Indonesia expects crude palm oil (CPO) prices to rise sharply to between 450 and 550 dlrs a tonne FOB sometime this year because of better European demand and a fall in Malaysian output, Hasrul Harahap, junior minister for tree crops, told Indonesian reporters. Prices of Malaysian and Sumatran CPO are now around 332 dlrs a tonne CIF for delivery in Rotterdam, traders said. Harahap said Indonesia would maintain its exports, despite making recent palm oil purchases from Malaysia, so that it could possibly increase its international market share. Indonesia, the world's second largest producer of palm oil after Malaysia, has been forced to import palm oil to ensure supplies during the Moslem fasting month of Ramadan. Harahap said it was better to import to cover a temporary shortage than to lose export markets. Indonesian exports of CPO in calendar 1986 were 530,500 tonnes, against 468,500 in 1985, according to central bank figures.
Food Department officials said the U.S. Department of Agriculture approved the Continental Grain Co sale of 52,500 tonnes of soft wheat at 89 U.S. Dlrs a tonne C and F from Pacific Northwest to Colombo. They said the shipment was for April 8 to 20 delivery.
Thai zinc ingot exports fell to 882 tonnes in March from 1,764 in February and 3,008 in March 1986, the Mineral Resources Department said. A spokesman for Padaeng Industry Co Ltd, the country's sole exporter, attributed the decline to the company's lower stocks, which averaged 5,000 tonnes in the first quarter against 16,000 tonnes in late 1985 when it began exporting. The department said major buyers included China, Japan, the Philippines, South Korea, Singapore and Taiwan. Thailand exported 4,842 tonnes of zinc ingots during the first quarter, down from 14,937 a year ago.
Bundesbank President Karl Otto Poehl said a weaker dollar would be risky and a further appreciation of the mark would damage prospects for sustained West German economic growth. In a speech to the Institute of Contempory German Affairs here, Poehl said "It would be an extremely risky policy to aim for a further substantial decline in the value of the dollar to correct the trade deficit." He said the United States could face a vicious circle of depreciation, inflation and more depreciation if it took that route. Poehl noted West Germany had already taken steps to meet U.S. Demands for greater stimulation of its domestic economy, accelerating tax cuts, cutting interest rates and tolerating above-target money supply growth. He said he would have been happy to have brought forward five billion marks of tax cuts now planned for January 1988 to the beginning of this year, but he said the government faced political constraints getting such measures through the upper house of the West German parliament. But there were also limits to the impact West Germany could accept on exports from a rising mark, he said. Poehl said West Germany relied on exports for about one-third of its gross national product, so a substantial erosion of export markets could not be offset by increasing demand at home. "A further appreciation of the mark could even be an obstacle to further growth," he said. Poehl said the Bundesbank had tolerated rapid money supply growth last year because the country enjoyed low inflation and because external factors, including low oil prices and favourable terms of trade, had given some extra leeway. But Poehl said West Germany now faced a difficult dilemma over monetary policy. The underlying rate of inflation was now two pct, not the reported negative inflation rates last year, and West Germany was affected more than before by exchange rate developments. "For the time being, we will have to focus our policy more on the external side, and we can live with a more expansionary money supply. But we must be very careful," he said. He said he shared some of the U.S. Concern about Japan's trade surpluses, which affected European countries as well as the United States. Poehl welcomed the so-called Louvre accord of monetary officials of major industrialized countries, saying the importance of the February 22 agreement to stabilize exchange rates had been underestimated. All partners had agreed that the dollar was at about the right level, and that further changes would damage growth, he said. "This was a remarkable change in attitude, especially on the part of our American colleagues," he said. But he said there was still a danger that the correction of the dollar's value could overshoot.
Qtly div 8-1/2 cts vs 8-1/2 cts prior Pay May One Record April 20
Shr 20 cts vs 32 cts Net 1,358,000 vs 2,476,000 Revs 27.1 mln vs 26.2 mln Avg shrs 6,852,000 vs 7,764,000 Nine mths Shr 68 cts vs 1.05 dlrs Net 4,957,000 vs 8,129,000 Revs 82.6 mln vs 78.8 mln Avg shrs 7,316,000 vs 7,754,000
Swedish unemployment was steady at 2.2 pct of the workforce in March compared with the previous month, the Central Bureau of Statistics said. In March 1986, the figure stood at 2.4 pct.
Shr primary 78 cts vs 68 cts Shr diluted 75 cts vs 68 cts Qtrly div six cts vs five cts Net 7,929,000 vs 6,569,000 Revs 78.7 mln vs 61.9 mln NOTE: Pay date for the qtrly div is April 28 for shareholders of record April 20.
National Guardian Corp said it has acquired a number of security services companies recently, with aggregate revenues of about 3,500,000 dlrs, for an aggregate cost of about 2,700,000 dlrs. It said it acquired guard service companies C.S.C. Security Gaurd Service of Paramus, N.J., from Cartel Security Consultants Inc, the Guard Services Division of Security Services of America of Wayne, N.J., Capital Investigations and Protective Agency of Hackensack, N.J., and Meyer Detective Agency Inc of National Park, N.J. The company said it bought alarm service operations Certified Security Services Inc of Key West, Fla., Custom Security Services of Myrtle Beach, S.C., A-T-E Security Group Inc of Houston and the Louisville, Kent and Nashville, Tenn, offices of Wells Fargo Alarm Services.
Argentine grain producers adjusted their yield estimates for the 1986/87 coarse grain crop downward in the week to yesterday after the heavy rains at the end of March and beginning of April, trade sources said. They said sunflower, maize and sorghum production estimates had been reduced despite some later warm, dry weather, which has allowed a return to harvesting in some areas. However, as showers fell intermittently after last weekend, producers feared another spell of prolonged and intense rain could cause more damage to crops already badly hit this season. Rains in the middle of last week reached an average of 27 millimetres in parts of Buenos Aires province, 83 mm in Cordoba, 41 in Santa Fe, 50 in Entre Rios and Misiones, 95 in Corrientes, eight in Chaco and 35 in Formosa. There was no rainfall in the same period in La Pampa. Producers feared continued damp conditions could produce rotting and lead to still lower yield estimates for all the crops, including soybean. However, as the lands began drying later in the week harvesting advanced considerably, reaching between 36 and 40 pct of the area sown in the case of sunflower. Deterioration of the sunflower crop evident in harvested material in Cordoba, La Pampa and Buenos Aires forced yield estimates per hectare to be adjusted down again. The season's sunflowerseed production is now forecast at 2.1 mln to 2.3 mln tonnes, against 2.2 mln to 2.4 mln forecast last week and down 43.9 to 48.8 pct on the 1985/86 record of 4.1 mln. Area sown to sunflowers was two to 2.2 mln hectares, 29.9 to 36.3 pct below the record 3.14 mln hectares last season. Maize harvesting has also reached 36 to 40 pct of the area sown. It is near completion in Cordoba and Santa Fe and will begin in La Pampa and southern Buenos Aires later in April. Production estimates for maize were down from last week at 9.5 mln to 9.8 mln tonnes, against 9.6 mln to 9.9 mln estimated previously. This is 22.2 to 23.4 pct below the 12.4 mln to 12.6 mln tonnes estimated by private sources for the 1985/86 crop and 21.9 to 25.8 pct down on the official figure of 12.8 mln tonnes. Maize was sown on 3.58 mln to 3.78 mln hectares, two to seven pct down on last season's 3.85 mln. Sorghum was harvested on 23 to 25 pct of the area sown in Cordoba, Santa Fe and Chaco. Harvest will start in La Pampa and Buenos Aires in mid-April. The total area sown was 1.23 mln to 1.30 mln hectares, 10.3 to 15.2 pct down on the 1.45 mln sown last season. The new forecast for the sorghum crop is 2.9 mln to 3.2 mln tonnes compared with three mln to 3.3 mln forecast last week, and is 23.8 to 29.3 pct down on last season's 4.1 mln to 4.2 mln tonne crop. The soybean crop for this season was not adjusted, remaining at a record 7.5 mln to 7.7 mln tonnes, up 4.2 to 5.5 pct on the 7.2 mln to 7.3 mln estimated by private sources for 1985/86 and 5.6 to 8.5 pct higher than the official figure of 7.1 mln. The area sown to soybeans this season was a record 3.7 mln to 3.8 mln hectares, 10.8 to 13.8 pct up on the record 3.34 mln sown in 1985/86. The soybean crop is showing excessive moisture in some areas and producers fear they may discover more damage. Some experimental harvesting was carried out in Santa Fe on areas making up only about one pct of the total crop but details on this were not available. Preparation of the fields for the 1987/88 wheat crop, which will be sown between May and August or September, has so far not been as intense as in previous years.
4th qtr Shr loss 17 cts vs loss 22 cts Net loss 14.5 mln vs loss 18.0 mln Revs 27.3 mln vs 23.7 mln Year Shr 58 cts vs 1.01 dlrs Net loss 48.3 mln vs loss 84.2 mln Revs 111.7 mln vs 141.9 mln NOTE: Atlas Consolidated Mining and Development Corp of Manila. Translated from Philippine pesos at 20.3489 pesos to dollar vs 18.5571 in quarter and 20.2315 vs 18.2743 in year.
Shr primary 73 cts vs 60 cts Shr diluted 70 cts vs 58 cts Net 38,528,000 vs 31,680,000 Avg shares 52,087,634 vs 51,294,652 NOTE: Qtr net interest income is 130.7 mln dlrs vs 114.8 mln dlrs. Earnings per share reflects two-for-one common stock split on March 15.
Ended Feb 28 Shr loss 2.80 dlrs vs profit 17 cts Net loss 90.5 mln vs profit 5,271,000 Revs 240.9 mln vs 159.4 mln Year Shr loss 2.49 dlrs vs loss 2.07 dlrs Net loss 80.4 mln vs loss 66.5 mln Revs 787.9 mln vs 612.4 mln NOTE: Includes loss of 89.6 mln dlrs vs loss 14.5 mln dlrs in year and loss of 91.6 mln dlrs in current qtr from discontinued operations. 1986 qtr includes pretax gain of five mln dlrs from settlement of litigation and tax gain of 5.1 mln dlrs from change in estimated effective tax rate.
Honduras will tender April 13 under Public Law 480 for approximately 52,500 tonnes of various wheats in bulk, an agent for the country said. The agent said Honduras is seeking U.S. no. 2 or better northern spring/DNS, with 14 pct protein minimum and 13 pct moisture maximum, and U.S. no. 2 or better hard red winter, with 12 pct protein minimum and 13 pct moisture maximum. The agent said NS/DNS laydays include July 1-10 for 7,500-9,500 tonnes, Aug 1-10 for 8,000-10,000 tonnes, and Sept 15-25 for 12,500-14,500 tonnes. HRW laydays include June 20-30 on 5,000-7,000 tonnes, July 15-25 for 6,500-8,500 tonnes, and September 15-25 for 7,000-9,000 tonnes. Offers are due by 1550 hrs EDT, April 13, and will remain valid until 1000 hrs EDT, April 14, the agent said.
Datron Corp said it agreed to merge with GGFH Inc, a Florida-based company formed by the four top officers of the company. According to terms of the proposed transaction, each share of Datron common stock, excluding those shares owned by the four officers, will be bought for six dlrs a share, it said. Datron's officers hold about 73 pct of the total 896,000 Datron common shares outstanding. Upon completion of the proposed transaction, the officers of Datron would own 100 pct of the company. The merger is subject to GGHF's receiving financing for the plan, Datron said. Shareholders of Datron will be asked to approve the plan at their annual meeting to be held in June or July, and the merger is expected to be completed by July 31, it said.
Tunisia is expected to tender April 14 for 100,000 tonnes of French soft wheat for delivery between May and August and which would be covered by the French export credit agency, COFACE, export credits, traders said here. No official tender has been announced yet by Tunisia, they said. France has sold a total of 200,000 tonnes of soft wheat to Tunisia since the begining of the current campaign which was covered by COFACE export credits. Of this amount, a total of 150,000 tonnes was exported by March 1, they said.
Shr 28 cts vs 16 cts Net 9,387,000 vs 25,617,000 Revs 410.1 mln vs 393.5 mln Avg shrs 35.4 mln vs 164.7 mln NOTE: 1987 net reflects interest expense on debt incurred to finance recapitalization in Oct. 1986. Prior year earnings restated to reflect recapitalization plan.
Shr 59 cts vs 46 cts Net 2.4 mln vs 1.9 mln Revs 122.5 mln vs 105.9 mln Six months Shr 1.13 dlrs vs 84 cts Net 4.5 mln vs 3.4 mln Revs 242.5 mln vs 210.1 mln NOTE: 1986 share adjusted for 2-for-1 stock split.
Shr loss 24 cts vs profit seven cts Net loss 5,952,000 vs profit 2,078,000 Revs 55.9 mln vs 50.6 mln Avg shrs 25.2 mln vs 24.7 mln Nine mths Shr loss 11 cts vs profit 24 cts Net loss 2,673,000 vs profit 6,800,000 Revs 162.6 mln vs 143.9 mln Avg shrs 25.0 mln vs 24.4 mln NOTE: Current year net both periods includes pretax charge seven mln dlrs from increase in reserve for investments in broadcast television entities and tax credits of 1,002,000 dlrs in quarter and 520,000 dlrs in nine mths.
Shr loss 48 cts vs loss 19 cts Net loss 746,000 vs loss 342,000 Revs 3,213,000 vs 2,925,000
Eastman Kodak Co is raising 25 mln dlrs through an offering of notes due 1997, said sole underwriter Morgan Stanley and Co Inc. The notes have a 7-1/2 pct coupon and an initial offering price of 99.625 to yield 7.34 pct, or 20 basis points over five-year Treasury notes. Morgan said the notes will be reoffered to investors at variable prices. Non-callable for life, the issue is rated Aaa by Moody's Investors Service Inc and AA by Standard and Poor's Corp. Investors can sell the notes back to the company in 1992.
Union Texas Petroleum said its worldwide
proved reserves fell to 511 mln barrels of oil equivalent at
the end of 1986 from 555 mln barrels reported in 1985.
In its newly released annual report, Union Texas said it
replaced about 71 pct of its production of 56 mln barrels of
oil equivalent last year after taking into account the sale of
27 mln barrels of U.S. reserves.
Union Texas, the nation's largest independent oil and gas
producer based on revenues, is a privately-held company owned
by Kohlberg Kravis Roberts and Co and Allied-Signal Inc
Chrysler Corp and Regie Natiionale des Usines Renault said they agreed to extend by up to two weeks the period for reaching definitive agreement on Chrysler's proposed 1.5 billion dlr takeover of American Motors Corp. The letter of intent signed by Chrysler and Renault on March nine set April nine as the target date for completing negotiations. However, the letter also allowed room for an extension of that date to April 23 if an agreement could not be reached. The two companies said they "now plan to complete work by April 23." Chrysler and Renault said, "Given the complex nature of the deal, the need for additional time was to be expected." The March letter of intent between the two companies says that Chrysler could ask Renault to extend the agreement date "in the event that prior to April 9, 1987, Chrysler discovers an unforeseen problem in the course of its 'due diligence' investigation of the company," referring to American Motors. A Chrysler spokeswoman would not say whether some problem had cropped up in the talks. She stuck by the company's statement that more time was needed because the talks are complex. "That is our definition of the delay," she said. Under the previous agreement between Chrysler and Renault, their letter of intent would be terminated on April nine or when an agreement was reached. But the letter could be amendend by a written agreement by both companies. The Chrysler spokeswoman said, "We are still working toward a definitive agreement." Said another Chrysler official who is not part of the talks but who would be told if the deal were in trouble: "There are no glitches." Analysts also downplayed the significance of the delay. "I can't visualize where they wouldn't want it to be done," said Donaldson Lufkin Jenrette analyst Richard Henderson.
The Commodity Credit Corporation has accepted a bid for an export bonus to cover a sale of 12,500 tonnes of wheat flour to Iraq, the U.S. AGriculture Department said. The bonus awarded was 113.0 dlrs per tonne and will be paid to Peavey Company in the form of commodities from CCC stocks. The wheat flour is for delivery May 15-June 15, 1987, the department said. An additional 162,500 tonnes of wheat flour are still available to Iraq under the Export Enhancement Program initiative announced January 7, 1987, USDA said.
Egypt has been authorized to purchase about 200,000 tonnes of U.S. wheat under an existing PL-480 agreement, the U.S. Agriculture Department said. It may buy the wheat, valued at 22.0 mln dlrs, between April 15 and August 31, 1987, and ship it from U.S. ports by September 30, the department said.
Qtly div 20 cts vs 20 cts in prior qtr Payable June 10 Record May 22
The Senate unanimously approved legislation to lift a ban on new construction of natural gas-fired power plants and other large industrial gas-burning plants. The bill, sponsored by Senate Energy Committee chairman Bennett Johnston, also repeals mandatory incremental pricing of natural gas which was designed to protect residential consumers from major price increases by forcing some industrial users to pay higher than market prices. "This legislation will open up new natural gas markets," the Lousiana Democrat said. The gas restrictions were enacted in 1978 in response to a shortage of natural gas and predictions of higher prices. "Now both oil and gas prices are severely depressed," Johnston said. In a compromise with coal producers, the bill requires new baseload electric powerplants be designed to accomodate modifications necessary to burning coal or another alternate fuel.
Ministers from the Group of 24 developing coutries said that the debt crisis was entering a new and dangerous phase and called for the formation of a ministerial committee to examine solutions to the problem. In a statement following a meeting of the ministers, they said that the "existing (debt) strategy offers no prospect for a lasting solution to the debt problem." The statement said that there should be a new attitude and approach in respect of the existing stock of debt and called for current flows and future credits to be examined by governments, multilateral and banking institutions. The statement also said that the prospects of the least developed countries continue to deteriorate and "will improve only if commensurate financing on concessional terms is made available."
International coffee prices could drop to between 70 and 80 cents a lb by next October if no agreement is reached to support the market, Jorge Cardenas, manager of Colombia's National Coffee Growers' Federation said. Speaking at a forum for industrialists, he said one of the reasons was that the market was already saturated and that producers will have excess production and stockpiles of 39 mln (60-kg) bags in 1987. Today, May futures in New York settled at 107.90 cents a lb.
The U.S. Agriculture Department is currently discussing an amendment to a PL 480 agreement signed with Morocco on January 22, but the mix of commodities under the amendment has not been determined, a U.S. Agriculture Department official said. The official noted the agreement signed in January provided for the supply of about 55,000 tonnes of vegetable oil, 55,000 tonnes of corn and 126,000 tonnes of wheat, all for delivery during the current fiscal year, ending this September 30. No purchase authorizations for the commodities provided in the January agreement have been announced by the department.
Hawkeye Bancorp's 1986 annual financial results were qualified by its auditors, according to the annual report. "...there are conditions which may indicate that the company will be unable to continue as a going concern," auditors Deloitte Haskins and Sells said in Hawkeye's annual report to shareholders. Hawkeye reported a 1986 loss of almost 59 mln dlrs, citing an increase in its loan loss provision to 34.7 mln dlrs and restructuring costs of 27 mln dlrs. However, Hawkeye, with assets of 1.09 billion dlrs at 1986 year end, said it expects "to have sufficient cash to meet its obligations for the next 12-month period." Last July the bank holding company reached a debt restructuring agreement which identifed 17 bank subsidiaries and five non-bank operations for disposition. "The restructuring has improved Hawkeye's financial condition, but it does not assure that Hawkeye will be able to survive as a going concern," the report said. Hawkeye's survival will depend on its ability to comply with provisions of the debt restructuring and regulatory agreements and on its ability to return to profitable operations, it said. There can be no assurance that Hawkeye will be able to meet these requirements. However, the company "believes it will be able to do so," Hawkeye said.
XYVision Inc is issuing a 25 mln dlr convertible eurobond due May 5, 2002 paying an indicated coupon of between 5-3/4 and six pct and priced at par, lead manager Credit Suisse First Boston Ltd said. The issue is callable after 30 days at 106 pct declining by one pct per annum to par thereafter. It is not callable for three years unless the conversion price exceeds the stock price by 130 pct. The selling concession is 1-1/2 pct while management and underwriting each pay 1/2 pct. Final terms will be set on, or before, April 15. The issue is available in bearer and registered form in denominations of 5,000 dlrs. It will be listed in Luxembourg while the payment date is May 5.
The Soviet trade deficit with the West almost quadrupled last year, reaching 2.72 billion roubles compared with 713 mln in 1985, official figures showed. Statistics published by the monthly journal Foreign Trade showed Soviet trade turnover for 1986 fell to 130.9 billion roubles from 142.1 billion the previous year, a drop of 7.8 pct. Moscow's trade surplus with East Bloc countries continued to grow in 1986. Western analysts attributed the deficit rise with the West to the world oil price slump, which hit Moscow's main export and cut hard currency earnings needed for purchases in the West.
Pests and disease, which destroyed 1.1 mln tonnes of wheat in China in 1986, are threatening crops on 11.64 mln hectares this year, the China Daily said. About 14.54 mln hectares of wheat were affected in 1986. The paper said abnormal weather conditions had encouraged the spread of wheat midges in 2.47 mln hectares in Shanxi, Henan, Sichuan, Anhui, Hebei and Jiangsu. In Henan, Shandong and Hebei wheat aphids are affecting 4.67 mln hectares, wheat red mite 2.8 mln hectares and wheat powdery mildew 1.7 mln hectares.
Year 1986
Consolidated net profit 67 mln Swiss francs vs 42 mln.
Dividend 100 francs per registered share vs 80 francs and
10 francs per participation certificate vs eight.
Consolidated turnover 4.55 billion francs vs 4.54 billion.
Parent company net profit 38.2 mln francs vs 26.4 mln.
Parent company turnover 2.20 billion francs vs 2.29
billion.
Note - Company's full name is Gebrueder Sulzer AG
Sankei Building Co Ltd is issuing a 60 mln dlr equity warrant eurobond due May 7, 1992 paying an indicated coupon of 2-1/8 pct and priced at par, lead manager Nomura International Ltd said. The issue is guaranteed by Sumitomo Bank Ltd and is available in denominations of 5,000 dlrs. The selling concession is 1-1/2 pct while management and underwriting combined pays 3/4 pct. The payment date is May 7 and listing will be in Luxembourg. Final terms will be fixed on April 15. The warrants are exercisable from May 21, 1987 until April 23, 1992.
Tabuchi Electric Co is launching 30 mln Swiss francs of five-year straight notes with a 4-3/4 pct coupon and par issue price, lead mananger Swiss Bank Corp said. Payment is due April 22.
European currency markets reacted quietly to the G-7 communique, with comments from bankers and dealers ranging from disappointment that it was not more concrete to surprise that the markets should have expected so much. The dollar opened lower against virtually all currencies and traded in a narrow range after the communique, which reaffirmed support for the Paris accord on currency stabilisation but contained no moves to strengthen it. Dealers in Frankfurt and Zurich saw the dollar remaining broadly entrenched in its current trading range. "The dollar is likely to stay within a range of 1.80 to 1.84 marks," said Gisela Steinhaeuser, senior dealer at Chase Bank AG. She said there was some resistance to further climbs. However, she said the dollar could break out of the range with major surprises such as a worse-than-expected U.S. Merchandise trade deficit, due next Tuesday. Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd in Zurich, said he expects the dollar to hold steady against the mark and Swiss franc but to weaken further against the yen, possibly to 140 yen. A Milan banker shared Stadelmann's view, saying he expects a dollar-yen range of 140-150 in the short term. London traders said the G-7 communique failed to curb underlying bearishness toward the dollar but this negative sentiment was not yet strong enough to tempt interbank operators to test the downside. Concern that finance ministers and officials still in Washington could issue more concrete statements in favour of currency stabilisation kept players sidelined, along with worries about provoking fresh central bank intervention in the near term, the traders said. Most Paris dealers expressed disappointment at the communique, saying nothing has changed to reverse the dollar's downward trend. Traders in several centres said the market would look for fresh opportunities to test the willingness of central banks to defend current ranges, which the communique said were "broadly consistent with economic fundamentals and the basic policy intentions outlined at the Louvre meeting." Dave Jouhin, senior dealer at Midland Bank in London, said "They're going to put somebody's resolve to the test soon." The U.S. February trade data may provide the trigger, dealers said. However, some dealers said London-based operators would be unlikely to open major positions next week ahead of the long Easter weekend. They saw near-term technical support at 1.825 marks and 145 yen and resistance about 1.83 marks and 146 yen. Chase Bank's Steinhaeuser and other Frankfurt dealers said the G-7 communique guaranteed a relatively calm and stable market for the foreseeable future compared with the extreme volatility seen in the first few months of this year. One dealer at a German bank said the wording of the communique made clear the leading nations did not want a further dollar drop, and this was supporting the dollar. The German dealer saw the dollar gradually appreciating to 1.87 marks, broadly seen as its upper limit within the Louvre accord's supposed currency target range. A Swiss bank economist said he believed the markets were ready for a period of "mainly sideways movement." But Milan dealers were sceptical about the communique contributing to greater stability. "Nothing has changed substantially to give the dollar a big boost," said one dealer, while another Italian banker said he expects the dollar to trade between 1.77 and 1.87 German marks in the next three months. A Swiss monetary source, who asked not to be named, said the communique had been in line with realistic expectations and should not have produced disappointment. "The problem is that the changes needed in fiscal and trade policies to redress current imbalances are of a different timescale than currency markets operate on," the source told Reuters, "This is a political process which takes time." Alois Schwietert, chief economist at Swiss Bank Corp in Basle, also questioned the tone of disappointment evident on currency markets today. "Did people really expect a patent remedy?" he asked. Bank economists in Paris noted yesterday's meeting was only the first in a series and said the market would watch carefully in the next few weeks for any changes in positions. A senior economist with Banque Indosuez said the focus was now on trade and growth rather than interest rates. Any move by Japan and West Germany to boost their economic growth could lead to a quick change in the U.S. Position. Dealers in all centres agreed that markets would be wary in pushing the dollar too far too quickly in the coming months while central banks appear resolved to use their muscle to support the Paris accord.
Remarks by central bankers raised some hopes the Bundesbank will cut rates on securities repurchase pacts, but operators remained divided on the likelihood of a move in the near term, money market dealers said. Comments by Bundesbank board member Claus Koehler yesterday that rate cuts were needed to curb money supply growth from speculative capital inflows, and by West Berlin state central bank president Dieter Hiss that there was no natural lower limit to the discount rate had, however, no immediate impact. Call money declined to 3.65/75 pct from 3.75/85 pct but the drop was tied to extra liquidity in the market, dealers said. Dealers said the Bundesbank's latest liquidity allotment this week dashed some hopes of lower rates. The Bundesbank allotted only 6.1 billion marks yesterday in new liquidity in a repurchase pact at an unchanged rate of 3.80 pct, thus subtracting some 8.8 billion marks from the market, as an outgoing 14.9 billion pact expired. But some dealers said the smaller volume awarded by the pact was in line with present liquid money market conditions, and did not exlude a cut in the repurchase pact rate soon to 3.70 pct if money market rates continue at present levels. The next opportunity for the Bundesbank to lower rates on repurchase pacts will be in a tender expected next Tuesday. Bundesbank officials have already said they favour more discreet rate adjustments through repurchase pacts, rather than the more public adjustment of leading rates. The Bundesbank may either set a fixed allocation rate and allow banks to tender for the volume, as has been the case since it lowered its discount rate January 22, or else it may allow banks to tender for the rate and set the volume itself. Dealers expect volume of the tender to be lower than the 15.2 billion marks flowing out, to offset other incoming funds. Some seven billion marks is expected to flow in next week. This should then flow back into the market as it is deposited with banks. Banks were well supplied with liquidity, holding 61.5 billion marks in reserves at the Bundesbank on Tuesday. Holdings of average daily reserves over the first seven days of April stood at 59.6 billion marks, still above the estimated 51 billion required for all of April.
The leaders of two of Japan's top business groups said in separate statements the Group of Seven (G-7) accord reached in Washington yesterday is of deep concern to Japan because it shows the major industrial nations regard the yen's current level as appropriate. Eishiro Saito, chairman of the Federation of Economic Organizations (Keidanren), said the yen's present rate is well above adequate levels. He did not elaborate. Takashi Ishihara, chairman of the Japan Committee for Economic Development, said the accord will not prevent the yen from rising further. "We do not understand why the G-7 approved present rates as the yen has risen excessively since the Paris accord," Ishihara said. G-7 members Britain, Canada, France, Italy, Japan, the U.S. And West Germany said in a statement they consider their currencies are now within ranges broadly consistent with economic fundamentals. Saito called on each G-7 member nation to prepare to intervene in the market strongly enough to ensure exchange rates are stabilised at appropriate levels.
