total volume
to be purchased for April shipping because Japan's crushing
program for April and June is unclear.
... | Commodities and Trade |
KAUFHOF CONSIDERING TAKING STAKE IN HAPAG-LLOYD
| West German retail group Kaufhof AG
<KFHG.F> is considering taking a stake in shipping and
transport group Hapag-Lloyd AG <HPLG.F> but has yet to reach a
final decision, a spokesman said in response to queries.
Press reports said Kaufhof wanted a stake of up to 12.5 pct
in Hapag-Lloyd.
The K... | Corporate News |
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 t... | Financial Reports |
JAPAN AND THAILAND TO JOINTLY EXTRACT RARE METALS
| Japan's Agency of Natural Resources and
Energy said it will begin experiments with Thailand at the end
of March to start commercial production of rare metals in 1989
under a joint project.
An agency official said it will set up a 500 mln yen pilot
plant in Bangkok which will extract high quality rare me... | Financial Reports |
HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS
| Hungary is to devalue the forint by an
average of eight pct against Western currencies, the official
news agency MTI said.
MTI did not say when the devaluation would become
effective, but it expected new rates to be announced later
today.
Hungary devalued the forint by a similar amount last
Sept... | Corporate News |
HILLSDOWN SAYS EARLY 1987 RESULTS ENCOURAGING
| Hillsdown Holdings Plc <HLDN.L> said
early results for 1987 were encouraging, and the combination of
its investment and acquisition strategies enabled it to look
forward confidently for an excellent result for the year.
The company was commenting on 1986 results which showed
pre-tax profit rising to ... | Corporate News |
NIPPON OIL SEES SHARPLY LOWER SALES AND PROFITS
| Nippon Oil Co Ltd <NPOL.T> predicted
parent company net profit of about nine billion yen in the year
ending March 31, down 10.4 pct from a year earlier, president
Yasuoki Takeuchi told a press conference.
Current profit for the year was estimated at 17 to 18
billion yen, down 20 to 24 pct from a year... | Commodities and Trade |
TAIWAN TO TENDER FOR 27,000 TONNES U.S. SOYBEANS
| The joint committee of Taiwan's soybean
importers will tender March 12 for a 27,000 tonne cargo of U.S.
Soybeans for March 20 to April 5 delivery, a committee
spokesman told Reuters.
Taiwan's soybean imports in calendar 1987 are provisionally
set at 1.81 mln tonnes compared with a revised 1.74 mln tonne... | Corporate News |
BEJAM GROUP PLC <BJAM.L> 27 WEEKS TO JANUARY 3
| Shr 5.95p vs 4.41p
Div 2.25p vs 2.0p
Pre-tax profit 11.6 mln vs 9.1 mln
Tax 4.2 mln vs 3.6 mln
Turnover 256.3 mln vs 185.3 mln
Note - company said it was unlikely second-half profits
will show same rate of increase as first. But it had great
confidence in prospects for future growth.... | Financial Reports |
NIPPON STEEL, INLAND DISCUSSING U.S. JOINT VENTURE
| Nippon Steel Corp <NSTC.T> and <Inland
Steel Co> of the U.S. Are negotiating to set up a joint steel
venture in Indiana, a Nippon Steel spokesman said, declining to
give more details.
Several local newspapers reported the joint venture would
be capitalised at 150 mln dlrs, owned 60 pct by Inland a... | Other |
JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88
| The yen's rise against the dollar is
expected to boost Japan's unemployment rate to an average 3.3
pct in the 1987/88 fiscal year beginning April 1 from January's
record three pct, the private Nomura Research Institute said.
The official 1987/88 estimate is 2.9 pct.
The research arm of Nomura Securi... | Other |
WORK AT CHITTAGONG PORT HALTED BY STRIKE
| Cargo handling remains
halted at Bangladesh's Chittagong port since nearly 7,000
workers walked out on Monday following a pay dispute, the Port
Workers Association said today.
Fourteen ships are stranded at the port.
Port officials said they would meet Association leaders
today to try to resolve t... | Corporate News |
CREDITANSTALT-BANKVEREIN <CABV.V> YEAR 1986
| Cons banking gp net profit 496.7 mln schillings vs 354.5
mln
Cons banking gp balance sheet total at year-end 453.4
Billion schillings vs 425.4 billion
Parent bank net profit 370.6 mln vs 253.0 mln
Parent bank balance sheet total 372.5 billion vs 348.2
Billion
Parent bank dividend... | Financial Reports |
Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit
|
Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit
| Commodities and Trade |
TESCO ASSOCIATE BUYS 4.2 PCT OF HILLARDS
| Tesco Plc <TSCO.L> said that <County
Ltd> had yesterday bought on its behalf 2.06 mln shares, or
around 4.2 pct, in <Hillards Plc> for between 302p and 310p a
share.
