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SAN JUAN BASIN <SJT> PROVEN RESERVES FALL
| The San Juan Basin Royalty
Trust said proved reserves as of December 31 were estimated at
283.1 thousand cubic feet of gas and 1,087,000 barrels of oil.
In the year-ago period, it said proved reserves were
estimated at 346.4 thousand cubic feet of gas and 1,974,000
barrels of oil.
It said the pre... | Corporate News |
INTERCONNECT OFFERS TO BUY GATES LEARJET <GLJ>
| <Interconnect Capital Corp>
said it sent a letter to the board of Gates Learjet Corp,
offering to buy the company for 7.07 dlrs a share.
Gates Corp, which owns 64.8 pct of Gates Learjet, agreed
earlier this week to sell its shares to a partnership formed by
privately-held <Cobey Corp> and a unit o... | Corporate News |
SEAL <SINC> ACQUIRES ADEMCO LTD
| Seal Inc said it acquired
Ademco Ltd, a United Kingdom company which distributes mounting
and laminating equipment and supplies, for a combination of
cash and stock valued at 2.6 mln dlrs, based on current
exchange rates.
Seal said it will pay up to an additional 1.3 mln dlrs
contingent on the market ... | Corporate News |
BRAZIL CANCELS OIL PURCHASE FROM SAUDI ARABIA
| Brazil's state-oil company,
Petrobras, cancelled a 40 mln dlr crude oil purchase from Saudi
Arabia after the Saudis refused to accept credit guarantees
from the Bank of Brazil, a Petrobras official said.
Export director Carlos Santana told a press conference the
Saudis were the first suppliers of oil to... | Financial Reports |
U.S. HOUSE PANEL APPROVES TRADE BILL
| The U.S. House Ways and Means Trade
Subcommittee unanimously approved a toned-down version of
legislation designed to toughen U.S. trade laws and wedge open
foreign markets to more U.S. goods.
The measure now goes to the full House Ways and Means
Committee next week, but major changes are not expected,
... | Commodities and Trade |
NO GRAIN TO THE USSR IN LATEST WEEK -- USDA
| There were no shipments of U.S.
grain or soybeans to the Soviet Union in the week ended March
12, according to the U.S. Agriculture Department's latest
Export Sales report.
The USSR has purchased 1.0 mln tonnes of U.S. corn for
delivery in the fourth year of the U.S.-USSR grain agreement.
Total ... | Other |
U.S. SUGAR IMPORTS DOWN IN WEEK - USDA
| Sugar imports subject to the U.S.
sugar import quota during the week ended January 9, the initial
week of the 1987 sugar quota year, totaled 5,988 short tons
versus 46,254 tons the previous week, the Agriculture
Department said.
The sugar import quota for the 1987 quota year
(January-December) has bee... | Corporate News |
INDIA GETS 140 MLN DLR WORLD BANK LOAN
| The World Bank said it has approved
a 140 mln dlr loan for India to help lessen that country's
dependence on imported oil and spur development of its own
petroleum resources.
The bank said the loan will be used to boost production by
injecting gas in the partially depleted Assam oil fields and to
assi... | Commodities and Trade |
FED DATA INDICATE NO POLICY CHANGE LIKELY
| U.S. bank reserve, monetary and
discount window borrowings data released by the Federal Reserve
today clearly indicate that policy is "on hold" and may not be
changed for weeks or even months, economists said.
"The Fed is keeping policy at dead center and it is not
about to change policy unless somethin... | Corporate News |
COLOMBIA'S COFFEE MARKETING TO BE MORE FLEXIBLE
| Colombia intends to improve the
marketing of its coffee with the accent on more flexibility on
setting export registration prices, finance minister Cesar
Gaviria said.
Speaking to reporters after announcing a lower export
registration price, or reintegro, of 1.10 dlr per lb ex-dock
New York, Gaviria s... | Corporate News |
INDIA GETS 140 MLN DLR WORLD BANK LOAN
| The World Bank said it approved a
140 mln dlr loan for India to help lessen that country's
dependence on imported oil and spur development of its own
petroleum resources.
The bank said the loan will be used to boost production by
injecting gas in the partially depleted Assam oil fields and to
assist e... | Other |
CANNON <CAN> SELLS LIBRARY TO WEINTRAUB
| WEintraub Entertainment Group Inc
said it agreed to acquire Cannon Group's Screen Entertainment
film library.
The library was purchased in May 1986 as part of Cannon's
acquisition of Screen Entertainment Ltd from Bond Corp Holdings
Ltd. The library has over 2,000 theatrical motion pictures.