Step-Saver Data Systems Inc said Bergen-Richards Corp has exercised a warrant to buy 450,000 Step-Saver shares at two dlrs each. It said warrants issued to the underwriter in its initial public offering were exercised in March for an aggregate of 169,200 dlrs.
The U.N. Food and Agriculture Organisation (FAO) said global wheat and coarse grain output was likely to fall in 1987 but supplies would remain adequate to meet demand. FAO said in its monthly food outlook bulletin total world grain output was expected to fall 38 mln tonnes to 1,353 mln in 1987, due mainly to unusually high winter losses in the Soviet Union, drought in China and reduced plantings in North America. World cereal stocks at the end of 1986/87 were forecast to rise 47 mln tonnes to a record 452 mln tonnes, softening the impact of reduced production. But stocks are unevenly distributed, with about 50 pct held by the U.S. "Thus the food security prospects in 1987/88 for many developing countries, particularly in Africa, depend crucially on the outcome of this year's harvests," FAO said. FAO said world cereal supplies in 1986/87 were estimated at a record 2,113 mln tonnes, about five pct higher than last season and due mainly to large stocks and a record 1986 harvest, estimated at 1,865 mln tonnes. FAO's forecast of 1986/87 world cereals trade was revised upwards by eight mln tonnes to 179 mln due to the likelihood of substantial buying by China and the Soviet Union.
Shr 27 cts vs 24 cts Net 5,223,000 vs 4,682,000 Avg shrs 19.7 mln vs 19.4 mln NOTE: Results reflected pooled acquisition of First Community Bancshares Inc on March 31, 1987 and include Camden Bancorp from January 31, 1987 purchase.
C.O.M.B. Co said it has acquired the principal assets of National Tech Industries Inc and Telkom Corp, which are engaged in the sale and telemarketing of consumer electronic merchandise and do business as House of Imports and N.L. Industries respectively. The company said it paid a total of 8,700,000 dlrs, including the assumption of liabilities. National Tech had sales of about 23 mln dlrs for 1986, it said.
Shr 54 cts vs 49 cts Net 70.2 mln vs 64.0 mln NOTE: Share adjusted for two-for-one split in July 1986. Results restated for pooled acquisition of Third NAtional Corp in December 1986. Net chargeoffs 15.0 mln dlrs vs 14.2 mln dlrs. Assets 25.8 billion dlrs, up 7.2 pct from a year earlier, deposits 21.1 billion, up 9.4 pct, and loans 17.1 billion dlrs, up 17.2 pct.
The Pacific Stock Exchange said it will start options trading on Baker Hughes Inc today. Expirations will be January, May, July and October.
Shr three cts vs 18 cts Net 220,000 vs 1,250,000 Revs 11.8 mln vs 9,430,000 Year Shr 45 cts vs 69 cts Net 3,400,000 vs 4,037,274 Revs 45.1 mln vs 34.3 mln
The Argentine Grain Board adjusted minimum export prices of grain and oilseed products in dlrs per tonne FOB, previous in brackets, as follows: Sorghum 64 (63), sunflowerseed cake and expellers 103 (102) , pellets 101 (100), meal 99 (98), linseed oil 274 (264), groundnutseed oil 450 (445), soybean oil 300 (290), rapeseed oil 290 (280). Sunflowerseed oil for shipment through May 323 (313) and june onwards 330 (320). The board also adjusted export prices at which export taxes are levied in dlrs per tonne FOB, previous in brackets, as follows: Bran pollard wheat 40 (42), pellets 42 (44).
Sears, Roebuck and Co said retail sales of its Merchandise Group in March rose 4.2 pct to 2.62 billion dlrs from 2.51 billion dlrs a year ago. For the nine weeks ended April Four, Sears Merchandise Group sales rose 4.5 pct to 4.46 billion dlrs from 4.27 billion dlrs in the same 1986 period.
Dividend on 1986 business unchanged at 10 marks per
ordinary share. Company also set dividend of 11 marks for new
preference shares, which were issued last year.
(Note: Company has said profit will match 1985 level,
despite provisions of 480 mln marks connected with alleged
currency fraud. Group net profit in 1985 was 596 mln marks,
parent company net was 477 mln marks. Company's full name is
Volkswagen AG
Shr 70 cts vs 42 cts Net 2,918,000 vs 1,746,000 Sales 68.3 mln vs 53.5 mln NOTE: 1987 net includes pretax gain 400,000 dlrs from change in pension accounting. 1987 results include Production Graphics Corp and Systems Technology and Weapons System Test Divisions of NEw Technology Inc, acquired December 30, 1986.
India's national foodgrain target has been fixed at 160 mln tonnes in 1987/88 (Apr-Mar), unchanged from the 1986/87 target, the Agriculture Ministry said in its annual report for 1986/87. Actual output was estimated at 151 mln tonnes in 1986/87 due to failure of monsoon rains in 15 out of 35 meterological sub-divisions of the country. The report gave the targets for various crops with estimated harvested crops in 1986/87 in brackets as following, in mln tonnes - rice 65 (60), wheat 49 (49), coarse grains including sorghum and millets 32 (29) and pulses 14 (13). Despite failure of monsoon rains in recent years, it was possible to maintain higher foodgrain production, signifying growing resilience in agricultural sector, the report said. The strategy for increasing irrigation potential along with greater use of high yielding seed varieites and improvement in fertiliser efficiency is yielding results, it said, adding total foodgrain output in 1985/86, 1984/85 and 1983/84 respectively was 150.5 mln tonnes, 145.5 mln and a record 152.4 mln. India has targeted to produce between 178 and 183 mln tonnes of foodgrains by the last year of the seventh five-year development plan ending March 31, 1990. Taking the midpoint of 180 mln tonnes as the target and the 1986/87 estimated production of around 151 mln tonnes, the gap of 29 mln tonnes has to be made up during the remaining three years of the plan by increasing grain output annually by more than nine mln tonnes. But the target can be achieved only with good weather, the report said. "The major thrust programme will, therefore, be better water (irrigation) management. Simultaneously, efforts for spread of improved technology including timely use of inputs (farm materials like fertilisers) in adequate quantities have to be vigrously pursued," it said.
Reichhold Chemical Inc said its board adopted a warrant dividend plan in which one preferred stock purchase right will be distributed as a dividend on each common share outstanding. The company said its warrant dividend plan is designed to protect its shareholders against unsolicted, coercive attempts to aquire control without making an adequate offer for all shares. Reichhold said the adoption is not a response to any specific takeover attempt. Reichhold said each right will entitle shareholders to buy one one-hundreth of a share of a newly created series of preferred stock at an initial exercise price of 120 dlrs, with dividend and voting rights approximately equal to those of one share of the company's common stock. The rights will be exercisable only if, without Reichhold's prior consent, a person or group a acquires 20 pct or more of the voting power or announces a tender offer which would result in 20 pct ownership, the company said. Reichhold said it is entitled to redeem the rights at five cts apiece before a 20 pct position has been acquired, or before an existing 20 pct shareholder buys an additional two pct or more of the voting power of the company, or in connection with certain transactions afterward. The tax-free distribution will become effective May 1, 1987, and will expire 10 years later, the company said. Details of the plan are outlined in a letter to be mailed to stockholders.
Egypt bought 125,723 tonnes of U.S. wheat flour in its PL 480 tender yesterday, trade sources said. The purchase included 51,880 tonnes for May shipment and 73,843 tonnes for June shipment. Price details were not available.
Losses for Volkswagen AG
Yugoslavia will tender April 14 for 100,000 tonnes of wheat, the U.S. Agriculture Department's Counselor in Belgrade said in a field report. The report, dated April 7, said the wheat must be from 1986 and 1987 harvest, and imports of soft wheat from Europe and from other suppliers will not be considered. It said the imports will be used to rebuild the federal reserves and as a result will not be subject to import surcharges.
Period ended Jan 31 Shr 38 cts vs 61 cts Net 7,012,000 vs 11,193,000 Revs 223.0 mln vs 200.3 mln Year Shr 1.11 dlrs vs 1.36 dlrs Net 20,214,000 vs 23,602,000 Revs 656.5 mln vs 520.5 mln Avg shrs 18,257,631 vs 17,376,480
French operators have requested licences to export 320,000 tonnes of free market barley, 225,000 tonnes of maize, 25,000 tonnes of free market bread-making wheat and 20,000 tonnes of feed wheat at today's EC tender, trade sources said. For the barley, rebates of between 138 and 141.25 European currency units (Ecus) per tonne were sought, for maize they were between 129.65 and 139 Ecus, for bread-making wheat around 145 Ecus and for feed wheat around 142.45 Ecus. Barley rebates of up to 138.50 Ecus were requested for a total of 40,000 tonnes and at 139 Ecus for 85,000 tonnes. Rebates of up to 130 Ecus per tonne were requested for a total of 55,000 tonnes maize and up to 131 Ecus for 105,000 tonnes, the sources said.
K Mart Corp said it was opening
branch offices of
Qtly div 75 cts vs 65 cts prior Pay June one Record May one
Shr 17 cts vs 10 cts Net 408,000 vs 237,000 Revs 8,863,000 vs 6,738,000 1st half Shr 27 cts vs 15 cts Net 647,000 vs 356,000 Revs 17.2 mln vs 12.5 mln
The European Commission authorised the export of 65,000 tonnes of free market barley at today's tender at a maximum rebate of 138.75 European currency units and 55,000 tonnes of French maize at 130 Ecus, grain traders here said. It rejected bids for breadmaking and feed wheat, they said.
Based on field travel in the Brazilian state of Parana, soybean yields should be about average or 2.0 to 2.2 tonnes per hectare, the U.S. Agriculture Department's officer in Sao Paulo said in a field report. The report, dated March 24, noted Parana accounts for about 20 to 24 pct of Brazil's total soybean crop. It said generally favorable weather from early December through February helped compensate for earlier dryness. However, hot, dry weather during the past 20 to 30 days followed by an unseasonably brief cold spell during the second week of march has raised concern about late planted soybeans which are still immature, but the impact may be localized, the report said. The corn crop is expected to be a record and will create serious storage problems, the report said. Due to favorable support prices, corn area increased by more than 25 pct at the expense of soybeans, and yields are expected to be above average, it said. Due to late plantings only about 20 pct of the corn crop crop has been harvested. During the field trip long truck lines were noted at grain elevators where preference is given to soybeans over corn, the report said. New crop wheat plantings are expected to decline -- Parana accounts for about 60 pct of total production. Major reasons for the decline are expected reduced government support price and good summer crop harvests.
French Finance Minister Edouard Balladur said that the financial community is closer to arriving at a system of target zones for currencies despite the fact that little is being said about them. Speaking with reporters at the semiannual meetings of the International Monetary Fund, Balladur said, "We are not very far from the notion of target zones, even if we don't say so." He told reporters that "our ideas are progressing," adding that the finance ministers have been talking about more cooperation on economic policies and on levels around which currencies should stabilize.
Shr 87 cts vs 73 cts Net 14.7 mln vs 11.7 mln Assets 8.38 billion vs 7.43 billion Loans 3.91 billion vs 3.40 billion Deposits 5.60 billion vs 5.08 billion
27,000 long tons USG/Taiwan 23.25 dlrs fio five days/1,500 1-10/5 Continental. Trade Banner - 30,000 long tons grain USG/Morocco 13.50 dlrs 5,000/5,000 end-April/early-May Comanav. Reference New York Grain Freights 1 of April 8, ship brokers say the vessel fixed by Cam from the Great Lakes to Algeria at 28 dlrs is reported to be the Vamand Wave. Reference New York Grain Freights 2 of April 8, they say the Cory Grain maize business from East London at 22 dlrs is to Japan and not to Spain as reported.
Antwerp/Libya 5,500 mt bagged flour 14 daps 24-27/4. New Orleans/Guanta 9,387 mt bulk hss 3,000/13 days 25-4/5-5. Naantali/Saudi Red Sea 30,000/35,000 mt barley 4,000/3,000 20-30/4 or early May. Dunkirk/Xingang 12,000 mt bagged flour 1,500/1,700 13-20/4. Toledo/Seaforth 17,000 mt hss offers 18.50 dlrs four days/8,000 13-15/4. River Plate/Malaysia 20,000/22,000 long tons hss 2,000/2,000 Apr.
Shr seven cts vs six cts Net 1,612,000 vs 1,406,000 Revs 38.2 mln vs 34.3 mln Avg shrs 23,742,000 vs 22,945,000
Egypt has cancelled its April 2 tender for 200,000 tonnes of any origin wheat for April 15-30 shipment, trade and Egyptian official sources said. Trade sources said the cancellation followed an offer by an Egyptian company, Islamic Corp, at 85.80 dlrs/tonne cost and freight, undercutting other traders' offers of between 93.90 and 94.49 dlrs/tonne. An Egyptian trade official in Paris confirmed cancellation of the tender following the Islamic Corp offer, which he said the government had refused for legal reasons. The official denied trade reports that the government might have substituted a private deal with Islamic Corp for the original tender.
National Medical Enterprises Inc said it filed a registration statement with the Securities and Exchange Commission covering 300 mln dlrs of debt securities. The proposed offering includes 150 mln dlrs of 30-year debentures and 150 mln dlrs of 10-year notes, the company said. Net proceeds from the offering will be used to reduce bank borrowings, National Medical said, adding, Merrill Lynch Capital Markets will manage the underwriting.
Oper shr 1.64 dlrs vs 84 cts Oper net 4,583,000 vs 2,869,000 Revs 20.1 mln vs 19.0 mln Avg shrs 2,791,639 vs 3,432,746 Year Oper shr 4.46 dlrs vs 3.20 dlrs Oper net 14.1 mln vs 10.9 mln Revs 74.6 mln vs 68.0 mln Avg shrs 3,154,665 vs 3,425,187 NOTE: Operating net excludes gains of nothing vs 2,444,000 dlrs, or 72 cts a share, in quarter and 1,890,000 dlrs, or 60 cts a share, vs 9,3267,000 dlrs, or 2.72 dlrs a share, in year from tax loss carryforwards
Following are highlights of the U.S. Agriculture Department supply/demand projections for the 1986/87 seasons, in mln bushels, with comparisons, unless noted -- Corn -- Stocks, Aug 31, 1987, at 5,240, vs 5,595 last month. Stocks, Aug 31, 1986, at 4,040, vs 4,040 last month. Exports projected at 1,375, vs 1,250 last month. Exports in 1985/86 at 1,241, vs 1,241 last month. Domestic use at 5,680, vs 5,450 last month. Usage in the 1985/86 season at 5,255, vs 5,255 last month. Wheat -- Stocks, May 31, 1987, projected at 1,848, vs 1,877 last month. Stocks on May 31, 1986, at 1,905, vs 1,905 last month. Exports in 1986/87 season at 1,025, vs 1,025 last month. 1985/86 season at 915, vs 915 last month. Domestic use in 1986/87 at 1,134, vs 1,105 last month. 1985/86 at 1,045, vs 1,045 last month. Cotton -- in mln 480 lb bales - Stocks, July 31, 1987, at 5.40, vs 5.49 last month. Stocks July 31, 1986, at 9.35, vs 9.35 last month. Exports in 1986/87 season at 6.66, vs 6.76 last month. Exports in 1985/86 - 1.96, vs 1.96 last month. Soybeans -- in mln bushels - Stocks, Aug 31, 1987, projected at 610, vs 635 last month. Stocks Aug 31, 1986, at 536, vs 536 last month. Soybean crushings during 1986/87 - 1,130, vs 1,115 last month. Crushings in 1985/86 at 1,053, vs 1,053 last month. Exports in 1986/87 season at 700, vs 700 last month. Exports in 1985/86 at 740, vs 740 last month. Soybean Oil -- mln lbs - Stocks on Sept 30, 1987, at 1,360, vs 1,200 last month. Stocks on Sept 30, 1986, at 947, vs 947 last month. Exports in 1986/87 at 1,350, vs 1,350 last month. Exports in 1985/86 at 1,257, vs 1,257 last month. Soybean Cake/Meal -- thousand short tons - Stocks, Sept 30, 1987, at 270, vs 315 last month. Stocks, Sept 30, 1986, at 212, vs 212 last month. Exports in 1986/87 season at 6,500, vs 6,350 last month. Exports in 1985/86 at 6,036, vs 6,008 last month.
The U.S. Agriculture Department gave projected carryover free stocks of feedgrains, corn and wheat under loans, with comparisons, as follows, in mln bushels, except feedgrains, which is in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Under Regular Nine Month Loan -- WHEAT 225 300 678 678 FEEDGRAINS 52.1 68.1 75.7 75.7 CORN 1,800 2,400 2,589 2,589 Special Producer Storage Loan Program -- WHEAT 165 150 163 163 FEEDGRAINS 7.0 6.7 5.3 5.3 CORN 200 200 147 147
The U.S. Agriculture Department forecast the Soviet 1986/87 wheat crop at 92.30 mln tonnes, vs 92.30 mln tonnes last month. It put the 1985/86 crop at 78.10 mln tonnes, vs 78.10 mln tonnes last month. Soviet 1986/87 coarse grain production is estimated at 103.30 mln tonnes, vs 103.30 mln tonnes last month. Production in 1985/86 is projected at 99.99 mln tonnes, vs 100.00 mln tonnes last month. USSR wheat imports are forecast at 15.00 mln tonnes in 1986/87, vs 15.00 mln tonnes last month. Imports in 1985/86 are put at 15.70 mln tonnes, vs 15.70 mln tonnes last month. USDA estimated Soviet 1986/87 coarse grain imports at 12.00 mln tonnes, vs 10.00 mln tonnes last month, and 1985/86 imports at 13.70 mln tonnes, vs 13.70 mln tonnes last month. USDA said Soviet coarse grain imports include 1986/87 corn imports, which it forecast at 8.00 mln tonnes, vs 6.00 mln tonnes last month. Corn imports in 1985/86 are estimated at 10.40 mln tonnes, vs 10.40 mln last month. Total Soviet grain imports in 1986/87, at 28.0 mln tonnes, include one mln tonnes of miscellaneous grains.
The U.S. Agriculture Department gave the 1986/87 breakdown of supply and distribution for wheats by classes, in mln bushels, with comparisons, as follows. HARD WINTER -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1,009 1,009 717 717 Production 1,018 1,018 1,230 1,230 Ttl Supply-X 2,027 2,027 1,947 1,947 Domestic Use 599 579 543 543 Exports 450 475 395 395 Total Use 1,049 1,054 938 938 End Stocks 978 973 1,009 1,009 Note - Season begins June 1. X-Includes imports HARD SPRING -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 498 498 371 371 Production 451 451 460 460 Ttl Supply-X 956 956 838 838 Domestic Use 218 192 174 174 Exports 200 190 166 166 Total Use 418 382 340 340 End Stocks 538 574 498 498 Note - Season begins June 1. X-Includes imports. SOFT RED -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 79 79 64 64 Production 290 290 368 368 Ttl Supply-X 369 369 432 432 Domestic Use 181 193 204 204 Exports 120 120 149 149 Total Use 301 313 353 353 End Stocks 68 56 79 79 Note - Season begins June 1. X-Includes imports WHITE -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 198 198 173 173 Production 232 232 254 254 Ttl Supply-X 433 433 430 430 Domestic Use 82 83 80 80 Exports 170 160 152 152 Total Use 252 243 232 232 End Stocks 181 190 198 198 Note - Season begins June 1. X-Includes imports. DURUM -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 121 121 100 100 Production 95 95 113 113 Ttl Supply-X 221 221 218 218 Domestic Use 54 58 44 44 Exports 85 80 53 53 Total Use 139 138 97 97 End Stocks 82 83 121 121 Note - Season begins June 1. X-Includes Imports.
The U.S. Agriculture Department forecast Argentina's 1986/87 coarse grain crop at 13.99 mln tonnes, vs 15.44 mln tonnes last month. It estimated the 1985/86 crop at 17.06 mln tonnes, vs 17.14 mln last month. USDA forecast Argentina's 1986/87 wheat crop at 9.00 mln tonnes, vs 9.00 mln tonnes last month, while the 1985/86 crop was projected at 8.50 mln tonnes, vs 8.50 mln last month. USDA forecast Argentine 1986/87 coarse grain exports at 6.60 mln tonnes, vs 7.73 mln tonnes last month, and projected 1985/86 exports at 9.43 mln tonnes, vs 9.58 mln last month.
The U.S. Agriculture Department forecast Australia's 1986/87 wheat crop at 16.70 mln tonnes, vs 17.30 mln tonnes last month. It estimated 1985/86 output at 16.13 mln tonnes, vs 16.13 mln last month. Australian wheat exports in 1986/87 are forecast at 14.50 mln tonnes, vs 14.50 mln tonnes last month, while exports in 1985/86 are estimated at 15.96 mln tonnes, vs 15.96 mln last month.
The U.S. Agriculture Department projected China's 1986/87 wheat crop at 90.30 mln tonnes, vs 88.50 mln tonnes last month. It estimated the 1985/86 crop at 85.81 mln tonnes, vs 85.81 mln last month. USDA projected China's 1986/87 wheat imports at 7.00 mln tonnes, vs 7.00 mln tonnes last month, and estimated 1985/86 imports at 6.60 mln tonnes, vs 6.60 mln last month.
The U.S. Agriculture Department estimated Canada's 1986/87 wheat crop at 31.85 mln tonnes, vs 31.85 mln tonnes last month. It estimated 1985/86 output at 24.25 mln tonnes, vs 24.25 mln last month. Canadian 1986/87 coarse grain production is projected at 27.62 mln tonnes, vs 27.62 mln tonnes last month. Production in 1985/86 is estimated at 24.95 mln tonnes, vs 24.95 mln last month. Canadian wheat exports in 1986/87 are forecast at 19.00 mln tonnes, vs 19.00 mln tonnes last month. Exports in 1985/86 are estimated at 17.72 mln tonnes, vs 17.71 mln last month.
The U.S. Agriculture Department forecast the European Community's 1986/87 wheat crop at 71.60 mln tonnes, vs 71.50 mln tonnes last month. It estimated 1985/86 output at 71.70 mln tonnes, vs 71.71 mln last month. E.C. 1986/87 coarse grain production is projected at 81.22 mln tonnes, vs 81.19 mln tonnes last month. The 1985/86 crop is estimated at 88.21 mln tonnes, vs 88.28 mln last month. E.C. wheat exports in 1986/87 are forecast at 28.22 mln tonnes, vs 28.31 mln tonnes last month. Exports in 1985/86 are estimated at 27.77 mln tonnes, vs 27.62 last month.
The U.S. Agriculture Department made the following supply/demand projections for the 1986/87 seasons, in mln bushels, with comparisons, unless noted -- CORN -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 76.7 76.7 83.4 83.4 Harvested 69.2 69.2 75.2 75.2 Yield (bu) 119.3 119.3 118.0 118.0 Supply (mln bu) -- Start Stock 4,040 4,040 1,648 1,648 Production 8,253 8,253 8,877 8,877 Total-X 12,295 12,295 10,536 10,536 X-Includes imports. CORN (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage: Feed 4,500 4,300 4,095 4,126 Other 1,180 1,150 1,160 1,129 Ttl Domest 5,680 5,450 5,255 5,255 Exports 1,375 1,250 1,241 1,241 Total Use 7,055 6,700 6,496 6,496 End Stocks 5,240 5,595 4,040 4,040 Farmer Reser 1,400 1,300 564 564 CCC Stocks 1,700 1,500 546 546 Free Stocks 2,140 2,795 2,930 2,930 AvgPrice 1.35-1.65 1.35-1.65 2.23 2.23 Note - Price in dlrs per bu. Corn season begins Sept 1. ALL WHEAT - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 72.0 72.0 75.6 75.6 Harvested 60.7 60.7 64.7 64.7 Yield 34.4 34.4 37.5 37.5 Supply (mln bu) -- Start Stcks 1,905 1,905 1,425 1,425 Production 2,087 2,087 2,425 2,425 Total Supply-X 4,007 4,007 3,865 3,865 X - Includes imports. ALL WHEAT 1986/87 1985/86 (cont.) 04/09/87 03/09/87 04/09/87 03/09/87 Usage: Food 700 690 678 678 Seed 84 90 93 93 Feed 350 325 274 274 Ttl Domest 1,134 1,105 1,045 1,045 Exports 1,025 1,025 915 915 Total Use 2,159 2,130 1,960 1,960 End Stocks 1,848 1,877 1,905 1,905 Farmer Reser 475 450 433 433 CCC Stocks 950 950 602 602 Free Stocks 423 477 870 870 Avg Price 2.30-40 2.30-40 3.08 3.08 Note - Price in dlrs per bushel. Wheat season begins June 1. SOYBEANS - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 61.5 61.5 63.1 61.1 Harvested 59.4 59.4 61.6 61.6 Yield (bu) 33.8 33.8 34.1 34.1 Supply (mln bu) -- Start Stocks 536 536 316 316 Production 2,007 2,007 2,099 2,099 Total 2,543 2,543 2,415 2,415 SOYBEANS (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage -- Crushings 1,130 1,115 1,053 1,053 Exports 700 700 740 740 Seed, Feed and Residual 103 93 86 86 Total Use 1,933 1,908 1,879 1,879 End Stocks 610 635 536 536 Avg Price 4.60-4.80 4.60-4.80 5.05 5.05 Note - Average price in dlrs per bushel. Soybean season begins June 1. FEEDGRAINS - X 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 119.8 119.8 128.1 128.1 Harvested 102.0 102.0 111.8 111.8 Yld (tonnes) 2.48 2.48 2.45 2.45 Supply (mln tonnes) -- Start Stocks 126.4 126.4 57.5 57.5 Production 252.4 252.4 274.4 274.4 Imports 0.6 0.6 0.9 0.9 Total 379.4 379.4 332.7 332.7 X - Includes corn, sorghum, barley, oats. FEEDGRAINS - X (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage: Feed 140.6 136.2 134.8 135.5 Other 35.8 35.0 35.0 34.3 Ttl Domest 176.4 171.2 169.8 169.8 Exports 43.9 40.8 36.6 36.6 Total Use 220.3 211.9 206.4 206.4 End Stocks 159.1 167.5 126.4 126.4 Farmer Reser 39.0 36.5 16.6 16.6 CCC Stocks 55.2 49.5 20.4 20.4 Free Stocks 64.8 81.5 89.3 89.3 X - Includes corn, sorghum, oats, barley. Seasons for oats, barley began June 1, corn and sorghum Sept 1. SOYBEAN OIL - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Supply (mln lbs) -- Start Stcks 947 947 632 632 Production 12,263 12,103 11,617 11,617 Imports Nil Nil 8 8 Total 13,210 13,050 12,257 12,257 Note - 1985/86 production estimates based on October year crush of 1,060 mln bushels. SOYBEAN OIL (cont.) - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage (mln lbs) -- Domestic 10,500 10,500 10,053 10,053 Exports 1,350 1,350 1,257 1,257 Total 11,850 11,850 11,310 11,310 End Stcks 1,360 1,200 947 947 AvgPrice 14.5-16.0 15.0-17.0 18.00 18.00 Note - Average price in cents per lb. Season for soybean oil begins Oct 1. SOYBEAN CAKE/MEAL, in thousand short tons -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 212 212 387 387 Production 26,558 26,203 24,951 24,951 Total 26,770 26,415 25,338 25,338 Note - 1985/86 production estimates based on October year crush of 1,060 mln bushels. SOY CAKE/MEAL (cont.) - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage (thous short tons) -- Domestic 20,000 19,750 19,090 19,118 Exports 6,500 6,350 6,036 6,008 Total 26,500 26,100 25,126 25,126 End Stcks 270 315 212 212 AvgPrice 145-150 145-150 154.90 154.90 Note - Price in dlrs per short ton. Season for soybean cake and meal begins Oct 1. COTTON -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Area (mln acres) -- Planted 10.06 10.06 10.68 10.68 Harvested 8.49 8.49 10.23 10.23 Yield (lbs) 549 553 630 630 Supply (mln 480-lb bales) -- Start Stks-X 9.35 9.35 4.10 4.10 Production 9.70 9.79 13.43 13.43 Ttl Supply-Y 19.06 19.14 17.57 17.57 X - Based on Census Bureau data. Y - Includes imports. COTTON (cont.) - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage -- Domestic 7.10 7.01 6.40 6.40 Exports 6.66 6.76 1.96 1.96 Total 13.76 13.77 8.36 8.36 End Stocks 5.40 5.49 9.35 9.35 Avge Price 51.7-X 51.7-X 56.50 56.50 X - 1986/87 price is weighted average for first five months of marketing year, not a projection for 1986/87. Average price in cents per lb. Cotton season begins August 1. RICE 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Acreage (mln acres) -- Planted 2.40 2.40 2.51 2.51 Harvested 2.38 2.38 2.49 2.49 Yield (lbs) 5,648 5,648 5,414 5,414 Supply (mln cwts) -- Start Stcks 77.3 77.3 64.7 64.7 Production 134.4 134.4 134.9 134.9 Imports 2.2 2.2 2.2 2.2 Total 213.9 213.9 201.8 201.8 RICE (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage (mln cwts) -- Domestic 67.0 67.0 65.8 65.8 Exports 80.0 80.0 58.7 58.7 Total-Y 147.0 147.0 124.5 124.5 End Stocks 66.9 66.9 77.3 77.3 CCC Stocks 42.9 42.9 41.5 41.5 Free Stocks 24.0 24.0 35.8 35.8 AvgPrice 3.45-4.25 3.45-4.25 6.53 6.53 Note - Average price in dlrs per CWT. Y-Rough equivalent. N.A.-Not Available, USDA revising price definition due to marketing loan. Rice season begins August 1. SORGHUM 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Yield (bu) 67.7 67.7 66.8 66.8 Supply (mln bu) -- Start Stcks 551 551 300 300 Production 942 942 1,120 1,120 Total 1,493 1,493 1,420 1,420 Usage (mln bu) -- Feed 550 575 662 662 Other 30 30 29 29 Ttl Domest 580 605 691 691 SORGHUM (cont.) - 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Exports 225 225 178 178 Total Use 805 830 869 869 End Stocks 688 663 551 551 Avge Price 1.30-50 1.30-50 1.93 1.93 Note - Price in dlrs per bushel. Sorghum season begins Sept 1. BARLEY 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Yield (bu) 50.8 50.8 51.0 51.0 Start Stocks 325 325 247 247 Production 610 610 591 591 Imports 5 5 9 9 Total 941 941 847 847 BARLEY (cont.) 1986/87 1985/86 04/09/87 03/15/87 04/09/87 03/15/87 Usage (mln bu) -- Feed 300 300 333 333 Other 175 175 167 167 Ttl Domest 475 475 500 500 Exports 150 150 22 22 Total Use 625 625 522 522 End Stocks 316 316 325 325 AvgPrice 1.45-65 1.45-65 1.98 1.98 Note - Average price in dlrs per bushel. Barley season begins June 1. OATS - in mln bushels 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Yield (bu) 56.0 56.0 63.7 63.7 Start Stcks 184 184 180 180 Production 385 385 521 521 Imports 30 30 28 28 Total 598 598 729 729 OATS, in mln bushels (cont.) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Usage -- Feed 400 400 460 460 Other 85 85 83 83 Ttl Domes 485 485 543 543 Exports 2 2 2 2 Total 487 487 545 545 End Stcks 111 111 184 184 AvgPrice 1.00-20 1.00-20 1.23 1.23 Note - Average price in dlrs per bushel. Oats season begins June 1. LONG GRAIN RICE, in mln CWTs (100 lbs) -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Harvested -- Acres (mln) 1.83 1.83 1.94 1.94 Yield (lbs) 5,358 5,358 5,168 5,168 Start Stks 49.3 49.3 37.7 37.7 Production 97.8 97.8 100.4 100.4 Ttl Supply 148.6 148.6 140.1 140.1 Note -- Starting Stocks does not include broken kernels -- Supply minus use does not equal ending stocks in breakdowns. Total Supply includes imports but not broken kernels. LONG GRAIN RICE, in mln CWTs (100 lbs), cont. -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Domestic Use 43.0 43.0 48.8 48.8 Exports 65.0 60.0 42.0 42.0 Total Use 108.0 103.0 90.8 90.8 End Stocks-X 40.6 45.6 49.3 49.3 AvgPric 3.45-4.25 3.45-4.24 6.86 6.86 Note - Average price in dlrs per cwt. X-Broken kernels not included -- supply minus use does not equal ending stocks in breakdowns. Rice season begins August 1. MEDIUM, SHORT GRAIN RICE - in mln CWTs (100 lbs) -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Harvested -- Acres (mln) 0.55 0.55 0.55 0.55 Yield (lbs) 6,651 6,651 6,258 6,258 Start Stks 26.7 26.7 25.7 25.7 Production 36.6 36.6 34.5 34.5 Ttl Supply 65.3 65.3 61.7 61.7 Note -- Starting Stocks does not include broken kernels -- Supply minus use does not equal ending stocks in breakdowns. Total Supply includes imports but not broken kernels. MEDIUM, SHORT GRAIN RICE, in mln CWTs (100 lbs), cont. -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Domestic Use 24.0 24.0 17.0 17.0 Exports 15.0 20.0 16.7 16.7 Total Use 39.0 44.0 33.7 33.7 End Stocks-X 24.5 19.5 26.7 26.7 AvgPric 3.45-4.25 3.45-4.25 5.91 5.91 Note - Average price in dlrs per CWT. X-Broken kernels not included - supply minus use does not equal ending stocks in breakdowns. Rice season begins August 1. NOTES ON U.S. SUPPLY/DEMAND TABLES -- N.A. - Not available. -- Totals may not add due to rounding. -- Figures for 1986/87 are midpoint of USDA range. -- Feed usage for corn, wheat, soybean, feedgrains, sorghum, barley, oats includes residual amount. -- Residual amount included in rice and medium/short grain rice domestic usage. -- Rice, long grain, and medium/short grain rice average price for 1985/86 estimates and 1986/87 projections are market prices and exclude cash retained under the marketing loan since April, 1986.
