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Merrill Lynch and Co is issuing a 100 mln Ecu eurobond due March 30 1990 paying 7-3/8 pct and priced at 101 pct lead manager Banque Paribas Capital Markets said. Merrill Lynch Capital Markets is co-lead manager. The issue is available in denominations of 1000 and 1000 Ecus and will be listed in Luxembourg. The payment ... | MERRILL LYNCH ISSUES 100 MLN ECU EUROBOND |
Swedens Wallenberg group fought back a bid by the London-based Swedish financier Erik Penser to secure a large stake in Swedish Match <SMBS ST> one of the companies at the core of their business empire. A statement issued by the Wallenberg holding companies AB Investor and Forvaltnings AB Providentia said they had t... | WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE |
Soybean imports are forecast to rise to 425000 tonnes in 1987/88 (October/September) from an estimated 300000 in 1986/87 and 375000 in 1985/86 the U.S. Embassy said in its annual report on Indonesias agriculture. It said Indonesia did not achieve its goal of self-sufficiency in soybean output in calendar 1986 because i... | INDONESIAN SOYBEAN IMPORTS FORECAST TO RISE |
<SHV (United Kingdom) Holding Co Ltd> said it was making a tender offer for up to 33 mln ordinary shares in Imperial Continental Gas Association.<ICGS.L>. It said in a statement the offer was on the basis of 700p for each IC Gas ordinary and 252p for every one stg nominal of IC Gas loan stock. SHV already holds 6... | SHV SAYS IT MAKING TENDER OFFER FOR IC GAS |
Nobel and Financiere Robur are issuing French franc domestic bonds with share warrants according to announcements in the Official Bulletin (BALO). Nobel is issuing a 200 mln franc 10-year bond with a 5.5 pct coupon in 1000 franc denominations to which existing shareholders will have subscription rights in the ratio of ... | NOBEL/FINANCIERE ROBUR ISSUE FRENCH FRANC BONDS |
Japanese banks are expected to give Nigerian debt negotiators a cool response when they arrive here tomorrow for talks banking sources said. Were not very enthusiastic about Nigerias debt rescheduling said a senior official at a leading Japanese bank. A team of Nigerian officials will meet with Japanese creditor banks ... | JAPANESE BANKS COOL ON NIGERIAN DEBT TALKS |
The Bank of England said it forecast a shortage of around 800 mln stg in the money market today. Among the main factors affecting liquidity bills maturing in official hands and the take-up of treasury bills will drain some 1.61 billion stg. Partly offsetting this outflow exchequer transactions and a fall in note circul... | U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG |
Prime Minister Yasuhiro Nakasone is likely to leave office this summer amid opposition to his controversial tax-reform package political analysts said. They said Nakasones reputation as a skilled politician has suffered irreparable damage from his support of a five pct sales tax planned for January 1988. Nakasone is tr... | JAPAN SALES TAX MAY FORCE NAKASONE OUT OF OFFICE |
Thousands of black mineworkers roared support for a union proposal to seize control of South Africas gold uranium platinum and coal mines if the owners refuse to improve conditions for migrant black workers. About 15000 miners attended a rally here to endorse moves proposed by last weeks annual meeting of the 200000 st... | BLACK MINERS SUPPORT S. AFRICAN MINES TAKEOVER |
Thailands Commerce Ministry announced a new tapioca export quota of 737987 tonnes for the European Community against 762860 tonnes for the previous allocation. The ministry said the fresh allocation for the February 27-July 7 shipment period is the third under a maximum 5.5 mln tonne overall quota that Thailand obtaine... | THAILAND ANNOUNCES THIRD TAPIOCA QUOTA FOR EC |
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 96000 tonnes in the year started March 1 according to views polled by Reuter correspondents. The plan to curb exports agreed in January is aimed at cutting the worl... | ATPC MEMBERS FIND WAYS TO CURB TIN EXPORTS |
South Korea plans to take steps to keep its 1987 current account surplus below five billion dlrs Economic Planning Board Minister Kim Mahn-je said. Kim told reporters the government would repay loans ahead of schedule and encourage firms to increase imports and investment abroad to prevent the current account surplus f... | SOUTH KOREA TO HOLD CURRENT ACCOUNT SURPLUS DOWN |