Terms ... | Financial Reports |
GERBER <GRB> BUYS GERBER SYSTEMS <GSTI> SHARES
| Gerber Scientific Inc said
its GST Acquisition Corp purchased 444,646 shares of its 84 pct
owned Gerber Systems Technology pursuant to a January 15 tender
offer.
Following the purchase, Gerber made a capital contribution
to GST of all the shares it owned resulting in 95.6 pct
ownership by GST.
| Other |
VENEZUELA TO LEND ECUADOR 50,000 BPD OF CRUDE
| Venezuela will lend Ecuador 50,000
barrels per day of crude oil over the next few months to help
it meet its export commitments, Energy and Mines Minister
Arturo Hernandez Grisanti said today.
He said that under the terms of this loan, agreed during a
visit here this week by Ecuador's Deputy Energy Mini... | Commodities and Trade |
BRENCO INC <BREN> DECLARES QTLY DIVIDEND
| Qtly div three cts vs three cts prior
Pay April six
Record March 20
| Other |
THE ADELAIDE STEAMSHIP CO LTD <ADSA.S> FIRST HALF
| First half ended December 31
Shr 55.01 cents vs 97.76
Int div 18 cents vs 16
Net 75.05 mln dlrs vs 55.68 mln
Turnover 156.94 mln vs 177.87 mln
Other revenue 72.50 mln vs 31.18 mln.
One-for-five rights issue at 11.50 dlrs a share
One-for-four bonus issue on capital enlarged by... | Other |
BRYN MAWR BANK CORP <BMTC> UPS DIVIDEND
| Qtly div 30 cts vs 30 cts prior
Payable May one
Record April 10
NOTE:Bryn Mawr was reorganized as a holding company on
January 2, 1987, resulting in each share of Bryn Mawr Trust Co
being converted into three shares of the new holding company's
stock. The 30 cts dividend represents a 15 pct in... | Other |
PRICE <PCLB> TO BUY 80 PCT OF TSS-SEEDMAN
| Price Co said it agreed to buy at
least 81 pct of the stock of <TSS-Seedman's INc> for about 50
mln dlrs.
The terms envision a purchase of the entire company, it
said.
The transaction is expected to close at the end of April.
| Other |
MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE
| Finance Minister Kiichi Miyazawa told a
press conference he thinks exchange rates will remain stable
due to the currency accord reached in Paris last month by six
major industrialised nations but he did not say for how long.
The dollar has hovered around 153 yen since the six agreed
to cooperate to brin... | Other |
TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS
| Two small shipping companies have
reached a pay deal with striking seamen, but union leaders said
most of Brazil's 40,000 seamen were still on strike.
A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay offer from the companies, Globo and
Flumar, which have less than 200 emplo... | Corporate News |
12-MAR-1987
| 12-MAR-1987
| Other |
ADSTEAM RIGHTS ISSUE TO RAISE 228 MLN DLRS
| The Adelaide Steamship Co Ltd <ADSA.S>
(Adsteam) said its one-for-five rights issue at 11.50 dlrs a
share will raise 228.5 mln dlrs for general working capital and
investment, both in Australia and overseas.
The group announced the issue with its first half earnings
and said in a statement that the r... | Other |
HEARST BUYS HOUSTON CHRONICLE FOR 400 MLN DLRS
| The <Hearst Corp> is buying the Houston
Chronicle from Houston Endowment Inc for 400 mln dlrs.
The announcement was made jointly by Frank Bennack Jr,
president and chief executive officer of Hearst, and Richard
Johnson, president of the Chronicle.
The Houston Endowment is selling the paper to com... | Other |
IEL'S ACMEX UNIT TO BID FOR CHEETHAM
| <Industrial Equity Ltd> (IEL) unit
<Acmex Holdings Ltd> said it proposed to make a formal takeover
offer for all the issued capital of <Cheetham Ltd>, a producer
of salt, animal feed and seeds.
Acmex said in a statement it would offer one share for
every two Cheetham shares or 3.40 dlrs cash fo... | Corporate News |
U.S. OFFICIALS DISAGREE ON REDUCING BUDGET DEFICIT
| Senior U.S. Economic officials
disagree on the likelihood the government can meet its budget
deficit reduction targets.
Beryl Sprinkel, chairman of the Council of Economic
Advisers, reiterated the Reagan Administration's opposition to
a tax increase and its pledge to reduce the deficit by cutting
spen... | Corporate News |
AUSTRALIAN TERMS OF TRADE WORSEN IN LAST QUARTER
| Australia's terms of trade fell by a
further 3.5 pct in the fourth quarter of 1986 after declining
0.8 pct in the third quarter and 2.7 pct a year earlier, the
Statistics Bureau said.