The U.S. Agriculture Department forecast the Soviet 1986/87 cotton crop at 11.20 mln bales (480-lbs net), vs 11.20 mln bales forecast last month. The department also estimated the 1985/86 Soviet cotton crop at 12.10 mln bales, vs 12.10 mln bales last month.
Shr 71 cts vs 61 cts Net 78.5 mln vs 64.6 mln NOTE: Current qtr includes gain of seven cts/shr from sale of securities. Year-ago restated.
Exports of the following commodities between start of current seasons and April 2, with comparisons, as reported to USDA by exporters, in thousand tonnes, unless noted -- 4/2/87 Prev Wk 4/3/86 Wheat 21,044.6 20,398.3 19,725.8 Soybeans 14,334.2 14,063.5 14,698.4 Corn 20,296.0 19,194.6 25,182.6-x Sorghum 3,222.5 3,149.7 3,168.9-x Soybean Oil 138.4 135.8 179.9 Soybean Meal 4,098.0 3,880.6 3,141.3 Cotton 4,333.1 4,204.7 1,510.4 X-2,059,300 tonnes of corn and 763,800 tonnes of sorghum added to reflect change in marketing year to Sept-Aug.
The U.S. Agriculture Department increased its estimate of 1986/87 grain purchases by the Soviet Union to 28 mln tonnes, up two mln tonnes from last month. In its monthly report on the Soviet grain situation, the USDA said imports will be higher than earlier estimated because Soviet grain buyers have been actively purchasing in the last month. USDA said the increased purchasing is "somewhat surprising" because of recent higher Soviet crop estimates. All of the increase in estimated imports will be in corn, USDA said. Of the 28 mln tonnes total, 15 mln tonnes will be wheat, 12 mln tonnes coarse grains, and the remaining one mln tonnes miscellaneous grains and pulses, USDA said. USDA noted that the Soviet winter grain crop suffered through a severe winter and spring field work has been delayed. The severe winter "is believed to have resulted in above average winter-kill," USDA said. Some grain trade analysts have said abnormal winter losses maybe one reason why the Soviet Union has been actively buying grain recently. USDA said Moscow already has purchased over 25 mln tonnes grain for delivery in 1986/87, including 14 mln tonnes wheat and 12 mln tonnes coarse grain.
The U.S. Agriculture Department made the following 1986/87 projections in its world Supply/Demand report, with comparisons, in mln tonnes, except where noted -- Total World Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Produc 1,682.31 1,686.11 1,663.69 1,663.70 Total Supply 2,025.71 2,028.45 1,919.18 1,920.13 Trade-X 212.15 211.89 204.42 203.92 Usage 1,635.01 1,630.40 1,575.78 1,577.79 End Stks 390.70 398.05 343.40 342.34 X-Based on export estimate. All Wheat 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stks 137.05 136.48 125.54 125.87 Production 529.20 528.40 498.97 498.81 Imports 97.57 98.27 94.56 94.36 Feed Use 101.79 100.82 90.19 90.56 Total Domes 517.26 514.89 487.45 488.20 Exports 101.08 101.20 95.92 95.76 End Stocks 148.99 149.99 137.05 136.48 Note - World imports/exports may not balance due to differing marketing years, grains in transit and reporting discrepancies. Coarse Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 181.64 181.10 107.80 108.40 Production 835.21 838.82 844.60 844.84 Imports 95.66 93.77 95.70 95.18 Feed Use 514.07 510.20 510.20 510.80 Total Domes 796.33 793.64 770.76 772.14 Exports 98.97 98.47 96.02 95.76 End Stocks 220.52 226.28 181.64 181.10 Note - World imports/exports may not balance due to differing marketing years, grain in transit and reporting discrepancies. Corn (Mln Tonnes) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 123.08 123.11 61.09 61.75 Production 477.26 480.29 481.86 481.92 Imports 61.03 58.59 62.12 62.08 Feed Use 295.49 289.47 286.53 287.42 Ttl Domes 444.78 439.80 419.88 420.55 Exports 62.80 62.10 62.53 62.15 End Stocks 155.56 163.61 123.08 123.11 Note - World imports/exports may not balance due to differing marketing years, grain in transit and reporting discrepancies. Soybeans 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 23.03 22.84 17.59 17.58 Production 99.98 99.43 96.74 96.53 Imports 26.21 26.27 27.08 27.08 Crushings 79.69 79.33 76.16 76.15 Ttl Domes 97.53 96.40 92.36 92.34 Exports 26.45 26.43 26.02 26.01 End Stocks 25.23 25.71 23.03 22.84 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Soybean Meal 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 2.55 2.47 2.79 2.74 Production 62.71 62.40 60.09 60.09 Imports 23.47 23.49 23.48 23.47 Consumption 62.69 62.49 61.06 61.10 Exports 23.51 23.39 22.76 22.74 End Stocks 2.52 2.47 2.55 2.47 Note - Imports and exports may not balance due to differing marketing years and time lags between reported exports and imports. Soybean Oil 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.61 1.51 1.37 1.36 Production 14.20 14.13 13.65 13.66 Imports 3.31 3.29 3.08 3.05 Consumption 14.02 14.03 13.33 13.40 Exports 3.33 3.35 3.15 3.16 End Stocks 1.78 1.54 1.61 1.51 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Cotton (Mln Bales) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 45.87 48.14 42.70 43.11 Production 69.53 69.66 78.94 78.92 Imports 23.07 23.07 21.49 21.45 Mill Use 80.72 77.08 76.84 74.79 Exports 23.37 23.50 20.25 20.28 End Stocks 34.16 39.99 45.87 48.14 Note - Imports and exports may not balance due to cotton in transit and reporting discrepancies in some countries. Rice (Milled Basis) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 24.71 24.75 22.16 22.16 Production 317.90 318.90 320.12 320.05 Imports 10.56 10.63 11.68 11.70 Dom. Use 321.41 321.87 317.58 317.46 Exports 12.11 12.22 12.49 12.39 End Stocks 21.19 21.78 24.71 24.75
Shr 31.36 dlrs vs 25.23 dlrs Assets 286.5 mln vs 253.0 mln Shrs out 9,138,526 vs 8,839,695 NOTE: latest assets after capital gain distributions of 50 cts a share in February 1987 and 83 cts a share in December 1986, and with 29,955,000 stated value 1.676 dlr convertible preferred stock outstanding.
The U.S. Agriculture Department said private U.S. exporters reported sales of 200,000 tonnes of wheat to Jordan, 300,000 tonnes of soybean meal to Iraq and 100,000 tonnes of corn to Algeria. The wheat for Jordan includes 165,000 tonnes of hard red winter and 35,000 tonnes of soft red winter and is for delivery during the 1987/88 marketing year. The soybean meal sales to Iraq includes 180,000 tonnes for delivery during the 1986/87 season and 120,000 tonnes during the 1987/88 season, the department said. The 100,000 tonnes of corn sales to Algeria are for delivery during the 1986/87 season, it said. The marketing year for wheat begins June 1, corn September 1, and soybean meal October 1.
The Commodity Credit Corporation (CCC) accepted eight bonus offers from two exporters on sales of 190,000 tonnes of hard red winter and 35,000 tonnes of soft red winter wheat to Jordan, the U.S. Agriculture Department said. The department said the bonuses awarded averaged 38.08 dlrs per tonne and the wheat is for delivery May-November, 1987. The bonus awards were made to Louis Dreyfus Corp (200,000 tonnes), and Continental Grain Co (25,000 tonnes) and will be paid in the form of commodities from CCC stocks. The purchases of U.S. wheat completes the Export Enhancement Program initiative announced on December 31, 1986.
Argentine grain board preliminary figures show 1986/87 crop export registrations of grains and oilseeds in the week to April 8, were as follows, in tonnes, compared with the previous week and the comparable week a year earlier. BREAD WHEAT nil nil nil MAIZE 113,500 21,800 51,300 SORGHUM 13,600 nil 26,500 SOYBEAN 30,000 36,000 72,000 SUNFLOWERSEED nil nil 19,100 Cumulative figures export registrations for the 1986/87 crop to April 8, 1987, with comparative figures for the 1985/86 crop up to April 9, 1986, in brackets, were in thousands of tonnes. BREAD WHEAT 2,692,4 (4,161.0) MAIZE 2,305.1 (5,200.0) SORGHUM 220.5 (625.7) SOYBEAN 561.3 (524.5) SUNFLOWERSEED 45.7 (213.2)
The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of soybean oil, by country, in mln tonnes -- ARGENTINA -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.10 0.10 0.10 0.10 Production 0.77 0.77 0.73 0.73 Imports NIL NIL NIL NIL Domes Use 0.10 0.10 0.11 0.11 Exports 0.66 0.66 0.63 0.63 End Stocks 0.10 0.10 0.10 0.10 BRAZIL SOYBEAN OIL, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.32 0.28 0.24 0.24 Production 2.52 2.51 2.35 2.35 Imports 0.15 0.15 0.12 0.12 Domes Use 2.00 2.00 1.94 1.98 Exports 0.65 0.65 0.45 0.45 End Stocks 0.34 0.28 0.32 0.28 EC-12 SOYBEAN OIL, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.22 0.22 0.23 0.22 Production 2.32 2.33 2.26 2.26 Imports 0.44 0.44 0.50 0.50 Domes Use 1.46 1.45 1.38 1.38 Exports 1.29 1.30 1.39 1.39 End Stocks 0.23 0.23 0.22 0.22 INDIA SOYBEAN OIL -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.12 0.07 0.21 0.21 Production 0.17 0.17 0.15 0.15 Imports 0.35 0.35 0.25 0.25 Domes Use 0.52 0.52 0.49 0.54 Exports NIL NIL NIL NIL End Stocks 0.12 0.07 0.12 0.07
The Commodity Credit Corporation (CCC) accepted a bid for an export bonus to cover a sale of 12,500 tonnes of U.S. wheat flour to Iraq, the U.S. Agriculture Department said. The department said the bonus awarded was 105.82 dlrs per tonne and the wheat flour is for shipment July 1-10, 1987. The bonus was awarded to The Pillsbury Company and will be paid in the form of commodities from CCC stocks. An additional 150,000 tonnes of wheat flour is still available to Iraq under the Export Enhancement Program initiative announced January 7, 1987, the department said.
Shr 15 cts vs 15 cts prior qtr Pay June one Record April 24
Commercial and industrial loans on the books of the 10 major New York banks, excluding acceptances, fell 1.31 billion dlrs to 62.70 billion in the week ended April 1, the Federal Reserve Bank of New York said. Including acceptances, loans dropped 1.34 billion dlrs to 63.23 billion. Commercial paper outstanding nationally fell 4.80 billion dlrs to 334.28 billion. National business loan data are scheduled to be released on Friday.
The U.S. Agriculture Department reported the farmer-owned reserve national five-day average price through April 8 as follows (Dlrs/Bu-Sorghum Cwt) - Natl Loan Release Call Avge Rate-X Level Price Price Wheat 2.62 2.40 IV 4.65 -- V 4.65 -- VI 4.45 -- Corn 1.38 1.92 IV 3.15 3.15 V 3.25 -- X - 1986 Rates. Natl Loan Release Call Avge Rate-X Level Price Price Oats 1.58 0.99 V 1.65 -- Barley 1.55 1.56 IV 2.55 2.55 V 2.65 -- Sorghum 2.54 3.25-Y IV 5.36 5.36 V 5.54 -- Reserves I, II and III have matured. Level IV reflects grain entered after Oct 6, 1981 for feedgrain and after July 23, 1981 for wheat. Level V wheat/barley after 5/14/82, corn/sorghum after 7/1/82. Level VI covers wheat entered after January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs).
Reporting members of the National Soybean Processors Association (NSPA) crushed 19,416,000 bushels of soybeans in the week ended April 8 compared with 20,115,000 bushels in the previous week and 17,160,000 in the year-ago week, the association said. It said total crushing capacity for members was 25,873,904 bushels vs 25,873,904 last week and 25,459,238 bushels last year. NSPA also said U.S. soybean meal exports in the week were 70,351 tonnes vs 135,452 tonnes a week ago and compared with 76,065 tonnes in the year-ago week. NSPA said the figures include only NSPA member firms. NSPA gave the following breakdown of the soybean crush for the week, with comparisons, in 1,000 bu: 4/08/87 4/01/87 YEAR-AGO Illinois 2,576 3,479 X Ind, Ky, Ohio 3,586 3,376 6,053-Y South East 3,871 3,791 3,058 South Central 1,631 1,934 1,563 South West 2,426 2,334 2,183 Iowa 3,450 3,550 2,815 Minn, N.D., S.D. 1,875 1,651 1,488 Total U.S. 19,416 20,115 17,160 X-Ill not reported exclusive of Ind, Ky and Ohio in year-ago period. Y-Includes Ill.
Louisiana Land and Exploration Co
said it, Du Pont Co's Conoco Inc subsidiary and
U.S. corn sales of just over 1.0 mln tonnes in the week ended April 2 were eight pct above the prior week, but 25 pct below the four-week average, the U.S. Agriculture Department said. In comments on its latest Export Sales Report, the department said Iraq, Japan and the USSR were the largest buyers. Sales for the next marketing year, which begins September 1, totaled 503,200 tonnes and were mainly to Iraq and Taiwan. Wheat sales of 119,300 tonnes for the current season and net reductions of 13,700 tonnes for the 1987/88 season were four-fifths below the combined total for the prior week and the four-week average, it said. Sri Lanka was the most active wheat destination with purchases of 52,500 tonnes for the current year, it said. Other significant purchasers for the current year were Mexico and Honduras, it said. Soybean sales of 240,500 tonnes were one-fifth below the prior week and nearly one-third below the four-week average. Japan, Mexico, South Korea, Italy and Israel were the major purchasers, the department said. Net sales of 117,700 tonnes of soybean cake and meal fell 31 pct from the previous week and 38 pct below the four-week average. Major increases for West Germany, Venezuela, the Netherlands and Saudi Arabia were partially offset by reductions for unknown destinations, USDA said. Activity in soybean oil resulted in decreases of 2,400 tonnes, with sales to unknown destinations down by 2,700 tonnes, while sales to Canada increased 200 tonnes, the Department said. Combined sales of 71,300 running bales of cotton -- 60,200 bales for the current season and 11,100 bales for 1987/88 season -- were four-fifths higher than the prior week's level but nine pct below the four-week average. Mexico was the dominant buyer for the current year followed by Zaire, Italy, and Spain, the department said. The primary buyers for the 1987/88 season were South Korea, Spain, Japan and Taiwan, the department said. Sorghum sales of 143,300 tonnes were 25 pct less than the prior week, with Japan and Venezuela the main buyers.
Shr loss 42 cts vs loss 56 cts Net loss 596,354 vs loss 795,009 Revs 3,818,258 vs 2,070,772
Noranda Inc said it began salvage operations at its Murdochville, Quebec mine where a fire last week killed one miner and caused 10 mln dlrs in damage. Noranda said the cause and full extent of the damage is still unknown but the fire destroyed 6,000 feet of conveyor belt. The company said extreme heat from the fire caused severe rock degradation along several ramps and drifts in the mine. Production at the mine has been suspended until investigations are complete. The copper mine and smelter produced 72,000 tons of copper anodes in 1986. The smelter continues to operate with available concentrate from stockpiled supplies, Noranda said.
Polycast Technology Corp told the Securities and Exchange Commission it sold off 119,800 of its Spartech Corp common shares, reducing its stake in Spartech to 30,000 shares or 1.2 pct of the total outstanding. Polycast said it made the sales April 6-8 in the over-the-counter market. It gave no reason for the sales.
The World Bank said it approved a 25 mln dlr structural adjustment loan for Mauritius to aid that country's industrial sector. The Bank said the 17-year loan will support policy reforms designed to help increase the efficiency of the country's manufacturing sector, develop export enterprises and encourage efficient use of resources. It added, "The increased availability of foreign exchange for imports is expected to help the expansion of industrial output and exports."
The Argentine grain market was quiet in the week to Wednesday, with prices rising slightly on increased interest in wheat, millet and birdseed. Wheat for domestic consumption rose six Australs per tonne to 118. For export it rose eight to 108 per tonne from Bahia Blanca, increased 0.50 to 104 at Necochea and was unchanged at Rosario at 108.30. Maize increased one to 90 per tonne at Buenos Aires, was unchanged at 82 in Bahia Blanca, increased 0.50 to 85 at Necochea and fell one to 88 at Parana River ports. Sorghum from Bahia Blanca increased 0.50 Australs to 76.50 per tonne and dropped one to 75 at Rosario. It was quoted at 75 at Villa Constitucion, San Nicolas and Puerto Alvear. Oats were unchanged at 168 per tonne at Buenos Aires. Millet from Buenos Aires and Rosario rose five per tonne to 140 and birdseed rose 15 to 205 at Buenos Aires.
Swiss National Bank President Pierre Languetin said a wider interest rate differential between the dollar and stronger currencies was needed to brake the dollar's fall. At a news conference, he said Japan and West Germany could try to stimulate their economies further by expanding money supply, but he added "I'm not so sure it would be desirable if monetary policy became more expansive. "But what would be useful is a greater differential in interest rates," he said.
China's state-owned Beijing Non-Ferrous
Metals Industrial Corp and
Rates for five billion pesos worth of Philippine Treasury bills eased slightly at Friday's auction, with tenders totaling 13.94 billion, the Central Bank said. It said 1.3 billion pesos of 91-day bills averaged 11.249 pct, down from 11.743 pct the previous week, 1.6 billion of 182-day bills averaged 12.473 pct against 12.847 pct, and 2.1 billion of 364-day bills averaged 14.029 pct against 14.233. The bank said there would be no auction this week because of the Easter holiday. It also said T-bills and three-year T-note auctions totaled 61.1 billion pesos in the first quarter of 1987.
Eurobonds for Texaco Inc subsidiaries
were unquoted this morning as traders assessed the implications
of the company's shock weekend decision to file for bankruptcy
under Chapter 11 of U.S. Bankruptcy laws, eurobond dealers
said.
The decision to file for bankruptcy follows a court
decision that it had to post an 11 billion dlr bond to continue
its court battles with Pennzoil Co
Member states of the European Community are starting to run out of patience with Japan which they believe has repeatedly promised major initiatives to open its market to imports, but as often made only minor moves. Diplomatic sources here said several recent actions by EC countries bear witness to a new disillusionment with the willingness, or at least the ability, of the Japanese government to reduce its massive trade surplus with the EC. However, they said an all-out trade war may be far off, as EC states know they would suffer almost as much as Japan. Senior EC diplomats gave a generally favourable reaction to an EC executive commission proposal under which the EC could raise tariffs on a range of Japanese products if the U.S. Carries out a threat to make a similar move on April 17. The EC tariffs, which would involve renouncing obligations entered into with the world trade body GATT, would be designed to stop a diversion of exports to the EC market from that of the U.S. The diplomats were meeting as Tokyo announced that the EC's trade deficit with Japan reached a record 2.13 billion dlrs in March, up from 1.94 billion in February. In 1986, Japanese exports to the EC totalled 30.67 billion dlrs, up 4.5 pct from 1985, while EC exports to Japan fell one pct to 12.43 billion dlrs. In Paris, trade minister Michel Noir said France has decided to give Japan a taste of its own medicine. Burgeoning imports of microwave ovens and of frozen Coquilles St Jacques will be restricted by a strict application of French quality standards -- something EC states say often happens to their own exports entering Japan. Britain has threatened to withdraw the licences of Japanese banks and insurance companies to operate in the City of London, because the British Cable and Wireless company lost out in competition for a Japanese telecommucations contract. However, British officials in London have said that the government may have gone too far in implying that it would take immediate drastic action unless the contract was reopened. By contrast, West Germany, with the EC's most successful economy, has never threatened Tokyo with sanctions, preferring to rely on firm diplomacy and encouragement of its own industries to surmount obstacles to export to Japan. The EC Commission itself has switched its tactics in recent years, substituting general calls for action by Japan to open its market with specific demands for moves in key areas. At present, it is, for instance, pressuring Japan to end allegedly discriminatory taxation of imported wines and spirits, to ensure EC companies have a chance to win contracts for the building of a new international airport, and to simplify certification and safety checks on imported cars. EC officials say these tactics yield some benefits, but often the Japanese announce modifications of their non-tariff barriers which open the door to imports by only a token amount. They stress, however, that any action must be taken by the EC as a whole to stop beggar-my-neighbour action. One of the problems Britain could face if it were to withdraw licences for Japanese banks would be that the bankers would be welcomed with open arms in Frankfurt or Amsterdam, they point out.
Australia could lose valuable wheat markets through lack of availability if plantings for the coming 1987/88 season are significantly reduced, Australian Wheat Board (AWB) chairman Clinton Condon said. "If predictions of a 30 pct decrease in plantings prove true, Australia may not be able to supply wheat to some of its valuable markets," he said in a statement. Condon did not say who had made the predictions, but an AWB spokesman said there was a general industry feeling that farmers, hard hit by low prices and rising costs, could cut back plantings sharply. Wheat sowing normally begins in May. However, Condon said he did not believe plantings would be cut by as much as 30 pct although he realised many farmers were facing enormous financial pressures. He said the AWB expects the area sown to be about 10.7 mln hectares, down from 11.3 mln in 1986/87 when the crop was about 16 mln tonnes. Final crop estimates for 1986/87 and planting intentions for 1987/88 are not yet available. If the AWB is unable, because of a short-term cut in plantings, to meet the needs of the markets it has developed with much time and effort, it may have great difficulty selling wheat to those markets in the future, Condon said. "Markets which rely on a steady supply of Australian wheat understand a decrease in production due to drought but they will have difficulty understanding a deliberate decision to decrease production," Condon said. "If Australia wants wheat to continue as a major export income earner, governments and government authorities will need to closely examine ways of contributing to the continuing viability of the wheat industry," he added. Australia's leading wheat markets include China, Egypt, Iran, Iraq, the Soviet Union and Japan.
China has raised the state purchase prices of corn, rice, cottonseed and shelled peanuts from April 1 to encourage farmers to grow them, the official China Commercial Daily said. The paper said the price paid for corn from 14 northern provinces, cities and regions has increased by one yuan per 50 kg. A foreign agricultural expert said the rise will take the price to 17 fen per jin (0.5 kg) from 16 fen. The paper said the price for long-grained rice from 10 southern provinces and cities was raised by 1.5 yuan per 50 kg. The paper said the price for round-grained rice from 11 provinces, regions and cities in central, east and northwest China has been increased by 1.75 yuan per 50 kg. It gave no more price details. It said local authorities must inform farmers of the price increases before farmers begin planting, to encourage production of grains and oilseeds. Chinese officials have said farmers are unwilling to grow grain because they can earn more from other crops.
The Commonwealth Bank of Australia said it will lower its prime lending rate to 17.5 pct from 18.25, effective April 15. The bank's new rate will be the lowest of Australia's current prime rates. They now range from 17.75 pct to 18.5 after a recent series of reductions since late March following an easier trend in short term money market rates. Two of the three other major trading banks now have prime rates of 18 pct and one of 18.25. The Commonwealth's move reverses an increase from 17.5 pct in early February.
