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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 Reagan administration... | MARKET DISCOUNTS HIGHER SOVIET GRAIN IMPORTS |
Investors Group Inc a unit of <Power Financial Corp> said filing a final prospectus for the previously announced new issue of one mln common shares of Investors Group and secondary offering by Power Financial of three mln Investors Group common received regulatory approval. The issue will be priced at 23.50 dlrs a s... | INVESTORS GROUP SHARE OFFERING APPROVED |
<Gull Air Inc> said it filed an anti-trust suit against Texas Air Corp charging the airline broke a marketing agreement and undertook predatory business practices aimed at shutting down Gull Air. Gull Air flying commerical routes in some 20 cities in the Northeast Florida and the Bahamas said it reached a feeder agr... | GULL AIR FILES TEXAS AIR <TXN> ANTI-TRUST SUIT |
President Reagan signed an order allowing sales of U.S. nuclear fuel to the European Atomic Energy Community (EURATOM) to continue for a further year even though they do not comply with a 1978 U.S. law. Under the law which is designed to combat the spread of nuclear weapons foreign importers of U.S. nuclear fuel must g... | REAGAN EXTENDS U.S. COOPERATION WITH EURATOM |
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 Atcos Australian operations will gross 114 mln dlrs and result in an after-tax gain of 31 mln dlrs which will be r... | <ATCO LTD> SEES GAIN FROM SALE |
LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY | |
The need to eliminate inefficiencies and redundancies was behind the decision to dismiss more than 200 employees at CBS News according to a memo from Laurence Tisch chief executive officer of CBS Inc. CBS made public the memo to employes in which Tisch sought to re-assure news employes that news divison will have the r... | CBS INC <CBS> CHIEF EXPLAINS NEWS STAFF CUTS |
A 3.6 billion dlr plan to rid the European Community (EC) of one mln tonnes of surplus butter is in doubt as Spain and Portugal refuse to drop their opposition to the scheme diplomats said. The plan proposed by the Communitys executive Commission aims to level most of the ECs huge and costly butter mountain by disposin... | FUTURE OF EC BUTTER DISPOSAL SCHEME IN DOUBT |
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 Bancorps <FFB> First Fidelity Bank unit... | BANCROFT <BCV> FILES SUIT AGAINST ZICO |
<Lavalin Bell Geomat> a company owned by Bell Canada Enterprises Inc and engineering company <Lavalin Inc> plans a bid to take over the federal governments map making service Lavalin said. The service has an annual budget of about 130 mln Canadian dlrs and includes the surveys and mapping and remote sensing branc... | BELL CANADA (BCE), LAVALIN TO BID ON MAP SERVICE |
A confidential World Bank report on the Peruvian economy has said the governments 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 success of president Al... | WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN |
BSD Medical Corp said it received a patent from the U.S. Patent Office for its invasive/external electric field sensors. The company said the patent is its fourth in seven months. Reuter | BDS MEDICAL <BSDM> RECEIVES PATENT |
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 Tafts managers and direc... | LINDNER SAYS HE DISCUSSED CONTROL OF TAFT <TFB> |
New Zealands total foreign debt fell to 32.94 billion N.Z. Dlrs in the quarter end December 31 against 33.42 billion in the quarter end September 30 revised from 33.12 billion dlrs and 24.61 billion in the quarter end March 1985 the statistics department said. The department began releasing quarterly figures in June 19... | N.Z. FOREIGN DEBT FALLS TO 32.94 BILLION DLRS |
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 100000 Japan Fund sha... | INVESTORS SET DEADLINE FOR JAPAN FUND <JPN> |
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 1920527 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 bought the stake for i... | INVESTOR FIRMS HAVE 25.5 PCT OF SYMBION <SYMB> |