and oil-bearing raw materials fats and oils rose to 2.16 mln tonnes on a fat/oil basis in 1986 from 2.12 mln tonnes in 1985 the Commodity Board for Margarine Fats and Oils said. Exports of the same commodities fell to 1.35 mln tonnes from 1.38 mln on a fat-oil basis. Fat- and oil-bearing raw materials imports rose to 7... | DUTCH OILSEEDS/FATS IMPORTS ROSE IN 1986 |
Gold output in the northeast China province of Heilongjiang rose 22.7 pct in 1986 from 1985s level the New China News Agency said. It gave no figures. It said the province Chinas second largest gold producer after Shandong plans to double gold output by 1990 from the 1986 level. China does not publish gold production f... | CHINA'S HEILONGJIANG PROVINCE BOOSTS GOLD OUTPUT |
<Sale Tilney Plc> said it has purchased 80 pct of the ordinary share capital of <B and R International Inc.> a U.S. Insurance broker for 5.6 mln dlrs. Sale is paying 3.6 mln dlrs in cash on completion with the balance plus interest to be paid in equal instalments over the next six years. B and R posted pretax pro... | SALE TILNEY BUYS STAKE IN U.S. INSURANCE BROKER |
Disagreement over management of <San Miguel Corp> (SMC) may follow the Philippine governments appointment of a well-known banker to the SMC board investment analysts said. They told Reuters the presence of <United Coconut Planters Bank> (UCPB) president Ramon Sy to the board of SMC may mean changes in SMC managem... | SAN MIGUEL BOARD APPOINTMENT MAY MEAN CHANGES |
The combined profits of Japans major corporations excluding financial institutions are forecast to fall 19.2 pct in the 1986/87 year ending March 31 compared to the 19.9 pct decline projected in late November Wako Research Institute of Economics said. The private research body also said in a statement that 437 of the 1... | ESTIMATED DROP IN JAPAN CORPORATE PROFITS TRIMMED |
Lebanese President Amin Gemayel has agreed to three key points in a new Syrian-brokered plan aimed at ending civil war in Lebanon official sources said. They said the Maronite Christian leader has agreed to give up Cabinet voting rights to ensure that the Prime Minister is elected by parliament and to the abolition in ... | LEBANESE PRESIDENT AGREES NEW PEACE MOVES |
Prime Minister Rajiv Gandhis fiscal 1987/88 budget has sparked speculation that a large deficit will push up Indias moderate inflation rate and that the countrys stock markets will experience prolonged uncertainty economists politicians and stockbrokers told Reuters. The projected deficit for fiscal 1987/88 ending Marc... | INDIAN BUDGET DEFICIT SEEN FUELING INFLATION |
The Indian State Trading Corporation purchased 46000 tonnes of vegetable oils at its import tender on Friday market sources said. The business was for April shipments and comprised 20000 tonnes of European rapeseed oil at 318 dlrs 20000 tonnes of soyoil believed South American origin at 314 and 6000 tonnes of Malaysian... | INDIA BUYS 46,000 TONNES OF VEGETABLE OILS |
Beecham Group Plc <BHAM.L> said its subsidiary <Beecham Pharmaceuticals> launched a new once-a-day prescription only medicine for the reduction of pain and inflammation caused by rheumatoid and osteoarthritis. The launch took place simultaneously in the U.K. And West Germany. The drug which has the approved name ... | BEECHAM UNIT LAUNCHES ARTHRITIS DRUG |
The Bank of Japan decided at a policy board meeting to promote further interest rate liberalisation by lowering the minimum denomination of regulation-free large deposits and by raising the interest rate ceiling on money market certificates (MMCs) a central bank official said. The new guideline will go into effect on A... | JAPAN TO PROMOTE INTEREST RATE LIBERALISATION |
State-owned (Taiwan Power co) will boost its domestic borrowings to further cut its foreign debt in line with a government policy to trim the islands huge foreign exchange reserves a company official said. The companys foreign debt mainly from the Japanese and U.S. Banks was cut nearly by half to 66.2 billion taiwan dl... | TAIWAN POWER FIRM PLANS MORE FOREIGN DEBT CUTS |