The London Metal Exchange (LME) has issued a note clarifying details on its new high grade aluminium contract, in response to questions from members following the announcement of the contract, due to start June 1. All deliverable shapes of aluminium under the high grade primary aluminium contract (minimum 99.7 pct purity) will also be deliverable against the standard primary aluminium contract (min 99.5 pct), the LME said. Sows will not constitute good delivery against the standard contract until September 1, and 99.5 pct purity sows are not good delivery and cannot be placed on LME warrant. The dollar quotation for the high grade contract will be in multiples of one U.S. Dollar but carries may be made at 50 cents for even tonnages only. Singapore, which is the first port warehouse outside Europe to be used as an LME delivery point, will be used for high grade metal only and the rent imposed by owners Steinweg will be 1.05 U.S. Dlr a tonne per week, the LME said. The LME Board, in response to representation from the trade, agreed to annul from LME contracts the minimum weight requirements of 450 kilos for T-bars and 250 kilos for sows, effective for high grade on June 1 and for standard on July 24.
The London based trade journal "METAL BULLETIN'S" average producer price of good ordinary brand zinc for week ended April 10 is 790.00 dlrs per tonne.
U.K. Producer price data for March were roughly as expected after taking into account technical factors which affected the year-on-year outcome, economic analysts said. The figures showed a 0.3 pct provisional, non-seasonally adjusted rise in output prices in March, unchanged from February and close to the average for the last six months. The year-on-year rise was put at 3.7 pct, down from 4.2 pct in February. But Chris Tinker, economist at brokerage house Phillips and Drew, said the drop in the year-on-year rate mainly reflected a rise in excise duties which affected the index in March last year. He cautioned that it was dangerous to read too much into the monthly figure, adding that a rise of only 0.2 pct in April would take the year-on-year rise back above 4.2 pct. Analysts also noted that a drop in manufacturers' input prices was almost entirely due to anticipated seasonal factors such as a fall in industrial electricity costs. Duncan Squire of Lloyds Merchant Bank said the figures were slightly disappointing in that the strengthening of sterling had not yet reduced input prices as much as expected. Both he and Tinker said this factor should help keep input costs down over the next few months, although Tinker added that last year's fall in oil prices is now about to drop out of the year-on-year comparisons and is likely to lead to a return to rises in the index rather than falls.
1st qtr Shr 1.30 dlrs vs 1.65 dlrs Net 785 mln vs 1.02 billion Gross income 10.68 billion vs 10.13 billion Avg shrs 604.6 mln vs 615.6 mln NOTE: Pretax net 1.34 billion vs 1.83 billion. Sales 6.50 billion vs 6.10 billion, maintenance gross income 1.95 billion vs 1.77 billion, program products gross income 1.40 billion vs 1.15 billion and rentals and other services 825 mln vs 1.10 billion.
The U.S. Agriculture Department has lowered its ASCS terminal prices for low protein hard red winter and hard red spring wheat at a number of locations, a senior USDA official said. USDA reduced the price of hard red winter wheat at Kansas City and Texas by six cents, at Minneapolis and Duluth by 32 cents and at St Louis by nine cents, Ralph Klopfenstein, deputy administrator of commodity operations at the Agricultural Stabilization and Conservation Service, said. The department also lowered the terminal price of hard red spring wheat at Minneapolis and Duluth by 32 cents, he said. In addition, USDA cut the Pacific Northwest price of hard red spring wheat by 31 cents, USDA officials who asked not to be identified said. The officials said hard red spring wheat prices at Chicago, Denver and Toledo were adjusted by about the same amount as at Pacific Northwest, Duluth and Minneapolis. The price changes should lead to a pickup of PIK and roll activity, Klopfenstein said. The price change was decided upon last week and will be effective today, he said. Klopfenstein also said the department raised the premiums on high protein wheat to offset the drop in low protein wheat prices, meaning the net price on any wheat commanding a protein premium would remain unchanged.
Pentland Industries PLC said it report a substantial capital gain from the sale of part of its holdings in Reebok International Limited, which will cut its stake in Reebok to 32.2 pct from 36.7 pct. It said Reebok filed a registration statement with the Securities and Exchange Commission for the offering of six mln shares of Reebok common. Reebok will sell three mln shares and Pentland will sell 1,404,866 shares, reducing its stake in Reebok to 18.1 mln from 19.5 mln shares. After the offering, Reebok will have 56.1 mln shares shares outstanding. Pentland said the amount of the capital gain from the sale depends on the offering price for the Reebok shares to be negotiated between it, Reebok, and the other selling stockholders who will offer about 1.6 mln shares of Reebok common, and the underwriters. Pentland said proceeds from the offering will be used by Reebok to retire bank debt incurred in its acquisition of AVIA Group for about 180 mln dlrs. Is said that afterwards, Reebok will have bank credit lines available for general corporate purposes, including possible acquisitions. Reebok's stock was selling at 45-1/2, up 1/8. At that price, the 1.4 mln Reebok shares Pentland will sell are worth about 64 mln dlrs and the three mln shares Reebok will sell are worth about 136.5 mln dlrs. Pentland said it will use proceeds to fund growth and possible acquisitions. Pentland said 4,500,000 shares of Rebbok will be offered in the U.S. by a syndicate led by Kidder, Peabody and Co Inc and 1,500,000 shares will be offered outside the U.S. by an international syndicate led by Kidder. It said the U.S. underwriters have been granted an option to buy from certain selling stockholders up to an additional 900,000 shares to cover overallotments. Pentland said it has not chosen to participate in this over allotment. Pentland said that as soon as the date and price of the offering have been determined it will release further details. It said it expects the offering to close in May.
Interfinco S.A. Of Luxembourg is
launching a 50 mln Swiss franc five-year convertible bond with
an indicated coupon of 2-1/2 pct, lead manager S.G. Warburg
Soditic SA said.
The issue, guaranteed by Cofide-Compagnia Finanziaria de
Benedetti SpA of Turin, Italy, is convertible into shares of
Saudi Arabia bought 4,000 tonnes of Malaysian refined bleached deodorised palm olein for June 1/10 shipment at around 356 dlrs per tonne cost and freight Jeddah, traders said.
Mthly div eight cts vs 7.1 cts prior Pay April 30 Record April 15 NOTE: Franklin High Yield Tax-Free Income Fund.
Franklin Pennsylvania Tax-Free Income Fund said its board declared an initial monthly dividend of six cts per share, payable April 30 to holders of record April 15.
GAF Corp is studying an agreement under which Merrill Lynch Capital Partners will take Borg-Warner Corp private in a 4.23 billion dlr transaction, a GAF spokesman said. The spokesman had no further comment. Analysts said there was speculation GAF would make a new offer for the Chicago-based plastics and automobile parts company. Borg-Warner's stock rose 7/8 to 49-1/4, above the Merrill Lynch 48.50 dlrs per share tender offer price. Merrill Lynch Capital Partners, a unit of Merrill Lynch and Co, is tendering for 89 pct of Borg-Warner and offering a package of cash and securities for the balance of the shares. GAF had offered 46 dlrs per share previously. It holds 19.9 pct of Borg-Warner's stock.
National Westminster Bank USA said higher loans and core deposit volumes as well as a substantial increase in net interest income contributed to a 16 pct rise in first-quarter earnings to 17.7 mln dlrs from 15.3 mln reported a year earlier. The earnings gain came despite a 1.5 mln dlr reduction of income as a result of placing Brazilian loans on non-accrual. Net interest income totalled 92.5 mln dlrs compared with 91.7 mln dlrs in the same 1986 period as loans, mostly to middle market businesses, increased by 896 mln dlrs. But some of these gains were offset by low levels of interest rates. Provision for loan losses rose to 13.8 mln dlrs from 13.0 mln a year earlier. At March 31, the allowance for loan losses was 114.2 mln dlrs versus 94.8 mln at end of March 1986. Non-accrual loans rose to 286 mln dlrs from 132 mln at the end of the first quarter of 1986, largely because 119 mln dlrs of loans to Brazil were put on non-accrual status. The bank said that if these loans remain on non-accrual for the remainder of the year net income for 1987 would be reduced by about 4.9 mln dlrs. National Westminster Bank USA is a wholly-owned subsidiary of National Westminster Bank PLC.
Qtly div 57-1/2 cts vs 54-1/2 cts prior qtr Pay May 15 Record May 1
Period ended December 28. Shr nil vs loss six cts Net loss 6,319 vs loss 265,651 Revs 1,117,778 vs 1,090,001 Avg shrs 6,874,383 vs 4,323,614 Year Shr nil vs loss 10 cts Net profit 4,323 vs loss 432,458 Revs 4,711,350 vs 4,256,708 Avg shrs 6,837,871 vs 4,322,816
Roland International Corp, a Coconut Grove, Fla., real estate development company, said it cut its stake in Intermagnetics General Corp to 308,400 shares, or 4.8 pct of the total outstanding, from 358,400 shares, or 5.6 pct. In a filing with the Securities and Exchange Commission, Roland said it sold 50,000 shares on Feb 4 at 5.13 dlrs each. As long as Roland's stake in Intermagnetics General is below five pct, it is not required to report any further dealings in the company's stock.
Dataproducts Corp said
it signed a letter of intent to acquire the Imaging Solutions
Inc unit of Reliance Electric Co under undisclosed terms.
This acquisition will give it all rights to proprietary
solid and liquid ink technologies which had been developed by a
joint venture operated by it and Exxon Corp
Shr 15 cts vs 13 cts Net 8,753,000 vs 7,804,000 Avg shrs 32.6 mln vs 23.2 mln NOTE: Includes gains of 4.1 mln dlrs or 12 cts vs 3.3 mln dlrs or 15 cts from tax loss carryforwards.
Net 12.8 mln vs 12.2 mln Loans 2.8 billion vs 2.5 billion Deposits 3.2 billion vs 2.9 billion Assets 4.5 billion vs 3.8 billion NOTE: American National Corp is a wholly-owned subsidiary of First Chicago Corp.
Grain traders and analysts expect today's weekly U.S. corn export inspection figure to be well above last year, with wheat slightly better and soybeans about the same. Corn export inspection guesses ranged from 40.0 to 44.0 mln bushels for the week ended April 9, compared up 46.6 mln inspected a week earlier and 15.2 mln in the year-ago week. Soybean export estimates ranged from 12.0 to 15.0 mln bushels versus 10.8 mln exported last week and 13.2 mln last year. Export guesses for all wheat ranged from 16.0 to 20.0 mln bushels, compared with 16.4 mln last week and 11.2 mln last year.
Gander Mountain Inc said it acquired the privately held Western Ranchman Outfitters, a catalog and point-of-purchase retailer of western apparel based in Cheyenne, Wyo. It said Western Ranchman had sales for the year ended Jan 31, 1987 of about 2.2 mln dlrs. The purchase was made for an undisclosed amount of cast.
Shr 1.36 dlrs vs 1.13 dlrs Net 78.3 mln vs 51.6 mln Avg shrs 53,698,000 vs 43,449,000 Loans 35.89 billion vs 24.66 billion Deposits 31.71 billion vs 19.64 billion Assets 43.98 billion vs 28.60 billion
Digital Equipment Corp said it will redeem on May 14 all 75 mln dlrs of its outstanding 9-3/8 pct sinking fund debentures of 2000. It will buy back the debentures at 1,052.86 dlrs for each 1,000 dlr principal amount, including interest, Digital said. The firm will redeem the debentures with funds generated from operations. Its capital structure will be strengthened and interest expense reduced as a result, the company noted.
U.S. officials said they held out little hope the European Community, EC, would withdraw a controversial meat inspection requirement, due to go into effect April 30 and which U.S. meat producers claim will cut off their exports. But the officials said they expect the EC to allow U.S. plants to continue shipping meat through the end of the year provided they submit a plant improvement program with the U.S. Agriculture Department. The EC's so-called Third Country Meat Directive will require foreign meat processing plants to comply fully with EC inspection standards beginning April 30. The U.S. meat industry has prepared a petition requesting the Reagan administration to retaliate against the EC rule. At issue are U.S. meat exports to the EC valued at 132 mln dlrs in 1985. The EC rule would require all U.S. plants to make changes in their inspection methods, ranging from veterinary staffing to use of wood. Last December, the EC determined that only one U.S. cattle, one hog and one sheep slaughtering facility could be approved without further review. USDA would have to certify that the plants had corrected the deficiencies. All remaining plants with a history or potential of shipping to the EC -- totaling nearly 400 -- would require more significant changes in plant constructions or procedures before further EC review. Robert Hibbert, general counsel for the American Meat Institute, said the meat industry expected to submit a formal trade retaliation petition by April 30. An interagency committee is reviewing the industry's draft petition. An official at the U.S. Trade Representative's Office said U.S. officials continued to press the EC to withdraw the rule, but that "the chances of that are not too good at this time." However, there is the "expectation" in U.S. government and meat industry circles that the EC will continue to allow shipments, at least through the end of the calendar year, from U.S. plants that submit to USDA a plan on how they will bring their operations into conformity with the EC regulation, the USTR official said.
Nova, an Alberta Corp, chief executive
Robert Blair expressed hope that Dome Petroleum Ltd
Honeywell Inc said a gain of 20.1 pct in its 1987 first quarter operating earnings was the result of cost cutting efforts which began last year. Honeywell reported 1987 first quarter operating earnings rose to 43.7 mln dlrs or 96 cts a share from 36.4 mln dlrs or 79 cts in the same period a year ago. Better operating results in each of the company's three sectors offset higher interest costs in the first quarter due to financing the December acquisition of Sperry Aerospace and the sharing of the Federal Systems subsidiary pre-tax profit with Honeywell Bull Inc, Honeywell said. "Our first quarter results show clear benefits of our restructuring," chairman Edson Spencer said. "All of our businesses are producing better results than last year, even though we do not see significant improvement in the external market environment," he said. Total orders in the first quarter were up substantially, with a sharp increase in aerospace and defense orders in addition to those of the new Sperry Aerospace group, it said. Domestic industrial automation and control orders were modestly higher than the same period in 1986, it said. Orders in Honeywell's home and building automation and control business were flat in the U.S. and up in international markets, it said. International orders increased, with the greatest strength in Europe, Honeywell said. The company said that by year-end 1987, it intends to complete the repurchase of 3.3 mln shares remaining of a five mln share buyback program which began in 1986.
Del E. Webb Corp said its Del E. Webb Properties Corp unit sold one-half of its interest in the 224-acre Towne Meadows mixed-use development near Mesa and Gilbert, Ariz., to Klukwan Inc, an Alaskan native cooperative. Terms of the sale were not disclosed. Webb said it had a one-half interest in the venture.
Shr 37 cts vs 27 cts Net 1,194,000 vs 870,000
Ramada Inc is raising 100 mln dlrs through an offering of subordinated notes due 1999 yielding 11.703 pct, said sole manager Salomon Brothers Inc. The notes have an 11-5/8 pct coupon and were priced at 99.50, Salomon said. Non-callable for three years and non-refundable for five, the issue is rated B-2 by Moody's Investors Service Inc and B-minus by Standard and Poor's Corp.
Shr 49 cts vs 50 cts Net 3,922,533 vs 3,979,580 Note: Full name Montgomery Street Income Securities Inc.
Shr 30 cts vs 25 cts Net 10.5 mln vs 8,697,589 Revs 71.9 mln vs 64.9 mln
Shr 32 cts vs 38 cts Qtrly div 35 cts vs 35 cts prior Net 731,055 vs 865,117 NOTE: dividend payable May 20 to shareholders of record April 24.
Advanced Institutional Management Software Inc said it renegotiated its bank credit facility from a demand note to a 10-year term note with a 25-year payment schedule.
Chrysler Corp's Chrysler Motors Corp said its Chrysler Training Corp non-profit organization sold the name and assets of its Motech Auto Mechanic and Body Shop Schools to O/E Corp of Troy, Mich. The sale price was not disclosed. Under the Internal Revenue Service code, proceeds from the sale of Motech must be donated to another tax-exempt nonprofit organization. Chrysler did not reveal the name of the group that received the proceeds.
The Bank of Japan intervened in Tokyo to buy dollars just after the market opened, dealers said. The dollar opened at 142.05 yen against 142.15/25 in New York and 142.50 at the close here yesterday. The bank stepped into the market amid selling pressure from interbank dealers, dealers said.
About 2,000 sugar cane planters marched to Port-au-Prince to protest against the closure of Haiti's largest sugar mill and second biggest employer. The Haitian American Sugar Company closed on Friday because of a huge surplus of unsold sugar. The firm said Haiti has been flooded with smuggled refined and unrefined sugar from the Dominican Republic and refined U.S. Sugar from Miami. The closure idled 3,500 factory workers and left 30,000 small cane planters with no outlet for their cane. The protesters blamed Finance Minister Lesly Delatour for the closure, saying his policies have hurt Haitian businesses.
State-owned Bank of China has bought a three to five pct share of BAII Holding SA, a financial institution registered in Luxembourg, the China Daily Business Weekly said. It said the institution is 50 pct owned by Arab interests and has set up a wholly owned commercial banking branch in Hong Kong but gave no more details.
Teck Soon Co Ltd, a major Thai rubber exporter has formed a joint venture with state-owned Chinese International Economic and Technology Development Corp to produce 50,000 tonnes of sheet rubber annually for export to the Chinese auto industry, Teck Soon general manager Chit Surivitchpan said. Chit said a new joint venture company will have a registered capital of four mln dlrs. China imported 69,952 tonnes of Thai sheet rubber last year and 60,296 tonnes in 1985.
The Dutch transport, trading and
storage firm PHS Van Ommeren NV
Federated Guaranty corp said
its board declared a two-for-one stock split and raised the
quarterly dividend to 6-1/2 cts per share post-split from six
cts, both payable June One, record May 15.
The company said shareholders at the annual meeting
approved an increase in authorized common shares to 19 mln from
10 mln and a name change to Alfa Corp. It said the name change
should take effect next week, along with a NASDAQ ticker symbol
change to
Shr 16 cts vs 16 cts Net 566,000 vs 563,000 Sales 14.2 mln vs 9,831,000
Oper shr 16 cts vs 11 cts Oper net 660,000 vs 447,000 Revs 9,936,000 vs 9,005,000 NOTE: 1986 net excludes 381,000 dlr tax credit.
Oper shr 14 cts vs 10 cts Oper net 711,000 vs 517,000 Sales 11.2 mln vs 11.1 mln NOTE: 1986 net excludes 84,000 dlr gain from discontinued machinery division.
Oper shr loss 64 cts vs profit 11 cts Oper net loss 7,229,000 vs profit 902,000 Revs 67.6 mln vs 66.7 mln Avg shrs 11.3 mln vs 8,507,000 Year Oper shr loss 63 cts vs profit 43 cts Oper net loss 6,177,000 vs profit 3,604,000 Revs 264.8 mln vs 238.5 mln Avg shrs 9,827,000 vs 8,403,000 NOTE: 1986 quarter net includes 731,000 dlr tax credit. 1986 net excludes charges from debt restructuring of 1,976,000 dlrs in quarter and 3,800,000 dlrs in year.
shr loss 38 cts vs profit two cts net loss 2,254,533 vs profit 106,621 revs 3,430,970 vs 4,104,506
U.S. Trade Representative Clayton Yeutter said he was almost sure Japan would not retaliate against tariffs President Reagan slapped on 300 mln dlrs of Japanese electronic goods today. "I'd say it's 99 plus pct sure that it (the tariffs) will not provoke a retaliation on American products," Yeutter told Cable News Network. "Japan has far too much at stake in this relationship (with the United States) to seriously entertain thoughts of retaliation," Yeutter said. Earlier today, Reagan imposed 100 pct tariffs on a range of Japanese goods in retaliation for Japan's alleged violation of a bilateral pact governing semiconductor trade. Yeutter did say that U.S. farm products would be targeted if Tokyo decided to hit back. "If they (Japan) were to retaliate, it would probably be on something like American agricultural products," he said. "But I really think the chances of that happening are between slim and none," he added.
Rising interest rates and protectionist trade policies had prompted a new push by Latin American nations to win debt relief, regional foreign and finance ministry officials said here. Officials of the Cartagena group of 11 debtor nations met here this week to draw up new proposals in reaction to what they called a deteriorating world panorama, and Citicorp's decision to create reserves against third world loans. (SEE ECRA FOR SPOTLIGHT HEADLINES) "We are looking at trade, interest rates and financial flows.....In order to put forward a basis for some permanent solutions," Mexico's public credit director Angel Gurria said. Recent developments have led to moves for a summit of Latin American presidents and debate on new solutions. Ideas include schemes to link debt payments to trade, and proposals for stable interest rates. The latter was proposed in a letter this week from Cartagena to G-7 leaders who are due to attend a summit in Venice this month. Another idea is to include debt under Gatt negotiations, but Cartegena ministers have yet to endorse any proposals. Speaking earlier in New York, Uruguay's Foreign Minister and Cartagena group chairman Enrique Iglesias said Citicorp's decision could discourage new lending. But it might help Cartagena's bid to have old and new debt treated separately. The Cartagena group, which has not met at ministerial level for over a year, wants to repay debt contracted before the debt crisis at the low interest rates prevailing in the 1970s. It would pay new loans at current market rates. "Many countries fear that what they have gained in months of arduous debt negotiations they can lose at a stroke with a one point rise in interest rates," one official here said. "The new increase in interest rates has come precisely when we thought they had still not come down enough," Iglesias said. Latin American officials are also concerned that varying interest spreads granted to different debtor nations could generate discord, as with the Philippines' recent protest at being given less favourable terms than Argentina. There has been speculation Venezuela would demand a cut in its 7/8 pct spread, but public finances director Jorge Marcano said here there were no plans to renegotiate terms. This week's meeting came after three Latin American presidents meeting in Montevideo called for stable interest rates on the region's 380 billion dlr foreign debt. It was called to review developments since the last ministerial meeting in February 1986 and to think up new ideas. Since the last ministerial meeting there have been some advances, such as Mexico's growth-oriented 77 billion dlr loan and refinancing package agreed last September. But there have also been setbacks, like Brazil's payments moratorium. The loans expected in the Baker plan have not materialized and debtors have been forced to browbeat reluctant banks. "We have clearly stretched the restructuring process to its limits and and the question is now where do we go from here?" a senior Mexican foreign ministry official said. Existing debt strategy has been based on nursing debtor economies back to a position where they can again service their debts and qualify for new loans. But after five years of economic adjustment, Latin American debtors are currently unable to raise voluntary credits, with the exception of Colombia. Only Venezuela is paying back principal. Most countries have no prospect of paying their debts in the foreseeable future. Citicorp has made clear its decision to move three billion dlrs to reserves does not mean it is writing-off the loans. Latin American officials here said Citicorp's move would probably boost trading of discounted third world debt in the secondary market, implicitly downvaluing the amount owed. But they said it might make new lending even more remote. Discounted debt can be bought by foreign investors through debt-equity schemes that generate new resources for debtor economies. Chile and Mexico are currently front-runners in this field, but most Latin American officials see these schemes as limited and no panacea for the overall problem. Most Latin officials set greater store on building up export income than on debt-equity schemes. Exports hit 97.7 billion dlrs in 1984, cutting the region's debt service ratio to 36 pct, but they fell to 78.3 billion last year. So, even though interest rates had dropped the ratio hardly changed. The Cartagena group has called for the debt-trade link to be recognized before, but has not made detailed proposals. Officials said initiatives discussed here would be submitted to foreign and finance ministers of the 11 nations, before IMF and World Bank annual meetings later this year.
Thousands of tea workers of Indian origin went on strike today to press demands for citizenship and voting rights in Sri Lanka, a union statement said. The Ceylon Workers Congress (CWC) said its 400,000 members launched a prayer campaign at temples and other places in a non-violent protest to get the authorities to expedite citizenship procedures. A CWC spokesman said a three-day campaign was suspended after a Cabinet committee promised to speed up procedures under a new set of regulations. Trade sources said the strike did not affect production or today's Colombo auction.
The U.S. Department of Agriculture's forecast that French end-of-season soft wheat stocks will almost double in 1987/88 is premature but would not be surprising, according to French cereal organisation officials. The Cereals Intervention Board, ONIC, Wheat Producers' Association and the National Union of Agricultural and Cereal Cooperatives have not yet forecast 1987/88 exports or end-of-season stocks. However, the officials said the USDA's figure of end 1987/88 stocks at 5.03 mln tonnes against 1986/87's 2.87 mln was not surprising given a record high yield forecast in April. The French Feed Cereals Research Institute, ITCF, forecast in mid-April an average yield of 6.58 tonnes per hectare for soft wheat in 1987/88 compared with 5.6 tonnes in 1986/87 and the record high yield of 6.5/6.6 tonnes in 1984. This would result in a French soft wheat harvest of around 31 mln tonnes against 25.5 mln in 1986/87, given a Ministry of Agriculture estimate of area planted of 4.66 mln hectares against 4.61 mln in 1986/87. ONIC's first preliminary forecast of the 1987/88 campaign will be released at the beginning of September, an ONIC official said. Soft wheat exports in 1987/88 were extremely difficult to estimate at this stage, both within the European Community and to non-EC countries, an ONIC official said. He said, however, that among countries to which France could increase its wheat exports were Egypt and the Maghreb countries (Morocco, Algeria and Tunisia), he said. The USDA's forecast of an 11.65 mln tonne maize crop in 1987/88 against 11.48 mln in 1986/87, while again premature, was not out of line with estimates of the French Maize Producers Association, AGPM, an AGPM official said. Maize plantings would be down in 1987/88 but yields were expected to be higher, the AGPM official said. It estimated 1987/88 maize plantings of 1.73 mln hectares, down seven pct from the 1.87 mln hectares planted in 1986/87.
Residents of central Oklahoma returned to their homes over the weekend after a week of heavy rains and severe flooding that left two dead and caused more than 20 mln dlrs in damage, officials said. Some 900 people were evacuated from their homes during the rains and flooding last week, civil defense officials said. Many of the shelters set up throughout the state in areas threatened by flooding, except those near the Washita and Red Rivers, closed as residents returned to their damaged homes. Farmers who had expected a near-record wheat crop now say this year will see one of the largest losses in decades. Gov. Henry Bellmon, who on Thursday declared a flooding emergency for central Oklahoma, was expected to ask President Reagan for federal disaster relief for the area. In northern Texas, officials reported several tornadoes on Friday. A twister in Lubbock yesterday damaged six mobile homes and two houses. No injuries were reported.
Marcade Group Inc said it has agreed in principle to acquire a prominent, privately-held maker of ladies' sports wear for an cash, shares and options to purchase Marcade common valued at about 20 mln dlrs. In its fiscal year recently ended, Marcade said, the company to be acquired which owns five U.S. manufacturing facilities and one offshore had revenues of over 60 mln dlrs and pretax earnings of about four mln dlrs.
Year 1986
Net profit 132 billion lire vs 82 billion
Ordinary share dividend 500 lire vs 400
Note -
Unemployment in Portugal held steady at 9.6 pct in the first quarter of 1987 after the same rate in the last quarter of 1986, the National Statistics Institute said. This compared with 11.1 pct unemployment in the first quarter of 1986. The total number of registered unemployed in the first quarter of this year was 437,500.
The elimination of price limits on precious metals contracts trading at the Commodity Exchange in New York appears to be having little effect on the market, analysts said. "There is nothing apparent from the change," said William O'Neill, director of futures research at Elders Futures Inc. "The market has not approached the old price limits and trading is relative quiet, in narrow ranges," he added. Gold futures, which previously had a limit of 25 dlrs on market moves in most back months, were about 7.00 dlrs weaker in the nearby contracts amid thin conditions, traders said. On May 5, COMEX did away with price limits on the two contracts following spot after a volatile market in silver futures at the end of April caused severe disruptions. During the last week of April, silver futures traded up and down the price limit in the back months, causing traders to rush into the spot contract to offset those moves, analysts said. As a result, Elders' O'Neill said, there was much confusion, many unmatched trades, and large losses. The COMEX fined Elders Futures and three other large firms a total of 100,000 dlrs for failure to resolve unmatched trades in a timely manner. Silver futures were trading about 30-40 cts weaker in the nearby contracts amid quiet trading today. O'Neill said the elimination of price limits on all COMEX metals futures would add caution to trading since all contracts could move any distance. "This is amore realistic approach because the metals market is a 24 hours market and prices can move without limit," O'Neill said. Paul Cain, a vice president at Shearson Lehman Brothers, said the elimination of price limits will cut back on panic buying or selling and contribute to more orderly markets.