It said the seasonally adjusted current account deficit of
3.22 billion dlrs in the quarter would have dropped to 912 ml... | Corporate News |
CHINA FACES DILEMMA OVER SUGAR IMPORTS
| China has to decide if it will increase
sugar imports this year to cover falling domestic output and
rising demand, in view of market predictions that international
sugar prices will remain firm this year, traders and the
official press said.
He Kang, Minister of Agriculture, Animal Husbandry and
Fish... | Market and Economy |
JAPAN SETS 1987/88 FIRST HALF BEEF IMPORT QUOTA
| The Agriculture Ministry said it set
Japan's beef import quota for the six months from April 1 at
93,000 tonnes, up from 83,000 in the second half of 1986/87 and
85,000 a year earlier.
Under an agreement with the U.S. And Australia, Japan has
been increasing imports by 9,000 tonnes a year from March 31,... | Other |
JAPAN DENIES BREAKING SEMICONDUCTOR TRADE PACT
| Japan denied breaking a pact with the
U.S. On semiconductor trade but said prices set out in the pact
were too high and acknowledged difficulties in implementing the
accord.
"We are faithfully abiding by the ... Agreement but of
course there are some problems," a spokesman for the
International Trade ... | Corporate News |
JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE
| International Trade and Industry Minister
Hajime Tamura told a parliamentary session Japan's small- and
medium-sized enterprises are seriously suffering from the yen's
rise and can only stand levels around 170 yen.
He also said he still believes a dollar exchange rate level
plus or minus 10 yen from 170... | Corporate News |
GERMAN WHOLESALE PRICES FALL 0.4 PCT IN FEBRUARY
| West German wholesale prices fell 0.4
pct in February from January to stand 6.9 pct lower than in
February 1986, the Federal Statistics Office said.
In January wholesale prices rose 0.8 pct from December to
stand 8.6 pct below their level in January 1986.
Wholesale price declines were led by starch ... | Corporate News |
SWISS FEB TRADE DEFICIT 629.7 MLN FRANCS (JAN DEFICIT 209.4 MLN) - OFFICIAL
|
SWISS FEB TRADE DEFICIT 629.7 MLN FRANCS (JAN DEFICIT 209.4 MLN) - OFFICIAL
| Other |
AUSTRALIAN BEEF OUTPUT SEEN DECLINING IN 1987
| Australian beef output is forecast to
decline to 1.34 mln tonnes carcass weight in 1987 and 1.36 mln
in 1988 from 1.44 mln in 1986, the Australian Meat and
Live-Stock Corp (AMLC) said.
Exports of beef/veal are also predicted to decline to
480,000 tonnes shipped weight in 1987 from 515,000 in 1986, and
... | Financial Reports |
CHINA'S JANUARY GRAIN EXPORTS FALL
| China's grain exports in January totaled
386,157 tonnes, down 22.1 pct from January 1986, customs
figures show.
They gave no detailed breakdown.
The official China Economic News quoted the figures as
showing tea exports rose 9.7 pct to 8,474 tonnes during the
month.
Imports of wool rose 117.... | Commodities and Trade |
SWISS FEBRUARY TRADE DEFICIT 629.7 MLN FRANCS
| Switzerland had a trade deficit of 629.7
mln Swiss francs in February compared with a revised 209.4 mln
deficit in January and 723.2 mln shortfall in February 1986,
the Federal Customs Office said.
February imports were 6.00 billion francs against exports
of 5.37 billion.
Imports rose in real term... | Corporate News |
MASSACHUSETTS INVESTORS GROWTH STOCK FUND PAYOUT
| Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr
including capital gains of 2.978 dlrs
Payable March 27
Record February 27
| Commodities and Trade |
JAPAN SHIPBUILDERS SEEK CARTEL TO RESTRICT OUTPUT
| Japanese shipbuilders have applied to the
state's Fair Trade Commission to form a cartel to restrict
tonnage built to about half of total capacity for the year
starting April 1, officials of the Shipbuilders Association of
Japan said.
Under the plan, 33 yards capable of building ships of more
than 10,... | Financial Reports |
SWISS WHOLESALE PRICES FALL 0.3 PCT IN FEBRUARY
| Swiss wholesale prices fell by 0.3 pct in
February, giving a drop of 4.3 pct from February 1986, the
Federal Office of Industry, Trade and Labour said.
Prices had been unchanged in January, giving an annual drop
of 4.6 pct. They fell by 2.6 pct in the year to February 1986.