The nine creditor banks of international coffee trader <Teck Hock and Co Pte Ltd> met today to discuss ways of letting it fulfil profitable contracts which would help it balance earlier losses a creditor bank official said. No statement was made after the meeting and officials declined to comment on any decisions ma... | CREDITORS ALLOW TECK HOCK TO FULFIL CONTRACTS |
Tesco Plc <TSCO.L> is issuing a 100 mln stg convertible eurobond due February 20 2002 paying an indicated coupon of four to 4-1/4 pct and priced at par lead manager Credit Suisse First Boston Ltd said. The issue is callable after 90 days at 106 pct declining by one pct per annum to par thereafter. It is not callable... | TESCO ISSUES 100 MLN STG CONVERTIBLE BOND |
The French state railway company the Ste Nationale des Chemins de Fer Francaise (SNCF) is issuing a three billion French franc domestic bond in two tranches the bond issuing committee said. Details of the issue will be announced later and it will be listed in the Official Bulletin (BALO) of March 9. The issue will be c... | SNCF ISSUING THREE BILLION FRANC DOMESTIC BOND |
Dutch animal feed usage in the first half of the current season from July through December 1986 fell 7.6 pct to 6.5 mln tonnes from 7.1 mln in the same period of 1985 figures in the latest newsletter from the co-operative Cebeco-Handelsraad show. Tapioca usage fell 9.1 pct to 1.4 mln tonnes from 1.6 mln in the first ha... | DUTCH ANIMAL FEED USAGE DOWN IN FIRST HALF SEASON |
Reuters Holdings Plc <RTRS.L> said it would display an English language financial news service provided by the Japanese Jiji Press from the second quarter of 1987. The service which will be provided through the Reuter Monitor and Composite Information Service (CIS) will offer 24-hour reports on Japanese economic and... | REUTERS TO CARRY JIJI FINANCIAL SERVICES |
Fiat Finance and Trade Ltd is issuing a 100 mln dlr eurobond due April 2 1991 at 7-1/4 pct and 101-1/8 pct lead manager Morgan Stanley International said. The issue is guaranteed by Internazionale Fiat Holding SA and is accompanied by a 200000 currency warrant package. The bond is available in denominations of 5000 dlr... | FIAT UNIT ISSUES 100 MLN DLR BOND AND WARRANTS |
The Bank of England said the broad measure of U.K. Money supply Sterling M3 rose a seasonally adjusted 1.1 pct in January after a 0.2 pct rise in December. The unadjusted year-on-year rise was 17.6 pct after 18.1 pct in the year to December. The narrow measure of money supply M0 fell by a seasonally adjusted 0.6 pct in... | U.K. CONFIRMS JANUARY STERLING M3 RISE |
<Exco International Plc> a subsidiary of British and Commonwealth Shipping Co Plc <BCOM.L> said it had agreed in principle to buy an 80 pct stake in <RMJ Holdings Corp> for about 79 mln dlrs. Exco Chairman Richard Lacy told Reuters the acquisition was being made from Bank of New York Co Inc <BK.N> which cur... | EXCO BUYS U.S. GOVERNMENT SECURITIES BROKER |
Pakistan will hold an import tender tomorrow for 6000 tonnes of refined bleached deodorised palm oil for second half March shipments traders said. REUTER | PAKISTAN TO TENDER FOR RBD PALM OIL |
Hoechst AG <HFAG.F> <Kerdix Inc.> Boulder Colorado and <Nakamichi Corp> Tokyo have agreed to pool their research and development on magneto-optical memory discs Hoechst said in a statement. Research will be carried out at each company and Hoechst will start to produce the discs by mid-1988 and distribute them ... | HOECHST TO RESEARCH DISCS WITH U.S., JAPAN FIRMS |
<Coloroll Group Plc> said it has entered into a conditional agreement to acquire the business and assets of <Wallco Inc> and related companies for 14.5 mln dlrs. Miami-based Wallco manufactures and distributes wallcoverings and showed a pretax profit of 1.5 mln dlrs on turnover of 37 mln in the year ending June 1... | COLOROLL AGREES TO BUY U.S. WALLCOVERINGS COMPANY |
Hungary is to embark on a new series of austerity measures to tackle a budget deficit which tripled last year after quadrupling in 1985. The target deficit in the 1987 budget approved by Parliament last December was 43.8 billion forints. But Zoltan Boesze chief of the Finance Ministrys budget financing division told Re... | ECONOMIC SPOTLIGHT - AUSTERITY MEASURES IN HUNGARY |