The French Cereals Intervention Board (ONIC) will tender Wednesday for 20,000 tonnes soft wheat for Pakistan under the French food aid programme, an ONIC official said. The grain will be shipped between June 15 and July 15. ONIC also will hold a tender June 9 for 65,000 tonnes soft wheat under the European Community food aid programme, for shipment in bulk during August, the official said.
Canada's softwood lumber will become unprofitable for some forest product producers if prices decline to about 175 U.S. dlrs per thousand board feet of two by four inch lumber from current levels of about 195 U.S. dlrs, Canadian Forest Industry Council chairman Adam Zimmerman told reporters. Zimmerman reiterated profitability has been hurt by a move by Canadian negotiators to impose last January a 15 pct export tax on softwood lumber shipped to the U.S. in exchange for a U.S. lumbermen's lobby dropping its request for a countervail duty. "I think that there has been a falling off in the market, so I think there is a moderate slow down in the price now," Zimmerman said at a media briefing. Zimmerman said the adverse impact from lower U.S. lumber product prices would be felt by lumber mills in eastern Canada first, migrating westward. "The country has swallowed a time bomb and it will go off when times get tough," Zimmerman said. He also said the federal government should maintain the existing 15 pct export tax and not allow provinces to offset the tax with increased provincial fees for cutting lumber.
Traders recently returned from West Africa say some producers there are dismayed by the ineffective action so far by the International Cocoa Organization (ICCO) buffer stock manager on buffer stock purchases. One trader said some West African producers are annoyed the Buffer Stock manager is not playing his part as required by the International Cocoa Pact to stabilise prices from current lows. So far, only 21,000 tonnes of second hand cocoa have been taken up for buffer stock purposes and this, traders noted, only on an intermittent basis. They noted the purchases, of 8,000 tonnes in the first week he bought and 13,000 in the second, are well short of the limitations of no more than 5,000 tonnes in one day and 20,000 in one week which the cocoa agreement places on him. The traders recently returned from West Africa say producers there are unhappy about the impact on cocoa prices so far, noting producing countries are part of the international cocoa pact and deserve the same treatment as consumers. London traders say terminal market prices would have to gain around 300 stg a tonne to take the ICCO 10-day average indicator to its 1,935 sdr per tonne midway point (or reference price). However, little progress has been made in that direction, and the 10-day average is still well below the 1,600 sdr lower intervention level at 1,562.87 from 1,569.46 previously. The buffer stock manager may announce today he will be making purchases tomorrow, although under the rules of the agreement such action is not automatic, traders said. Complaints about the inaction of the buffer stock manager are not confined to West African producers, they observed. A Reuter report from Rotterdam quoted industry sources there saying Dutch cocoa processors also are unhappy with the intermittent buffer stock buying activities. In London, traders expressed surprise that no more than 21,000 tonnes cocoa has been bought so far against total potential purchases under the new agreement of 150,000 tonnes. Carryover holdings from the previous International Cocoa Agreement in the stock total 100,000 tonnes. Terminal prices today rose by up to 10 stg a tonne from Friday's close, basis July at its high of 1,271. It seems that when the buffer stock manager is absent from the market, prices go up, while when he declares his intention to buy, quite often the reverse applies, traders said.
Total Health Systems Inc said it has agreed to acquire CoMED Inc of Denville, N.J., a health maintenance organization with over 63,000 subscribers, for an undisclosed amount of cash, the assumption of liabilities and the provision of up to 10 mln dlrs in equity and debt financing. The company said the acquisition is subject to regulatory approvals. It said CoMED had 1986 revenues of 30.0 mln dlrs and earnings of 650,383 dlrs and had revenues for the first four months of 1987 of 13.6 mln dlrs, up 60 pct from a year before.
United Asset Management corp said it has completed the acquisition of Rice, Hall, James and Associates of San Diego for undisclosed terms. It said Rice Hall manages investments for institutions and individuals and has about 690 mln dlrs in assets under management currently.
The Commodity Credit Corporation (CCC) has reallocated 50.0 mln dlrs in credit guarantees from the previously announced undesignated line to provide additional guarantees for sales of feedgrains, oilseeds, and wheat to South Korea, the U.S. Agriculture Department said. The department said the action increases the feed grains line by 23 mln dlrs to 63 mln, the oilseed line by seven mln dlrs to 52 mln, and the wheat guarantee line by 20 mln to 165 mln dlrs. The undesignated line is reduced to zero. The commodities are for delivery during the current fiscal year ending this September 30, it said.
U.S. Bancorp (Oregon) said it has been advised orally that its application for the acquisition of Old National Bancorp has been approved by the Board of Governors of the Federal Reserve. The company said it has also been advised that it has received Fed approvals for its acquisition of Heritage Bank of Camas, Wash., and for its conversion of its subsidiary, U.S. Thrift and Loan of Salt Lake City, Utah, into a commercial bank. In January U.S. Bancorp and Old National reached a definitive agreement covering the acquisition of all the stock of Old National which it does not already own for 171 mln dlrs. U.S. Bancorp currently owns 4.9 pct of Old National's stock.
Shr loss 36 cts vs loss 57 cts
Net loss 4,589,000 vs loss 7,339,000
Revs 19.9 mln vs 19.6 mln
Avg shrs 14.7 mln vs 13.3 mln
NOTE: Company is a subsidiary of
E.F. Hutton Group Inc shares rose on
speculation the company would receive a takeover offer, traders
said.
Hutton's stock also was affected by a newspaper report that
First Boston Corp
Kingsbridge Holdings Ltd, said it signed
a letter of intent for a merger with
Shr 11 cts vs 13 cts Net 234,326 vs 266,653 Revs 5.5 mln vs 5.8 mln Six months Shr 21 cts vs 31 cts Net 445,509 vs 646,978 Revs 9.4 mln vs 10.8 mln
Shr 11 cts vs 21 cts Net 563,000 vs 863,00 Revs 28.8 mln vs 32.5 mln Avg shrs 5.0 mln vs 3.3 mln
Continental Materials Corp said its directors decided not to give further consideration to "business combination" proposed by a stockholder group that holds 5.2 pct of Continental Materials stock. Continental Materials said the offer had been received from Continental Associates, a group of St. Louis businessmen. According to Continental Materials, the group said May 11 it might boost its stake in Continental Materials. But the group also said in a letter last week to the company that the group had no financing. The board "did not consider it an official offer," a Continental Materials spokeswoman said.
Esso Singapore Pte Ltd said it raised pump prices of petrol from today. New prices for 0.15 gm lead grades are 97.0 cents/litre for 97 octane and 90.8 cents for 95 octane. Other Singapore oil companies announced yesterday that they would revise their pump prices effective today. Shell Eastern Petroleum Pte Ltd, Mobil Oil Singapore Pte Ltd, Caltex Asia Ltd, Singapore Petroleum Co Pte Ltd and BP Singapore Pte Ltd are pricing 97 octane at 96.8 cents. Shell, Mobil and Caltex are pricing 92 octane at 90.2 cents, and SPC and BP at 90.6 cents.
South Korea raised its pre-tax ex-factory naphtha price to 104.21 won per litre from 103.97 won, effective today, energy ministry officials said.
Year to March 31
Shr 28.0p vs 21.4p
Final dividend 9p vs 6.5p making 12p vs 9.3p
Pretax profit 53.16 mln stg vs 45.12 mln
Turnover 641.1 mln stg vs 639.7 mln
Group operating profit 57.63 mln stg vs 49.06 mln
Share of associates' profits 1.33 mln stg vs 3.87 mln
Investment income 1.59 mln stg vs 2.19 mln
Interest payable 7.38 mln stg vs 10.01 mln
Tax 16.48 mln stg vs 17.60 mln
Leaving 36.68 mln vs 27.51
Minorities debit 1.58 mln stg vs debit 1.39 mln
Extraordinary items credit 2.95 mln stg vs debit 8.12 mln
Operating profits breakdown, by class of business,
- building materials manufacture 23.7 mln stg vs 20.9 mln
- distribution 10.1 mln stg vs 7.5 mln
- specialist print and pack 12.6 mln stg vs 9.6 mln
- international 6.0 mln stg vs 5.6 mln
- head office and property 4.6 mln stg vs 3.6 mln
- discontinued, sold businesses 589,000 stg vs 2.4 mln
Operating profits, geographic breakdown:
- Britain 51.4 mln stg vs 43.3 mln
- Africa 3.3 mln stg vs 3.4 mln
- Australasia 1.4 mln stg vs 854,000 stg
- North America 1.5 mln stg vs 1.6 mln
NOTE - full name is Norcros Plc
Santos Ltd
Year ended March 31, 1987
Fin div 9.25p making 12p vs 10.74p
Shr 28.3p vs 27.5p
Pretax profit 55.63 mln stg vs 49.36 mln
Net 38.80 mln vs 33.64 mln
Turnover 444.10 mln vs 309.85 mln
Net interest payable 3.50 mln vs 3.79 mln
Profit share of related companies 7.62 mln vs 9.64 mln
Note - The De La Rue Co. Plc
Japan is disappointed at the recent threats of trade retaliation from the European Community (EC) just as the trade situation between the two is improving, Japanese Trade and Industry Minister Hajime Tamura said. "I am deeply concerned that the EC has moved to take a harsher line toward Japan despite this tangible improvement," he said in a speech prepared for delivery at the opening of a new centre designed to improve understanding between the two sides. Last week, foreign ministers of the 12 EC nations agreed to impose tariffs on a range of unspecified Japanese electrical goods unless Tokyo opened its markets more to EC exports. Tamura referred to a 55 pct rise in Japanese imports of EC manufactured goods in the year ended March 31. "I feel this is a strong step on the road to balance through expansion." "While I do not deny the existence of the trade deficit between Japan and the EC, I believe it should be rectified not by reducing trade through import restrictions or export restraints, but by expanding the (overall) trade," Tamura said.
The French ship Capitaine Wallis, 13,847 dwt, berthed at the port of Geelong in Victoria today to load 8,000 tonnes of urgently needed wheat for Fiji after Australian port unions partly lifted a trade embargo, shipping sources said. The wheat is expected to be loaded tomorrow, an Australian Wheat Board spokesman said.
Boeing co said it has started the 37 dlr per share tender offer for all shares of ARGOSystems Inc that it announced yesterday morning. In a newspaper advertisement, the company said the offer, withdrawal rights and proration deadline all expire June 30 unless extended. The offer is not conditioned on receipt of any minimum number of shares, Boeing said. If at least 90 pct of ARGOSystems' shares are tendered, it said it will buy all shares, but if less than 90 pct are tendered, it said it plans to buy only 49 pct in the offer. Boeing said if less than 90 pct of ARGOSystems' shares are tendered, but the purchase of all shares tendered along with the exercise of options it holds would give it over 90 pct of ARGOSystems, Boeing may buy all shares tendered. ARGOSystems has granted Boeing an option to buy up to 1,238,311 new shares or a 15.6 pct interest at 37 dlrs each, and shareholders have granted Boeing an option to purchase up to 597,885 shares at the same price, or about 8.9 pct of those now outstanding, without taking the company option into consideration. A merger at the tender price that has been approved by the ARGOSystems board is to follow the offer.
Fiji today welcomed the ending of a trade ban imposed by Australian labor unions as supporters of the country's ousted prime minister Timoci Bavadra renewed pressure for his reinstatement with strikes and shop closures. The government welcomed a decision by the Australian Waterside Workers' Federation to lift its ban on shipments to Fiji, imposed in support of Bavadra, whose newly-elected government was overthrown in a military coup on May 14. The ban had threatened food shortages of imported wheat, fresh vegetables and medicines. A direct result of the union decision would be the immediate shipment of 9,000 tons of rice and wheat from an Australian port, the government said. Shops in Nadi and Lautoka, center of the country's sugar industry, closed again today in support of Bavadra. In Nadi two bomb threats forced evacuation of the Australian Westpac bank, but police said they turned out to be a hoax. Bavadra has launched a campaign of civil disobedience to press for his reinstatement.
Six months ended March 31, 1987
Share 6.0p vs 4.1p, diluted
Interim dividend 1.4p vs 1.05p
Pre-tax profit 312 mln stg vs 158 mln
Net profit 234 mln vs 114 mln
Sales 3.47 billion vs 1.55 billion
Operating profit 296 mln vs 164 mln
Interest and other income less central expenses credit 16
mln vs debit six mln
Company's full name is Hanson Trust Plc
Resdel Industries Inc said it has agreed to acquire San/Bar Corp in a share-for-share exchange, after San/Bar distributes all shgares of its Break-Free Corp subsidiary to San/Bar shareholders on a share-for-share basis. The company said also before the merger, San/Bar would Barry K. Hallamore and Lloyd G. Hallamore, San/Bar's director of corporate development, 1,312,500 dlrs and 1,087,500 dlrs respectviely under agreements entered into in October 1983.
The Louvre agreement by the Group of Seven finance ministers and central bankers to stabilise currencies has worked well and needs no fundamental strengthening at the economic summit in Venice on June 8-10, U.K. Chancellor of the Exchequer Nigel Lawson said. Previewing the summit, which he expected would not produce any major new economic initiatives, Lawson told reporters work remained to be done on improving the conditions for lasting world economic growth.üside measures to boost growth, he said. "I think it is possible that there may be scope for a further reduction in interest rates in Germany," he added, but stressed that he had had no indication that such a move was likely. He made no mention of Japanese interest rates. Lawson said the U.S. Should embark on "a gradual reduction of its fiscal deficits over the next two or three years." He said the February 22 Louvre accord had produced "satisfactory exchange rate stability," in part thanks to heavy coordinated intervention of Group of Seven central banks, and he was "content" with sterling's exchange rate. Pointing to the record 4.8 billion stg rise in U.K. May currency reserves announced today he said, "we have been playing a very full part ourselves ... We have been intervening to a very much greater extent than we had done hitherto." Lawson said there was a risk that the Louvre agreement may falter if member states did not implement the macro-economic commitments underlying the accord. "Certainly it would be more difficult to maintain exchange rate stability if countries are seen not to implement their commitments in Paris ... In this respect." He said the U.S. Budget deficit was "very important." Noting the 6,000 billion yen economic package announced by Japanese Prime Minister Yasuhiro Nakasone last week Lawson said, "what is really needed in Japan is an increase in merchandise imports. Supply side measures are critical." "There is a specific range of consumer and agricultural goods where they have an extremely restrictive regime which is wholly unjustified," he said. Lawson doubted that Tokyo's partners would indulge in "Japan bashing" at the summit especially after the economic stimulation package and the announcement of Nakasone's plans to increase Japanese development aid over the next three years. Japan's more flexible stance on Tokyo stock exchange membership would also help deflect criticism, he said. He said he thought West Germany would instead come under pressure at the summit to adopt similar stimulation measures to jack up faltering economic growth. In this respect Lawson said he hoped Bonn would bring forward to January 1988 part of its agreed package of tax cuts scheduled for 1990. He also called on Bonn to push ahead with the privatisation of German national industries. On debt, Lawson said he expected a three point British plan to alleviate the burden of the poorest sub-saharan countries to make progress in Venice. The plan, involving concessional rescheduling of sovereign debt in the Paris Club, was first proposed at the IMF and World Bank meetings in Washington earlier this year. Lawson said he would seek "to consolidate political backing for the plan at the Venice summit" and hoped the programme would be finalised at the Autumn meetings of the IMF and World Bank. He welcomed the recent moves by Citicorp and Chase Manhattan to increase sharply their Third World debt provisions. "First, it is a blow for realism. Second, because the market response has shown that banks have much less to fear from this sort of move than they felt before Citicorp," he said. U.K. Banks should follow Bank of England recommendations, strengthening their balance sheets and making more provisions. "They have done it to some extent, they need to do it more," Lawson said, adding it was up to the banks themselves to determine the appropriate size of provisions. He also said the dismantling of farm subsidies would be discussed at the summit. "There is a consensus, which we have to push further."
W.R. Grace and Co said it has agreed to combine its cocoa processing businesses with those of S. and W. Berisford PLC. It said the joint venture, to be 68.4 pct owned by Grace and 31.6 pct by Berisford, would have annual sales in 1987 of over 700 mln dlrs. Grace said the transaction involves the combination of its cocoa products division and two Berisford cocoa processing units, which would be operated under Grace management. The company said Berisford would contribute its Dutch and West German cocoa subsidiaries and issue new ordinary shares to Grace in connection with the transaction. It said closing is expected by early fall, subject to regulatory approvals.
A representative of the poultry industry said statistics showed that chicken is less frequently the cause of salmonella poisoning than beef, dairy products or salads and other mixed foods. Kenneth May, President of Holly Farms Poultry Industries and a director of the National Broiler Council, told a House Agriculture subcommittee the incidence of salmonella in chicken has not increased in recent years and that chicken is neither the major source of the bacterial poisoning nor the cause of an increase in outbreaks of the disease. May said the Center for Disease Control figures showed that between 1978 and 1982, chicken was involved in four pct of all U.S. salmonellosis outbreaks, while beef accounted for ten pct of outbreaks and dairy products six pct. May said the remaining outbreaks were caused by salads and mixed food, turkey, seafood, pork, eggs and other foods. May said the chicken industry favored moving away from bird-by-bird inspection procedures to a risk assessment system better able to identify microbial and bacterial contamination of poultry. However, Ellen Haas, executive director of Public Voice for Food and Health Policy, said bird-by-bird inspection should be retained and labels should be attached to each ready-to-cook chicken to remind consumers about preparation procedures necessary to avoid illness. Haas also called for a review of present chicken industry inspection methods that she said can worsen poultry hazards.
The Federal Reserve is not expected to intervene in the government securities market to add or drain reserves at its usual intervention time this morning, economists said. With the Federal funds rate trading comfortably at 6-9/16 pct, down from yesterday's 6.74 pct average, economists said the Fed did not need to take reserve management action today.
Shr 15 cts vs 16 cts Net 239,034 vs 264,485 Sales 2,932,782 vs 2,664,853 Year Shr 57 cts vs 45 cts Net 929,524 vs 741,121 Sales 10.9 mln vs 9,708,792
Minnesota Mining and Manufacturing said it acquired a computerized hospital information systems business from Control Data Corp. Terms were not disclosed. The business, which has 145 employees and supplies computers and software for hospital information systems, will be integrated into 3M's hospital software business. Control Data said the divestiture was part of its strategy to focus on narrower markets.
Stewart Sandwiches Inc said it has sold its coffee roasting plant to Sara Lee Corp's Superior Coffee and Foods subsidiary for undisclosed terms. The company said Superior will become the exclusive packer of Squire labeled coffee products, which are marketed by Stewart, and Stewart will provide equipment, service and distribution suppoort for some Superior coffee accounts.
Shr 21 cts vs 11 cts Net 638,000 vs 340,000 Sales 16.9 mln vs 14.7 mln Avg shrs 3,007,048 vs 3,006,250 1st half Shr 41 cts vs 41 cts Net 1,224,000 vs 1,142,000 Sales 31.1 mln vs 29.8 mln Avg shrs 3,006,704 vs 2,757,631 NOTE: Current year net both periods includes nonrecurring gain 213,000 dlrs.
Fritz Leutwiler, chairman of BBC AG Brown Boveri und Cie and a former Swiss National Bank president, urged the National Bank to declare its intent of achieving a rising rate for the mark against the Swiss franc. In a speech to shareholders, Leutwiler said, "A gradually rising rate for the mark in relation to the franc would be desirable from the standpoint of industrial exports and with regard to sustaining Swiss industry." "Simply an appropriate declaration of intent by our bank of issue (Swiss National Bank) could have a positive effect," he said. Leutwiler, who served 10 years as head of the Swiss central bank, said such a step would not contradict the National Bank's target of monetary stability. "Bringing the franc close to the mark would, of course, have to be done step by step under the watchful eye of monetary policy," he told shareholders. "Realistically there is in fact no persuasive reason why the German currency is quoted almost 20 pct lower than the Swiss." A National Bank spokesman said the relation of the mark and Swiss franc was an example of stable currency parities over a long period of time. The spokesman said exchange rates were made by the market, not the central bank, and it would be impossible to influence individual parities separately. Leutwiler said the Swiss National Bank could not support the value of the dollar, even in conjunction with other central banks, without putting monetary stability in jeopardy. "I would be the last to recommend that. The key to a stronger dollar lies in the United States itself," Leutwiler said.
The buffer stock manager of the International Cocoa Organization (ICCO) will tender for about 3,000 tonnes of cocoa beans Wednesday, June 3, the ICCO said in a statement. It said all other conditions remain unchanged from the previous announcement. These conditions are that offers from registered companies should be in pounds sterling for cocoa beans for which standard differentials have been set in the ICCO's buffer stock rules, and can be for cocoa afloat through to December shipment and spot to December arrival/delivery. The basis position will be afloat, May/July shipment or June arrival/delivery. For later positions the appropriate carrying costs will be taken into account. The deadline for the receipt of offers by the manager shall be 1330 hrs london time (1230 gmt) in the case of offers emanating from the secondhand market and 1400 hours in the case of offers emanating from the origins. The competitiveness of offers will be assessed by taking into account the standard differentials, the cost of taking cocoa into store (currently 23.00 pounds sterling from "cif landed" and 38.00 pounds sterling from "cif shipping weights" to "in store") and the cost of carry which currently is 12.00 pounds sterling per month, the ICCO said. No more than four offers will be considered from each offering party, it added.
Pay 'N Pak Stores Inc said it received a revision to one of the two previously disclosed proposals to buy the company. Pay 'N Pak said that the proposal from a leveraged buyout firm had been amended to increase the dividend rate on the cumulative preferred stock to be received by PNP shareholders from 13.5 pct to 17.5 pct. As previoiusly announced, the proposal calls for a transaction in which PNP shareholders would receive a combination of 17.50 dlrs in cash and 2.50 dlrs in liquidation value of cumulative preferred stock for each common share. Under the other proposal received from Paul Bilzerian, PNP shareholders would receive on a blended basis 16.67 dlrs in cash and 3.33 dlrs in liquidation value of cumulative redeemable preferred stock for each common share, the company said. Under the Bilzerian proposal, the dividend rate on the preferred stock would be set so that in the joint opinion of the financial advisor to Bilzerian and the financial advisor to Pay 'N Pak, the preferred stock would trade at its liquidation value on a fully distributed basis, the company said.
House Speaker Jim Wright predicted passage of legislation requiring the Reagan administration to provide Congress with a report on its Mideast Gulf policy, but a last-minute revolt by an alliance of liberals and conservatives left the bill's fate in doubt. The legislation was written in the wake of the May 17th Iraqi missile attack on the U.S. frigate Stark in the Gulf, which killed 37 Americans, and President Reagan's decision to protect 11 Kuwaiti oil tankers by putting them under U.S. flags -- effectively making them American ships. Since the administration made known its reflagging plans, congressional leaders complained they had not been consulted, and some charged the policy could lead the United States into the 6 1/2-year-old war between Iran and Iraq. The House was to vote today on a bill -- supported by the Democratic and Republican congressional leadership and the administration -- which demanded a report within seven days on plans to meet the security needs of U.S. forces in the gulf. The resolution was expected to pass without controversy today in the House Foreign Affairs Committee before the full House was to take up the bill. But in a surprise move, liberal Democrats and conservative Republicans on the committee joined in an unusual alliance to oppose the resolution. Liberal Democrats said a lack of any restrictions in the bill implied consent to Reagan's policies.
Some producers in the 1987 acreage reduction program may be eligible for deficiency payments on 92 pct of their enrolled acreage even though none of it is planted with wheat or other program crops, the U.S. Agriculture Department said. The department said the provision of the Farm Disaster Assistance Act will be available to all eligible winter wheat producers, producers of other types of wheat who were prevented from planting their 1987 wheat crop because of a 1986 natural disaster, and all producers who operate farms with program crop acreage bases subject to flooding on 50 pct of such crop's permitted acreage. A producer who did not enroll in the 1987 acreage reduction program may become eligible by signing-up no later than July 15. Producers will be informed by the local offices when applications are being accepted, it said. The department said producers of wheat other than winter wheat may use the 0/92 option if they were preventedf from planting their intended acreage with wheat for harvest in 1987 because of any natural disasters which occured in 1986 or if the farm is located in a county approved by Farmers Home Administration for emergency loans for such disasters that occurred in 1986.
Shr 18 cts vs 27 cts Net 283,000 vs 435,000 Revs 97.8 mln vs 95.1 mln
After a highly favorable reception of a trial batch of bread baked from 300 lbs of U.S. wheat flour last February, the Senegalese appear ready to take delivery of a first tranche of 10,500 tonnes of mixed U.S. wheat, the U.S. Agriculture Department said. In its report on U.S. Export Markets for U.S. Grain, the department noted Senegal had bought 100,000 tonnes of wheat under the Export Enhancement Program last November, but local opposition from millers, accustomed to French wheat, has been delaying deliveries. As a result there were a series of baking seminars as well as the trial batch, in an effort to satisfy local flour millers and convince key officials of the qualities of U.S. wheat. The department said if deliveries of U.S. wheat to Senegal remain on track, the U.S. could dominate a wheat market that had been expected to import 140,000 tonnes of mostly French wheat during the 1987/88 (July-June) season.
With more private investment, not more protection, the U.S. textile industry could become competitive with the most modern foreign producers, analysts from two congressional agencies said today. The Office of Technology Assessment, a nonpartisan arm of Congress told a House Ways and Means Trade Subcommittee hearing there was still concern for the future of parts of the U.S. textile and apparel industry, but there was more reason for optimism than a few years ago. "While textile producers are making significant investments, they could do more," OTA analyst Henry Kelly said. The Congressional Budget Office (CBO), the nonpartisan budget analysis arm of Congress, said federal loans or loan guarantees would be preferable options for Congress rather than increased trade protection which could lead to foreign retaliation. CBO analyst Edward Gramlich said past trade protections, first imposed in the 1950's have had only a small benefit for profits and investments of domestic firms. Trade Subcommittee chairman, Rep. Sam Gibbons, said the agencies analyses seemed to agree with his opinion against congressional approval of protectionist textile quota legislation aimed mainly at Western Europe, Japan and other Asian textile producing countries. President Reagan last year vetoed a textile protection bill but it was reintroduced in this session of Congress and is expected to be voted on in the House this year. However, approval this year is in doubt because passage of a major trade bill without specific protections for textiles showed a weakening of support for the legislation. Most U.S. producers have fallen behind other foreign producers in the use of modern textile and apparel production equipment and net imports are growing faster than the domestic markets, Kelly said. He added that private investment in the textile and clothing industry in 1983 of 0.5 pct was less than one-seventh the average manufacturing investment of 3.9 pct. Despite existing import quotas and tariffs, imports of textiles grew 26 pct in 1986 and imports of apparel grew 14 pct while U.S. production rose only 1.9 pct. "The traditional industry seems destined to be replaced by new technology, imports, or some combination of both. While the industry may not be able to compete in all domestic markets that it enjoyed twenty years ago, the results of our research indicate that portions of the domestic market can be recovered, and that exports can be expanded," Kelly said.
Wickes Cos Inc said it has completed the purchase of Dura Corp for an undisclosed amount. Dura, a supplier of automotive equipment, had annual sales of over 100 mln dlrs.
Ninety-six pct of Alberta and northeastern British Columbia crops have been seeded, about a week ahead of the 10 year average, according to the Alberta wheat pool report. Hard red spring wheat accounts for most acreage with 6.0 mln estimated for this year, little changed from last year. Oats acreage of 1.95 mln is unchanged on last year and barley area of 5.9 mln is also similar to last year. Rapeseed planting of an estimated 3.24 mln is expected five pct up on 1986. The south and south central areas of Alberta lacked moisture with germination patchy at best. Growth prospects in northern areas are generally in the good to very good range. Soil moisture is better in the north central and Peace areas, the wheat pool said.
Very strong demand from all markets including, recently, Japan has resulted in Peru's bismuth exports showing an impressive increase in January/May 1987, Peru's state owned mining industry's marketing arm Minpeco S.A. Said. In a statement released by its London office, Minpeco said Peruvian customs figures for bismuth exports for the first five months were 574.8 tonnes compared with 160.7 tonnes in the same period of 1986 and 483.4 tonnes during the whole of 1986, Minpeco said. A breakdown of the figures showed Peru exported 296.4 tonnes of bismuth to the U.S. During Jan/May 1987 compared with 127.0 during the whole of 1986. Other recipients were Peoples Republic of China 110.4 (100.0), Holland 100.2 (150.0), USSR 50.0 (50.0) and other areas 17.8 tonnes (56.4). Sales to the U.K., West Germany, France and other Western and Eastern European countries are hidden under the heading Holland as Minpeco sells to customers in these countries from stocks the company normally holds in Rotterdam, the statement said.