The wholesale price index... | Financial Reports |
KUBOTA LTD <KUB.T> THIRD QUARTER TO JANUARY 15
| Group shr 53 yen vs 22
Net profit 3.58 billion vs profit 1.47 billion
Pretax profit 4.94 billion vs loss 248 mln
Operating profit 5.36 billion vs profit 789 mln
Sales 127.34 billion vs 130.22 billion
Nine months ended January 15
Group shr 134 yen vs 119
Net 9.10 billion vs 8.... | Financial Reports |
JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES
| The cabinet has approved a bill making it
easier for the government to issue commemorative coins, a
Finance Ministry official said.
The bill, which must still be approved by parliament, would
take effect in April 1988. It would allow the government to
issue 1,000, 5,000 and 10,000 yen coins without spec... | Other |
SANDOZ AG <SANZ.Z> YEAR 1986
| Group 1986 net profit 541 mln Swiss
francs vs. 529 mln
Dividend 105 francs per 250 francs nominal share vs. 100,
21 francs per 50 franc nominal participation certificate vs 20
Group Turnover 8.36 billion francs vs. 8.45 billion
Cash Flow 956 mln francs vs. 941 mln
Parent company net profit... | Other |
INDIA IN COUNTERTRADE DEAL FOR MALAYSIAN PALM OIL
| India is to partially cover the cost
of its Malaysian palm oil imports through a countertrade deal
involving the construction of two bridges valued at 20 mln
dlrs, an Indian trade source told Reuters.
He said Malaysia agreed to the oil-for-bridges deal in
October after India said it could no longer buy ... | Market and Economy |
ALUSUISSE GROUP 1986 NET LOSS 688 MLN SWISS FRANCS (LOSS 756 MLN)
|
ALUSUISSE GROUP 1986 NET LOSS 688 MLN SWISS FRANCS (LOSS 756 MLN)
| Corporate News |
BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE
| The short-term effect of foreign exchange
rate movements in correcting international trade imbalances
appears to be waning, and long-term efforts are required to cut
Japan's chronic dependence on external demand, the Bank of
Japan said in a monthly report.
Japan's trade surplus in nominal terms is likel... | Market and Economy |
London - Floating rate note prices open sharply lower, dealers say
|
London - Floating rate note prices open sharply lower, dealers say
| Commodities and Trade |
ALUSUISSE <ALUZ.Z> YEAR 1986
| Net Loss 688 mln Swiss francs vs. Loss
756 mln
Gross sales 5.93 billion vs. 8.51 billion
Operating income 198 mln francs vs 256 mln
Net extraordinary charges 592 mln vs 472 mln
Note - Company plans 50 pct capital reduction, banks to
convert 300 mln francs of credit facilities to subordinat... | Financial Reports |
Opec deliberately under 15.8 mln barrel ceiling to defend price - Subroto
|
Opec deliberately under 15.8 mln barrel ceiling to defend price - Subroto
| Market and Economy |
COUNTY INCREASES TESCO STAKE IN HILLARDS
| <County Ltd>, which is acting in concert
with Tesco Plc <TSCO.L> in its 151.4 mln stg for supermarket
chain operator <Hillards Plc>, has purchased 300,000 Hillards
ordinary shares at 316p per share, a statement said.
These purchases, together with those made by County on 10
March, represent abo... | Market and Economy |
<PREMDOR INC> 4TH QTR NET
| Shr 35 cts vs 25 cts
Net 1,590,000 vs 1,140,000
Revs 32.2 mln vs 23.0 mln
YEAR
Shr 1.16 dlrs vs 68 cts
Net 5,300,000 vs 3,100,000
Revs 110.0 mln vs 85.4 mln
| Financial Reports |
S. AFRICAN PRODUCER PRICE INFLATION FALLS SHARPLY
| South African year-on-year producer
price inflation fell to 14.9 pct in January against 16.4 pct in
December, Central Statistics Office figures show.
The all items index (base 1980) rose a monthly 0.8 pct in
January to 233.9, after also rising 0.8 pct in December to
232.1.
A year ago the index sto... | Corporate News |
SUBROTO SEES OIL MARKET CONTINUING BULLISH
| Indonesian Energy Minister Subroto said
he sees the oil market continuing bullish, with underlying
demand expected to rise later in the year.
He told a press conference in Jakarta at the end of a
two-day meeting of South-East Asian Energy Ministers that he
saw prices stabilizing around 18 dlrs a barrel.... | Financial Reports |
OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS
| Indonesian Energy Minister Subroto said
OPEC is deliberately under its production ceiling of 15.8 mln
barrels to defend its 18 dlr a barrel price target.