Kindness N.V. a Bahamas-based firm owned by U.K. investor and Bahamas resident John Templeton said it has acquired 137900 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 investment purposes only an... | OFFSHORE INVESTOR HAS 5.9 PCT OF HAUSERMAN<HASR> |
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 88580 shares or 6.2 pct of the total outstanding common stock after buyin... | INVESTMENT FIRMS UP STAKE IN MCGILL MFTG <MGLL> |
U.S. INTERVENED TO BUY 50 MLN DLRS AGAINST YEN ON JANUARY 28, FED SAYS | |
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 takeover bid for CTS by Dyn... | CTS <CTS> INCREASES 1986 LOSS |
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 Feds quarterly review of foreign exchange operations said that the U.S. bought 50 mln dl... | U.S. INTERVENED TO AID DLR IN JANUARY, FED SAYS |
Louart Corp a Los Angeles investment firm said it raised its stake in Certron Corp to 237000 shares or 7.8 pct of the total outstanding common stock from 164000 shares or 5.4 pct. In a filing with the Securities and Exchange Commission Louart said it bought 73000 Certron shares between Sept 9 and March 6 at a total of ... | INVESTMENT FIRM RAISES CERTRON <CRTN> STAKE |
Sono-Tek Corp said it reduced to 350000 from 400000 the number of shares it will sell in its initial public stock offering. The price of the offering remains unchanged at five dlrs per share it said. Reuter | SONO-TEK OFFERING CUT TO 350,000 SHARES |
Barnett Banks of Florida Inc proposed changing its name to Barnett Banks Inc the company said. The company said shareholders will vote on the proposal made in its 1987 proxy statement at the annual meeting on April 22. Reuter | BARNETT BANKS <BBF> PROPOSES NAME CHANGE |
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. Reuter | HOGAN SYSTEMS <HOGN> IN ACQUISITION |
U.S. Trade Representative Clayton Yeutter declined to comment publicly on a rumor that Nebraska Gov. Kay Orr was considering appointing him to replace Democratic Sen. Edward Zorinsky who died last week. However Yeutter told senior staff this morning that he was not interested in replacing Zorinsky and wanted to continu... | YEUTTER DECLINES COMMENT ON SENATE RUMOR |
AirCal said its February load factor averaged 53.4 pct down slightly from 54.2 pct a year earlier. The company said available seat miles at 357.1 mln were up 40.5 pct from a year ago while revenue passenger miles at 190.8 mln were up 38.5 pct. Year to date revenue passenger miles were 383.3 mln at the end of February u... | AIRCAL <ACF> FEBRUARY LOAD FACTOR DOWN SLIGHTLY |
Texas Air Corps Continental Airlines unit said it will begin service to Mexico from Atlanta in May. Continental said it will add non-stop flights to Mexico City Puerto Vallarta Cancun Acapulco and Ixtapa. Reuter | TEXAS AIR <TEX> UNIT TO ADD MEXICO FLIGHTS |
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 theres no reason now to think they wont this year he told Reuters. They have an aggressive buying campaign f... | USSR SEEN LIKELY TO HONOR CORN COMMITMENT |
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 4500 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. He added that oil pr... | PICKENS SEES CONTINUED SLUMP IN WORKING RIGS |
The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Angio-Medical Corp - Initial public offering of 1666667 units each consisting of one share of common stock and one redeemable warrant to buy one share of common stock through Kean Securities Co Inc. ABM Gold Cor... | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
The Arbitration Commission awarded the Australian workforce a flat 10 dlrs a week wage increase and allowed trade unions to begin bargaining for a second-tier increase of up to four pct Commission President Justice Barry Maddern said here. The decision is effective from the next pay period of individual employers he sa... | AUSTRALIAN WAGE RISE SET AT 10 DLRS A WEEK |
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 concerns from being a... | MIYAZAWA SAYS PARIS ACCORD HELPING STABILISE RATES |
New Zealands total foreign debt will continue to decline as major energy projects are refinanced Finance Minister Roger Douglas said. Statistics Department figures show total debt fell to 32.94 billion N.Z. Dlrs in the December quarter from 33.42 billion in September although the governments share rose to 21.32 billion... | NEW ZEALAND FOREIGN DEBT EXPECTED TO KEEP FALLING |