China is moving to stabilise world prices of tungsten after fluctuating prices this year affected the country's export earnings, the China Daily said. The paper quoted industry officials as saying they would fix export prices on the basis of the world market, stop smuggling and encourage producers to reduce exports. Current world prices range from 49 to 55 dlrs per tonne unit, but China suffered heavy losses when the price slumped to 39 dlrs earlier this year, it said. Some 45 pct of world tungsten exports come from China, but the country imports high-grade tungsten products.
The Commonwealth Bank of Australia said it will lower its reference rate for loans to 15.75 pct from 16.25 pct and its overdraft reference rate to 16.25 pct from 16.75, effective June 24. Bank officials have said the bank regards the overdraft reference rate, based on short-term rate trends, as its key prime lending rate to corporate customers. The loan reference rate is based on longer term trends. The bank is the latest to cut prime rates in recent days following a continuing decline in market rates. Other prime rates now range from 16 pct to 17.5 pct.
The joint committee of Taiwan's soybean importers will reopen a tender tomorrow for two shipments of 54,000 to 66,000 tonnes of U.S. Soybeans, a committee spokesman told Reuters. The committee rejected a tender today for a cargo of 27,000 to 33,000 tonnes on the grounds the prices offered by the U.S. Suppliers were too high, he said. The committee will be seeking a further shipment of between 27,000 and 33,000 tonnes when it reopens the tender tomorrow, he added.
A spokesman for Unilever Plc
Halcyon Investments, a New York firm, reported a 6.9 pct stake in Research-Cottrell Inc. Alan Slifka, a partner in Halcyon, told Reuters the shares were purchased for investment purposes but declined further comment. On June 8, Research-Cottrell said it had entered into a definitive agreement to be acquired by R-C Acquisitions Inc for 43 dlrs per share. Research-Cottrell closed at 44-1/4 today, unchanged from the previous close.
Shr 29 cts vs 23 cts Net 1,262,000 vs 1,002,000 Sales 49.9 mln vs 40.3 mln Year Shr 1.18 dlrs vs one dlr Net 5,205,000 vs 4,339,000 Sales 180.1 mln vs 150.7 mln NOTE: Prior year net both periods includes gain 900,000 dlrs from adjustments to LIFO reserves, compensation related accruals and a revised effective tax rate.
U.S. House and Senate budget negotiators agreed as part of an overall budget accord reached yesterday, to cut 1.25 billion dlrs from fiscal 1988 spending on agricultural programs, Congressional sources told Reuters. The agreed cut in farm programs is a compromise between 1.4 billion sought by the Senate and one billion by the House. The negotiators also agreed to cut 1.6 billion from the farm budget in fiscal 1989 and 2.45 billion in 1990, for a total of 5.3 billion in saving over three years, sources said. The agreement presents the House and Senate Agriculture committees with difficult choices on how to make changes in agriculture programs that achieve the budget savings targets without jeopardizing popular support payments, senior Congressional aides told Reuters. Some farm state lawmakers already are manuevering to find the budget savings. Rep. Dan Glickman, D-Kan., Chairman of the House grains subcommittee, has introduced a bill which would freeze wheat and corn loan rates for the 1988 crop at the current 2.28 dlrs and 1.92 dlrs respectively, saying it would save 500 mln dlrs. House Agriculture Committee chairman Kika De la Garza has said the committee will consider the Glickman proposal. But Congressional sources said the proposal is unlikely to be approved because of opposition from Republican lawmakers and a strong stance by Agriculture Secretary Richard Lyng, who said freezing loan rates would send the wrong signal to other major grain export competitors and would not achieve the budget savings Glickman claims. Another area where Glickman and other have said budget savings might be made is to increase acreage reduction program, ARP, levels for wheat and corn. However, on this issue also Lyng has taken a strong stand within the Reagan administration, arguing that the 1988 crop wheat acreage reduction should be left at 27.5 pct and not 30 pct as sought by the Office of Management and Budget, OMB. Most commodity lobbyists expect Lyng to prevail. Congressional sources said the only way to achieve significant budget cuts through ARP increases would be to boost the 1988 corn ARP. But one informed Congressional source said singling-out corn for an ARP increase would would be seen as unfair to one commodity. Congressional sources said the areas where Congress is most likely to eventually look for budget savings are some tightening of the payment limitation rules, and possible adoption of a 0/92 program for the 1988 crops of major grains. Those changes would achieve a portion of the 1.25 billion but not enough, they said. Ultimately, Congressional sources said the agriculture committees may be forced to apply an across-the-board cut on all Commodity Credit Corp. payments to farmers, including price support loans and deficiency payments, similar to the Gramm-Rudman-Hollings budget cut applied in fiscal 1986. This idea has been suggested by the American Farm Bureau Federation, AFBF, as the fairest approach for all commodities.
Indonesia rejected World Bank recommendations for sweeping reforms to its farm economy, as the country's foreign aid donors met to consider giving it 2.5 billion dlrs in grants and soft loans. Agriculture Minister Achmad Affandi, in written remarks distributed today as Indonesia's 14 foreign donor nations met at The Hague, said, "The general argument presented by the Bank for this free trade, open economy view is weak." The Bank called for overhauls in how Indonesia manages the largest farm area in South-east Asia, and said agricultural growth was stagnating under subsidies for rice farming. The Bank report said Indonesia's rice production had peaked and the subsidies are a waste of money. Affandi replied that rice is the main staple and provides an income for 17 pct of the workforce. The subsidies were needed to support the fertilizer industry, including importers, exporters, producers and distributors, he said, as well as assisting in small part the majority of Indonesian farmers. Affandi agreed with a bank recommendation that farmers should be free to choose their own crops, but he said the government would continue to maintain production targets for "strategic commodities" such as rice and sugar. The Bank report was especially critical of Indonesia's drive to plant sugar, saying domestic sugar prices are double the world average because of inefficiencies, and the country would save money by importing the commodity. However, Affandi said volatile world sugar prices, the need to save foreign exchange and an already up-and-running sugar industry were good arguments for continuing the sugar drive. He also said import barriers and trade monopolies in the agricultural sector were needed to help domestic industry develop and because of "over-production and price intervention in the developed nations."
Qtr ends May 31 Shr 20 cts vs eight cts Net 509,043 dlrs vs 202,473 dlrs Revs 2,106,462 dlrs vs 1,158,621 dlrs Nine mths Shr 58 cts vs 50 cts Net 1,465,271 dlrs vs 1,240,773 dlrs Revs 5,854,819 dlrs vs 4,640,687 dlrs
Westcoast Transmission Co Ltd said it agreed to acquire the Western Canada oil and gas reserves and properties of AGIP Canada Ltd, a subsidiary of AGIP SpA, part of Italy's ENI group, for 54 mln Canadian dlrs. At the end of 1986, AGIP Canada reported proven and probable reserves of 4.2 mln barrels of crude oil and natural gas liquids and 22.7 billion cubic feet of natural gas. AGIP Canada also holds 176,000 net exploratory acres in Western Canada. Its properties produce about 1,100 barrels of oil a day. The deal is subject to approval by both companies' directors. Westcoast said the acquisition would enable it to apply more than 150 mln dlrs of accumulated tax pools of AGIP Canada Ltd to enhance after-tax cash flow from the acquired properties. AGIP Canada said it would retain offshore exploration blocks in Labrador, a gold mine in Yukon Territory and uranium interests in Saskatchewan.
Liberty Financial Group Inc, the
parent of Liberty Savings Bank said it has signed a definitive
agreement to be acquired by Equimark Corp
Federal Reserve Board Governor Martha Seger said there were signs of helpful stability in foreign exchange markets in recent weeks. "I think we are beginning to see more calm in those markets," Seger told reporters after a speech to the U.S. League of Savings Institutions. "I think it is very healthy when you can get into a period of stability," she said. She said market forces have a major influence on exchange rates and said she did not know the right value for the dollar against the Yen or the Mark. Seger told the Savings and Loan executives that she was concerned about financial markets' absorption with exchange rate influences. "I am concerned that we have gotten so nervous," about exchange rates, Seger said. She said the Fed takes into account additional factors in determining monetary policy than the value of the dollar against other currencies. On the economy, Seger called the latest figures in gross national product a modest upward revision.
Oper shr loss 19 cts vs loss 38 cts Oper net loss 239,000 dlrs vs loss 476,000 dlrs Revs 16.0 mln vs 14.6 mln
Shr primary 66 cts vs 1.17 dlrs Shr diluted 66 cts vs 81 cts Net 1,220,691 vs 1,302,999 Revs 13.7 mln vs 13.1 mln Avg shrs primary 1,859,421 vs 1,112,400 Avg shrs diluted 1,859,421 vs 1,826,303 NOTE: Latest net includes tax credits of 565,000 dlrs vs 620,000 dlrs.
Southland Corp's subsidiary Citgo Petroleum said it raised its posted prices for crude oil across the board by 50 cts a barrel, effective June 17. Citgo said its new posting for West Texas Intermediate and West Texas Sour is 19 dlrs a barrel. Light Louisiana Sweet is now posted at 19.35, the company said.
Union Pacific Resources, formerly Champlin Petroleum, said it raised posted prices for crude oil by 50 cts a barrel, effective yesterday. The price increase brings West Texas Intermediate, the U.S. benchmark grade, to 19.00 dlrs a barrel. The posted price increase follows a similar move by several other oil companies. Sun Co was the first to raise crude oil postings yesterday afternoon and today many other companies are following. The last price increase made by oil companies was around May 22.
Italy's overall balance of payments showed a deficit of 3,211 billion lire in May compared with a surplus of 2,040 billion in April, provisional Bank of Italy figures show. The May deficit compares with a surplus of 1,555 billion lire in the corresponding month of 1986. For the first five months of 1987, the overall balance of payments showed a surplus of 299 billion lire against a deficit of 2,854 billion in the corresponding 1986 period.
Indonesia expects the recent years' rise in its debt service ratio to peak at the current level of 41 pct, Development Supervision Minister Ali Wardhana told journalists. He was speaking at a news conference following a two day annual meeting of aid donors grouped in the Inter-Governmental Group on Indonesia (IGGI) in which 3.15 billion dlrs in fresh funds were pledged for the coming year. "The current debt service ratio of 41 pct will be the top," Wardhana said, noting the debt service ratio rose to that level from 37 pct last year. Indonesia's debt totals 37 billion dlrs. "The current debt burden will be manageable if concessionary loans can be attracted," he said. He said international organisations such as the World Bank pledged an unchanged 1.68 billion dlrs in fresh funds to Indonesia and this year's overall total, up from last year's 2.6 billion, reflected higher pledges from donor countries. He said Japan raised its pledge to 88 billion yen from 80 billion last year. Britain almost trebled its contribution to 130 mln stg from 45 mln. The United States raised its contribution to 190 mln dlrs from 86 mln and the Netherlands raised its figure to 232 mln guilders from 180 mln. Commenting on the increase in funds pledged to Indonesia, which has been hard hit in export revenue due to the oil price collapse, Wardhana said, "I am happily surprised, but in view of the seriousness of the balance of payments situation the amount is what we needed to cope." He noted donors pledged to increase local cost financing as part of the aid package. Some 900 mln dlrs of the package will be for programme aid or local cost financing, Indonesian Central Bank Governor Arifin Siregar said. Trade Minister Rachmat Saleh said Indonesia will continue to reform the economy and bring about further liberalisations. "Indonesia has undertaken reforms to meet external problems," Saleh said. "It's a good thing and we will continue with deregulation in trade, industry and licensing of new businesses." Asked whether the question of private capital exports from Indonesia was discussed, central bank governor Arifin Siregar expressed confidence that any drain of capital abroad would only be temporary. He noted there had been a turnaround in a recent fall in foreign exchange reserves three days ago.
Ecuador posted a trade surplus of 10.6 mln dlrs in the first four months of 1987 compared with a surplus of 271.7 mln in the same period in 1986, the central bank of Ecuador said in its latest monthly report. Ecuador suspended sales of crude oil, its principal export product, in March after an earthquake destroyed part of its oil-producing infrastructure. Exports in the first four months of 1987 were around 639 mln dlrs and imports 628.3 mln, compared with 771 mln and 500 mln respectively in the same period last year. Exports of crude and products in the first four months were around 256.1 mln dlrs, compared with 403.3 mln in the same period in 1986. The central bank said that between January and May Ecuador sold 16.1 mln barrels of crude and 2.3 mln barrels of products, compared with 32 mln and 2.7 mln respectively in the same period last year. Ecuador's international reserves at the end of May were around 120.9 mln dlrs, compared with 118.6 mln at the end of April and 141.3 mln at the end of May 1986, the central bank said. gold reserves were 165.7 mln dlrs at the end of May compared with 124.3 mln at the end of April.
Allegheny International Inc said it has sold its Chemetron Railway Products Inc, True Temper Railway Appliances Inc and Allegheny Axle Co units to newly-formed Chemetron Railway Products Inc for undisclosed terms. It said the new company was formed by senior management of the three railway product units and Kleinwort Benson Group of London.
Commitments to Argentina's external financing program for 1987 and 1988 have reached about 91 pct of the 1.95 billion dlrs in new loans that banks have been asked to provide, Citibank and Argentina said in a joint statement. This percentage is close to the "critical mass" of commitments that the International Monetary Fund has requested as a condition for releasing new loans to the country. Senior Citibank executive William Rhodes said he was encouraged by the banks' response and that telexed commitments continue to arrive. The response of Argentina's 350 foreign bank creditors had been eagerly awaited because the package is the first to be marketed since U.S. banks, led by Citibank, decided to take large second-quarter losses in order to boost their reserves against existing loans to developing countries. Some bankers had feared that banks would refuse to lend new money so soon after taking a "hit" on the old loans, but today's news delivers a decisive rebuff to those skeptics. The strong response to the package was partly the result of the inducement of a 3/8 pct early-participation fee for those banks that agreed to sign up by June 17, bankers said.
Rio de Janeiro's 3,500 dockworkers went on strike for an indefinite period today to demand wage increases, a spokesman for the dockers said. The Rio dockers did not get support from their colleagues in Santos, Brazil's main port, but the spokesman said they would not return to work unless their demands were met. Earlier this week, some 65,000 dockworkers cancelled a scheduled national strike to pressure port officials to give them a wage increase and other benefits. A Rio port spokesman said the halt would cause daily losses of about 100,000 U.S. dlrs.
Fluor Corp said it won a contract with General Electric to design, construct and deliver modules for a methyl chloride process addition. The value of the contract was not disclosed. Fluor said its Applied Engineering Co unit will construct 28 modular sections and deliver them to GE's Waterford, N.Y. Silicone Products division plant. Methyl chloride is an integral part of silicone production.
Shr 36 cts vs 28 cts Net 2,002,000 vs 1,518,000 Sales 166.0 mln vs 159.5 mln
The World Bank said it has extended Pakistan 220 mln dlrs in three loans to support projects in education, energy conservation and modernization, and small-scale industry development. The education project will be supported by a 145 mln dlr loan through the International Development Association, the bank's concessionary lending affiliate, the bank said. The bank noted Pakistan's low educational attainment, particularly among women, is an obstacle to the country's development. It said the education project aims to increase literacy and school enrollment rates through curriculum reform, teacher training, parental participation and school construction. A small-scale industry development project will be supported by a 54 mln dlr loan, the bank said. The project hopes to aid small-scale industry by encouraging bank lending, developing export markets, and supporting technology transfer, the bank said. The third project, to improve refinery efficiency, reduce energy consumption and increase crude oil processing capacity, will be supported by a 21 mln dlr loan.
Crane Co said it acquired certain
assets of Chicago Heater Co Inc, a wholly owned subsidiary of
the
The European Community (EC) has increased the size of two special export tenders for British and West German feed wheat held in intervention stores and included South Korea as an acceptable destination, traders said. The tender was originally for 120,000 tonnes of British and 120,000 tonnes of West German feed wheat for shipment only to Poland. But now both tranches have been increased by 50,000 tonnes to 170,000 tonnes with South Korea added as a possible destination. Both tenders are open from June 24.
Pengo Industries Inc said it has agreed to sell its Wireline Products Manufacturing Division in Fort Worth, Texas, Wireline Services Division operations in several locations and Pengo International Inc subsidiary to John Wood Group PLC for undisclosed terms. The company said the Wireline Services operations being sold are in Lafayette, Houma and Harvey, La., Alvin, Odessa and Longview, Texas, and Moore, Okla. Pengo said its Kuykenball Slickline operation in Moore and surplus wireline equipment operations in fort Worth and Cleburne, Texas, will be sold separately.
The EC Commission cereals management committee rejected all bids for licences to export free market Spanish barley to non-EC countries, trade sources said. The licence requests were for 35,000 tonnes at between 143 and 145 European Currency Units (ECUs), they said. This tender was part of a special tender for 500,000 tonnes of Spanish barley. The sources said there had been no bids for licences for free market soft wheat and non-Spanish barley exports to non-EC countries.
Inspiration Consolidated Copper Co, a subsidiary of Inspiration Resources Corp, said it is lowering its base price for full-plate copper cathodes by 0.50 cent to 74.0 cents a lb, effective immediately.
Shr 58 cts vs 38 cts Net 4,628,650 vs 3,041,407 Revs 45.0 mln vs 28.1 mln
Carter Hawley Hale Stores Inc said it has set June 29 as the record date for shareholders voting on the company's proposed restructuring at its annual meeting. The company has yet to set a date for the meeting, but has said it will be held before the end of August. Under the proposal, Carter Hawley would split into a specialty store company and a department store company. Shareholders would get 17-dlrs in cash and a share in each of the two new companies for each existing common share they hold. The restructuring was announced in December, after Carter Hawley rejected a buy-out offer by Retail Partners.
Sen. Tom Harkin, D-Iowa, defended his controversial mandatory supply control farm bill and said U.S. farmers should be allowed to vote in a referendum whether they approve of the proposal. The Harkin proposal would set loan rates of 5.17 dlrs per bushel for wheat, 3.77 dlrs for corn and 9.32 dlrs for soybeans, all to be put in effect under strict controls on planted acreage reductions. Present loan rates are 2.28 dlrs for wheat, 1.92 for corn, and effectively 4.56 for soybeans. Also under the plan, the U.S. would seek a world market sharing cartel with the European Community and other exporting nations, to share-out export markets, Harkin said during the first of several Senate Agriculture subcommittee hearings examining farm programs. Harkin made the following claims in testimony on his "Family Farm Act." -- The mandatory control bill would increase farm income and reduce government spending on agriculture. -- Harkin said his policy of high price supports would not ruin U.S. agricultural exports as critics claim, but would increase overall revenue from exports. This would be done by seeking agreement among major exporting countries including the European Community on market sharing at agreed high prices. Sen. Christopher Bond, R-Mo., countered during the hearing that such a grain export cartel is not workable. -- Harkin acknowledged that higher commodity price supports would be passed onto consumers, but he said high food prices stem more from "gouging" by food processing companies than from high farm product prices. Harkin cited what he termed "excessive" net returns on equity over five years of 33.4 pct at Kellogg, 31.9 pct Monfort, 22.8 pct Nabisco, 22.8 pct ConAgra, 21.2 pct H.J. Heinz, 19.1 pct Ralston Purina, 17.2 pct Pillsbury and 16.7 pct Quaker Oats. -- Harkin said a "legitimate" concern about his bill would be the impact of higher prices on livestock producers. He said as a transition to the higher prices, he would allow livestock producers to purchase Commodity Credit Corp. grain stocks for three years. Thereafter, livestock farmers would benefit from a "predictable and stable" grain price, he said. -- Harkin said that under his policy approach farm participation would be no more "mandatory" than the current farm program. He said farmers now must participate in farm programs in order to receive credit for planting and to protect farm income.
Period ended May 2 Shr loss four cts vs loss three cts Net loss 397,000 vs loss 330,000 Revs 32.1 mln vs 30.4 mln Note: Full name Mark's Work Wearhouse Ltd.
U.S. Secretary of State George Shultz warned members of the Association of Southeast Asian Nations (ASEAN) they could no longer rely on increased exports to the U.S. For growth. "Given the importance of exports, particularly export manufactures, to all of your countries, you are going to have to work hard to diversify your markets," he said. "While you may be able to maintain your current market share in the U.S., You clearly will not be able to look to the U.S. To take major increases in your exports," he added. Shultz told the foreign ministers of Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand the U.S. Would cut its huge foreign trade deficit more rapidly than many now believed. He said ASEAN's looming trade problems would not necessarily stem from protectionist legislation now being contemplated by Congress, "but simply because of the adjustments the U.S. Economy will have to make in order to service our large and growing external debt." Shultz said the U.S. Deficit had resulted not from falling exports but from higher imports that had fuelled world growth.
MTech Corp said it has received 33,467 shares of Commercial Resources Corp in response to its 10.25 dlr per share tender offer for all 150,000 shares. The company said it has extended the offer until July 2. It was to have expired yesterday.
There will be no serious bids at European Community open market tenders for wheat and barley until EC farm ministers agree to the 1987/88 farm price package, trade sources said. The failure of farm ministers this week to come to an agreement resulted in no bids at this week's tender for export subsidies and traders said bids are unlikely as long as the uncertainty remains. One trader said permanent damage to export prospects can be avoided if an agreemend can be reached soon, but the situation will become more serious as time passes. However, traders said there seem to be few buyers around, lessening the disruptive impact of the delay. Poland and South Korea, who are in the market for feed wheat, will be offered intervention grain through special tenders, traders said.
Texaco Inc's Texaco Canada said it will raise postings for its Edmonton/Swann Hills crude by 24 canadian cts a barrel, effective June 20. The company said the new posting for Edmonton/Swann Hills will be 25.60 dlrs a barrel. The price hike follows a round of crude oil price increases started late June 17 by Sun Co. The other major canadian crude suppliers raised prices June 18.
Tunisia has bought 150,000 tonnes of French soft wheat for August to December shipment at 76.70 dlrs per tonne fob with COFACE export credit, trade sources said. This is the second French soft wheat export sale for the 1987/88 season which starts on July 1 and follows a Brazilian purchase of 150,000 tonnes. France sold around 300,000 tonnes of soft wheat to Tunisia during the 1986/87 season.
U.S. Agriculture Department inspectors have refused entry to parts of two lots of Australian beef because of pesticide residues, a spokeswoman for the department said. She said USDA has notified Australia, which assured it that stricter controls would be implemented. The Australian government had already imposed residue controls and it is believed the meat with the presticide residues was already in the pipeline before the controls were put in place, the spokeswoman said. There have been five other cases of Australian meat which had residue levels above U.S. allowable limits this year, she said.
Hot, dry weather has caused some deterioration in Saskatchewan crops, according to the Saskatchewan Wheat Pool's weekly crop report. Rain was needed in the southwest, west-central and northeast regions, and other regions were expected to need rain soon. Summerfallow crops were in fair to good condition, while stubble crops were rated fair to poor. Wheat, durum, oats and barley crops were all one-pct headed, rye was 40 pct in the milk stage and winter wheat was 21 pct milk stage. Flax was 51 pct tillering, and canola was 58 pct tillering. Areas of the southern grain belt were hit by high winds and hail Tuesday, with some damage reported.
Brazil has bought 75,000 tonnes of French wheat at tender, a Brazilian Wheat Board spokesman said. He said the Board accepted offers for 25,000 tonnes of wheat from grain firm J. Souffle at 80.49 dlrs per tonne Fob for August shipment. For September shipment, the Board bought 25,000 tonnes from Graniere at 79.32 dlrs per tonne Fob, and for October shipment it accepted 25,000 tonnes from Andre and Companie at 79.47 dlrs per tonne Fob. The next tender, for Aug/Sept/Oct shipment, was set for June 24, the spokesman said.
April 30 end Shr 12 cts vs eight cts Net 316,655 vs 148,567 Sales 2,011,195 vs 1,422,719 Avg shrs 2,738,864 vs 1,881,296 Year Shr 43 cts vs 49 cts Net 1,006,356 vs 918,290 Sales 7,059,446 vs 5,441,408 Avg shrs 2,329,329 vs 1,881,296
A group of Latin American and Caribbean nations formally opposed trade legislation pending in Congress, saying it would curb their exports, slow development and hinder its ability to repay foreign debt. Mario Rodriguez Montero, president of an Organization of American States special committee on trade, said he was aware of the large U.S. trade deficit, but added "the region should not be the one affected by the trade bills." He said the causes of the deficit were the strong dollar and the budget deficit, and "it is regrettable to solve it by a trade bill that would only serve private U.S. interests." Rodriguez made the comment at a news conference after two days of meetings with U.S. officials on trade bills now in Congress that are designed to reduce the U.S. trade deficit, which last year hit a record 166.3 billion dlrs. Congressional observers say the bills are aimed mainly at Japan, Taiwan, South Korea and a few other nations with large, annual trade surpluses with the United States. Mexico, Brazil and Venezuela are the only Latin nations with large trade surpluses last year with the United States, but even Mexico, with the largest, had a surplus of only 5.2 billion dlrs, against Japan's of 58.6 billion dlrs. The European Community has also opposed the bills. Rodriguez said the Latin and Caribbean nations backed the Reagan Administration's opposition to many of the sections in the legislation, including those to curb imports and to require retaliation for foreign unfair trade practices. He told reporters the committee would likely mount a campaign to fight the legislation when it comes up for debate on the Senate floor, expected next week. Rodriguez said "the region needs trade to continue development. We hope this need will not be affected negatively by trade legislation." Rodriguez said: "we need to keep the market opens - especially the U.S. market - to obtain the necessary foreign exchange not only to service the debt but also to continue national development progress." President Reagan has said he would veto any legislation he termed "protectionist," and his aides now are mounting a effort to water down some of the objectionable provisions in the legislation. Asked whether Reagan was ready to cast a veto, Rodriguez said as yet "the administration is not in a veto frame of mind."
International LPG prices were little changed in the past week, barely affected by the excitement on the advent of OPEC's mid-year meeting, traders and industry sources said. "If the OPEC decides to increase crude oil production," a traders said, "LPG supplies will be up without corresponding rise in demand." Petrochemical buyers were sidelined, after their foray in the market early in june, they said. An industry meeting in Dublin this week also drew many market participants away from the trading desk, they added. Algeria has moved at least two cargoes of propane to the U.S. Gulf, keeping Mediterranean prices steady, traders said. In the Mideast Gulf, propane appeared easing slightly, after a major U.S. oil company bought propane on formula which netted back about 123 dlrs, cif Mideast Gulf, which was two dlrs below Saudi Arabia's government selling price (gsp), industry sources said. Delivered propane to Japan was quoted at gsp plus 19 dlrs and butane at gsp plus 25 dlrs, the traders said.
Shr profit nil vs loss two cts Net profit 39,617 vs loss 200,740 Revs 619,076 vs 491,085 Nine Mths Shr loss nil vs loss five cts Net loss 68,293 vs loss 434,087 Revs 1,614,960 vs 1,791,148
A group of Boston investors and investment partnerships told the Securities and Exchange Commission it sold its entire stake in Silicon Systems Inc of 410,000 shares, or 6.0 pct of the total outstanding. The group, which includes HLM Associates, HLM Associates II and their three general partners, said it sold the stock between April 22 and June 9 at 9.00 to 9.125 dlrs a share as the result of an investment decision.
A group of companies including Chicago-based Coronet Insurance Co and Sunstates Corp, a Jacksonville., Fla., real estate firm, said it raised its stake in Tandy Brands Inc to 175,900 shares, or 6.9 pct of the total. In a filing with the Securities and Exchange Commission, the group said it bought 43,600 Tandy common shares between May 21 and June 9 for 633,333 dlrs in addition to the 132,300 shares, or 5.2 pct, it had held previously.
The Philippines and its foreign creditor banks will sign formal documents in mid-July to restructure part of its debt, the Central Bank said. A spokesman told reporters the documents would formalise the agreement reached in March on the restructuring of 10.3 billion dlrs, out of a total foreign debt of 28.2 billion. The interest rate spread agreed was 7/8 of a percentage point over LIBOR. The spokesman gave no date for the signing. Manila had demanded a renegotiation after Argentina won a 13/16 of a percentage point spread, but it later dropped this demand.
Polish farmers will receive price rises ranging from 13.4 pct for some crops to 23.3 pct for meat from July 1, the Finance and Agriculture ministries said. The state procurement price for rape will rise 13.4 pct to 5,500 zloties per quintal, while wheat and rye will go up an average 18.2 pct to 3,100 and 2,400 zloties per quintal. Pork will rise by 18.8 pct and beef 23.3 pct. The ministries said the new prices aimed to ensure farmers' profits and meet higher living costs. But at the same time they said fertilisers would rise by an average 50 pct, animal feeds by 38 pct and tractors by 25 pct.