He told reporters at an energy conference in Jakarta that
OPEC had decided to maintain its price level of 18 dlrs.
"We are deliberately defending ... | Corporate News |
JAPAN REJECTS U.S. OBJECTIONS TO FAIRCHILD SALE
| A Foreign Ministry official dismissed
arguments made by senior U.S. Government officials seeking to
block the sale of a U.S. Microchip maker to a Japanese firm.
"They appear to be linking completely unrelated issues,"
Shuichi Takemoto of the Foreign Ministry's North American
Division told Reuters.
... | Financial Reports |
BANK OF ENGLAND OFFERS EARLY HELP TO MONEY MARKET
| The Bank of England said it invited an
early round of bill offers to help ease tight conditions in the
money market.
The bank estimated today's liquidity shortage at about 1.10
billion stg.
Bills maturing in official hands and the treasury bill
take-up would drain 1.21 billion stg from the system ... | Commodities and Trade |
AMERICAN NURSERY <ANSY> BUYS FLORIDA NURSERY
| American Nursery Products Inc
said it purchased Miami-based Heinl's Nursery Inc, for
undisclosed terms.
Heinl's Nursery has sales of about 4.5 mln dlrs and owns
100 acres, of which 75 are in shade houses and about 58,300
square feet cover greenhouses, shipping and office facilities.
| Market and Economy |
BRITISH WHEAT AREA DOWN, MINISTRY CENSUS SHOWS
| A total of 1.886 mln hectares was sown
to wheat in Britain, excluding Northern Ireland, up to December
1, 1986 for the 1987 crop, a Ministry of Agriculture census
shows.
It compares with 1.925 mln planted in the same period 1985.
The barley area was unchanged at 952,000 ha, but oilseed
rape increa... | Corporate News |
Miyazawa says current dollar/yen rate not necessarily satisfactory
|
Miyazawa says current dollar/yen rate not necessarily satisfactory
| Industrial and Sector News |
KAMPUCHEA SAYS RICE CROP IN 1986 INCREASED
| Kampuchea harvested more than two mln
tonnes of rice paddy in 1986, up on the crops of the previous
two years, the official SPK news agency said yesterday.
Diplomats said estimates put the 1985 harvest at less than
one mln tonnes, slightly up on 800,000 in 1984.
SPK said Kampuchea planned to expand ... | Market and Economy |
CHINA TRYING TO INCREASE COTTON OUTPUT, PAPER SAYS
| China's 1987 cotton output must rise
above the 1986 level of 3.54 mln tonnes or supply will fall
short of increasing demand, the China Daily said.
Demand in 1986 rose 10.9 pct over 1985.
Output in 1986 fell from 4.15 mln tonnes in 1985 and a
record 6.2 mln in 1984, official figures show. The China D... | Corporate News |
MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL
| Finance Minister Kiichi Miyazawa told a
parliamentary session the current dollar/yen exchange rate is
not necessarily satisfactory for the Japanese economy.
Miyazawa said the Paris currency accord among six major
industrial nations last month does not necessarily mean the yen
should stay stable around c... | Commodities and Trade |
INDIA TOOK THREE CARGOES OF RBD OLEIN AT TENDER
| The Indian State Trading Corporation
(STC) bought three cargoes of rbd palm olein at its vegetable
oil import tender yesterday, traders said. Late yesterday the
market was reporting it had bought one to two cargoes.
The business comprised two 6,000 tonne cargoes for March
15/April 15 shipments at 355 dl... | Financial Reports |
U.K. MONEY MARKET GIVEN 478 MLN STG EARLY HELP
| The Bank of England said it provided the
market with 478 mln stg of early assistance to help ease a
liquidity shortage it estimated at 1.10 billion stg.
It made outright purchases of seven mln stg of band one
bank bills at 10-3/8 pct and 30 mln stg of band two bank bills
at 10-5/16 pct.
In additio... | Corporate News |
JAPAN PERSONAL SAVINGS SOAR IN 1986
| Japanese personal savings grew 10.3 pct
in 1986 from 1985 helped by a sharp increase in stock
investments by individuals, the Bank of Japan said.
Outstanding savings on December 31, 1986 totalled 545,303
billion yen. Funds in investment trusts alone totalled 21,918
billion yen, up 37.4 pct from a year e... | Corporate News |
ALUSUISSE SHARES SUSPENDED ON CAPITAL CUT NEWS
| Trading in shares of Schweizerische
Aluminium AG, Alusuisse, <ALUZ.Z> was suspended on the Zurich
stock exchange after today's announcement by the company that
it would cut its share capital by 50 pct, the bourse said.