The Reserve Bank said at 1230 local time it was offering to buy short-dated government securities in the short-term money market. The banks 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 aimed at easing cash m... | AUSTRALIAN RESERVE BANK IN BUYING INTERVENTION |
Business groups criticised the Arbitration Commissions national wage case decision announced earlier but the Australian Council of Trade Unions (ACTU) gave it qualified approval. As earlier reported the commission awarded a 10 dlr a week flat rise plus the opportunity for unions to bargain immediately for extra payment... | AUSTRALIAN BUSINESS CRITICISES NATIONAL WAGE RISE |
Police arrested two Polish citizens for trying to steal Japanese computer technology local media reports said today. The reports said the two had worked at a computer-related company in Tokyo and visited Japanese computer makers several times after coming to Japan on tourist visas last October. One report said they wer... | POLES SAID HELD IN JAPAN ON COMPUTER THEFT CHARGES |
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 Head of the Crop Protect... | RUBBER LEAF DISEASE SEEN AFFECTING SUPPLY/PRICES |
Japans Finance Ministry auctioned 1000 billion yen worth of tankoku six month debt-financing paper to roll over previously issued tankoku maturing on March 19 a spokesman said. The last tankoku auction on February 12 produced a record low yield of 3.383 pct reflecting expectation of a half point cut in Japans discount ... | JAPAN AUCTIONS 1,000 BILLION YEN SHORT-TERM PAPER |
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 ships hold have been recovered but Belgian authorities warned it was essential to ... | SEARCH FOR BRITISH FERRY'S TOXIC CARGO CONTINUES |
There is little chance Soviet exports to the United States will rise in 1987 but Moscows 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 industries told a U.S.-USSR... | SOVIET ECONOMIST SEES FEW 1987 GAINS IN U.S. TRADE |
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 yuan equivalent from 150 y... | CHINA ALLOWS NATIONWIDE FOREIGN EXCHANGE SAVING |
The Singapore High Court has adjourned summary judgement for the second time on a <National Bank of Brunei Bhd> case for loan repayments from Khoo Teck Puat and 15 associated companies court sources said. The case will be heard again on May 4 when a summary judgement will decide if the civil case should proceed. Kho... | SINGAPORE COURT ADJOURNS BRUNEI BANK JUDGEMENT |
Fujitsu Ltd <ITSU.T> may assemble computers in Oregon for sale in the United States under the Fujitsu brand name a company spokesman said. He said the rising value of the yen against the dollar has virtually erased the wage differential between the two countries and Fujitsu would like to make the medium-size multi-f... | FUJITSU MAY ASSEMBLE ITS OWN COMPUTERS IN U.S. |
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 Peoples Daily domestic edition said. Sichuan is one of six provinces threatened by drought. Wen Wei Po a Hong Kong daily said the drought the wo... | SICHUAN BRACED TO FIGHT DROUGHT |
Japanese microchip makers are being strong-armed into compliance with a U.S.-Japan pact on semiconductors halting predatory pricing and opening Japans market to foreign chips industry analysts said. But doubts remain over whether the Ministry of International Trade and Industry (MITI) which is pressuring the firms can ... | ECONOMIC SPOTLIGHT - JAPAN PUSHES ITS CHIPMAKERS |
The Finance Ministry said its auction yesterday of 1000 billion yen of tankoku six-month debt financing paper produced a record low average yield of 3.246 pct on aggressive bidding from securities houses. The tankoku mature on September 21 1987. The previous record low was 3.383 pct at the last auction on February 12. ... | JAPAN TANKOKU YIELDS HIT RECORD LOW AT AUCTION |
Sumita says little room for Bank of Japan to further ease credit 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. His remarks were con... | SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY |
An Iranian military commander said Iraqi troops suffered 3000 casualties in a week-old offensive by Irans forces in the mountains of northeast Iraq. The Iranian news agency IRNA quoted the commander in the Kurdish border village of Haj Omran as saying nine Iraqi counter-attacks had been repulsed with heavy casualties. ... | IRAN CLAIMS 3,000 IRAQI CASUALTIES IN FIGHTING |
Prime Minister Bob Hawke is more popular than ever despite Australias economic problems according to opinion poll results released today. His popularity rating went up to 64 pct compared to 19 pct for opposition leader John Howard according to Morgan Gallup Poll results published by The Bulletin magazine. The poll of m... | HAWKE POPULARITY RISES DESPITE ECONOMIC PROBLEMS |
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 night after a brief stopo... | IRANIAN OIL MINISTER IN UAE TALKS |
Japanese crushers are likely to buy at least 200000 tonnes of Brazilian soybeans this year and another 100000 to 200000 if quality and shipping conditions are good against 128089 tonnes in 1986 trade sources said. A Japanese trading house recently bought about 31000 tonnes of soybeans for April 10/May 10 shipment they ... | JAPAN MAY INCREASE ITS BRAZILIAN SOYBEAN PURCHASES |
<Metal Traders Australasia Ltd> said a newly-formed subsidiary the <Austmet Ltd> group has negotiated an exclusive long-term contract with Spains <Asturiana de Zinc> to market its zinc metal exports. Metal Traders said in a statement the contract would underpin the worldwide zinc copper and lead trading activi... | AUSTRALIAN METAL TRADER LINKS TO ASTURIANA DE ZINC |
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. King Fahd was asked wh... | SAUDI ARABIA'S KING FAHD WANTS STABLE OIL PRICES |
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 999.3 mln Gross profit 215.9 mln vs 136.2 mln Di... | HILLSDOWN HOLDINGS PLC <HLDN.L> 1986 YEAR |
<Nissan Motor Manufacturing (UK) Ltd> has reached agreement with <Lombard North Central Plc> of the U.K. To build plants and boost the local content in Nissans U.K. Produced cars to 60 pct in 1988 from 40 to 50 pct the Nissan Motor Co Ltd <NSAN.T> said. The agreement will allow the cars to be designated as dom... | NISSAN TO BOOST LOCAL CONTENT IN U.K. CARS |
Japanese crushers starting to buy U.S. Soybeans for April shipment have recently made purchases of some 48000 tonnes trade sources said. The sources said they could not estimate the total volume to be purchased for April shipping because Japans crushing program for April and June is unclear. They had predicted earlier ... | JAPAN CRUSHERS START APRIL U.S. SOYBEAN BUYING |
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 Kaufhof spokesman noted ... | KAUFHOF CONSIDERING TAKING STAKE IN HAPAG-LLOYD |
Japans 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 metals such as tita... | JAPAN AND THAILAND TO JOINTLY EXTRACT RARE METALS |
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 September 23. Western bankers ... | HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS |
Domestic group turnover 4.48 billion marks vs 4.29 billion. Turnover comprised - Coal a rounded 1.14 billion vs 1.22 billion Metal 851.0 mln vs 1.14 billion Transport 435.3 mln vs 534.4 mln Oil and chemicals 479.7 mln vs 831.7 mln Plant construction 625.7 mln vs 568.8 mln Miscellaneous 3.3 mln vs 2.2 mln Turnover from ... | PREUSSAG AG <PRSG.F> YEAR 1986 |
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 54.9 mln stg from... | HILLSDOWN SAYS EARLY 1987 RESULTS ENCOURAGING |
Iraq said today its forces had crushed an Iranian attack on a strategic mountain peak in a rugged and snow-clad area of Iraqi Kurdistan. The official Iraqi news agency INA said the attack was repelled yesterday by the Fifth Army Corps 96th Brigade on Karda Ku peak overlooking the northern post of Haj Omran and 340 kms ... | IRAQ SAYS IT CRUSHED IRANIAN ATTACK IN NORTH |
U.K. One billion stg tranche of 8-3/4 pct Treasury bonds due 1997 exhausted - dealers | |
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 earlier he said. T... | NIPPON OIL SEES SHARPLY LOWER SALES AND PROFITS |