European Community agriculture ministers will meet tomorrow evening, after the end of a two-day summit meeting of heads of government, to again attempt to agree a 1987/88 farm price package, an EC Commission spokesman said. He added that tomorrow's EC Official Journal will contain notice of special agricultural measures of a purely technical nature which will come into effect on July 1 unless the ministers reach an accord. The spokesman declined to detail these special measures but said they would not be the sort of "dynamic" moves which EC Farm Commissioner Frans Andriessen has said he would take in the case of complete deadlock among farm ministers. These moves would be taken only if tomorrow's meeting of ministers in Brussels again fails to reach an accord, EC sources said. Andriessen is thought to be prepared to cut cereals prices by seven pct and to take other drastic action, trade sources said. EC farm ministers ended their last meeting on June 18 still split over the Commission's proposal for a tax on vegetable and marine oils and fats. In addition, West Germany said it would veto plans for cereal price cuts and for a change in the green currency system. Earlier today, diplomats said Belgium, the current holder of the European Community presidency, appears ready to drop the plans for the controversial oils and fats tax.
Bundesbank President Karl Otto Poehl said West Germany would be badly advised to lower interest rates and that he believed the economy would continue to recover after a six-month lull. Asked by the newspaper Bild am Sonntag if lower interest rates could boost the domestic economy, Poehl said: "We would be badly advised if we forced further interest rate cuts. "This could, under certain circumstances, release new inflationary fears which would then be more likely to lead to higher interest rates," he added. Poehl said Germany had practically no growth in the past six months because of the mark's surge and the cold winter. "But since April, statistics clearly show that the economy finds itself on a course of growth," he said. "I expect this development to continue in the coming months." Asked about his expectations of a U.S.-European Community trade war, Poehl said such an event would be disastrous. "For this reason we in Europe must avoid everything used by protectionist forces in the U.S. As pretexts," he added. "This includes...Eliminating existing restrictions in the EC as far as possible. Protectionism is not found only in the U.S."
Year ended March 31 Group shr 33.98 yen vs 39.10 Net 21.16 billion vs 19.96 billion Current 45.23 billion vs 32.87 billion Operating 77.17 billion vs 63.90 billion Sales 616.96 billion vs 527.88 billion NOTE - The company said the 37.6 pct increase in 1986/87 group current profit from a year earlier was mainly due to a drop of two billion yen in interest payments.
Kraft Inc said it has completed the previously announced acquisition of the Anderson Clayton Foods Division from Quaker Oats Co for 235 mln dlrs in cash.
Staley Continental Inc said it sold its 50 interest in Sociedad Iberica de Molturacion, S.A. (Simsa), a soybean and sunflower seed processing company based in Madrid, Spain. Staley's investment in Simsa no longer fit its overall coporate strategy and an agreement to sell the interest was completed in May, it said. Staley said the Simsa transaction will not have a material effect on its balance sheet.
Frontier Insurance Group Inc said it acquired the malpractice book of business generated by Medical Quadrangle Inc and Medical Professional Liability Agency Ltd, a producer of medical malpractice coverage. It said the acquisition will enable all of Frontier's medical malpractice coverage to be serviced internally.
Period end May 31 Shr profit four cts vs loss 22 cts Net profit 139,000 vs loss 799,000 Revs 101.9 mln vs 86.8 mln
Shr 27 cts vs 14 cts Net 5,664,000 vs 2,812,000 Revs 68.2 mln vs 54.7 mln Avg shrs 21,254,054 vs 20,167,714
Exxon Co U.S.A. said it is extending marketing of its mid-grade unleaded gasoline, Exxon Plus, into the Houston and Dallas/Fort Worth metropolitan areas beginning early next month. Exxon Corp's domestic subsidiary is already marketing the 89-octane unleaded gasoline along much of the East Coast. As it introduces the third unleaded grade, Exxon noted, it no longer offers a leaded gasoline in the market, except in some rural areas where leaded gaosline will be made available to distributors who have a substantial need for the product to serve customers whose equipment was designed for leaded fuel.
Danish crops are up to two weeks behind normal growth levels due to the cold weather in May and June, when mean temperatures were up to four centigrade below average, the State Plant Cultivation Bureau said in a report. At the season's first crop test on June 26, the bureau rated crops at an overall 94, the same as on June 20 last year. The figure of 100 represents normal in a year of average growth conditions with no crop damage. The test gave ratings expressed as a factor of 100, as follows - winter wheat 96 (last year 91), winter rye 97 (98), winter barley 92 (90), spring barley 94 (98), oats 96 (98), fodder and sugar beets 87 (96), winter rapeseed 98 (94), spring rapeseed 94 (98). Final harvest figures for 1986 were not yet available.
Shr four cts vs one ct Net 335,000 vs 67,000 Rev 10.1 mln vs 8.7 mln Avg shares 7,933,000 vs 8,553,000 Six Months Shr seven cts vs two cts Net 570,000 vs 133,000 Rev 19.9 mln vs 16.8 mln Avg shares 7,952,000 vs 8,551,000 NOTE: Qtr includes extraordinary gain of 125,000 dlrs, or one ct a share, while six months' net includes gain of 150,000, or two cts a share.
Enetertainment Marketing Inc and its president Elias Zinn have demanded a list of Crazy Eddie Inc shareholders from the company and said they may pursue a merger of the Edison, N.J. electronics retailer. In a filing with the Securities and Exchange Commission, Zinn said the demand for the shareholder list was made on June 26 because he may desire to communicate with other Crazy Eddie shareholders "regarding the affairs" of the company. Zinn and his firm, which disclosed they hold a 5.1 pct stake in Crazy Eddie common stock, said they may acquire more shares through a negotiated merger or tender offer. Entertainment Marketing was informed on June 25 by Shearson Lehman Brothers Inc., acting on behalf of Crazy Eddie, that it would be provided with "certain information" about Crazy Eddie, it told the SEC. Entertainment Marketing, a Houston-based firm involved in electronics wholesaling and televised home shopping sales, proposed an eight dlr a share merger acquisition of Crazy Eddie on May 29, and modified the proposal on June 9 to include the possible participation of Crazy Eddie management. Entertainment Marketing told the SEC it expects to meet with Crazy Eddie representatives in the near future. Entertainment Marketing also disclosed that it retained Drexel Burnham Lambert Inc as its financial advisor and investment banker. In light of a June 17 announcement from Crazy Eddie that Chemical Bank would no longer fund a 52 mln dlr credit facility with the company, plus further declines in the price of its stock, Entertainment Marketing and Zinn said they are "continuing to evaluate their alternatives with respect to their investment" in Crazy Eddie stock. Depending on its evaluation of the company, including actions by Crazy Eddie's board and any possible third party bids for the company, Entertainment Marketing and its president said they may hold their present stake in the company, sell some of their shares, or purchase more shares on the open market, through private purchases or in connection with a merger or tender offer. According to the SEC filing, Entertainment Marketing and Zinn bought their current holdings of 1,560,000 Crazy Eddie common shares between May 20 and June 17 at 7.42 dlrs to 7.93 dlrs a share, or a total of about 11.9 mln dlrs.
The World Bank said it has loaned Turkey 325 mln dlrs to help support an energy sector reform program. The loan-supported program hopes to reduce the extensive public sector involvement in the country's energy production and supply, the bank said. The loan is for 17 years, including four years of grace, with a variable interest rate, currently 7.92 pct, the bank said.
Oper shr 50 cts vs 40 cts Oper net 20.8 mln vs 16.4 mln Revs 531.7 mln vs 418.7 mln NOTE: 1987 1st quarter net excludes a gain of 47.1 mln dlrs or 1.14 dlrs a share for discontinued operations.
The central state owned Bank of Greece said a consortium of Japanese banks will lend it 20 billion yen for use in the public sector. The Bank said in a statement the loan will be for 10 years with a five year grace period. The first five years of the loan will have a fixed interest rate, slightly above the long term prime rate of the Japanese money market, with an adjustment in the second five years in accordance with prevailing market rates. Banks in the consortium are Bank of Tokyo International Ltd, Industrial Bank of Japan Ltd, The Long Term Credit Bank of Japan, Dai-Ichi Mutual Life Insurance Co, Sumitomo Bank Ltd, Mitsubishi Bank Ltd, Sanwa Bank and Yashouda Bank and Trust Corp, the Bank of Greece said.
Di Giorgio Corp said it plans to respond to an unsolicited recapitalization plan proposed by Gabelli and Co Inc after the company, its board and its investment bankers evaluate the proposal. Earlier, Gabelli said in a filing with the Securities and Exchange Commission that it holds a 28.5 pct stake in DiGiorgio and that it, together with Gamco Investors Inc may seek control of the company. In addition, on June 25 the Gabelli group proposed to acquire all of Di Giorgio's common shares for a combination of 20 dlrs per share in cash, a subordinated note with a face value of eight dlrs and one common share of the post-buyout company. The June 25 buyout proposal remains open until July 17.
Oper shr 38 cts vs 32 cts Qtly div 12 cts vs 12 cts Oper net 5,430,000 vs 4,707,000 Revs 169.1 mln vs 139.4 mln Year Oper shr 1.50 dlrs vs 1.32 dlrs Oper net 21.5 mln vs 19.1 mln Revs 602.5 mln vs 524.4 mln NOTE: 1986 operating net in both periods excludes loss 8.2 mln dlrs, or 56 cts a share, from discontinued operations
RTE Corp said it completed the purchase of Emhart Corp's United States aluminum electrolytic capacitor business for an undisclosed sum. The company said the capacitor business is part of Emhart's electrical and electronic group marketed under the Mallory brand name. The company said the product lines it acquired had sales of 25 mln dlrs last year.
An investor group led by Robert Bass of Fort Worth, Texas said it owns 786,800 shares of Bell and Howell Co common stock, equal to 8.9 pct of the company's common stock outstanding. In a filing with the Securities and Exchange Commission, the group said it purchased 511,500 Bell and Howell common shares between April 29 and June 26 at 44.25 dlrs to 56.02 dlrs a share. The stock was acquired for investment purposes, the group said, adding it may purchase or sell additional shares in the future.
Shr loss 79 cts vs profit 30 cts Net loss 2.1 mln dlrs vs profit 675,935 dlrs Revs 5.5 mln dlrs vs 9.1 mln dlrs Note:the year ended March 31. The company's full name is Advanced Institutional Management Software Inc
Dixons Group Plc said shareholders at a
special meeting of Cyclops Corp approved the previously
announced merger of Cyclops with Dixons.
Under the terms of the merger, Dixons said the remaining
public Cyclops shareholders are to receive 95 dlrs a share.
Dixons also said the previously announced sale of Cyclops
steel and nonresidential construction businesses to a former
Alleghany Corp
General Electric Co's GE Credit Corp said it agreed to buy all of the capital stock of Kraft Inc's wholly owned subsidiary D and K Financial Corp. Terms of the acquisition were not disclosed. D and K, with assets of more than one billion dlrs, is one of the leading U.S. companies involved in the leasing of fleets of cars, according to GE Credit. Jim Ahtes, a spokesman for GE Credit's outside public relations firm, Manning, Selvage and Lee Inc, emphasized that the terms of the acquisition had not yet been approved.
President Corazon Aquino said the Philippines was closely monitoring interest rates in the wake of Monday's record drop on Wall Street and steep declines in Manila and other Asian stock markets. "We will monitor these developments closely and will continue to hope that they do not precipitate large declines in economic activity around the world," Aquino told a meeting of 13 major Philippine business groups. "The Philippines, as a trading country in the world economy, depends on the continued health and growth of both the world economy and the world trading system," she said. The Manila Stock Exchange composite index plunged 105.49 points or 11.79 pct by the midday close to 789.54, depressed by the record 508 point fall of the Dow Jones industrial average on Monday. "The Philippines, in addition, as a large borrower nation, is affected by developments in interest rate levels around the world and will carefully monitor the impact of these developments on interest rates, on gold and on commodity prices," Aquino said. "We welcome the statements from world leaders that urge calm in the present difficult situation," she added.
An Iranian shuttle tanker reported spotting a floating mine in the central Gulf on Tuesday about 50 miles west of Lavan Island, regional shipping sources said. The Khark III, owned by the National Iranian Tanker Co, gave the position of the mine as 27 degrees 14 minutes north, 52.06 east. There was no indication of measures being taken against the mine, which is in Iranian territorial waters.
Plum Holding Inc said it has started its previously-announced offer to purchase 664,400 common shares of Holly Sugar Corp at 95 dlrs each. In a newspaper advertisement, the firm said the offer, proration period and withdrawal rights expire November 17 unless extended. The offer, which has been approved by the Holly board and is to be followed by a merger in which remaining shares are to be exchanged for cumulative redeemable exchangeable preferred stock, is conditioned on receipt of at least 664,400 shares, which would give Plum a two thirds interest, and the receipt of financing.
Chemical Bank and Marine Midland Banks Inc said they are cutting their prime lending rate to 9-1/4 pct from 9-3/4 pct, reversing an increase that they announced just last week. The reduction is effective immediately. No other major U.S. bank had followed the lead of Chemical and Marine Midland, preferring to keep their prime rates at 9-1/4 pct while they waited to see what course money market rates would take. Following Monday's record fall in Wall Street stock prices, money market rates fell sharply on Tuesday as investors ploughed proceeds into short-term instruments and the Federal Reserve said it is prepared to provide liquidity to support the economy and the financial system. Eurodollar deposit rates in London fell by as much as 9/16 percentage point, Treasury bill rates fell by as much as half a point (after falling between 59 and 84 basis points on Monday), and the Fed funds rate dropped to 7-1/4 pct from Monday's average of 7.61 pct. Speculation even surfaced of a discount rate cut to calm the markets, dealers said.
Shr profit 2.77 dlrs vs profit 1.35 dlrs Net 155.0 mln vs 77.4 mln Nine mths Shr loss 1.43 dlrs vs profit 3.66 dlrs Net loss 60.4 mln vs profit 195.2 mln Assets 45.15 billion vs 42.69 billion Loans 36.33 billion vs 34.46 billion Deposits 29.7 billion vs 23.3 billion
Shr 77 cts vs 50 cts Net 56.5 mln vs 36.4 mln Sales 583.3 mln vs 515.9 mln Nine months Shr 2.02 dlrs vs 1.19 dlrs Net 148.5 mln vs 87.1 mln Sales 1.69 billion vs 1.51 billion
Shr 37 cts vs 42 cts Net 26.6 mln vs 30.0 mln Sales 805.4 mln vs 690.6 mln Avg shrs 70.6 mln vs 71.0 mln Nine mths Shr 1.23 dlrs vs 1.23 dlrs Net 86.8 mln vs 88.5 mln Sales 2.30 billion vs 2.01 billion Avg shrs 70.3 mln vs 72.2 mln
Net 33.6 mln vs 11.1 mln Revs 319.6 mln vs 295.1 mln Nine mths Net 97.3 mln vs 30.0 mln Revs 997.8 mln vs 860.0 mln NOTE: Company does not report per share earnings as it is a privately-owned concern. Net amounts reported are before taxes, profit sharing, and contribution to employee stock ownership trust.
Shr profit 47 cts vs profit 1.78 dlrs Net profit 16 mln vs profit 53 mln Avg shrs 27.7 mln vs 27.4 mln Nine mths Shr loss 22.51 dlrs vs profit 5.78 dlrs Net loss 610 mln vs profit 168 mln Avg shrs 217.6 mln vs 27.3 mln Assets 33.14 billion vs 33.89 billion Deposits 22.01 billion vs 19.86 billion Loans 21.76 billion vs 22.70 billion NOTE: Net includes loan loss provisions of 40 mln dlrs vs 48 mln dlrs in quarter and 748 mln dlrs vs 217 mln dlrs in nine mths. Net includes pretax gains on sale of securities of 11 mln dlrs vs 29 mln dlrs in quarter and 13 mln dlrs vs 130 mln dlrs in nine mths.
Shr 28 cts vs 14 cts
Net 3,110,000 vs 1,286,000
Sales 112.7 mln vs 93.8 mln
Avg shrs 11.2 mln vs 9.1 mln
Nine Mths
Shr 58 cts vs 15 cts
Net 6,377,000 vs 1,332,000
Sales 307.8 mln vs 233.8 mln
Avg shrs 10.9 mln vs 9.1 mln
NOTE: Effective September 25, 1987, Primerica Corp
The Soviets have not indicated an urgent need for a U.S. wheat subsidy offer, and it is unlikely that such an offer will be ma during the U.S./Soviet summit expected to be held next month, Agriculture Secretary Richard Lyng told Reuters. In an exclusive interview with Reuters, Lyng said he did not know if the United States will offer Moscow another wheat subsidy offer this year or when that offer will be made. "Last year it was well into the year before we offered it. There's been nothing that's taken place to indicate to me that there's a pressing need on their part for that sort of deal (a wheat subsidy)." When asked if a subsidy would be offered at a U.S./Soviet summit, Lyng said, "No, I don't think so. I don't think that." The Agriculture Secretary said a U.S. wheat subsidy deal to Moscow would not be the kind of topic appropriate for discussion at a summit. "It would not be the kind of issue that the President or the Chairman would get into specific negotiations or discussions about," Lyng said. "When Mr. Nikonov (communist party secretary for agriculture) was here ... he indicated that trade in wheat was not something that would be discussed with the President of the United States. He said it's not presidential," Lyng said. Lyng said uncertainties about wheat quality in some major producing areas of the world, volatile wheat prices and the still unfinished Soviet grain harvest could delay any final decision on the timing of another wheat subsidy to Moscow. The future of the U.S./Soviet long-term grains agreement will be discussed the first of next year, Lyng said, but the Agriculture Secretary questioned the benefits of the long-standing agreement. "We've had three years in a row in which the Soviets have failed to live up to their end of the agreement ... We would love to continue to keep doing busines with the Soviet Union, but do we need a long-term agreement. Who benefits from that. These are some of the questions we need to discuss." When asked if he felt the United States has benefitted from the agreement, Lyng said, "I don't know. It certainly hasn't been what we had hoped it would be. For three years running they've (Moscow) failed to live up to what we considered was an agreement."
Indications are that USDA accepted Algeria's bid for 75,000 tonnes of hard red winter wheat, but rejected bids for the remaining 225,000 tonnes under its export bonus tender, U.S. exporters said. USDA accepted Algeria's bid of 94.00 dlrs per tonne, c and f, for 50,000 tonnes for Nov 10-25 shipment and 25,000 for Nov 20-Dec 10, the sources said. It rejected bids for wheat for later shipment dates, they said.
Sri Lanka has postponed until November its tender for 75,000 tonnes of wheat under the export bonus program, originally scheduled for today, U.S. exporters said.
Shr 3.71 dlrs vs 95 cts Net 233.8 mln vs 62.8 mln Revs 997.8 mln vs 938.0 mln Nine mths Shr 5.06 dlrs vs 2.24 dlrs Net 327.2 mln vs 148.0 mln Revs 3.00 billion vs 2.70 billion NOTE: Realized investment gains net of taxes for 1987 3rd qtr and nine mths were 147.0 mln dlrs and 271.0 mln dlrs, respectively. Realized investment gains for 1986 3rd qtr and nine mths were 18.6 mln dlrs and 33.6 mln dlrs, respectively. Company repurchased 1.2 mln shares of its stock during the 1987 3rd qtr.
shr profit 2.73 dlrs vs 2.29 dlrs net 129.1 mln vs 105.8 mln nine mths shr loss 28.33 dlrs vs profit 6.42 dlrs net loss 1.16 billion vs profit 301.8 mln NOTE: 3rd qtr includes previously reported gain of 55.0 mln dlrs, or 29.4 mln after-tax, by capturing excess pension funds. Nine mths include 1.7 billion dlr addition to loan loss reserves in 2nd qtr, mostly for shaky LDC debts.
Shr 23 cts vs 23 cts Net 31.9 mln vs 15.7 mln Revs 876.9 mln vs 401.2 mln Avg shrs 140.1 mln vs 68.6 mln Nine mths Shr 53 cts vs 42 cts Net 74.0 mln vs 28.9 mln Revs 2.55 billion vs 1.17 billion Avg shrs 140.1 mln vs 68.6 mln NOTE: Results include acquired bottling companies from dates of acquisition. On pro forma basis, as if all acquisitions had been in place from the start of the period, company earned 5,704,000 dlrs or four cts per share on 140.0 mln shares outstanding with revenues of 826.2 mln dlrs for quarter and earned 14.1 mln dlrs or 10 cts per share on same number of shares and revenues of 2.41 billion dlrs for nine mths.
Shr 66 cts vs 57 cts Net 64.0 mln vs 52.9 mln Nine mths Shr 1.49 dlrs vs 1.64 dlrs Net 142.2 mln vs 153.3 mln Assets 18.04 billion vs 16.63 billion Deposits 13.97 billion vs 12.78 billion Loans 12.54 billion vs 10.81 billion
Shr 1.54 dlrs vs 1.27 dlrs Net 7,065,000 vs 5,812,000 Nine mths Shr 4.25 dlrs vs 3.40 dlrs Net 19.5 mln vs 15.6 mln Assets 2.84 billion vs 1.87 billion Deposits 2.51 billion vs 1.67 billion NOTE: 1987 qtr and nine mths includes gain 2,500,000 dlrs, or 54 cts per share, from utilization of tax loss carryforward. 1986 qtr and nine mths includes gain 2,158,000 dlrs, or 47 cts per share, and 5,567,000 dlrs, or 1.22 dlrs per shr, respectively, from utilization of tax loss carryforward.
Shr 72 cts vs 74 cts Net 11.9 mln vs 11.9 mln Nine mths Shr 2.18 dlrs vs 2.18 dlrs Net 35.0 mln vs 34.6 mln Assets 4.6 billion vs 4.3 billlion Loans 3.1 billion vs 2.8 billion NOTE: 1986 3rd qtr includes securities after tax gain of 1,519,000 dlrs or 10 cts a share.
Shr profit seven cts vs loss 1.77 dlrs Net profit 446,000 vs loss 9,370,000 Revs 15.0 mln vs 13.3 mln Six mths Shr profit eight cts vs loss 1.87 dlrs Net profit 523,000 vs loss 9,883,000 Revs 27.1 mln vs 27.1 mln Avg shrs 5,324,464 vs 5,324,350 Note: Trillium Telephone Systems Inc
The European Community's farmers' pressure group Copa has urged EC farm ministers to agree a tax on vegetable proteins similar to the oils and marine fats tax which has already been proposed by the EC Commission. Copa president Hans Kjeldsen told a news conference on Tuesday he had also urged ministers to seek a similar mechanism for cereal substitutes. He was speaking after a meeting of farm leaders with the Danish foreign and agriculture ministers, who currently chair meetings of their EC colleagues. Kjeldsen said taxes on the products concerned would help the EC's budget problems and would provide some price stability for producers. This would in turn help the market position for certain crops of which the EC is a net importer such as oilseeds, peas and beans, but for which the Commission is now proposing severe output restrictions. A minority of EC ministers opposed to an oils and fats tax on imported and domestically produced oils and marine fats succeeded in blocking the idea during this year's annual EC price fixing. However, the EC Commission has said it maintains its proposals for a tax. Kjeldsen said Copa had urged the ministers to pursue international negotiations on farm trade with the aim of bridging the gap between EC and world prices.
Shr 60 cts vs 57 cts Net 103.7 mln vs 96.5 mln Revs 472.5 mln vs 434.1 mln Avg shrs 152.3 mln vs 147.0 mln 12 mths Shr 2.60 dlrs vs 2.44 dlrs Net 393.1 mln vs 347.1 mln Revs 1.79 billion vs 1.76 billion Avg shrs 150.9 mln vs 142.2 mln
Shr profit 3.64 dlrs vs profit 1.64 dlrs Net profit 541 mln vs profit 247 mln Nine mths Shr loss 13.30 dlrs vs profit 5.11 dlrs Net loss 1.78 billion vs profit 752 mln NOTE: Net in nine mths 1987 vs 1986 includes provision for possible credit losses of 4.19 billion vs 1.32 billion. Net in qtr 1987 vs 1986 includes provision for possible crit losses of 320 mln vs 431 mln. Assets 200 billion vs 186 billion Loans 129.3 billion vs 122.3 billion Deposits 118.1 billion vs 111.0 billion 3rd qtr 1987 reflects previously announced aftertax gain of 163 mln from recognition of pension plan over funding and 139 mln of tax benefits from the three billion provision. Net write offs in qtr 1987 vs 1986 totaled 338 mln vs 342 mln and in year to date 1987 vs 1986 of 1.06 billion vs 988 mln.
Shr 31 cts vs 26 cts Net 3,308,000 vs 1,512,000 Revs 6,467,000 vs 2,590,000 Avg shrs 10.7 mln vs 5,788,594 Nine mths Shr 1.32 dlrs vs 1.17 dlrs Net 10.2 mln vs 3,041,000 Revs 18.7 mln vs 5,682,000 Avg shrs 10.7 mln vs 3,780,626
Commerce Undersecretary J. Michael Farren opposed language in the trade bill before Congress to limit foreign takeovers of U.S. companies. "Anything that would serve to have a chilling effect on foreign investment is going to cost us jobs and economic growth," Farren said before a congressional coittee. House and Senate negotiators are ironing out differences in trade bills passed by both chambers. Once the negotiators reach agreement, the bill will be sent to President Reagan for his signature.
The United States is prepared to "pull out all the stops" to defend its agricultural trade rights under the General Agreement on Tariffs and Trade (GATT), U.S. Ambassador to GATT Michael Samuels said. Those rights are now being challenged by the European Community's (EC) agricultural support policies, he told a conference sponsored by the American Soybean Association. He reiterated Washington's firm intention to retaliate if the EC goes ahead and bans imports of hormone-fed beef without the issue being investigated by a GATT special committee. The U.S. claims the EC directive, due to come into effect on January 1, threatens to cut 100 mln dlrs worth of U.S. meat shipments into the EC. The U.S. also will oppose all EC efforts to impair U.S. trade via the EC oilseeds regime, which supports EC oilseed prices over the current market level and which may be extended to include a hotly disputed oils and fats tax, Samuels said. Reduction of trade-distorting world agricultural subsidies, an aim of most key participants in GATT multilateral trade negotiations, "is meaningless if import barriers continue to be erected," Samuels said. Samuels called the U.S. plan to eliminate world farm subsidies by the year 2000, proposed at GATT in July, "visionary" and "very serious." The EC and Japan have said it is unrealistic. The EC Commission this month announced its draft proposal on farm trade reform, expected to be tabled at GATT formally next week. The EC scheme involves emergency measures to reduce tensions in troubled surplus sectors of cereals and cereals substitutes, dairy and sugar. It also calls for reduction of farm subsidies. The U.S. Is not opposed to short-term measures, as long as they are directly linked to long-term commitments to end major trade distortions, Samuels said. Washington will review the EC proposal when it is formally submitted and respond to it officially then. "We will consider its relation to the Punta del Este declaration to correct trade problems and expand market access," the U.S. Ambassador said. The U.S. can say no to the EC proposal if the EC ignores the U.S. plan when it tables its own proposal, he added. The key difference between the two approaches is that the U.S. wants farm subsidies eliminated, while the EC is pushing only for a reduction in farm suppports, Samuels said. If the EC farm budget were protected by a subsidy freeze, there would be little incentive for the Community to work to correct the international trade situation, he added. Samuels cited the animal hormones complaint, the EC oilseeds regime and an EC regulation concerning meat imports to third countries as three crucial barriers to trade which the U.S. wants to see resolved under the auspices of GATT.
Shr eight cts vs 10 cts Qtly div 30 cts vs 30 cts prior Net 204,064 vs 245,931 Nine mths Shr 1.14 dlrs vs 52 cts Net 2,850,042 vs 1,291,047 NOTE: 1987 and 1986 nine mths includes a net gain on sale of assets of 2,258,206 dlrs or 90 cts a share and 459,503 dlrs, respectively. Dividend payable November 13 to shareholders or record October 30.