The bourse said trading would resume again on Monday.
Alusuisse bearer shares ... | Financial Reports |
PETROBRAS CANCELS OIL PURCHASE FROM SAUDI ARABIA
| Brazil's state oil company
Petrobras has cancelled a 40 mln dlr crude oil purchase from
Saudi Arabia after the Saudis refused to accept credit
guarantees from the Bank of Brazil and did not disclose
reasons, a Petrobras official said.
Export director Carlos Santana told reporters the Saudis
were the f... | Corporate News |
MANNESMANN CONSIDERING MAJORITY STAKE IN FICHTEL
| A Mannesmann AG <MMWG.F> spokesman
said the company has lodged an application with the Federal
Cartel Office for approval of a possible majority stake in car
parts company <Fichtel und Sachs AG>.
He described the application as a precautionary move and
said no agreement on buying a majority stake ... | Market and Economy |
SCHWEIZERHALLE FIRE HIT SANDOZ 1986 PROFITS
| Sandoz AG <SANZ.Z> would
have reported a percentage rise in net profits "close to double
figures" rather than the actual two pct had it not been for
November's warehouse fire, a senior company official said.
The official, who declined to be identified, told Reuters
Sandoz had made a substantial addit... | Corporate News |
ALUSUISSE SEES POSSIBLE BREAK-EVEN IN 1987
| Schweizerische Aluminimum AG <ALUZ.Z>
(Alusuisse) may be able to break even this year after cleansing
its balance sheet for 1986, chief executive Hans Jucker said.
"The threshold of profitability has returned to the
foreseeable future," he said. "We expect already in 1987
approximately to break even.... | Corporate News |
JAPAN CORPORATE PROFITS IN LAST 1986 QUARTER UP
| Current profits of Japan's major firms in
the October-December quarter rose four pct from a year earlier
to 5,654 billion yen against a 2.6 pct year-on-year rise in the
preceding quarter, the Finance Ministry said.
The improved earnings resulted mainly from a 22.5 pct
profit increase in non-manufacturin... | Other |
U.S. LENDS SUDAN 57 MLN DLRS FOR WHEAT PURCHASES
| The U.S. Is to lend Sudan 57 mln dlrs
to buy 309,000 tonnes of wheat and 73,000 tonnes of wheat
flour, according to an agreement signed here.
Under the agreement Sudan will receive 50 mln dlrs for the
commodities and the rest for sea transportation.
The loan is repayable in 40 years, including a 10-... | Corporate News |
ALUSUISSE PLANS FURTHER ALUMINIUM CAPACITY CUTS
| Schweizerische Aluminium AG <ALUZ.Z>
(Alusuisse) plans further drastic cuts in its aluminium
smelting capacity and more concentration of higher value-added
products, chief executive Hans Jucker said.
Elaborating on plans disclosed in outline last September,
company officials said current smelting cap... | Financial Reports |
CANADA FEBRUARY UNEMPLOYMENT FALLS TO 9.6 PCT FROM JANUARY 9.7 PCT, STATISTICS CANADA SAID
|
CANADA FEBRUARY UNEMPLOYMENT FALLS TO 9.6 PCT FROM JANUARY 9.7 PCT, STATISTICS CANADA SAID
| Market and Economy |
BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY
| inflation
plan, initially hailed at home and abroad as the saviour of the
economy, is limping towards its first anniversary amid soaring
prices, widespread shortages and a foreign payments crisis.
Announced last February 28 the plan froze prices, fixed the
value of the new Cruzado currency and ended wid... | Financial Reports |
MFS MANAGED SECTORS TRUST DIVIDEND INCREASED
| Semi-annual div from income of 7.3 cts vs 1.0 cent in prior
period
Payable March 27
Record February 27
| Corporate News |
CANADA FEBRUARY UNEMPLOYMENT 9.6 PCT
| Canada's February unemployment rate,
seasonally adjusted, fell to 9.6 pct from 9.7 pct in January,
Statistics Canada said. The rate was 9.8 pct in February last
year.
Seasonally adjusted employment in February was 11,777,000,
compared with 11,747,000 in January, while unemployment slipped
to 1,252,000... | Corporate News |
MIYAZAWA SAYS PRESENT YEN NOT NECESSARILY IDEAL
| Finance Minister Kiichi Miyazawa told a
parliamentary session the current dollar/yen exchange rate is
not necessarily satisfactory for the Japanese economy.