The joint committee of Taiwans soybean importers will tender March 12 for a 27000 tonne cargo of U.S. Soybeans for March 20 to April 5 delivery a committee spokesman told Reuters. Taiwans soybean imports in calendar 1987 are provisionally set at 1.81 mln tonnes compared with a revised 1.74 mln tonnes imported last year... | TAIWAN TO TENDER FOR 27,000 TONNES U.S. SOYBEANS |
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. REUTER | BEJAM GROUP PLC <BJAM.L> 27 WEEKS TO JANUARY 3 |
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 and 40 pct by Nippon... | NIPPON STEEL, INLAND DISCUSSING U.S. JOINT VENTURE |
A one billion stg tranche of 8-3/4 pct Treasury Loan stock due 1997 was exhausted in very early trading on the U.K. Government bond market only minutes after becoming available for trading dealers said. The Bank of England said the issue announced on Monday and available for official dealings from this morning was no l... | U.K. ONE BILLION STG BOND TRANCHE EXHAUSTED |
Sumitomo Corporation is launching 200 mln Swiss francs of convertible notes due September 30 1992 with a coupon indication of 5/8 pct lead manager Swiss Bank Corp said. The issue carries a put option after three years at 103 pct. Terms will be fixed on March 19 and payment date is March 30. REUTER | SUMITOMO LAUNCHES 200 MLN SWISS FRANC CONVERTIBLE |
The yens rise against the dollar is expected to boost Japans unemployment rate to an average 3.3 pct in the 1987/88 fiscal year beginning April 1 from Januarys record three pct the private Nomura Research Institute said. The official 1987/88 estimate is 2.9 pct. The research arm of Nomura Securities Co forecast unemplo... | JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88 |
Cargo handling remains halted at Bangladeshs Chittagong port since nearly 7000 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 the dispute. REUTER | WORK AT CHITTAGONG PORT HALTED BY STRIKE |
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 12 pct vs 10 pct Parent bank div payout... | CREDITANSTALT-BANKVEREIN <CABV.V> YEAR 1986 |
Norsk Hydro A/S <NHY.O> is issuing 50 mln stg bonds due April 15 1993 carrying a 9-7/8 pct coupon and priced at 101-5/8 said Hambros Bank Ltd as lead manager. Norsk Hydro is 51 pct owned by the Kingdom of Norway. The bonds which are available in denominations of 1000 and 10000 stg will be listed on the London Stock ... | NORSK HYDRO ISSUES 50 MLN STG BONDS |
Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit | |
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. Hillards shares were last... | TESCO ASSOCIATE BUYS 4.2 PCT OF HILLARDS |
The Tokyo Metropolitan Government said it would float a 100 mln dlr 10-year bond with a 7.5 pct coupon in New York its first Yankee bond issue in 21 years. The bond will be priced at 99.515 to yield 7.585 pct. The issue will be immediately swapped into Swiss francs putting actual interest rates at around four pct a Tok... | TOKYO TO ISSUE 100 MLN DLR BOND IN NEW YORK |
<Daewoo Industrial Co Ltd> of South Korea will sign a 45 mln U.S. Dlr loan tomorrow through its Hong Kong unit lead manager Banque Nationale de Paris said. The three-year loan which will carry interest at 1/2 percentage point over London interbank offered rate will be borrowed under the name of <Daewoo Industrial... | DAEWOO UNIT RAISES 45 MLN DLR LOAN |
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 Distribution costs and administrative expenses 1... | ULTRAMAR PLC <UMAR.L> 1986 YEAR |
GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln | |
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 circulation would ta... | U.K. MONEY MARKET SHORTAGE FORECAST AT 300 MLN STG |
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 debt and did not affect t... | BELGIAN CENTRAL BANK BUYS CURRENCY TO REPAY DEBT |
Japanese car makers will curb their exports to the European Community (EC) following an unofficial directive from the Ministry of International Trade and Industry (MITI) automobile industry sources said. Some sources said exports to the EC this year are likely to be at most unchanged from last years 1.10 mln units and ... | JAPAN }O CURB VEHICLE EXPORTS TO EC |