Tesco yesterday launched a 151.4 mln stg bid for the north
of England supermarket chain, which Hillards promptly rejected.
... | Financial Reports |
ULTRAMAR PLC <UMAR.L> 1986 YEAR
| Shr 8.1p loss vs 26.3p earnings
Div 3.25p making 5.25p vs 10.5p
Net loss 62.1 mln stg vs 71.6 mln profit
Operating profit before tax 73.6 mln vs 273.8 mln
Turnover 1.47 billion vs 1.74 billion
Cost of sales 1.22 billion vs 1.39 billion
Gross profit 241.8 mln vs 357.6 mln
Dist... | Financial Reports |
GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln
|
GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln
| Financial Reports |
U.K. MONEY MARKET SHORTAGE FORECAST AT 300 MLN STG
| The Bank of England said it forecast a
liquidity shortage of around 300 mln stg in the market today.
Among the main factors, the Bank said bills maturing in
official hands and the treasury bill take-up would drain 483
mln stg from the system while below target bankers' balances
and a rise in the note ci... | Financial Reports |
BELGIAN CENTRAL BANK BUYS CURRENCY TO REPAY DEBT
| The Belgian National Bank bought
foreign currencies against francs on the open market in the
week ended March 9, a Bank spokesman said.
In line with central bank policy he declined to give any
details of the amount bought.
The foreign currency purchased was used by the Treasury to
repay foreign de... | Other |
GKN PLC <GKNL.L> 1986 YEAR
| Shr 28.5p vs 26.6p.
Final div 8p, making 13p vs 12p.
Pre-tax profit 132.4 mln stg vs 132.7 mln.
Net profit befire minorities 81.0 mln vs 74.4 mln.
Sales 2.06 billion stg vs 2.20 billion.
Extraordinary debit 36.5 mln vs 20.4 mln.
Trading surplus after depreciation 145.7 mln stg vs ... | Financial Reports |
ECONOMIC SPOTLIGHT - CHINA'S FOREIGN DEBT UP
| China's foreign debt reached 27 billion
dlrs by the end of 1986, but despite an over-exposure to
short-term credits and yen borrowing, China remains very
creditworthy with an improved 1987 export outlook, foreign
bankers and Chinese officials told Reuters.
Foreign bankers said China's total debt rose sh... | Financial Reports |
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 m... | Corporate News |
ULTRAMAR SAYS FOURTH QUARTER SHOWED IMPROVEMENTS
| Ultramar Plc <UMAR.L> said that while
its fourth 1986 quarter had improved from the operational point
of view, several special charges adversely affected results.
Overall the year had not been a good one, with upstream
operations dramatically hit by the fall in crude oil prices and
downstream operati... | Financial Reports |
QUEENSLAND PRESS BOARD RECOMMENDS MURDOCH OFFER
| The <Queensland Press Ltd> (QPL) board
said it unanimously recommended the one billion dlr takeover
bid by <Cruden Investments Pty Ltd>, a family company of News
Corp Ltd <NCPA.S> chief executive Rupert Murdoch.
The 23 dlrs a share cash-only offer is nearly double the
market price before News a... | Corporate News |
EC COMMISSION DECLINES COMMENT ON SUGAR OFFER
| The European Community (EC) Commission
declined to give an official reaction to reports that a group
of european operators plan to offer one mln tonnes of sugar
into intervention in protest at Commission export policies.
However, a spokesman for the Commission confirmed the
offers had been made to inter... | Corporate News |
INDONESIAN BANKS RAISE INTEREST RATES
| A tight money market has pushed
interest rates on three to six month time deposits to between
15 and 18 pct from 13 to 15 pct a month ago, bankers said.
March is usually a tight month for the money market because
of tax payments and banks' need to attract funds for their
year-end accounts on March 31.
... | Financial Reports |
HIGHVELD (HGVJ.J) SEES LOWER 1987 EARNINGS
| Highveld Steel and Vanadium Corp
Ltd said it expects 1987 earnings will be lower than last
year's previously reported 85 cts a share.
But profits "will be at a satisfactory level," the company
said in the annual report without giving a specific estimate.