Miyazawa said the Paris currency accord among six major
industrial nations last month does not necessarily mean the yen
should stay stable around c... | Financial Reports |
JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES
| The cabinet has approved a bill making it
easier for the government to issue commemorative coins, a
Finance Ministry official said.
The bill, which must still be approved by parliament, would
take effect in April 1988. It would allow the government to
issue 1,000, 5,000 and 10,000 yen coins without spec... | Financial Reports |
JAPAN MINISTER SAYS ABOUT 170 YEN APPROPRIATE
| International Trade and Industry Minister
Hajime Tamura told a parliamentary session Japan's small- and
medium-sized enterprises are seriously suffering from the yen's
rise and can only stand levels around 170 yen.
He also said he still believes a dollar exchange rate level
plus or minus 10 yen from 170... | Commodities and Trade |
TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS
| Two small shipping companies have
reached a pay deal with striking seamen, but union leaders said
most of Brazil's 40,000 seamen were still on strike.
A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay offer from the companies, Globo and
Flumar, which have less than 200 emplo... | Financial Reports |
MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE
| Finance Minister Kiichi Miyazawa told a
press conference he thinks exchange rates will remain stable
due to the currency accord reached in Paris last month by six
major industrialised nations but he did not say for how long.
The dollar has hovered around 153 yen since the six agreed
to cooperate to brin... | Financial Reports |
SUBROTO SEES OIL MARKET CONTINUING BULLISH
| Indonesian Energy Minister Subroto said
he sees the oil market continuing bullish, with underlying
demand expected to rise later in the year.
He told a press conference in Jakarta at the end of a
two-day meeting of South-East Asian Energy Ministers that he
saw prices stabilizing around 18 dlrs a barrel.... | Financial Reports |
OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS
| Indonesian Energy Minister Subroto said
OPEC is deliberately under its production ceiling of 15.8 mln
barrels to defend its 18 dlr a barrel price target.
He told reporters at an energy conference in Jakarta that
OPEC had decided to maintain its price level of 18 dlrs.
"We are deliberately defending ... | Corporate News |
BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE
| The short-term effect of foreign exchange
rate movements in correcting international trade imbalances
appears to be waning, and long-term efforts are required to cut
Japan's chronic dependence on external demand, the Bank of
Japan said in a monthly report.
Japan's trade surplus in nominal terms is likel... | Financial Reports |
BURMESE PADDY PRODUCTION LOWER IN 1986/87
| Burma's paddy production fell to 729.4
mln baskets in fiscal year 1986-1987 (to end March) from 737.3
mln in 1985-1986, a cabinet report to parliament said.
A basket is a local measure equal to 46 lbs.
Paddy output in 1984-1985 was 699.1 mln baskets, it said.
Burma's "Green Revolution" sparked b... | Financial Reports |
U.K. MONEY MARKET GIVEN FURTHER 168 MLN STG HELP
| The Bank of England said it provided the
money market with a further 168 mln stg of assistance to help
offset a shortage it now estimated at 1.05 billion stg, revised
down from 1.10 billion.
It bought 21 mln stg of bank bills outright, 20 mln in band
one at 10-3/8 pct and one mln in band two at 10-5/16 ... | Corporate News |
AEP INDUSTRIES INC <AEPI> 1ST QTR JAN 31 NET
| Shr 19 cts vs 32 cts
Net 586,000 vs 802,000
Sales 14.2 mln vs 15.1 mln
Avg shrs 3,006,372 vs 2,506,250
| Commodities and Trade |
MULTI-STEP TO SELL LADDER UNIT, CANCEL SHARES
| <Multi-Step Products Inc>, earlier
reporting an initial six month loss, said it agreed to sell
wholly owned Multi-Step Manufacturing Inc for 100,000 dlrs
cash, subject to shareholder and regulatory approval.
Multi-Step also said it will pay 900,000 dlrs to cancel
711,192 of its own shares, which will... | Financial Reports |
D.H. HOLMES CO LTD <HLME> 4TH QTR NET
| Shr 39 cts vs 1.34 dlrs
Net 1,392,000 vs 4,686,000
Sales 81.9 mln vs 81.7 mln
Year
Shr 10 cts vs 97 cts
Net 355,000 vs 3,375,000
Sales 270.4 mln vs 272.8 mln
NOTE: Share adjusted for three pct stock dividend in
January 1987.
Pretax net profits 3,052,000 dlrs vs 4,498,... | Corporate News |
FIRST BOSTON <FBC> STARTS ALLEGHENY <AG> BID
| First Boston Inc said it has started
its previously-announced tender offer for all common shares,
2.19 dlr cumulative preference shares and 11.25 dlr convertible
preferred shares of Allegheny International Inc at 24.60 dlrs,
20.00 dlrs and 87.50 dlrs respectively.