The Bank of England said it revised its forecast of the shortage in the money market down to around 700 mln stg from its original estimate of 800 mln. REUTER | U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN |
Alaska Housing Finance Corp a local U.S. Government agency has become the first municipal entity to tap the syndicated loan market receiving a 150 mln dlr seven-year revolving loan said Merrill Lynch Capital Markets as arranger. Merrill said the loan is a back-up to a proposed euro-commercial paper program. The syndica... | ALASKA HOUSING HAS 150 MLN DLR SYNDICATED LOAN |
Swedens 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 Swedens traditional policy of only adopting sanctions w... | SWEDEN TO GO AHEAD WITH S. AFRICAN TRADE SANCTIONS |
Japanese consumers hesitated about buying the controversial digital audio tape player (DAT) as it went on sale in Tokyo today but said the DAT players near-perfect sound will make it a success once it becomes cheaper. The sound is great but Ill wait until more machines hit the market and prices fall to about 100000 yen... | DIGITAL AUDIO TAPE PLAYERS GO ON SALE IN JAPAN |
Italys strong economic revival has led some observers to talk of miracles and created euphoria in some quarters about future growth prospects but many Italian experts warn that the current wave of optimism is excessive. I think all this foreign interest in the so-called Italian miracle is really exaggerated...Foreign o... | ECONOMIC SPOTLIGHT - ITALIAN BOOM |
The Bank of England said it had provided the money market with 37 mln stg assistance in the morning session. This compares with the Banks downward revised estimate of the shortfall in the system today of around 700 mln stg. The central bank purchased bank bills outright comprising four mln stg in band one at 10-7/8 pct... | U.K. MONEY MARKET RECEIVES 37 MLN STG ASSISTANCE |
Japan and the U.S. Kick off top-level trade talks tomorrow amid signs officials from both sides are growing increasingly irritated with each other. The talks held annually at sub-cabinet level to review the whole gamut of U.S./Japan economic relations will pave the way for American Secretary of State George Schultzs on... | JAPAN, U.S. SET TO BEGIN HIGH-LEVEL TRADE TALKS |
India will hold a buying tender on Wednesday March 4 for two to three cargoes of white sugar for March/April shipment traders said. REUTER | INDIA TO HOLD WHITE SUGAR BUYING TENDER |
<Qantas Airways Ltd> has placed a firm order with Boeing Co <BA> for four 747-400 aircraft at a cost of 250 mln Australian dlrs each chairman Jim Leslie said. The first is due for delivery in April 1989 with the others arriving in May June and September of that year he said in a statement. The 400 series is the l... | QANTAS TO BUY FOUR 747-400'S FOR ONE BILLION DLRS |
<Carlton Communications Plc> has started the current financial year well with accounts for the first four months showing a healthy increase on the same period last year and Chairman M.P. Green told the annual meeting he looked forward to 1987 with optimism. The issue of 4.6 mln shares in ADR form had now been succes... | CARLTON COMMUNICATIONS OPTIMISTIC FOR 1987 |
The European Community Commission said it has opened an enquiry into allegations that the Soviet Union is dumping mercury on the European market at below-cost prices. The Commission said its decision follows a complaint from EC non-ferrous metals producers that the sales of Soviet mercury were harming their business an... | EC OPENS ANTI-DUMPING ENQUIRY INTO SOVIET MERCURY |
The Philippines will offer commercial bank creditors an innovative pricing plan that will make debt payments through certificates of indebtedness instead of cash the authoritative Business Day newspaper said. Finance Secretary Jaime Ongpin told reporters Saturday that the alternative proposal is designed to avoid an im... | MANILA SAID TO OFFER DEBT BONDS TO BANKS |
Argentinas chief debt negotiator said he was confident of a prompt accord with international creditor banks for rescheduling the countrys foreign debt. Im quite optimistic about carrying out a serious and quick negotiation Treasury Secretary Mario Brodersohn said on return from talks in New York with leading U.S. and w... | ARGENTINE DEBT NEGOTIATOR CONFIDENT OF ACCORD |