Lending by the World Bank and its soft loan arm the International Development Agency (IDA) to China is expected to almost double to about two billion dlrs by 1989/90 from the levels of 1984 to 1986 foreign bankers told Reuters. They said approved lending in 1986/87 (July-June) is expected to total 1.4 billion dlrs of w... | WORLD BANK LOANS TO CHINA SEEN DOUBLING |
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 158.1 Mln Investment and interest income... | GKN PLC <GKNL.L> 1986 YEAR |
Genetech Inc <GENE.O> is issuing a 100 mln dlr convertible bond due March 30 2002 with an indicated coupon of five to 5-1/2 pct and an issue price of par Credit Suisse First Boston (CSFB) said as lead manager. Genentechs stock closed at 58-5/8 on the New York Stock Exchange last night. CSFB said final terms to be se... | GENENTECH SETS 100 MLN DLRS OF CONVERTIBLE BONDS |
Chinas 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 Chinas total debt rose sharply from an estimat... | ECONOMIC SPOTLIGHT - CHINA'S FOREIGN DEBT UP |
U.S. Commercial banks are expected to receive Finance Ministry approval in late April to operate securities subsidiaries in Japan U.S. Bank officials said. A senior official at one of four prospective banks said the ministry told his bank it would give approval as long as the parent firm holds no more than 50 pct of th... | U.S. BANKS TO GET APPROVAL FOR SECURITIES BUSINESS |
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 operations also affected ... | ULTRAMAR SAYS FOURTH QUARTER SHOWED IMPROVEMENTS |
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 announced its now-... | QUEENSLAND PRESS BOARD RECOMMENDS MURDOCH 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 intervention agencies ... | EC COMMISSION DECLINES COMMENT ON SUGAR OFFER |
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. This year the situa... | INDONESIAN BANKS RAISE INTEREST RATES |
News International <NWSL.L> Plc is issuing 100 mln dlrs of senior unsubordinated notes due April 10 1990 carrying a coupon of 7-1/2 pct and priced at par said Credit Suisse First Boston as lead manager. The notes which are non-callable are available in denomnations of 1000 and 5000 dlrs. Payment date is April 10. Th... | NEWS INTERNATIONAL ISSUES 100 MLN DLRS IN BONDS |
The Bank of Nova Scotia Nassau branch is issuing a 50 mln New Zealand dlr eurobond due April 14 1989 carrying a 18-1/4 pct coupon and priced at 101 pct lead manager Morgan Stanley International said. The issue which will take the form of deposit notes will be co-lead by Dominion Securities and Wood Gundy Inc. The bond ... | BANK OF NOVA SCOTIA ISSUES NEW ZEALAND DLR BOND |
<Polly Peck International Plc> said it has agreed to place 10 mln new ordinary shares at 203p each with a group of institutional investors. Polly Peck said it proposes to use the 20.3 mln stg raised by the share placing to further the development and expansion of its European marketing base and to hasten the develop... | POLLY PECK <PPKL.L> RAISES 20.3 MLN STG |
Highveld Steel and Vanadium Corp Ltd said it expects 1987 earnings will be lower than last years 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 rand will be offset to s... | HIGHVELD (HGVJ.J) SEES LOWER 1987 EARNINGS |
The South Korean government will float 150 billion won in exchange equalisation bonds this month Ministry of Finance officials said. The Bank of Korea will issue the bonds to be launched with an annual interest rate of 11 pct a bank official said. The float the first of its kind is a response to the nations increasing ... | SOUTH KOREA TO ISSUE EXCHANGE EQUALISATION BONDS |
Saudi Arabia bought 5000 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. REUTER | SAUDI ARABIA BUYS 5,000 TONNES RBD PALM OLEIN |
Investors in Industry International BV is issuing a 500 mln franc bond with warrants guaranteed by Investors in Industry Plc lead manager Credit Commercial de France said. Listing will be in London. The issue has a coupon of 9-1/8 pct matures on April 7 1994 and is priced at 101 pct. Fees total 1-7/8 pct with 1-1/4 for... | INVESTORS IN INDUSTRY ISSUES FRENCH FRANC BOND |
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