In a newspaper advertisement, the compa... | Financial Reports |
COURT PUTS INJUNCTION ON DUTCH PORT REDUNDANCIES
| Employers in Rotterdam port's
strike-hit general cargo sector have been served with an
injunction until May 7 preventing them from continuing with
plans for 350 redundancies this year, an employers'
organisation spokesman said.
An Amsterdam court yesterday ruled there had been a legal
fault in the emp... | Financial Reports |
STRIKE TO CLOSE NEW ZEALAND PORTS ON MONDAY
| Harbour workers said they will
strike for 24 hours on Monday, effectively closing all New
Zealand's ports.
The strike is over deadlocked wage negotiations.
A Harbour Employees Workers' Union spokesman told reporters
there will be no ship movements in and out of ports from
midnight on Sunday (1200 ... | Corporate News |
ESSELTE BUSINESS <ESB> UNIT BUYS ANTONSON UNIT
| Esselte Business Systems Inc's
Esselte Meto division said it has acquired the Antonson America
Co, a subsidiary of <Antonson Machines AB>, of Sweden.
Esselte said the Antonson unit, based in LaPorte, Indiana,
manufactures scales and label printers. The company said the
purchase is part of a plan to i... | Corporate News |
TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS
| Two small shipping companies reached
a pay deal with striking seamen late yesterday, but union
leaders said most of Brazil's 40,000 seamen were still on
strike.
A union spokesman in Rio de Janeiro said the seamen had
accepted a 120 pct pay raise offer from the companies, Globo
and Flumar, which have l... | Financial Reports |
PORTUGUESE FEBRUARY CONSUMER PRICES RISE ONE PCT
| Portugal's consumer prices rose one pct
last month after a 1.2 pct increase in January and a 1.3 pct
rise in February 1986, the National Statistics Institute said.
The consumer price index (base 1976) rose to 761.3 from
753.7 in January and compared with 695.4 in February 1986.
This gave a year-on-y... | Financial Reports |
WEATHER CLOSES ALEXANDRIA PORT, SUMED OIL TERMINAL
| Strong winds and high seas
forced the closure of Egypt's main port of Alexandria and a
nearby oil terminal, port officials said.
Tanker loading at the Suez-Mediterranean Arab Petroleum
Pipelines Co in Sedi Kerir, southwest of here, stopped and
officials said five tankers were at anchorage awaiting impro... | Financial Reports |
U.S. PRODUCER PRICES ROSE 0.1 PCT IN FEB AFTER 0.6 PCT JAN RISE
|
U.S. PRODUCER PRICES ROSE 0.1 PCT IN FEB AFTER 0.6 PCT JAN RISE
| Financial Reports |
U.S. PRODUCER PRICES RISE 0.1 PCT IN FEBRUARY
| The U.S. Producer Price Index for
finished goods rose 0.1 pct on a seasonally adjusted basis in
February, the Labor Department said.
The increase came after a 0.6 pct increase in producer
prices in January.
Higher energy prices were primarily responsible for the
increase in February, though they r... | Financial Reports |
FIRST FARWEST CORP <FFWS> 4TH QTR LOSS
| Shr loss 4.22 dlrs vs profit nil
Net loss 5,568,000 vs profit 11,000
Revs 42.2 mln vs 37.5 mln
Year
Shr loss 3.74 dlrs vs profit 1.02 dlrs
Net loss 4,898,000 vs profit 1,384,000
Revs 139.0 mln vs 132.7 mln
NOTE: 1986 net both periods includes 1,603,000 dlr loss
from discont... | Financial Reports |
HEMOTEC INC <HEMO> 4TH QTR NET
| Shr one ct vs two cts
Net 22,000 vs 58,000
Sales 951,000 vs 901,000
Year
Shr four cts vs 12 cts
Net 88,000 vs 293,000
Sales 4,014,000 vs 3,533,000
NOTE: Net includes tax credits of 46,000 dlrs vs 84,000
dlrs in quarter and credit 19,000 dlrs vs provision 37,000 dlrs
in ye... | Corporate News |
SERVICE CONTROL BIDS FOR AMERICAN SERVICE
| <Service Control Corp> said it has
started a tender offer for all shares of <American Service
Corp> at 37 dlrs each.
In a newspaper advertisement, the company said the offer
and withdrawal rights expire April Nine unless extended. The
American Service board has approved the offer, which is to be
... | Financial Reports |
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