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 Sundays agreement in Doha by Gulf Cooperation Council (GCC) oil ministers to help eac... | GULF ARAB DEPUTY OIL MINISTERS TO MEET IN BAHRAIN |
A rift has occured among Philippine officials over debt talks opening tomorrow in New York with Economic Planning Secretary Solita Monsod accusing the chief negotiator of softening his stand to gain a quick agreement. Monsod told Reuters Finance Secretary Jaime Ongpin had decided not to insist on Manilas creditor banks... | MANILA OFFICIALS SPLIT OVER DEBT STRATEGY |
Japan appears resolved to encourage domestic demand for its goods instead of relying on exports to support its economy Jean-Claude Paye Director General of the Organization for Economic Cooperation and Development (OECD) told a news conference. Paye has been in Japan exchanging views on problems confronting the world e... | OECD SAYS JAPAN RESOLVED TO STIMULATE DEMAND |
Saudi Arabian Oil Minister Hisham Nazer reiterated the kingdoms commitment to last Decembers OPEC accord to boost world oil prices and stabilize the market the official Saudi Press Agency SPA said. Asked by the agency about the recent fall in free market oil prices Nazer said Saudi Arabia is fully adhering by the ... a... | SAUDI ARABIA REITERATES COMMITMENT TO OPEC ACCORD |
Kuwaits oil minister said in a newspaper interview that there were no plans for an emergency OPEC meeting after the recent weakness in world oil prices. Sheikh Ali al-Khalifa al-Sabah was quoted by the local daily al-Qabas as saying that none of the OPEC members has asked for such a meeting. He also denied that Kuwait ... | KUWAIT MINISTER SAYS NO EMERGENCY OPEC TALKS SET |
Taiwan plans another round of deep tariff cuts this year to help narrow its trade surplus with the U.S. A senior economic planner said. Wang Chao-Ming vice-chairman of the council for economic planning and development told Reuters Taiwan would further reduce import tariffs on 1700 products sometime in the second half o... | TAIWAN PLANS NEW TARIFF CUTS |
French state-owned chemicals group Rhone-Poulenc <RHON.PA> said it will increase its capital with a 2.5 billion franc issue of preferential investment certificates on March 9. Company chairman Jean-Rene Fourtou said 500 mln francs of the issue will be placed in the U.S. Details of the issue will be announced by Fina... | RHONE-POULENC TO LAUNCH INVESTMENT CERTIFICATES |
Hutchison Whampoa Ltd <HWHH.HK> expects satisfactory profits in 1987 and will pay a higher dividend for the year chairman Li Ka-shing said. He did not make any specific projections for the companys earnings this year but he said the firm will pay a dividend of not less than 32.5 cents per share after a proposed four... | HUTCHISON SEES HIGHER PAYOUT, SATISFACTORY PROFITS |
The French inflation rate is expected to show a substantial improvement in February after Januarys very high 0.9 pct monthly rate Finance Minister Edouard Balladur said. He told a French television interviewer that half of the high January rise which took year on year inflation that month to three pct was due to higher... | BALLADUR EXPECTS IMPROVED FEBRUARY INFLATION DATA |
The U.S. economy continued to expand in February but at a slower pace than in January which saw a spurt of activity the National Association of Purchasing Management (NAPM) said in a report. The Associations composite survey index declined to 51.9 pct in February from 55.8 pct in January the NAPM said. It was the seven... | FEBRUARY U.S. PURCHASING MANAGER INDEX FALLS |
Brazil would not have suspended payments on debt owed to foreign banks if it had received more and faster financing from official lending agencies Finance Minister Dilson Funaro said. He said he would not seek more money from the International Monetary Fund to which Brazil paid 922 mln dlrs last year and said Brazils p... | FUNARO SAYS BRAZIL NEEDS MORE, FASTER FINANCE |
American Motors Corp said that it broke off talks aimed at extending the life of its only U.S. car assembly plant after the union rejected its final proposal for wage concessions. Negotiations which continued past a midnight Friday deadline ended Saturday after United Auto Workers negotiators voted to reject the unspec... | AMERICAN MOTORS <AMO> BREAKS OFF TALKS ON PLANT |