The European Community (EC) agreed a trade deal with Argentina designed to compensate the country following the entry of Spain and Portugal into the group, EC officials said. Under the deal agreed by EC foreign ministers, Argentina will gain additional trading rights on a series of products including meat, fish and cereals by-products. But ministers failed to agree on new trade deals with Canada and Japan and are due to study these again, the officials said. The deal with Argentina was agreed by a majority of EC states after West Germany withdrew objections to increased quotas for Argentina on high-quality beef. Ireland and France continued to oppose the deal on meat, saying that the main dispute was over sales of cereals substitutes, but they were outvoted by the other states, the officials said. Under the deal, Argentina will benefit from improved quotas on exports of beef to the EC. In particular the quota on high-quality Hilton beef will be raised by 4,500 tonnes to 34,300 tonnes and quotas on frozen boneless beef will be increased by 3,000 tonnes to 53,000 tonnes. Argentina will also benefit from an additional quota of 5,000 tonnes of frozen hake fillets at 10 pct duty and reduced levies on 550,000 tonnes of wheat bran, the officials said. The improved trade terms were offered after Argentina said that Spain and Portugal's entry into the EC affected their exports of cereals substitutes to these two countries. They have been negotiated under the rules of GATT (General Agreement on Tariffs and Trade). But officials said ministers had been unable to resolve Canadian claims that its sales of certain fish to Spain had been affected by the country's EC membership. Officials said the EC had asked GATT to arbitrate on the fish dispute with Canada. Ministers also decided to continue talks with Japan. The EC claims that Spain and Portugal's entry into the group has improved trade conditions for Japan but has been unsatisfied with Japanese offers of compensation. Japan's main offers were to improve inspection systems on citrus fruits to aid EC exports, to improve tariffs for some other farm produce, to increase tariffs for leather footwear and to offer better trade terms for Spain and Portugal. EC External Trade Commissioner Willy De Clercq told journalists: "We maintain our position that the (Japanese) concessions were not enough." "We hope that there will be an improvement," he said.
Shr 75 cts vs 64 cts Net 11.0 mln vs 9,379,000 Nine mths Shr 44 cts vs 1.78 dlrs Net 6,411,000 vs 25.4 mln NOTE: 1987 nine mths net reflects 30 mln dlr addition to Latin American loan loss provision.
Shr 80 cts vs 62 cts Net 11.1 mln vs 8,545,000 Revs 68.6 mln vs 41.9 mln Nine mths Shr 1.96 dlrs vs 1.88 dlrs Net 26.8 mln 24.1 mln Revs 180.1 mln vs 126.3 mln
Argentina's agriculture secretariat set new support prices for grains and oilseeds, an official statement said. It said the support price for wheat was hiked to 300 Australs per tonne from 250 previously and for sunflowerseed from northwestern Argentina to 450 Australs from 360 previously. It said the price went into effect Monday. The secretariat said the support price of sorghum was increased to 210 Australs per tonne from 200 Australs previously and for maize to 250 Australs from 220 Australs previously.
1st qtr ended September 26. Shr profit two cts vs loss 20 cts Net profit 156,000 vs loss 1,816,000 Revs 8,751,000 vs 7,123,000
Oper shr 40 cts vs 47 cts Oper net 2,292,000 vs 2,688,000 Sales 81.9 mln vs 78.9 mln Nine mths Oper shr 1.20 dlrs vs 1.40 dlrs Oper net 6,842,000 vs 7,978,000 Sales 244.7 mln vs 234.2 mln NOTE: 1986 net both periods excludes 2,223,000 dlr special charge.
The Kansas City Commodity Credit Corp office is preparing a wheat catalogue containing roughly 300 mln bushels, scheduled to be released in the next two to three weeks, a CCC spokesman said. The catalogue should include all CCC stocks stored at terminals and about 50 pct of the stocks stored at country elevators, the spokesman said. Hard red winter wheat should comprise the bulk of the stocks, followed by spring wheat, he said. The release date is tentative in case there are snags in the catalogue's preparation, the spokesman said.
Shr 41 cts vs 39 cts Net 22.3 mln vs 20.4 mln Revs 631.1 mln vs 644.8 mln Avg shrs 51,551,000 vs 50,128,000 Nine months Shr 1.16 dlrs vs 1.13 dlrs Net 64.3 mln vs 59.6 mln Revs 1.90 billion vs 2.03 billion Avg shrs 50,868,000 vs 50,028,000 NOTE: All results reflect five-for-two common stock split payable in the form of a stock dividend payable July 10, 1987. 1986 results include gains from retroactive adoption of new accounting rules for pension on Jan 1, 1986 of 2.6 mln and 7.7 mln dlrs for third quarter and nine month periods, respectively. Company redeemed its outstanding preference stock, 2.35 dlrs convertible series on Sept 14, 1987.
Private exporters reported sales of 125,000 tonnes of U.S. corn to the Soviet Union for delivery during the 1987/88 season and under the fifth year of the Long Term Grain Supply Agreement. The department noted the sales are the first reported for delivery during the fifth year of the Agreement, which began October 1, 1987. Sales of wheat and corn to the USSR for delivery during the fourth year of the agreement totaled 8,182,500 tonnes -- 4,080,500 tonnes of wheat and 4,102,300 tonnes of corn. In addition, sales of soybeans totaled 68,200 tonnes, it said.
Period ended August 31. Shr loss 52 cts vs profit 16 cts Net loss 4,987,000 vs profit 1,570,000 Revs 18.0 mln vs 24.7 mln Six Mths Shr loss 2.14 dlrs vs loss seven cts Net loss 20,525,000 vs loss 557,000 Revs 25.6 mln vs 30.8 mln Note: Full name De Laurentiis Entertainment Group Inc.
Period ended September 30 Shr profit one ct vs loss three cts Net profit 65,000 vs 292,000 Sales 18.1 mln vs 16.7 mln
Shr profit two cts vs loss 58 cts Net profit 18.2 mln vs loss 23.9 mln Revs 355.6 mln vs 308.2 mln Nine mths Shr loss 81 cts vs loss 5.52 dlrs Net profit 10.7 mln vs loss 290.3 mln Revs 1.01 billion vs 983.3 mln NOTE: Net income per share is after deductions for mandatory preferred stock dividends and income from the chemical operations not attributable to common stockholders. 1987 qtr and nine mths includes gain of eight cts per share for the partial redemption of series a preferred stock which will be paid from the net earnings of the chemicals operations. 1986 nine mths includes loss 247.7 mln dlrs from write-down of petroleum service assets and other restructuring costs.
Sphinx Mining Inc said leased mining claims in Alaska could produce revenues between 322 mln dlrs and 966 mln dlrs from gold reserves. The range of the value of the reserves is attributed to the wide range of grade estimates of the ore, the company said. A 1984 feasibility study put the grade at 0.008 ounces per cubic yard, while subsequent exploration work proved that areas of higher-grade gravel of up to 0.027 ounces/yard do exist, Sphinx said. The claims are located 80 miles northwest of Fairbanks.
Algeria is tendering tonight for 225,000 tonnes of hard red winter wheat at 94.00 dlrs per tonne, c and f, the balance of its original tender under the export bonus program, U.S. exporters said. Algeria bought 75,000 tonnes for November and early December shipmet at that bid, but USDA rejected the bid on wheat for later shipments, the sources said.
Shr six cts vs 17 cts Net 1,064,000 vs 2,676,000 Revs 144.6 mln vs 129.4 mln Avg shrs 17.1 mln 16.1 mln Six mths Shr 13 cts vs 25 cts Net 2,167,000 vs 4,029,000 Revs 248.0 mln vs 249.2 mln Avg shrs 17.1 mln vs 16.1 mln
A new convoy of tankers escorted by American warships headed down the Gulf on Wednesday, towards Iranian oil platforms still oozing smoke after having being blasted by U.S. Navy raiders. Some Gulf sea captains were reported to be steering well clear of Iran's Silkworm missiles, however, and frontline emirate Kuwait redeployed air defences to counter the threat. "I think the predominant feeling ... Is of being scared this conflict will escalate," a top West German Foreign Ministry official, Helmut Schaefer, told reporters in Bahrain after a tour of three Gulf states. b Shipping sources said on Tuesday night at least six sea captains had voiced fears that Iran would avenge Monday's U.S. Raids by unleashing more Silkworm missiles at ships plying the Gulf. Belgium decided two minesweepers en route for the Gulf would stay out for the time being following Monday's U.S. Action. But there was no sign that the prospect of more tit-for-tat assaults had reduced the level of shipping activity in the area. Iran, having vowed to react strongly after Monday's U.S. Action, launched a barrage of threats and ridicule. For its part, Washington warned Iran again on Tuesday that it was ready for any further hostile action. Pentagon officials then announced that a U.S. Guided missile destroyer began escorting two Kuwaiti tankers flying the U.S. flag southwards--the 80,000 tonne product carrier Ocean City and 46,000 tonne petroleum tanker Gas King.
Artillery shells from an exchange of fire between Iran and Iraq fell on Kuwait's northern border on Tuesday but caused no casualties, the Kuwait News Agency KUNA said, quoting a Defense Ministry official. There were rumors in world oil markets on Tuesday that Iran had fired shells at an oil camp in northern Kuwait in retaliation for U.S. Attacks on Iranian oil platforms in the Gulf on Monday. "Several shells fell in a random manner on the northern border of the country," the official told KUNA. "It seems these shells arose from an exchange of fire between Iran and Iraq... No one was wounded and there were no losses." Diplomats said shells from the nearby Iran-Iraq warfront had in the past fallen in the northern Kuwaiti desert. A senior Kuwait Petroleum Corporation official had earlier told Reuters he was unaware of any attack against Kuwaiti oil installations.
Trace Products Inc said its stock-swap merger agreement with privately held Central Point Software has been suspended indefinitely because of uncertainty in the stock market. Trace Products, which manufactures diskette and tape duplication equipment for software publishers, had earlier agreed to acquire Portland, Ore.-based Central Point for 5.5 mln shares of its common stock.
Canada will propose at the new round of international trade talks that most trade-distorting farm subsidies be phased out over a five year period, Trade Minister Pat Carney said. "Agricultural subsidies and trade barriers have created a vicious circle which continues to cause problems of overproduction and low commodity prices," Carney told the House of Commons. Carney was outlining the government's new position on the farm trade problem that was tabled on Tuesday in Geneva in the multilateral talks under the GATT (General Agreement on Tariffs and Trade). While few details were released, Carney said the government would also be pressing for an improvement in market access and new measures to ensure countries do not erect artificial barriers. "Under the Canadian proposal, all countries would have to ensure that domestic policies and programs to address the specific needs of their farm sectors do not distort trade," a government background paper said. "Furthermore, in assessing the trade impact of programs, credit could be given to countries which effectively control the output of farm products," the papers said.
Shr 1.18 dlrs vs 87 cts Net 149.6 mln vs 134.0 mln Revs 1.10 billion vs 956.4 mln Nine mths Shr 3.36 dlrs vs 2.42 dlrs Net 428.1 mln vs 373.7 mln Revs 3.13 billion vs 2.70 billion Avg shrs 127.3 mln vs 154.5 mln NOTE: 1986 results include 25 mln dlr reduction of operating income for the relaunch of Contac.
Shr 25 cts vs NA Net 3,081,000 vs 2,063,000 Nine mths Shr 86 cts vs NA Net 10.5 mln vs 6,966,000 NOTE: Year-ago per share amounts not available as bank converted to stock ownership August 13, 1986. 1987 amounts include operations of Burgdoff Realtors acquired during December 1986 and other operations.
U.K. Chancellor of the Exchequer Nigel Lawson welcomed on Monday the reaffirmation by the U.S. And West Germany of the Louvre accord aimed at stabilising currencies. His office said Lawson had welcomed the outcome of a meeting between U.S. Treasury Secretary James Baker, Bundesbank President Karl Otto Poehl, and West German Finance Minister Gerhard Stoltenberg in Frankfurt. After the meeting, a Bonn finance ministry spokesman quoted Stoltenberg as saying he was confident that foreign currencies could be stabilised at around current levels. The meeting came after Baker criticised West Germany for increasing key interest rates, saying they were not in line with last February's Louvre accord.
Shr three cts vs two cts Net 456,000 vs 272,000 Sales 15 mln vs 14.4 mln Nine mths Shr six cts vs 23 cts Net 992,000 vs 3,812,000 Sales 41.1 mln vs 45.4 mln Order backlog 46 mln vs 24.3 mln Note: 1986 figures include a gain of 2.9 mln dlr or 17 cts a share from life insurance proceeds.
Gary Associates LP, which said previously it may seek control of Gull Inc, said it increased its stake in Gull common stock to 388,900 shares, or 7.7 pct of the total outstanding, from a previous figure of approximately 318,000 shares, or 6.2 pct. In a filing with the Securities and Exchange Commission, Gary Associates said it made net purchases of 70,900 Gull common shares at 15 dlrs to 18.62 dlrs a share. Gary Associates made no mention of a possible takeover attempt in its report to the SEC.
Shr 92 cts vs 91 cts Net 24.1 mln vs 22.7 mln Avg shrs 25.4 mln vs 24.8 mln Nine mths Shr 20 cts vs 2.58 dlrs Net 6,028,000 vs 62.7 mln Avg shrs 25.4 mln vs 24.3 mln Assets 10.3 billion vs 9.21 billion Deposits 7.10 billion vs 6.32 billion Loans 6.52 billion vs 5.60 billion
European Community Commission President Jacques Delors called for a swift convening of a meeting of the G-7 countries following the instability in today's trading on world money and stock markets. He told a press conference here: "G-7 should meet discreetly and quickly." Delors said if the dollar were to fall further against the mark to levels around 1.60, the European Monetary System would undergo a "test by fire." Delors said the current problems in the markets had been caused by excessive growth in financial trading, excessive deregulation and the failure of the fundamentals of the world economy to adapt themselves quickly enough to changing circumstances. He said it was "profoundly unjust" to blame it on recent increases in West Germany.
Shr 23 cts vs 18 cts Net 249,920 vs 194,369 Revs 3,752,641 vs 3,355,563 NOTE: Full name is Scicom Data Services Ltd.
Shr profit three cts vs profit nine cts Net profit 102,136 vs profit 307,516 Revs 8,549,182 vs 8,469,476 Nine mths Shr loss 13 cts vs profit 28 cts Net loss 458,823 vs profit 1,014,969 Revs 25.5 mln vs 24.6 mln
Shr 99 cts vs not given Net 1,943,000 vs not given Nine mths Shr 2.35 dlrs vs not given Net 4,602,000 vs not given NOTE: Full name is Gateway Federal Savings and Loan Association. Latest qtr includes a tax credit of 909,000 dlrs or 46 cents a share. Latest nine mths includes a tax credit of 2,330,000 dlrs or 1.19 dlrs. 1986 figures not given as company went public on June 2, 1987.
Shr 39 cts vs 39 cts Net 24.4 mln vs 23.8 mln Revs 425.9 mln vs 396.2 mln Nine mths Shr 1.23 dlrs vs 1.04 dlrs Net 76.3 mln vs 64.1 mln Revs 1.26 billion vs 1.12 billion NOTE: Net adjusted to account for the recent 2-for-1 split of the company's common. Qtr 1986 includes a seven cts per shr gain due to net after-tax foreign currency exchange effect.
Shr five cts vs seven cts Net 80,642 vs 115,222 Revs 7,833,570 vs 5,739,443 Nine mths Shr five cts vs 1.11 dlrs Net 80,773 vs 1,743,828 Revs 21.6 mln vs 16.3 mln
Shr 16 cts vs 14 cts Net 954,000 vs 777,000 Revs 24.7 mln vs 21.5 mln Avg shrs 6,000,000 vs 6,000,000 Nine mths Shr 39 cts vs 34 cts Net 2,314,000 vs 1,805,000 Revs 69.2 mln vs 59.3 mln Avg shrs 6,000,000 vs 5,363,000
Brown Disc Products Co Inc, a unit fo Genevar Enterprises Inc, said it has purchased the ongoing business, trademarks and certain assets of Rhone-Poulenc's Brown Disc Manufacturing unit, for undisclosed terms. Rhone-Poulenc is a French-based chemical company. Under the agreement, Rhone-Poulenc will supply magnetic tape and media products to Brown Disc Products.
A shareholder group including Far Hills, N.J. attorney Natalie Koether said it reduced its stake in CCX Inc common stock to 10,000 shares, or less than one pct of the company's common stock outstanding, from a previous stake of about ten pct. In a filing with the Securities and Exchange Commission, the group said it sold 380,000 CCX common shares on October 15 at four dlrs a share. The group gave no reason for the sales.
Iran said several people were injured in Monday's U.S. Attack on an Iranian offshore oil site and vowed retaliation, Tehran radio reported. It quoted President Ali Khamenei as saying, "We will definitely retaliate and will not leave this American move unanswered." A broadcast monitored in Nicosia said several civilian personnel on the Rashadat oil platforms in the Gulf east of Qatar were injured when U.S. Warships bombarded them this afternoon. It described damage as "severe." Washington said four American frigates shelled and destroyed two Iranian platforms at the Rashadat (formerly Rostam) field at 1100 GMT on Monday in response to Friday's missile attack on a U.S.-flag ship in Kuwaiti waters. The U.S. Said Iranians used the platforms for military pruposes and had fired on an American helicopter from the rigs earlier this month. Khamenei denied that the platforms had military gear or personnel and said the U.S. Attack lacked miltary value. "With this move Mr. Reagan has committed a big mistake and has definitely increased his problems...
Period ended Sept 27 Shr nine cts vs 24 cts Net 474,000 vs 880,000 Sales 11.2 mln vs 11.8 mln Avg shrs 5,369,555 vs 3,654,986 Note: 1986 figures include tax credits of 113,000 dlrs or three cts a share.
Shr 23 cts vs 22 cts Net 1,293,000 vs 1,256,000 Sales 39.7 mln vs 31.6 mln Nine mths Shr 72 cts vs 61 cts Net 4,099,000 vs 3,470,000 Sales 115.9 mln vs 87.6 mln NOTE: Share adjusted for three-for-two stock split in February 1987.
Shr profit 1.47 dlrs vs loss 26 cts Net profit 146 mln vs loss 26 mln Revs 2.25 billion vs 1.82 billion Nine mths Shr profit 1.82 dlrs vs profit 2.27 dlrs Net profit 180 mln vs profit 224 mln Revs 5.94 billion vs 5.55 billion
Shr 1.13 dlrs vs 87 cts Net 5,010,000 vs 3,868,000 Nine mths Shr 4.91 dlrs vs 4.84 dlrs Net 21.8 mln vs 21.5 mln NOTE: Current quarter figures include gain of 4.7 mln dlrs on property sales vs gain of 2.9 mln in prior year's quarter. Current nine month figures include gain of 20.5 mln dlrs on property sales vs gain of 19 mln dlrs.
House Speaker Jim Wright dismissed charges that the trade bill before Congress contributed to the fall in stock prices on Wall Street. "That is utterly ridiculous," the Texas Democrat told reporters. Treasury Secretary James Baker and other administration officials over the weekend pointed to the pending legislation -- which they brand too protectionist -- as a key factor in the record-setting drop.
Shr 34 cts vs not given Net 510,192 vs 328,428 Nine mths Shr one dlr vs not given Net 1,489,831 vs 741,136 NOTE: Company went public in September 1986.
The Senate Agriculture Committee was expected to consider proposals that would limit adjustments in county loan rate differentials which trigger larger corn and wheat acreage reduction requirements, Senate staff said. A budget-saving proposal drafted by chairman Patrick Leahy (D-Vt) would limit adjustments in county loan rate differentials to no more than one pct per year from the national average loan rate, starting with 1988 crops. The plan also would allow the Agriculture Secretary to increase the unpaid acreage reduction requirement for corn by "an appropriate amount to generate savings" if projected corn stocks exceeded 6.0 billion bushels. Leahy's proposal would also allow a larger 1988 wheat set aside if projected stocks surpassed 1.9 billion bushels.
System Software Associates Inc said it completed its previously-announced acquisition of Admin EDP Pty Ltd for cash and a small amount of stock. Admin EDP, of Sydney, Australia, is a full-service software sales and services firm.
Shr 63 cts vs 49 cts Net 5,635,000 vs 4,330,000 Sales 117.8 mln vs 96.2 mln Year Shr 2.21 dlrs vs 1.71 dlrs Net 19.8 mln vs 15.2 mln Sales 465.1 mln vs 388.5 mln NOTE: Share adjusted for February 1987 three-for-two split. Prior year results restated.
Arizona Silver Corp said diamond drilling on its Burro Creek Mine Property, located 65 miles southeast of Kingman, Ariz., has begun. The company said a report indicated that the Burro Creek project area which covers 800 acres, could have potential reserves of three to four mln tons of gold and silver mineralization. Drill sites have been established and a diamond drilling program consisting of an initial 5,000 feet of drilling began October 13, the company said.
Shr 17 cts vs 37 cts Net 1,783,000 vs 4,028,000 Nine mths Shr 52 cts vs 1.03 dlrs Net 5,587,000 vs 11.1 mln
Shr 59 cts Qtly div eight cts vs eight cts prior Net 1,675,000 vs 1,302,000 Assets 613.3 mln vs 603.5 mln Deposits 523.7 mln vs 517.8 mln Loans 469.2 mln vs 449.5 mln NOTE: 1986 per share figures not available because bank converted to stock ownership Dec 18, 1986. Dividend payable Dec 11 to shareholders of record Nov 13. Full name of company is First Federal Savings and Loan Association of Chattanooga.
The Soviet Union outlined its economic targets for 1988 on Monday, stressing the need to improve standards in the country's sluggish engineering industry. Planning chief Nikolai Talyzin told the Supreme Soviet industrial output should rise by 4.5 pct in 1988, up from a planned 4.4 pct in 1987. It rose 3.6 pct in Jan-Sept 1987. Talyzin said national income, the nearest Soviet equivalent to gross national product, should rise by 4.3 pct against a planned 4.1 pct this year. Gross national product measures the output of a country's goods and services. He said the Kremlin planned to produce 235 mln tonnes of grain in 1988 versus a planned 232 mln this year. Moscow produced 210 mln tonnes in 1986. Kremlin leader Mikhail Gorbachev has described machine-builing as a sector whose rapid modernization is essential if the Soviet Union is to compete effectively on world markets. "Certain difficulties have arisen this year in the machine-building industry. The economy is not receiving a considerable amount of the equipment that it requires," said Talyzin, who heads the state planning committee GOSPLAN. Soviet data show the machine-building industry, which makes machine tools, instruments and other engineering goods, increased output by 3.3 pct in the first nine months of 1987 compared with the same period last year. However, this was far below the 7.3 pct increase planned for the industry for the whole of 1988. Talyzin said the ruling Politburo had concluded at a recent meeting that an improvement in economic performance depended to a large extent on conserving resources better. "Large-scale measures are planned to save resources," he said. Finance Minister Boris Gostev told the Supreme Soviet that defense spending in 1988 would total 32 billion dlrs, the same figure as was announced last year. Western governments view official Soviet estimates for defense spending as highly understated, but say the real figure is hard to calculate because Soviet military industries are intertwined with the civilian economy. Talyzin said the Kremlin also decided to increase spending next year on medical services, education, pensions and social insurance schemes.
IDC Services Inc said a new company will
begin a cash tender offer by October 26 to acquire all of IDC's
outstanding common for 16 dlrs a share.
The company said the offer is being made under a definitive
agreement reached with the new company, IDC Acquisition Corp,
formed by Apollo Partners Ltd and investment clients of
Shr 1.30 dlrs vs 1.85 dlrs Net 100,000,000 vs 144,000,000 Sales 1.90 billion vs 1.69 billion Nine mths Shr 5.01 dlrs vs 5.27 dlrs Net 392,000,000 vs 410,000,000 Sales 5.79 billion vs 5.31 billion Note: 1986 figures include 63 mln dlrs, or 81 cts a share, of net gains from facilities and businesses sold, shut down or impaired, and other non-recurring income and expenses
Australian Minister for Trade Negotiations Michael Duffy said his country and Third World commodity producers have formed an effective lobby group against farm export subsidies and market access restrictions. Duffy told a press conference the Cairns Group of 14 major agricultural producers, to which Australia and Thailand belong, has emerged as an important third force in any multilateral trade talks. "There's no doubt that the Cairns Group is being seen as a third force to be reckoned with both inside the General Agreement on Tariffs and Trade and in other international trade negotiations," he said. Duffy, here on a three-day visit after talks in the United States, The European Community (EC) and Latin America, said considerable progress has been made by the group towards fighting costly protectionist policies pursued by developed countries. The minister said the EC Commission's new farm trade paper will recognise the heavy financial burdens imposed by its Common Agricultural Policy and its future expansion. He said the Reagan Administration has also displayed a determination to resist the currently strong protectionist sentiment in the U.S. Congress.
The Philippine Senate approved a proposal to repay loans owed by a private company to speed up the signing of a 13.2 billion dlr rescheduling agreement with foreign banks. It concerns a Barclays Bank managed loan to fertilizer company Planter Products Inc, said Teofisto Paterno, chairman of the foreign debt committee. President Corazon Aquino had accused some creditor banks of "non-too-subtle coercion" in threatening to refuse to sign the rescheduling accord until the loan problem was settled. Over 30 of Philippines' 483 creditor banks still have to sign the agreement before the November 15 deadline.
Shr profit three cts vs loss two cts Net profit 107,000 vs 87,000 loss Revs 6,769,000 vs 4,992,000 Nine mths Shr profit 21 cts vs loss nine cts Net profit 778,000 vs loss 314,000 Revs 21.9 mln vs 13.9 mln
Warner Communications Inc said its Warner Communications Investors Inc unit acquired stock and warrants representing 416,668 shares of Berkey Inc common stock, or the equivalent of 8.2 pct of the company's common stock outstanding. In a filing with the Securities and Exchange Commission, Warner Communications Investors said it paid about one mln dlrs to Berkey on September 23 to acquire 104,167 shares of Berkey Series B convertible preferred stock. The preferred stock is convertible into 208,334 Berkey common shares, and warrants to buy another 208,334 shares. Warner Communications and its subsidiary said the Berkey stock is held as an investment which they will review and evaluate from time to time.
Restaurant Associates Industries Inc said the management group led by chairman Martin Brody and president Max Pine through October 16 had received 1,796,727 Class A and 1,766,091 Class B shares in response to its tender offer for all shares at 18 dlrs each, giving thema majority of each class of shares. The company said the tender has been extended until November 6.
U.S. warships attacked and destroyed an Iranian oil platform on Monday in retaliation for Friday's Iranian attack damaging a U.S.-flagged ship, U.S. Defense Secretary Caspar Weinberger said. When asked how much was left of the oil platform, Weinberger said, "Nothing." "There was no Iranian reaction," he said. "... We consider this matter is now closed." Weinberger said four U.S. destroyers attacked the platform about 120 miles east of Bahrain in the central Gulf with fire at 0700 EDT, Weinberger said. "We chose a platform used by the Iranians to interfere with and be a source of potential attack on convoys...," Weinberger said at a Pentagon briefing. "We know it has been used indeed, to not only launch small boat attacks on shipping but to fire on U.S. helicopters... "It's removal will contribute significantly to the safety of U.S. forces in the future," Weinberger said of the U.S. Navy's operation to escort oil tankers through the Gulf. "We do not seek further confrontation with Iran but we will be prepared to meet any escalation of military actions by Iran with stronger countermeasures," Weinberger said. He said the 20 to 30 Iranian personnel on the oil platform were given a 20-minute warning to abandon the platform. "As far as we know they did abandon the site," he said. Weinberger was asked why the United States had chosen to attack an oil platform rather than Iranian Silkworm missile platforms blamed by Washington for Friday's attack.
Shr 13 cts vs 12 cts Net 1,612,000 vs 1,571,000 Revs 28.8 mln vs 25.0 mln Avg shrs 12.8 mln vs 13.3 mln
French Finance Minister Edouard Balladur issued a firm call for the continued faithful application of the Louvre accords on currency stability by all major industrial countries. Balladur, responding to weekend remarks by U.S. Treasury Secretary James Baker that the U.S. Would take another look at the accords, said "I firmly desire a faithfull and firm adherence by all the major industrial countries to the Louvre accords -- in both their letter and spirit." On Sunday, Baker said last week's rise in short-term West German interest rates was not in keeping with the accords. The Louvre accords, agreed in Paris last February, called for stability among the major currencies after a prolonged dollar slide. The accords were reaffirmed by the Group of Seven Finance Ministers in Washington last month. But Baker said at the weekend that the West German rate rise was "not in keeping with the spirit of what we agreed to." "What I'm really saying is that they should not expect us to simply sit back here and accept increased tightening on their part on the assumption that somehow we are going to follow them," he added.
The Japan/India-Pakistan-Gulf/Japan shipping conference said it would cut the extra risk insurance surcharges on shipments to Iranian and Iraqi ports to a minimum three pct from 4.5 pct on October 25. It said surcharges on shipments of all break-bulk cargoes to non-Iraqi Arab ports would be reduced to 3.0 pct from 4.5. A conference spokesman declined to say why the move was taken at a time of heightened tension in the Gulf.