Highveld said it expects appreciation of the ... | Financial Reports |
SAUDI ARABIA BUYS 5,000 TONNES RBD PALM OLEIN
| Saudi Arabia bought 5,000 tonnes of
refined bleached deodorised palm olein at its import tender
yesterday for April 16/25 shipment at 353 dlrs per tonne cost
and freight Jeddah, traders said.
| Financial Reports |
Belgium cuts discount rate to 8.0 pct from 8.50 - official
|
Belgium cuts discount rate to 8.0 pct from 8.50 - official
| Financial Reports |
PREUSSAG SAYS PAYMENT OF A 1986 DIVIDEND NOT CERTAIN
| A spokesman for Preussag
AG <PRSG.F> said it was not yet certain whether the company
would pay a dividend on 1986 results
He was commenting on a Preussag statement which said
results in 1986 were lower than in 1985. Preussag has
frequently said its results came under further pressure in 1986
follow... | Corporate News |
OIL FIRMS CUT 1987 INDONESIAN EXPLORATION SPENDING
| Foreign oil companies will spend less
on exploration in Indonesia this year than last, budgeting 2.7
billion dlrs for calendar 1987 against 1986 spending of 2.8
billion dlrs, the state oil company Pertamina said.
Actual spending last year fell short of the budgeted figure
of 3.2 billion dlrs, as oil com... | Financial Reports |
INDONESIA OIL CONTRACT NEGOTIATIONS END THIS MONTH
| Negotiations between Indonesia's state
oil company Pertamina and foreign oil contractors on extension
of the standard 30-year production sharing contract will be
concluded by the end of this month, a Pertamina official said.
Jumardi Jukardi, head of Pertamina's foreign contractors
coordinating board, ga... | Other |
TRADE SAYS EC SUGAR TENDER HARD TO FORECAST
| Traders here and in Paris said the
results of today's EC white sugar tender are hard to forecast
because of plans by a group of French, West German, Dutch and
Belgian operators to sell one mln tonnes of sugar into
intervention.
London traders said bids for licences have been reported
between 43.00 and... | Financial Reports |
KOREA PLANS TO OPEN MARKETS TO EASE WON PRESSURE
| South Korea will further open its market
to help cut its trade surplus with the U.S. And to fight off
pressure to revalue the won against the dollar, a government
spokesman said.
The spokesman said Korean trade minister Rha Woong-Bae's
stand in Washington yesterday against pressure from industrial
nat... | Corporate News |
GERMAN CALL MONEY EASES AFTER LIQUIDITY INJECTION
| Call money eased to 3.75/80 pct from
3.80/85 yesterday following a net injection of 6.7 billion
marks at a rate of 3.80 pct in fresh funds from this week's
securities repurchase agreement, dealers said.
But rates were expected to rise toward the end of the week.
A major tax payment period by banks o... | Other |
BTR PLC <BTRX.L> 1986 YEAR
| Shr 21.2p vs 16.0p
Div 4.75p making 8.25p vs 5.83p
Pretax profit 505 mln stg vs 362 mln
Turnover 4.02 billion vs 3.88 billion
Tax 128 mln vs 85 mln
Operating profit 527 mln vs 421 mln
Operating profit includes -
Other income 30 mln vs 41 mln
Financial costs 52 mln vs 10... | Financial Reports |
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 ... | Corporate News |
JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88
| The yen's rise against the dollar is
expected to boost Japan's unemployment rate to an average 3.3
pct in the 1987/88 fiscal year beginning April 1 from January's
record three pct, the private Nomura Research Institute said.
The official 1987/88 estimate is 2.9 pct.
The research arm of Nomura Securi... | Other |
SPAIN EXTENDS RESERVE REQUIREMENT
| The Bank of Spain has extended the
reserve requirement for banks to their convertible peseta funds
in an attempt to curb speculation in short-term capital which
is currently fuelling money supply growth.
In a statement issued late last night, the central bank
said convertible peseta accounts, funds whic... | Other |
HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS
| Hungary is to devalue the forint by an
average of eight pct against Western currencies, the official
news agency MTI said.
MTI did not say when the devaluation would become
effective, but it expected new rates to be announced later
today.
Hungary devalued the forint by a similar amount last
Sept... | Commodities and Trade |
SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY
| Bank of Japan governor Satoshi Sumita
said there is little room left for the central bank to further
ease its credit policy as interest rates levels are now
approaching their lower limit.
"The government should instead seek ways of making the best
use of its fiscal policy," he told a press conference.
... | Corporate News |
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