Scientific Micro Systems Inc said it has acquired Supermac Technology a rapidly growing supplier of enhancement products and disc drive subsystems for the Apple personal computer market. Scientific Micro said it acquired all the common stock of Supermac in exchange for 1.05 mln shares of its own common stock. The stock... | SCIENTIFIC MICRO SYSTEMS <SMSI> ACUIRES SUPERMAC |
American Express Co rumored to be considering a spinoff of part of Shearson Lehman Brothers Inc said it is studying a range of options for its brokerage unit that could improve Shearons access to capital and help it meet broadening international competition. In a joint statement American Express and Shearson said the a... | AMERICAN EXPRESS <AXP> VIEWING SHEARSON OPTIONS |
Spanish farmers demanding a better deal from the European Community blocked roads and staged protest rallies this weekend before their leaders announced a truce to negotiate with the government. Spain joined the community at the start of last year and farmers say they have suffered competition from EC imports without s... | SPANISH FARMERS PROTEST, THEN CALL TRUCE |
Switzerland recorded last year its first overall surplus in government finances since 1974 ending with a net gain worth 905 mln Swiss francs the Finance Ministry said. The surplus including cash transactions and long-term investments contrasted with the 1985 shortfall of 1.06 billion francs and the 297 mln franc defici... | SWISS HAVE NET GAIN IN 1985 GOVERNMENT FINANCES |
The Federal Home Loan Bank Board (FHLBB) announced savings and loan association failures in Kansas and Colorado raising the U.S. 1987 total to 10. The FHLBB said it closed the First Federal Savings and Loan Association of Beloit Kansas and transferred its desposits and some other assets to Home Savings Association. It ... | TWO S/L FAILURES RAISE U.S. 1987 TOLL TO 10 |
Ropak Corp said it received and accepted about 456968 common shares and 527035 Series A convertible preferred shares of Buckhorn Inc at four dlrs and 5.75 dlrs each respectively in response to its tender offer that expired Friday and it now owns 34.4 pct of Buckhorn voting power. The company had owned 63000 common and ... | ROPAK <ROPK> HAS 34 PCT OF BUCKHORN <BKN> |
Apple Computer Inc today will announce the addition of two new machines to its profitable Macintosh line of personal computers both aimed at the business market. The Macintosh was first introduced in January 1984 and has been upgraded several times since then. Both of the new machines the Macintosh SE and the Macintosh... | APPLE COMPUTER <AAPL> UPGRADES MACINTOSH LINE |
The port of Philadelphia was closed when a Cypriot oil tanker Seapride II ran aground after hitting a 200-foot tower supporting power lines across the river a Coast Guard spokesman said. He said there was no oil spill but the ship is lodged on rocks opposite the Hope Creek nuclear power plant in New Jersey. He said the... | PHILADELPHIA PORT CLOSED BY TANKER CRASH |
Penril Corp said it is seeking to sell its Triplett Electrical Instrument Corp subsidiary in Bluffton Ohio and Tripletts Alltest division in Hoffman Estates Ill. as part of a plan to concentrate on its three profitable division and reduce its debt load. The company also said it is evaluating a plan to satisfy its oblig... | PENRIL <PNL> SEEKS TO SELL TWO UNITS |
LL and E Royalty Trust said Louisiana Land and Exploration Co <LLX> the working interest owner for its oil and natural gas properties is entitled to start placing all or part of the revenues that would otherwise accrue to the trust. LL and E said Louisiana Land has not yet escrowed any amounts and will monitor the s... | LL/E ROYALTY <LRT> REVENUES MAY BE ESCROWED |
Dale Burdett Inc said it faces damages claims totalling about 420000 dlrs from the former owners of Burdett Publications Inc. The company said on February 20 1986 its predecessor Nolex Development Inc acquired Burdett Publications Inc in an exchange of 17 mln common shares for all Burdett Publications shares but the tr... | <DALE BURDETT INC> FACES DAMAGE CLAIM |
New Jersey-based overnight messenger Purolator Courier Corp said it has agreed to be acquired for about 265 mln dlrs by a company formed by E.F. Hutton LBO Inc and certain managers of Purolators U.S. courier business. Analysts have said that Purolator has been for sale for some time. Purolator announced earlier it was ... | PUROLATOR <PCC> IN BUYOUT WITH HUTTON <EFH> |
<Willemijn Holding BV> of Rotterdam said it has licensed NCR Corp to produce and sell products and services using token ring technology. Reuter | NCR <NCR> SIGNS LICENSE AGREEMENT |
Pakistan cotton production during the current crop season (Sept/March) reached 7.7 mln bales of 375 pounds each up 500000 from last season Shafi Niaz Chairman of the Agricultural Prices Commission said. Official sources said Pakistan was likely to use 3.4 mln bales of cotton during the current financial year ending Jun... | PAKISTAN COTTON OUTPUT REACHES 7.7 MLN BALES |
Imperial Chemical Industries PLC said it is forming a new U.S. pharmaceuticals unit called ICI Pharma. Combined sales of Imperials existing Stuart Pharmaceuticals unit and the new ICI Pharma are projected to be 1.1 billion dlrs in 1990 the company said. Stuart had 1986 sales of 582 mln dlrs. Imperial said it plans to i... | IMPERIAL CHEMICAL <IMP> FORMS NEW UNIT |
Financial Corp of Santa Barbara said it has signed a definitive agreement to purchase Stanwell Financial the lending operations unit of mortgage banking company <Stanwell Mortgage> for undisclosed terms. Reuter | FINANCIAL SANTA BARBARA <FSB> TO MAKE PURCHASE |
<Alcan Aluminiumwerke GmbH> a subsidiary of Alcan Aluminium Ltd <AL.N> of Canada said it plans to close its aluminium smelter in Ludwigshafen at the end of June. A spokesman said Alcan was closing the smelter with annual capacity of 44000 tonnes and 320 employees because of high electricity costs and the low worl... | ALCAN TO CLOSE WEST GERMAN ALUMINIUM SMELTER |
Parent Company net profit 12.8 mln Swiss francs vs 7.5 mln. Orders received 2.21 billion francs vs 2.61 billion. Sales 2.25 billion francs vs 2.49 billion. Group sales 13.83 billion francs vs 13.88 billion. Group orders 11.03 billion francs vs 13.00 billion. REUTE | BBC AG BROWN BOVERI UND CIE <BBCZ.Z> 1986 YEAR |
<Four Seasons Hotels> said it and <VMS Realty Partners> of Chicago have agreed to purchase the Santa Barbara Biltmore Hotel from Marriott Corp for an undisclosed amount. It said the venture will rename the hotel the Four Seasons Biltmore at Santa Barbara and invest over 13 mln dlrs in improvements on the 228-room... | MARRIOTT <MHS> TO SELL HOTEL |
DH Technology Inc said it has repurchased 500000 of its shares from cofounder Helmut Falk at 4.25 dlrs each and Falks has sold another 500000 shares to venture capital firm TA Associates at the same price. The company said Falk has resigned as chairman of DHL and now owns 213567 shares. It said TA now owns 9280000 shar... | DH TECHNOLOGY <DHTK> CHAIRMAN SELLS SHARES |
BBC AG Brown Boveri und Cie <BBCZ.Z> said it will omit dividend in 1986 for the second consecutive year. It said it planned to invite shareholders and non-voting stockholders to subscribe to a warrant bond issue of around 150 mln Swiss francs to be made after the June 2 annual meeting. The value of the stock subscri... | BROWN BOVERI OMITS DIVIDEND, PLANS WARRANT BOND |
The U.S. asset-backed debt securities market which grew explosively last year is broadening and investment bankers say 1987 could see a variety of issuers. It is interesting to note that the first two asset-backed deals of the year were done by commercial banks said Anthony Dub who heads First Boston Corps asset-backed... | U.S. CORPORATE FINANCE - ASSET-BACK MARKET GROWS |
VIACOM SAID IT HAS NEW NATIONAL AMUSEMENTS, MCV HOLDINGS BIDS | |
ILC Technology Inc said Raymond Montoya vice president of finance has been removed as an officer and terminated as an employee of the company and ILC has filed a civil action against him to recover alleged improprer disbursements of company funds. The company said Montoya has been arrested by police in Hawthorne Calif.... | ILC TECHNOLOGY <ILCT> OFFICER REMOVED |
Apple Computer Inc said it has introduced two new models of its Macintosh personal computer the Macintosh II and SE offering users the ability to flexibly configure systems to suit their needs or expand the systems as their needs grow. Apple said the Macintosh II features high-performance open architecture designed for... | APPLE COMPUTER <AAPL> HAS NEW MACINTOSH MODELS |
After a week that left his presidency shaken and his popularity at a new low Ronald Reagan and his new chief of staff today begin trying to revive an administration tattered by the Iran-contra arms scandal. Reagan and former Senate Republican leader Howard Baker whose appointment as White House chief of staff won bipar... | REAGAN AND BAKER BEGIN TASK OF REBUILDING |
Investor David F. La Roche of North Kingstown R.I. said he is offering to purchase 170000 common shares of NECO Enterprises Inc at 26 dlrs each. He said the successful completion of the offer plus shares he already owns would give him 50.5 pct of NECOs 962016 common shares. La Roche said he may buy more and possible al... | LAROCHE STARTS BID FOR NECO <NPT> SHARES |
Period ended December 31 1986 Oper shr loss 1.08 dlrs vs loss 84 cts Oper loss 7700000 vs loss 1700000 Revs 11800000 vs 9800000 Note: Current shr and net exclude extraordinary gain of 300000 dlrs or five cts shr versus extraordinary gain of 200000 dlrs or four cts shr Reuter | <SDC SYDNEY DEVELOPMENT CORP> NINE MTHS LOSS |
<Senior Engineering Group Plc> said it reached agreement with <Cronus Industries Inc> to acquire the whole share capital of <South Western Engineering Co> for 12.5 mln dlrs cash. This sum is being financed by a term loan. South Western is one of the U.S.s leading manufacturers of heat transfer equipment with a... | SENIOR ENGINEERING MAKES 12.5 MLN DLR US PURCHASE |
Cheung Kong (Holdings) Ltd <CKGH.HK> is expecting strong results this year after reporting better than expected profits in 1986 chairman Li Ka-shing said. He did not give a specific earnings projection but he told reporters the firm will pay total dividends of not less than 19 cents a share this year after a one-for... | CHEUNG KONG CHAIRMAN SEES STRONG RESULTS IN 1987 |
Occidental Petroleum Corp said its MidCon Corp subsidiary will redeem on March 31 all 269000 dlrs of its outstanding 10-1/4 pct convertible subordinated debentures due 2009 at 107.18 pct of par. It said interest payable March 31 will be paid in the usual manner to holders of record on March 15. The debentures convert t... | OCCIDENTAL <OXY> UNIT TO REDEEM DEBENTURES |
WHITTAKER CORP 1ST QTR OPER SHR 17 CTS VS 25 CTS | |
Viacom International Inc said it received revised merger offers from <National Amusements Inc> and <MCV Holdings Inc>. The company said the special committee plans to meet later today to review both offers. Viacom said National Amusements Arsenal Holdings Inc raised the value of its offer for the Viacom shares no... | VIACOM <VIA> RECEIVES TWO REVISED OFFERS |
Dow Chemical Co said it will issue 200 mln Swiss franc-denominated bonds worth about 130 mln dlrs U.S. at current exchange rates. The 12-year bonds will carry a coupon of 4-3/4 pct and will be sold primarily to European investors for 100.25 pct of face value Dow said. Proceeds from the offering will be used to refinanc... | DOW <DOW> TO OFFER 130 MLN DLRS IN SWISS NOTES |
The French Cereals Intervention Board ONIC left its estimate of French 1986/87 (July/June) soft wheat deliveries unchanged from its last forecast at 21.98 mln tonnes. This compared with deliveries of 24.38 mln tonnes in 1985/86 (August/July). Estimated 1986/87 maize deliveries were also left unchanged from ONICs previo... | FRENCH ESTIMATE 86/87 WHEAT DELIVERIES UNCHANGED |
WASTE MANAGEMENT CORP VOTES TWO FOR ONE STOCK SPLIT AND BOOSTS QTLY DIVIDEND TO 18 CTS | |
The Writers Guild of America said its members have struck the news staffs of CBS Inc <CBS> and Capital Cities/ABC Inc <CCB> this morning after negotiations for a new contract broke down. The guild said there had been extensions prior to the strike deadline this morning but said the strike was called after the com... | WRITERS GUILD OF AMERICA STRIKES TWO NETWORKS |
PITTSTON AGREES TO ACQUIRE WTC INTERNATIONAL IN EXCHANGE OF STOCK | |
Shr 1.19 dlrs vs 1.46 dlrs Net 3150185 vs 2665284 Revs 27.9 mln vs 24.1 mln Avg shrs 2653646 vs 1826858 Year Shr 1.45 dlrs vs 1.37 dlrs Net 3611802 vs 2502443 Sales 62.2 mln vs 52.8 mln Avg shrs 2489978 vs 1826858 Reuter | TUESDAY MORNING INC <TUES> 4TH QTR NET |
DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP |
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